Janus Capital Funds Plc

30 June 2015

Semi-Annual Report and Accounts (unaudited)

EQUITY & ALLOCATION FUNDS INTECH SUB-ADVISED FUNDS ALTERNATIVE INVESTMENT FUNDS Janus Asia Frontier Markets Fund INTECH All-World Minimum (For the avoidance of doubt, the Janus Asia Growth Drivers Fund Variance Core Fund(a) Alternative Investment Funds (other Janus Asia Fund INTECH European Core Fund than the Janus Global Real Estate Fund) Janus Balanced Fund INTECH Global All Country Low are Equity Investing Funds) Janus Emerging Markets Fund Volatility Fund Janus Global Diversifi ed Alternatives Fund Janus Europe Fund INTECH Global Dividend Fund Janus Global Real Estate Fund Janus Global Life Sciences Fund INTECH US Core Fund Janus Global Research Fund FIXED INCOME FUNDS Janus Global Technology Fund Janus Flexible Income Fund Janus Japan Emerging Opportunities Fund Janus Global Flexible Income Fund Janus Japan Fund Janus Global High Yield Fund Janus Opportunistic Alpha Fund Janus Global Investment Grade Bond Fund Janus US Fund Janus High Yield Fund Janus US Research Fund Janus Global Unconstrained Bond Fund Janus US Twenty Fund Janus US Short-Term Bond Fund Janus US Venture Fund Perkins Global Value Fund Perkins US Strategic Value Fund

Janus Capital Funds plc is an investment company with variable capital incorporated with limited liability in Ireland under registration number 296610 and established as an umbrella fund with segregated liability between sub-funds

(a) This fund commenced operations on 1 May 2015. The information from this Fund is from the date of commencement of the operations to 30 June 2015.

The above footnotes are consistently applied throughout the document. Table of Contents

Background of the Company...... 1 Fund Overviews ...... 13 Fund Performance...... 58 Financial Statements: Portfolio Investments...... 68 Statements of Financial Position ...... 202 Income Statements ...... 210 Statements of Changes in Net Assets ...... 218 Notes to the Financial Statements ...... 222 Explanation of Portfolio Investments and Primary Statements ...... 275 Statements of Changes in Composition of Portfolio ...... 276 Fund Expense Limits and Total Expense Ratios...... 302 Directors and Other Information...... 308 Background of the Company

Janus Capital Funds plc (the “Company”) was incorporated in INTECH Global Dividend Fund Ireland as a public limited company on 19 November 1998 INTECH Global Dividend Low Volatility Fund1 under the Companies Act 2014 (the “Companies Act”). Unless INTECH US Core Fund otherwise provided for in this report, all capitalised terms shall have the same meaning herein as in the prospectus of the ALTERNATIVE INVESTMENT FUNDS Company dated 10 July 2015 (the “Prospectus”). Capitalised (for the avoidance of doubt, the Alternative Investments Funds (other terms not defined in this report shall have the same meaning as than the Janus Global Real Estate Fund) are Equity Investing Funds) defined in the Prospectus. Janus Extended Alpha Fund1 Janus Global Diversified Alternatives Fund The Company is an open ended investment company with Janus Global Real Estate Fund variable capital established as an umbrella fund with segregated Janus Global Research 130/30 Fund1 liability between sub-funds and is currently authorised by the Central Bank of Ireland (the “Central Bank”), as an undertaking FIXED INCOME FUNDS for collective investment in transferable securities under the Janus Emerging Market Debt Fund1 European Communities (Undertakings for Collective Investment Janus Europe Flexible Income Fund1 in Transferable Securities) Regulations 2011 as amended Janus Flexible Income Fund (the “UCITS Regulations”). Janus Global Flexible Income Fund Janus Global High Yield Fund The Company is organised in the form of an umbrella fund and Janus Global Investment Grade Bond Fund has forty eight constituent sub-funds (individually a “Fund”, Janus Global Strategic Income Fund1 collectively the “Funds”) as follows: Janus Global Unconstrained Bond Fund Janus High Yield Fund EQUITY & ALLOCATION FUNDS Janus Multi-Sector Income Fund1 Janus Asia Frontier Markets Fund Janus US Short-Term Bond Fund Janus Asia Growth Drivers Fund Janus Asia Fund Sixteen of the Funds have not yet launched, as indicated previously. Janus Balanced Fund Each Fund may issue Shares in multiple Classes denominated in Janus Emerging Markets Fund US Dollars ($), Euro (€), Pound Sterling (£), Hong Kong Dollars Janus Europe Allocation Fund1 (HK$), Australian Dollars (AUD$), Swiss Francs (CHF), Canadian Janus Europe Fund Dollars (CAD$), Chinese Renminbi (RMB (CNH)), Swedish Kronor Janus Global Growth Fund1 (SEK), New Zealand Dollars (NZD$), Norwegian Krone (NOK), Janus Global Life Sciences Fund Singapore Dollars (SGD$) or Japanese Yen (JPY). Certain Classes Janus Global Opportunistic Alpha Fund1 of Shares of the Funds have been admitted to the Official List Janus Global Research Fund and to trading on the Main Securities Market of the Irish Stock Janus Global Research (ex-Japan) Fund1 Exchange. Please refer to Citibank Europe plc (the “Administrator”) Janus Global Technology Fund for a complete listing of the Classes of Shares of the Funds listed Janus Japan Emerging Opportunities Fund on the Irish Stock Exchange. The Administrator determines the Janus Japan Fund net asset value per Share of each Class of each Fund once on each Janus Opportunistic Alpha Fund Business Day. Valuation Point for all Funds is at the close of the Janus US Fund regular trading session of the New York Stock Exchange (normally Janus US Research Fund 4:00 P.M., New York time, Monday through Friday). Janus US Twenty Fund Janus US Venture Fund The most recent Prospectus of the Company is dated Perkins Global Value Fund 10 July 2015. Any reference to “Primarily” in the description Perkins US Strategic Value Fund of the investment objectives and policies of the Funds shall mean that at all times at least two thirds of the relevant Fund’s INTECH SUB-ADVISED FUNDS total asset value (excluding cash and cash equivalents) will be INTECH All-World Minimum Variance Core Fund(a) invested in investments in the manner described. INTECH Emerging Markets Core Fund1 INTECH Emerging Markets Managed Volatility Fund1 JANUS ASIA FRONTIER MARKETS FUND INTECH European Core Fund This Fund’s investment objective is to seek to achieve long-term INTECH Global All Country Core Fund1 growth of capital. It pursues its objective by investing principally INTECH Global All Country Low Volatility Fund in common stocks of companies of any size, from larger, well- INTECH Global All Country Managed Volatility Fund1 established companies to smaller, emerging growth companies, INTECH Global Core Fund2 which are domiciled in, or are conducting the predominant

1 Not yet launched. 2 All Shares in this Fund were mandatorily redeemed on 30 November 2010.

Janus Capital Funds Plc / 30 June 2015 1 Background of the Company

portion of their economic activities in Developing Markets in JANUS BALANCED FUND Asia. It is expected that the Fund will be broadly diversified This Fund’s investment objective is long-term capital growth, among a variety of industry sectors. The Fund may employ consistent with preservation of capital and balanced by current investment techniques and instruments, such as trading in income. It pursues its objective by investing 35% – 65% of its futures, options and swaps and other derivative instruments for net asset value in equity securities of US Companies, such as efficient portfolio management (i.e. reduction of risk, reduction common stocks, and 35% – 65% of its net asset value in Debt of costs, generation of additional capital or income for the Fund) Securities of US Issuers. This Fund may invest up to 35% of its or, subject to a limit of up to 10% of the net asset value, for net asset value in Debt Securities rated below investment grade. investment purposes as described in the “Types and Description The Fund may employ investment techniques and instruments of Financial Derivative Instruments” section of the Prospectus for investment purposes, such as trading in futures, options and subject to the conditions and within the limits from time to and swaps and other financial derivative instruments, subject time laid down by the Central Bank to gain or hedge exposure to a limit of up to 10% of its net asset value and subject to the to the investments contemplated in these investment policies. conditions and within the limits from time to time laid down Due to its exposure to Developing Markets, an investment in by the Central Bank. No more than 10% of the net asset value the Fund should not constitute a substantial proportion of an of the Fund may be invested in securities traded on any one investment portfolio and may not be appropriate for all investors. Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets JANUS ASIA GROWTH DRIVERS FUND is 20% of the net asset value of the Fund. Due to its exposure to This Fund’s investment objective is to seek to achieve long- below investment grade securities, an investment in the Fund term growth of capital. It pursues its objective by investing should not constitute a substantial proportion of an investment principally in common stocks of companies of any size, from portfolio and may not be appropriate for all investors. larger, well-established companies to smaller, emerging growth companies, which are domiciled in, or which are conducting JANUS EMERGING MARKETS FUND the predominant portion of their economic activities in either This Fund’s investment objective is long-term growth of capital. Developed or Developing Markets in Asia, with a special Under normal circumstances, the Fund seeks to achieve its emphasis on sectors considered by the Sub-Investment Adviser objective by investing principally in equity securities issued to be leading the growth of Asia, excluding Japan. The Fund may by companies incorporated or having their principal business employ investment techniques and instruments, such as trading activities in one or more Developing Markets (including China) in futures, options and swaps and other derivative instruments for or companies which derive a significant proportion of their efficient portfolio management (i.e. reduction of risk, reduction of revenues or profits from one or more Developing Markets costs, generation of additional capital or income for the Fund) or, or have a significant portion of their assets in one or more subject to a limit of up to 10% of the net asset value, for investment Developing Markets. Due to its exposure to Developing purposes as described in the “Types and Description of Financial Markets, an investment in the Fund should not constitute a Derivative Instruments” section of the Prospectus and subject to substantial proportion of an investment portfolio and may not the conditions and within the limits from time to time laid down be appropriate for all investors. The Fund may invest, without by the Central Bank to gain or hedge exposure to the investments limit, in equity securities or employ investment techniques and contemplated in these investment policies. Due to its exposure instruments which have exposure to the Chinese market. The to Developing Markets, an investment in the Fund should not Fund may invest directly in China “B” Shares. The Fund may constitute a substantial proportion of an investment portfolio and have exposure to China “A” shares indirectly via investments may not be appropriate for all investors. in (i) other collective investment schemes that invest primarily in China “A” shares; (ii) other financial instruments, such as JANUS ASIA FUND structured notes, participation notes, equity linked notes; This Fund’s investment objective is to seek to achieve long-term and (iii) financial derivative instruments, such as trading in growth of capital. It pursues its objective by investing principally futures, options and swaps where the underlying assets consist in common stocks of companies of any size, from larger, well of securities issued by companies quoted on Regulated Markets established companies to smaller, emerging growth companies, in China and/or in unlisted securities of Chinese companies which are domiciled in Asia, excluding Japan, or are conducting to the extent permitted by the UCITS Regulations, and/or the the predominant portion of their economic activities in one performance of which is linked to the performance of securities or more countries in Asia. The Fund may employ investment issued by companies quoted on Regulated Markets in China techniques and instruments, such as trading in futures, options and/or in unlisted securities of Chinese companies to the extent and swaps and other derivative instruments for efficient portfolio permitted by the UCITS Regulations. The Fund will limit its’ management (i.e. reduction of risk, reduction of costs, generation exposure to China “A” shares and China “B” shares in the of additional capital or income for the Fund) or for investment aggregate to no more than 25% of its net asset value. Only purposes, subject to the conditions and within the limits from participation notes and structured notes which are unleveraged, time to time laid down by the Central Bank). Due to its exposure securitised and capable of free sale and transfer to other investors to Developing Markets, an investment in the Fund should not and which are purchased through recognised regulated dealers constitute a substantial proportion of an investment portfolio are deemed to be transferable securities which are traded and may not be appropriate for all investors. on Regulated Markets. The Fund may employ investment

2 Janus Capital Funds Plc / 30 June 2015 techniques and instruments, such as trading in futures, options and the aggregate amount of the Fund which may be invested and swaps and other derivative instruments for efficient portfolio in securities traded on the Developing Markets is 20% of the management (i.e. reduction of risk, reduction of costs, generation net asset value of the Fund. of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial JANUS GLOBAL RESEARCH FUND Derivative Instruments” section of the Prospectus, subject to the This Fund’s investment objective is long-term growth of capital. conditions and within the limits from time to time laid down by It pursues its objective by investing Primarily in common stocks the Central Bank to gain or hedge exposure to the investments selected for their growth potential. The Fund may invest in contemplated in these investment policies. companies of any size and located anywhere in the world, from larger, well-established companies to smaller, emerging growth JANUS EUROPE FUND companies. It is expected that the Fund will be broadly diversified This Fund’s investment objective is long-term growth of capital. among a variety of industry sectors. The investment selection It pursues its objective by investing principally in common process currently employed by the Sub-Investment Adviser for the stocks of companies of any size from larger, well-established Fund is to select investments which are high conviction investment companies to smaller, emerging growth companies that are ideas in all market capitalisations, styles and geographies. The domiciled in or are conducting the predominant portion of their Sub-Investment Adviser oversees the investment process, sets the economic activities in Western, Central or Eastern Europe (EU criteria for asset allocation amongst the sectors (which criteria may and non-EU members) and Turkey. It is expected that the Fund change from time to time) and conducts fundamental analysis will be broadly diversified among a variety of industry sectors. with a focus on “bottom-up” research, quantitative modelling, The Fund may employ investment techniques and instruments, and valuation analysis. Using this research process, the stocks will such as trading in futures, options and swaps and other financial be rated based upon attractiveness, comparing the appreciation derivative instruments for efficient portfolio management (i.e. potential of each of these high conviction ideas to construct a reduction of risk, reduction of costs, generation of additional sector portfolio that is intended to maximise the best risk/reward capital or income for the Fund) or, subject to a limit of up to opportunities. Securities may be sold when, among other things, 10% of its net asset value, for investment purposes, subject to there is no longer high conviction in the return potential of the the conditions and within the limits from time to time laid down investment or if the risk characteristics have caused a re-evaluation by the Central Bank. Subject to the above, no more than 10% of the opportunity. Securities may also be sold from the portfolio of the net asset value of the Fund may be invested in securities to rebalance sector weightings. The Sub-Investment Adviser may traded on any one Developing Market and the aggregate amount at any time employ an alternative selection process consistent of the Fund which may be invested in securities traded on the with the Fund’s investment objective and policies. The Fund may Developing Markets is 20% of the net asset value of the Fund. employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other JANUS GLOBAL LIFE SCIENCES FUND financial derivative instruments, subject to a limit of up to 10% This Fund’s investment objective is long-term growth of of its net asset value and subject to the conditions and within the capital. It pursues its objective by investing Primarily in limits from time to time laid down by the Central Bank. No more equity securities of companies located anywhere in the world than 10% of the net asset value of the Fund may be invested in and selected for their growth potential. The Fund will invest securities traded on any one Developing Market and the aggregate Primarily in securities of companies that the relevant Sub- amount of the Fund which may be invested in securities traded on Investment Adviser believes have a life sciences orientation. the Developing Markets is 20% of the net asset value of the Fund. Generally speaking, the “life sciences” relate to maintaining or improving quality of life. Thus, companies with a “life JANUS GLOBAL TECHNOLOGY FUND sciences orientation” include companies engaged in research, This Fund’s investment objective is long-term growth of capital. development, production or distribution of products or services It pursues its objective by investing Primarily in equity securities related to health and personal care, medicine or pharmaceuticals. of companies located anywhere in the world and selected for their Such companies may also include companies that the relevant growth potential. The Fund will invest Primarily in securities Sub-Investment Adviser believes have growth potential mainly of companies that the relevant Sub-Investment Adviser believes as a result of particular products, technology, patents or other will benefit significantly from advances or improvements in market advantages in the life sciences. The Fund will invest at technology. These are generally: (i) companies that the relevant least 25% of its total assets, in the aggregate, in the following Sub-Investment Adviser believes have or will develop products, industry groups: healthcare; pharmaceuticals; agriculture; processes or services that will provide significant technological cosmetics/personal care; and biotechnology. The Fund may advancements or improvements; or (ii) companies that the employ investment techniques and instruments for investment relevant Sub-Investment Adviser believes rely extensively on purposes, such as trading in futures, options and swaps and technology in connection with their operations or services other financial derivative instruments, subject to a limit of up such as but not limited to companies offering medical products to 10% of its net asset value and subject to the conditions and and services, alternative energy equipment and services, within the limits from time to time laid down by the Central or sophisticated industrial products. The Fund may employ Bank. No more than 10% of the net asset value of the Fund may investment techniques and instruments for investment be invested in securities traded on any one Developing Market purposes, such as trading in futures, options and swaps and

Janus Capital Funds Plc / 30 June 2015 3 Background of the Company

other financial derivative instruments, subject to a limit of up for Shareholders. Investing opportunistically means investing to 10% of its net asset value and subject to the conditions and in stocks which the Sub-Investment Adviser believes are within the limits from time to time laid down by the Central undervalued or show potential for future growth / returns at Bank. No more than 10% of the net asset value of the Fund may times when such opportunities arise. The Fund may employ be invested in securities traded on any one Developing Market investment techniques and instruments, for investment and the aggregate amount of the Fund which may be invested purposes such as trading in futures, options and swaps and in securities traded on the Developing Markets is 20% of the net other financial derivative instruments, subject to a limit of up asset value of the Fund. to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central JANUS JAPAN EMERGING OPPORTUNITIES FUND Bank. No more than 10% of the net asset value of the Fund may This Fund’s investment objective is to seek to achieve long-term be invested in securities traded on any one Developing Market growth of capital. It pursues its objective by investing principally and the aggregate amount of the Fund which may be invested in common stocks of small and mid-sized companies which are in securities traded on the Developing Markets is 20% of the net domiciled in Japan, or are conducting the predominant portion asset value of the Fund. of their economic activities in Japan. Companies whose market capitalisations grow and thereby fall outside of these ranges JANUS US FUND after the Fund’s initial purchase will still be considered small This Fund’s investment objective is long-term growth of capital. and mid-sized. It is expected that the Fund will be broadly Under normal circumstances, the Fund seeks to achieve its diversified among a variety of industry sectors. The Fund may objective by investing principally in common stocks of employ investment techniques and instruments, such as trading US companies and US issuers selected for their growth potential. in futures, options and swaps and other derivative instruments for Although the Fund may invest in companies of any size, it efficient portfolio management (i.e. reduction of risk, reduction generally invests in larger, more established companies. The of costs, generation of additional capital or income for the Fund) Fund may employ investment techniques and instruments, such or, subject to a limit of up to 10% of the net asset value, for as trading in futures, options and swaps and other derivative investment purposes as described in the “Types and Description instruments for efficient portfolio management (i.e. reduction of Financial Derivative Instruments” section of the Prospectus and of risk, reduction of costs, generation of additional capital or subject to the conditions and within the limits from time to time income for the Fund) or for investment purposes as described in laid down by the Central Bank to gain or hedge exposure to the the “Types and Description of Financial Derivative Instruments” investments contemplated in these investment policies. section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to JANUS JAPAN FUND gain or hedge exposure to the investments contemplated in these This Fund’s investment objective is to seek to achieve long- investment policies. No more than 10% of the net asset value term growth of capital. It pursues its objective by investing of the Fund may be invested in securities traded on any one principally in common stocks of companies of any size, from Developing Market and the aggregate amount of the Fund which larger, well-established companies to smaller, emerging growth may be invested in securities traded on the Developing Markets companies, which are domiciled in Japan, or are conducting is 20% of the net asset value of the Fund. the predominant portion of their economic activities in Japan. It is expected that the Fund will be broadly diversified among JANUS US RESEARCH FUND a variety of industry sectors. The Fund may employ investment This Fund’s investment objective is long-term growth of capital. It techniques and instruments, such as trading in futures, options pursues its objective by investing Primarily in equity securities of and swaps and other derivative instruments for efficient portfolio US Companies selected for their growth potential. Eligible equity management (i.e. reduction of risk, reduction of costs, generation securities include US and non-US common stocks, preferred of additional capital or income for the Fund) or, subject to a limit stocks, securities convertible into common stocks or preferred of up to 10% of the net asset value, for investment purposes as stocks, such as convertible preferred stocks, and other securities described in the “Types and Description of Financial Derivative with equity characteristics. The Fund may invest in companies Instruments” section of the Prospectus and subject to the of any size. The Fund may employ investment techniques and conditions and within the limits from time to time laid down by instruments for investment purposes, such as trading in futures, the Central Bank to gain or hedge exposure to the investments options and swaps and other financial derivative instruments, contemplated in these investment policies. subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down JANUS OPPORTUNISTIC ALPHA FUND by the Central Bank. Subject to the above, no more than 10% of This Fund’s investment objective is long-term growth of capital. It the net asset value of the Fund may be invested in securities pursues its objective by investing Primarily in common stocks of traded on any one Developing Market and the aggregate amount US Issuers of any size, which may include larger well-established of the Fund which may be invested in securities traded on the issuers and/or smaller emerging growth issuers. Opportunistic Developing Markets is 20% of the net asset value of the Fund. alpha is achieved by the Fund investing opportunistically The investment selection process currently employed by the Sub- across variety of market capitalisations predominantly in the Investment Adviser for the Fund is to select investments which US in its attempt to generate alpha (i.e. obtain excess returns) are high conviction investment ideas in all market capitalisations,

4 Janus Capital Funds Plc / 30 June 2015 styles and geographies. The Sub-Investment Adviser oversees the of any size located anywhere in the world whose stock prices the investment process, sets the criteria for asset allocation amongst Sub-Investment Adviser believes to be undervalued. The Sub- the sectors (which criteria may change from time to time) and Investment Adviser focuses on companies that have fallen out conducts fundamental analysis with a focus on “bottom-up” of favour with the market or that appear to be undervalued. research, quantitative modelling, and valuation analysis. Using The “value” approach emphasises investments in companies this research process, the stocks will be rated based upon the relevant Sub-Investment Adviser believes are undervalued attractiveness, comparing the appreciation potential of each of relative to their intrinsic worth. The Fund may employ investment these high conviction ideas to construct a sector portfolio that techniques and instruments, such as trading in futures, options is intended to maximise the best risk/ reward opportunities. and swaps and other derivative instruments for efficient portfolio Securities may be sold when, among other things, there is no management (i.e. reduction of risk, reduction of costs, generation longer high conviction in the return potential of the investment of additional capital or income for the Fund) or for investment or if the risk characteristics have caused a re-evaluation of the purposes as described in the “Types and Description of Financial opportunity. Securities may also be sold from the portfolio to Derivative Instruments” section of the Prospectus, subject to the rebalance sector weightings. The Sub-Investment Adviser may at conditions and within the limits from time to time laid down by any time employ an alternative selection process consistent with the Central Bank to gain or hedge exposure to the investments the Fund’s investment objective and policies. contemplated in these investment policies. Due to its exposure to Developing Markets, an investment in the Fund should not JANUS US TWENTY FUND constitute a substantial proportion of an investment portfolio This Fund’s investment objective is long-term growth of capital. and may not be appropriate for all investors. It seeks to achieve its objective by investing Primarily in a core portfolio of 20-30 common stocks of US Issuers selected for their PERKINS US STRATEGIC VALUE FUND growth potential. The Fund may employ investment techniques This Fund’s investment objective is long-term growth of capital. It and instruments for investment purposes, such as trading pursues its objective by investing Primarily in common stocks of in futures, options and swaps and other financial derivative US Companies with the potential for long-term growth of capital instruments, subject to a limit of up to 10% of its net asset value using a “value” approach. The “value” approach emphasises and subject to the conditions and within the limits from time investments in companies the relevant Sub-Investment Adviser to time laid down by the Central Bank. No more than 10% of believes are undervalued relative to their intrinsic worth. The the net asset value of the Fund may be invested in securities relevant Sub-Investment Adviser measures value as a function of traded on any one Developing Market and the aggregate amount price/earnings (P/E) ratios and price/free cash flow. A P/E ratio of the Fund which may be invested in securities traded on the is the relationship between the price of a stock and its earnings Developing Markets is 20% of the net asset value of the Fund. per share. This figure is determined by dividing a stock’s market price by the company’s earnings per share amount. JANUS US VENTURE FUND Price/free cash flow is the relationship between the price of a This Fund’s investment objective is capital appreciation. It stock and the company’s available cash from operations minus pursues its objective by investing at least half of its equity assets capital expenditures. The relevant Sub-Investment Adviser will in equity securities of small sized US Companies. Small sized typically seek attractively valued companies that are improving US Companies are those whose market capitalisations, at the time their free cash flow and improving their returns on invested of initial purchase, falls within the range of companies in the capital. These companies may also include special situations Russell 2000® Growth Index. Companies whose capitalisations companies that are experiencing management changes and/or grow and thereby fall outside of these ranges after the Fund’s are temporarily out of favour. The Fund may employ investment initial purchase will still be considered small-sized. The Fund techniques and instruments for investment purposes, such may also invest in larger companies with strong growth potential as trading in futures, options and swaps and other financial or larger, well-known companies with potential for capital derivative instruments, subject to a limit of up to 10% of its net appreciation. The Fund may employ investment techniques and asset value and subject to the conditions and within the limits instruments for investment purposes, such as trading in futures, from time to time laid down by the Central Bank. Subject to the options and swaps and other financial derivative instruments, above, no more than 10% of the net asset value of the Fund may subject to a limit of up to 10% of its net asset value and subject be invested in securities traded on any one Developing Market to the conditions and within the limits from time to time laid and the aggregate amount of the Fund which may be invested down by the Central Bank. No more than 10% of the net asset in securities traded on the Developing Markets is 20% of the net value of the Fund may be invested in securities traded on any asset value of the Fund. one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing INTECH ALL-WORLD MINIMUM VARIANCE CORE FUND(a) Markets is 20% of the net asset value of the Fund. This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing at least 80% of its net asset PERKINS GLOBAL VALUE FUND value in equities and equity related securities or companies This Fund’s investment objective is long-term growth of capital. located anywhere in the world whose market capitalisation is at Under normal circumstances, the Fund seeks to achieve its least equal to the market capitalisation of one of the companies objective by investing principally in common stocks of companies listed in the FTSE All-World Minimum Variance Index. The Fund

Janus Capital Funds Plc / 30 June 2015 5 Background of the Company

intends to hedge the various underlying currency exposures in US Companies whose market capitalisation is at least equal to the FTSE All-World Minimum Variance Index (other than any the market capitalisation of one of the companies listed in the Pound Sterling exposure) to the Pound Sterling to the extent S&P 500®Index at the time of purchase. that hedging such currency exposure is consistent with the investment objective of the Fund. The currency hedging shall JANUS GLOBAL DIVERSIFIED ALTERNATIVES FUND be based on the weighting of the FTSE All-World Minimum This Fund’s investment objective is to seek to achieve long- Variance Index in those underlying currencies. As a result, term capital appreciation with low correlation to global stocks the Fund’s exposure to a currency may be greater or less than and bonds. Under normal circumstances, the Fund seeks to the weighted exposure to that currency in the FTSE All-World achieve its investment objective by investing in a number of Minimum Variance Index. Due to its exposure to Developing asset classes including equities, fixed income, commodities, Markets, an investment in the Fund should not constitute a interest rates, and currencies, with the investment selection substantial proportion of an investment portfolio and may not driven by risk/reward factors within those asset classes. The be appropriate for all investors. The Fund may also seek to risk/reward factors in each underlying asset class that will drive adhere to environmental, social and governance guidelines to the portfolio’s returns might also be referred to as Market Risk the extent determined by the Sub-Investment Adviser in its Premia. Understanding these sources of return has historically sole discretion. been a key focus of academic research. The process of identifying investments for the Fund includes unique insights from years INTECH EUROPEAN CORE FUND of market experience combined with academic research and This Fund’s investment objective is long-term growth of capital. quantitative models. The relevant Sub-Investment Adviser may, It pursues its objective by investing at least 80% of its net asset in its sole discretion, actively allocate between the various asset value in equities and equity related securities of European classes on the basis of its assessment of the relevant Market Risk companies whose market capitalisation is at least equal to the Premia of those asset classes. To capture these diverse sources market capitalisation of one of the companies listed in the MSCI of potential return the Fund may invest in the common stocks Europe Index at the time of purchase. of companies of any size and located anywhere in the world, from larger, well established companies to smaller, emerging INTECH GLOBAL ALL COUNTRY LOW VOLATILITY FUND growth companies. Additionally, the Fund may invest in income This Fund’s investment objective is to seek to achieve long-term producing securities of issuers located anywhere in the world. growth of capital. It pursues its objective by investing at least This may include securities of any maturity and of any credit 80% of its net asset value in equities and equity related securities quality, and may include exposure to Government Securities of companies located anywhere in the world whose market and Debt Securities. The Fund’s exposure to commodities may capitalisation is at least equal to the market capitalisation of one include investment in exchange traded commodities, exchange of the companies listed in the MSCI All Country World Index at traded notes, commodity index futures contracts, options, time of purchase. Over full market cycles it is expected that the swaps and other financial derivative instruments which provide Fund may provide returns in line with the MSCI All Country exposure to the Commodity Indices provided such instruments World Index while providing less volatility, as measured by are in accordance with the requirement of the Central Bank. The standard deviation, than the MSCI All Country World Index. Fund may also invest in other financial derivative instruments The Fund attempts to achieve this lower volatility within which provide exposure to the currency carry risk premia. its mathematical portfolio management process by seeking to Currency carry investing seeks to generate returns by investing minimise the standard deviation of portfolio absolute returns. in higher yielding currencies versus lower yielding currencies. Due to its exposure to Developing Markets, an investment in In a carry trade, low interest rate currencies may be sold, and the Fund should not constitute a substantial proportion of an high interest rate currencies may be purchased. The Fund may investment portfolio and may not be appropriate for all investors. also invest in other financial derivative instruments which provide exposure to various market interest rates. The Fund may INTECH GLOBAL DIVIDEND FUND invest in financial derivative instruments for efficient portfolio This Fund’s investment objective is long-term growth of capital management (i.e. reduction of risk, reduction of costs, generation and equity dividend income. It pursues its objective by investing of additional capital or income for the Fund) or for investment at least 80% in equities and equity related securities of companies purposes as described in the “Types and Description of Financial located anywhere in the world whose market capitalisation is at Derivative Instruments” section of the Prospectus, subject to the least equal to the market capitalisation of one of the companies conditions and within the limits from time to time laid down by listed in the MSCI World High Dividend Yield Index at the the Central Bank to gain or hedge exposure to the investments time of purchase. The Fund pursues its goal by constructing a contemplated in these investment policies. The Fund will make portfolio of securities with higher relative stock volatility than significant use of financial derivative instruments. The market the MSCI World High Dividend Yield Index. risk of the Fund will be measured using the VaR methodology. The absolute VaR of the Fund will not exceed 14.1% of the I NTECH US CORE FUND Fund’s Net Asset Value. It is expected that under normal This Fund’s investment objective is long-term growth of market conditions, the Fund’s leverage, as calculated using the capital. It pursues its objective by investing at least 80% of sum of the notionals of the derivatives held by the Fund (the its net asset value in equities and equity related securities of “Notionals Approach”), will be less than 600% of the Fund’s

6 Janus Capital Funds Plc / 30 June 2015 Net Asset Value, and is expected to typically range from 200 strong balance sheets, above average investment growth in to 700% of the Fund’s Net Asset Value. Under exceptional “funds from operations” and that trade at a discount to their circumstances, it is expected that the Fund may be leveraged assets’ underlying value. “Funds from operations” generally up to 1000% (using the Notionals Approach) of the Fund’s Net means a REIT’s net income excluding gains or losses from debt Asset Value. Exceptional circumstances may include periods restructuring and sales of property plus depreciation of real characterised by (i) lack of liquidity, particularly in securities property. The percentage of Fund assets invested in common listed, traded or dealt on a Regulated Market, causing the Sub- stocks and other property companies will vary and, depending Investment Adviser to seek exposure in derivatives markets; on market conditions as determined by the Sub-Investment (ii) volatility where the Sub-Investment Adviser seek to hedge Adviser, the Fund may invest in short-term investment grade or be opportunistic while respecting the investment policies and interest bearing securities, such as Government Securities restrictions applicable to the Fund; or (iii) imperfect correlations or Debt Securities and/or Index/ Structured Securities. The and unanticipated market conditions. If the Fund uses a high Fund may also invest in other types of securities including amount of leverage, especially the higher amount permitted in preferred stock, Government Securities, Debt Securities, exceptional circumstances, it may have greater losses that would warrants and securities convertible into common stock when have occurred absent the high leverage. The leverage figure is the Sub-Investment Adviser perceives an opportunity for calculated using the Notional Approach as is required by the additional return from such securities. The Fund may also UCITS Regulations. The notional value of the investments varies invest up to 10% of its net asset value in mortgage and asset significantly from their market value which is why the leverage backed securities and collateralised mortgage obligations limits are high. These leverage limits do not take into account issued or guaranteed by any OECD government, its agencies any netting and hedging arrangements that the Fund may have or instrumentalities or by private issuers and which may be in place at any time even though these netting and hedging rated below investment grade by the primary rating agencies. arrangements are used for risk reduction purposes. The Fund The Fund may employ investment techniques and instruments seeks to achieve its investment objective by investing in the for investment purposes, such as trading in futures, options securities listed above, traded or dealt in Regulated Markets and swaps and other financial derivative instruments, subject (including Developing Markets) or by investing indirectly in such to a limit of up to 10% of its net asset value and subject to the securities through the use of financial derivative instruments. conditions and within the limits from time to time laid down Due to its exposure to Developing Markets and below investment by the Central Bank. Subject to the above, no more than 10% grade securities, an investment in the Fund should not constitute of the net asset value of the Fund may be invested in securities a substantial proportion of an investment portfolio and may not traded on any one Developing Market and the aggregate amount be appropriate for all investors. of the Fund which may be invested in securities traded on Developing Markets shall not exceed 20% of the net asset value JANUS GLOBAL REAL ESTATE FUND of the Fund. The Fund may invest directly or indirectly (i.e. This Fund’s investment objective is total return through a through depositary receipts including American Depositary combination of capital appreciation and current income. Receipts, European Depositary Receipts and Global Depositary It pursues its objective by investing Primarily in securities Receipts) in the relevant markets. of US and non-US companies engaged in or related to the property industry, or which own significant property assets. JANUS FLEXIBLE INCOME FUND This may include investments in companies involved in the This Fund’s investment objective is to obtain maximum total real estate business or property development, domiciled either return, consistent with preservation of capital. Total return is inside or outside of the US, including REITs and issuers whose expected to result from a combination of current income and businesses, assets, products or services are related to the real capital appreciation, although income will normally be the estate sector. This may also include small capitalisation stocks. dominant component of total return. Investments in income Small capitalisation stocks are defined as those whose market producing securities of US Issuers will normally make up capitalisation, at the time of initial purchase, is less than the 80%, but at all times not less than two thirds of the Fund’s net 12-month average of the maximum market capitalisation for asset value. The Fund may invest in preferred stock, and all the companies included in the Russell 2000® Index. This types of Government Securities and Debt Securities, including average is updated monthly. REITs are pooled investment specifically Debt Securities that are convertible or exchangeable vehicles that invest in income producing real property or into equity securities and Debt Securities that carry with them real property related loans or interests. REITs are generally the right to acquire equity securities as evidenced by warrants classified as equity REITs, mortgage REITs or a combination attached to or acquired with the securities. The Fund has no of equity and mortgage REITs. Equity REITs invest their assets pre-established maturity or quality standards, and its average directly in real property and derive income primarily from the maturity and quality may vary substantially. The Fund may collection of rents. Equity REITs can also realise capital gains invest without limit in Debt Securities or preferred stock rated by selling properties that have appreciated in value. Mortgage below investment grade or unrated Debt Securities of similar REITs invest their assets in real property mortgages and derive quality as determined by the relevant Sub-Investment Adviser income from the collection of interest payments. In selecting and may have substantial holdings in such securities. The the investments for the Fund, the relevant Sub-Investment Fund may employ investment techniques and instruments for Adviser seeks to identify securities that have good management, investment purposes, such as trading in futures, options and

Janus Capital Funds Plc / 30 June 2015 7 Background of the Company

swaps and other financial derivative instruments, subject to and swaps and other derivative instruments for efficient portfolio a limit of up to 10% of its net asset value and subject to the management (i.e. reduction of risk, reduction of costs, generation conditions and within the limits from time to time laid down of additional capital or income for the Fund) or for investment by the Central Bank. Subject to the above, no more than 10% purposes as described in the “Types and Description of Financial of the net asset value of the Fund may be invested in securities Derivative Instruments” section of the Prospectus, subject to traded on any one Developing Market and the aggregate amount the conditions and within the limits from time to time laid of the Fund which may be invested in securities traded on the down by the Central Bank to gain or hedge exposure to the Developing Markets is 20% of the net asset value of the Fund. investments contemplated in these investment policies. The Investment Adviser uses various selection criteria which will JANUS GLOBAL FLEXIBLE INCOME FUND be afforded greater or lesser focus depending upon current This Fund’s investment objective is to seek total return, economic conditions. Due to its exposure to below investment consistent with preservation of capital. Total return is expected grade securities and Developing Markets, an investment in to result from a combination of current income and capital the Fund should not constitute a substantial proportion of an appreciation, although income will normally be the dominant investment portfolio and may not be appropriate for all investors. component of total return. Investments in income producing securities of issuers located anywhere in the world, including JANUS GLOBAL INVESTMENT GRADE BOND FUND issuers located in Developing Markets, will normally make up This Fund’s investment objective is to maximise total return. at least 80% of the net asset value of the Fund. The Fund may Under normal circumstances, the Fund pursues its investment invest in preferred stock, and all types of Government Securities objective by investing principally in fixed or floating rate and Debt Securities, including specifically Debt Securities that Investment Grade bonds of issuers located anywhere in the are convertible or exchangeable into equity securities and Debt world. The Fund may employ investment techniques and Securities that carry with them the right to acquire equity instruments, such as trading in futures, options and swaps and securities as evidenced by warrants attached to or acquired other derivative instruments for efficient portfolio management with the securities. (The convertible securities in which the (i.e. reduction of risk, reduction of costs, generation of additional Fund may invest will not contain embedded derivatives.) The capital or income for the Fund) or for investment purposes as Fund has no pre-established maturity or quality standards, and described in the “Types and Description of Financial Derivative its average maturity and quality may vary substantially. The Instruments” section of the Prospectus, subject to the conditions Fund may invest without limit in Debt Securities or preferred and within the limits from time to time laid down by the Central stock rated below investment grade or unrated Debt Securities Bank to gain or hedge exposure to the investments contemplated of similar quality as determined by the relevant Sub-Investment in these investment policies. No more than 10% of the net asset Adviser and may have substantial holdings in such securities. value of the Fund may be invested in securities traded on any The Fund may employ investment techniques and instruments, one Developing Market and the aggregate amount of the Fund such as trading in futures, options and swaps and other financial which may be invested in securities traded on the Developing derivative instruments for efficient portfolio management (i.e. Markets is 20% of the net asset value of the Fund. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as JANUS HIGH YIELD FUND described in the “Types and Description of Financial Derivative This Fund’s primary investment objective is to obtain high Instruments” section of the Prospectus, subject to the conditions current income. Capital appreciation is a secondary objective and within the limits from time to time laid down by the Central when consistent with the primary objective. Capital appreciation Bank. Due to its exposure to below investment grade securities may result, for example, from an improvement in the credit and Developing Markets, an investment in the Fund should not standing of an issuer whose securities are held by the Fund or constitute a substantial proportion of an investment portfolio from a general lowering of interest rates, or both. This Fund and may not be appropriate for all investors. pursues its objectives by investing Primarily in Debt Securities or preferred stock rated below investment grade or unrated JANUS GLOBAL HIGH YIELD FUND Debt Securities of similar quality of US Issuers as determined This Fund’s primary investment objective is to obtain high by the relevant Sub-Investment Adviser provided that at least current income. Capital appreciation is a secondary objective 51% of its net asset value are invested in Debt Securities. The when consistent with the primary objective. Capital appreciation overall quality of the securities in this portfolio may vary greatly. may result, for example, from an improvement in the credit See the “Income Investing” section of the Prospectus for more standing of an issuer whose securities are held by the Fund or information on the rating of the issuers or guarantees of the from a general lowering of interest rates, or both. Under normal debt securities. The Fund may employ investment techniques circumstances, the Fund pursues its investment objectives by and instruments for investment purposes, such as trading investing principally in Debt Securities or preferred stock of in futures, options and swaps and other financial derivative issuers located anywhere in the world which are either rated instruments, subject to a limit of up to 10% of its net asset value below investment grade or if unrated are of a similar quality and subject to the conditions and within the limits from time to below investment grade as determined by the relevant to time laid down by the Central Bank. Subject to the above, Sub-Investment Adviser. The Fund may employ investment no more than 10% of the net asset value of the Fund may be techniques and instruments, such as trading in futures, options invested in securities traded on any one Developing Market and

8 Janus Capital Funds Plc / 30 June 2015 the aggregate amount of the Fund which may be invested in permitted in exceptional circumstances, it may have greater securities traded on the Developing Markets is 20% of the net losses than would have occurred absent the high leverage. The asset value of the Fund. Due to its exposure to below investment leverage figure is calculated using the Notional Approach as is grade securities, an investment in the Fund should not constitute required by the UCITS Regulations. The notional value of the a substantial proportion of an investment portfolio and may not investments varies significantly from their market value which be appropriate for all investors. is why the leverage limits are high. These leverage limits do not take into account any netting and hedging arrangements that the JANUS GLOBAL UNCONSTRAINED BOND FUND Fund may have in place at any time even though these netting This Fund’s investment objective is to seek to maximise total and hedging arrangements are used for risk reduction purposes. return consistent with the preservation of capital. The Fund The Investment Adviser uses various selection criteria which seeks to provide long term positive returns through various will be afforded greater or lesser focus depending upon current market environments (i.e. the typical cyclical expansion/ economic conditions. Due to its exposure to below investment contraction/recession periods of the Business Cycle and the grade securities and Developing Markets, an investment in ensuing increasing and decreasing of interest rate levels due the Fund should not constitute a substantial proportion of an to market forces or central bank intervention). The Fund is investment portfolio and may not be appropriate for all investors. ‘unconstrained’ in that it is not tied to a specific benchmark, and therefore has significant latitude to pursue opportunities across JANUS US SHORT-TERM BOND FUND the fixed income spectrum, including moving between sectors, This Fund’s investment objective is to seek as high a level of across credit risk and may have long, short or negative duration. current income as is consistent with preservation of capital. Under normal circumstances, the Fund seeks to achieve its It pursues its objective by investing Primarily in short and objective by investing principally in Debt Securities located intermediate term Debt Securities of US Issuers. It is expected anywhere in the world (including Developing Markets) with that this Fund’s dollar-weighted average portfolio effective a range of maturities from short- to long-term. It expects that maturity will not exceed three years. Although it has no pre its average portfolio duration will vary normally from -4 years established quality standards this Fund intends to invest to +6 years. The Fund may make significant use of financial primarily in short and intermediate-term investment grade Debt derivative instruments, such as futures, options, forward Securities. The Fund may employ investment techniques and commitments and swap agreements to try to enhance returns instruments for investment purposes, such as trading in futures, or to reduce the risk of loss of certain of its holdings or to options and swaps and other financial derivative instruments, manage duration. The Fund may invest in securities of both subject to a limit of up to 10% of its net asset value and subject to investment grade and non-investment grade credit quality and the conditions and within the limits from time to time laid down may invest in securities that have not been rated by a ratings by the Central Bank. Subject to the above, no more than 10% agency. As noted above, the Fund may make significant use of of the net asset value of the Fund may be invested in securities financial derivative instruments and may employ investment traded on any one Developing Market and the aggregate amount techniques and instruments, such as trading in futures, options of the Fund which may be invested in securities traded on the and swaps and other derivative instruments for efficient portfolio Developing Markets is 20% of the net asset value of the Fund. management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment OTHER RELEVANT INFORMATION purposes as described in the “Types and Description of Financial (i) Details of the investment objectives and policies of those Derivative Instruments” section of the Prospectus, subject to the Funds that have not yet launched as listed above are set out in conditions and within the limits from time to time laid down by the Prospectus. the Central Bank) to gain or hedge exposure to the investments contemplated in these investment policies. The Fund will make (ii) The latest audited annual reports and subsequent unaudited significant use of financial derivative instruments. The market half-yearly reports are available to the public at the registered risk of the Fund will be measured using the VaR methodology. office of the Company and are sent to Shareholders at their The absolute VaR of the Fund will not exceed 14.1% of the registered address either by post or where they so consent, Fund’s Net Asset Value. It is expected that under normal market electronically. The reports may also be obtained from the conditions, the Fund’s leverage, as calculated using the sum of respective Representative/Paying Agents as indicated in this the notionals of the derivatives held by the Fund (the “Notionals report under the heading “Directors and Other Information”. Approach”), will typically range from 0 to 800% of the Fund’s net asset value. Under exceptional circumstances, it is expected (iii) Banque Cantonale de Genève, carries out the function of that the Fund may be leveraged up to 1,000% (using the Swiss paying agent and Carnegie Fund Services S.A. (CFS), with Notionals Approach) of the Fund’s Net Asset Value. Exceptional its seat in Geneva, carries out the function of Swiss representative circumstances may include periods characterised by (i) lack of of the Company in relation to the Shares marketed in, or from liquidity, particularly in securities listed, traded or dealt on a Switzerland. Swiss investors may obtain the latest extract Regulated Market, causing the Sub-Investment Adviser to seek prospectus for investors in Switzerland, key investor information exposure in derivatives markets; (ii) volatility; or (iii) imperfect documents for Swiss investors, the Company’s memorandum correlations and unanticipated market conditions. If the Fund and articles of association, the audited annual reports and uses a high amount of leverage, especially the higher amount unaudited semi-annual reports and the list of purchases and

Janus Capital Funds Plc / 30 June 2015 9 Background of the Company

sales that the Company has undertaken in Switzerland during Net Asset Value in the securities of other collective investment the financial year upon simple request and free of charge from schemes within the meaning of Regulation 4(3) of the UCITS the Swiss representative, Carnegie Fund Services S.A. (CFS), Regulations; address for inquiries: Carnegie Fund Services S.A. (CFS), 11, rue du Général-Dufour, 1204 Genève, Switzerland. 2.3 Janus Global Unconstrained Bond Fund:

SUMMARY OF CHANGES TO PROSPECTUS OF THE COMPANY Under the previous investment policy, the sub-fund’s leverage, as calculated using the Notionals Approach, was stated to be less 28 January 2015 Prospectus Update: than 200% of the sub-fund’s Net Asset Value, with the expected typically range to be from 150 to 250% of the sub-fund’s Net The following is a summary of the main changes incorporated Asset Value. Under exceptional circumstances, it was expected into the Company’s Prospectus dated 28 January 2015 (the that the Fund may be leveraged up to 300% (using the Notionals “January 2015 Prospectus”). It does not purport to be a complete Approach) of the sub-fund’s Net Asset Value. account of the changes and you should refer to the full version of the January 2015 Prospectus in case of any uncertainty. These parameters were amended further in the January 2015 Except where the context otherwise requires, defined terms Prospectus to reflect that the sub-fund’s leverage, as calculated herein shall bear the meaning given to them in the January using the Notionals Approach will typically range from 0 to 2015 Prospectus. 800% of the sub-fund’s Net Asset Value. Under exceptional circumstances, it is expected that the sub-fund may be leveraged 1. The following new sub-fund has been approved by the up to 1,000% (using the Notionals Approach) of the sub-fund’s Central Bank: Net Asset Value. The amendment was due to the increased volume and more complex usage of derivative strategies in the INTECH All-World Minimum Variance Core Fund(a) portfolio of the sub-fund.

INTECH Investment Management LLC has been appointed as 2.4 Janus Opportunistic Alpha Fund: sub-investment adviser of this sub-fund. Additional disclosure has been included in the investment policies The January 2015 Prospectus discloses the sub-fund’s investment of the Janus Opportunistic Alpha Fund to provide shareholders objective and policy; base currency; the share classes which have with further information on the investment strategy; been created; risk factors; currency strategy; trade cut-off times; the distribution policy and the fees and expenses applicable to 2.5 Janus Asia Frontier Markets Fund, Janus Asia Growth an investment in the sub-fund. Drivers Fund, Janus Europe Allocation Fund, Janus Japan Emerging Opportunities Fund, Janus Japan Fund and Janus 2. Amendments/Updates/Clarifications to the investment Europe Flexible Income Fund: policies: The investment policies for the Janus Asia Frontier Markets 2.1 Janus Europe Fund: Fund, Janus Asia Growth Drivers Fund, Janus Europe Allocation Fund, Janus Japan Emerging Opportunities Fund, Janus Japan The sub-fund was previously permitted to invest up to 100% Fund and Janus Europe Flexible Income Fund have been of its Net Asset Value in financial derivative instruments for amended to make it clear, consistent with the other disclosure investment purposes. The investment policy of the Janus in the January 2015 Prospectus, that the relevant sub-fund may Europe Fund has now been amended to limit investment employ financial derivative instruments, subject to a limit of in financial derivative instruments for investment purposes 10% of its net asset value, for investment purposes. to 10% of the sub-fund’s Net Asset Value. This change will enable the sub-fund to be distributed more widely in certain 3. Investment Restrictions: jurisdictions; Disclosure has been included in the section entitled “Investment 2.2 Janus Asia Growth Drivers Fund, Janus Asia Frontier Markets Restrictions” to clarify that the relevant sub-investment adviser Fund and INTECH Emerging Markets Core Fund: may be required to comply with certain further restrictions as may be required by the regulatory authorities in any country in Each sub-funds was previously permitted to invest up to which the Shares of a sub-fund are offered. 5% of its Net Asset Value in the securities of other collective investment schemes within the meaning of Regulation 4(3) 4. Fair Value Pricing: of the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulation 2011, as The section entitled “Fair Value Pricing” has been amended amended (the “UCITS Regulation”). This limit has now been to reflect that the Janus Europe Fund does not regularly use increased to permit each sub-fund to invest up to 10% of its systematic fair valuation.

10 Janus Capital Funds Plc / 30 June 2015 5. Permit certain share classes of the certain sub-funds to charge (Hedged)” share class changed its name to the “Class ACNHacc fees and expenses to capital/pay dividends out of capital: (Hedged)” share class. The initial offer prices, minimum initial subscription amount and minimum subsequent subscription All of the inc share classes of the Janus Asia Frontier Markets amount have also been updated to refer to “CNH”. References Fund, Janus Asia Growth Drivers Fund, Janus Japan Emerging to “RMB” in the body of the January 2015 Prospectus have been Opportunities Fund and Janus Japan Fund are now permitted, at updated to refer to “Renminbi”. the discretion of the Company/Directors, to charge fees to capital and distribute dividends out of capital. 11. Taxation:

6. Change in name of Custodian: This section of the January 2015 Prospectus was updated in light of amendments to the Irish tax legislation. Effective 31 October 2014 “Citibank International plc” changed its name to “Citibank International Limited”. As a result, the 10 July 2015 Prospectus Update: branch name of Citibank has also changed and is now “Citibank International Limited, Ireland branch”. References to the The following is a summary of the main changes incorporated Custodian throughout the January 2015 Prospectus have been into the Company’s Prospectus dated 10 July 2015 (the “July updated to reflect these changes. 2015 Prospectus”). It does not purport to be a complete account of the changes and you should refer to the full version of the July 7. Change in dividend frequency for the Janus Asia Frontier 2015 Prospectus in case of any uncertainty. Except where the Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan context otherwise requires, defined terms herein shall bear the Emerging Opportunities Fund and Janus Japan Fund: meaning given to them in the July 2015 Prospectus.

The Janus Asia Frontier Markets Fund, Janus Asia Growth 1. The following new sub-fund has been approved by the Drivers Fund, Janus Japan Emerging Opportunities Fund and Central Bank: Janus Japan Fund previously intended to declare and distribute dividends annually or semi-annually on or about 15 April and/ Janus Emerging Market Debt Fund or 15 October, or on such other date or more frequently at the discretion of the Director. Going forward the intention is to Janus Capital Management LLC has been appointed as sub- declare dividends monthly, with distribution normally on the investment adviser of this sub-fund. fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on The July 2015 Prospectus discloses the sub-fund’s investment the last Business Day before the fifteenth day of the month. objective and policy; base currency; the share classes which have been created; risk factors; currency strategy; trade cut-off times; 8. Creation of new share classes: the distribution policy and the fees and expenses applicable to an investment in the sub-fund. The January 2015 Prospectus was updated throughout to reflect the creation of new shares classes in certain of the existing 2. Change of sub-fund name: sub-funds, as more particularly described in Appendix 5 of the January 2015 Prospectus. The name of the “Janus Global Multi-Sector Income Fund” changed to the “Janus Multi-Sector Income Fund” so as to more 9. Short term trading fee: accurately reflect the investment policies of the sub-fund.

The ability to charge a short term trading fee on redemptions of 3. Amendment to the investment policies of the Janus Global Class A, Class B, Class E, Class I, Class S, Class U and Class V Diversified Alternatives Fund: Shares has been removed. This sub-fund will make significant use of financial derivative 10. Change of name of existing share classes: instruments. The prospectus previously provided that it is expected that under normal market conditions, the Fund’s leverage, as The names of all existing “RMB(CNH)” share classes were calculated using the sum of the notionals of the derivatives held changed to “CNH” in light of the update issued by the by the Fund (the “Notionals Approach”), will be less than 600% International Standardisation Organisation (the “ISO”). A query of the Fund’s Net Asset Value, and is expected to typically range was addressed to the Irish Stock Exchange (the “ISE”) in respect from 400 to 700% of the Fund’s Net Asset Value. The typical range of the update issued by the ISO and the ISE explained that being has been changed to 200 to 700% of the Fund’s Net Asset Value. a member of the Association of National Numbering Agencies (“ANNA”), the ISE was obliged to log on each ISIN/SEDOL 4. Change to permit the payment of dividends out of capital to ANNA’s database. ANNA confirmed that the reference to for the Class Vinc Shares of all sub-funds of the Company and “RMB” needed to be removed and the following codes were to be the Class ACNHinc (Hedged), Class A$inc, Class AAUD$inc abided by internationally: CNH – Chinese Offshore Renminbi; (Hedged), Class AHK$inc and Class E€inc (Hedged) Shares of CNY – Yuan Renminbi. For example the “Class ARMB(CNH)acc the Janus Flexible Income Fund and Janus High Yield Fund:

Janus Capital Funds Plc / 30 June 2015 11 Background of the Company

Previously, dividends in relation to Class Vinc Shares of all sub-funds of the Company and the Class ACNHinc (Hedged), Class A$inc, Class AAUD$inc (Hedged), Class AHK$inc and Class E€inc (Hedged) Shares of the Janus Flexible Income Fund and Janus High Yield Fund were paid out of all or some portion of net investment income and all or some portion of any net capital gains realised (i.e. net capital gains less realised and unrealised losses) attributed to the relevant Shares. However, under the Articles of Association, the Directors may also declare dividends on the shares or on any class of shares from the capital of the relevant class provided appropriate disclosure is made in the July 2015 Prospectus in accordance with the requirements of the Central Bank.

The July 2015 Prospectus was updated to permit, at the discretion of the Directors, the Class Vinc Shares of all sub-funds of the Company and the Class ACNHinc (Hedged), Class A$inc, Class AAUD$inc (Hedged), Class AHK$inc and Class E€inc (Hedged) Shares of the Janus Flexible Income Fund and Janus High Yield Fund (the “Dividends Out of Capital Share Classes”), declare and distribute up to 100% of dividends out of capital.

Distributing the capital of the relevant Dividends Out of Capital Share Class will lower the value of those Shares by the amount of the distribution. As distributions may be made out of the capital of the relevant Dividends Out of Capital Share Class, there is a greater risk that capital will be eroded and “income” will be achieved by foregoing the potential for future capital growth of the investment of Shareholders in the relevant Dividends Out of Capital Share Class and the value of future returns may also be diminished. This cycle may continue until all capital is depleted.

The payment of dividends out of capital of the relevant Dividends Out of Capital Share Class amounts to a return or withdrawal of part of a Shareholder’s original investment or from any capital gains attributable to that original investment and such distribution will result in a corresponding immediate decrease of the net asset value per share for the relevant Dividends Out of Capital Share Class.

Distributions out of capital may have different tax implications from distributions of income and capital gains and if you propose to invest in one or more of the relevant Dividends Out of Capital Share Classes, you are recommended to seek advice in this regard.

5. Management and Administration:

This section was updated in relation to assets under management for the Investment Adviser and Sub-Investment Advisers.

12 Janus Capital Funds Plc / 30 June 2015 Fund Overviews

Janus Asia Frontier Markets Fund holdings and overweight position in Indonesia detracted the DIAM Asset Management, portfolio manager most from absolute performance, while our holdings in China, Philippines and South Korea were the largest contributor. Investment Environment Astra International is an Indonesian conglomerate primarily The market started the year on a strong note propped up by involved in automotive distribution with an estimated 50% central bank stimulus globally as growth was weak and inflation and 64% market share of Indonesia’s two and four wheeler was mild. However, the market euphoria was short-lived as market respectively through distribution of brands like Toyota, weak global growth continued to sap company earnings and Daihatsu, BMW and Honda. Indonesia today is Southeast domestic consumption remained tepid. Rising concerns on Asia’s largest automotive market with strong growth prospects FED rate hikes, stronger dollar and the weak commodity prices given low penetration rates and increasing infrastructure continued to erode investors’ confidence. spending on roads. The company also has notable interests in palm oil plantation and coal mining contracting as well as China HSCEI rose 8.3% with most of the gains being registered financial services. Despite fierce competition in the Indonesian in the first two weeks of April where the index rose 18.2% automotive market, Astra has been able to maintain market before gradually giving up its gains. The initial sharp rise share over the years thanks to its extensive distribution network was driven by strong government support as monetary easing of over 1,800 dealers and 3,600 service outlets. The company measures were consistently pushed out on weak economic data. also benefits from having good corporate governance practices, The easy monetary environment supported economic activities strong management and transparency in its operations. as manufacturing PMI and industrial production stopped deteriorating and started to maintain around 6%. Nevertheless, Metropolitan Bank & Trust Company is a leading universal bank investors began to take profit from the sharp spike in equity in the Philippines with over 900 branches nationwide and a prices and the index plunged due to short covering in the month network of over 2,100 ATMs. The bank is currently reaping the of June. benefits from asset clean-up efforts over the past few years as it set out to improve asset quality and reduce loan provisioning ASEAN registered particularly weak performance with Indonesia while managing costs resulting in lacklustre loan growth. This JCI taking the biggest hit as it declined by -6.1%. Investors were is reflected by the bank’s NPL trend as well as coverage ratios, disappointed with the pace of infrastructure spending previously while it has also been able to improve on its capitalisation for promised by the government. Weak commodity prices and compliance with Basel III requirements. Going forward, the bank stubborn inflation remained a drag on the economy. Malaysia is expected to benefit from operating leverage as asset growth KLCI fell -3.1% as the removal of fuel subsidy and implementation should outstrip cost growth from the bank’s renewed focus on of GST took a toll on the economy. The political stability of loan growth in both corporate and consumer segments. Another the country is also threatened by controversies surrounding area of growth would be in non-interest income from the bank’s the Prime Minister using money from a sovereign wealth fund trust and fee based businesses. We will keep overweight position 1Malaysia Development Bhd (1MDB) to fund his own political for this bank. agendas. Singapore FSSTI declined -1.4% due to the uneven global recovery and the continued restructuring of the economy Outlook to improve productivity. Thailand SET held steady and rose by a meagre 0.5% despite deteriorating economic fundamentals Our view on Asian equities in 2H of 2015 is somewhat positive, as strong domestic institutional liquidity supported the equity after the high volatility seen in 1H 2015. Continued easing in market. Philippines PCOMP defied the negative trends in multiple markets such as China, India, Korea, Thailand and ASEAN and rose by 4.6% supported by a rebound in public Singapore will have a positive impact on the equity markets. spending and resilient public consumption. Expectations of Reforms in China, India and Indonesia should underscore a stronger infrastructure spending in the second half of the year as fundamental positive shift, auguring well for equities. Recovery the election in June 2016 draws closer also helped fuel investors’ in the US economy is a positive for Asian export. interest. Korea KOSPI rose by 8.3%, stimulated by consistent rate cuts by the central bank as policy rates were cut by 50bps Correction still goes on in June after the index made a nice to 1.50% and comfortable equity valuations. run since April in China. This was caused by the government cracking down on illegal margin financing activities. Beijing is Performance Discussion facing a dilemma to balance growth and reform, yet we see the latest measures are tilted towards growth as a “slow bull” is still The Fund was slightly down by 0.05% for the 1H of year. Our needed to achieve a funding window for balance sheet repairs. holdings in Consumer Discretionary were the largest detractor In fear of the people’s perception turning from bulls into bears, from absolute performance followed by our holdings in Financials. Beijing rolled out timely stimulus measures. They did so firstly Contributors included our holdings in Industrials, Consumer by removing loan to deposit ratio for banks, secondly on interest Staples and Information Technology. In terms of countries, our rate cut and downward revision on required reserve ratio. Yet we

Janus Capital Funds Plc / 30 June 2015 13 Fund Overviews

have to admit that these measures are not too well received by China Power International Development Ltd: One of the the market. On the flip side though, measures to stimulate are five main power generation groups in China to provide EPCC still available as RRR is still relatively high in comparison with works as well as O&M services for power plants in China. The historical average. company currently has over 15,000 MW of capacity and plans to double that by 2020 to cater to growing power demand in The Taiwanese market seems to carry weak sentiment into early China through a combination of greenfield developments in 3Q due to uncertainty in outlook within the semiconductor space. coal, wind and solar power. CPI is currently operating in a Inventory digestion for semiconductor will last into 3Q because benign coal price environment and is increasing hydropower of weak demand in both PC and smartphones during the first output which helps with input costs. CPI would also potentially few months of 2015. The market is waiting for solid sell through benefit if its parent company China Power Investment Group numbers to clean up inventory and help to restore confidence in chooses to inject more power assets into the company as it the market. On the other hand, share prices of non-tech stocks looks to deleverage. such as in auto parts, textile, sportswear and bike are at a higher level comparing to regional peers, we expect to see limited upside Tencent Holdings Ltd: Internet media company that owns in coming quarters until market roll over to 2016. We will take leading social network platforms QQ and Weixin. It also a defensive approach for the time being and wait for catalyst to develops online and client based games which together form emerge in mid-late 3Q to drive up overall index. the bulk of Tencent’s revenues through monthly subscriptions and in-application item purchases. The company has in the ASEAN remained fragile after several countries reported a past released a number of hit game titles which reflects its slowdown in both domestic and external sectors. The Philippines strength in game development. Tencent also derives revenues retreated to 5 month low after some disappointment in recent from online advertising and transaction based commissions. economic indicators. However, the administration remain The company is poised to benefit from greater internet and confident that GDP growth will pick up in the 2H15 with smartphone penetration in China, while it is looking to further deployment of the budgeted public investment spending that gain market share in mobile gaming which is experiencing rapid was delayed in the 1H15. We continue to maintain significant growth by focusing new content there. There is also room for exposure to Philippine, especially in the consumer sector as we non-gaming revenues to grow through greater monetisation of look forward to the upcoming election. Indonesia declined for existing platforms such as QQ, Weixin and Kakao. the 5th consecutive month as foreigner investors turned cautious over President Jokowi’s ability to deliver the promised growth. SM Prime Holdings: Philippine property company involved in Furthermore, the recent indicators suggested that 2nd quarter the development of shopping malls, residential and commercial growth is expected to remain muted as car sales to cements property as well as hotels and convention centers. The company sales are still showing weakness. Nevertheless, we still believe used to be a pure mall operator and developer with 50 malls in infrastructure spending should pick up in the 2H15 as data from Philippines and 5 in China as at the end of 2014 but became public works ministry show more than 90% of planned projects more diversified following the consolidation of SM Group’s have been tendered, with contracts signed for more than half of property assets in 2013. The growth pipeline for SM Prime those. We seek to pick up quality stocks during this correction. remains exciting from its 3 year capex plan of Php200bn from Malaysia remained the most challe nging as 1MDB issue remain 2014 to 2016, while the company would enjoy a healthy balance unsolved. We do not foresee any improvement in the near term. of income from property development and recurring income from mall operations. The company also enjoys access to more Contributors & Detractors favourable sources of financing post consolidation due to its larger size. Contributors Globe Telecom Inc.: One of the largest telecommunications Cosmax Inc: Original development and design manufacturing companies in the Philippines with over 40% market share in (ODM) company in cosmetics industry. The company provides cellular by both subscribers and revenues locally. The company cosmetics products to both local Korean and foreign brands, such also offers fixed line and broadband services. Globe Telecom has as L’Oreal and Johnson & Johnson and is one of the largest ODM been outperforming its peers in the telecommunications sector companies in Korea. As cosmetics products cycle is shorter due due to its traditional dominance in the high end consumer and to stiff competition, original brand companies tend to use ODM postpaid segments which puts it in a strong position to benefit companies more. Korean cosmetic brands have also been well from affluent consumers who are switching to data usage which received globally, and Cosmax has had a strong track record in is growing rapidly while traditional mobile segments like voice developing and launching new cosmetic products. The company and SMS have largely stagnated. The company has also been launched its business in China in 2004, and they have plans proactive in adapting its strategy to better cater to changing to increase their manufacturing capacity for rising order from consumer needs which is evidenced by its ability to maintain Chinese local brands. and capture market share.

14 Janus Capital Funds Plc / 30 June 2015 Detractors retail space. The resort is set to benefit from the underpenetrated gaming landscape in the region catering especially to less affluent Hyundai Motor Co: One of the world’s largest auto makers consumers which will be attracted by the lower minimum bet by volume market share. It owns 33% in affiliate Kia Motors requirements in the Philippines. which combined gives it a dominant share of the Korean auto market. Hyundai has also been successful in gaining market share Thank you for your investment in Janus Asia Frontier Markets in overseas markets through its expansion of production bases Fund. into emerging markets like China and India and the shifting of its product portfolio into smaller cars with a reputation for fuel (July 2015) efficiency. This has allowed the company to grow faster than the global auto industry in general. Hyundai has also been focused on Janus Asia Growth Drivers Fund profitability rather than volume expansion as seen by its margin DIAM Asset Management, portfolio manager expansion over the past few years, and it is likely to incrementally benefit from ASP increases and continued cost discipline. Investment Environment

GF Securities Co Ltd: GF Securities is the fourth largest The market started the year on a strong note propped up by brokerage house in China by asset size offering brokerage central bank stimulus globally as growth was weak and inflation and trading services along with investment banking and asset was mild. However, the market euphoria was short-lived as management. The company is expected to be a beneficiary of weak global growth continued to sap company earnings and greater trading volumes in China given the increasingly robust domestic consumption remained tepid. Rising concerns on trading volumes, IPO pipeline and relaxation of capital market FED rate hikes, stronger dollar and the weak commodity prices regulations. In particular, GD Securities has been gaining market continued to erode investors’ confidence. share in brokerage and is the market leader in providing margin financing where penetration is still low. China HSCEI rose 8.3% with most of the gains being registered in the first two weeks of April where the index rose 18.2% before PT Semen Indonesia (Persero) Tbk: Indonesia’s largest cement gradually giving up its gains. The initial sharp rise was driven by producer by capacity as at the end of 2014. Semen Indonesia is strong government support as monetary easing measures were majority owned by the government of Indonesia. The company consistently pushed out on weak economic data. The easy monetary has developed a strong marketing and distribution network environment supported economic activities as manufacturing within Indonesia, while Semen Indonesia’s products generally PMI and industrial production stopped deteriorating and started enjoy strong brand equity with Indonesian consumers. Cement to maintain around 6%. Nevertheless, investors began to take demand within Indonesia is expected to remain strong in the profit from the sharp spike in equity prices and the index plunged medium term due to the focus on infrastructure development due to short covering in the month of June. under the Jokowi administration. While concerns remain on pricing and oversupply issues, Semen Indonesia should be able ASEAN registered particularly weak performance with Indonesia to overcome these challenges given its dominant market position JCI taking the biggest hit as it declined by -6.1%. Investors were across Indonesia and strong track record of execution. disappointed with the pace of infrastructure spending previously promised by the government. Weak commodity prices and PT Perusahaan Gas Negara (Persero) Tbk: State owned stubborn inflation remained a drag on the economy. Malaysia utility company that is involved in gas distribution and KLCI fell -3.1% as the removal of fuel subsidy and implementation transmission business in Indonesia. The company enjoys a of GST took a toll on the economy. The political stability of dominant position via ownership of close to 4,000km in gas the country is also threatened by controversies surrounding pipelines which facilitates the distribution and transmission of the Prime Minister using money from a sovereign wealth fund gas supplies to end users. PGas has also recently ventured into 1Malaysia Development Bhd (1MDB) to fund his own political upstream oil and gas in order to secure additional supplies of agendas. Singapore FSSTI declined -1.4% due to the uneven gas. While energy prices have been on the decline, PGas remains global recovery and the continued restructuring of the economy an excellent proxy to rising gas consumption in Indonesia in to improve productivity. Thailand SET held steady and rose by the long term. a meagre 0.5% despite deteriorating economic fundamentals as strong domestic institutional liquidity supported the equity Premium Leisure Corp.: Jointly runs an integrated gaming market. Philippines PCOMP defied the negative trends in ASEAN resort called City of Dreams Manila with reputable casino and rose by 4.6% supported by a rebound in public spending operator Melco Crown. Opened in Feb 2015, the resort holds and resilient public consumption. Expectations of stronger over 350 gaming tables and 1,680 slot machines and is the latest infrastructure spending in the second half of the year as election entrant into the Philippine gaming space. Non-gaming amenities in June 2016 draws closer also help fuel investors’ interest. Korea include high end hotels, F&B outlets and over 20,000 sqm of KOSPI rose a strong 8.28% stimulated by consistent rate cuts by

Janus Capital Funds Plc / 30 June 2015 15 Fund Overviews

the central bank as policy rates were cut by 50bps to 1.50% and In China, the correction in markets continued in June after the comfortable equity valuations. Taiwan TWSE remained relatively index made a healthy run since April. This was caused by the flat as it rose by 0.2%. The index lost its gains from the start of government cracking down on illegal margin financing activities. the year as export orders deteriorated. Beijing is facing a dilemma to balance growth and reform, yet we see the latest measures are tilted towards growth as a “slow bull” Performance Discussion is still needed to achieve a funding window for balance sheet repairs. In fear of the people’s perception turning from bulls The Fund was up by 1.96% for 1H2015. Our holdings in Financials into bears, Beijing rolled out timely stimulus measures. They did were the largest detractor from absolute performance followed by so firstly by removing loan to deposit ratio for banks, secondly our holdings in Consumer Discretionary. Contributors included on interest rate cut and downward revision on required reserve our holdings in Industrials, Consumer Staples and Information ratio. Yet we have to admit that these measures are not too Technology. In terms of countries, our holdings and overweight well received by the market. On the flip side though, measures position in Indonesia and India detracted the most from absolute to stimulate are still available as RRR is still relatively high in performance, while our holdings in China and South Korea were comparison with historical average. the largest contributor. The Taiwanese market seems to carry weak sentiment into early We like TENCENT which is internet Media Company that 3Q due to uncertainty in outlook within the semiconductor owns leading social network platforms QQ and Weixin. It also space. Inventory digestion for semiconductor will last into 3Q develops online and client based games which together form because of weak demand in both PC and smartphone in first few the bulk of Tencent’s revenues through monthly subscriptions months of 2015. Market is waiting for solid sell through numbers and in-application item purchases. The company has in the to clean up inventory and help to restore confidence in the past released a number of hit game titles which reflects its market. On the other hand, share prices of non-tech stocks such strength in game development. Tencent also derives revenues as in auto parts, textile, sportswear and bike are at a higher level from online advertising and transaction based commissions. comparing to regional peers, we expect to see limited upside in The company is poised to benefit from greater internet and coming quarters until market roll over to 2016. We will take a smartphone penetration in China, while it is looking to further defensive approach for the time being and wait for catalysts to gain market share in mobile gaming which is experiencing rapid emerge in mid-late 3Q to driver up overall index. growth by focusing new content there. There is also room for non-gaming revenues to grow through greater monetization of ASEAN remained fragile after several countries reported a existing platforms such as QQ, Weixin and Kakao. slowdown in domestic sector and external sector. The Philippine retreated to 5 month low after some disappointment in recent Universal Robina is one of Philippines’ largest food and beverage economic indicators. However, the administration remain companies manufacturing a wide variety of snacks foods and confident that GDP growth will pick up in the 2H15 with beverages under its key brands such as Jack n’ Jill, C2 and Great deployment of the budgeted public investment spending that Taste. The company is also involved in poultry farming and was delayed in the 1H15. We continue to maintain significant animal feed manufacturing, sugar and flour milling and refining. exposure to Philippine, especially in the consumer sector as we URC enjoys leading market share and brand equity in many look forward to the upcoming election. Indonesia declined for product categories in the Philippines such as snacks, candies, the 5th consecutive month as foreigner investors turn cautious chocolates, RTD tea, cookies, pretzels and canned beans despite over President Jokowi’s ability to deliver the promised growth. strong competition. It has also ventured its branded foods business Furthermore, the recent indicators suggested that 2nd quarter overseas where it is gradually gaining scale and presence as growth is expected to remain muted as car sales to cements evidenced by the improving margins in its international segment. sales are still showing weakness. Nevertheless, we still believe Going forward, rising consumption patterns and a benign cost infrastructure spending should pick up in the 2H15 as data from environment presents favourable tailwinds for the company as it public works ministry show more than 90% of planned projects continues to gain traction in international markets while working have been tendered, with contracts signed for more than half of on product variety and capacity expansion. those. We seek to pick up quality name during this correction. Malaysia remained the most challenging as 1MDB issue remain Outlook unsolved. We do not foresee any improvement in the near term.

Our view on Asian equities in 2H of 2015 is somewhat positive, Contributors & Detractors after the high volatility seen in 1H 2015. Continued easing in multiple markets such as China, India, Korea, Thailand and Contributors Singapore will have a positive impact on the equity markets. Reforms in China, India and Indonesia should underscore a Amorepacific Corp.: Korea’s leading cosmetics company fundamental positive shift, auguring well for equities. Recovery with over 30% market share of the Korean cosmetics market, in the US economy is a positive for Asian export. with cosmetics making up about 67% of company revenues.

16 Janus Capital Funds Plc / 30 June 2015 The company produces cosmetics under brands like Laneige, affluent Chinese population and greater demand for budget Sulwhasoo, Innisfree, Etude and Mamonde. The company is fares. Meanwhile, operating cost is expected to reduce backed poised to benefit from greater penetration into new markets by lower oil prices, expiration of fuel surcharges and its high through new distribution channels like duty free stores and operating leverage. e-commerce sales offering both sales growth and margin expansion. AmorePacific’s brands also have strong brand equity Detractors as premium products at relatively affordable prices to target consumers in the middle upper segment. GFPT Public Co. Ltd.: GFPT is a Thai based poultry producer and exporter with operations across the poultry value chain Cosmax Inc: Original development and design manufacturing from feed production to poultry breeding to distribution. (ODM) company in cosmetics industry. The company provides The company specialises in cooked poultry products that are cosmetics products to both local Korean and foreign brands, customised to customer specifications, and this helps to reduce such as L’Oreal and Johnson & Johnson and is one of the largest margin volatility from the cyclical nature of the poultry business. ODM companies in Korea. As cosmetics products cycle is shorter Given the competitive landscape in the industry, GFPT has due to hard competition, original brand companies tend to use looked to boost its scale and reach through JVs and partnerships ODM companies more. Korean cosmetic brands have been well with key customers such as Nichirei Foods and McKey Foods to received globally, and Cosmax has had a strong track record in enhance demand visibility. developing and launching new cosmetic products. The company launched its business in China in 2004, and they have plans Hyundai Wia Corporation: Korean automotive and to increase their manufacturing capacity for rising order from machinery component manufacturer being part of the Hyundai Chinese local brands. Group mainly servicing Hyundai and Kia Motors which are its major shareholders. Sales growth in the near term is likely Tencent Holdings Ltd: Internet media company that owns to be supported by the continued expansion of Hyundai leading social network platforms QQ and Weixin. It also and Kia Motors in both volume and mix. Longer term, the develops online and client based games which together form company is looking to diversify its revenue base away from the the bulk of Tencent’s revenues through monthly subscriptions Hyundai Group to at least 35% from over 20% currently and and in-application item purchases. The company has in the it sees opportunities in the non-engine business such as OEM, past released a number of hit game titles which reflects its machinery and industrial tools production. strength in game development. Tencent also derives revenues from online advertising and transaction based commissions. Tata Motors Limited: Tata Motors is one of India’s largest The company is poised to benefit from greater internet and automotive vehicle manufacturers that designs and sells a wide smartphone penetration in China, while it is looking to further range of passenger and commercial vehicles. JLR should see gain market share in mobile gaming which is experiencing rapid higher market share in coming years driven by upgrade of older growth by focusing new content there. There is also room for products (new Discovery Sport, new XF/XJ) as well as entry non-gaming revenues to grow through greater monetisation of into new segments (Jaguar XE, Crossover Jaguar, new mid-sized existing platforms such as QQ, Weixin and Kakao. Range Rover). Ramp up of the production plants in China should decrease cost and see margin improvement. Flexium Interconnect, Inc.: Flexium Interconnect is one of the world’s main manufacturers for Printed Circuit Boards (PCB) GF Securities Co Ltd: GF Securities is the fourth largest which is then used in LCD panels, personal computers and brokerage house in China by asset size offering brokerage smartphones. In particular, more than 40% of Flexium’s PCBs and trading services along with investment banking and asset are used in smartphone production which makes it a beneficiary management. The company is expected to be a beneficiary of to robust smartphone and tablet demand. While volume ramp greater trading volumes in China given the increasingly robust up has been strong, the company has also been able to maintain trading volumes, IPO pipeline and relaxation of capital market margins due to strong execution and product focus to reduce regulations. In particular, GD Securities has been gaining market costs through economies of scale. To smooth out utilisation for share in brokerage and is the market leader in providing margin its capacity, the company has also been active in sourcing for financing where penetration is still low. new customers and products which also improves diversification although it retains. Premium Leisure Corp.: The company currently jointly runs an integrated gaming resort called City of Dreams Manila China Eastern Airlines Corporation Limited: One of (CODM) with reputable casino operator Melco Crown. Opened three main airlines in China providing aviation transportation in Feb 2015, the resort holds over 350 gaming tables and 1,680 services with a fleet of over 500 aircraft handling over 80 slot machines and is the latest entrant into the Philippine gaming million passengers annually. The company is primarily based space. Non-gaming amenities include high end hotels, F&B in Shanghai. China Eastern Airlines is expected to benefit outlets and over 20,000 sqm of retail space. The resort is set from increasing overseas travel backed by an increasingly to benefit from the underpenetrated gaming landscape in the

Janus Capital Funds Plc / 30 June 2015 17 Fund Overviews

region catering especially to less affluent consumers which will is expanding at a pace much higher than that of the broader be attracted by the lower minimum bet requirements in the industry; this encompasses store openings and gold sales. The Philippines. company has also introduced lower priced products and created online shopping platforms to tap into either underserved or new Thank you for your investment in Janus Asia Growth Drivers market segments. At the same time, PC Jeweller is selling well- Fund. known overseas luxury brands to meet demands from higher- end market segments. All of these steps have contributed to (July 2015) boosting top-line growth.

Janus Asia Fund Another leading contributor was Haitong International Securities Hiroshi Yoh, portfolio manager Group. The company is one of China’s leading securities houses. It has benefited from the recent opening of the Hong Kong – Performance Overview Shanghai Stock Connect. A key driver of Haitong’s business has been aiding wealthy Chinese citizens invest overseas. During Janus Asia Fund’s Class I$acc Shares returned 9.72% for the the period, the company reported earnings gains and a much six-month period ended June 30, 2015, while its benchmark, the larger equity base upon which it can expand its business. On MSCI All Country Asia ex-Japan Index, returned 5.59%. that note, the company’s strategy is to expand aggressively. The larger base is a necessary ingredient for that, given the limits put Investment Environment on the amount of leverage such companies can deploy.

Asian equities registered gains over the period, despite the Also contributing was Yunnan Baiyao, one of China’s top looming strength of the U.S. dollar. This development is owed to traditional medicines brands. The company is gaining market substantial improvement in financial positions on both corporate share by releasing new products, including toothpaste and tea. and sovereign balance sheets. After a strong winter, most major All of the new offerings are based upon traditional treatments. indices drifted lower during the second quarter, with the notable The company’s core business is growing at a slower rate than the exception of China-related indices. These continued their months- new products, but they are still expanding. One of the reason’s long rally, until late in the quarter when authorities took step to the company’s stock has performed well, in our view, has been reduce the amount of leverage used in trading. Given the recent management’s conservative approach to expansion. On a visit rise in this type of trading, gains were reversed in rapid order. with management during the quarter, we came away convinced that leadership is disciplined and efficient capital allocators. China’s growth in recent quarters has been notably under the trend of the past couple of decades. This sluggishness is The only sector to detract from relative performance was consequential as the associated disinflationary pressure causes Industrials. The portfolio’s largest individual detractor more than a touch of consternation given the nation’s leveraged was Korean giant Samsung. The company’s stock declined public- and private-sector balance sheets. For much of the post- on disappointing Galaxy smartphone sales. The leadership crisis era, China has borrowed heavily to invest in assets; after transition between the chairman and his son is also weighing a binge on infrastructure, much of the loose money has flowed on shares, as uncertainty created by the succession has yet into real estate and the stock market. to be fully ironed out. A weak earnings report dampened the mood toward the stock, as did an outbreak of the Middle Authorities at present are attempting to thread the needle. East Respiratory Syndrome (MERS) at the Samsung Medical As evidenced by the recent loosening of the reserve ratio Center in Seoul. We remain positive on the stock, as it remains requirements of many banks, they are committed to dovish one of the world’s dominant technology companies, with an monetary policy to revive growth, but at the same time they extremely profitable, industry-leading global semiconductor also want to limit the amount of funds flowing into asset classes business and a strong position in the Android market. that many perceive have reached bubble territory. Letting some of the air out of equities also serves the purpose of bringing Staying in Korea, Daewoo Shipbuilding detracted from results. valuations down to a more rational level so that in the future Lower freight rates for oil and gas tankers have weighed on the there will be more running room for the market to absorb the company’s stock during this recent period of weak energy prices. initial public offerings that are expected to occur during waves While there is a lull in the shipbuilding cycle, the company has of privatizations. a full order book for the next few years. Given its low valuation, especially on a price-to-book basis, we consider this an attractive Performance Discussion value stock.

Our selection of consumer discretionary and health care stocks Gaming and hotel company Louis XIII Holding weighed on contributed most to relative performance. On an individual basis, performance. While conspicuous consumption has diminished a top gainer for the period was India’s PC Jeweller. The company in the wake of the anti-corruption crackdown by China’s central

18 Janus Capital Funds Plc / 30 June 2015 government, the companies operating in Macau that concentrate combination of improving U.S. data and uncertainty about the on the VIP segment are the ones that appear most vulnerable, path of global monetary policy. The volatility that characterized in our view. Louis XIII, however, focuses on the premium mass fixed income markets during the winter initially subsided in market segment, which should be more insulated from the early spring, only to flare up as the period closed. Data indicated government’s actions. That said, the company may benefit from that the economy had slowed during the year’s first three the recent loosening of monetary policy by the People’s Bank of months. Over the ensuing two months, the employment picture China, aimed at reinvigorating the economy. rebounded. Improving manufacturing data and retail sales also suggested that the winter slowdown had been transient. In June, Outlook the Federal Reserve (Fed) stated that it would be appropriate to raise rates during the latter part of 2015. Yet, it reiterated that any As evidenced by global developments during the first half of move would be data dependent and gradual. Overall, the Fed this year, we must remain mindful of geopolitical risks. While reinforced its bias of ensuring that sustained growth takes hold. developments in Greece do not directly impact Asia, policy maker decisions in China do. Any efforts to catalyze growth – or The U.S. Treasury curve steepened during the second half of the their failure to succeed – have repercussions in the numerous period, with yields on the 10- and 30-year reaching levels not countries that provide materials and subcomponents to fuel visited since last autumn. After dipping to 1.85% in early April, their neighboring giant’s manufacturing and construction base. the 10-year yield nearly hit 2.50% in June. However, Treasury Stabilizing oil, especially in a range much lower than this time yields were partly capped by the March launch of the European last year, largely helps the region, as most countries rely heavily Central Bank’s (ECB) quantitative easing (QE) program. upon imports. While prices are higher than the market nadir The ECB’s QE drove eurozone sovereign yields into negative experienced in the winter, investors and managers like stability, territory and encouraged foreign investors to purchase relatively which describes energy prices of late. The same holds true for higher-yielding Treasurys. However, Germany’s 10-year bund the U.S. dollar. Its late-2014 strengthening pummeled emerging aggressively sold off in the spring, with its yield rising almost market currencies, but most countries have sufficient reserves to 1% from near 0%. Prior to the late-quarter tumult fueled by not see their national accounts stressed. As with oil, the resetting Greece, improving data caused some to wonder whether it would of the dollar in a range more favorable than last year stands be necessary for the ECB to carry out the entirety of its planned to benefit the region’s exports to countries with strengthening asset purchases. U.S. investment-grade spreads were flat for currencies. While we monitor such developments, we remain much of the period as that market absorbed a flood of new stock pickers first and foremost. At present the region’s increasing issuance before widening in June. High-yield spreads initially economic diversity provides us with ample opportunities to narrowed amid a search for yield, reaching year-to-date lows, identify companies with the highest growth prospects, returns prior to ending the period essentially unchanged. Similar to on invested capital and shareholder-friendly policies. corporate credits, mortgage-backed securities (MBS) spreads widened near the end of the period. Thank you for your investment in Janus Asia Fund. In equities, major indices posted muted gains early in the period (July 2015) amid mixed economic data. However, favorable economic data subsequently helped them achieve record highs over the Janus Balanced Fund course of the spring, although volume remained muted. After Marc Pinto and Gibson Smith, portfolio managers plummeting to below $50 a barrel at the end of 2014, crude oil prices stabilized and appeared to have reset within a higher Performance Summary trading band by the end of the period. The dollar stabilized after rallying early in the period amid divergent central bank policy. For the six-month period ending June 30, 2015, the Janus Balanced Fund’s Class I$acc Shares returned 0.38%, compared Performance Discussion with 0.73% for its primary benchmark, the Balanced Index, which is an internally calculated and blended benchmark of the S&P 500 The Fund, which seeks to provide more consistent returns Index (55%) and the Barclays U.S. Aggregate Bond Index (45%). over time by allocating across the spectrum of fixed income The S&P 500 Index returned 1.23% during the same time period, and equity securities, underperformed the Balanced Index, while the Barclays U.S. Aggregate Bond Index returned -0.10%. its blended benchmark of the S&P 500 Index (55%) and the Barclays U.S. Aggregate Bond Index (45%). The overall Fund Investment Environment also underperformed its primary benchmark, the S&P 500 Index, and outperformed its secondary benchmark, the Barclays After experiencing increased volatility during the first part of U.S. Aggregate Bond Index. the period amid persistent uncertainty around the timing of the Federal Reserve’s (Fed) expected rate hike, fixed income markets The equity-to-fixed-income allocation ended the period with largely retreated over the rest of the period, influenced by a fixed income weighting of about 61% and equity around 39%.

Janus Capital Funds Plc / 30 June 2015 19 Fund Overviews

The Fund’s fixed income sleeve outperformed its benchmark, to win seats on its board. Shares sold off on concerns that the Barclays U.S. Aggregate Bond Index. Our corporate credit there is now less pressure for aggressive cost reductions or to allocation was the main driver of outperformance. Yield curve break up the company to unlock unrealized potential value. The positioning within investment-grade credit and security selection company has introduced new board members that we expect within high-yield credit contributed as our defensive move into will maintain sharp focus on capturing current untapped gains higher-quality names proved timely. Spread carry, a measure from its businesses. The company also has been affected by of excess income generated by the Fund’s securities, also aided softness in the agriculture cycle, a sector where we see a number performance in high-yield credit. The positive contribution of interesting developments, such as ongoing consolidation, attributed to our high-yield security selection is, in our view, which could highly value DuPont’s Pioneer business, a leading the result of our rigorous, fundamental investment process developer and supplier of plant genetics to farmers. Its dividend that analyzes not only companies, but also specific securities, yield also remains attractive. identifying the instruments that we believe have the best risk adjusted return potential for fixed income investors. We remain Contributing to relative performance during the quarter was overweight corporate credit relative to the benchmark. our selection of financials, materials and utilities stocks. Chemical producer LyondellBasell Industries was one of On a sector basis, our positioning in independent and midstream the largest individual contributors. Prices for many of the energy and pharmaceuticals contributed to relative performance. petrochemicals the company produces are tied to oil prices, Cable and satellite communications, chemicals and technology which had weighed on the stock at the end of 2014. However, were relative detractors. prices for the feedstocks Lyondell uses to create ethylene and some of its other chemicals have also declined, leading Certain credits weighed on relative results. While technology to better profit margins than the market initially expected. hardware company Seagate detracted from performance, we The bounce back in oil prices during the period also allowed like management’s commitment to a conservative balance sheet. chemical producers to raise ethylene prices, which was Furthermore, industry consolidation has resulted in improving further supportive for margins. In addition, concerns around margins and free cash flow generation for the remaining players. the recent CEO transition began to dissipate, with current Similarly, Chesapeake Energy, a leading producer of natural gas, management continuing to demonstrate its commitment to has a leadership team that manages its balance sheet like an returning shareholder capital through an increased dividend investment grade company. With its ample liquidity and a large and stock buybacks. asset base, Chesapeake, in our view, is well-positioned to achieve its goal of attaining a ratings upgrade. Blackstone Group, the equity sleeve’s top performer, helped drive the financial sector’s relative outperformance. We continue to The fi xed income sleeve’s U.S. Treasur y allocation under perfor med like the company, and Blackstone remains a relatively large due to yield curve positioning. Our MBS allocation – where we position size in the sleeve overall. We think the company is a were underweight relative to the benchmark – also detracted best-in-class alternatives manager, and also like the company for from relative performance due to its yield curve positioning. We its high dividend yield. maintain our defensive positioning within MBS to account for the volatility that we anticipate in the near term. Outlook

The Fund’s equity sleeve underperformed its benchmark, the Multiple factors presently have the potential to impact the fixed S&P 500 Index. Holdings within the consumer discretionary, income environment; chief among them remains the timing energy and consumer staples sectors detracted most from and pace of the Fed’s rate hikes. Data suggest that the central relative performance. The largest individual detractor was bank is achieving its dual mandate. Strong gains in payrolls industrial stock Union Pacific. Similar to other railroad have resumed and wage growth has shown signs of accelerating. companies, Union Pacific has suffered year-to-date volume Rates have yet to rise as the Fed has made clear its objective declines from the slowdown in the oil market and related lower of achieving sustainable growth. With economic expansion transportation needs. Coal and agriculture industry demands typically come jobs, and after that, wage-driven inflation. A have also been softer. We remain positive on the stock. strong jobs market, according to the Fed, should help push The company continues to benefit from its large, profitable inflation back toward its target of 2%. intermodal freight business. Fundamentals remain attractive, and the company continues to demonstrate a firm commitment Within our fixed income sleeve, we are mindful that we are quite to returning capital to shareholders with a healthy dividend possibly nearing the end of a credit cycle. Merger and acquisition yield and stock buybacks. activity, share buybacks and debt issuance are up. Utilizing our fundamental security-level approach, we are concentrating our DuPont was another detractor. The diversified materials company holdings in higher-quality companies whose management have successfully defeated activist investor Nelson Peltz’s proxy fight maintained balance sheet discipline.

20 Janus Capital Funds Plc / 30 June 2015 We are also concerned with the potential for sustained periods Janus Emerging Markets Fund of elevated market volatility, which we consider suppressed Hiroshi Yoh and Wahid Chammas, portfolio managers by continued fixed income inflows. Alarmingly low levels of liquidity are a serious risk factor, in our view. Should an Performance Overview illiquidity event occur, we want to be a provider of liquidity. Janus Emerging Markets Fund’s Class I$acc Shares returned We remain underweight MBS relative to the benchmark 2.88% for the six-month period ended June 30, 2015, while its as these securities would not perform well in the volatile benchmark, the MSCI Emerging Markets Index, returned 3.12%. markets such as the ones we anticipate. When the direction of rates is in question, investors cannot adequately gauge Investment Environment prepayment risks, which stand to increase as rates decline. While our base-case scenario is for increasing rates, a global Emerging market equities registered slight gains over the period, crisis or unforeseen slowdown in growth could again put despite the looming strength of the U.S. dollar. This development downward pressure on the safe-haven Treasurys upon which is owed to substantial improvement in financial positions on mortgages are priced. both corporate and sovereign balance sheets. After a strong winter, most major emerging market indices drifted lower during Over the past quarter we have sought to reduce risk in the the second quarter, with the notable exception of China-related fixed income sleeve of our portfolio and expect to maintain indices. These continued their months-long rally, until late in this defensive posture as the aforementioned risk factors the quarter when authorities took step to reduce the amount of play out. We have not seen such a confluence of potentially leverage used in trading. Given the recent rise in this type of adverse forces for several years. Our binding principle of capital trading, gains were reversed in rapid order. preservation is of utmost importance as we navigate the choppy waters ahead. China’s growth in recent quarters has been notably under the trend of the past couple of decades. This sluggishness is We believe stock valuations remain relatively attractive in the consequential as the associated disinflationary pressure causes context of the current market environment. Global economic more than a touch of consternation given the nation’s leveraged growth continues to strengthen, with steady, if slow, gains in the public- and private-sector balance sheets. For much of the post- U.S. and positive signals finally emerging from Europe, issues crisis era, China has borrowed heavily to invest in assets; after in Greece notwithstanding. China also seems to be navigating a binge on infrastructure, much of the loose money has flowed its economic slowdown reasonably well, without any recent into real estate and the stock market. material deterioration. During the first half of the year, Russian equities generated The U.S. labor market continues to gain on the employment the highest returns on a country basis within the benchmark front with indications that companies are beginning to increase MSCI Emerging Markets Index, followed by Hungary and China. wages as well. The housing market is improving, and consumer Weighing on benchmark returns were Colombia, Turkey and spending continues to increase with strong demand for Indonesia, among others. automobiles and other big-ticket items – all further evidence that the economy is on more stable footing. Against this backdrop, Performance Discussion it seems likely the Fed will begin raising interest rates later this year. This would be a positive signal that the economy is once Detracting most from relative returns were our holdings in South again normalizing and should be supportive for stocks, though Korea and Brazil. On a sector basis, relative performance was any dramatic, unexpected rate jump would probably prove to be weighed down by industrials and energy. These losses were disruptive short term. partially offset by relative gains attributable to our stock selection in China and India, and, with regard to sectors, health care and The dollar remains one of our wild cards. Deterioration in the consumer discretionary. Greece dispute or a deceleration in non-U.S. economies could send investors fleeing back toward dollar-denominated assets, The portfolio’s leading detractor for the period was Turkey’s forcing a resumption in the currency’s march upward and Ulusoy Elektrik. The switch maker was adversely impacted by keeping a lid on inflation. In a nod to this scenario, the Fed the macroeconomic environment within its country of domicile. has acknowledged that international developments are being Market disappointments with recent political developments, considered as it charts its path forward. such as pressure exerted on the central bank by government officials, outweighed what should have been the positive benefits Thank you for your investment in Janus Balanced Fund. on cheap oil. Issues in Turkey’s near-abroad, such as Syria’s civil war and Iran’s nuclear negotiations, also added to bearishness. (July 2015) These factors overshadowed the favorable profile of Ulusoy; the

Janus Capital Funds Plc / 30 June 2015 21 Fund Overviews

company has no debt, a strong net cash position, generates a Outlook robust 20% return on invested capital, and has a sizable payout ratio. In a vote of confidence, management has been buying As evidenced by global developments during the first half back stock. of this year, we must remain mindful of geopolitical risks. While developments in Greece do not directly impact broader Another detractor was African banking group Atlas Mara. emerging markets, policy maker decisions in China do. Any The company has been negatively impacted by the weakening efforts to catalyze growth – or their failure to succeed – of emerging market currencies, especially in Nigeria. Still, have repercussions in the numerous countries that provide management has been effectively executing its plan, which materials and subcomponents to fuel their neighboring giant’s includes implementing new technology, growing its loan book manufacturing and construction base. Stabilizing oil, especially focusing on small and medium enterprises, and maintaining a in a range much lower than this time last year, helps countries disciplined approach to provisioning. reliant upon commodities imports. While prices are higher than the market nadir experienced in the winter, investors and Korean giant Samsung weighed on performance. The company’s managers like stability, which describes energy prices of late. stock declined on disappointing Galaxy smartphone sales. The Oil’s stabilization has also enabled Russia’s financial markets leadership transition between the chairman and his son is also to stage a rebound. The country still faces stiff headwinds on weighing on shares, as uncertainty created by the succession has account of economic sanctions. Commodities exporter Brazil yet to be fully ironed out. A weak earnings report dampened the also has challenges, in part due to a broad lack of confidence mood toward the stock, as did an outbreak of the Middle East in the government and ongoing corruption probes into the Respiratory Syndrome (MERS) at the Samsung Medical Center country’s leading energy company. in Seoul. We remain positive on the stock, as it remains one of the world’s dominant technology companies, with an extremely The U.S. dollar’s late-2014 strengthening pummeled emerging profitable, industry-leading global semiconductor business and market currencies, but most countries have sufficient reserves a strong position in the Android market. to not see their national accounts stressed. As with oil, the resetting of the dollar in a range more favorable than last A top gainer for the period was India’s PC Jeweller. The company year stands to benefit exports to countries with strengthening is expanding at a pace much higher than that of the broader currencies. While we monitor such developments, we remain industry; this encompasses store openings and gold sales. The stock pickers first and foremost. At present the increasing company has also introduced lower priced products and created economic diversity of emerging markets provides us with online shopping platforms to tap into either underserved or new ample opportunities to identify companies with the highest market segments. At the same time, PC Jeweller is selling well- growth prospects, returns on invested capital and shareholder- known overseas luxury brands to meet demands from higher- friendly policies. end market segments. All of these steps have contributed to boosting top-line growth. Thank you for your investment in Janus Emerging Markets Fund.

Also contributing was Yunnan Baiyao, one of China’s top (July 2015) traditional medicines brands. The company is gaining market share by releasing new products, including toothpaste and tea. Janus Europe Fund All of the new offerings are based upon traditional treatments. Wahid Chammas, portfolio manager The company’s core business is growing at a slower rate than the new products, but they are still expanding. One of the reason’s Performance Overview the company’s stock has performed well, in our view, has been management’s conservative approach to expansion. On a visit For the six months ended June 30, 2015, Janus Europe Fund’s with management during the quarter, we came away convinced Class I$acc Shares returned 17.18% versus 13.25% for the that leadership is disciplined and efficient capital allocators. benchmark, the MSCI Europe.

Another leading contributor was Haitong International Securities Market Environment Group. The company is one of China’s leading securities houses. It has benefited from the recent opening of the Hong Kong – The volatility that marked the end of 2014 carried over into early Shanghai Stock Connect. A key driver of Haitong’s business has 2015. Investors feared that crude oil’s precipitous slide could been aiding wealthy Chinese citizens invest overseas. During be a consequence of slowing global growth, rather than solely the period, the company reported earnings gains and a much of elevated North American production. Conditions in Europe larger equity base upon which it can expand its business. On contributed to market angst as prices within the eurozone that note, the company’s strategy is to expand aggressively. The entered deflationary territory. Sentiment toward the region was larger base is a necessary ingredient for that, given the limits put also hindered by the victory of Syriza, an anti-austerity party, in on the amount of leverage such companies can deploy. Greece’s parliamentary election.

22 Janus Capital Funds Plc / 30 June 2015 Mid-winter, European stocks regained favour upon the European continue to appreciate Actelion’s position as the dominant player Central Bank’s (ECB) announcement that it would christen its in the Pulmonary Arterial Hypertension (PAH) market, with our own version of quantitative easing (QE) by purchasing 60 billion research indicating that there is strong interest from medical euros in bonds monthly for a total exceeding 1 trillion euros. professionals in Actelion’s Selexipag and Opsumit drugs. European bond yields, consequently, tightened even further. Yields on many short- and mid-term bonds of eurozone nations Within technology, ADVA AG Optical Networking was a top entered negative territory. Importantly for this Fund, the bond- individual contributor. This company designs, develops and proxy trade that had dominated European equities for several manufactures optical networking products. The company’s quarters finally exhibited signs of reversing, as investors instead products include wavelength division multiplexing (WDM) began to judge stocks on their fundamental merits and growth communications systems, high-speed fiber optic converters, EDFA profiles rather than purely defensive characteristics. modules, and all-optical switches. ADVA’s products are used in high-speed centralized data storage and disaster recovery. The Alas, European equities were again weighed down during the company pre-released strong earnings in the spring and increased spring by serious questions about Greece’s ability to service its guidance, benefiting from the fact that its products are highly massive debt load. The dispute overshadowed signs of stabilization essential components in a broadly data hungry world, which in the remainder of the region’s periphery. The anxiety accelerated is why the company is primed to continue growing revenues toward the end of June as it became apparent that the country by double digits. ADVA’s products are also used in high-speed would not make a payment due to the International Monetary centralized data storage and disaster recovery. The stock reached Fund on June 30. The Greek government’s call for a referendum our target price during the period, and was subsequently sold from on continued austerity was met by surprise and consternation in the portfolio after the stock appreciated three-fold in the past year. financial markets as well as in Brussels and Frankfurt. Detracting from the period’s performance were our consumer Although European stocks sold off as the Greece crisis came to and industrial holdings. Norwegian/Greek offshore-drilling a boil, the conditions that drove strong gains over most of the contractor Ocean Rig detracted from results. The company spring and early summer remain intact. In fact, it has been years provides oil field services for offshore oil and gas exploration, since a combination of macroeconomic and company-specific development and production drilling, and specialising in the factors have aligned so favorably for European stocks. Such an ultra-deepwater and harsh-environment segment of the offshore environment is especially conducive to our highly disciplined, drilling industry. We bought the stock near the June lows, but bottom-up investment process centered on identifying the this proved to be a little early. We believe that the company is companies with the greatest capability to grow earnings, create fundamentally mispriced, and is trading at a ridiculously steep operational leverage, generate high return on invested capital discount to replacement value. The company’s 10 active rigs and be bold in undertaking shareholder-friendly initiatives, are all ultra-deepwater capable, and very new, with an average including participating in synergistic industry consolidation or age of just five years, making it one of the most capable fleets conducting stock repurchases. in the industry. Ocean Rig is currently 88% contracted in 2015 and over 69% contracted in 2016, which we expect will be the Performance Discussion trough years of the current down cycle. Ocean Rig recently raised capital to shore up its balance sheet and to ready the Outperformance relative to the benchmark during the first company for opportunistic acquisitions. Today, cash balance half of the year was driven by our selection of health care and sheet is approximately one-third of the market capitalisation. technology stocks. A top individual contributor for the period was BG Group Plc. The integrated natural gas company was Flash online retailer MySale suffered early in the year from the a strong performer following the much-publicised takeover profit warning issued in December, despite subsequently releasing approach from Royal Dutch Shell which valued the company a reassuring trading update. This company’s management team at a hefty premium to the market cap at that time. We continue is very new to public markets (their IPO was as recent as this to believe that industry consolidation is much needed, and very past summer) and, with no investor relations, were a little naive likely, especially at a time when the cost of capital will never about how to manage/guide earnings trajectories. The stock be cheaper, and valuations are rock bottom. BG’s strength in was overly punished, on what was a tight float. That said, our the global liquefied natural gas (LNG) business has made the analysts have spent considerable time with the management company a very attractive target, in our view. team, and we fully support the main backers, Sir Philip Green of Arcadia (owner of Topshop, Topman, Wallis, Evans, Burton, Another top contributor was Swiss biotechnology company Miss Selfridge, Dorothy Perkins and Outfit). One of the biggest Actelion. The company had a good second quarter following a competitive advantages to MySale as a story, and the chief factor solid earnings report which saw it increase full-year guidance, that brought us to the stock frankly, is the involvement of Sir driven by strong performance of its key product, Opsumit. Philip Green and Mike Ashley of Sports Direct. Meanwhile, The stock saw further strength on press reports that Actelion in our opinion MySale has one of the best business models in had been approached by Shire over a potential acquisition. We retail: asset light, zero inventory risk, and structurally negative

Janus Capital Funds Plc / 30 June 2015 23 Fund Overviews

working capital. We remain confident in the company’s outlook, will be removed regardless of the direction of the outcome. In with sales continuing to grow strongly across four continents, either case, near-term headwinds for the euro loom, but that and it is the only flash sale company to function and distribute could help the region’s exporters. Authorities must be cognizant across all corners of the Earth between northern and southern of creating a climate of moral hazard among other indebted hemispheres (an advantage when learning retailers’ inventories). eurozone members as additional reforms are still necessary in It has also beaten expectations with 15.5 million members and those countries. Concern about the European Central Bank continues to grow. In essence, management has done most of perhaps not following through on the entirety of its quantitative the hard work already, now they just need to better engage their easing program – which was in part behind the bund’s spring membership. We also like the fact that cash on the balance sheet sell-off – seems overblown. It is our view that central bankers is equivalent to approximately 40% of the company’s market will continue to provide a favorable backdrop for economic capitalisation, and that management has been very aggressively growth and earnings gains over the mid-term. buying shares personally in the aftermath of the profit warning. Thank you for your investment in Janus Europe Fund. Another detractor was banking group Atlas Mara. The company has been negatively impacted by the weakening of emerging (July 2015) market currencies, especially in Nigeria. Still, management has been effectively executing its plan, which includes implementing Janus Global Life Sciences Fund new technology, growing its loan book focusing on small and Andy Acker, portfolio manager medium enterprises, and maintaining a disciplined approach to provisioning. Performance Overview

Outlook The Janus Global Life Sciences Fund had a strong start to the year, with the Class I$acc Shares returning 17.06% for the six- Although European stocks sold off during June as the Greece crisis month period ended June 30, 2015. This was significantly ahead came to a boil, the conditions that drove strong gains over most of of the 9.94% return for the MSCI World Health Care Index, the the second quarter remain intact. Investors’ fixation on the most Fund’s primary benchmark, and the 1.23% for the S&P 500 defensive stock sectors was broken and – after much delay – attention Index, the Fund’s secondary benchmark. was finally being paid to the continental economies’ improving fundamentals. In fact, it has been years since a combination of Market Environment macroeconomic and company-specific factors have aligned so favorably for European equities. Such an environment is especially The Fund’s benchmark, the MSCI World Health Care Index, conducive to our highly disciplined, bottom-up investment process surpassed broader stock indices during the six-month period. All centered on identifying the companies with the greatest capability subsectors within the benchmark generated positive returns, with to grow earnings, create operational leverage, generate high return performance led by managed health care and health care facilities. on invested capital and be bold in undertaking shareholder- The first half of 2015 proved that merger and acquisition activity in friendly initiatives, including participating in synergistic industry the health care sector is alive and well. Driving gains were several consolidation or conducting stock repurchases. high-profile acquisitions, including a few of our holdings that were targets in such deals. While consolidation fueled optimism, We are mindful of the Greece situation, with special concern as innovation in medical devices and therapies continued to provide to how any agreement between it and its creditors is implemented a fertile environment. Initial public offerings, secondary market and monitored. Consequently, we have buffered the portfolio activity and private financing also continued to be strong. We slightly with some defensive names that we like and purchased remain vigilant in monitoring valuations, which at first glance on weakness during the quarter, while continuing to advocate may appear rich, but the rally experienced over the past few years a constructive, bullish posture overall. Still we recognize that has only brought valuations for the health care sector back to the the European economy – in part due to significant reforms in long-term average of the past 20 years. peripheral countries other than Greece – has shown signs of an incipient recovery. Performance Discussion

Despite concerns to the contrary, current developments in The Fund seeks to uncover opportunities that span the life sciences Europe are not analogous to the buildup to the 2008/2009 spectrum, including stocks in the biotechnology, pharmaceutical, global financial crisis. Greece has largely been ring-fenced and health care services and medical technology arenas. Our bottom- Europe’s banks recapitalized. up, fundamental approach utilizes extensive proprietary research in an effort to discover the most compelling investment ideas We expect equities to remain vulnerable in the near term, but across the globe. Our primary focus remains on companies that believe that long term, a resolution to Greece should benefit are addressing high, unmet medical needs and those that we the region as a whole. Obviously anxiety-inducing uncertainty believe can make the health care system more efficient.

24 Janus Capital Funds Plc / 30 June 2015 Our stock selection in the biotechnology and pharmaceuticals regulatory decisions) that can lead to significant share price subsectors were top contributors to relative performance. volatility. In practice, this means we attempt to limit the position Biotechnology company Pharmacyclics was a top contributor. size of any one holding so that, in a worst-case scenario, the The company’s stock surged in January on consensus-beating estimated adverse impact from a particular event should not earnings from the prior quarter as well as upbeat guidance exceed 1% of the Fund’s performance. The Fund may also utilize for its blood-cancer drug, Imbruvica. It was then announced options and other derivative contracts in an attempt to mitigate that AbbVie would acquire the company for $21 billion. risks and enhance performance. This commercial-stage biotechnology company is focused on discovering and developing innovative small-molecule drugs for Outlook the treatment of cancer and immune-mediated diseases. We believe biotech and pharmaceutical stocks continue Also within the biotechnology subsector, Dyax Corp. was a top to offer significant growth potential. The acceleration of contributor. Recognition continues to grow for its hereditary innovation across the health care sector continues to advance angioedema therapy, which could become the new standard of at a remarkable pace, with a wave of new therapies addressing treatment based on strong efficacy from early-stage trials. many of the world’s largest unmet medical needs. Streamlined Food and Drug Administration reviews and approvals have Aetna was another large contributor. A Supreme Court ruling helped significantly increase speed to market for many of these that keeps federally established health care exchanges intact transformative treatments. lifted managed care stocks broadly. Acquisition rumors among managed care companies also point to an upcoming round of In addition, the affirmative late-quarter U.S. Supreme Court consolidation in the industry, and anticipation of this wave of Affordable Care Act ruling confirming residents in states consolidation has been favorable for managed care stocks. Aetna with federally established health care exchanges will remain has been a large position in our portfolio for many years, and we eligible for federal tax subsidies is a very positive development believe the company is well positioned for growth in the post for the sector. The uncertainty around this issue had been Affordable Care Act reform environment. a tremendous overhang, but with the original law intact we expect a substantial increase in the insured population. Our underweight to the managed health care subsector and This should benefit hospital operators and many insurance holdings in health care technology detracted from relative companies, as well as ripple throughout the broader health results. Among individual detractors, Puma Biotechnology was care industry. a top detractor. The company was a top performer last year but fell on disappointing data it released in June about its new post- The next issue to watch will be around biosimilars, with high- surgery breast cancer treatment. We believe the stock still offers profile litigation currently under federal court review. These value, though our outlook has diminished somewhat and we are copied versions of biotechnology drugs have been readily reviewing the stock. At current valuations the company could available in Europe for years and are now starting to be still become a potential M&A target. approved in the U.S. While they may provide lower cost access to some therapies, the current legal questions around patent Aerie Pharmaceuticals also weighed on returns. The company’s protection are complex. Their erosional effects on the original new glaucoma drug, Rhopressa, missed expectations in a late- brand names also remain to be seen. As such, this continues to stage trial early in the second quarter. We were disappointed in be an important area to watch. We also are closely monitoring the data, so we exited the position. the potential for elevated headline risk around high-cost drug pricing in general, especially with the upcoming presidential Ironwood Pharmaceuticals was another detractor. The firm election cycle. surprised markets with an unexpected dilutive convertible bond offering. It also suffered from Synergy Pharmaceuticals’ positive Thank you for your investment in Janus Global Life Sciences data around a new irritable bowel syndrome treatment, which Fund. could become a new competitor to Ironwood’s established Linzess brand. We remain positive on the stock, as Linzess prescription (July 2015) trends continue to be strong. The specialty pharmaceuticals segment has also experienced a disproportionately large amount Janus Global Research Fund of M&A activity of late, and we would not be surprised if Research Team led by Carmel Wellso, portfolio manager Ironwood were a future target. Performance Overview The Fund continues with its “value at risk” approach as part of a comprehensive risk management framework. This approach Janus Global Research Fund’s Class I$acc Shares returned 4.35% focuses our attention on downside risks, especially those arising for the six months ended June 30, 2015, while its benchmark, from binary events (such as clinical trial announcements or the MSCI World Index, returned 2.95%.

Janus Capital Funds Plc / 30 June 2015 25 Fund Overviews

Market Environment quarter as well as upbeat guidance for its blood-cancer drug, Imbruvica. It was then announced that AbbVie would acquire the The volatility that marked the end of 2014 carried over into the company for $21 billion. This commercial-stage biotechnology beginning of the year. Investors feared that crude oil’s precipitous company is focused on discovering and developing innovative slide could be a consequence of slowing global growth, rather small-molecule drugs for the treatment of cancer and immune- than solely of elevated North American production. mediated diseases.

Global equities finished the six-month period decidedly mixed. Valeant Pharmaceuticals was also a top contributor. The European markets were weighed down by serious questions stock was up after the company announced better-than- about Greece’s ability to service its massive debt load. The expected earnings, and raised its guidance after completing its dispute overshadowed signs of stabilization in the remainder acquisition of Salix Pharmaceuticals, a maker of gastrointestinal of the region’s periphery. The anxiety accelerated toward the treatments. The acquisition is another example of the same end of June as it became apparent that the country would not successful playbook Valeant has been running for much of the make a payment due to the International Monetary Fund on past decade. We feel this strategy has set the company apart June 30. The government’s call for a referendum on continued from many of its competitors. High research and development austerity was also met by surprise and consternation in financial costs have been value destructive for many pharmaceutical markets as well as in Brussels and Frankfurt. Consequently, the companies, but Valeant has largely avoided high R&D continent’s major indices finished deep in the red. spending by making a series of value accretive acquisitions of pharmaceutical companies with lower product risk. Valeant Conditions in Europe contributed to market angst as prices then takes many of the costs out of those companies and within the eurozone entered deflationary territory. European essentially acts as a distributor of a number of valuable drugs, stocks regained favor upon the European Central Bank’s rather than a company dependent on new drug discovery (ECB) announcement that it would christen its own version for growth. of quantitative easing by purchasing 60 billion euros in bonds monthly for a total exceeding 1 trillion euros. As a consequence, Apple was another top contributor. The electronic-device yields on many short- and mid-term bonds of eurozone nations company benefited from positive sentiment in the aftermath of entered negative territory and the region’s stocks took off. its astounding its fourth quarter earnings results. In February, the company’s stock reached a new record, pushing its market Major U.S. indices reached record levels in early March, only to capitalization above $700 billion. We think Apple still has pull back on concerns that yet another strong jobs report would strong opportunities as its ecosystem continues to attract new entice the Federal Reserve (Fed) to raise interest rates as early as and potentially long-term subscribers onto its platform and June. Those concerns were later allayed as the Fed’s late-month increase its addressable market as lower price points draw statement included downwardly revised growth expectations, new customers. We also appreciate management’s commitment which investors interpreted as dovish. to returning capital to shareholders via dividends and stock repurchases. Additional highs were reached later in the spring, but they did so in an understated fashion as both volume and volatility Our industrial holdings, led lower by Canadian Pacific and remained muted. The first quarter earnings season mostly United Continental, were the most significant relative detractors exceeded expectations, but enthusiasm was tempered as during the period, followed by the consumer sector. valuations were considered stretched compared to long-term averages. Stock gains were also aided by favorable economic Railroad operator Canadian Pacific’s performance as the data that indicated the factors contributing to the winter transportation sector – and especially railroads – fell out of favor slowdown were indeed transitory. with the market. Investors have perhaps, at least in our view, tied railroads too closely to the fate of North American crude. In emerging markets, while Latin American indices largely We, on the other hand, are attracted to Canadian Pacific in part gained, the story centered on China, namely the government’s due to the diverse line of products it carries. During the period, attempts to catalyze sluggish growth and combat equity the company released an earnings report which beat consensus market excesses. on both revenue and earnings per share. The company also exhibited continued improvement in rationalizing costs. Later Performance Discussion in the period, the stock was punished when an important coal customer said it would be idling several mines. Our stock selection in the financial and health care sectors were the top contributors to relative performance during the period. The period was not kind to airlines, which led to United Continental Holdings becoming one of the period’s largest Pharmacyclics was a top contributor. The company’s stock detractors. The company reporting consensus-beating first surged in January on consensus-beating earnings from the prior quarter earnings was not enough to outweigh the industry-wide

26 Janus Capital Funds Plc / 30 June 2015 concerns over capacity. During the period, a leading competitor out the oil sector. Furthermore, we think there will be a broad announced that it was slightly raising capacity, igniting fear range of growth rates for companies. It takes analysis, but it that the recent discipline exercised by the industry leaders may remains possible to find companies that are using acquisitions, possibly fray. While the U.S. airline fleet is roughly 5% below its break-through products or market share gains to drive earnings 2007 peak, available seat miles (ASM) – a measure combining growth and to justify valuations. total seats and miles flown – has crept up in recent quarters. Perspective is needed here as, in our view, this increase is very Growth matters in Europe too, and we are seeing a firming of meager when compared to previous cycles when the industry conditions there. Greece represents less than 2% of European subjected itself to debilitating overcapacity. gross domestic product (GDP). So while it is not ideal to have social and political unrest on your periphery – and economic MarkWest Energy Partners was another detractor. The master depressions can bring on those conditions – the Greek problem limited partnership (MLP) gathers and processes natural gas will not undermine Europe. It is different from the last time a and also transports and stores natural gas liquids (NGLs). Rising Greek default threatened the stability of other banking systems rates were a headwind for real estate investment trusts (REITs) in Europe. and MLPs such as MarkWest during the period. We added to our position on the weakness. While higher interest rates will Quantitative easing (QE) is gaining traction in Europe. The increase borrowing costs for MarkWest in the short term, we weaker euro helps fuel export growth while stronger auto sales, believe the company’s return on capital is strong enough that it positive loan growth and better bank balance sheets portend a can still continue to grow. MarkWest is well positioned in the local recovery. The scope for margin expansion remains. Our lowest-cost natural gas basin in the U.S., which means it is likely European financial analyst sees green shoots and expects lower to experience strong demand for its gathering and processing loan losses, rising returns and the all-important increasing of services even in a weak pricing environment. We also like the dividend payments, bullish signs for financials and perhaps for management team, and feel the company remains attractively equities more broadly. valued relative to equities. In Japan, Prime Minister Shinzo Abe’s administration has engi- neered a favorable backdrop for Japanese equities in terms of sup- Outlook ply and demand: corporates are buying their own shares back, the Bank of Japan is buying Japanese equities as part of its QE, Our belief that politicians ultimately find reasonable solutions the government’s main pension fund is buying Japanese equities blew up like a SpaceX rocket as the period ended. Greece, as and moving away from bonds, and the market is running out Falcon 9’s brief flight did in June, will make a lot of noise but not of sellers. The message once again, however, centers on stock amount to much of anything. Our long-held belief remains that, picking. New initiatives are also encouraging better corporate this Greek tragedy notwithstanding, equity market gains are not governance. Companies are raising dividends and appointing over. It’s hard to argue equity markets are cheap on average but outside directors. More importantly, some companies are re- investors should not seek to be average. In a market more about structuring whole industries. alpha than beta, the global equity market backdrop still lends China and the rest of Asia are vexing. While China, too, itself to stock picking and active investing. has the ability to stimulate its economy, it is not a country without challenges. The industrial sector is slowing, part of After Greek voters rejected an austerity plan, markets traded a rationalization plan that ultimately leads to a more efficient off but the reaction was generally mild, especially compared economy. We expect over time that the consumer sector will to less substantial but noisier Greek crises on the past. Most offset some growth pressures in the country; in the shorter indices ended the second quarter flat to down. It is a quieter term, however, we are seeing contrary signs such as slower car year so far but after six straight years of up markets, a calmer sales and a continued lull in luxury spending. The rise in the S&P 500 Index is welcome. (By comparison, the 1990s had Shanghai stock market and recently, a government attempt to nine up years – 1991 to 1999 – although that didn’t end too prop it up after a pullback, are worrisome. well.) We remain positive on U.S. equities, however, and do not feel that markets are stretched. price-earnings ratio (P/E) A slowdown in China is touching economies elsewhere in Asia. multiples are at the higher range of recent years but they are not India is an exception as political reform (in true Indian style) extraordinary for a low-inflation environment, which implies slowly grinds forward. Brazil, with political and economic lower longer-term rates. Based on cash flow metrics, valuations troubles, looks like more of a market where you pick a few cheap are more reasonable. stocks but understand it is a difficult slog ahead.

Remember that the math of a 2.3% 10-year yield implies a P/E of Thank you for your investment in Janus Global Research Fund. more than 40, if you compare the price to the interest income. There’s no risk, of course, but no growth. Meanwhile, we are (July 2015) seeing growth in equities. Estimated earnings growth for 2016 vs. 2015 for the S&P 500 companies looks healthy if you take

Janus Capital Funds Plc / 30 June 2015 27 Fund Overviews

Janus Global Technology Fund initiatives have shown impressive growth and the company Brad Slingerlend and Brinton Johns, portfolio managers reported that mobile now accounts for 70% of transactions. Furthermore management provided strong guidance and Performance Summary reiterated its objective of becoming the one-stop shop for Chinese travel. In late May the company purchased a near Janus Global Technology Fund’s Class I$acc Shares returned 40% stake in online rival eLong from Expedia, a move that 2.41% for the six-month period ended June 30, 2015, while its was welcomed by investors. primary benchmark, the MSCI World Information Technology Index, returned 1.45% and its secondary benchmark, the S&P Our holdings in the Internet software and services subsector, 500 Index, returned 1.23%. along with technology hardware, storage and peripherals, weighed the most on relative performance. Market Environment Oracle was a top detractor. The stock was down following an Global technology gained over the first quarter, outpacing earnings miss. We believe the provider of enterprise software and broader indices, which recorded flat to negative returns. It then hardware products can continue to grow its revenue as fast, if not fell slightly during the second quarter, but ultimately finished the faster, than overall IT spending, while continuing to experience first half of 2015 in positive territory. The home entertainment ongoing margin expansion. Its products automate mission- software and electronic components subsectors contributed the critical business processes, resulting in a resilient business model most to the benchmark, while the semiconductor equipment comprised of a highly profitable base of recurring maintenance and communications equipment subsectors detracted the most revenues. Oracle has a structurally attractive business model during the period. with levers to drive sustained double-digit earnings growth over a multiyear period. Performance Discussion U.S. chip maker Qualcomm was another top detractor. The Our stock selection in the semiconductors and Internet retail company was hit with the news early in the year that Samsung subsectors were the most significant contributors to relative would not use Qualcomm chips in the newest model of its performance. popular Galaxy mobile phone. Qualcomm’s new Snapdragon 810 chip was reported to have had a propensity to overheat in Individually, Apple was a top contributor. The electronic-device testing by Samsung in its new devices. Qualcomm did finally company benefited from positive sentiment in the aftermath of manage to get its regulatory issues regarding royalty payments in its astounding fourth quarter earnings results. In February, China resolved, but the agreement was not everything investors the company’s stock reached a new record, pushing its market had hoped for. capitalization above $700 billion. We think Apple still has strong opportunities as its ecosystem continues to attract new ChannelAdvisor was also a large detractor. The company and potentially long-term subscribers onto its platform and helps other businesses manage, monitor, and optimize their increase its addressable market as lower price points draw merchandise sales in various online channels. The stock was new customers. We also appreciate management’s commitment down early in 2015 after the company reported disappointing to returning capital to shareholders via dividends and stock fourth quarter revenues. The fourth quarter of 2014 saw a repurchases. rapid shift in buying behavior, with consumers doing more of their holiday shopping on large e-commerce sites that offer Netflix, one of the leading providers of on-demand Internet a better mobile shopping experience. ChannelAdvisor makes streaming media, was also a top contributor. The stock rose after less revenue from the shopping that takes place on these larger beating estimates on member growth and margins. Subscription platforms. We have subsequently trimmed the position to better expansion remained positive in the U.S., if slowing, with match its risk-reward profile. substantial gains in new international customers. We continue to like the potential for Netflix. The company has now reached Outlook a size where creating original content can be more cost-efficient than simply purchasing distribution rights. Coupled with its We believe technology stocks continue to offer compelling extensive data about subscribers’ viewing habits, it has built a investment potential, though the rapidly changing dynamics powerful ability to deliver profitable, targeted entertainment. evolving within the sector are pointing to new emerging winners, while many legacy firms lag behind. The rapidly accelerating After a winter lull, the stock of Chinese travel operator Ctrip shift to the cloud continues to open new opportunities at the International bounced back to become another top contributor. expense of hardware, servers and online premises data centers. The company reported strong revenue gains from the first Enterprise hardware companies, in particular, have been slow quarter as recent investments have begun to reap benefits. to react as businesses move to software-designed data centers, These have also filtered through to margin improvement. New with management teams reluctant to consolidate and trim costs.

28 Janus Capital Funds Plc / 30 June 2015 Similarly, companies with strong mobile application strategies performance gap is the low weighting of financials in the small continue to be well positioned with the broad adoption of cap index. smartphone and tablets. We also expect that continuing advances in commercial and consumer applications tied to the Internet of Performance discussion Things (IoT) could be as transformational as the introduction of the Internet itself. The proliferation of devices that now connect The portfolio return was 18.42% over the 6 month period. In to the Internet and interact with one another is an exciting terms of sector contribution, the best performing Topix sectors multiyear trend still in its infancy. were Insurance, Pharmaceuticals and Other Financials, which contributed 0.15%, 2.85%, and 0.48% respectively. On the Semiconductor merger and acquisition activity also remains a key negative side, we had minus contribution from Construction theme in the technology sector. As the industry matures and growth and Iron and Steel, at -0.12% and -0.11% respectively. rates slow, these companies are searching for effective strategies to build scale and trim research and development expenses. Amongst our Insurance holdings, Anicom Holdings has posted solid earnings on the back of buoyant pet insurance sales and All in all, the pace of innovation throughout the sector continues improvement in loss ratio. In the Pharmaceuticals sectors, we to accelerate. We remain selective as we carefully research the benefitted from our core positions in Shionogi and Chugai risk/reward profiles of these stocks, balancing growth with Pharmaceuticals, as the companies’ cancer franchises make valuations. Still, we continue to find ample long-term investment further progress. We also had good performance in Other potential as the marketplace continues to shift and evolve. Financials from stocks such as Aeon Finance and Orix, which rose alongside a buoyant sector. Thank you for your investment in Janus Global Technology Fund. On the negative side, in the Construction sector Daito Trust announced that the company is facing margin pressure due (July 2015) to a shortage of inputs leading to rising costs and the shares performed poorly. In the Iron and Steel sector, Hitachi Metals Janus Japan Emerging Opportunities Fund revealed that a slowdown in telecom carrier capex is leading to DIAM Asset Management, portfolio manager worsening profitability in the Cable division, leading the shares to underperform. Investment environment Outlook In the first half of 2015 (January-June 2015) the Topix index rose by 16.98%. The main drivers of market performance were the Despite risk factors such as downside risk to auto sales and smart robust US macroeconomic environment, the improvement in the phone demand, we believe that Japanese corporate earnings will market environment for Japanese exporters spurred on by yen remain on a solid trend, supported by an improving domestic weakness, and signs that the domestic economic environment economy, yen weakness and lower oil prices. We are reasonably is improving, led particularly by consumption and capital bullish with regards to prospects for EPS growth, given plans expenditure, leading Japanese corporates to improved earnings. to lower corporate tax rates and sustained efforts by companies to improve ROE. Whilst we did witness some market weakness towards the end of the quarter due to the Greek debt problems and Chinese economic We believe that supply demand dynamics remain favourable slowdown, the benign domestic environment supported the for the time being. We envisage further inflows into the market market and cushioned the negative impact of such factors. from public pension funds, and believe there is a good chance that other domestic financial institutions, hitherto centered on In terms of sector leadership, we had good performance domestic bond investments, will revisit their investment plans. from financials (Banks, Insurance, Securities etc) as they had previously lagged the market. We also witnessed good returns Consequently, despite the rally so far this year, we believe that from sectors such as Electric Power and Gas and Pulp and Paper. concerns about market overvaluation (e.g. on a forecast PE Food and Pharmaceuticals also benefitted from active purchases basis) will be alleviated by further positive revisions to earnings from low volatility-type funds and performed well during the expectations. period. On the other hand, Transportation Equipment and Machinery stocks underperformed on the back of the general On the other hand, we see multiple sources of risk and economic slowdown in emerging markets. uncertainty in the global economy, ranging from the Greek debt problem and its impact on the European economy, to the Over the period, the representative small cap index (Russell extended slowdown in Asian economies led by China. We see Nomura Small Cap Index) returned 15.42%, an underperformance external factors as a major force capping the upside for the of 156bps versus the Topix index. The main reason for the Japanese equity market.

Janus Capital Funds Plc / 30 June 2015 29 Fund Overviews

Consequently, considering the balance of positive and negative drugs. Founded in Osaka in 1878 as a wholesaler of Japanese and factors, we believe that Japanese equities will move within a Chinese herbal medicines, the company is currently accelerating trading range for the time being. overseas business, mainly in the US and China. During the period, the shares benefited from strong royalty income due to In terms of our investment plan, we intend to concentrate our buoyant overseas sales of HIV drug Tivicay/Truimeq, and from exposure on stocks that are more dependent on the domestic a weaker yen. Japanese market, in particular Services, Retail, Construction etc, focusing on names with good earnings growth prospects. Cookpad Inc.: The company is the largest provider of website On the other hand, we plan to reduce our exposure to export specializing in cooking recipes, with “Cookpad” for PC users related names in the Electric Appliances, Machinery, and and “Moba repi” for mobile phone users as flagship sites. Transportation Equipment, focusing on stocks where we The main revenue streams are advertising income (primarily believe that medium term earnings forecasts are coming under from food manufacturers) and income from membership. The pressure. However, for stocks where we are confident about the company is also looking to expand its activities overseas. During medium term forecasts, we will consider adding to positions if the period, the shares benefitted from the announcement that we should see any short term weakness due to poor short term NTT Docomo will offer its subscribers the company’s gourmet earnings momentum. services.

We will maintain our underweight in sectors such as Electric Detractors Power and Gas, Transportation etc, as despite short term earnings resilience we believe that long term growth prospects Hulic Co., Ltd: The company is engaged in real estate leasing, remain poor. owning favourable properties including commercial buildings located near major train stations in the central wards of Tokyo. Top contributors and detractors Business fundamentals are solid, but the company announced an equity offering in April in order to fund their active real estate Contributors: acquisition plans and the shares suffered.

Nihon M&A Center Inc.: Independent M&A intermediary Asahi Rubber Inc.: Silicone rubber manufacturer. The latest firm established with joint investment by certified public set of full year results (for the year to end-March 2015) showed accountants and licensed tax accountants nationwide. The a large increase in labor costs which is temporarily decreasing company operates intermediary business and consulting profitability. However, it is worth noting that sales of key service on M&A for small/medium-size companies across the products (such as rubber products for RFID tag) are growing nation. As Japanese society continues to age, the problem of as expected. management succession for small and medium size companies is becoming more acute. The company is using its links with JP-Holdings, Inc: The company is a top-ranked operator of accountancy firms and regional financial institutions, and is childcare centers, including authorized day nurseries and after- benefitting from rising levels of M&A advisory work, driving school childcare clubs. The company is aiming to increase the the shares higher. number of daycare facilities which should be a long term positive, but in the short run, due to the difficulty in securing qualified Chugai Pharmaceutical Co., Ltd: Major manufacturer of staff, the company’s results missed market expectations. prescription drugs, with a strong oncology franchise. During the first half of the year, the company benefitted from strong Hitachi Metal, Ltd: Major manufacturer of high-quality special sales of anti-rheumatic drugs and the shares reacted positively. steel. During the period, the company’s cable division suffered from worsening profitability due to delays to the implementation Nitto Denko Corp.: Comprehensive materials producer that of mobile telecom carrier capital expenditure. attained rapid growth with industrial tapes as driving force. IC sealing resins has grown into a major profit-earner, and Mimaki Engineering Co., Ltd: World’s top-class manufacturer the company has also enjoyed substantial grown in electronic of ink-jet printers for use in advertisement and billboards. The materials, including LCD polarizing films and flexible printed company is nowadays placing more emphasis on development of circuit boards. The company has a significant technological industrial-use application to textiles, apparel and other industrial edge in the area of mid-small side LCD panels, and is benefitting products. The company has a significant share of sales in Europe, from solid growth in the smart phone market. Additionally, the so the weak Euro has taken its toll on the shares. medical division is also showing good prospects, and the share price has rallied on the basis of high potential in this area. Thank you for your investm ent in Janus Japan Emerging Opportunities Fund. Shionogi: Major pharmaceutical manufacturer with a strong antihyperlipidemia franchise, and highly reliant on antibiotic (July 2015)

30 Janus Capital Funds Plc / 30 June 2015 Janus Japan Fund Contributors & Detractors DIAM Asset Management, portfolio manager Contributors Investment Environment 1. Sony The year had a soft start with political uncertainties in Greece; Sony has been on a recovery trend following the restructuring economic concerns in the oil producing countries on the back of of unprofitable areas such as smart phones and TV business. At the oil price slump; European deflation concerns; and appreciating the core of our investment case is the strength in CMOS sensors JPY. The Japanese stock market enjoyed a positive run after for Apple’s IPhone, as well as healthy sales for the company’s the initial uncertainties; with corporate Japan embracing the gaming hardware (Play Station 4), and the shares have been government’s shareholder return enhancement initiative and ECB performing strongly throughout most of the period, especially announcing quantitative easing that exceeded market expectation. after it announced an upward revision in its profits. The funds The market was also supported by index buying from the large will be primarily invested in the CMOS sensor area where we public funds, making further headways in May. Since June, the see high growth potential in the Internet of Things sphere. We Japanese market has been trading in a tight range due to the risk maintain our investment in the stock, as we remain positive in Greek politics, prospect of interest rise by the Feds and Chinese on the prospects for this business, as well as for the company’s stock market’s dramatic drop. All the while, the Japanese equity entertainment business. market has been driven by index buying from large public funds, leading to mid to small cap growth stocks represented in the 2. FFRI Mothers index to lag behind the general market. FFRI is a cyber security software development company set up by Mr Ukai, a famous Japanese expert in the field of Performance Discussion security software. The company’s virus detection engine is highly differentiated from competitors’ product and does not As part of our core strategies of “Abenomics”, “Internet of Things”, rely on the same pattern files as the rest of the industry, but and “Domestic demand recovery”, we have large exposure to adopts a heuristic approach aiming to discover and provide mid to small cap growth stocks. Performance for this segment protection against new patterns of virus threats as well. of the market lagged behind overall market in the first quarter, Following a recent high profile information security breach causing our underperformance. This is due to the effect of index in Japan, the market has re-appraised the potential for the buying that started in October last year when the GPIF raised company’s products to be deployed more widely, including its weighting in Japanese equities. While we have increased its use with the new social security “my number” system. The our large cap exposure and reduced weight in growth stock in stock performed strongly. the short term, we considered this a temporary trend. Once we judged the trend to be coming to an end in June, we reduced 3. Kaken Pharmaceutical our large cap exposure again and increased exposure to growth Kaken Pharmaceutical is mid size in its class with strength in its stocks. The fund performance improved significantly since. orthopaedic segment. We have been investing in this company anticipating its new drug Clenafin (US name Jublia) to achieve Outlook high growth. In the last quarterly filing, it became evident that the sales for this drug exceeded the market expectation, The long term prospect of the Japanese equity market bull run that leading to a good quarterly earnings and a boost to the stock started from 2012 is hinged on the result of the government’s long price. We believe the stock price now incorporate the growth term growth strategy and system reform. The Japanese government potential of this drug and decided to take profit and sold out has made large financial and fiscal intervention, to a degree that is of this stock. previously unseen, giving the market a large boost. As the political situation stands, upside potential for Japanese market is capped 4. Sosei Group at around 1800 for Topix. This will prove to be a hurdle for the Sosei Group is a biotech venture firm centred on an R&D platform large cap stocks that have thus far benefitted from the large scale focused on COPD (chronic obstructive pulmonary disease) index buying, but will not stifle opportunities for smaller cap therapies. The key differentiating element versus other biotech stocks that have individual stories to tell. Without speculating on ventures is the company’s distinct business model that secures the success of future political policy, individual value stocks are milestone revenues, so the company is securing profitability in capped by their valuation, whilst we see large upside potential the current year. The company announced the well-received in a handpicked selection of growth stocks, mostly in industries acquisition of UK-based Heptares in February 2015, taking a that we see as our core investment pillar. We expect a large out further step towards securing its long term strategy. The shares performance against the benchmark in the near future. We believe rallied strongly during the recent quarter as the company revealed our fund will thrive in the current market environment, where a significant upgrade in earnings expectations. We maintain our our active management style of focusing attention on the carefully investment based on our assessment of the company’s long term selected small basket of growth stocks would come to fruition. growth prospects.

Janus Capital Funds Plc / 30 June 2015 31 Fund Overviews

5. Cookpad price. We will continue to monitor the progress of this stock, Cookpad is the most influential recipe sharing website in Japan. but have eliminated our exposure to it for the time been due to It has a wide spread user base amongst the 20s to 30s women, the probability of a growth rate slow down. a demographic that represent big business opportunities. This year, it has started targeting advertising for supermarket, opening 5. Nanocarrier new fee earning avenues and pushing the stock price higher. We This is a biotech drug company that develops medication continue to invest in this company as we see potentials in its from its own micellar nanoparticle technology. It is currently overseas expansion and other operations, as well as a study engaged in developing an anti-cancer medicine where the growth in its core recipe sharing operation. active agent is wrapped in the micellar nanoparticles to suppress the side effects of anti-cancer agents while enhancing Detractors its effectiveness. This technology can also be applied to the development of Alzheimer’s drugs and other advanced 1. Toshiba medicine such as nucleic acid medicine and gene therapy. We Toshiba is an integrated electronics manufacturer second only continue our investment as we believe this company provides to Hitachi. The company’s technology based businesses span a world leading drug platform that will gather attention in from its core infrastructure and semiconductors sector, to the long term. health care and storage solutions. We selected the stock based on our assessment of the company’s NAND flash memory Thank you for your investment in Janus Japan Fund. business as well as its energy infrastructure business. However, during the quarter the company announced the discovery of (July 2015) accounting irregularities spanning several years. Given the low visibility and the risk of delisting, we have decided to liquidate Janus Opportunistic Alpha Fund our position. Daniel Kozlowski and Andy Summers, portfolio managers

2 FINDEX For the six month period ended June 30, 2015, Janus FINDEX is a software developer focused on the hospital market. Opportunistic Alpha Fund underperformed its benchmark, the Currently, c. 60% of public hospitals already installed the S&P 500 Index. Our holdings in the industrials and consumer company’s system and earnings had been rising rapidly in recent discretionary sectors detracted from relative performance. Our years. However, the market has been concerned about short term stock selection in the health care and consumer staples sectors earnings momentum, and the shares performed poorly during contributed to relative results. the recent quarter. We maintain our investment as we continue to believe that full year earnings are likely to remain solid. Portfolio Manager Comments Structurally, we continue to see good demand for the company’s product as its systems are rolled out further from University The Fund underperformed its benchmark, the S&P 500 hospitals and into the smaller hospitals. The company also has Index, during the period. As part of our contrarian investment potential to expand its product range beyond the hospital market mandate, we seek companies undergoing a structural change and to grow in other areas. in their business or industry that has gone unrecognized by the market, but we believe should positively reshape the 3. Sun Corp company’s destiny, and stock performance, over time. These Sun Corp has successfully diversified its business in recent stocks are generally out of favor with investors, but if we years away from the core Pachinko technology business. It has correctly identify the changing dynamics at work within these increased its business with mobile network operators and mobile companies or industries, the stocks in our portfolio have the phone carriers worldwide, particularly in North America. This potential to move from being out of favor to in favor as the includes its very fast expanding forensic equipment business. company executes its turnaround. As contrarian investors, we In the first half of this year, the share price suffered due to are structured to withstand a negative consensus argument profit taking on small to mid cap stocks by investors, and the against the companies we hold, and during the first half of the booking of some bad debt in its accounts. However, we expect year, negative sentiment around some of our largest holdings this business, including its network hardware business, to grow led to disappointing performance. However, as we explain strongly in the future. We invest in the stock under our “Internet in the sections below, we continue to have a high degree of of Things” theme. conviction in those companies that were large detractors, and are actually more excited about the Portfolio than at any point 4. F@N Communications in the last three years. F@N Communications is a company that facilitate web advertising on platforms such as smart phone games. While the Pernix Therapeutics was our largest detractor. The stock was market expects the profit to grow in the near future, the growth down due to soft sales for Treximet, the company’s drug rate is looking to fall, this led to a significant drop in the share for migraine headaches. We trimmed the position and are

32 Janus Capital Funds Plc / 30 June 2015 monitoring the company closely due to concerns about its ability of a licensing agreement with Teva Pharmaceuticals for a new to reaccelerate growth for Treximet. formulation to treat chronic lymphocytic leukemia (CLL) and non-Hodgkin’s lymphoma (NHL). Lands’ End was another large detractor. The company was spun off from Sears roughly a year ago, but there is still a Indivior was another top contributor. Indivior is a global negative halo surrounding the company due to its association specialty pharmaceutical company that was spun out of with Sears. In reality, we believe the companies couldn’t be Reckitt Benckiser late last year. Indivior’s flagship product is more different. Sears and other large retailers have been hurt SUBOXONE Film for opioid addiction. We believe the company by the migration toward mobile and online shopping. Lands’ will continue to have the dominant market share in generic End is actually incredibly well positioned for this change, and branded treatment types for opioid addiction, and find as the company has very few lease obligations and derives Indivior’s product pipeline very attractive for a company of the vast majority of its sales online. Another reason we hold its size. The stock was up this the first half of the year due to the stock is that we believe a new CEO, who understands strong earnings and sales trends. merchandising and branding quite well, will help improve the company’s image. The stock was down during the period Mallinckrodt Pharmaceuticals was also a top contributor. The because of disappointing first quarter earnings. We believe stock was up after the company reported strong earnings, which the poor earnings results were due largely to the previous were bolstered by strong growth for some of the products the management team overreacting to weak fourth quarter sales company has acquired in recent quarters. Since its spin off and discounting too many items. from Covidien, Mallinckrodt’s management team has made a number of operational improvements and strategic acquisitions. United Continental was another large detractor. Our basic thesis We also like the potential for some of the company’s treatments on United, and other airline holdings which have been large including Ofirmev, an acetaminophen injection the company contributors to performance in recent years, is that industry obtained as part of an acquisition, and also XARTEMIS, an consolidation will continue to be a long-term tailwind to extended-release, abuse-deterrent pain treatment. Mallinckrodt profitability for the largest carriers. Now that a smaller number also recently acquired Ikaria, a company developing innovative of competitors control a greater share of total flight capacity, therapies and delivery systems that cater to critically ill infants industry participants are acting more rationally and largely in hospitals’ neonatal intensive care units. avoiding the destructive price wars that have historically plagued airlines. That thesis was tested during the period Outlook when some operators added capacity in a few select markets. We understand the underlying dynamics of these moves very We would expect the economy to continue to demonstrate slow well and do not subscribe to the bear case that the industry growth. The industrial segment of the economy has had to is poised to act irrationally again. This myopic view overlooks adjust to the dramatic fall in crude prices, resulting in capital the fact that airlines are currently operating very few, if any, expenditure reductions for many energy-related companies. unprofitable routes. And given the much improved financial The economy has proved resilient in digesting some of those health of airlines today, we think there is little incentive to cutbacks, but we are yet to see a new segment of the economy start slashing prices just to get any passengers in the seats. If break out and lead the U.S. forward. oil prices were to rise again, or the economy were to soften, we believe capacity discipline within the industry would come While economic growth may be slow, we don’t expect the back with a vengeance to preserve pricing power. We think the economy to be as large of a driver of our investment process as improving competitive dynamics and improving profitability in it is to many equity strategies. Our performance will ultimately the industry – United, for example, reported its highest level be driven by whether or not the stocks in our Portfolio can of earnings in the company’s history during the first quarter – execute the types of turnarounds or improvements that are commands a much higher multiple than what the market has inherent in our contrarian view of these companies. Despite currently assigned to United. recent performance, we continue to have a high degree of conviction in our stocks and do not think our contrarian thesis Eagle Pharmaceuticals was a top contributor. The specialty behind any of our large holdings is broken. We believe the low pharmaceutical company focuses on improving formulations valuations the market has assigned to these companies due to of existing hospital administered drugs. These improved near-term negative sentiment has created a number of stocks formulations make the intake of the drug easier, or faster for in our portfolio that are poised for a positive revaluation and the patient. Many of the drugs under development by Eagle should perform quite well going forward. On a snapshot basis, address rare orphan diseases, and command significant pricing as we look at the valuations for many of our largest holdings, power. The stock has risen in recent months as the market has we are more optimistic about the relative value of our portfolio begun to appreciate the revenue potential of some of Eagle’s compared to the S&P 500 than at any point since 2012, and look products, but we believe the value of the company’s product forward to seeing how the changes at many of these companies pipeline remains underappreciated, particularly the potential play out in the coming months.

Janus Capital Funds Plc / 30 June 2015 33 Fund Overviews

Top Contributors and Detractors assumed to be safe. We believe that Flamel’s core business is being undervalued and its pipeline holds considerable optionality. We Top Detractors also like the company for its strong balance sheet.

Pernix Therapeutics 1347736: Indivior Pernix is a specialty pharmaceutical business focused on Indivior is a global specialty pharmaceutical company focused acquiring, developing and commercializing prescription drugs on the treatment of opioid addiction that was spun out of Reckitt that target underserved therapeutic areas. We trimmed the Benckiser in late 2014. We find the company’s product pipeline position and are monitoring the company closely due to concerns is very attractive for a company of its size. about its ability to reaccelerate growth for Treximet. 1122063: Mallinckrodt Pharmaceuticals Lands’ End The pharmaceutical company was spun out from Covidien. The clothing company was spun off from Sears in late 2013. We believe the management team at Mallinckrodt will We like the way the retailer is positioned as more sales take continue to reduce costs and improve the management of place online. Lands’ End has few retail lease obligations, and is its existing assets. We also like the potential for some of the investing in design fulfillment and Internet marketing. We also company’s treatments including Ofirmev, an acetaminophen like the new management team, and see growth potential as injection the company obtained as part of an acquisition, Lands’ End enters new international markets. and also XARTEMIS, an extended-release, abuse-deterrent pain treatment. Veritiv The paper distribution and facility logistics company was Aceto Corp spun out from International Paper and merged with Unisource Over the past five years, Aceto has quietly de-emphasized its Worldwide. We believe the new company has an opportunity specialty chemicals business. Through a series of acquisitions to optimize margins through several post-merger initiatives the company now derives much more of its profit from its including closing distribution facilities and rationalizing generic pharmaceutical business. We think this transition has overhead. gone largely unnoticed by the market and that the company is still valued as a specialty chemicals business. We also believe United Continental there is potential for the company to sell its legacy chemicals United Continental is one of the world’s largest airline carriers. business, which would place even more emphasis on its generic The company has upside potential, in our view. Returns on pharmaceutical operations. invested capital are rising and likely to improve due to scale advantages after United’s merger with Continental. Moreover, Thank you for your investment in Janus Opportunistic Alpha the airline has pricing power for the first time in years due to Fund. capacity reductions in the industry. (July 2015) 1218805: Knowles Corp The company was spun off of Dover. We believe the market Janus US Fund has failed to appreciate the growth potential of the company’s Barney Wilson, portfolio manager business manufacturing microphones for mobile devices. Performance Overview Top Contributors Janus U.S. Fund’s Class I$acc Shares returned 5.35% for the Eagle Pharmaceuticals six-month period ended June 30, 2015, while its benchmark, The specialty pharmaceutical company focuses on improving the Russell 1000 Growth Index, returned 3.96%. formulations of existing hospital administered drugs. We believe the value of the company’s product pipeline remains Market Environment underappreciated, particularly the potential of a licensing agreement with Teva Pharmaceuticals for a new formulation to Large-cap U.S. equities notched gains in the beginning of the treat chronic lymphocytic leukemia (CLL) and non-Hodgkin’s year, driven in part by signs of a strengthening U.S. consumer. lymphoma (NHL). Large-cap growth stocks performed well in the first quarter, driven by strong gains in the consumer discretionary, technology Flamel Technologies and health care sectors. Markets were volatile in January, Flamel is a specialty pharmaceutical company focused on the performed well in February and held on to those gains during a unapproved but marketed drug category. These are generally volatile March. Stocks continued on a positive trajectory as they hospital-based injectable products that have been on the market went on to end the first half of the year slightly higher. Volatility for a long time without any formal FDA approval for use, but remained low and stocks generally traded in a narrow range for

34 Janus Capital Funds Plc / 30 June 2015 much of the second quarter, as the market continued to digest general remain weak. The oversupplied North American energy what the eventual end of the Federal Reserve’s accommodative market has sapped demand for the machinery and materials monetary policies will mean for both the stock market and required to support hydraulic fracturing (fracking). The relative broader economy. The aftereffects of a strong dollar and a debate attractiveness of persistently low natural gas prices vis-à-vis coal over where oil prices will settle for the long term were other has weighed on the company’s shipping volumes of the latter key questions that hung over equity markets during the period. product. Excess inventory in agricultural commodities such Equities sold off at the end of the second quarter as Greece as wheat and corn have also been a headwind. The company moved closer to a potential exit from the eurozone. Merger and does, however, have a more diversified mix of products that it acquisition activity also remained high during the period. transports compared to several industry peers. Both intermodal and automobile transport stand to gain, in our view, as U.S. Performance Discussion consumption steadily improves. And while weak natural gas prices have hurt coal shipments, they have also been a The Fund outperformed its benchmark, the Russell 1000 Growth contributing factor in a rise in U.S. manufacturing. We also Index. As part of our investment process, we seek companies expect agricultural shipments to pick up during the latter part with clearly definable and sustainable long-term growth drivers. of the year. Lastly, we favor management’s efforts to streamline These companies often have a high barrier to entry, a notable operations and to return more capital to shareholders. competitive edge in an attractive, growing industry, or a strong management team with a clear vision for the future of their Also within the industrials sector, Precision Castparts was a company. We believe that over a long time horizon, a collection leading detractor. The company’s stock fell precipitously in of companies with these competitive advantages should lead to mid-January as management issued a warning that soon-to- compounded growth in excess of the market. be-reported earnings would miss forecasts. Reasons cited were continued weak demand in the oil and gas sector, destocking Our stock selection in health care was a top contributor to of inventory at a key aerospace client, and delays in updating relative performance. Pharmacyclics led the sector as our top equipment within the company’s manufacturing facilities. contributor overall to absolute performance. The company’s Despite the rare preannouncement and lower results, we like stock surged in January on consensus-beating earnings from that management has diversified into the energy sector, given the prior quarter as well as upbeat guidance for its blood- the secular growth in the industry, and thus increasing demand cancer drug, Imbruvica. It was then announced that AbbVie for the company’s products. would acquire the company for $21 billion. This commercial- stage biotechnology company is focused on discovering and Finally, athenahealth was also a detractor. The company’s developing innovative small-molecule drugs for the treatment services help physician groups become more efficient by of cancer and immune-mediated diseases. providing technology solutions around practice management, electronic recordkeeping and care-coordination services. The Another top contributor to relative performance was the company has been very successful selling its solutions to the technology sector, led by Apple. The electronic-device company ambulatory market, and is now making a broader push into benefited from positive sentiment in the aftermath of its larger hospitals. There is some concern on the time it will take astounding fourth quarter earnings results. In February, the athenahealth to grow in the hospital market, but as more focus company’s stock reached a new record, pushing its market is put on wringing costs from the health care industry, we think capitalization above $700 billion. We think Apple still has strong the value proposition of athenahealth’s solutions will continue opportunities as its ecosystem continues to attract new and to be in greater demand. potentially long-term subscribers onto its platform and increase its addressable market as lower price points draw new customers. Outlook We also appreciate management’s commitment to returning capital to shareholders via dividends and stock repurchases. We would expect a modest return environment for broader U.S. equity markets going forward. However, the market is Dunkin Brands was also a top contributor. The stock was up not void of growth opportunities. Some of the pockets of the after the company reported strong same store sales growth, market we remain most excited about are within the health in spite of a snowy winter in the Northeast, where many of care sector. We continue to see a lot of innovation occurring in the franchise’s stores are located. We believe the company has treatments that could address some of the world’s most serious, developed a very successful franchise model, allowing it to grow and expensive, medical needs, including innovative treatments with fewer costs. We also believe the Dunkin brand has a long that address cancer, cardiovascular health and Alzheimer’s. We runway for growth as it expands in the eastern half of the U.S. are also encouraged by some of the value creation taking place in the specialty pharmaceutical industry, where new management The industrials sector was the top detractor to relative teams are taking over at a number of companies, and improving performance. Within the sector, railroad operator Union Pacific operations and making smart acquisitions that help rationalize detracted from the Fund’s performance as rail volumes in marketing, sales and research and development costs.

Janus Capital Funds Plc / 30 June 2015 35 Fund Overviews

We remain enthusiastic about some secular growth opportunities (Fed) June statement, in which it said a potential increase of outside the health care sector as well. Businesses are in the early the Fed Funds rate during the latter part of the year would stages of moving software and services to the cloud, providing be “appropriate.” Chairwoman Janet Yellen also reiterated that investment opportunities among select software companies. any move would be data-dependent, thoughtful and measured. We also see opportunity among some well-managed, dynamic Negative sentiment emanating from Europe – centering on semiconductor companies that are making value creative Greece’s ability to meet its debt obligations – impacted U.S. acquisitions. Changing consumer preferences in the quality of shares late in the fourth quarter. Previous high fliers were food, where it comes from, and even how technology is used especially impacted. The Nasdaq gave back most of its gains to order it, are providing exciting change in the consumer yet still finished in positive territory, while small-cap stocks, as discretionary sector. We look forward to seeing how these, and measured by the Russell 2000 Index, finished the period flat. other trends, progress in the months to come. Performance Discussion Thank you for your investment in Janus US Fund. Our technology holdings, led by Apple, were the most significant (July 2015) relative contributor during the period. The electronic-device company benefited from positive sentiment in the aftermath Janus US Research Fund of its astounding fourth quarter earnings results. In February, Research Team led by Carmel Wellso, portfolio manager the company’s stock reached a new record, pushing its market capitalization above $700 billion. We think Apple still has strong Performance Overview opportunities as its ecosystem continues to attract new and potentially long-term subscribers onto its platform and increase Janus U.S. Research Fund’s Class I$acc Shares returned 2.44% for its addressable market as lower price points draw new customers. the six-month period ended June 30, 2015, while its benchmark, We also appreciate management’s commitment to returning the Russell 1000 Index, returned 1.71%. capital to shareholders via dividends and stock repurchases.

Market Environment Internet giant Amazon saw its shares gain nearly 14% in a single session early in the second quarter. While the company beat The volatility that marked the end of 2014 carried over into consensus estimates on revenue and earnings, the true catalyst the first quarter. Investors feared that crude oil’s precipitous was it breaking out results for its cloud computing business, slide could be a consequence of slowing global growth, rather known as Amazon Web Services (AWS), for the first time. The than solely of elevated North American production. Excitement earnings report revealed that this $5 billion business had grown around merger and acquisition activity in the health care sector by nearly 50% year over year. Results also showed that gross profit helped drive broader indices higher during the first quarter, improvement in Amazon’s core retail business also accelerated while a relative stabilization in crude prices was not enough during the fourth quarter. Gross profit gains were aided by to keep energy shares from weighing on returns. Utilities also greater automation and rising fulfillment center utilization. underperformed as U.S. investors viewed those dividend- yielding names as vulnerable in the rising rate environment. Pharmacyclics also boosted the Fund’s performance. The company’s stock surged in January on consensus-beating Major U.S. stock indices finished the end of the period mixed. earnings from the prior quarter as well as upbeat guidance While the S&P 500 Index, Dow Jones Industrial Average, Nasdaq for its blood-cancer drug, Imbruvica. It was then announced and Russell 2000 Index all achieved record highs, they did so that AbbVie would acquire the company for $21 billion. in understated fashion as both volume and volatility remained This commercial-stage biotechnology company is focused on muted for much of the period. Earnings season largely exceeded discovering and developing innovative small-molecule drugs for expectations, but enthusiasm was tempered as valuations were the treatment of cancer and immune-mediated diseases. considered stretched compared to long-term averages. Stocks were also aided by favorable economic data that indicated the factors The industrials sector was a leading relative detractor from contributing to the winter slowdown were indeed transitory. performance. Within the sector, United Continental was one Employment data including nonfarm payrolls and wages exhibited of the period’s largest detractors. The company reporting renewed strength during the spring. Partly as a consequence, key consensus-beating first quarter earnings was not enough to retail sales data hinted that consumers were once again finding outweigh the industry-wide concerns over capacity. During the their footing as a source of broad economic growth. period, a leading competitor announced that it was slightly raising capacity, igniting fear that the recent discipline exercised Crude oil prices reset within a higher trading band and the by the industry leaders may possibly fray. While the U.S. airline dollar stabilized after its recent strong period of appreciation. fleet is roughly 5% below its 2007 peak, available seat miles Both developments were highlighted by the Federal Reserve’s (ASM) – a measure combining total seats and miles flown – has

36 Janus Capital Funds Plc / 30 June 2015 crept up in recent quarters. Perspective is needed here as, in our in several years. Instead, incremental advances in stocks will view, this increase is very meager compared to previous cycles either need to come from revenue growth or management taking when the industry subjected itself to debilitating overcapacity. creative steps to generate shareholder value. The argument for the former is supported by improving retail sales data and the Railroad operator Union Pacific also detracted from aforementioned housing recovery, a sector that has a knock- performance as rail volumes in general remained weak. The on effect on ancillary industries. With regard to management oversupplied North American energy market has sapped creativity, the merger and acquisition activity in health care demand for the machinery and materials required to support and technology – most recently with semiconductors – that we hydraulic fracturing (fracking). The relative attractiveness of have experienced in 2015 illustrates managers’ commitment persistently low natural gas prices vis-à-vis coal has weighed on to engineer new sources of earnings growth. Similarly, robust the company’s shipping volumes of the latter product. Excess stock buybacks are another method through which companies inventory in agricultural commodities such as wheat and corn are presently delivering shareholder value. have also been a headwind. The company does, however, have a more diversified mix of products that it transports compared Growth matters in Europe too, and we are seeing a firming to several industry peers. Both intermodal and automobile of conditions there. We closely monitoring developments with transport stand to gain, in our view, as U.S. consumption Greece, we do not lose sight of the fact that the country represents steadily improves. And while weak natural gas prices have less than 2% of European gross domestic product (GDP). So hurt coal shipments, they have also been a contributing factor while it is not ideal to have social and political unrest on your in a rise in U.S. manufacturing. We also expect agricultural periphery – and economic depressions can bring on those shipments to pick up during the latter part of the year. Lastly, conditions – the Greek problem will not undermine Europe. we favor management’s efforts to streamline operations and to It is different from the last time a Greek default threatened the return more capital to shareholders. stability of other banking systems in Europe.

MarkWest Energy Partners was another detractor. The master Quantitative easing (QE) is gaining traction in Europe. The limited partnership (MLP) gathers and processes natural gas and weaker euro helps fuel export growth while stronger auto sales, also transports and stores natural gas liquids (NGLs). Rising rates positive loan growth and better bank balance sheets portend a were a headwind for real estate investment trusts (REITs) and local recovery. The scope for margin expansion remains. Our MLPs such as MarkWest this quarter. We added to our position on European financial analyst sees green shoots and expects lower the weakness. While higher interest rates will increase borrowing loan losses, rising returns and the all-important increasing of costs for MarkWest in the short term, we believe the company’s dividend payments, bullish signs for financials and perhaps for return on capital is strong enough that it can still continue to grow. equities more broadly. MarkWest is well positioned in the lowest cost natural gas basin In Japan, Prime Minister Shinzo Abe’s administration has engi- in the U.S., which means it is likely to experience strong demand neered a favorable backdrop for Japanese equities in terms of sup- for its gathering and processing services even in a weak pricing ply and demand: corporates are buying their own shares back, environment. We also like the management team, and feel the the Bank of Japan is buying Japanese equities as part of its QE, company remains attractively valued relative to equities. the government’s main pension fund is buying Japanese equities and moving away from bonds, and the market is running out of Outlook sellers. The message once again, however, centers on stock pick- ing. New initiatives are also encouraging better corporate gover- We believe the U.S. economy is generally in good shape. We nance. Companies are raising dividends and appointing outside directors. More importantly, some companies are restructuring have yet to see a significant pickup in consumer spending, but whole industries. believe early signs of wage growth and the savings consumers are receiving from lower gasoline prices will eventually flow China and the rest of Asia are vexing. While, China, too, through the economy. A housing market that we believe is still has the ability to stimulate its economy, it is not a country only in the middle innings of a recovery should also provide a without challenges. The industrial sector is slowing, part of long-term tailwind. a rationalization plan that ultimately leads to a more efficient economy. We expect over time that the consumer sector will While we remain positive on the broader economy and equities offset some growth pressures in the country; in the shorter markets, we do not, however, expect to see acceleration in stock term, however, we are seeing contrary signs such as slower car gains. Markets are beginning to price in higher interest rates, sales and a continued lull in luxury spending. The rise in the and with rates poised to move up, it is hard to foresee further Shanghai stock market and recently, a government attempt to multiple expansion for U.S. stocks. While we expect to remain prop it up after a pullback, are worrisome. in a low interest rate, low inflation environment – which is fertile ground for equities and justification for current valuations The strength of the U.S. dollar means that revenue growth, in many sectors – the specter of higher rates does present a at least overseas, will be harder to come by. These factors do potential headwind that investors have not had to account for not make us bearish on equities, but in an environment where

Janus Capital Funds Plc / 30 June 2015 37 Fund Overviews

multiples are not likely to expand and revenue growth could be surged in January on consensus-beating earnings from the prior more of a challenge, we think it underscores the importance of quarter as well as upbeat guidance for its blood-cancer drug, finding those select companies with truly sustainable competitive Imbruvica. It was then announced that AbbVie would acquire the advantages who can take market share and continue to grow company for $21 billion. This commercial-stage biotechnology earnings in excess of the market. company is focused on discovering and developing innovative small-molecule drugs for the treatment of cancer and immune- Thank you for your investment in Janus US Research Fund. mediated diseases.

(July 2015) Beyond the health care industry, LyondellBasell Industries was another top contributor. Prices for many of the petrochemicals Janus US Twenty Fund the company produces are tied to oil prices, which had Marc Pinto, portfolio manager weighed on the stock at the end of 2014. However, prices for the feedstocks Lyondell uses to create ethylene and some of Performance Overview its other chemicals have also declined, leading to better profit margins than the market initially expected. The recent bounce Janus U.S. Twenty Fund’s Class I$acc Shares returned 5.85% for back in oil prices also allowed chemical producers to raise the six-month period ended June 30, 2015, while its benchmark, ethylene prices, which was further supportive for margins. In the Russell 1000 Growth Index, returned 3.96%. addition, concerns around the recent CEO transition began to dissipate, with current management continuing to demonstrate Market Environment its commitment to returning shareholder capital through an increased dividend and stock buybacks. Large-cap U.S. equities notched gains during the first months of the year, driven by signs of a strengthening U.S. consumer. Starbucks was also additive to returns. The stock gained on While speculation about how, or when, the Federal Reserve (Fed) strong same-store sales growth driven by ongoing food product would raise interest rates caused volatility during the period, improvements and new consumer convenience initiatives stocks popped in mid-March after the Fed indicated it would be that helped increase traffic. The coffee retailer’s well-received cautious and gradual in its attempt to raise interest rates. Stocks mobile order and pay program continued to expand from its were further driven by strong merger and acquisition activity initial Portland, Oregon pilot and subsequent Pacific Northwest and favorable economic data. Crude oil prices reset within a launch to stores in an additional 17 more states throughout the higher trading band and the dollar stabilized after its recent southern and central U.S. The company has also benefited from strong period of appreciation. While the S&P 500 Index achieved strengthening global margins, particularly in China, broader record highs, it did so in an understated fashion as both volume Asia and across Europe, regions that have all been more of a and volatility remained muted for much of the latter half of the challenge for it historically. six-month period. Negative sentiment emanating from Europe – centering on Greece’s ability to meet its debt obligations – While generally pleased with our performance during the impacted U.S. shares late in the period. Major U.S. stock indices period, we did hold some stocks that detracted from results. finished the period mixed, with the final week erasing many of Our holdings in the technology sector weighed the most on the gains that had been achieved earlier in the year. relative performance, with Yahoo detracting the most from both the sector and the Fund. While the company continues to make Performance Discussion progress in transforming its core business to be more relevant in a mobile-oriented world, the vast majority of its value lies in its The Fund outperformed its benchmark, the Russell 1000 holdings of Chinese Internet company Alibaba and also Yahoo! Growth Index, during the period. Our Fund is a concentrated, Japan. The stock was down due to concerns the Internal Revenue opportunistic portfolio drawing from our analysts’ highest- Service might try to block the tax-free spin-off of its stake in conviction ideas among U.S. large-cap stocks. We hold Alibaba. We continue to hold the stock and believe the combined companies that we believe are dominant global franchises with value of its Alibaba stake, Yahoo! Japan and its core business are long-duration growth. We believe a highly concentrated portfolio worth more than the stock’s current valuation implies. of such companies can create a meaningful opportunity to add risk-adjusted outperformance over the long term. During the Airline carrier United Continental Holdings also detracted from period, we were encouraged to see a number of these companies performance. Shares declined due to concerns about industry put up positive results, further validating our conviction. pricing. Our outlook for the stock remains favorable at current valuations. The company is beginning to realize meaningful Our stock selection in the health care sector was a top contributor synergies from its Continental merger and is remaining to relative performance, with Pharmacyclics as the top contributor disciplined on capacity. It also has taken constructive measures in both the sector and in the Fund overall. The company’s stock with stock buybacks and reducing debt.

38 Janus Capital Funds Plc / 30 June 2015 Media company Twenty First Century Fox was another top mean for both the stock market and broader economy. However, detractor. The company saw shares fall throughout January in small-cap stocks sold off late in June as Greece moved closer to advance of what turned out to be the release of disappointing a potential exit from the eurozone. full-year guidance. Despite earnings being in line with estimates and a dividend increase, the market honed in upon worse- Performance Discussion than-expected advertising sales forecasts and a negative foreign exchange impact. We feel the fundamental growth rates for the Over the six-month period, our Fund underperformed its company’s global businesses continue to be strong and are well benchmark, the Russell 2000 Growth Index. We take a high- positioned to gain market share. We also like the company’s quality approach to investing in small caps, focusing on role as a provider of unique branded content in key must-have companies we believe have more predictable, growing revenue categories, which we think will increase in value going forward. streams. The companies we favor typically generate a high return Finally, the company’s share buybacks and accretive acquisitions on invested capital, or demonstrate a proven ability to expand are evidence that management is focused on increasing profit margins. Many times these companies are defined by shareholder value. sustainable competitive advantages such as high barriers to entry in their respective industry or a differentiated product Outlook or service that gives them pricing power, helping the company grow in a variety of market and economic environments. We We believe stock valuations remain relatively attractive in the expect the bulk of our relative outperformance to come in weak context of the current market environment. Global economic or uncertain market environments, when the stability of the growth continues to strengthen, with steady, if slow, gains in the businesses we invest in is more appreciated. Our Fund performed U.S. and positive signals finally emerging from Europe, issues in as we expected this during the period, gaining ground on the Greece notwithstanding. China also seems to be navigating its benchmark at the end of June when markets sold off due to fears economic slowdown reasonably well. about Greece.

The U.S. labor market continues to gain on the employment The technology sector was a top detractor from relative front with indications that companies are beginning to increase performance during the period. Within the sector, wages as well. The housing market is improving, and consumer ChannelAdvisor was a large detractor. The company helps spending continues to increase with strong demand for other businesses manage, monitor, and optimize their automobiles and other big-ticket items – all further evidence merchandise sales in various online channels. The stock was that the economy is on stable footing. Against this backdrop, it down early in 2015 after the company reported disappointing seems likely the Fed will begin raising interest rates later this fourth quarter revenues. The fourth quarter saw a rapid shift in year. This would be a positive signal that the economy is once buying behavior, with consumers doing more of their holiday again normalizing and should be supportive for stocks, though shopping on large e-commerce sites that offer a better mobile any dramatic, unexpected rate jump would probably prove to be shopping experience. ChannelAdvisor makes less revenue from disruptive short term. the shopping that takes place on these larger platforms. We are currently reviewing the position to assess how ChannelAdvisor Thank you for your investment in Janus US Twenty Fund. will respond.

(July 2015) Three-dimensional (3-D) printer maker Stratasys was also a top detractor. Its stock fell on disappointing management guidance Janus US Venture Fund for 2015 and subsequent downgrades by some analysts. Jonathan Coleman and Maneesh Modi The company makes and sells 3-D printing services, which (departed February 2015), portfolio managers companies use in computer-assisted design. We believe that we are in the early innings of the use of 3-D printers, which should Janus U.S. Venture Fund’s Class I$acc Shares returned 6.73% gain wider adoption since they speed up the design process from compared to its benchmark, the Russell 2000 Growth Index, concept to physical product. We also like the recurring revenue which returned 8.74% for the six months ended June 30, 2015. the company receives from the proprietary consumable materials that are used by its printers. Market Environment Outside of the technology sector, Forex Capital Markets (FXCM) Small-cap growth stocks climbed sharply in the first quarter was our largest detractor overall. The company offers an online of 2015, helped by the perception the Federal Reserve (Fed) retail foreign exchange trading platform. When the Swiss franc will likely be slower to raise interest rates than many expected devalued, the currency move wiped out capital in many customer heading into the year. For much of the second quarter, volatility accounts, which translated into a big earnings hit for FXCM. We remained low, as the market continued to digest what the sold the position to pursue other companies that had a better eventual end of the Fed’s accommodative monetary policies will risk/reward profile.

Janus Capital Funds Plc / 30 June 2015 39 Fund Overviews

While the aforementioned stocks detracted from performance, Perkins Global Value Fund we were pleased by the results of many other companies in Gregory Kolb, Tadd Chessen and Chris Kirtley, our portfolio. Synageva BioPharma Corporation was our top portfolio managers contributor. The stock was up after the company was acquired by Alexion Pharmaceuticals. We believe Synageva has a strong Performance Overview platform for producing human proteins that are used in enzyme replacement therapy to treat orphan genetic diseases, and given Perkins Global Value Fund’s Class I$acc Shares underperformed the attractive series of drugs under development, we were not its benchmark, the MSCI World Index, for the six-month period surprised to see Alexion pay a hefty price for the company in a ended June 30, 2015, returning 0.71% versus 2.95% for the index. heated acquisition market. Performance Review Dyax Corp. was also a top contributor. Recognition continues to grow for its hereditary angioedema therapy, which could For the period, the Perkins Global Value Fund underperformed become the new standard of treatment based on strong efficacy its primary benchmark, the MSCI World Index. The rally that from early-stage trials. began more than six years ago in March 2009 and has taken global equity markets to new all-time highs continues, with the Eagle Pharmaceuticals was also a top contributor. The specialty last 10% correction in the market now more than three years in pharmaceutical company focuses on improving formulations the rearview mirror. In a market environment that, in our view, is of existing hospital administered drugs. These improved short on bargains but long on risk, we are pleased that the Fund formulations make the intake of the drug easier, or faster for has largely kept pace with its benchmark since its inception in the patient. Many of the drugs under development by Eagle September 2010 while exhibiting substantially lower volatility. address rare orphan diseases, and command significant pricing We continue to work to position the Fund in such a way that it power. The stock has risen in recent months as the market has can participate should further gains lie ahead, but also limit our begun to appreciate the revenue potential of some of Eagle’s exposure to losses should a more negative scenario unfold. products, but we believe the value of the company’s product pipeline remains underappreciated, particularly the potential Holdings in health care and consumer staples were relative of a licensing agreement with Teva Pharmaceuticals for a new detractors, as was our underweight position in consumer formulation to treat chronic lymphocytic leukemia (CLL) and discretionary. From a country perspective, our holdings in the non-Hodgkin’s lymphoma (NHL). U.S. and South Korea detracted. Our stock selection in financials and materials, as well as our underweight in industrials, Outlook contributed to relative performance, as did our stock selection in Japan and Norway. Currency hedges (investments to reduce We’ve mentioned in previous commentaries that price to earnings the risk of adverse price movements in an asset) had a positive ratios looked stretched for a number of small-cap stocks. That contribution to the portfolio return, as the yen and the euro statement remains true. We believe markets have shown an weakened against the U.S. dollar. Our cash weighting was a uncanny ability to shrug off risks, largely overlooking geopolitical headwind in the period. tensions in Russia, a weakening energy complex in the U.S., weakness in emerging markets and a slowdown in China. Detractors from Performance

None of these concerns have us calling for a market correction. Procter & Gamble is a manufacturer and marketer of personal Finding a specific catalyst, especially when the U.S. economy and household products in the beauty, grooming, health care, is showing some genuine signs of improvement, is hard, if fabric/home care, and baby/family care segments. Its many not impossible to predict. We would suggest, however, that a leading brands include Tide, Gillette, Charmin, Bounty, Cascade, lower aggregate return environment is likely to persist in the Crest, Pantene, Pampers and Tampax. During the period, the coming months, and that higher volatility is likely ahead. From company announced earnings that were below consensus the standpoint of relative performance, we welcome such an expectations on poor sales and lowered its guidance largely on environment. With valuations already on the high end of historical foreign exchange pressures (Procter & Gamble derives 65% of averages, it is hard to imagine they will expand any further. its sales outside the U.S.). The company remains on track with Companies will need to demonstrate true earnings growth for its 2014 restructuring plans. Smart restructuring, together with stock prices to grind higher. We believe this can benefit many of continuous innovation, should improve its competitive position the higher quality companies we tend to focus on, which have over our investment horizon. demonstrated a steady path toward growing earnings. Hyundai Motor Company, along with its controlled subsidiary Thank you for your investment in Janus US Venture Fund. Kia Motors, is a top-5 global auto manufacturer, producing about 8 million units annually. At the end of May, Hyundai (July 2015) announced weak monthly sales and increased discounting to

40 Janus Capital Funds Plc / 30 June 2015 clear out inventory. With global shipments down 2% year to and is controlled by Li Ka-shing, a self-made multi-billionaire date, it is looking increasingly difficult for the company to and one of the more astute capital allocators in the world. In achieve its 2015 guidance, which calls for 2% growth. That January, Li Ka-shing announced that he would merge his two said, the company is launching the very popular Tucson SUV primary listed investment vehicles, Cheung Kong Holdings globally as well as a redesigned Elantra (its highest-volume and Hutchison Whampoa, and then later spin off all of the vehicle) in late 2015 and early 2016. This should alleviate some property assets into a separate vehicle. The market celebrated of the pressure on product momentum, which we believe is this decision as it makes the various components easier to near trough levels. Trading at less than 5x our estimate of 2015 value and thus reduces the “double discount” that the previous earnings and roughly half of book value, we believe Hyundai’s structure engendered. risk-reward ratio is favorable. Outlook Oracle supplies software for enterprise information management. During the period, the stock struggled after the company reported As we write this, we have no idea whether Greece will be earnings that were below consensus expectations. Oracle is in part of the eurozone the next time we write to you. There the midst of transitioning more revenue to cloud-based sales, are many opinions about what a “Grexit” would mean for as opposed to selling software in the traditional license model. both Europe and for global equities – some are convinced the Oracle’s cloud-based investments are negatively impacting its impact will be minimal, while others believe the implications overall operating margins in the near term as the company spends will be profound. The reality is that nobody can know with to build out the infrastructure for its cloud offerings. While we any degree of certainty. It brings to mind a time when many do not expect Oracle’s profitability to snap back immediately, pundits believed problems in the U.S. subprime mortgage we do believe that building out cloud-based software is essential markets would have little impact on the broader financial for long-term growth. We continue to like Oracle as it remains landscape. Shortly before the crisis accelerated, then-Federal highly profitable, has a large amount of recurring revenue, and Reserve (Fed) Chairman Ben Bernanke testified before the Joint trades at a significant discount to its technology peers. Economic Committee of the U.S. Congress that, “the impact on the broader economy and financial markets of the problems in Contributors to Performance the subprime market seems likely to be contained.’’ One could also look at the recent 28% correction in China’s domestic Orkla is a Norwegian conglomerate consisting primarily of “A-share” stock market (in less than a month) and wonder what branded consumer staples, an aluminum business, and an ramifications that might have beyond China’s borders. The investment portfolio. Over the last few years, management has point is that the global financial machine is highly complex been selling some assets and buying others in an attempt to and it is never clear how a change in one material variable will become a pure branded goods company and shed its “conglomerate or will not impact hundreds of others. discount.” With this process now in the later innings, Orkla’s board recently hired a new CEO with extensive experience in At Perkins, we believe the best defense against these and other branded goods to begin a multi-year process of attempting to risks (known and unknown) is to maintain a diversified portfolio maximize the value of this core business, by improving organic of equities with attributes that will allow them to endure the growth and running a tighter ship operationally. We continue “slings and arrows of outrageous fortune” – robust balance to believe the risk-reward ratio is favorable over our investment sheets, an ability to generate free cash flow (even in difficult time horizon. circumstances), strong competitive positions and reasonable valuations. We know from experience that a collection of these Sompo Japan Nipponkoa, formed via the merger of Sompo equities will be able to overcome setbacks and enable our fund Japan and Nipponkoa in 2010 is one of Japan’s leading non-life shareholders to compound wealth over time. insurance companies specializing in auto, fire and personal lines. During the period, Sompo Japan reported results that were ahead New positions established during the period included two U.S. of consensus, raised its dividend, announced a buyback of shares, banks, a global Internet company, a Korean auto manufacturer, and gave strong forward guidance for next year’s net income. The and a UK defense contractor. We also received three new securi- positive outlook was driven by an improvement in underwriting ties via spin-out: a Hong Kong-listed property company, a U.S. income, realization of merger synergies, no catastrophic losses, less power generator, and a U.S. supplier of nuclear power equip- merger-related restructuring costs and a continued improvement ment. We exited our holdings in BB&T, Capital Federal Financial, in the non-life businesses (mainly auto, where accident claims are Western Asset Mortgage Capital, Daekyo, Suez Environnement, trending downward and provisions may follow). The shares have Entergy Corporation, Total S.A., Washington Federal Inc. and reacted favorably to these developments. Republic Services. We continue to hold signifi cant stakes in U.S. blue chips and European multinationals, stocks which typically CK Hutchison Holdings is a diversified conglomerate based exhibit stable cash fl ows that are relatively less economically sen- in Hong Kong. The company has interests spanning retail, sitive than the broad market. Our exposure to Japan is lower than wireless telecommunications, container ports and energy, it was 12 to 18 months ago, given the strong run in many of our

Janus Capital Funds Plc / 30 June 2015 41 Fund Overviews

holdings. We continue to be very selective with our emerging Procter & Gamble was another top detractor. The company is a market positions. Cash remains high due to a lack of bargain leading manufacturer and marketer of personal and household securities. We continue to hedge 60% of our yen exposure and products in the beauty, grooming, health care, fabric/home 50% of our euro exposure. care, and baby/family care segments. During the period, the company twice missed earnings estimates on worse sales and Thank you for your investment and continued confidence in lowered guidance largely due to foreign exchange pressures as the Perkins Global Value Fund. company receives 65% of revenue outside of the U.S. The company remains on track with its August 2014 announcement to sell up (July 2015) to 100 smaller and underperforming brands over the next two years, shedding 10% of revenue with the goal to have 70 to 80 core Perkins US Strategic Value Fund Procter & Gamble brands that represent 90% of current revenue. Tom Perkins, Todd Perkins and Alec Perkins, The company has already announced the sale of more than 5% portfolio managers of revenue – including the Iams pet food and Duracell battery businesses. That, along with continued innovation, should help Performance Overview its competitive position longer term. With a relatively favorable risk/reward ratio, a balance sheet at 1.1x net debt/earnings before For the six-month period ended June 30, 2015, Perkins U.S. interest, taxes, depreciation and amortization, a 3.1% dividend Strategic Value Fund’s Class I$acc Shares returned -2.04% (net yield, and stock buy-back program, we added to the position. of fees) as compared with -0.51% for its benchmark, the Russell 3000 Value Index. Apparel manufacturer Ralph Lauren also detracted from performance. Shares of the company declined early in the period Performance Review after the company guided to 2015 earnings that were well below consensus expectations. We anticipated that there would be The Fund underperformed the Russell 3000 during the period. currency pressure and reduced our position during the first Stock selection in information technology and financials was half of the period, but weak store traffic, margin pressure in the mildly additive while the industrials and health care sectors wholesale channel and ongoing technology investments turned detracted from performance. On the positive side in financials, out to be bigger headwinds than we expected. We have since where the primary headlines continue to be dominated by the exited our holdings. Federal Reserve (Fed) and interest rates, holdings such as Zions Bancorp benefiting from anticipation of a higher interest rate Contributors to Performance environment in the future. On the negative side of the ledger, railroad companies like Union Pacific, which we continue to Entertainment company Walt Disney was the largest individual like over the long term, struggled in the period due to concern contributor. The company has been on a spectacular run, surrounding energy-related volumes and a potential West Coast successfully developing and acquiring content to leverage port stoppage which we believe to be short term in nature. The through its film studios, television networks and theme parks. health care group detracted from relative returns in part because The company has seen success at the box office, more than we did not own managed care stocks due to high valuations doubling profits over the last two years. This has helped to drive and the potential risk from a negative court ruling. Ultimately record profits at its parks and consumer products divisions. the Supreme Court ruled in favor of the Affordable Care Act While the fastest growth has come from the film studio and (ACA), and those sectors deemed at greatest risk if the Court parks, the largest profit contributor remains ESPN. This sports ruled against the ACA turned into the strongest performers for network is one of the most valuable assets in media. Walt Disney the quarter. is a large position as it is a uniquely strong franchise, in our view.

Detractors from Performance Another top contributor was Zions Bancorp, a Utah-based commercial bank that has the potential for significant earnings The largest individual detractor was Union Pacific, the largest power in a higher interest rate environment. The stock publicly traded railroad company in the U.S. Weak rail traffic in outperformed in the period due in part to the announcement the second quarter, driven especially by weak coal volumes to of a positively perceived restructuring program and a broadly power plants and disappointing industrial production, hurt all held market view that the Fed will soon raise interest rates. railroads and Union Pacific was no exception. We think the near- Zions trades at a modest premium to tangible book value and term weakness in revenues doesn’t impact our longer-term thesis we feel comfortable with the stock due to the expectation for regarding the improving operations in U.S. railroad companies, improved returns and strong earnings growth over the next and we believe Union Pacific is among the best quality in the two to three years. space. Although we trimmed Union Pacific in the period on these concerns, we continue to be bullish on rails taking incremental Global pharmaceutical company Pfizer also contributed. traffic away from other forms of transportation. During the past few years, the company has taken steps to

42 Janus Capital Funds Plc / 30 June 2015 unlock shareholder value by divesting noncore businesses matter how long we wait, rising rates are simply not a matter of such as animal health and nutrition, and focusing on its core if, but when. pharmaceutical business. Further divestitures or spin-offs are possible. The stock outperformed during the quarter in At Perkins we see it as our job not to lose sight of these various part due to the announced acquisition of Hospira, a generic risks in the market and to continue to construct portfolios that injectable pharmaceutical manufacturer and a global leader in can weather storms of all varieties. This is what we have done for biosimilars. The deal is expected to close by the end of 2015 and over 35 years and what we will continue to do today. be immediately accretive to earnings. We trimmed our position on strength, but it remains one of our largest positions. Thus, we continue our focus on building a portfolio of high quality stocks that we believe will minimize risk should the time Market Outlook and Positioning come for the equity market to view “bad news” as truly bad news.

As we look ahead, the factors that have powered the U.S. During the period, we trimmed some of our positions in the equity market on to record highs continue to be intact. Loose industrials and health care sectors and exited a number of monetary policy on a global basis has served as jet fuel to positions, including two industrial names and one health care stock equity markets around the world and allowed investors to look primarily on valuation concerns. As risk/reward ratios diminish, past several global macro issues that would typically lead to a our discipline is to trim positions as a stock moves higher, and more significant increase in volatility or a meaningful market health care and industrials were two of the best-performing sectors correction. Uncertainty in Greece, concern about slowing for the quarter with health care being the strongest performer year growth in China, the potential for the Fed to raise rates in the to date as well. That said, we have maintained an overweight near future, or simply escalating equity valuations in the U.S. are position vs. the benchmark in both sectors. Technology continues all issues that might in a more normal monetary environment to be our other meaningfully overweight sector as we own what convince investors to exercise caution. In the current low-rate we believe to be very stable technology companies with clean environment they have been simply hiccups on the path to balance sheets and strong recurring revenue streams. higher highs. We remain underweight in energy, financials and materials. As we have mentioned before, it appears to us that complacency In financials we have generally preferred a super-regional like remains in investor psychology as the S&P 500 has gone almost Wells Fargo over the more complex money centers as we think four years without a 10% correction, an unusually long time. their focus on retail banking, cross selling and limited risk of Given the low level of interest rates, it can be argued that the continued litigation expense puts them in a favorable position market is fairly valued based on the S&P 500 trading at 17.4x long term. Recently we have also found more opportunities in the 2015 estimated earnings. However, based on the Shiller P/E ratio real estate investment trust (REIT) and utilities sectors as REITs (a price-to-earnings ratio which incorporates inflation adjusted endured a meaningful sell-off on rate fears during the quarter. earnings over the past 10 years) the market is trading at a much Although we are generally underweight financials, it remains our loftier 27x. This is well above its historical mean of 15.95x single-largest sector weighting and we believe we own a number and significantly above its long-term average. To put this into of high-quality franchises in the space. Energy on the other hand context, the only other instances when this valuation metric was remained our most significant underweight vs. the benchmark at this level, or higher, were 1929, 2000 and 2007. A potential as we have a difficult time quantifying the downside now that headwind for the sustainability of the current P/E multiple OPEC has removed their long-standing support of commodity is corporate profits. In the first quarter, S&P 500 companies prices. We also are generally more skeptical about their capital delivered paltry earnings growth of 0.80% compared to the allocation discipline. same period a year ago. The forecast for the second quarter is for a decline of 4.5%. With profit margins at record highs and In conclusion, we believe our portfolio of what we consider interest costs abnormally low, there could be headwinds for high-quality stocks will hold up better relative to the overall corporate profitability. market should volatility or a market correction appear. Although for many it is tempting to think after four years of a largely While U.S. equity valuations remain relatively high in our uninterrupted bull market that higher volatility and market view, the underlying U.S. economy is posting less than stellar corrections are gone forever, we remain steadfast in our approach results. GDP in the first quarter was negative while labor force and believe that opportunities to purchase new stocks where the participation came in at the lowest level in 40 years. To compound valuation and reward-to-risk ratios are more compelling will the problem, despite the Fed’s best efforts to stimulate inflation, present themselves as volatility or corrections inevitably occur. wages have struggled to reach the 2% level that would indicate a healthier economy. Of course in the current “bad news is Thank you for your investment in Perkins US Strategic Value good news environment” this very likely means that low rates Fund. will remain in the near term, and markets could continue their steady march higher. As we have said before on this topic, no (July 2015)

Janus Capital Funds Plc / 30 June 2015 43 Fund Overviews

INTECH All-World Minimum Variance Core Fund(a) INTECH European Core Fund INTECH Investment Management LLC, portfolio manager INTECH Investment Management LLC, portfolio manager

Performance Overview Performance Overview

From the Fund’s date of inception through June 30, 2015, For the six-month period ended June 30, 2015, INTECH INTECH All World Minimum Variance Core outperformed European Core Fund outperformed the MSCI Europe Index, the FTSE All World Minimum Variance Index, the Fund’s the Fund’s benchmark. benchmark. Investment Strategy Investment Strategy INTECH’s mathematical investing process seeks to build a more INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ with the potential to outperform the index by capturing stocks’ natural volatility. natural volatility. Within specific risk controls, INTECH’s disciplined mathematical Within specific risk controls, INTECH’s disciplined process establishes target proportional weightings for stocks mathematical process establishes target proportional in the portfolio as a result of an optimization routine. Once weightings for stocks in the portfolio as a result of an the weights are determined and the portfolio is constructed, optimization routine. Once the weights are determined and it is rebalanced and re-optimized on a periodic basis. By the portfolio is constructed, it is rebalanced and re-optimized limiting the distance any one stock position can deviate from on a periodic basis. By limiting the distance any one stock its benchmark weight, INTECH’s process attempts to control position can deviate from its benchmark weight, INTECH’s the relative risk of the portfolio. We believe that instituting process attempts to control the relative risk of the portfolio. an investment process aimed at providing consistent, positive We believe that instituting an investment process aimed at excess returns at benchmark-like risk, will allow us to meet our providing consistent, positive excess returns at benchmark- investors’ objectives while minimizing the risk of significant like risk, will allow us to meet our investors’ objectives while underperformance relative to the benchmark. minimizing the risk of significant underperformance relative to the benchmark. Outlook

The Fund intends to hedge the various underlying currency Going forward, we will continue building portfolios in a exposures in the FTSE All-World Minimum Variance Index disciplined and deliberate manner, with risk management (other than any Pound Sterling exposure) to the Pound Sterling remaining the hallmark of our investment process. While we to the extent that hedging such currency exposure is consistent may experience short periods of underperformance, we expect to with the investment objective of the Fund. exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, Outlook we will continue implementing changes that we believe are likely to improve the long-term results for our clients. Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management Thank you for your investment in INTECH European Core Fund. remaining the hallmark of our investment process. While we may experience short periods of underperformance, we expect to (July 2015) exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, INTECH Global All Country Low Volatility Fund we will continue implementing changes that we believe are likely INTECH Investments Management LLC, portfolio manager to improve the long-term results for our clients. Performance Overview Thank you for your investment in INTECH All World Minimum Variance Core Fund.(a) For the six-month period ended June 30, 2015, INTECH Global All Country Low Volatility Fund underperformed the MSCI All (July 2015) Country World Index, the Fund’s benchmark.

44 Janus Capital Funds Plc / 30 June 2015 Investment Strategy it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ INTECH’s mathematical investment process is designed to natural volatility. determine potentially more efficient equity weightings of the securities in the benchmark index, utilizing a specific Within specific risk controls, INTECH’s disciplined mathematical optimization and disciplined rebalancing routine. mathematical process establishes target proportional Rather than trying to predict the future direction of stock weightings for stocks in the portfolio as a result of an prices, the process seeks to use the volatility and correlation optimization routine. Once the weights are determined and characteristics of stocks to construct portfolios. the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock The investment process begins with the stocks in the MSCI position can deviate from its benchmark weight, INTECH’s All Country World Index. INTECH’s investment process aims process attempts to control the relative risk of the portfolio. to capture stocks’ natural volatility through a rebalancing We believe that instituting an investment process aimed at mechanism based on estimates of relative volatility and providing consistent, positive excess returns at benchmark- correlation in an attempt to generate market like return while like risk, will allow us to meet our investors’ objectives while minimizing the volatility of the portfolio over the long term. minimizing the risk of significant underperformance relative Once the target proportions are determined and the portfolio is to the benchmark. constructed, it is then rebalanced to those target proportions and re-optimized on a periodic basis. INTECH Global All Country Outlook Low Volatility Fund aims to generate market-like returns over time with significantly lower return fluctuations. While some Going forward, we will continue building portfolios in a downside protection and a more consistent experience are disciplined and deliberate manner, with risk management expected over the long term, the tracking-error relative to the remaining the hallmark of our investment process. While we MSCI All Country World Index is expected to be high. may experience short periods of underperformance, we expect to exceed the benchmark over a three- to five-year time horizon. As Outlook INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely Going forward, we will continue building portfolios in a to improve the long-term results for our clients. disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. As INTECH’s Thank you for your investment in INTECH Global Dividend ongoing research efforts yield modest improvements, we will Fund. continue implementing changes that we believe are likely to improve the long-term results for our clients. (July 2015)

Thank you for your investment in INTECH Global All Country INTECH US Core Fund Low Volatility Fund. INTECH Investments Management LLC, portfolio manager

(July 2015) Performance Overview

INTECH Global Dividend Fund For the six-month period ended June 30, 2015, INTECH U.S. Core INTECH Investment Management LLC, portfolio manager Fund underperformed the S&P 500 Index, the Fund’s benchmark.

Performance Overview Investment Strategy

For the six-month period ended June 30, 2015, INTECH Global INTECH’s mathematical investing process seeks to build a more Dividend Fund underperformed the MSCI World Index, the efficient portfolio than its benchmark, with returns in excess of Fund’s primary benchmark, and its secondary benchmark, the the index while maintaining b enchmark-like risk. The process MSCI World High Dividend Yield Index. does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, Investment Strategy it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ INTECH’s mathematical investing process seeks to build a more natural volatility. efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process Within specific risk controls, INTECH’s disciplined mathematical does not attempt to predict the direction of the market, nor does process establishes target proportional weightings for stocks it have a view of any particular company in the portfolio. Instead, in the portfolio as a result of an optimization routine. Once

Janus Capital Funds Plc / 30 June 2015 45 Fund Overviews

the weights are determined and the portfolio is constructed, aided by favorable economic data, although volume remained it is rebalanced and re-optimized on a periodic basis. By muted. After plummeting to below $50 a barrel at the end of limiting the distance any one stock position can deviate from 2014, crude oil prices stabilized and reset within a higher trading its benchmark weight, INTECH’s process attempts to control band by the end of the period. The dollar stabilized after rallying the relative risk of the portfolio. We believe that instituting early in the period amid divergent central bank policy. Both an investment process aimed at providing consistent, positive developments were highlighted by the Fed’s June statement, excess returns at benchmark-like risk, will allow us to meet our which said it may be “appropriate” for a rate hike during the investors’ objectives while minimizing the risk of significant latter part of the year. However, stock market gains were largely underperformance relative to the benchmark. given back as developments in Greece impacted risk appetites across the world. Outlook Emerging market equities registered slight gains over the period, Going forward, we will continue building portfolios in a despite the looming strength of the U.S. dollar. This development disciplined and deliberate manner, with risk management is owed to substantial improvement in financial positions on remaining the hallmark of our investment process. While we both corporate and sovereign balance sheets. After a strong may experience short periods of underperformance, we expect to winter, most major emerging market indices drifted lower during exceed the benchmark over a three- to five-year time horizon. As the second quarter, with the notable exception of China-related INTECH’s ongoing research efforts yield modest improvements, indices. These continued their months-long rally, until late in we will continue implementing changes that we believe are likely the quarter when authorities took steps to reduce the amount to improve the long-term results for our clients. of leverage used in trading. Given the recent rise in this type of trading, gains were reversed in rapid order. Thank you for your investment in INTECH US Core Fund. Performance Discussion (July 2015) We invest in a portfolio of 11 traditional and nontraditional Janus Global Diversifi ed Alternatives Fund investable risk-premium strategies derived from equity, fixed Andrew Weisman, John Fujiwara and Richard Lindsey, income, currency and commodity investments. By targeting a portfolio managers broad collection of statistically independent sources of return, we believe we are in a position to create a more robust portfolio Performance Overview that provides, over time, a generally more stable source of return with significantly less volatility than stocks and bonds. Janus Global Diversified Alternatives Fund’s Class I$acc Shares returned -3.00% for the six-month period ended June 30, 2015, Due to the volatility present in the market during the period, while its benchmark, Libor plus 4%, returned 2.37%. trends were overwhelmed by inflection points. Although there were periods of market optimism, headline risk dominated, Investment Environment especially near the end of the period amid concerns that Greece would be forced to leave the eurozone. Due to the false-start The financial markets were volatile during the period, nature of the market during this period, many of our momentum heightened by divergence between the U.S. and other major strategies detracted from performance. Our commodity economies in monetary policy and economic growth. Early in momentum was the largest detractor. This strategy, which looks the period, while the Federal Reserve (Fed) was starting to to capture the consistency in the price movement of commodities prepare investors for the possibility of a rate hike before the usually associated with perceptions of expanding or contracting end of the year, the European Central Bank (ECB) announced global economic activity, is inherently more volatile than our a larger-than-expected quantitative easing (QE) program. This other momentum strategies. The lack of a trend in crude oil caused European stocks to strengthen and bond yields to fall. prices, especially, weighed on this strategy’s performance. Yields on many short- and mid-term bonds of eurozone nations later entered negative territory after the QE program had begun. The equity momentum strategy was also one of the largest However, serious questions about Greece’s ability to service its detractors from performance. This risk premium is harvested massive debt load saw European equities weighed down during by seeking to capture directional momentum in equities through the spring. Germany’s government debt suffered a spring sell- the quantitative analysis of equity index price movement. Equity off which saw yields on the 10-year bund rise from near 0% to markets had relatively flat performance during the period, which almost 1%, although the rise in rates was capped near the end hindered this strategy’s performance. of the period as investors sought safe harbor amid concerns that Greece would exit the eurozone. In the U.S., after posting muted The equity-size strategy, which is long small-cap stocks and gains early in the period amid mixed economic data, major short large-cap stocks, was the leading contributor during the indices achieved record highs over the course of the spring, period. As this risk premium strategy is focused on domestic

46 Janus Capital Funds Plc / 30 June 2015 small-cap equities, it was aided by the rally and subsequent while the UK gained nearly 4%. And in emerging markets, China stabilization of the U.S. dollar during the quarter. Additionally, rocketed almost 15%, while India fell more than 20%. Those are as the portfolio rebalances on a monthly basis, it is likely that some large spreads, particularly for a three-month period. we had a higher weighting in this strategy during a period when small-cap equities were performing particularly well. This So, what’s behind the disparate moves? Well, it seems that the highlights the benefits of our strategic monthly rebalancing. obvious answer - which means that it will likely ultimately be proved wrong - is that the world is in fact decoupling. Admittedly, Our credit strategy was also a leading contributor. The strategy this is probably a dangerous thesis given our increasingly looks to capture the potential systematic return associated with intertwined global economy, but recent data is supportive: the the default and duration risks of investing in bond markets, and U.S. economy appears to be strengthening, and the possibility is comprised of a diversified selection of fixed income securities. of a rate hike this year seems more probable (we’ll believe it Despite the lack of conviction in the marketplace during the when we see it); there are clear signs of improvement in Europe period, we were able to use this strategy to earn periodic coupon as the early rounds of quantitative easing take hold, although payments, which contributed to performance. Greece remains an overhang; meanwhile, China is slowing, the government’s efforts to stimulate appear increasingly ineffective, Outlook and there are mounting concerns about leverage; and, going its own unfortunate direction, recent investment darling Brazil We do not believe in forecasting a market’s particular direction; looks to be headed into a nasty stagflationary period. Of course, however, we are mindful of increased volatility in the financial further muddying the investment waters is the fact that a markets. difficult macro backdrop isn’t necessarily a negative for listed real estate (defensive sector), just as a surging economy isn’t In light of the increased price fluctuations evidenced near always a positive (rising rates). Interesting times. the end of the period, our models have decreased exposure within the risk premia strategies most affected by the increased Performance Discussion volatility. Such strategies include equity-emerging and equity- value. Furthermore, our weighting to the rates momentum On a relative basis, the Fund had a strong six months, strategy has decreased as crosscurrents in the markets have led outperforming its benchmark, the FTSE/EPRA NAREIT Global to extreme rate volatility. Allocations to risk premia strategies Index. Security selection contributed to relative performance. that have been historically less volatile have increased. Looking at our stock selection across different geographies, the U.S. and the UK were the largest contributors to relative Thank you for investing in Janus Global Diversified Alternatives performance. However, Hong Kong and Taiwan weighed on Fund. relative returns.

(July 2015) Country weighting was a relative detractor. In terms of geographic allocation, overweights to the UK and Cyprus were the largest Janus Global Real Estate Fund contributors to relative performance. Our underweight to China Patrick Brophy, portfolio manager and overweight to Mexico detracted from relative performance.

For the six-month period ended June 30, 2015, the Janus Global In terms of returns by sector, leisure facilities and industrial Real Estate Fund’s Class I$inc Shares outperformed its primary conglomerates generated the highest absolute performance. benchmark, the FTSE/EPRA NAREIT Global Index, returning Detractors included construction and engineering along with 0.27% versus the index’s -1.91% return. diversified metals and mining. Relative to the index, stock selection in real estate services and homebuilding were the top Investment Environment contributors. Meanwhile, our holdings in real estate development and operating companies detracted from relative performance. The year began with real estate continuing its winning ways of 2014, with outperformance well ahead of the broader market. Outlook

What stands out to us as most notable about the listed real estate Despite difficult conditions within the sector during the period, sector during the second half of the period is the wide dispersion the fund was able to deliver outperformance driven by several in performance by geography. While this is certainly expected investments, including some out-of-benchmark investments that to a degree – as we’ve opined often in past commentaries, these we put significant effort into both uncovering and researching/ divergences are one of the primary reasons we prefer a global analyzing, as we believe that these often-overlooked real estate strategy – we’re struggling to remember any period where we companies can potentially boost results. Moreover, as the real saw such significant countermoves in a single quarter. Just as an estate cycle moves into its later innings – at least in much of the example, we saw the U.S. give up over 10% in the second quarter, developed world – we anticipate a less target-rich investment

Janus Capital Funds Plc / 30 June 2015 47 Fund Overviews

environment, meaning we will employ even greater scrutiny on that it would be appropriate to raise rates during the latter part our valuation work and new ideas like these will be increasingly of 2015. Yet, it reiterated that any move would be data dependent coveted. and gradual. Overall, the Fed reinforced its bias of ensuring that sustained growth takes hold. Of course, determining just what inning we’re actually in is not easy. It never is. Trying to pick cycle tops seems a fool’s The U.S. Treasury curve steepened during the second half of the errand to us, but it doesn’t mean we shouldn’t at least try to be period, with yields on the 10- and 30-year reaching levels not cognizant of where we stand relative to historical precedent. On visited since last autumn. After dipping to 1.85% in early April, that front, there are things that give us pause: pricing levels back the 10-year yield nearly hit 2.50% in June. However, Treasury above the previous peak; ramping new supply in certain sectors, yields were partly capped by the March launch of the European especially multi-family; and simple duration, as we charge into Central Bank’s (ECB) quantitative easing (QE) program. year seven of an upcycle. On the other hand, there are multiple The ECB’s QE drove eurozone sovereign yields into negative factors that make us more sanguine, the most important being territory and encouraged foreign investors to purchase relatively solid operating fundamentals that appear set to hold, if not higher-yielding Treasurys. However, Germany’s 10-year bund strengthen, over the next several years. Put it all together and, aggressively sold off in the spring, with its yield rising almost absent some sort of global upheaval or black swan event, we 1% from near 0%. Prior to the late-quarter tumult fueled by think real estate continues to look good – projected returns Greece, improving data caused some to wonder whether it would still appear attractive, and we’re yet to see any let-up in the be necessary for the ECB to carry out the entirety of its planned demand for property. Keep in mind this is our assessment of asset purchases. U.S. investment-grade spreads were flat for the prospects for commercial real estate in developed markets, much of the period as that market absorbed a flood of new where the bulk of our capital (90%+) is allocated; it’s a bit of a issuance before widening in June. High-yield spreads initially different and more varied story in emerging markets, but we will narrowed amid a search for yield, reaching year-to-date lows, save that for another letter. prior to ending the period essentially unchanged. Similar to corporate credits, mortgage-backed securities (MBS) spreads Thank you for your investment in Janus Global Real Estate Fund. initially narrowed before closing the quarter wider.

(July 2015) Performance Discussion

Janus Flexible Income Fund The Fund outperformed its benchmark, the Barclays U.S. Gibson Smith and Darrell Watters, portfolio managers Aggregate Bond Index, during the period. Outperformance was driven by our investment-grade and high-yield corporate credit Performance Summary allocations. In aggregate, security selection followed by yield curve positioning were primary drivers of outperformance. During the six-month period ended June 30, 2015, Janus U.S. During the quarter, we shortened our duration relative to the Flexible Income Fund’s Class I$acc Shares returned 0.46%, benchmark from a neutral toward a more defensive stance compared with -0.10% for the Fund’s benchmark, the Barclays in light of a coalescence of risk factors that we believe could U.S. Aggregate Bond Index. adversely impact fixed income performance.

Investment Environment While pleased when we outperform the benchmark, we never lose sight of our main tenets of capital preservation followed by After experiencing increased volatility during the first part of the delivering risk-adjusted returns; principles which we consider period amid persistent uncertainty of the timing of the Federal the foundations of fixed income investing. This approach suits Reserve’s (Fed) expected rate hike, fixed income markets largely us especially well in periods of market uncertainty such as the retreated over the rest of the period, influenced by a combination present, as questions on monetary policy and patchiness in of improving U.S. data and uncertainty about the path of global global growth remain. monetary policy. The volatility that characterized fixed income markets during the winter initially subsided in early spring, Yield curve positioning within investment-grade corporate only to flare up as the period closed. Data indicated that the credit contributed as our defensive move into higher-quality economy had slowed during the year’s first three months. First names proved timely. The positive contribution attributed to quarter gross domestic product was negative and the March our high-yield security selection is, in our view, the result of employment report disappointed. Over the ensuing two months, our rigorous, fundamental investment process that analyzes the employment picture rebounded with monthly payroll gains not only companies, but also specific securities, identifying the resuming their recent pace of just under 250,000, and hourly instruments that we believe have the best risk adjusted return wage gains reached the highest level since 2013. Improving potential for fixed income investors. A key component of this manufacturing data and retail sales also suggested that the process is our focus on transformational balance sheet stories. winter slowdown had been transient. In June, the Fed stated This space is comprised of the lowest-rated investment-grade

48 Janus Capital Funds Plc / 30 June 2015 and highest-rated high-yield issuers. We believe these companies the level at which it would consider rate hikes, a move that has have significant potential to experience credit rating upgrades been delayed as the Fed has made clear its objective of achieving as they improve the quality of their balance sheets. The upside sustainable growth. With economic expansion typically comes of many of these companies is, in our view, often overlooked by jobs, and after that, wage-driven inflation, as employers scramble the market. We remain overweight corporate credit relative to for qualified workers. In a service-based economy like the U.S., the benchmark. wages have an outsized impact on inflation. Should this scenario play out as the Fed anticipates, inflation will eventually be on On a sector basis, our positioning in banking, electric utilities track toward policy makers’ 2% goal. and pharmacueticals contributed to relative performance. One financial company that contributed to relative performance Core inflation has held steady as crude prices stabilized before was Ally Financial, which has many attributes that we find any downward pressure bled into non-energy categories. The attractive. The company has streamlined itself into an entity stabilization in the U.S. dollar after its rapid appreciation also focused on auto financing, a sector that, we believe, should aids the inflation outlook as continued gains in the currency enjoy tailwinds as U.S. employment and consumption improve. would have made foreign products cheaper, thus keeping a lid The company has an asset-light business model, reliant upon its on prices. The dollar, however, remains one of our wild cards. online banking channel to grow its substantial deposit base. We Deterioration in the Greece dispute or a deceleration in non- find that Ally has been able to retain these deposits at a greater U.S. economies could send investors fleeing back toward dollar- rate than many expected possible with online accounts. Ally’s denominated assets, forcing a resumption in the currency’s march management is moving to pay down its highest-cost debt. upward. In a nod to this scenario, the Fed has acknowledged that international developments are being considered as it charts its Relative sector detractors included independent energy and path forward. chemicals. Chemical producer LyondellBasell was one of the largest relative detractors on an individual credit basis. We still Retail sales and housing have also exhibited signs of strength. favor the company due to its structural low-cost positioning as its There had been consternation that the savings consumers were primary feedstock is natural gas, a commodity whose price has reaping from cheaper energy were not being spent on other been under pressure on account of the North American shale gas items, instead being used to pay off debt. The stabilization of boom. Management, in our view, is committed to maintaining prices and broad expectation that a return to $100 crude is not a conservative balance sheet and has made significant gains in likely may instill sufficient confidence in consumers to more improving the company’s operational efficiency. readily open their wallets to adjust to this new reality. The resulting boost in aggregate demand should also play a role in While technology hardware company Seagate detracted lifting inflation toward the Fed’s target. from performance, we like management’s commitment to a conservative balance sheet. Furthermore, industry consolidation The winter slowdown does not affect our full-year outlook. has resulted in improving margins and free-cash-flow generation We expect growth to catch up over the second half of 2015. for the remaining players. Employment data, in our view, should remain robust and inflation should advance toward a 2% annual rate. Continued On an asset class basis, our Treasury allocation outperformed patches of softness may cause the Fed to delay its initial rate hike the benchmark due to yield curve positioning, while our out- past the widely assumed September lift-off, but in our view, rates of-index allocation to preferred credit outperformed due to our will rise – albeit cautiously – this year. overweight. We are mindful that we are quite possibly nearing the end of a Government related assets detracted from relative performance credit cycle. Merger and acquisition activity, share buybacks and due to our underweight allocation. Our cash allocation also debt issuance are up. The result is a deterioration of corporate detracted from performance; it is not used as a strategy within balance sheets. Utilizing our bottom-up, fundamental security- the Fund but is a frictional component of day-to-day investing. level approach, we are concentrating our corporate credit holdings in higher-quality companies with steady revenue Outlook streams, and whose management have maintained balance sheet discipline. Multiple factors presently have the potential to impact the fixed income environment, chief among them remains the timing and We are also concerned with the potential for sustained periods pace of the Fed’s rate hikes. Data suggest that the central bank of elevated market volatility, which we consider suppressed by is achieving its dual mandate. Strong gains in payrolls have continued fixed income inflows. Alarmingly low levels of liquidity resumed and wage growth has shown signs of accelerating. At are a serious risk factor, in our view. Should an illiquidity event 5.3% the unemployment rate is nearing the range many would occur, we want to be a provider of liquidity. Accordingly, we consider full-employment. Under the tenure of Ben Bernanke, have lowered the overall duration of the portfolio. Treasurys are the Fed had initially targeted a jobless rate of roughly 6.5% as the tool we utilize to toggle duration in a cost-effective manner.

Janus Capital Funds Plc / 30 June 2015 49 Fund Overviews

Shorter-dated government securities act as a cash cushion, which The winter’s other large move – a strengthening U.S. dollar – also should allow us to better weather storms and opportunistically stalled during the spring, and the currency even gave back some make attractive investments caused by market dislocations. recent gains before stabilizing. A key beneficiary was the euro, which halted its slide toward parity with the U.S. currency. The We remain underweight MBS relative to the benchmark as these U.S. Treasury curve steepened over the second quarter, with securities typically do not perform well in volatile markets, yields on the 10- and 30-year reaching levels not visited since such as the ones we anticipate. When the direction of rates is in last autumn. question, investors cannot adequately gauge prepayment risks, which stand to increase as rates decline. While our base-case Performance Discussion scenario is for increasing rates, a global crisis or unforeseen slowdown in growth could again put downward pressure on the Janus Global Flexible Income Fund outperformed its benchmark, safe-haven Treasurys upon which mortgages are priced. the Barclays Global Aggregate Bond Index, during the period. Relative gains were largely attributable to our euro exposure. Over the past quarter we have sought to reduce risks in our After the currency’s calamitous fall beginning in late 2014 portfolio and expect to maintain this defensive posture as the and continuing on through the early stages of QE, its fortunes aforementioned risk factors play out. We have not seen such a partially reversed against the U.S. dollar for much of the spring. confluence of potentially adverse forces for several years. Our Another contributor to relative performance – though to a binding principle of capital preservation is of utmost importance much lesser degree – was our positioning in the Japanese yen. as we navigate the choppy waters ahead. Detracting from relative results were the Canadian dollar and British pound. Thank you for your investment in Janus Flexible Income Fund. On an asset class basis, outperformance was driven by our (July 2015) security selection and spread carry – a measure of excess returns generated by holding certain instruments – in high-yield Janus Global Flexible Income Fund corporate credit. Our yield curve positioning in sovereign debt Gibson Smith, Darrell Watters and Christopher Diaz, was also relative contributor. Our yield curve positioning and portfolio managers allocation in out-of-benchmark Portuguese sovereign debt was the largest contributor in this category. Yield curve positioning Performance Summary in the sovereigns of New Zealand also contributed.

During the six-month period ended June 30, 2015, Janus Global On a sector level, banking and technology aided relative results. Flexible Income Fund’s Class I$inc Shares returned -2.80%, Outside of corporate credits, spread carry in non-agency compared with -3.08% for the Fund’s benchmark, the Barclays commercial mortgage-backed securities (CMBS) contributed. Global Aggregate Bond Index. We see the risk profiles of these securities as more favorable at this time than their U.S.-based counterparts. Investment Environment On the other hand, U.S. mortgage-backed securities (MBS) The six-month period was a tale of two halves. Trends that were detracted. These securities tend to underperform in volatile rate prevalent in global bond and currency markets during the first environments as they cloud the ability to gauge the likelihood quarter underwent a marked reversal during the ensuing three of prepayments. Segments of the energy sector, including months. Some of the most dynamic moves were associated with integrated, midstream and independent detracted from results. Europe. In the wake of the European Central Bank’s (ECB) The collapse of crude prices that extended into the first part of winter announcement of its own quantitative-easing (QE) the period translated into fears of the balance sheet strength of program, yields on the 10-year bund nearly dip to 0%. German energy companies, which comprise a large portion of high-yield sovereign debt then sold off aggressively during the spring, corporate credits. with the 10-year yield rising to as high as 0.98%. Fueling the sell-off were concerns that the winter’s bond rally within the Outlook eurozone may have gotten ahead of itself, and also – in light of improving growth and inflation data – that it may not be Even with the second quarter’s reversal of the recent bund rally, necessary for the ECB to complete the previously announced we believe that the foundations underlying the winter’s original asset purchases in their entirety. Following the bund’s lead, move are still largely valid and will be with us for quite some yield curves steepened across the eurozone, with peripheral time. The ECB’s QE program may not play out exactly the way nations experiencing the strongest moves. By June, growing that unconventional monetary policy did in the U.S., when a concern over Greece’s ability to meet its debt obligations also wide range of risk assets steadily rose in unison, but it is our weighed on peripheral sovereign debt, while at the same time view that the environment will remain favorable for European reeling yields back in on safe-haven bunds. assets. Growth is slowly returning to the region and we expect

50 Janus Capital Funds Plc / 30 June 2015 inflation to remain considerably below the ECB’s target. This is Thank you for your investment in Janus Global Flexible Income fertile ground for fixed income investments. The ECB’s presence Fund. within the market, ensuring a minimal level of demand for securities, also provides a tailwind. We do not expect the yield (July 2015) on the bund to plumb the depths of 0.07% again, but we do expect lower rates to persist. Janus Global High Yield Fund Gibson Smith, Darrell Watters, Christopher Diaz and As evidenced by the spring’s widening of peripheral debt, we Ryan Myerberg, portfolio managers believe that lingering concerns about Greece and its continuation within the eurozone must still be monitored. The recent flare- Performance Summary up is evidence that much of the region is still not out of the woods and that growth-friendly structural reforms must become During the six-month period ended June 30, 2015, Janus Global mainstays of economic policy if the region wants to avoid similar High-Yield Bond Fund’s Class I$acc Shares returned 2.57%, crises in the future. compared with 1.94% for the Fund’s benchmark, the Barclays Global High Yield Bond Index. As we look forward, we will continue to monitor a variety of factors that we consider to be potentially substantial risks to Investment Environment the fixed income space. Chief among them is a lack of market liquidity. In fact, it is our view that the recent sell-off in the High-yield spreads narrowed through much of period, reaching bund was exacerbated by a dearth of buyers within the market. year-to-date lows, as low U.S. Treasury yields sparked a search for yield. However, the U.S. Treasury curve steepened over the While we maintain limited exposure to emerging markets, quarter, with yields on the 10- and 30-year reaching levels adverse developments in those regions could send shock waves not visited since last autumn. Broader fixed income markets through global bond markets. China is attempting to manage largely retreated, influenced by a combination of improving U.S. an unexpectedly strong slowdown – at least compared to recent data and uncertainty about the path of global monetary policy. decades – as well as distortions within its equity and real estate The volatility that characterized markets during the winter markets. The country remains the marginal buyer of a range of initially subsided in early spring, only to flare up as the period commodities, so any sustained change in its growth trajectory closed. After first quarter gross domestic product and the March will reverberate across the world, especially with natural employment report disappointed, economic data rebounded resources exporters. Venezuela, with its tenuous state finances, over the ensuing two months. In June, the Federal Reserve is a large issuer of high-yield debt. And both Brazil and Russia – (Fed) stated that it would be appropriate to raise rates during two large economies – face domestic economic headwinds, and the latter part of 2015. Yet, it reiterated that any move would be the latter is further hobbled by sanctions. data dependent and gradual. Overall, the Fed reinforced its bias of ensuring that sustained growth takes hold. We have no exposure to Japanese government debt, but the country merits monitoring given its stature in the global Performance Discussion economy. A healthy Japan would benefit much of Asia – and farther afield. But such a scenario may entail the government of The Fund outperformed its benchmark, the Barclays Global Prime Minister Shinzo Abe effectively deploying the so-called High Yield Bond Index, during the period. Outperformance “third arrow” of Abenomics, which is structural reform. We was driven largely by our security selection within high-yield expect growth to continue within the UK, and that country’s corporate credit. Spread carry, a measure of excess income central bank to be among the first movers in raising interest generated by the Fund’s securities, was also additive, especially rates. That development would provide support to both UK within our high-yield corporate credit allocation. government bonds and the pound. We remain committed to a bottom up, fundamental investment Given the potential risks that we have identified, we have approach, which we believe is especially advantageous in moved to a more defensive position. The Fund’s duration environments such as we find ourselves today. In our shift to at the beginning of the period was slightly above that of a more defensive posture, we are seeking to identify high-yield the benchmark. Over the quarter we substantially lowered corporate bonds of higher-quality companies committed to duration, especially when compared to the benchmark. strengthening their capital structures and are thus candidates Further buttressing our defensive positioning has been our for a possible ratings upgrade. increased allocation to U.S. Treasurys. While we see numerous opportunities in global fixed income markets caused by On the sector level, one of the leading relative contributors to diverging monetary policy, we first and foremost remain outperformance was our metals and mining holdings. Driving mindful of our primary responsibilities of capital preservation returns were both our significant underweight versus the and generating risk-adjusted returns. benchmark – evidence that which securities we choose to avoid

Janus Capital Funds Plc / 30 June 2015 51 Fund Overviews

is equally important as those we choose to hold – and our to such scenarios, the Fed has acknowledged that international selection of the securities that we continued to own within developments are being considered as it charts its path forward. the sector. Also contributing to relative performance was our security selection in midstream energy. The winter slowdown does not affect our full-year outlook. We expect growth to catch up over the second half of 2015. Our tactic of security avoidance was also on display on the issuer Continued patches of softness may cause the Fed to delay its level, with one of the leading contributors to Fund performance initial rate hike past the widely assumed September lift-off, but being our zero weighting to benchmark component Peabody in our view, rates will rise – albeit cautiously – this year. We Energy. In our view, coal miners face both daunting regulatory believe that better-than-expected growth is not priced into the challenges in addition to stiff competition from natural gas, a fixed income market. That concerns us, especially as any catalyst commodity whose prices have remained under intense pressure for a sell-off, in our view, would be especially felt within the for a sustained amount of time. high-yield space.

Our out-of-benchmark holding of Templar Energy helped spur We are mindful that we are quite possibly nearing the end of a relative gains as well. The company is owned by well-reputed credit cycle. Merger and acquisition activity, share buybacks and energy investor First Reserve and conducts exploration and debt issuance are up. We are also concerned with the potential production activities within the mid-continent region. We are for sustained periods of elevated volatility, which we consider attracted to management’s low use of leverage and believe the suppressed by continued fixed-income inflows. Alarmingly low company is an attractive candidate for an initial public offering. levels of liquidity are a risk factor that we are taking seriously. Also contributing to outperformance was ADS Tactical, a We believe that less liquid pockets of the market such as high- provider of military gear. We believe that ADS stands to benefit yield credits are especially vulnerable. Should an illiquidity as the Department of Defense moves toward a streamlined event occur, we want to be a provider of liquidity. procurement process favoring vendors of choice. Over the past six months, we have sought to reduce risks in On the sector level, media entertainment and services weighed our portfolio and expect to maintain this defensive posture as on relative results. the aforementioned risk factors play out. We are holding larger amounts of cash than normal as any draw-downs that could While most asset classes included in the Fund aided occur are best paid out of cash rather than selling into a possible outperformance, an exception was our zero weighting to vacuum. Securities that have a sufficient amount of yield cushion government-related assets, which was the largest relative asset to continue to compensate investors in the event of falling prices class detractor. are also favorable to us. We have not seen such a confluence of potentially adverse forces in fixed income markets for several Outlook years. Our binding principle of capital preservation is of utmost importance as we navigate the choppy waters ahead. Multiple factors currently have the potential to impact the fixed income environment and high-yield corporate credit in Thank you for your investment in Janus Global High Yield Fund. particular. Chief among them is the timing and pace of the Fed’s rate hikes and the pressure such a move would put on (July 2015) high-yield bonds with longer durations. We are also concerned with relevered corporate balance sheets, large amounts of new Janus Global Investment Grade Bond Fund issuance and market illiquidity. Evidence of some investors Gibson Smith, Darrell Watters, Christopher Diaz and putting the hunt for yield over capital preservation can be seen Ryan Myerberg, portfolio managers in the weakening of covenants of new many issuances. Performance Summary Data suggest that the central bank is achieving its dual mandate. Strong gains in payrolls have resumed and wage growth has During the six-month period ended June 30, 2015, Janus Global shown signs of accelerating. The steadying in the U.S. dollar after Investment Grade Bond Fund’s Class I$acc Shares returned its rapid appreciation also aids the inflation outlook as continued -3.58% compared with -3.08% for the Fund’s benchmark, the gains in the currency would have made foreign products cheaper, Barclays Global Aggregate Corporate Bond Index. thus keeping a lid on prices. Investment Environment The dollar, however, remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in non-U.S. economies After experiencing increased volatility during the first part of the could send investors fleeing back toward dollar-denominated period amid persistent uncertainty of the timing of the Federal assets, forcing a resumption in the currency’s march upward. Reserve’s (Fed) expected rate hike, fixed income markets largely This could pressure earnings of U.S. multinationals. In a nod retreated over the rest of the period, influenced by a combination

52 Janus Capital Funds Plc / 30 June 2015 of improving U.S. data and uncertainty about the path of global is achieving its dual mandate. Strong gains in payrolls have monetary policy. The volatility that characterized fixed income resumed and wage growth has shown signs of accelerating. Core markets during the winter initially subsided in early spring, inflation has held steady as crude prices stabilized before any only to flare up as the period closed. Data indicated that the downward pressure bled into non-energy categories. Continued economy had slowed during the year’s first three months. Over patches of softness may cause the Fed to delay its initial rate hike the ensuing two months, the employment picture rebounded. past the widely assumed September lift-off, but in our view, rates Improving manufacturing data and retail sales also suggested will rise – albeit cautiously – this year. that the winter slowdown had been transient. In June, the Federal Reserve (Fed) stated that it would be appropriate to The stabilization in the U.S. dollar after its rapid appreciation raise rates during the latter part of 2015. Yet, it reiterated that any also aids the inflation outlook as continued gains in the currency move would be data dependent and gradual. Overall, the Fed would have made foreign products cheaper, thus keeping a lid reinforced its bias of ensuring that sustained growth takes hold. on prices. The dollar, however, remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in non- The U.S. Treasury curve steepened during the second half of the U.S. economies could send investors fleeing back toward dollar- period, with yields on the 10- and 30-year reaching levels not denominated assets, forcing a resumption in the currency’s visited since last autumn. After dipping to 1.85% in early April, march upward. the 10-year yield nearly hit 2.50% in June. However, Treasury yields were partly capped by the March launch of the European We are mindful that we are quite possibly nearing the end of a Central Bank’s (ECB) quantitative easing (QE) program. credit cycle. Merger and acquisition activity, share buybacks and The ECB’s QE drove eurozone sovereign yields into negative debt issuance are up. The result is a deterioration of corporate territory and encouraged foreign investors to purchase relatively balance sheets. Utilizing our bottom-up, fundamental security- higher-yielding Treasurys. However, Germany’s 10-year bund level approach, we are concentrating our holdings in higher- aggressively sold off in the spring, with its yield rising almost quality companies with steady revenue streams, and whose 1% from near 0%. Prior to the late-quarter tumult fueled by management have maintained balance sheet discipline. Greece, improving data caused some to wonder whether it would be necessary for the ECB to carry out the entirety of its planned We are also concerned with the potential for sustained periods asset purchases. U.S. investment-grade spreads were flat for of elevated market volatility, which we consider suppressed much of the period as that market absorbed a flood of new by continued fixed income inflows. Alarmingly low levels issuance before widening in June. of liquidity are a serious risk factor, in our view. Should an illiquidity event occur, we want to be a provider of liquidity. Performance Discussion Over the past six months, we have sought to reduce risks in our The Fund underperformed its index, the Barclays Global portfolio and expect to maintain this defensive posture as the Aggregate Corporate Bond Index. Underperformance was driven aforementioned risk factors play out. We have not seen such a by the Fund’s investment-grade corporate credit allocation due to confluence of potentially adverse forces for several years. Our yield curve positioning and, to a lesser extent, security selection. binding principle of capital preservation is of utmost importance However, our high-yield corporate credit allocation, which is as we navigate the choppy waters ahead. within the parameters outlined in the portfolio’s mandate, was the largest asset class contributor on a relative basis due to our Thank you for your investment in Janus Global Investment security selection. Grade Bond Fund.

On a credit sector basis, midstream and integrated energy and (July 2015) services were the largest relative detractors. Cable and satellite communications, electric utilities and brokerage, asset managers Janus High Yield Fund and exchanges were the largest relative contributors. Gibson Smith and Darrell Watters, portfolio managers

On an asset class basis, our out-of-index allocation to non- During the six-month period ended June 30, 2015, Janus agency mortgage-backed securities (MBS) detracted from relative High Yield Bond Fund’s Class I$acc Shares returned 3.37% performance due to our overweight. Yield curve positioning in compared with 2.53% for the Fund’s benchmark, the Barclays bank loans and commercial MBS contributed to performance. U.S. Corporate High Yield Bond Index.

Outlook Investment Environment

Multiple factors presently have the potential to impact the fixed High-yield spreads narrowed through much of period, reaching income environment, chief among them remains the timing and year-to-date lows, as low U.S. Treasury yields sparked a search pace of the Fed’s rate hikes. Data suggest that the central bank for yield. However, the U.S. Treasury curve steepened during the

Janus Capital Funds Plc / 30 June 2015 53 Fund Overviews

second half of the period, with yields on the 10- and 30-year On an issuer level, the largest relative detractor was QS reaching levels not visited since last autumn and broader fixed Wholesale, the maker of the outdoor lifestyle apparel brand, income markets largely retreated, influenced by a combination Quiksilver. After strategic missteps by previous management, of improving U.S. data and uncertainty about the path of global a new team, led by the company’s founder, was brought in monetary policy. The volatility that characterized markets during during the second quarter. The company is seeking to sell its the winter initially subsided in early spring, only to flare up as European headquarters, an attractive asset and whose sale could the period closed. After first quarter gross domestic product potentially double the company’s liquidity, in our view. and the March employment report disappointed, economic data rebounded over the ensuing two months. In June, the Meanwhile, we intentionally carried a slightly larger cash Federal Reserve (Fed) stated that it would be appropriate to raise position than we normally do to ensure trading flexibility in rates during the l atter part of 2015. Yet, it reiterated that any the face of the market’s greater liquidity challenges. However, move would be data dependent and gradual. Overall, the Fed our cash position was a drag on relative performance. reinforced its bias of ensuring that sustained growth takes hold. Outlook Performance Discussion Multiple factors currently have the potential to impact the The Fund outperformed its benchmark, the Barclays U.S. Corporate fixed income environment and high-yield corporate credit in High Yield Bond Index, during the period. Outperformance was particular. Chief among them is the timing and pace of the driven largely by security selection and spread carry, a measure Fed’s rate hikes and the pressure such a move would put on of excess income generated by the Fund’s securities, within high-yield bonds with longer durations. We are also concerned high-yield corporate credit. Our out-of-benchmark allocation with relevered corporate balance sheets, large amounts of new to common stock and convertibles also contributed to relative issuance and market illiquidity. Evidence of some investors performance, driven by our relative overweights. putting the hunt for yield over capital preservation can be seen in the weakening of covenants of new many issuances. We remain committed to a bottom-up, fundamental investment approach, which we believe is especially advantageous in Data suggest that the central bank is achieving its dual mandate. environments such as we find ourselves today. In our shift to Strong gains in payrolls have resumed and wage growth has a more defensive posture, we are seeking to identify high-yield shown signs of accelerating. The steadying in the U.S. dollar after corporate bonds of higher-quality companies committed to its rapid appreciation also aids the inflation outlook as continued strengthening their capital structures and are thus candidates gains in the currency would have made foreign products cheaper, for a possible ratings upgrade. thus keeping a lid on prices.

On the sector level, the leading relative contributor to The dollar, however, remains one of our wild cards. Deterioration outperformance was our metals and mining holdings. Driving in the Greece dispute or a deceleration in non-U.S. economies returns were both our significant underweight versus the could send investors fleeing back toward dollar-denominated benchmark – evidence that which securities we choose to avoid assets, forcing a resumption in the currency’s march upward. is equally important as those we choose to hold – and our This could pressure earnings of U.S. multinationals. In a nod selection of the securities that we continued to own within to such scenarios, the Fed has acknowledged that international the sector. Also contributing to performance was our security developments are being considered as it charts its path forward. selection within aerospace/defense and midstream energy. The winter slowdown does not affect our full-year outlook. Our tactic of security avoidance was also on display on the issuer We expect growth to catch up over the second half of 2015. level, with one of the leading contributors to Fund performance Continued patches of softness may cause the Fed to delay its being our zero weighting to benchmark component Peabody initial rate hike past the widely assumed September lift-off, but energy. In our view, coal miners face both daunting regulatory in our view, rates will rise – albeit cautiously – this year. We challenges in addition to stiff competition from natural gas, a believe that better-than-expected growth is not priced into the commodity whose prices have remained under intense pressure fixed income market. That concerns us, especially as any catalyst for a sustained amount of time. for a sell-off, in our view, would be especially felt within the high-yield space. Also contributing to outperformance was ADS Tactical, a provider of military gear. We believe that ADS stands to benefit We are mindful that we are quite possibly nearing the end of a as the Department of Defense moves toward a streamlined credit cycle. Merger and acquisition activity, share buybacks, and procurement process favoring vendors of choice. debt issuance are up. We are also concerned with the potential for sustained periods of elevated volatility, which we consider On the sector level, retailers and transportation services weighed suppressed by continued fixed-income inflows. Alarmingly low on relative results. levels of liquidity are a risk factor that we are taking seriously.

54 Janus Capital Funds Plc / 30 June 2015 We believe that less-liquid pockets of the market such as high- However, Germany’s 10-year bund aggressively sold off in the yield credits are especially vulnerable. Should an illiquidity spring, with its yield rising almost 1% from near 0%. Prior to event occur, we want to be a provider of liquidity. the late-quarter tumult fueled by Greece, improving data caused some to wonder whether it would be necessary for the ECB Over the past quarter we have sought to reduce risks in our to carry out the entirety of its planned asset purchases. U.S. portfolio and expect to maintain this defensive posture as the investment-grade spreads were flat for much of the period as aforementioned risk factors play out. We are holding larger that market absorbed a flood of new issuance before widening amounts of cash than normal as any draw-downs that could in June. High-yield spreads initially narrowed amid a search occur are best paid out of cash rather than selling into a for yield, reaching year-to-date lows, prior to ending the period possible vacuum. Securities that have a sufficient amount of essentially unchanged. yield cushion to continue to compensate investors in the event of falling prices are also favorable to us. We have not seen Performance Discussion such a confluence of potentially adverse forces in fixed income markets for several years. Our binding principle of capital For the entire period, the Fund underperformed its benchmark, preservation is of utmost importance as we navigate the choppy the 3-Month USD London Interbank Offered Rate (LIBOR). waters ahead. The Fund’s investment approach seeks to provide long-term Thank you for your investment in Janus High Yield Bond Fund. positive returns and to preserve capital through various market environments by managing portfolio duration, credit risk and (July 2015) volatility. The Fund seeks to limit potential downside and avoid areas of the market where we see disproportionate risk. Janus Global Unconstrained Bond Fund Bill Gross, portfolio manager A key component of the Fund’s strategy is to maintain a sizable allocation in shorter-duration investment-grade and high-yield Performance Overview corporate credit. These cash bonds provide the Fund with its yield foundation. Corporate credits are selected based on a During the six-month period ended June 30, 2015, Janus Global variety of criteria; however, in general, we focus on investment- Unconstrained Bond Fund’s Class I€acc Hedged Shares returned grade and “crossover” high-yield names with shorter maturities -0.30% compared with 0.13% for the Fund’s benchmark, the (often under 36 months) in a few common sectors. We define 3-Month USD LIBOR. “crossover” credits as issuers that are either just above or just below investment-grade status. We seek to identify the Market Environment most attractive segments of the market, and allocate capital accordingly across sectors, currency exposures, sovereign debt, After experiencing increased volatility during the first part of credit quality, duration and yield curve positioning. the year amid persistent uncertainty of the timing of the Federal Reserve’s (Fed) expected rate hike, fixed income markets largely For the six-month period, credit exposure contributed to Fund retreated over the rest of the period, influenced by a combination performance. U.S. dollar-denominated debt in Russian and of improving U.S. data and uncertainty about the path of global Brazilian corporate bonds, however, detracted from performance monetary policy. The volatility that characterized fixed income markets during the winter initially subsided in early spring, In the Fund’s pursuit of generating positive returns, it deploys only to flare up as the period closed. Data indicated that the a Structural Alpha strategy. One component of this strategy is economy had slowed during the year’s first three months. Over to sell volatility across a range of asset classes, including fixed the ensuing two months, improving jobs and manufacturing income, equities and currencies. It is our view that prices data suggested that the winter slowdown had been transient. In of many investment instruments presume a greater level of June, the Fed stated that it would be appropriate to raise rates volatility in underlying assets than what will ultimately be during the latter part of 2015. Yet, it reiterated that any move experienced, and returns can be generated by selling such would be data dependent and gradual. instruments. During the period, the Fund – utilizing out-of- the-money options – employed its volatility strategy in currency, The U.S. Treasury curve steepened during the period, with yields equities and interest rate markets. Given the breadth of the on the 10- and 30-year reaching levels not visited since last markets in which this strategy is deployed, selling volatility autumn. After dipping to 1.85% in early April, the 10-year yield during the period had both positive and negative impacts on nearly hit 2.50% in June. However, Treasury yields were partly Fund performance. During the first quarter of 2015, volatility capped by the March launch of the European Central Bank’s sales drove positive performance and, as explained below, they (ECB) quantitative easing (QE) program. The ECB’s QE drove detracted in the period’s final three months due to exposure eurozone sovereign yields into negative territory and encouraged to the German bund. foreign investors to purchase relatively higher-yielding Treasurys.

Janus Capital Funds Plc / 30 June 2015 55 Fund Overviews

Relative value trades were also a component of Structural Alpha inflation in Mexico pick up and the country’s ability to service that was employed by the Fund. During the first three months its outstanding sovereign debt not come into question. of the period, relative value trades weighed on performance as we sold exposure to the bund in favor of U.S. Treasurys, Thank you for your investment in Janus Global Unconstrained expecting that the bund was overvalued. However, the bund’s Bond Fund. rally continued for much of the winter, with yields nearly sliding to 0%. (July 2015)

Selling default protection on issuers that we consider to be Janus US Short-Term Bond Fund misunderstood by other market participants is another strategy Gibson Smith and Darrell Watters, portfolio manager of Structural Alpha. Similar to volatility, we view that the market has a tendency to overpay for protection against credit Performance Summary events of certain issuers. In instances where we believe that default risk is overpriced, we sell credit default swaps (CDS) During the six-month period ended June 30, 2015, Janus to investors who take an opposing view on the risk of the Short-Term Bond Fund’s Class I$acc Shares returned 0.58% underlying credit. compared with 0.72% for the Fund’s benchmark, the Barclays U.S. Government/Credit 1-3 Year Bond Index. Russian debt is an example of where this strategy was deployed. After last autumn’s collapse in global energy prices and additional Investment Environment sanctions imposed upon Russia, the ability of the country’s government to generate sufficient revenue to cover its budget was The yield of the 2-year U.S. Treasury ended the period relatively called into question. Selling such protection on the sovereign flat. Soft U.S. economic data in the first half of the period caused debt of Brazil – another country facing economic challenges investors to worry that the Federal Reserve (Fed) may not hike – was also a part of the Fund’s strategy. As markets reacted its benchmark rates as soon as anticipated, which weighed on to adverse events in these two countries, we sold government yields. However, improving economic data in the second half of default protection during the final three months of the reporting the period heightened the expectation that the Fed would indeed period. Our allocation to Brazilian CDS was a strong contributor initiate rate hikes before the end of the year and the yield rose to performance during this period, with our Russian allocation above 0.70%. However, yields fell slightly in light of questions also contributing, but by a much smaller amount. surrounding Greece’s ability to service its debt obligations at the end of June. At the onset of the second quarter of 2015, we employed a volatility strategy on German bunds. After having seen yields Performance Discussion on the 10-year bund plummet to near 0% as the ECB rolled out its plan to purchase 60 billion euros of assets monthly, the The Fund underperformed its benchmark, the Barclays U.S. market exhibited trepidation, wondering if the bund rally was Government/Credit 1-3 Year Bond Index, during the period. overextended or if the ECB would need to complete its scheduled asset purchases in light of slowly improving eurozone data. Our U.S. Treasury allocation was the largest detractor from relative performance due to our yield curve positioning. We Our position on the bund involved selling volatility using options shortened our duration during the period. We use Treasurys as without taking a directional stance. As the bund rally reversed in a tool to adjust duration of the overall portfolio, and as short- late April 2015, the exposure of the trade shifted to a point where term notes sold off during the period, our positioning detracted it was long the bund. Both the speed and the magnitude of the from relative performance. Since our Treasurys allocation is bund reversal surprised markets. As prices continued to fall, we considerably less than that of the benchmark – and was further employed other strategies to manage losses until expiry of the lowered during the quarter – the detraction from relative original contracts. We then reinstituted exposure to bunds, still performance due to our positioning was tempered. short volatility, but more directionally focused – short German debt – as this better aligned with our macro view. In aggregate, Relative asset class contributors included our high-yield and the bund strategy we instituted from early April 2015 through investment-grade corporate credit allocations. Contributing to the period’s end ultimately detracted from performance. relative performance was spread carry – a measure of excess income generated by the Fund’s securities – within our out- Russia, Germany and Brazil are not the only countries that the of-benchmark high-yield corporate credit allocation as well as Fund had exposure to during the period. By utilizing a relative- within our investment-grade corporate allocation. These gains, value strategy, we have positioned ourselves to potentially however, were slightly diminished by our yield curve positioning benefit from a compression of Mexican and U.S. interest rates. within both market segments. Similarly, we have taken positions that stand to benefit should

56 Janus Capital Funds Plc / 30 June 2015 On a credit sector basis, midstream and independent energy were the primary credit sectors weighing on relative returns, while technology and oil field services contributed to relative performance.

On an individual security level, a decline in out-of-benchmark Chesapeake Energy detracted from performance. We continue to like this leading producer of natural gas. It has a leadership team that, in our view, manages its balance sheet like an investment- grade company. With its ample liquidity and a large asset base, Chesapeake, in our view, is well-positioned to attain a ratings upgrade.

Outlook

The quarter’s incrementally improving economic data were a factor in rising short-term rates, as expectations were heighted that the years-long era of near zero-interest-rate-policy would soon end. Given the sensitivity of shorter-maturity rates to policy rates, a hike would be disproportionately felt on the short end of the curve.

While risks to slowing U.S. – or global – growth could cause the Fed to delay its initial rate hike, our expectation is that one shall occur in 2015. We are positioning the Fund to avoid the shortest- duration securities as these will be the ones most likely to incur a capital loss, and instead seek to identify high-quality out-of- benchmark 5-year notes that have a sufficient yield cushion to absorb price declines and still adequately compensate investors.

We expect to continue to maintain our defensive stance, not only in light of the specter of rising rates, but also due to a flood of new issuance, and continued shareholder-friendly activity that eschews the priorities of fixed income investors.

We believe that our corporate credit allocation is integral to achieving our goal of generating attractive risk-adjusted returns. Our fundamental, bottom-up investment process that focuses not only on companies, but also on individual securities, in our view, lends itself to effectively uncovering value that investors with a top-down approach may overlook. With a defensive bias, we are concentrating our efforts on notes of higher-quality companies that are committed to disciplined balance sheet management and generating stable cash flow. As some of our lower-yielding, investment-grade credits mature, we will seek opportunities to redeploy these proceeds in slightly higher-yielding and longer- dated maturities.

Thank you for your investment in Janus US Short-Term Bond Fund.

(July 2015)

Janus Capital Funds Plc / 30 June 2015 57 Fund Performance

TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus Asia Frontier Markets Fund A$acc Shares...... 26 September 2014 N/A N/A N/A N/A (3.30)% AAUD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A (1.60)% ACAD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A (3.10)% ARMB(CNH)acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A (0.90)% A€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A (3.70)% AHKD$acc Shares ...... 26 September 2014 N/A N/A N/A N/A (3.40)% E€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A (4.00)% I$acc Shares ...... 26 September 2014 N/A N/A N/A N/A (2.40)% IRMB(CNH)acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 0.10% I€acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A (2.80)% U€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A (2.60)% U£acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A (2.30)%

Janus Asia Growth Drivers Fund A$acc Shares...... 19 September 2014 N/A N/A N/A N/A (4.90)% AAUD$acc Hedged Shares...... 19 September 2014 N/A N/A N/A N/A (2.90)% ACAD$acc Hedged Shares...... 19 September 2014 N/A N/A N/A N/A (4.10)% ARMB(CNH)acc Hedged Shares ...... 19 September 2014 N/A N/A N/A N/A (2.30)% A€acc Hedged Shares ...... 19 September 2014 N/A N/A N/A N/A (5.10)% AHKD$acc Shares ...... 19 September 2014 N/A N/A N/A N/A (4.80)% E€acc Hedged Shares ...... 19 September 2014 N/A N/A N/A N/A (5.50)% I$acc Shares ...... 19 September 2014 N/A N/A N/A N/A (3.90)% IRMB(CNH)acc Hedged Shares ...... 19 September 2014 N/A N/A N/A N/A (1.30)% I€acc Hedged Shares...... 19 September 2014 N/A N/A N/A N/A (4.20)% U€acc Hedged Shares ...... 19 September 2014 N/A N/A N/A N/A (4.00)% U£acc Hedged Shares ...... 19 September 2014 N/A N/A N/A N/A (3.90)%

Janus Asia Fund A$acc Shares...... 31 August 2011 10.25% 11.02% N/A 5.95% 24.80% E€acc Hedged Shares ...... 30 March 2012 9.65% 10.11% N/A 6.49% 22.70% I$acc Shares ...... 31 August 2011 11.58% 12.46% N/A 7.30% 31.00% I€acc Hedged Shares...... 30 March 2012 11.40% 12.09% N/A 8.40% 30.00% U£acc Shares ...... 2 January 2013 21.89% N/A N/A 7.49% 19.70% Z$inc Shares ...... 26 June 2013 13.04% N/A N/A 17.33% 37.90%

Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1) Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.

58 Janus Capital Funds Plc / 30 June 2015 TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus Balanced Fund A$acc Shares...... 24 December 1998 0.35% 8.62% 8.46% 5.18% 130.40% A$inc Shares...... 1 October 2013 0.36% N/A N/A 5.00% 8.88% AAUD$acc Hedged Shares...... 1 October 2013 3.25% N/A N/A 7.96% 14.30% AAUD$inc Hedged Shares ...... 1 October 2013 2.70% N/A N/A 7.26% 13.02% ACAD$inc Hedged Shares ...... 4 October 2013 0.77% N/A N/A 5.72% 10.15% ARMB(CNH)inc Hedged Shares ...... 4 October 2013 3.33% N/A N/A 7.32% 13.05% A€acc Hedged Shares ...... 31 December 1999 (0.12)% 8.12% 7.86% 4.65% 102.31% A€inc Hedged Shares ...... 1 October 2013 (0.16)% N/A N/A 4.41% 7.81% AHKD$acc Shares ...... 31 August 2011 0.37% 8.57% N/A 8.42% 36.30% AHKD$inc Shares ...... 4 October 2013 0.35% N/A N/A 4.95% 8.76% B$acc Shares...... 24 December 1998 (0.66)% 7.53% 7.37% 4.15% 95.80% E€acc Hedged Shares ...... 31 August 2011 (0.53)% 7.68% N/A 7.43% 31.60% E€inc Hedged Shares ...... 4 October 2013 (0.60)% N/A N/A 3.97% 7.00% I$acc Shares ...... 31 December 1999 1.31% 9.66% 9.50% 5.10% 116.27% I$inc Shares ...... 1 October 2013 1.34% N/A N/A 5.93% 10.57% I€acc Hedged Shares...... 31 January 2008 1.04% 9.39% 9.07% 6.10% 55.10% I€inc Hedged Shares...... 1 October 2013 0.96% N/A N/A 5.36% 9.54% V$inc Shares...... 4 October 2013 0.32% N/A N/A 4.93% 8.71% VAUD$inc Hedged Shares ...... 4 October 2013 2.74% N/A N/A 7.58% 13.54%

Janus Emerging Markets Fund A$acc Shares...... 30 September 2010 (8.14)% 3.83% N/A (2.40)% (10.90)% A€acc Hedged Shares ...... 30 September 2010 (8.48)% 3.29% N/A (3.29)% (14.70)% B$acc Shares...... 30 September 2010 (9.09)% 2.82% N/A (3.37)% (15.00)% E€acc Hedged Shares ...... 31 August 2011 (8.81)% 1.00% N/A (4.18)% (15.10)% I$acc Shares ...... 30 September 2010 (7.37)% 4.76% N/A (1.52)% (7.00)% I€acc Hedged Shares...... 30 September 2010 (6.00)% 4.88% N/A (1.99)% (9.10)% U£acc Shares ...... 2 January 2013 1.32% N/A N/A 0.00% 0.00% Z$inc Shares ...... 29 June 2015 N/A N/A N/A N/A 0.69%

Janus Europe Fund A$acc Hedged Shares ...... 18 September 2013 7.90% N/A N/A 9.48% 17.50% A€acc Shares...... 28 November 2008 8.53% 15.82% 11.79% 15.49% 158.20% ASEKacc Hedged Shares ...... 31 October 2013 8.51% N/A N/A 10.07% 17.30% E€acc Shares...... 31 August 2011 7.97% 15.34% N/A 14.74% 69.40% I€acc Shares ...... 28 November 2008 9.66% 17.11% 13.20% 16.94% 180.30% ISEKacc Hedged Shares ...... 16 January 2014 9.62% N/A N/A 10.17% 15.10% U$acc Hedged Shares ...... 31 October 2013 9.48% N/A N/A 10.35% 17.80% U€acc Shares ...... 31 October 2013 9.87% N/A N/A 11.08% 19.10% Z€acc Shares...... 1 October 2013 10.97% N/A N/A 13.19% 24.13% Z€inc Shares ...... 26 June 2014 10.96% N/A N/A 10.94% 11.07%

Janus Capital Funds Plc / 30 June 2015 59 Fund Performance

TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus Global Life Sciences Fund A$acc Shares...... 31 March 2000 36.25% 36.42% 29.15% 7.87% 217.60% AAUD$acc Hedged Shares...... 4 October 2013 38.63% N/A N/A 37.74% 74.40% ARMB(CNH)acc Hedged Shares ...... 3 October 2014 N/A N/A N/A N/A 29.80% A€acc Hedged Shares ...... 31 March 2000 35.99% 35.88% 28.40% 7.93% 220.40% AHKD$acc Shares ...... 27 February 2015 N/A N/A N/A N/A 5.90% B$acc Shares...... 31 March 2000 34.89% 35.04% 27.83% 6.77% 171.40% E$acc Shares...... 1 October 2013 35.51% N/A N/A 33.70% 66.00% E€acc Hedged Shares ...... 1 October 2013 35.28% N/A N/A 32.82% 64.10% I$acc Shares ...... 31 March 2000 37.25% 37.57% 30.31% 8.82% 262.90% I€acc Shares ...... 20 October 2014 N/A N/A N/A N/A 52.70% I€acc Hedged Shares...... 31 January 2008 37.07% 37.11% 29.83% 16.08% 202.10% U$acc Shares ...... 31 October 2013 38.33% N/A N/A 39.33% 73.60% U$Inc Shares ...... 20 October 2014 N/A N/A N/A N/A 33.50% U€acc Shares ...... 20 October 2014 N/A N/A N/A N/A 53.40% U€acc Hedged Shares ...... 31 October 2013 37.96% N/A N/A 39.57% 74.10% U£acc Shares ...... 20 October 2014 N/A N/A N/A N/A 37.50% U£Inc Shares ...... 02 January 2013 50.61% N/A N/A 44.06% 148.20%

Janus Global Research Fund A$acc Shares...... 24 April 2006 3.83% 13.14% 11.71% 5.24% 59.90% A$dis Shares ...... 31 January 2008 3.74% 13.14% 11.71% 3.66% 30.50% A€acc Hedged Shares ...... 24 April 2006 3.12% 12.52% 10.78% 3.92% 42.30% B$acc Shares...... 24 April 2006 2.75% 12.02% 10.62% 4.20% 45.90% E€acc Hedged Shares ...... 31 August 2011 2.00% 11.70% N/A 8.70% 37.70% I$acc Shares ...... 24 April 2006 5.09% 14.58% 13.10% 6.45% 77.50% I$dis Shares ...... 31 January 2008 5.04% 14.57% 13.08% 4.86% 42.17% I€acc Hedged Shares...... 24 April 2006 0.13% 12.36% 11.21% 4.60% 51.20% U£acc Shares ...... 2 January 2013 14.65% N/A N/A 14.50% 40.10% Z$inc Shares ...... 11 January 2013 6.40% N/A N/A 13.96% 38.01%

Janus Global Technology Fund A$acc Shares...... 31 March 2000 4.76% 15.32% 14.48% (2.28)% (29.60)% AAUD$acc Hedged Shares...... 30 May 2014 8.96% N/A N/A 13.11% 14.30% ARMB(CNH)acc Hedged Shares ...... 30 May 2014 10.17% N/A N/A 13.57% 14.80% A€acc Hedged Shares ...... 31 March 2000 4.08% 14.69% 13.60% (2.18)% (28.50)% AHKD$acc Shares ...... 30 May 2014 5.58% N/A N/A 8.91% 9.70% B$acc Shares...... 31 March 2000 3.77% 14.19% 13.34% (3.23)% (39.40)% I$acc Shares ...... 31 March 2000 5.64% 16.40% 15.57% (1.40)% (19.40)% I€acc Hedged Shares...... 31 January 2008 5.32% 16.34% 15.26% 9.06% 90.20% U$acc Shares ...... 31 October 2013 6.37% N/A N/A 11.70% 20.20% U€acc Hedged Shares ...... 31 October 2013 5.90% N/A N/A 11.75% 20.30%

Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1) Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.

60 Janus Capital Funds Plc / 30 June 2015 TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus Japan Emerging Opportunities Fund A$acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 24.80% AAUD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 27.00% ACAD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 25.20% ARMB(CNH)acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 28.00% A€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 24.60% AHKD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 25.00% E€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 24.10% I$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 26.00% IRMB(CNH)acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 29.20% I€acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 25.80% IJPYacc Shares ...... 26 September 2014 N/A N/A N/A N/A 26.89% U€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 25.90% U£acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 26.40%

Janus Japan Fund A$acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 16.90% AAUD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 18.90% ACAD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 17.20% ARMB(CNH)acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 19.90% A€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 16.70% AHKD$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 17.10% E€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 16.20% I$acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 17.90% IRMB(CNH)acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 20.90% I€acc Hedged Shares...... 26 September 2014 N/A N/A N/A N/A 17.70% IJPYacc Shares ...... 26 September 2014 N/A N/A N/A N/A 18.79% U€acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 17.70% U£acc Hedged Shares ...... 26 September 2014 N/A N/A N/A N/A 18.10%

Janus Opportunistic Alpha Fund A$acc Shares...... 24 December 1998 2.52% 12.56% 10.27% 3.74% 83.40% A$dis Shares ...... 31 January 2008 2.53% 12.58% 10.28% 4.85% 42.10% ARMB(CNH)acc Hedged Shares ...... 3 October 2014 N/A N/A N/A N/A 4.40% A€acc Hedged Shares ...... 31 December 1999 2.14% 12.08% 9.43% (0.25)% (3.82)% B$acc Shares...... 24 December 1998 1.43% 11.46% 9.16% 2.72% 55.80% E€acc Hedged Shares ...... 31 August 2011 1.33% 11.22% N/A 7.08% 30.00% I$acc Shares ...... 31 December 1999 3.59% 13.84% 11.45% 0.52% 8.39% I$dis Shares ...... 31 January 2008 3.65% 13.89% 11.49% 5.95% 53.50% I€acc Hedged Shares...... 31 January 2008 4.73% 13.65% 10.73% 4.82% 41.80% U$acc Shares ...... 31 October 2013 3.74% N/A N/A 14.25% 24.80% U€acc Hedged Shares ...... 31 October 2013 3.39% N/A N/A 14.36% 25.00% U£acc Shares ...... 2 January 2013 13.00% N/A N/A 17.81% 50.40%

Janus US Fund A$acc Shares...... 30 September 2010 11.60% 16.15% N/A 12.13% 72.20% A€acc Hedged Shares ...... 30 September 2010 11.33% 15.68% N/A 11.28% 66.10% B$acc Shares...... 30 September 2010 10.49% 15.01% N/A 11.02% 64.30% I$acc Shares ...... 30 September 2010 12.83% 17.37% N/A 13.32% 81.10% I€acc Hedged Shares...... 30 September 2010 12.40% 16.82% N/A 12.39% 74.10%

Janus Capital Funds Plc / 30 June 2015 61 Fund Performance

TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus US Research Fund A$acc Shares...... 11 January 2002 5.60% 16.80% 14.89% 6.12% 122.60% A$dis Shares ...... 31 January 2008 5.73% 16.82% 14.89% 5.74% 51.30% A€acc Hedged Shares ...... 11 January 2002 5.08% 16.24% 14.29% 5.23% 98.70% B$acc Shares...... 11 January 2002 4.53% 15.63% 13.74% 5.04% 94.00% I$acc Shares ...... 11 January 2002 7.08% 18.55% 16.60% 7.36% 160.10% I$dis Shares ...... 31 January 2008 7.19% 18.56% 16.63% 7.16% 67.00% I€acc Hedged Shares...... 31 January 2008 6.72% 18.47% 16.28% 6.44% 58.80% Z$inc Shares ...... 21 March 2013 8.42% N/A N/A 17.22% 43.58%

Janus US Twenty Fund A$acc Shares...... 24 December 1998 13.87% 19.10% 16.27% 5.10% 127.40% A$dis Shares ...... 31 January 2008 13.83% 19.08% 16.26% 6.45% 58.90% AAUD$acc Hedged Shares...... 4 October 2013 16.36% N/A N/A 17.13% 31.60% ARMB(CNH)acc Hedged Shares ...... 3 October 2014 N/A N/A N/A N/A 13.70% A€acc Hedged Shares ...... 31 December 1999 13.39% 18.58% 15.42% 2.03% 36.45% B$acc Shares...... 24 December 1998 12.74% 17.93% 15.12% 4.06% 92.90% E€acc Hedged Shares ...... 31 August 2011 12.92% 18.14% N/A 16.13% 77.40% I$acc Shares ...... 31 December 1999 15.05% 20.35% 17.47% 2.68% 50.62% I$dis Shares ...... 31 January 2008 15.04% 20.34% 17.46% 7.47% 70.60% I€acc Hedged Shares...... 31 December 1999 14.70% 19.65% 16.44% 3.14% 61.43% U$acc Shares ...... 31 October 2013 15.33% N/A N/A 15.13% 26.40% U€acc Hedged Shares ...... 31 October 2013 14.79% N/A N/A 15.18% 26.50% U£acc Shares ...... 2 January 2013 25.48% N/A N/A 21.53% 62.50%

Janus US Venture Fund A$acc Shares...... 31 December 1999 14.13% 20.00% 20.09% 5.34% 123.80% A$dis Shares ...... 31 January 2008 14.11% 20.04% 20.13% 9.72% 98.90% AAUD$acc Hedged Shares...... 4 October 2013 16.13% N/A N/A 16.82% 31.00% A€acc Hedged Shares ...... 31 December 1999 13.60% 19.39% 19.24% 5.73% 137.20% B$acc Shares...... 31 December 1999 12.87% 18.77% 18.87% 4.30% 92.00% I$acc Shares ...... 31 December 1999 14.94% 21.03% 21.20% 6.20% 153.90% I$dis Shares ...... 31 January 2008 14.94% 21.10% 21.22% 10.74% 113.10% I€acc Hedged Shares...... 31 January 2008 14.46% 18.45% 19.14% 9.11% 90.80% U$acc Shares ...... 31 October 2013 15.77% N/A N/A 16.66% 29.20% U€acc Hedged Shares ...... 31 October 2013 (95.01)% N/A N/A (82.33)% (94.40)% U£acc Shares ...... 2 January 2013 26.09% N/A N/A 24.76% 73.50% Z$acc Shares...... 3 April 2013 16.92% N/A N/A 24.40% 63.13% Z€acc Shares...... 6 May 2014 43.62% N/A N/A 50.58% 60.16%

Perkins Global Value Fund A$acc Shares...... 30 September 2010 (3.31)% 10.49% N/A 8.73% 48.80% A€acc Hedged Shares ...... 30 September 2010 (3.76)% 9.84% N/A 7.89% 43.40% B$acc Shares...... 30 September 2010 (4.27)% 9.21% N/A 7.54% 41.20% E€acc Hedged Shares ...... 31 October 2013 (4.70)% N/A N/A 3.27% 5.50% I$acc Shares ...... 30 September 2010 (2.31)% 11.67% N/A 9.88% 56.40% I€acc Hedged Shares...... 30 September 2010 (27.96)% 10.91% N/A 8.95% 50.20% U$acc Shares ...... 31 October 2013 (2.06)% N/A N/A 5.43% 9.20% U€acc Hedged Shares ...... 31 October 2013 (2.67)% N/A N/A 5.43% 9.20% Z$inc Shares ...... 26 June 2013 (1.10)% N/A N/A 9.75% 20.57%

Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1) Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.

62 Janus Capital Funds Plc / 30 June 2015 TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Perkins US Strategic Value Fund A$acc Shares...... 30 November 2000 (0.24)% 11.16% 9.69% 5.05% 105.20% A$dis Shares ...... 31 January 2008 (0.28)% 11.13% 9.68% 4.80% 41.57% A€acc Hedged Shares ...... 30 November 2000 (0.77)% 10.61% 8.90% 4.16% 81.20% B$acc Shares...... 30 November 2000 (1.23)% 10.06% 8.60% 3.97% 76.40% E€acc Hedged Shares ...... 31 August 2011 (1.38)% 10.02% N/A 8.29% 35.70% I$acc Shares ...... 30 November 2000 0.44% 11.98% 10.51% 5.89% 130.30% I$dis Shares ...... 31 January 2008 0.47% 12.01% 10.53% 5.61% 49.86% I€acc Shares ...... 28 September 2012 23.39% N/A N/A 16.84% 53.50% I€acc Hedged Shares...... 31 January 2008 0.00% 11.44% 9.67% 4.73% 40.90% U$acc Shares ...... 31 October 2013 1.18% N/A N/A 6.82% 11.60% U€acc Hedged Shares ...... 31 October 2013 0.72% N/A N/A 6.82% 11.60% U£acc Shares ...... 2 January 2013 10.17% N/A N/A 13.67% 37.60%

INTECH All-World Minimum Variance Core Fund(a) Z£acc Shares...... 01 May 2015 N/A N/A N/A N/A (2.28)%

INTECH European Core Fund A€acc Shares...... 28 February 2014 13.61% N/A N/A 9.96% 13.50% Z€inc Shares ...... 31 January 2014 15.73% N/A N/A 15.53% 22.59%

INTECH Global All Country Low Volatility Fund Z£acc Shares...... 3 November 2014 N/A N/A N/A N/A 5.63%

INTECH Global Dividend Fund A$acc Shares...... 28 March 2013 (9.74)% N/A N/A 3.26% 7.50% A$inc Shares...... 28 March 2013 (9.68)% N/A N/A 3.06% 7.04% A€acc Hedged Shares ...... 28 March 2013 (9.61)% N/A N/A 2.36% 5.40% A€inc Hedged Shares ...... 28 March 2013 (10.66)% N/A N/A 2.01% 4.59% E€acc Hedged Shares ...... 28 March 2013 (10.97)% N/A N/A 1.71% 3.90% E€inc Hedged Shares ...... 28 March 2013 (11.21)% N/A N/A 1.47% 3.35% I$acc Shares ...... 28 March 2013 (9.26)% N/A N/A 3.81% 8.80% I$inc Shares ...... 28 March 2013 (9.17)% N/A N/A 3.82% 8.83% I€acc Hedged Shares...... 28 March 2013 (9.98)% N/A N/A 3.17% 7.30% I€inc Hedged Shares...... 28 March 2013 (9.93)% N/A N/A 3.20% 7.36% U$acc Shares ...... 31 October 2013 (9.12)% N/A N/A (0.18)% (0.30)% U€acc Hedged Shares ...... 31 October 2013 (9.88)% N/A N/A (0.36)% (0.60)% U£inc Shares...... 28 March 2013 (1.03)% N/A N/A 2.33% 5.34% Z€acc Shares...... 28 February 2013 12.47% N/A N/A 12.70% 32.20%

INTECH US Core Fund A$acc Shares...... 25 April 2003 6.43% 16.20% 16.16% 8.75% 177.90% A$dis Shares ...... 31 January 2008 6.46% 16.21% 16.16% 6.86% 63.58% A€acc Hedged Shares ...... 25 April 2003 5.89% 15.56% 15.32% 7.81% 150.00% B$acc Shares...... 25 April 2003 5.35% 15.03% 14.99% 7.68% 146.30% I$acc Shares ...... 25 April 2003 7.05% 16.86% 16.79% 9.32% 196.20% I$dis Shares ...... 31 January 2008 6.97% 16.81% 16.76% 7.41% 69.91% I€acc Hedged Shares...... 24 April 2006 6.64% 16.41% 16.22% 5.18% 59.00% U$acc Shares ...... 31 October 2013 7.29% N/A N/A 11.98% 20.70% U€acc Hedged Shares ...... 31 October 2013 6.80% N/A N/A 12.09% 20.90% U£acc Shares ...... 2 January 2013 16.82% N/A N/A 18.78% 53.50%

Janus Capital Funds Plc / 30 June 2015 63 Fund Performance

TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus Global Diversified Alternatives Fund A$acc Shares...... 6 January 2014 (3.04)% N/A N/A (0.81)% (1.20)% ACHFacc Hedged Shares ...... 31 January 2014 (3.84)% N/A N/A 0.21% 0.30% A€acc Hedged Shares ...... 6 January 2014 (2.95)% N/A N/A (0.81)% (1.20)% ASEKacc Hedged Shares ...... 31 January 2014 (3.06)% N/A N/A 1.06% 1.50% E€acc Hedged Shares ...... 6 January 2014 (4.14)% N/A N/A (1.83)% (2.70)% I$acc Shares ...... 31 December 2013 (2.05)% N/A N/A 0.20% 0.30% ICHFacc Hedged Shares ...... 31 January 2014 (2.96)% N/A N/A 1.13% 1.60% I€acc Hedged Shares...... 6 January 2014 (2.45)% N/A N/A (0.20)% (0.30)% ISEKacc Hedged Shares ...... 31 January 2014 (2.28)% N/A N/A 1.91% 2.70% U$acc Shares ...... 6 January 2014 (1.95)% N/A N/A 0.27% 0.40% U€acc Hedged Shares ...... 6 January 2014 (2.35)% N/A N/A (0.07)% (0.10)% U£acc Hedged Shares ...... 31 January 2014 (1.61)% N/A N/A 2.82% 4.00%

Janus Global Real Estate Fund A$acc Shares...... 29 September 2003 (0.24)% 10.73% 10.01% 4.34% 64.80% A$inc Shares...... 29 September 2003 (0.30)% 10.72% 10.01% 4.32% 64.38% AAUD$inc Hedged Shares ...... 4 October 2013 1.99% N/A N/A 11.29% 20.41% ARMB(CNH)acc Hedged Shares ...... 3 October 2014 N/A N/A N/A N/A 7.10% A€acc Hedged Shares ...... 29 September 2003 (0.91)% 10.07% 9.08% 3.02% 41.90% B$acc Shares...... 29 September 2003 (1.21)% 9.64% 8.92% 3.31% 46.70% B$inc Shares ...... 29 September 2003 (1.16)% 9.63% 8.92% 3.31% 46.58% E€acc Hedged Shares ...... 28 March 2013 (1.35)% N/A N/A 4.02% 9.30% E€inc Hedged Shares ...... 28 March 2013 (0.92)% N/A N/A 4.13% 9.58% I$inc Shares ...... 29 September 2003 0.78% 11.88% 11.14% 5.29% 83.28% I€acc Hedged Shares...... 31 January 2008 (2.63)% 18.80% 14.64% 5.42% 47.90% U£inc Shares...... 27 June 2014 0.68% N/A N/A 0.67% 0.68% U£inc Hedged Shares ...... 27 June 2014 9.91% N/A N/A 9.83% 9.91%

Janus Flexible Income Fund A$acc Shares...... 24 December 1998 (0.15)% 1.38% 2.98% 4.32% 101.20% A$inc Shares...... 24 December 1998 (0.16)% 1.38% 2.98% 4.40% 103.73% AAUD$acc Hedged Shares...... 1 October 2013 2.26% N/A N/A 4.90% 8.70% AAUD$inc Hedged Shares ...... 28 March 2013 2.41% N/A N/A 2.55% 5.85% ARMB(CNH)inc Hedged Shares ...... 28 March 2013 3.03% N/A N/A 3.10% 7.14% A€acc Hedged Shares ...... 31 December 1999 (0.66)% 1.01% 2.84% 5.20% 119.38% AHKD$acc Shares ...... 28 March 2013 (0.10)% N/A N/A 0.75% 1.70% AHKD$inc Shares ...... 28 March 2013 (0.17)% N/A N/A 0.51% 1.16% B$acc Shares...... 24 December 1998 (1.15)% 0.37% 1.95% 3.35% 72.40% B$inc Shares ...... 24 December 1998 (1.17)% 0.39% 1.95% 3.42% 74.30% B€inc Hedged Shares ...... 31 December 1999 (1.64)% 0.02% 1.84% 4.30% 92.10% E€acc Hedged Shares ...... 31 August 2011 (0.93)% 0.76% N/A 1.81% 7.10% E€inc Hedged Shares ...... 31 August 2011 (0.87)% 0.76% N/A 1.82% 7.16% I$acc Shares ...... 9 May 2012 1.02% 2.61% N/A 2.75% 8.90% I$inc Shares ...... 31 December 1999 1.03% 2.60% 4.17% 5.48% 128.71% I€acc Hedged Shares...... 31 December 1999 0.51% 2.16% 4.00% 6.44% 163.21% U$acc Shares ...... 31 October 2013 0.96% N/A N/A 2.86% 4.80% U€acc Hedged Shares ...... 31 October 2013 0.67% N/A N/A 3.10% 5.20% U£acc Hedged Shares ...... 2 January 2013 1.15% N/A N/A 2.33% 5.90% U£inc Hedged Shares ...... 2 January 2013 0.31% N/A N/A 1.90% 4.79% V$inc Shares...... 28 September 2012 (0.22)% N/A N/A 0.55% 1.54% VAUD$inc Hedged Shares ...... 28 March 2013 2.45% N/A N/A 3.25% 7.49% Z$acc Shares...... 19 March 2014 1.81% N/A N/A 3.40% 4.38%

Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1) Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.

64 Janus Capital Funds Plc / 30 June 2015 TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus Global Flexible Income Fund A$acc Shares...... 28 September 2012 (5.92)% N/A N/A (1.14)% (3.10)% A€acc Hedged Shares ...... 28 September 2012 (6.49)% N/A N/A (1.81)% (4.90)% E€acc Hedged Shares ...... 31 October 2012 (6.50)% N/A N/A (1.91)% (5.00)% E€inc Hedged Shares ...... 31 October 2012 (6.75)% N/A N/A (1.81)% (4.76)% I$inc Shares ...... 28 September 2012 (4.96)% N/A N/A (0.09)% (0.24)% I€acc Hedged Shares...... 28 September 2012 (5.41)% N/A N/A (0.73)% (2.00)% U$acc Shares ...... 31 October 2013 (4.84)% N/A N/A 1.32% 2.20% U€acc Hedged Shares ...... 31 October 2013 (5.46)% N/A N/A 1.26% 2.10% U£acc Hedged Shares ...... 2 January 2013 (4.91)% N/A N/A 0.32% 0.80% U£inc Hedged Shares ...... 2 January 2013 (4.80)% N/A N/A 0.34% 0.84%

Janus Global High Yield Fund A$acc Shares...... 29 October 2010 (4.55)% 5.47% N/A 5.08% 26.00% A$inc Shares...... 29 October 2010 (4.51)% 5.49% N/A 5.10% 26.15% AAUD$inc Hedged Shares ...... 30 November 2011 (2.30)% 8.12% N/A 9.73% 39.48% A€acc Hedged Shares ...... 29 October 2010 (5.00)% 4.89% N/A 4.64% 23.60% A€inc Hedged Shares ...... 29 October 2010 (5.11)% 5.01% N/A 4.68% 23.78% B$acc Shares...... 29 October 2010 (5.43)% 4.41% N/A 4.02% 20.20% B$inc Shares ...... 29 October 2010 (5.45)% 4.42% N/A 4.03% 20.26% B€inc Hedged Shares ...... 29 October 2010 (6.03)% 5.22% N/A 4.50% 22.83% E€acc Hedged Shares ...... 31 August 2011 (5.60)% 4.79% N/A 5.19% 21.40% E€inc Hedged Shares ...... 31 August 2011 (5.54)% 4.50% N/A 5.10% 20.98% I$acc Shares ...... 29 October 2010 (3.59)% 6.48% N/A 6.08% 31.70% I$inc Shares ...... 29 October 2010 (3.66)% 6.44% N/A 6.06% 31.62% IAUD$inc Hedged Shares ...... 30 November 2011 (1.43)% 9.17% N/A 10.77% 44.29% I€acc Hedged Shares...... 29 October 2010 (76.19)% (32.98)% N/A (21.19)% (67.10)% I€inc Hedged Shares...... 29 October 2010 (2.50)% 7.69% N/A 6.80% 35.98% U£acc Hedged Shares ...... 2 January 2013 (3.29)% N/A N/A 4.58% 11.80% U£inc Hedged Shares ...... 2 January 2013 (3.44)% N/A N/A 4.55% 11.72% Z$inc Shares ...... 7 October 2013 (2.59)% N/A N/A 4.20% 7.37%

Janus Global Investment Grade Bond Fund A$acc Shares...... 29 October 2010 (7.72)% 1.47% N/A 2.04% 9.90% A$inc Shares...... 29 October 2010 (7.75)% 1.47% N/A 2.04% 9.87% A€acc Hedged Shares ...... 29 October 2010 (8.35)% 0.94% N/A 1.78% 8.60% A€inc Hedged Shares ...... 29 October 2010 (8.35)% 0.99% N/A 1.80% 8.69% B$acc Shares...... 29 October 2010 (8.62)% 0.45% N/A 1.03% 4.90% B$inc Shares ...... 29 October 2010 (8.63)% 0.45% N/A 1.03% 4.89% B€inc Hedged Shares ...... 29 October 2010 (9.65)% (0.20)% N/A 0.70% 3.29% E€acc Hedged Shares ...... 31 August 2011 (8.67)% 0.49% N/A 0.83% 3.20% E€inc Hedged Shares ...... 31 August 2011 (8.85)% 0.38% N/A 0.88% 3.43% I$acc Shares ...... 29 October 2010 (6.68)% 2.64% N/A 3.21% 15.90% I$inc Shares ...... 29 October 2010 (6.65)% 2.66% N/A 3.22% 15.96% I€acc Hedged Shares...... 29 October 2010 (12.86)% (0.19)% N/A 1.48% 7.10% I€inc Hedged Shares...... 29 October 2010 (7.59)% 2.02% N/A 2.91% 14.31% I£inc Hedged Shares...... 30 July 2014 N/A N/A N/A N/A (5.49)% Z$inc Shares ...... 26 June 2013 (5.84)% N/A N/A 3.09% 6.31%

Janus Capital Funds Plc / 30 June 2015 65 Fund Performance

TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus High Yield Fund A$acc Shares...... 24 December 1998 (2.64)% 5.15% 6.83% 5.62% 146.80% A$inc Shares...... 24 December 1998 (2.64)% 5.15% 6.83% 5.72% 150.74% AAUD$acc Hedged Shares...... 1 October 2013 (0.36)% N/A N/A 5.89% 10.50% AAUD$inc Hedged Shares ...... 30 November 2011 (0.18)% 7.55% N/A 9.50% 38.44% ARMB(CNH)inc Hedged Shares ...... 30 March 2012 0.61% 7.69% N/A 7.20% 25.39% A€acc Hedged Shares ...... 31 December 1999 (3.08)% 4.73% 6.56% 6.17% 153.00% AHKD$acc Shares ...... 31 August 2011 (2.66)% 5.11% N/A 5.88% 24.50% AHKD$inc Shares ...... 31 August 2011 (2.56)% 5.12% N/A 5.88% 24.47% B$acc Shares...... 24 December 1998 (3.60)% 4.09% 5.78% 4.65% 111.80% B$inc Shares ...... 24 December 1998 (3.67)% 4.06% 5.76% 4.74% 114.91% B€inc Hedged Shares ...... 31 December 1999 (4.06)% 3.73% 5.53% 5.32% 123.44% E€acc Hedged Shares ...... 31 August 2011 (3.43)% 4.41% N/A 5.12% 21.10% E€inc Hedged Shares ...... 31 August 2011 (3.33)% 4.40% N/A 5.21% 21.51% I$acc Shares ...... 30 November 2009 (1.51)% 6.30% 7.99% 8.34% 56.40% I$inc Shares ...... 31 December 1999 (1.51)% 6.31% 7.98% 6.55% 167.37% IAUD$inc Hedged Shares ...... 30 November 2011 0.80% 21.65% N/A 21.49% 100.91% IRMB(CNH)inc Hedged Shares ...... 30 March 2012 1.67% 8.80% N/A 8.32% 29.70% I€acc Hedged Shares...... 31 December 1999 (1.84)% 5.97% 7.79% 6.93% 182.55% U£acc Hedged Shares ...... 2 January 2013 (1.32)% N/A N/A 4.77% 12.30% U£inc Hedged Shares ...... 2 January 2013 (1.33)% N/A N/A 4.75% 12.26% V$inc Shares...... 28 September 2012 (2.76)% N/A N/A 3.84% 10.93% VAUDinc Hedged Shares ...... 28 September 2012 0.96% N/A N/A 6.88% 20.10% Z$acc Shares...... 21 September 2012 (0.72)% N/A N/A 5.90% 17.22%

Janus Global Unconstrained Bond Fund A$acc Shares...... 29 September 2014 N/A N/A N/A N/A (0.70)% A$inc Shares...... 20 October 2014 N/A N/A N/A N/A (1.11)% AAUD$inc Hedged Shares ...... 27 February 2015 N/A N/A N/A N/A (0.38)% ACAD$inc Hedged Shares ...... 27 February 2015 N/A N/A N/A N/A (1.07)% ACHFacc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A (1.30)% ACHFinc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A (1.31)% ARMB(CNH)inc Hedged Shares ...... 27 February 2015 N/A N/A N/A N/A (0.46)% A€acc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A (1.20)% A€inc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A (0.90)% AHKD$inc Shares ...... 27 February 2015 N/A N/A N/A N/A (1.57)% ASGDinc Hedged Shares...... 20 October 2014 N/A N/A N/A N/A (0.60)% E€acc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A 0.00% E€inc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A (0.74)% I$acc Shares ...... 29 September 2014 N/A N/A N/A N/A 0.10% I€acc Hedged Shares...... 20 October 2014 N/A N/A N/A N/A (0.30)% U$acc Shares ...... 20 October 2014 N/A N/A N/A N/A (0.20)% U$inc Shares...... 20 October 2014 N/A N/A N/A N/A (0.21)% U€acc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A 0.00% U£acc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A (0.30)% U£inc Shares...... 20 October 2014 N/A N/A N/A N/A 2.72% U£inc Hedged Shares ...... 20 October 2014 N/A N/A N/A N/A (0.01)%

Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1) Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.

66 Janus Capital Funds Plc / 30 June 2015 TOTAL RETURNS(1) As at 30 June 2015

201 5 Since Since Inception One Year Three Year Five Years Inception Inception Date Annualised Annualised Annualised Annualised Cumulative

Janus US Short-Term Bond Fund A$acc Shares...... 24 December 1998 (0.42)% 0.63% 1.10% 3.11% 65.70% A$inc Shares...... 24 December 1998 (0.34)% 0.64% 1.11% 3.09% 65.19% AAUD$inc Hedged Shares ...... 1 October 2013 2.00% N/A N/A 3.11% 5.49% ACHFinc Hedged Shares ...... 1 February 2012 (1.65)% (0.09)% N/A 0.25% 0.84% A€acc Hedged Shares ...... 31 December 1999 (0.80)% 0.31% 0.94% 3.86% 79.90% B$acc Shares...... 24 December 1998 (1.15)% (0.11)% 0.37% 2.33% 46.20% B$inc Shares ...... 24 December 1998 (1.15)% (0.10)% 0.38% 2.36% 46.96% E€acc Hedged Shares ...... 31 August 2011 (1.07)% 0.00% N/A 0.41% 1.60% E€inc Hedged Shares ...... 31 August 2011 (1.53)% (0.23)% N/A 0.08% 0.32% I$acc Shares ...... 29 June 2012 0.10% 1.12% N/A 1.12% 3.40% I$inc Shares ...... 31 December 1999 0.10% 1.16% 1.62% 3.66% 74.53% ICHFinc Hedged Shares ...... 1 February 2012 (20.77)% (6.43)% N/A (5.38)% (17.19)% I€acc Hedged Shares...... 31 January 2008 (0.08)% 0.86% 1.53% 3.12% 25.60% I£acc Hedged Shares...... 28 September 2012 26.37% N/A N/A 9.81% 29.40% I£inc Hedged Shares...... 28 September 2012 (44.56)% N/A N/A (18.61)% (43.28)% U$acc Shares ...... 31 October 2013 0.20% N/A N/A 0.72% 1.20% U$inc Shares...... 31 October 2013 0.11% N/A N/A 0.75% 1.25% U£acc Hedged Shares ...... 2 January 2013 0.29% N/A N/A 1.27% 3.20% U£inc Hedged Shares ...... 2 January 2013 0.26% N/A N/A 0.10% 0.26% Z$acc Shares...... 31 October 2013 0.93% N/A N/A 1.54% 2.58%

Janus Capital Funds Plc / 30 June 2015 67 Janus Asia Frontier Markets Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Diversifi ed Manufacturing Operations Common Stock 15,300 Cahya Mata Sarawak Bhd ...... 0.7 20,895 Agricultural Operations Diversifi ed Operations 16,600 Astra Agro Lestari Tbk PT ...... 1.0 28,580 40,000 Alliance Global Group, Inc...... 0.7 19,255 610,000 Premium Leisure Corp...... 0.6 15,967 Appliances 900 Siam Cement PCL (NVDR) ...... 0.5 13,860 390 LG Corp...... 0.8 21,612 1.8 49,082 Automotive – Cars and Light Trucks Electric – Generation 12,000 BAIC Motor Corp., Ltd...... 0. 4 14,444 68,000 China Power International 5,500 Great Wall Motor Co., Ltd.* ...... 0.8 26,963 Development, Ltd...... 1.8 51,847 214 Hyundai Motor Co...... 0.8 26,098 119,800 Energy Development Corp...... 0.7 19,878 2. 0 67,505 25,500 First Gen Corp...... 0.5 15,273 Building – Heavy Construction 30,000 Huadian Fuxin Energy Corp., Ltd. – 16,000 China Railway Construction Corp., Class H ...... 0.5 14,359 Ltd...... 0.9 24,729 22,000 Huadian Power International Corp., 41,650 DMCI Holdings, Inc...... 0.4 12,196 Ltd...... 0.9 24,381 1.3 36,925 4.4 125,738 Building and Construction – Miscellaneous Electric – Integrated 18,000 China State Construction 42,000 CGN Power Co., Ltd...... 0.8 21,999 International Holdings, Ltd...... 1.1 32,418 Electronic Components – Miscellaneous 1,650 Sunway Construction Group, Bhd* ...... — 163 3,000 TPK Holding Co., Ltd...... 0.6 17,357 1.1 32,581 Electronic Components – Semiconductors Building Products – Cement and Aggregate 22 Samsung Electronics Co., Ltd...... 0.9 25,014 20,000 Indocement Tunggal Prakarsa Tbk PT ...... 1.1 31,321 37,500 Semen Indonesia Persero Tbk PT ...... 1.2 33,759 Feminine Health Care Products 2.3 65,080 2,000 Hengan International Group Co., Ltd...... 0.8 23,764 Casino Hotels Finance – Investment Bankers/Brokers 4,000 Sands China, Ltd...... 0.5 13,469 42,000 Guotai Junan International Holdings, Cellular Telecommunications Ltd...... 1.0 27,363 3,500 China Mobile, Ltd...... 1.6 44,815 9,600 Haitong Securities Co., Ltd...... 0.9 25,389 16,000 SmarTone Telecommunications 12,000 Huatai Securities Co., Ltd...... 1.2 33,904 Holdings, Ltd...... 1.0 27,908 3.1 86,656 2.6 72,723 Food – Miscellaneous/Diversifi ed Circuit Boards 60,700 Indofood Sukses Makmur Tbk PT ...... 1.1 29,941 10,000 FLEXium Interconnect, Inc...... 1.4 40,516 10,000 JG Summit Holdings, Inc...... 0.6 15,905 4,000 Zhen Ding Technology Holding, Ltd...... 0.5 14,002 13,300 Universal Robina Corp...... 2.0 57,237 1.9 54,518 3.7 103,083 Coal Gas – Distribution 13,200 Tambang Batubara Bukit Asam 15,000 China Gas Holdings, Ltd...... 0.8 24,035 Persero Tbk PT ...... 0.3 8,318 2,000 ENN Energy Holdings, Ltd...... 0.4 12,063 99,300 Perusahaan Gas Negara Persero Commercial Banks – Non U.S. Tbk PT ...... 1.1 32,145 44,500 Bank Central Asia Tbk PT...... 1.6 45,068 2.3 68,243 60,700 Bank Mandiri, Tbk...... 1.6 45,765 13,300 Bank of the Philippine Islands ...... 1.0 27,881 Internet Applications Software 216,000 Bank Pembangunan Daerah Jawa 2,800 Tencent Holdings, Ltd...... 2.0 55,882 Barat Dan Banten Tbk PT ...... 0.5 13,288 Investment Companies 59,000 Bank Rakyat Indonesia Persero 2,000 CK Hutchison Holdings, Ltd...... 1.0 29,389 Tbk PT ...... 1.6 45,811 112,000 Gallant Venture, Ltd...... 0.7 19,963 17,600 BDO Unibank, Inc...... 1.5 42,322 760 GT Capital Holdings, Inc...... 0.8 23,030 30,000 China Construction Bank Corp...... 1.0 27,402 2.5 72,382 17,000 China Merchants Bank Co., Ltd...... 1.7 49,566 Investment Management and Advisory Services 4,000 DBS Group Holdings, Ltd...... 2.2 61,463 16,800 GF Securities Co., Ltd...... 1.5 43,218 30,000 Industrial & Commercial Bank of Life and Health Insurance China, Ltd...... 0.8 23,841 15,000 China Life Insurance Co., Ltd...... 2.3 65,312 4,200 Kasikornbank PCL (NVDR) ...... 0.8 23,509 4,000 China Pacifi c Insurance Group Co., 17,379 Metropolitan Bank and Trust ...... 1.3 36,239 Ltd...... 0.7 19,197 15.6 442,155 3.0 84,509 Computers Machinery – Construction and Mining 16,000 Lenovo Group, Ltd...... 0.8 22,169 10,300 United Tractors Tbk PT ...... 0.6 15,744 Consumer Products – Miscellaneous Medical – Drugs 7,000 Samsonite International S.A...... 0.9 24,202 352,000 Kalbe Farma Tbk PT ...... 1.6 44,232 Cosmetics and Toiletries Medical – Wholesale Drug Distributors 56 Cosmax, Inc...... 0.4 10,118 7,200 Sinopharm Group Co., Ltd...... 1.1 32,000 Diversifi ed Financial Services Metal Processors and Fabrication 535 Shinhan Financial Group Co., Ltd...... 0.7 19,933 1,000 Catcher Technology Co., Ltd...... 0.4 12,511 *Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. 68 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Miscellaneous Manufacturing Exchange Traded Funds 2,000 Zhuzhou CSR Times Electric Co., Ltd...... 0.5 14,991 6,900 Market Vectors Vietnam ETF ...... 5. 0 128,616 Multi-Line Insurance Total Exchange Traded Funds ...... 5. 0 128,616 2,500 Ping An Insurance Group Co. of China, Ltd...... 1.2 33,769 Total Investments at last traded prices ...... 99. 0 2,808,590 Networking Products Adjustments from last traded to bid market prices ...... — (7,468) 14,000 HKBN, Ltd...... 0.5 14,558 Oil Companies – Integrated Total Investments ...... 99. 0 2,801,122 26,000 PetroChina Co., Ltd...... 1.0 29,015 2,100 PTT PCL (NVDR) ...... 0.8 22,328 1.8 51,343 Oil Field Machinery and Equipment 74,000 Hilong Holding, Ltd...... 0.8 21,480 Real Estate Management/Services 174,000 SM Prime Holdings, Inc...... 2.7 77,120 Real Estate Operating/Development 2,700 Ayala Corp...... 1.7 47,316 45,700 Ayala Land, Inc...... 1.3 37,813 120,000 Bumi Serpong Damai Tbk PT ...... 0.5 15,034 2,000 Cheung Kong Property Holdings, Ltd...... 0.6 16,591 12,000 China Overseas Land & Investment, Ltd...... 1.5 42,341 736,600 Pakuwon Jati Tbk PT ...... 0.8 23,762 16,500 Sunway BHD Swb MK ...... 0.5 15,052 6.9 197,909 Retail – Automobile 78,700 Astra International Tbk PT ...... 1.5 41,771 28,560 Berjaya Auto Bhd ...... 0.7 20,449 2.2 62,220 Retail – Major Department Stores 19,300 Matahari Department Store Tbk PT ...... 0.8 23,963 Retail – Miscellaneous and Diversifi ed 2,100 SM Investments Corp...... 1.5 41,693 Retail – Restaurants 8,800 Jollibee Foods Corp...... 1.4 38,515 13,170 Minor International PCL (NVDR) ...... 0.4 11,701 1.8 50,216 Semiconductor Components/Integrated Circuits 9,000 Taiwan Semiconductor Manufacturing Co., Ltd...... 1.2 40,986 Telecommunication Services 640 Globe Telecom, Inc...... 1.3 35,635 246,000 Telekomunikasi Indonesia Persero Tbk PT ...... 1.9 54,073 3.2 89,708 Telephone – Integrated 380 Philippine Long Distance Telephone Co ...... 0.8 23,687 Transportation – Services 10,600 ComfortDelGro Corp., Ltd...... 0.9 24,640 Warehousing and Harbour Transportation Services 10,500 International Container Terminal Services, Inc...... 0.9 25,668 Water 28,000 Beijing Enterprises Water Group, Ltd...... 0.8 22,974 155,800 Metro Pacifi c Investments Corp...... 0.6 16,347 1.4 39,321 Water Treatment Systems 169,200 SIIC Environment Holdings, Ltd...... 0.9 24,505

Total Common Stock...... 94.0 2,679,974

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 69 Janus Asia Frontier Markets Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Financial Liabilities at fair value through profi t or loss Current Unrealised Forward Currency Contracts, Open as at 30 June 2015 Currency Currency Market Settle Appreciation Current Unrealised Purchased Sold Value (USD) Date (USD) Currency Currency Market Settle (Depreciation) Citibank Purchased Sold Value (USD) Date (USD) CNH 2,854 USD 459 459 31-Jul-15 — Citibank CNH 2,802 USD 451 451 31-Jul-15 — AUD 1,052 USD 812 815 31-Jul-15 (2) CNH 3,502 USD 563 562 31-Jul-15 — CAD 993 USD 806 818 31-Jul-15 (11) CNH 3,561 USD 572 572 31-Jul-15 — GBP 567 USD 893 896 31-Jul-15 (3) USD 259 EUR 231 258 31-Jul-15 1 EUR 720 USD 807 812 31-Jul-15 (5) USD 261 EUR 233 260 31-Jul-15 1 EUR 689 USD 772 777 31-Jul-15 (4) USD 253 EUR 226 252 31-Jul-15 1 EUR 716 USD 803 808 31-Jul-15 (5) USD 254 EUR 227 253 31-Jul-15 1 EUR 696 USD 781 786 31-Jul-15 (5) USD 250 CAD 309 247 31-Jul-15 3 EUR 95,290 USD 106,878 107,491 31-Jul-15 (613) USD 252 AUD 328 252 31-Jul-15 — EUR 95,639 USD 107,268 107,884 31-Jul-15 (616) USD 265 GBP 169 265 31-Jul-15 1 CAD 136,129 USD 110,713 112,464 31-Jul-15 (1,751) USD 590 CAD 729 584 31-Jul-15 6 CNH 770,684 USD 123,870 123,871 31-Jul-15 (2) USD 689 CNH 4,292 690 31-Jul-15 — EUR 96,515 USD 108,252 108,873 31-Jul-15 (621) USD 692 CNH 4,306 692 31-Jul-15 — AUD 141,281 USD 109,255 109,729 31-Jul-15 (474) USD 2,552 EUR 2,286 2,549 31-Jul-15 3 CNH 777,813 USD 125,016 125,017 31-Jul-15 (2) USD 2,547 EUR 2,281 2,544 31-Jul-15 3 EUR 96,656 USD 108,410 109,032 31-Jul-15 (622) USD 2,567 EUR 2,300 2,564 31-Jul-15 3 GBP 75,802 USD 119,534 120,010 31-Jul-15 (476) USD 2,852 GBP 1,814 2,850 31-Jul-15 3 USD 766 CNH 4,768 766 31-Jul-15 (1) USD 2,565 EUR 2,298 2,562 31-Jul-15 3 USD 769 CNH 4,786 769 31-Jul-15 (1) USD 2,645 CAD 3,282 2,627 31-Jul-15 17 USD 583 AUD 764 588 31-Jul-15 (5) Total 46 USD 573 EUR 517 576 31-Jul-15 (3) USD 573 EUR 516 576 31-Jul-15 (3) Total Financial Assets at fair value through profi t or loss 2,801,168 USD 571 EUR 514 573 31-Jul-15 (3) USD 571 EUR 515 574 31-Jul-15 (3) USD 634 GBP 404 634 31-Jul-15 (1) USD 2,590 AUD 3,377 2,600 31-Jul-15 (10) USD 2,936 CNH 18,275 2,937 31-Jul-15 (1) USD 2,922 CNH 18,185 2,923 31-Jul-15 (1) Total (5,244) Total Financial Liabilities at fair value through profi t or loss (5,244)

The accompanying notes are an integral part of the fi nancial statements. 70 Janus Capital Funds Plc / 30 June 2015 Janus Asia Growth Drivers Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Diversifi ed Operations Common Stock 36,700 Alliance Global Group, Inc...... 0.6 17,666 550,000 Premium Leisure Corp...... 0.5 14,397 Airlines 1,200 Siam Cement PCL (NVDR) ...... 0.7 18,480 42,000 China Eastern Airlines Corp., Ltd...... 1.3 35,166 1.8 50,543 Airport Development and Maintenance Electric – Generation 3,100 Airports of Thailand PCL (NVDR) ...... 1.0 27,818 52,000 China Power International Appliances Development, Ltd...... 1.4 39,648 14,000 Haier Electronics Group Co., Ltd...... 1.4 37,749 178,500 Energy Development Corp...... 1.1 29,618 Automotive – Cars and Light Trucks 46,000 Huadian Fuxin Energy Corp., Ltd. – 13,500 BAIC Motor Corp., Ltd...... 0. 5 16,250 Class H ...... 0.8 22,017 5,500 Great Wall Motor Co., Ltd.* ...... 1.0 26,963 30,400 Malakoff Corp. Bhd...... 0.5 14,108 185 Hyundai Motor Co...... 0.8 22,561 3.8 105,391 900 Tata Motors, Ltd...... 1.1 31,023 Electric – Integrated 3. 4 96,797 5,100 Tenaga Nasional Bhd ...... 0.6 17,095 Automotive – Truck Parts and Equipment – Original Electronic Components – Miscellaneous 186 Hyundai Wia Corp...... 0.6 17, 710 4,000 TPK Holding Co., Ltd...... 0.8 23,143 Building – Heavy Construction Electronic Components – Semiconductors 26,000 China Railway Construction Corp., 10,000 Everlight Electronics Co., Ltd...... 0.7 19,189 Ltd...... 1.4 40,184 714 Hynix Semiconductor, Inc...... 1.0 27,082 14,800 TTCL PCL ...... 0.5 13,259 48 Samsung Electronics Co., Ltd...... 2.0 54,577 1.9 53,443 3.7 100,848 Building and Construction – Miscellaneous Electronic Connectors 14,300 Gamuda Bhd ...... 0.6 17,7 10 12,000 Cheng Uei Precision Industry Co., Ltd...... 0.7 20,731 2,000 Sunway Construction Group, Bhd*...... — 19 7 Energy – Alternate Sources 0.6 17,907 10,000 Motech Industries, Inc...... 0.4 11,863 Building Products – Cement and Aggregate Engineering – Research and Development Services 17,000 Semen Indonesia Persero Tbk PT ...... 0.5 15,304 355 KEPCO Plant Service & Engineering Casino Hotels Co., Ltd...... 1.4 37,563 8,500 Genting Malaysia Bhd ...... 0.3 9,467 Feminine Health Care Products Cellular Telecommunications 2,500 Hengan International Group Co., Ltd...... 1.1 29,705 4,500 China Mobile, Ltd...... 2.1 57,620 Finance – Investment Bankers/Brokers 3,000 Taiwan Mobile Co., Ltd...... 0.3 10,016 21,000 Guotai Junan International Holdings, 2. 4 67,636 Ltd...... 0.5 13,682 Circuit Boards 16,000 Haitong Securities Co., Ltd...... 1.5 42,316 14,000 FLEXium Interconnect, Inc...... 2.0 56,723 12,000 Huatai Securities Co., Ltd...... 1.2 33,904 8,000 Zhen Ding Technology Holding, Ltd...... 1.0 28,005 3.2 89,902 3.0 84,728 Food – Miscellaneous/Diversifi ed Commercial Banks – Non U.S. 40,000 Indofood Sukses Makmur Tbk PT ...... 0.7 19,730 80,000 Bank of China, Ltd...... 1.9 52,017 6,800 Universal Robina Corp...... 1.1 29,264 46,800 Bank Rakyat Indonesia Persero Tbk PT ...... 1.3 36,338 1.8 48,994 37,000 China Construction Bank Corp...... 1.2 33,796 Gas – Distribution 4,200 ICICI Bank, Ltd. (ADR) ...... 1.6 43,764 14,000 China Gas Holdings, Ltd...... 0.8 22,432 4,500 Kasikornbank PCL (NVDR)...... 0.9 25,188 53,000 Perusahaan Gas Negara Persero 7,800 Malayan Banking Bhd ...... 0.7 18,905 Tbk PT...... 0.6 17,157 7.6 210,008 1.4 39,589 Computer Services Internet Applications Software 1,800 Infosys, Ltd...... 1.0 28,530 3,200 Tencent Holdings, Ltd...... 2.3 63,866 Computers Investment Companies 14,000 Lenovo Group, Ltd...... 0.7 19,398 3,868 CK Hutchison Holdings, Ltd...... 2.0 56,838 Consumer Products – Miscellaneous 40,900 Gallant Venture, Ltd...... 0.3 7,290 7,000 Samsonite International S.A...... 0.9 24,202 2.3 64,128 Cosmetics and Toiletries Investment Management and Advisory Services 110 AMOREPACIFIC Corp...... 1.5 41,230 16,400 GF Securities Co., Ltd...... 1.5 42,189 108 Cosmax, Inc...... 0.7 19,514 Life and Health Insurance 2.2 60,744 11,000 China Life Insurance Co., Ltd...... 1.7 47,895 Disposable Medical Products 13,700 Kossan Rubber Industries ...... 0.8 23,614 Machine Tools and Related Products 9,000 Techtronic Industries Co., Ltd...... 1.1 29,492 Diversifi ed Financial Services 15,000 Fubon Financial Holding Co., Ltd...... 1.1 29,852 Machinery – General Industrial 30,000 Shanghai Electric Group Co., Ltd...... 0.9 24,499 649 Shinhan Financial Group Co., Ltd...... 0.9 24,180 2.0 54,032 Medical – Drugs Diversifi ed Manufacturing Operations 190,000 Kalbe Farma Tbk PT ...... 0.9 23,875 20,100 Cahya Mata Sarawak Bhd ...... 1.0 27,450 *Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 71 Janus Asia Growth Drivers Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Medical – Wholesale Drug Distributors 181,900 Express Transindo Utama Tbk PT ...... 0.5 13,578 7,200 Sinopharm Group Co., Ltd...... 1.2 32,000 1.0 28,688 Metal Processors and Fabrication Water Treatment Systems 3,000 Catcher Technology Co., Ltd...... 1.3 37,534 399 Coway Co., Ltd...... 1.2 32,701 Miscellaneous Manufacturing 100,800 SIIC Environment Holdings, Ltd...... 0.5 14,598 2,000 Zhuzhou CSR Times Electric Co., Ltd...... 0.5 14,991 1.7 47,299 Multi-Line Insurance Web Portals/Internet Service Providers 2,000 Ping An Insurance Group Co. of 47 NAVER Corp...... 0. 9 26,720 China, Ltd...... 1.0 27,015 Total Common Stock...... 94. 1 2,616,163 Networking Products 13,500 HKBN, Ltd...... 0.5 14,038 Exchange Traded Funds Oil Companies – Integrated 2,700 iShares MSCI India ETF ...... 2.9 81,837 2,800 PTT PCL (NVDR) ...... 1.1 29,770 Oil Field Machinery and Equipment Total Exchange Traded Funds ...... 2.9 81,837 48,000 Hilong Holding, Ltd...... 0.5 13,933 Total Investments at last traded prices ...... 97.4 2,698,000 Petrochemicals 100 LG Chem, Ltd...... 0.9 24,973 Adjustments from last traded to bid market prices ...... — (8,719) Poultry Total Investments ...... 97.0 2,689,281 52,400 GFPT PCL ...... 0.7 18,623 Real Estate Management/Services 57,500 SM Prime Holdings, Inc...... 0.9 25,485 Real Estate Operating/Development 2,000 Ayala Corp...... 1.3 35,049 80,000 Bumi Serpong Damai Tbk PT ...... 0.4 10,023 3,868 Cheung Kong Property Holdings, Ltd...... 1.2 32,087 9,000 China Overseas Land & Investment, Ltd...... 1.1 31,756 500,000 Pakuwon Jati Tbk PT...... 0.6 16,129 20,000 Sunway BHD Swb MK...... 0.7 18,245 5.3 143,289 Retail – Automobile 48,000 Astra International Tbk PT ...... 0.9 25,477 37,380 Berjaya Auto Bhd...... 1.0 26,764 1.9 52,241 Retail – Major Department Stores 22,000 Matahari Department Store Tbk PT ...... 1.0 27,315 Retail – Miscellaneous and Diversifi ed 1,750 SM Investments Corp...... 1.2 34,744 Retail – Restaurants 6,560 Jollibee Foods Corp...... 1.0 28,711 15,900 Minor International PCL (NVDR) ...... 0.5 14,127 1.5 42,838 Semiconductor Components/Integrated Circuits 8,000 Chipbond Technology Corp...... 0.6 17,296 2,500 Siliconware Precision Industries Co., Ltd...... 0.7 18,625 4,000 Taiwan Semiconductor Manufacturing Co., Ltd...... 0.7 18,216 2,300 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) ...... 1.9 52,233 3.9 106,370 Semiconductor Equipment 16,000 Inari Amertron Bhd ...... 0.5 13,789 Telecommunication Services 110,000 Telekomunikasi Indonesia Persero Tbk PT...... 0.9 24,179 Telephone – Integrated 435 Philippine Long Distance Telephone Co ...... 1.0 27,115 Transportation – Railroad 70,000 BTS Group Holdings PCL (NVDR) ...... 0.7 20,731 Transportation – Services 6,500 ComfortDelGro Corp., Ltd...... 0.5 15,110

The accompanying notes are an integral part of the fi nancial statements. 72 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Financial Liabilities at fair value through profi t or loss Current Unrealised Forward Currency Contracts, Open as at 30 June 2015 Currency Currency Market Settle Appreciation Current Unrealised Purchased Sold Value (USD) Date (USD) Currency Currency Market Settle (Depreciation) Citibank Purchased Sold Value (USD) Date (USD) USD 9 EUR 8 9 31-Jul-15 — Citibank USD 7 CAD 9 7 31-Jul-15 — AUD 850 USD 657 659 31-Jul-15 (2) USD 18 AUD 23 17 31-Jul-15 — CAD 818 USD 664 674 31-Jul-15 (10) USD 3 GBP 2 3 31-Jul-15 — GBP 466 USD 734 737 31-Jul-15 (3) USD 13 EUR 12 13 31-Jul-15 — EUR 586 USD 657 661 31-Jul-15 (4) USD 15 EUR 13 15 31-Jul-15 — EUR 595 USD 667 671 31-Jul-15 (4) USD 10 EUR 9 10 31-Jul-15 — EUR 582 USD 653 657 31-Jul-15 (4) CNH 221 USD 35 35 31-Jul-15 — EUR 596 USD 669 673 31-Jul-15 (4) CNH 250 USD 40 40 31-Jul-15 — CNH 760,917 USD 122,300 122,301 31-Jul-15 (1) CNH 4,636 USD 746 746 31-Jul-15 — CAD 133,388 USD 108,484 110,200 31-Jul-15 (1,716) CNH 4,706 USD 757 757 31-Jul-15 — EUR 93,846 USD 105,257 105,861 31-Jul-15 (604) USD 514 GBP 326 512 31-Jul-15 1 AUD 138,026 USD 106,737 107,200 31-Jul-15 (463) USD 467 EUR 417 465 31-Jul-15 2 EUR 94,739 USD 106,259 106,869 31-Jul-15 (610) USD 467 EUR 417 465 31-Jul-15 2 EUR 94,884 USD 106,422 107,033 31-Jul-15 (611) USD 471 CAD 583 466 31-Jul-15 5 GBP 74,937 USD 118,169 118,640 31-Jul-15 (471) USD 466 EUR 416 464 31-Jul-15 2 EUR 93,493 USD 104,862 105,464 31-Jul-15 (602) USD 466 EUR 416 464 31-Jul-15 2 CNH 768,144 USD 123,461 123,463 31-Jul-15 (2) USD 502 CNH 3,126 502 31-Jul-15 — USD 459 AUD 596 459 31-Jul-15 (1) USD 502 CNH 3,123 502 31-Jul-15 — USD 631 AUD 826 636 31-Jul-15 (5) USD 640 CAD 791 633 31-Jul-15 7 USD 619 EUR 558 622 31-Jul-15 (3) USD 752 CNH 4,682 753 31-Jul-15 — USD 623 EUR 561 626 31-Jul-15 (3) USD 755 CNH 4,702 756 31-Jul-15 — USD 622 EUR 561 625 31-Jul-15 (3) USD 2,752 EUR 2,465 2,749 31-Jul-15 3 USD 620 EUR 559 623 31-Jul-15 (3) USD 2,774 EUR 2,485 2,771 31-Jul-15 3 USD 693 GBP 441 693 31-Jul-15 (1) USD 2,854 CAD 3,543 2,836 31-Jul-15 19 USD 2,786 AUD 3,632 2,797 31-Jul-15 (10) USD 2,758 EUR 2,470 2,755 31-Jul-15 3 USD 3,193 CNH 19,870 3,194 31-Jul-15 (1) USD 2,777 EUR 2,487 2,773 31-Jul-15 3 USD 3,211 CNH 19,983 3,212 31-Jul-15 (1) USD 3,106 GBP 1,976 3,103 31-Jul-15 4 Total (5,142) Total 56 Total Financial Liabilities at fair value through profi t or loss (5,142) Total Financial Assets at fair value through profi t or loss 2,689,337

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 73 Janus Asia Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 5,881 Samsung Electronics Co., Ltd...... 5.0 6,686,789 Common Stock 7.2 9,627,799 Agricultural Operations Electronic Measuring Instruments 1,971,000 Golden Agri-Resources, Ltd...... 0.5 600,156 344,000 Chroma ATE, Inc...... 0.6 760,435 Automotive – Cars and Light Trucks Electronic Parts Distributors 920,432 Chongqing Changan Automobile Co., 856,000 WPG Holdings, Ltd ...... 0.8 1,072,365 Ltd...... 1.8 2,354,730 Energy – Alternate Sources 17,102 Hyundai Motor Co...... 1.6 2,085,609 6,125,000 China Suntien Green Energy Corp., 78,655 Jiangling Motors Corp., Ltd...... 0.3 373,626 Ltd...... 1.0 1,311,719 736,000 Yulon Motor Co., Ltd...... 0.6 854,044 Engineering and Construction 4.3 5,668,009 4,886,913 Louis XIII Holdings, Ltd...... 1.4 1,866,178 Automotive – Truck Parts and Equipment – Original Finance – Investment Bankers/Brokers 7,116 Hyundai Mobis ...... 1.0 1,352,754 541,000 CITIC Securities Co., Ltd...... 1.5 1,950,769 Beverages – Wine and Spirits Food – Meat Products 1,590,700 LT Group, Inc...... 0.4 491,188 210,940 San Miguel Pure Foods Co., Inc...... 0.6 806,708 Casino Hotels Gambling – Non-Hotel 384,100 Genting Bhd...... 0.6 820,963 6,873,100 Belle Corp...... 0. 3 503,138 Cellular Telecommunications Industrial Audio and Video Production 264,000 China Mobile, Ltd...... 2.5 3,380,346 425,650 Merry Electronics Co., Ltd...... 0.7 986,456 Coal Internet Applications Software 220,500 China Shenhua Energy Co., Ltd...... 0.4 502,942 200,800 Tencent Holdings, Ltd...... 3.0 4,007,567 Commercial Banks – Non U.S. Internet Content – Entertainment 4,262,900 Bank Danamon Indonesia Tbk PT ...... 1.0 1,375,152 4,408 NCSoft Corp...... 0.6 784,602 1,953,600 Bank Mandiri, Tbk...... 1.1 1,472,919 Internet Security 324,500 BOC Hong Kong Holdings, Ltd...... 1.0 1,352,209 13,276 Qihoo 360 Technology Co., Ltd...... 0.7 898,652 3,908,000 China Construction Bank Corp...... 2.7 3,569,559 132,900 DBS Group Holdings, Ltd...... 1.5 2,042,109 Investment Companies 370,250 Metropolitan Bank and Trust ...... 0.6 772,046 106,480 CK Hutchison Holdings, Ltd...... 1.2 1,564,655 7.9 10,583,994 2,663,500 Langham Hospitality Investments, Ltd...... 0.9 1,144,257 2.1 2,708,912 Computer Services 1,485 Samsung SDS Co., Ltd...... 0.3 345,550 Investment Management and Advisory Services 331,535 GF Securities Co., Ltd...... 0.6 852,867 Consumer Products – Miscellaneous 223,000 Biostime International Holdings, Ltd...... 0.5 653,067 Life and Health Insurance 528,900 Samsonite International S.A...... 1.4 1,828,669 517,400 AIA Group, Ltd...... 2.5 3,387,577 1.9 2,481,736 757,000 Cathay Financial Holding Co., Ltd...... 1.0 1,322,525 14,908 Samsung Life Insurance Co., Ltd...... 1.1 1,437,060 Cosmetics and Toiletries 4.6 6,147,162 464,490 L'Occitane International S.A...... 1.0 1,324,327 Metal Processors and Fabrication Diversifi ed Financial Services 62,000 Catcher Technology Co., Ltd...... 0.6 775,708 889,153 Haitong International Securities Group, Ltd...... 0.6 802,974 Oil Companies – Exploration and Production 69,482 Hana Financial Group, Inc...... 1.4 1,809,946 804,000 CNOOC, Ltd...... 0. 8 1,140,973 47,186 Shinhan Financial Group Co., Ltd...... 1.3 1,758,051 Oil Companies – Integrated 3.3 4,370,971 1,371,000 China Petroleum & Chemical Corp...... 0. 8 1,183,288 Diversifi ed Operations 1,466,000 PetroChina Co., Ltd...... 1.2 1,635,976 318,600 IJM Corp. Bhd ...... 0.4 550,855 2. 0 2,819,264 132,900 Keppel Corp., Ltd...... 0.6 811,317 Property and Casualty Insurance 523,000 Melco International Development Ltd...... 0.6 739,501 48,140 Hyundai Marine & Fire Insurance 1.6 2,101,673 Co., Ltd...... 0. 8 1,273,431 E-Commerce/Products Real Estate Management/Services 18,606 Alibaba Group Holding, Ltd. (ADR) ...... 1.2 1,530,716 3,216,160 Siam Future Development PCL ...... 0.4 557,211 Electrical Components – Equipment Real Estate Operating/Development 135,000 Delta Electronics, Inc...... 0.5 691,369 4,635,741 Central China Real Estate, Ltd...... 1.0 1,315,735 Electronic Components – Miscellaneous 35,852,045 Century Properties Group, Inc...... 0.5 652,151 124,000 AAC Technologies Holdings, Inc...... 0.5 700,685 226,980 Cheung Kong Property Holdings, Ltd...... 1.4 1,882,892 1,418,000 E Ink Holdings, Inc...... 0.5 650,357 35,390,000 CSI Properties, Ltd...... 1.0 1,369,710 567,384 Hon Hai Precision Industry Co., Ltd...... 1.3 1,783,890 1,987,500 Shun Tak Holdings, Ltd...... 0.8 1,099,996 165,500 Japan Display, Inc...... 0.5 623,482 89,000 Sun Hung Kai Properties, Ltd...... 1.1 1,442,137 37,944 LG Display Co., Ltd...... 0.7 879,530 5.8 7,762,621 3.5 4,637,944 REIT – Diversifi ed Electronic Components – Semiconductors 859,597 Religare Health Trust ...... 0.5 651,161 25,969 Hynix Semiconductor, Inc...... 0.7 985,015 REIT – Warehouse and Industrial 143,000 MediaTek, Inc...... 1.5 1,955,995 549,000 AIMS AMP Capital Industrial REIT ...... 0.3 609,547

The accompanying notes are an integral part of the fi nancial statements. 74 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Fully Funded Equity Swaps at 30 June 2015 Percentage of Net Fair Return Return Share or Principal Amount Assets (%) Value (USD) Notional Paid Received Termination Unrealised Counterparty Amount by the Fund by the Fund Date Appreciation Retail – Automobile 1,919,000 Astra International Tbk PT ...... 0.8 1,018,541 Crompton 2,213,500 Baoxin Auto Group, Ltd...... 1.1 1,407,840 Goldman Fully Funded Greaves, 1.9 2,426,381 Sachs & Co 659,702 Swap Ltd. 28-Jan-16 535,589 Retail – Jewellery Goldman Fully Funded Shandong 1,183,600 Chow Tai Fook Jewellery Group, Ltd...... 1.0 1,276,550 Sachs & Co 466,476 Swap Dong-E E-JI 9-Mar-16 650,493 Retail – Major Department Stores Reliance 552,500 Lifestyle International Holdings, Ltd...... 0.8 1,024,986 Goldman Fully Funded Industries, Semiconductor Components/Integrated Circuits Sachs & Co 530,630 Swap Ltd. 15-Apr-16 583,742 1,079,000 Taiwan Semiconductor Manufacturing Goldman Fully Funded Co., Ltd...... 4. 0 4,913,795 Sachs & Co 1,194,766 Swap Voltas, Ltd. 25-Apr-16 1,289,784 Shipbuilding Goldman Fully Funded 101,047 Daewoo Shipbuilding & Marine Sachs & Co 521,557 Swap ITC, Ltd. 9-May-16 509,724 Engineering Co., Ltd...... 0.9 1,205,098 Goldman Fully Funded ICICI Bank, Steel – Producers Sachs & Co 2,313,139 Swap Ltd. 23-May-16 2,268,738 6,365 POSCO ...... 0. 9 1,278,479 Telephone – Integrated Goldman Fully Funded 38,350 KT Corp...... 0. 5 978,351 Sachs & Co 732,675 Swap Infosys, Ltd. 2-Jun-16 713,561 Transportation – Marine Housing 1,300,831 First Steamship Co., Ltd...... 0. 3 539,697 Develop- Goldman Fully Funded ment Web Portals/Internet Service Providers Sachs & Co 1,472,175 Swap Finance 15-Jun-16 1,620,562 7,462 Baidu, Inc. (ADR) ...... 1.1 1,485,535 1,944 NAVER Corp...... 0.8 1,105,179 Goldman Fully Funded Finolex 1.9 2,590,714 Sachs & Co 256,603 Swap Cables, Ltd. 15-Jun-16 269,128 SAIC Motor Total Common Stock...... 8 0. 0 106,993,934 Goldman Fully Funded Corporation, Preferred Stock Sachs & Co 685,489 Swap Ltd 5-Jul-16 749,142 Electronic Components – Semiconductors Goldman Fully Funded Hindustan 1,655 Samsung Electronics Co., Ltd., 1.32% ...... 1.1 1,473,650 Sachs & Co 744,641 Swap Zinc, Ltd. 15-Sep-15 672,948 Yunnan Total Preferred Stock ...... 1.1 1,473,650 Baiyao Total Investments at last traded prices ...... 8 1. 1 108,467,584 Goldman Fully Funded Group Co., Sachs & Co 1,400,530 Swap Ltd. 3-Jun-16 1,978,506 Adjustments from last traded to bid market prices ...... (0. 1) (228,227) Total 11,841,917 Total Investments ...... 8 1. 0 108,239,357

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank EUR 37 USD 42 42 31-Jul-15 — USD 1,350 EUR 1,204 1,343 31-Jul-15 7 USD 335 EUR 299 333 31-Jul-15 2 USD 5,260 EUR 4,711 5,254 31-Jul-15 6 USD 1,654 EUR 1,482 1,652 31-Jul-15 2 Total 17

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 75 Janus Asia Fund

PORTFOLIO INVESTMENTS

Total Return Swaps at 30 June 2015 Financial Liabilities at fair value through profi t or loss Return Return Unrealised Forward Currency Contracts, Open as at 30 June 2015 Notional Paid Received Termination Appreciation Current Unrealised Counterparty Amount by the Fund by the Fund Date (USD) Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) 1-month USD Reliance LIBOR plus Industries, Citibank Credit Suisse 1,794,276 75 basis points Ltd. 21-Dec-15 206,788 EUR 897 USD 1,007 1,013 31-Jul-15 (6) 1-month USD Finolex EUR 2,941 USD 3,298 3,317 31-Jul-15 (19) LIBOR plus Cables, EUR 71,198 USD 79,856 80,314 31-Jul-15 (458) UBS 294,407 70 basis points Ltd. 11-Aug-15 30,114 EUR 228,099 USD 255,512 256,656 31-Jul-15 (1,144) USD 2,929 EUR 2,639 2,943 31-Jul-15 (14) 1-month USD USD 919 EUR 828 923 31-Jul-15 (4) LIBOR plus PC Jeweller, UBS 1,988,530 70 basis points Ltd. 24-Jul-15 345,267 Total (1,645) 1-month USD Torrent LIBOR plus Pharmaceu- UBS 629,237 70 basis points tical, Ltd. 10-Sep-15 13,885 Total Return Swaps at 30 June 2015 1-month USD Daqin Return Return Unrealised LIBOR plus Raiway Co., Notional Paid Received Termination (Depreciation) UBS 742,188 50 basis points Ltd. 29-Oct-15 15,623 Counterparty Amount by the Fund by the Fund Date (USD) 1-month USD China 1-month LIBOR plus Vanke Co., USD LIBOR Power Grid UBS 83,451 50 basis points Ltd. 4-May-16 5,997 plus 70 basis Corp. of 1-month USD China UBS 892,364 points India, Ltd. 8-Jul-15 (9,516) LIBOR plus Pacifi c 1-month UBS 176,585 50 basis points Insurance 21-Jul-16 7,872 USD LIBOR Industrial & plus 70 basis PC Jeweller, 1-month USD Commercial UBS 130,435 points Ltd. 24-Jul-15 (2,777) LIBOR plus Bank of 1-month UBS 4,278,174 50 basis points China 21-Jul-16 106,076 USD LIBOR Torrent Yunnan plus 70 basis Pharmaceu- 1-month USD Baiyao UBS 36,263 points tical, Ltd. 10-Sep-15 (1,090) LIBOR plus Group Co., 1-month UBS 764,298 50 basis points Ltd. 3-Jun-16 25,626 USD LIBOR China plus 50 basis Pacifi c Total 757,248 UBS 34,077,889 points Insurance 21-Jul-16 (39,368) Total Financial Assets at fair value through profi t and loss 120,838,539 1-month USD LIBOR China plus 50 basis Vanke Co., UBS 1,681,363 points Ltd. 4-May-16 (46,253) Total (99,004) Total Financial Liabilities at fair value through profi t or loss (100,649)

The accompanying notes are an integral part of the fi nancial statements. 76 Janus Capital Funds Plc / 30 June 2015 Janus Balanced Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 958,259 Fannie Mae Pool 5.0000%, Asset-Backed/Commercial Mortgage-Backed Securities due 1/7/44 ...... 0.1 1,082,454 210,682 Freddie Mac Giant 4.0000%, 359,000 AmeriCredit Automobile Receivables due 1/8/44 ...... — 225,152 Trust 2012-4, 3.8200%, 769,487 Freddie Mac Gold Pool 3.5000%, due 10/2/20 ...... — 368,192 due 1/2/44 ...... 0.1 794,523 496,000 AmeriCredit Automobile Receivables 456,037 Freddie Mac Gold Pool 3.5000%, Trust 2015-2, 3.0000%, due 1/7/29 ...... 0.1 481,067 due 8/6/21 ...... 0.1 497,311 2,235,188 Freddie Mac Gold Pool 4.5000%, 222,000 AmeriCredit Automobile Receivables due 1/9/44 ...... 0.3 2,462,928 Trust, 2.6800%, 3,431,078 Freddie Mac Gold Pool 5.5000%, due 9/10/18 ...... — 226,201 due 1/8/41 ...... 0.5 3,942,166 87,000 AmeriCredit Automobile Receivables 250,000 Freddie Mac Structured Agency Credit Trust, 3.3100%, Risk Debt Notes, 2.5848%, due 8/10/19 ...... — 89,324 due 25/10/24 ...... — 251,029 2,383,000 Applebee’s/IHOP Funding LLC, 250,000 Freddie Mac Structured Agency Credit 4.2770%, Risk Debt Notes, 2.8348%, due 5/9/44 ...... 0.3 2,419,036 due 25/10/24 ...... — 252,924 339,000 Aventura Mall Trust 2013-AVM, 242,611 FREMF 2010 K-SCT Mortgage Trust, 3.8674%, 2.0000%, due 25/1/20 (144A) ...... — 217,118 due 5/12/32 (144A) ...... — 332,641 326,000 GAHR Commercial Mortgage Trust 629,000 BAMLL Commercial Mortgage 2015-NRF, 3.4949%, Securities Trust 2015-200P, due 15/12/19 ...... — 320,399 3.7157%, 247,000 GS Mortgage Securities Corporation II, due 14/4/33 ...... 0.1 559,340 3.5495%, due 10/12/27 (144A) ...... — 234,964 220,000 Banc of America Commercial 100,000 GS Mortgage Securities Corporation Mortgage Trust 2006-6, Trust 2013-NYC5, 3.7706%, 5.4210%, due 10/10/45 ...... — 226,952 due 10/1/30 (144A) ...... — 101,412 58,500 Banc of America Commercial 131,000 Hilton U.S.A. Trust 2013-HLT, Mortgage Trust 2007-5, 4.4065%, due 5/11/30 (144A) ...... — 132,495 5.7720%, due 10/2/51 ...... — 61,635 417,000 Hilton U.S.A. Trust 2013-HLT, 170,000 BHP Billiton PLC, 3.2355%, 5.6086%, due 5/11/30 (144A) ...... 0.1 423,941 due 15/8/26 (144A) ...... — 169,921 229,000 JP Morgan Chase Commercial 220,000 CGBAM Commercial Mortgage Trust Mortgage Securities Trust 2014-HD, 3.1855%, 2014-FBLU, 2.7815%, due 15/2/31 ...... — 220,172 due 15/12/28 ...... — 229,372 1,053,213 CKE Restaurant Holdings, Inc., 147,000 JP Morgan Chase Commercial 4.4740%, Mortgage Securities Trust due 20/3/43 (144A) ...... 0.1 1,070,899 2014-FBLU, 3.6815%, 1,168,236 COMM 2007-C9 Mortgage Trust, due 15/12/28 (144A) ...... — 146,998 5.6500%, 400,000 JP Morgan Chase Commercial due 10/12/49 ...... 0.2 1,222,460 Mortgage Securities Trust 73,131 COMM 2007-C9 Mortgage Trust, 2015-COSMO, 1.9860%, 5.9889%, due 15/1/32 ...... 0.1 399,956 due 10/12/49 ...... — 76,005 388,000 JP Morgan Chase Commercial 675,000 Core Industrial Trust 2015-TEXW, Mortgage Securities Trust 3.9770%, 2015-COSMO, 4.1356%, due 10/2/34 ...... 0.1 637,171 due 15/1/32 ...... 0.1 390,722 496,755 DB Master Finance LLC 2015-1, 765,000 LB-UBS Commercial Mortgage Trust, 3.2620%, 5.4930%, due 15/2/40 ...... 0.1 803,371 due 20/2/45 ...... 0.1 499,094 2,728,000 Santander Drive Auto Receivables 1,903,513 Domino’s Pizza Master Issuer LLC, Trust 2013-4, 4.6700%, 5.2160%, due 15/1/20 ...... 0.5 2,838,594 due 25/1/42 ...... 0.3 1,967,061 519,000 Santander Drive Auto Receivables 1,232,059 Fannie Mae Pool 3.5000%, Trust 2015-1, 3.2400%, due 1/1/43 ...... 0.2 1,272,037 due 15/4/21 ...... 0.1 522,397 5,398,496 Fannie Mae Pool 3.5000%, 71,000 Santander Drive Auto Receivables due 1/2/43 ...... 0.8 5,573,667 Trust, 2.5200%, due 17/9/18 ...... — 71,387 2,019,880 Fannie Mae Pool 3.5000%, 80,000 Santander Drive Auto Receivables due 1/2/45 ...... 0.4 2,085,210 Trust, 3.3000%, due 17/9/18 ...... — 81,748 488,089 Fannie Mae Pool 4.0000%, 200,000 Starwood Retail Property Trust due 1/4/34 ...... 0.1 526,944 2014-STAR, 2.5000%, 213,490 Fannie Mae Pool 4.0000%, due 15/11/27 ...... — 199,770 due 1/6/29 ...... — 229,649 670,000 Starwood Retail Property Trust 747,818 Fannie Mae Pool 4.5000%, 2014-STAR, 3.2500%, due 1/10/44 ...... 0.1 823,540 due 15/11/27 ...... 0.1 672,277 1,363,005 Fannie Mae Pool 4.5000%, 430,000 Starwood Retail Property Trust due 1/3/45 ...... 0.2 1,501,022 2014-STAR, 4.1500%, due 15/11/27 ...... 0.1 431,657

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 77 Janus Balanced Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 551,000 Structured Agency Credit Risk, Diversifi ed Manufacturing Operations 2.2500%, due 25/3/25 ...... 0.1 547,562 27,354 3M Co...... 0.6 4,220,722 198,800 Wachovia Bank Commercial Mortgage 138,287 General Electric Co...... 0.5 3,674,286 Trust Series 2007-C30, 5.3830%, 1.1 7,895,008 due 15/12/43 ...... — 209,091 Diversifi ed Operations 1,126,138 Wachovia Bank Commercial Mortgage 27,642 Dover Corp...... 0.3 1,939,916 Trust Series 2007-C31, 5.6600%, due 15/4/47 ...... 0.2 1,156,969 Electric – Integrated 331,436 Wachovia Bank Commercial Mortgage 38,689 Edison International ...... 0.3 2,150,335 Trust Series 2007-C33, 6.1496%, Electric – Transmission due 15/2/51 ...... — 343,300 29,325 Brookfi eld Infrastructure 317,000 Wells Fargo Commercial Mortgage Partners L.P...... 0.2 1,308,775 Trust 2014-TISH, 2.4355%, due 15/2/27 (144A) ...... — 315,554 Electronic Components – Miscellaneous 250,000 Wells Fargo Commercial Mortgage 65,291 Garmin, Ltd...... 0.4 2,868,234 Trust 2014-TISH, 2.9355%, 132,517 TE Connectivity, Ltd. (U.S. Shares) ...... 1.1 8,520,843 due 15/1/27 (144A) ...... — 248,961 1.5 11,389,077 75,000 Wells Fargo Commercial Mortgage Electronic Components – Semiconductors Trust 2014-TISH, 3.4355%, 110,866 Texas Instruments, Inc...... 0.8 5,710,708 due 15/2/27 (144A) ...... — 74,555 Finance – Credit Card 1,827,000 Wendys Funding LLC 3.3710%, 39,153 American Express Co...... 0.4 3,042,971 due 15/6/45 ...... 0.3 1,826,843 Finance – Investment Bankers/Brokers Total Asset-Backed/Commercial Mortgage-Backed 61,078 TD Ameritrade Holding Corp...... 0.3 2,248,892 Securities ...... 6.0 45,089,140 Finance – Other Services Common Stock 82,705 CME Group, Inc...... 1.0 7,696,527 Advertising Agencies Food – Confectionery 52,253 Omnicom Group, Inc...... 0.5 3,631,061 49,127 Hershey Co...... 0.6 4,363,951 Aerospace and Defence Food – Retail 70,781 Boeing Co...... 1.3 9,818,740 52,240 Kroger Co...... 0.5 3,787,922 Applications Software Food – Wholesale/Distribution 174,859 Microsoft Corp...... 1.0 7,720,025 123,362 Sysco Corp...... 0.6 4,453,368 Athletic Footwear Hotels and Motels 47,518 NIKE, Inc. – Class B ...... 0.7 5,132,894 46,125 Starwood Hotels & Resorts Automotive – Cars and Light Trucks Worldwide, Inc...... 0.5 3,740,276 193,593 General Motors Co...... 0.9 6,452,455 Instruments – Controls Beverages – Non-Alcoholic 46,932 Honeywell International, Inc...... 0.6 4,785,656 30,840 PepsiCo, Inc...... 0.4 2,878,606 Investment Management and Advisory Services Beverages – Wine and Spirits 4,415 BlackRock, Inc...... 0.2 1,527,502 46,683 Diageo PLC ...... 0.2 1,350,171 Life and Health Insurance Cable/Satellite TV 156,709 Prudential PLC ...... 0.5 3,772,859 74,670 Comcast Corp. – Class A ...... 0.6 4,490,654 Machinery – Farm Casino Hotels 38,822 Deere & Co...... 0.5 3,767,675 142,303 Las Vegas Sands Corp...... 1.0 7,480,869 Medical – Biomedical and Genetic Chemicals – Diversifi ed 27,511 Amgen, Inc...... 0.6 4,223,489 128,423 E.I. du Pont de Nemours & Co...... 1.1 8,212,651 Medical – Drugs 93,096 LyondellBasell Industries N.V. – 46,719 Abbott Laboratories ...... 0.3 2,292,969 Class A ...... 1.3 9,637,298 102,336 AbbVie, Inc...... 0.9 6,875,956 2.4 17,849,949 61,614 Bristol-Myers Squibb Co...... 0.5 4,099,796 Commercial Banks – Western U.S. 99,601 Eli Lilly & Co...... 1.1 8,315,687 58,854 PacWest Bancorp...... 0.4 2,752,013 74,994 Johnson & Johnson ...... 1.0 7,308,915 52,220 Merck & Co., Inc...... 0.4 2,972,885 Commercial Services – Finance 4.2 31,866,208 31,971 Automatic Data Processing, Inc...... 0.3 2,565,033 Medical – HMO Computers 39,143 Aetna, Inc...... 0.7 4,989,167 98,021 Apple, Inc...... 1.6 12,294,284 Non-Hazardous Waste Disposal Computers – Memory Devices 54,261 Waste Management, Inc...... 0.3 2,514,997 39,586 Seagate Technology PLC ...... 0.3 1,880,335 Oil Companies – Integrated Consumer Products – Miscellaneous 59,892 Chevron Corp...... 0.8 5,777,781 41,953 Kimberly-Clark Corp...... 0.6 4,445,759 Paper and Related Products Cosmetics and Toiletries 53,108 International Paper Co...... 0.3 2,527,410 58,924 Colgate-Palmolive Co...... 0.5 3,854,219 Pipelines Diversifi ed Banking Institutions 229,084 Enterprise Products Partners L.P...... 0.9 6,847,321 33,769 JP Morgan Chase & Co...... 0.3 2,288,187

The accompanying notes are an integral part of the fi nancial statements. 78 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Private Equity 430,000 ZF North America Capital, Inc., 300,808 Blackstone Group L.P...... 1.6 12,294,023 4.0000%, due 29/4/20 ...... 0.1 431,075 Property and Casualty Insurance 226,000 ZF North America Capital, Inc., 21,635 Travelers Cos., Inc...... 0.3 2,091,239 4.5000%, due 29/4/22 ...... — 222,226 430,000 ZF North America Capital, Inc., REIT – Diversifi ed 4.7500%, due 29/4/25 ...... 0.1 417,908 105,043 Outfront Media, Inc...... 0.4 2,651,285 0.4 2,921,689 REIT – Regional Malls Brewery 10,561 Simon Property Group, Inc...... 0.2 1,827,264 450,000 SABMiller Holdings, Inc., 7.5000%, Resorts and Theme Parks due 30/11/16 ...... 0.1 475,880 44,425 Six Flags Entertainment Corp...... 0.3 1,992,461 Retail – Building Products Broadcast Services and Programming 28,014 Home Depot, Inc...... 0.4 3,113,196 3,497,000 Univision Communications, Inc., Retail – Restaurants 5.1250%, due 15/2/25 ...... 0.6 3,384,047 23,355 McDonald’s Corp...... 0.3 2,220,360 Building – Residential and Commercial Semiconductor Components/Integrated Circuits 2,576,000 Century Communities, Inc., 49,137 QUALCOMM, Inc...... 0.4 3,077,450 6.8750%, due 15/5/22 ...... 0.3 2,543,801 Super – Regional Banks 542,000 D.R. Horton, Inc., 3.7500%, 195,541 U.S. Bancorp ...... 1.1 8,486,479 due 1/3/19 ...... 0.1 547,420 500,000 D.R. Horton, Inc., 3.6250%, Telephone – Integrated due 15/2/18 ...... 0.1 511,250 94,221 Verizon Communications, Inc...... 0.6 4,391,641 805,000 D.R. Horton, Inc., 4.0000%, Tobacco due 15/2/20 ...... 0.1 804,759 102,147 Altria Group, Inc...... 0.7 4,996,010 92,000 D.R. Horton, Inc., 4.7500%, Toys due 15/5/17 ...... — 95,910 163,506 Mattel, Inc...... 0.6 4,200,469 2,037,000 KB Home, 7.6250%, due 15/5/23 ...... 0.3 2,138,850 600,000 Lennar Corp., 4.1250%, due 1/12/18 ...... 0.1 609,000 Transportation – Railroad 551,000 MDC Holdings, Inc., 5.5000%, 80,882 Union Pacifi c Corp...... 1.0 7,713,716 due 15/1/24 ...... 0.1 544,113 Wireless Equipment 1,096,000 Meritage Homes Corp., 29,265 Crown Castle International Corp...... 0.3 2,349,980 6.0000%, due 1/6/25 ...... 0. 2 1,106,960 605,000 Meritage Homes Corp., 7.0000%, Total Common Stock...... 38.9 290,618,618 due 1/4/22 ...... 0.1 648,863 Corporate Bonds 51,000 Toll Brothers Finance Corp., 4.3750%, due 15/4/23 ...... — 50,235 Aerospace and Defence 1. 4 9,601,161 477,000 ADS Tactical, Inc., 11.0000%, due 1/4/18 (144A) ...... 0.1 496,080 Building and Construction Products – Miscellaneous 342,000 Owens Corning, 4.2000%, Aerospace and Defence – Equipment due 1/12/24 ...... — 336,341 254,000 Exelis, Inc., 4.2500%, due 1/10/16 ...... — 262,211 548,000 Summit Materials LLC / Summit 115,000 Exelis, Inc., 5.5500%, due 1/10/21 ...... — 126,704 Materials Finance Corp., 376,000 Harris Corp., 3.8320%, due 27/4/25 ...... — 366,237 10.5000%, due 31/1/20 ...... 0.1 600,745 568,000 Harris Corp., 5.0540%, due 27/4/45 ...... 0.1 543,173 0.1 937,086 0.1 1,298,325 Building Products – Cement and Aggregate Airlines 458,000 Martin Marietta Materials, Inc., 218,000 Southwest Airlines Co., 5.1250%, 4.2500%, due 2/7/24 ...... 0.1 464,483 due 1/3/17 ...... — 231,407 1,695,000 Vulcan Materials Co., 4.5000%, Apparel Manufacturers due 1/4/25 ...... 0.2 1,699,238 1,042,000 Levi Strauss & Co., 5.0000%, 472,000 Vulcan Materials Co., 7.0000%, due 1/5/25 ...... 0.2 1,013,345 due 15/6/18 ...... 0.1 535,720 Automotive – Cars and Light Trucks 343,000 Vulcan Materials Co., 7.5000%, 479,000 Chrysler Group LLC / CG Co-Issuer due 15/6/21 ...... 0.1 396,165 Inc., 8.2500%, due 15/6/21 ...... 0.1 523,308 0.5 3,095,606 2,125,000 Fiat Chrysler Automobiles N.V., Cable/Satellite TV 4.5000%, due 15/4/20 ...... 0.3 2,119,688 2,283,000 CCO Holdings LLC / CCO 2,558,000 General Motors Co., 4.8750%, Holdings Capital Corp., 5.2500%, due 2/10/23 ...... 0.4 2,709,620 due 15/3/21 ...... 0.3 2,283,000 104,000 General Motors Co., 6.2500%, 1,252,000 CCO Holdings LLC / CCO due 2/10/43 ...... — 116,424 Holdings Capital Corp., 5.3750%, 0.8 5,469,040 due 1/5/25 ...... 0.2 1,222,265 1,096,000 CCO Holdings LLC / CCO Automotive – Truck Parts and Equipment – Original Holdings Capital Corp., 5.8750%, 343,000 Schaeffl er Finance B.V., 4.2500%, due 1/5/27 ...... 0.1 1,072,710 due 15/5/21 (144A) ...... — 336,140 0.6 4,577,975 1,432,000 Schaeffl er Holding, 6.2500%, due 15/11/19 ...... 0.2 1,514,340

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 79 Janus Balanced Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Casino Hotels 1,142,000 Seagate Technology PLC, 5.7500%, 260,000 Caesars Entertainment Resort due 1/12/34 ...... 0.2 1,127,686 Properties LLC / Caesars 0.7 5,293,928 Entertainment Resort Prope, Consulting Services 11.0000%, due 1/10/21 ...... — 219,050 1,938,000 Verisk Analytics, Inc., 4.0000%, 297,000 Caesars Entertainment Resort due 15/6/25 ...... 0.3 1,901,742 Properties LLC / Caesars 197,000 Verisk Analytics, Inc., 4.1250%, Entertainment Resort Prope, due 12/9/22 ...... — 200,903 8.0000%, due 1/10/20 ...... — 281,223 204,000 Verisk Analytics, Inc., 4.8750%, 600,000 MGM Resorts International, due 15/1/19 ...... — 218,253 6.7500%, due 1/10/20 ...... 0.1 639,000 1,047,000 Verisk Analytics, Inc., 5.5000%, 1,450,000 Wynn Macau, Ltd., 5.2500%, due 15/6/45 ...... 0.1 1,033,461 due 15/10/21 (144A) ...... 0.3 1,377,500 982,000 Verisk Analytics, Inc., 5.8000%, 0. 4 2,516,773 due 1/5/21 ...... 0.1 1,106,223 Casino Services 0.5 4,460,582 200,000 CCM Merger, Inc., 9.1250%, Data Processing and Management due 1/5/19 (144A) ...... — 215,000 190,000 Fidelity National Information Services, Cellular Telecommunications Inc., 5.0000%, due 15/3/22 ...... — 200,721 351,000 Sprint Corp., 7.1250%, due 15/6/24 ...... — 326,465 210,000 Fiserv, Inc., 3.1250%, due 1/10/15 ...... — 211,130 474,000 Sprint Corp., 7.2500%, due 15/9/21 ...... 0.1 463,335 — 411,851 2,539,000 T-Mobile U.S., Inc., 6.0000%, Dialysis Centres due 1/3/23 ...... 0.3 2,605,649 632,000 Fresenius Medical Care U.S. Finance II, 0.4 3,395,449 Inc., 5.6250%, due 31/7/19 (144A) ...... 0.1 686,510 Chemicals – Diversifi ed Distribution/Wholesale 1,183,000 LyondellBasell Industries N.V., 200,000 American Builders & Contractors 4.6250%, due 26/2/55 ...... 0.2 1,046,193 Supply Co., Inc., 5.6250%, Chemicals – Specialty due 15/4/21 (144A) ...... — 204,500 1,251,000 Albemarle Corp., 4.1500%, Diversifi ed Banking Institutions due 1/12/24 ...... 0.2 1,249,370 133,000 Bank of America Corp., 1.5000%, 1,028,000 Albemarle Corp., 5.4500%, due 9/10/15 ...... — 133,314 due 1/12/44 ...... 0.1 1,032,658 296,000 Bank of America Corp., 8.0000%, 172,000 Ashland, Inc., 3.8750%, due 15/4/18 ...... — 177,375 due 29/12/49 ...... — 312,650 222,000 Ashland, Inc., 6.8750%, 454,000 Citigroup, Inc., 5.8000%, due 15/5/43 (144A) ...... — 226,440 due 15/11/19 ...... 0.1 455,703 1,073,000 Rockwood Specialties Group, Inc., 120,000 Goldman Sachs Group, Inc., 4.6250%, due 15/10/20 ...... 0.1 1,118,603 5.6250%, due 15/1/17 ...... — 127,117 0.4 3,804,446 993,000 Morgan Stanley 5.5500%, Commercial Banks – Eastern U.S. due 29/12/49 ...... 0.1 987,042 478,000 CIT Group, Inc., 5.5000%, 2,545,000 Royal Bank of Scotland Group PLC, due 15/2/19 (144A) ...... 0.1 499,510 5.1250%, due 28/5/24 ...... 0.3 2,546,400 Commercial Banks – Non U.S. 800,000 Royal Bank of Scotland Group PLC, 1,594,000 Intesa Sanpaolo SpA, 5.0170%, 6.0000%, due 19/12/23 ...... 0.1 848,553 due 26/6/24 (144A) ...... 0.2 1,551,399 1,264,000 Royal Bank of Scotland Group PLC, 2,534,000 Santander U.K. PLC, 5.0000%, 6.1000%, due 10/6/23 ...... 0.2 1,346,049 due 7/11/23 (144A) ...... 0.3 2,597,401 689,000 Royal Bank of Scotland Group, PLC, 0.5 4,148,800 2.5500%, due 18/9/15 ...... 0.1 690,962 0.9 7,447,790 Commercial Banks – Western U.S. 322,000 SVB Financial Group, 5.3750%, Diversifi ed Financial Services due 15/9/20 ...... — 359,637 186,000 Carlyle Holdings Finance LLC, 513,000 Zions Bancorporation, 5.8000%, 3.8750%, due 1/2/23 (144A) ...... — 188,171 due 15/6/23 ...... 0.1 489,274 300,000 General Electric Capital Corp., 0.1 848,911 6.2500%, due 15/12/49 ...... — 328,500 361,000 General Electric Capital Corp., Computer Aided Design 6.3750%, due 15/11/67 ...... 0.1 388,978 166,000 Autodesk, Inc., 3.6000%, 100,000 General Electric Capital Corp., due 15/12/22 ...... — 165,391 7.1250%, due 15/12/49 ...... — 115,500 Computer Services 538,000 AerCap Ireland Capital Ltd / AerCap 904,000 IHS, Inc., 5.0000%, due 1/11/22 ...... 0.1 901,740 Global Aviation Trust 4.6250%, Computers – Memory Devices due 1/7/22 ...... 0.1 540,018 2,947,000 Seagate HDD Cayman, 4.7500%, 0.2 1,561,167 due 1/1/25 (144A) ...... 0.4 2,934,419 Diversifi ed Operations 948,000 Seagate HDD Cayman, 4.8750%, 456,000 GE Capital Trust I, 6.3750%, due 1/6/27 ...... 0.1 923,571 due 15/11/67 ...... 0.1 488,148 303,000 Seagate Technology PLC, 4.7500%, 703,000 Horizon Pharma Financing, Inc., due 1/6/23 ...... — 308,252 6.6250%, due 1/5/23 ...... 0.1 735,514 0.2 1,223,662

The accompanying notes are an integral part of the fi nancial statements. 80 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Educational Software 1,607,000 Raymond James Financial, Inc., 2,276,000 Blackboard, Inc., 7.7500%, 5.6250%, due 1/4/24 ...... 0.2 1,790,754 due 15/11/19 (144A) ...... 0.3 2,150,820 626,000 Stifel Financial Corp., 4.2500%, Electric – Integrated due 18/7/24 ...... 0.1 619,676 210,000 PPL WEM Holdings PLC, 3.9000%, 997,000 TD Ameritrade Holding Corp., due 1/5/16 (144A) ...... — 214,245 2.9500%, due 1/4/22 ...... 0.1 989,432 567,000 PPL WEM Holdings PLC, 5.3750%, 1,609,000 TD Ameritrade Holding Corp., due 1/5/21 (144A) ...... 0.1 627,986 3.6250%, due 1/4/25 ...... 0.2 1,635,975 0.1 842,231 1.2 9,385,694 Electric Products – Miscellaneous Finance – Leasing Company 449,000 Molex Electronic Technologies LLC, 635,000 LeasePlan Corp. N.V., 2.5000%, 2.8780%, due 15/4/20 ...... 0.1 442,598 due 16/5/18 (144A) ...... 0.1 636,370 1,797,000 Molex Electronic Technologies LLC, Food – Dairy Products 3.9000%, due 15/4/25 ...... 0.2 1,744,702 500,000 FAGE Dairy Industry S.A. / FAGE 0.3 2,187,300 USA Dairy Industry, Inc., 9.8750%, Electronic Components – Semiconductors due 1/2/20 (144A) ...... 0.1 523,750 2,099,000 Micron Technology, Inc., 5.2500%, Food – Meat Products due 15/1/24 ...... 0.3 1,987,491 24,000 Smithfi eld Foods, Inc., 6.6250%, 318,000 National Semiconductor Corp., due 15/8/22 ...... — 25,710 6.6000%, due 15/6/17 ...... — 351,262 50,000 Sun Merger Sub, Inc., 5.2500%, 0.3 2,338,753 due 1/8/18 (144A) ...... — 50,875 Electronic Design Automation 232,000 Tyson Foods, Inc., 6.6000%, 1,435,000 Cadence Design Systems, Inc., due 1/4/16 ...... — 240,911 4.3750%, due 15/10/24 ...... 0.2 1,442,265 — 317,496 Electronic Measuring Instruments Food – Miscellaneous/Diversifi ed 317,000 FLIR Systems, Inc., 3.7500%, 569,000 HJ Heinz Co, 3.5000%, due 1/9/16 ...... — 325,050 due 15/7/22 (144A) ...... 0.1 571,199 1,747,000 Trimble Navigation, Ltd., 4.7500%, 664,000 HJ Heinz Co, 2.8000%, due 1/12/24 ...... 0.2 1,752,650 due 2/7/20 (144A) ...... 0.1 665,274 0.2 2,077,700 0.2 1,236,473 Finance – Auto Loans Food – Retail 1,047,000 Ally Financial, Inc., 4.1250%, 1,742,000 SUPERVALU, Inc., 6.7500%, due 30/3/20 ...... 0.1 1,047,649 due 1/6/21 ...... 0.2 1,768,130 796,000 Ally Financial, Inc., 4.6250%, 1,093,000 SUPERVALU, Inc., 7.7500%, due 19/5/22 ...... 0.1 787,045 due 15/11/22 ...... 0.2 1,152,432 193,000 Ally Financial, Inc., 8.0000%, 0.4 2,920,562 due 31/12/18 ...... — 215,919 Gambling – Non-Hotel 128,000 General Motors Financial Co., Inc., 3,000 Mohegan Tribal Gaming Authority, 3.2500%, due 15/5/18 ...... — 131,000 9.7500%, due 1/9/21 ...... — 3,158 0.2 2,181,613 Hotels and Motels Finance – Consumer Loans 350,000 Playa Resorts Holdings, 8.0000%, 956,000 Synchrony Financial, 3.0000%, due 15/8/20 (144A) ...... — 364,000 due 15/8/19 ...... 0.1 963,712 Instruments – Scientifi c Finance – Credit Card 444,000 Thermo Fisher Scientifi c, Inc., 348,000 American Express Co., 6.8000%, 3.3000%, due 15/2/22 ...... 0.1 439,399 due 1/9/66 ...... — 358,927 Investment Management and Advisory Services 839,000 Discover Financial Services, 3.7500%, 1,159,000 Ameriprise Financial, Inc., 7.5180%, due 4/3/25 ...... 0.1 802,702 due 1/6/66 ...... 0.2 1,161,898 319,000 Discover Financial Services, 3.9500%, 1,146,000 Neuberger Berman Group LLC / due 6/11/24 ...... — 310,561 Neuberger Berman Finance Corp., 0.1 1,472,190 4.8750%, due 15/4/45 ...... 0.1 1,042,983 Finance – Investment Bankers/Brokers 983,000 Neuberger Berman Group LLC / 717,000 Charles Schwab Corp., 3.0000%, Neuberger Berman Finance Corp., due 10/3/25 ...... 0.1 704,161 5.8750%, due 15/3/22 (144A) ...... 0.1 1,054,268 259,000 Charles Schwab Corp., 7.0000%, 0.4 3,259,149 due 28/2/49 ...... — 301,460 Life and Health Insurance 1,445,000 E*TRADE Financial Corp., 4.6250%, 259,000 CNO Financial Group, Inc., due 15/9/23 ...... 0.2 1,423,325 4.5000%, due 30/5/20 ...... — 263,533 995,000 E*TRADE Financial Corp., 5.3750%, 739,000 CNO Financial Group, Inc., due 15/11/22 ...... 0.1 1,022,363 5.2500%, due 30/5/25 ...... 0.1 752,819 425,000 Lazard Group LLC, 4.2500%, 542,000 Primerica, Inc., 4.7500%, due 14/11/20 ...... 0.1 447,406 due 15/7/22 ...... 0.1 579,115 16,000 Lazard Group LLC, 6.8500%, 0.2 1,595,467 due 15/6/17 ...... — 17,487 423,000 Raymond James Financial, Inc., Linen Supply and Related Items 4.2500%, due 15/4/16 ...... 0.1 433,655 146,000 Cintas Corp. No 2, 2.8500%, due 1/6/16 ...... — 147,886 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 81 Janus Balanced Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 152,000 Cintas Corp. No 2, 4.3000%, 888,000 Hiland Partners L.P. / Hiland Partners due 1/6/21 ...... — 164,098 Finance Corp., 7.2500%, — 311,984 due 1/10/20 (144A) ...... 0.1 963,480 Machinery – Farm 1,852,000 Oceaneering International, Inc., 767,000 CNH Capital LLC, 3.6250%, 4.6500%, due 15/11/24 ...... 0.2 1,853,785 due 15/4/18 ...... 0.1 770,835 0.5 4,480,098 Medical – Biomedical and Genetic Oil and Gas Drilling 77,000 Life Technologies Corp., 5.0000%, 1,488,000 Helmerich & Payne International due 15/1/21 ...... — 84,815 Drilling Co., 4.6500%, due 15/3/25 ...... 0.2 1,538,973 Medical – Drugs 917,000 Capsugel S.A., 7.0000%, Oil Companies – Exploration and Production due 15/5/19 (144A) ...... 0.1 934,872 418,000 Carrizo Oil & Gas, Inc., 6.2500%, 1,814,000 Valeant Pharmaceuticals International, due 15/4/23 ...... 0.1 421,135 6.3750%, due 15/10/20 (144A) ...... 0.3 1,914,904 1,212,000 Chesapeake Energy Corp., 1,165,000 Valeant Pharmaceuticals International, 4.8750%, due 15/4/22 ...... 0.1 1,057,470 Inc., 5.8750%, due 15/5/23 ...... 0.2 1,197,038 465,000 Chesapeake Energy Corp., 5,543,000 Valeant Pharmaceuticals International, 5.3750%, due 15/6/21 ...... 0.1 423,150 Inc., 6.1250%, due 15/4/25 ...... 0.8 5,716,219 1,818,000 Cimarex Energy Co., 4.3750%, 1.4 9,763,033 due 1/6/24 ...... 0.2 1,804,692 1,426,000 Cimarex Energy Co., 5.8750%, Medical – Generic Drugs due 1/5/22 ...... 0.2 1,532,950 1,383,000 Actavis Funding SCS, 3.0000%, 512,000 Devon Energy Corp., 2.2500%, due 12/3/20 ...... 0.2 1,389,594 due 15/12/18 ...... 0.1 513,801 1,602,000 Actavis Funding SCS, 3.8000%, 2,311,000 Endeavor Energy Resources L.P. / due 15/3/25 ...... 0.2 1,576,839 EER Finance, Inc., 7.0000%, 260,000 Actavis Funding SCS, 3.8500%, due 15/8/21 (144A) ...... 0.3 2,311,000 due 15/6/24 ...... — 257,348 3,301,000 Endeavor Energy Resources L.P. / 760,000 Actavis Funding SCS, 4.5500%, EER Finance, Inc., 8.1250%, due 15/3/35 ...... 0.1 724,888 due 15/9/23 ...... 0.5 3,420,661 570,000 Actavis Funding SCS, 4.7500%, 1,640,000 EP Energy LLC / Everest Acquisition due 15/3/45 ...... 0.1 544,777 Finance, Inc., 6.3750%, 232,000 Actavis Funding SCS, 4.8500%, due 15/6/23 ...... 0.2 1,650,250 due 15/6/44 ...... — 224,686 618,000 Parsley Energy LLC / Parsley 0.6 4,718,132 Finance Corp., 7.5000%, Medical – HMO due 15/2/22 (144A) ...... 0.1 630,168 1,159,000 Centene Corp., 4.7500%, due 15/5/22 ...... 0.2 1,199,565 679,000 QEP Resources, Inc., 5.2500%, Medical – Hospitals due 1/5/23 ...... 0.1 653,538 414,000 HCA, Inc., 3.7500%, due 15/3/19 ...... 0.1 418,140 789,000 QEP Resources, Inc., 5.3750%, 2,311,000 Tenet Healthcare Corp., 6.7500%, due 1/10/22 ...... 0.1 765,882 due 15/6/23 ...... 0.4 2,360,109 682,000 Rice Energy, Inc., 6.2500%, 0. 5 2,778,249 due 1/5/22 ...... 0.1 680,295 2.2 15,864,992 Medical Labs and Testing Services 1,102,000 Laboratory Corp of America Oil Companies – Integrated Holdings, 3.2000%, due 1/2/22 ...... 0.1 1,088,051 668,000 Chevron Corp., 1.3450%, 1,101,000 Laboratory Corp of America due 15/11/17 ...... 0.1 670,949 Holdings, 3.6000%, due 1/2/25 ...... 0.1 1,055,109 Oil Field Machinery and Equipment 0.2 2,143,160 959,000 Forum Energy Technologies, Inc., Medical Products 6.2500%, due 1/10/21 ...... 0.1 954,205 900,000 Becton Dickinson and Co., Oil Refi ning and Marketing 1.8000%, due 15/12/17 ...... 0.1 900,645 967,000 Seven Generations Energy, Ltd., 1,265,000 Mallinckrodt International Finance 6.7500%, due 1/5/23 ...... 0.1 969,418 S.A. / Mallinckrodt CB LLC, Paper and Related Products 5.5000%, due 15/4/25 ...... 0.2 1,231,794 1,412,000 Georgia-Pacifi c LLC, 3.1630%, 1,049,000 Zimmer Holdings, Inc., 2.7000%, due 15/11/21 ...... 0.2 1,431,176 due 1/4/20 ...... 0.1 1,044,963 711,000 Georgia-Pacifi c LLC, 3.6000%, 1,240,000 Zimmer Holdings, Inc., 3.1500%, due 1/3/25 ...... 0.1 705,449 due 1/4/22 ...... 0.2 1,221,570 0.3 2,136,625 1,428,000 Zimmer Holdings, Inc., 3.5500%, due 1/4/25 ...... 0.2 1,382,522 Pharmaceuticals 0.8 5,781,494 1,120,000 Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc, 6.0000%, Multi-Line Insurance due 15/7/23 (144A) ...... 0. 3 1,146,600 256,000 ING U.S., Inc., 5.6500%, due 15/5/53 ...... — 262,720 Pharmacy Services 395,000 Omnicare, Inc., 4.7500%, due 1/12/22 ...... 0.1 420,675 Oil – Field Services 510,000 Omnicare, Inc., 5.0000%, 1,596,000 Hiland Partners L.P. / Hiland Partners due 1/12/24 ...... 0.1 550,800 Finance Corp., 5.5000%, 0.2 971,475 due 15/5/22 (144A) ...... 0.2 1,662,833

The accompanying notes are an integral part of the fi nancial statements. 82 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Pipelines REIT – Health Care 836,000 Crestwood Midstream Partners L.P. / 112,000 Senior Housing Properties Trust, Crestwood Midstream Finance 6.7500%, due 15/12/21 ...... — 127,648 Corp., 6.0000%, due 15/12/20 ...... 0.1 869,440 101,000 Senior Housing Properties Trust, 1,885,000 Crestwood Midstream Partners L.P. / 6.7500%, due 15/4/20 ...... — 113,623 Crestwood Midstream Finance — 241,271 Corp., 6.1250%, due 3/1/22 ...... 0.3 1,932,125 REIT – Offi ce Property 855,000 DCP Midstream Operating L.P., 675,000 Alexandria Real Estate Equities, Inc., 3.8750%, due 15/3/23 ...... 0.1 792,527 2.7500%, due 15/1/20 ...... 0.1 668,841 443,000 DCP Midstream Operating L.P., 620,000 Alexandria Real Estate Equities, Inc., 4.9500%, due 1/4/22 ...... 0.1 438,116 4.5000%, due 30/7/29 ...... 0.1 622,781 243,000 DCP Midstream Operating L.P., 443,000 Alexandria Real Estate Equities, Inc., 5.6000%, due 1/4/44 ...... — 218,188 4.6000%, due 1/4/22 ...... 0.1 467,326 423,000 El Paso Pipeline Partners Operating 475,000 Reckson Operating Partnership L.P., Co LLC, 4.3000%, due 1/5/24 ...... 0.1 418,194 7.7500%, due 15/3/20 ...... 0.1 566,498 144,000 El Paso Pipeline Partners Operating 0.4 2,325,446 Co. LLC, 5.0000%, due 1/10/21 ...... — 152,570 195,000 Energy Transfer Partners L.P., REIT – Shopping Centres 4.1500%, due 1/10/20 ...... — 200,641 367,000 Retail Opportunity Investments 591,000 EnLink Midstream Partners L.P., Partnership L.P., 4.0000%, 4.4000%, due 1/4/24 ...... 0.1 593,632 due 15/12/24 ...... 0.1 363,824 485,000 EnLink Midstream Partners L.P., 129,000 Retail Opportunity Investments 5.6000%, due 1/4/44 ...... 0.1 472,891 Partnership L.P., 5.0000%, 471,000 Kinder Morgan, Inc., 7.7500%, due 15/12/23 ...... — 135,578 due 15/1/32 ...... 0.1 542,431 0.1 499,402 2,489,000 MarkWest Energy Partners L.P. / Retail – Discount MarkWest Energy Finance Corp., 2,257,000 Family Tree Escrow LLC, 5.7500%, 4.5000%, due 15/7/23 ...... 0.3 2,451,665 due 1/3/23 ...... 0.3 2,369,850 325,000 Phillips 66 Partners L.P., 3.6050%, Retail – Drug Store due 15/2/25 ...... — 306,471 749,000 Rite Aid Corp., 6.1250%, 252,000 Plains All American Pipeline L.P., due 1/4/23 ...... 0.1 774,279 3.9500%, due 15/9/15 ...... — 253,439 Retail – Regional Department Stores 550,000 Spectra Energy Corp., 4.7500%, 163,000 Macy’s Retail Holdings, Inc., due 15/3/24 ...... 0.1 582,271 5.9000%, due 1/12/16 ...... — 173,727 930,000 Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., Retail – Restaurants 4.1250%, due 15/11/19 ...... 0.1 925,350 1,138,000 1011778 BC ULC / New Red Finance, 540,000 Western Gas Partners L.P., 5.3750%, Inc., 4.6250%, due 15/1/22 ...... 0.2 1,123,775 due 1/6/21 ...... 0.1 583,590 496,000 Brinker International, Inc., 3.8750%, 1.6 11,733,541 due 15/5/23 ...... 0.1 484,426 Poultry 2,421,000 Wok Acquisition Corp., 10.2500%, 248,000 Simmons Foods, Inc., 7.8750%, due 30/6/20 (144A) ...... 0.3 2,514,814 due 1/10/21 ...... — 228,780 0.6 4,123,015 Publishing – Periodicals Semiconductor Components/Integrated Circuits 400,000 Nielsen Finance LLC / Nielsen 860,000 TSMC Global, Ltd., 1.6250%, Finance Co., 4.5000%, due 3/4/18 (144A) ...... 0.1 850,727 due 1/10/20 (144A) ...... 0.1 399,500 Special Purpose Entity 339,000 UBM PLC, 5.7500%, 1,420,000 Goldman Sachs Capital I, 6.3450%, due 3/11/20 (144A) ...... — 366,235 due 15/2/34 ...... 0.2 1,651,699 0.1 765,735 Specifi ed Purpose Acquisition Radio 1,639,000 Argos Merger Sub, Inc., 7.1250%, 2,665,000 Townsquare Media, Inc., 6.5000%, due 15/3/23 ...... 0.2 1,720,950 due 1/4/23 ...... 0.4 2,648,344 Steel – Producers Real Estate Management/Services 1,082,000 ArcelorMittal, 5.1250%, due 1/6/20 ...... 0.1 1,099,583 358,000 Jones Lang LaSalle, Inc., 4.4000%, 479,000 Reliance Steel & Aluminum Co., due 15/11/22 ...... — 367,754 4.5000%, due 15/4/23 ...... 0.1 471,979 3,138,000 Kennedy-Wilson, Inc., 5.8750%, 0.2 1,571,562 due 1/4/24 ...... 0.4 3,130,155 Telecommunication Equipment 0.4 3,497,909 542,000 CommScope Holding Co., Inc., Real Estate Operating/Development 6.6250%, due 1/6/20 (144A) ...... 0.1 564,358 1,438,000 Forestar USA Real Estate Group, Inc., 8.5000%, due 1/6/22 (144A) ...... 0.2 1,499,115 Telecommunication Services 729,000 Greystar Real Estate Partners LLC, 1,362,000 Altice Finco S.A. 7.6250%, due 8.2500%, due 1/12/22 ...... 0.1 772,740 15/2/25 ...... 0.2 1,310,925 487,000 Howard Hughes Corp., 6.8750%, 1,657,000 Altice US Finance I Corp., 5.3750%, due 1/10/21 (144A) ...... 0.1 518,655 due 15/7/23 ...... 0.2 1,619,718 206,000 Post Apartment Homes L.P., 173,000 SBA Tower Trust, 2.9330%, 4.7500%, due 15/10/17 ...... — 219,619 due 15/12/17 (144A) ...... — 175,613 0.4 3,010,129 0.4 3,106,256 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 83 Janus Balanced Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Telephone – Integrated 731,000 1.7500%, due 15/5/23 ...... 0.1 707,128 1,472,000 Level 3 Financing, Inc., 5.1250%, 3,099,000 1.7500%, due 30/9/19 ...... 0.4 3,136,526 due 1/5/23 ...... 0.2 1,437,040 323,000 2.0000%, due 15/2/25 ...... — 313,840 Television 7,014,000 2.1250%, due 15/5/25 ...... 0.9 6,887,418 1,683,000 Tribune Media, Co., 5.8750%, 3,099,000 2.1250%, due 30/9/21 ...... 0.4 3,130,232 due 15/7/22 ...... 0.2 1,699,830 4,184,000 2.1250%, due 31/12/21 ...... 0.6 4,217,016 4,468,000 2.2500%, due 15/11/24 ...... 0.6 4,441,121 Transportation – Marine 713,000 2.3750%, due 15/8/24 ...... 0.1 716,899 440,000 Eletson Holdings, 9.6250%, 2,348,000 2.5000%, due 15/5/24 ...... 0.3 2,388,357 due 15/1/22 (144A) ...... 0.1 431,200 2,705,000 2.5000%, due 15/8/23 ...... 0.4 2,763,539 Transportation – Railroad 3,632,000 2.7500%, due 15/11/23 ...... 0.5 3,775,860 2,256,000 Florida East Coast Holdings Corp., 3,635,000 3.0000%, due 15/5/45 ...... 0.5 3,562,866 6.7500%, due 1/5/19 (144A) ...... 0.3 2,267,280 2,617,000 3.7500%, due 15/11/43 ...... 0.4 2,944,125 2,013,000 Florida East Coast Holdings Corp., 16.7 124,595,047 9.7500%, due 1/5/20 (144A) ...... 0.3 1,917,383 0.6 4,184,663 Total Government Obligations...... 16.7124,595,04 7 Transportation – Services 58,000 Asciano Finance, Ltd., 3.1250%, Mortgage-Backed Securities due 23/9/15 (144A) ...... — 58,239 Fannie Mae Pool 1,622,000 XPO Logistics, Inc., 7.8750%, 185,501 4.0000%, due 1/12/42...... — 198,472 due 1/9/19 ...... 0.2 1,739,352 3,431,833 4.5000%, due 1/5/44...... 0.5 3,784,965 0.2 1,797,591 1,714,867 3.5000%, due 1/1/44 ...... 0.3 1,779,539 Transportation – Truck 780,170 3.5000%, due 1/4/44 ...... 0.1 807,830 319,000 J.B. Hunt Transport Services, Inc., 2,184,922 3.5000%, due 1/5/44 ...... 0.3 2,266,509 3.3750%, due 15/9/15 ...... 0.1 320,619 519,136 4.0000%, due 1/11/42 ...... 0.1 554,250 704,646 4.0000%, due 1/2/44 ...... 0.1 752,457 Trucking and Leasing 686,953 4.0000%, due 1/6/42 ...... 0.1 733,360 40,000 Penske Truck Leasing Co., L.P. / PTL 643,009 4.0000%, due 1/6/44 ...... 0.1 686,548 Finance Corp., 2.5000%, 8,630,413 4.0000%, due 1/7/43 ...... 1.2 9,215,544 due 15/3/16 (144A) ...... — 40,287 1,973,934 4.0000%, due 1/7/44 ...... 0.3 2,116,677 335,000 Penske Truck Leasing Co., L.P. / PTL 310,395 4.0000%, due 1/8/42 ...... — 331,367 Finance Corp., 3.3750%, 1,199,256 4.0000%, due 1/8/43 ...... 0.2 1,280,604 due 15/3/18 (144A) ...... 0.1 345,484 1,733,249 4.0000%, due 1/8/44 ...... 0.3 1,858,591 266,000 Penske Truck Leasing Co., L.P. / PTL 1,292,812 4.0000%, due 1/9/42 ...... 0.2 1,380,279 Finance Corp., 4.2500%, due 17/1/23 (144A) ...... — 269,999 305,392 4.0000%, due 1/9/43 ...... — 325,836 0.1 655,770 417,225 4.5000%, due 1/1/42 ...... 0.1 454,758 40,928 4.5000%, due 1/10/40 ...... — 44,592 X-Ray Equipment 702,548 4.5000%, due 1/2/43 ...... 0.1 766,184 1,128,000 Hologic, Inc., 5.2500%, due 15/7/22 ...... 0.2 1,154,790 567,118 4.5000%, due 1/6/42 ...... 0.1 614,523 133,127 4.5000%, due 1/8/41 ...... — 144,923 Total Corporate Bonds...... 2 9.3 218,757,751 40,571 5.0000%, due 1/1/30 ...... — 44,815 Government Obligations 2,908,370 5.0000%, due 1/10/40 ...... 0.4 3,262,149 U.S. Treasury Notes/Bonds 306,241 5.0000%, due 1/2/41 ...... — 341,229 79,971 6,999,000 0.3750%, due 31/5/16 ...... 0.9 7,004,193 5.0000%, due 1/4/41 ...... — 89,160 176,831 2,782,000 0.5000%, due 30/4/17 ...... 0.4 2,777,655 5.0000%, due 1/5/41 ...... — 195,957 576,109 21,548,000 0.5000%, due 31/1/17 ...... 2.9 21,542,958 5.0000%, due 1/7/41 ...... 0.1 641,811 99,255 1,133,000 0.6250%, due 31/5/17 ...... 0.2 1,132,912 5.0000%, due 1/9/29 ...... — 109,574 37,771 10,662,000 0.6250%, due 31/12/16 ...... 1.4 10,685,328 5.5000%, due 1/1/25 ...... — 41,256 24,024 2,169,000 0.7500%, due 30/6/17 ...... 0.3 2,173,405 5.5000%, due 1/1/33 ...... — 27,004 654,100 163,000 0.7500%, due 31/10/17 ...... — 162,873 5.5000%, due 1/12/41 ...... 0.1 738,840 247,176 310,000 0.7500%, due 31/12/17 ...... — 309,370 5.5000%, due 1/2/41 ...... — 282,246 463,362 479,000 0.7500%, due 31/3/18 ...... 0.1 476,605 5.5000%, due 1/3/40 ...... 0.1 529,543 1,252,575 42,000 0.8750%, due 15/10/17 ...... — 42,098 5.5000%, due 1/4/40 ...... 0.2 1,413,354 397,239 134,000 0.8750%, due 15/7/17 ...... — 134,565 5.5000%, due 1/5/41 ...... 0.1 446,125 516,748 65,000 0.8750%, due 28/2/17 ...... — 65,355 5.5000%, due 1/6/41 ...... 0.1 581,462 107,268 1,069,000 0.8750%, due 31/1/17 ...... 0.1 1,075,013 6.0000%, due 1/10/35 ...... — 122,706 91,312 96,000 0.8750%, due 31/1/18 ...... — 96,030 6.0000%, due 1/10/38 ...... — 103,949 121,303 8,921,000 1.0000%, due 15/12/17 ...... 1.2 8,960,029 6.0000%, due 1/12/35 ...... — 138,817 19,664 25,000 1.0000%, due 15/9/17 ...... — 25,146 6.0000%, due 1/2/37 ...... — 22,751 116,171 458,000 1.0000%, due 30/9/19 ...... 0.1 449,484 6.0000%, due 1/9/37 ...... — 127,916 37,805 2,761,000 1.2500%, due 31/10/18 ...... 0.4 2,770,708 7.0000%, due 1/2/39 ...... — 45,740 5.2 39,404,212 3,462,000 1.3750%, due 30/9/18 ...... 0.5 3,490,939 50,000 1.3750%, due 31/3/20 ...... — 49,512 Freddie Mac Gold Pool 2,812,000 1.3750%, due 31/7/18 ...... 0.4 2,840,339 105,969 4.5000%, due 1/1/41 ...... — 115,317 8,755,000 1.5000%, due 30/11/19 ...... 1.2 8,757,049 28,290 5.0000%, due 1/1/19 ...... — 29,554 3,173,000 1.5000%, due 31/10/19 ...... 0.4 3,174,983 216,383 5.0000%, due 1/5/41 ...... — 241,471 4,979,000 1.6250%, due 31/12/19 ...... 0.7 5,000,006 38,482 5.0000%, due 1/6/20 ...... — 41,043 2,393,000 1.6250%, due 31/7/19 ...... 0.3 2,413,565 71,720 5.5000%, due 1/10/36 ...... — 80,959

The accompanying notes are an integral part of the fi nancial statements. 84 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 85,971 5.5000%, due 1/12/28 ...... — 96,279 Finance – Investment Bankers/Brokers 2,247,585 5.5000%, due 1/5/41 ...... 0.3 2,521,837 6,100 Morgan Stanley Capital Trust III, 23,149 5.5000%, due 1/8/19 ...... — 24,284 6.2500% ...... — 155,733 358,886 6.0000%, due 1/4/40 ...... 0.1 409,514 1,061 Morgan Stanley Capital Trust IV, 0.4 3,560,258 6.2500% ...... — 26,992 Ginnie Mae 444 Morgan Stanley Capital Trust V, 136,191 5.1000%, due 15/1/32 ...... — 156,008 5.7500% ...... — 11,215 Ginnie Mae I pool 319 Morgan Stanley Capital Trust VIII, 3,960,072 5.0000%, due 15/6/44...... 0.6 4,489,690 6.4500% ...... — 8,087 149,368 4.5000%, due 15/7/41 ...... — 162,944 — 202,027 285,672 4.5000%, due 15/8/41 ...... — 316,187 Medical – Generic Drugs 159,735 4.9000%, due 15/10/34 ...... — 177,903 355 Allergan PLC 5.5000% ...... — 370,115 35,205 5.0000%, due 15/1/40 ...... — 39,095 Super – Regional Banks 69,499 5.0000%, due 15/10/39 ...... — 77,622 32,800 Wells Fargo & Co., 6.6250% ...... 0. 1 905,280 111,733 5.0000%, due 15/11/39 ...... — 124,098 123,148 5.0000%, due 15/2/41 ...... — 136,852 Total Preferred Stock ...... 0.5 3,665,972 340,143 5.0000%, due 15/4/41 ...... 0.1 379,138 67,708 5.0000%, due 15/5/40 ...... — 76,346 Tranche Loans 49,337 5.0000%, due 15/5/41 ...... — 56,016 Building Products – Cement and Aggregate 149,256 5.0000%, due 15/7/40 ...... — 165,672 2,210,000 Hanson Building Products 28,972 5.0000%, due 15/9/41 ...... — 32,329 9.5000%, due 13/3/23 ...... 0.3 2,154,750 123,229 5.5000%, due 15/10/39 ...... — 142,284 Electronic Components – Semiconductors 76,124 5.5000%, due 15/3/36 ...... — 87,067 2,646,679 Avago Technologies Cayman, Ltd., 439,777 5.5000%, due 15/8/39 ...... 0.1 506,509 3.7500%, due 6/5/21 ...... 0.4 2,649,035 15,357 5.5000%, due 15/9/35 ...... — 17,892 0.8 6,987,644 Media 829,563 Tribune Media Co 3.0000%, Ginnie Mae II pool due 27/12/20 ...... 0.1 829,306 60,005 3.5000%, due 20/5/42 ...... — 62,638 Medical Information Systems 411,288 4.5000%, due 20/10/41 ...... 0.1 444,43 6 675,180 IMS Health, Inc., 3.5000%, 75,718 5.5000%, due 20/1/42 ...... — 86,169 due 17/3/21 ...... 0.1 670,960 262,979 5.5000%, due 20/11/37 ...... 0.1 294,664 350,024 5.5000%, due 20/5/42 ...... 0.1 398,900 Retail – Offi ce Supplies 120,567 5.5000%, due 20/7/42 ...... — 135,583 337,000 Staples, Inc 2.7500%, due 23/4/21 ...... — 336,228 26,602 6.0000%, due 20/1/39 ...... — 30,155 Transport – Equipment and Leasing 34,211 6.0000%, due 20/1/42 ...... — 39,320 732,743 Maxim Crane Works L.P., 10.2500%, 10,531 6.0000%, due 20/10/41 ...... — 12,119 due 26/11/18 ...... 0.1 732,743 65,092 6.0000%, due 20/11/34 ...... — 75,540 30,869 6.0000%, due 20/11/42 ...... — 35,384 Total Tranche Loans ...... 1.0 7,373,022 32,807 6.0000%, due 20/12/41 ...... — 37,626 Total Investments at last traded prices ...... 99. 1 742,232,677 28,511 6.0000%, due 20/2/42 ...... — 32,775 41,487 6.0000%, due 20/2/43 ...... — 47,713 Adjustments from last traded to bid market prices ...... (0.2) (1,124,575) 20,519 6.0000%, due 20/3/42 ...... — 23,593 49,586 6.0000%, due 20/4/42 ...... — 57,011 Total Investments ...... 98. 9 741,108,102 44,055 6.0000%, due 20/5/42 ...... — 50,053 30,120 6.0000%, due 20/7/42 ...... — 34,616 31,764 6.0000%, due 20/8/42 ...... — 36,494 78,359 6.0000%, due 20/9/42 ...... — 90,216 0. 32,025,00 5

Total Mortgage-Backed Securities ...... 6.7 52,133,12 7 Preferred Stock Diversifi ed Banking Institutions 22,750 Morgan Stanley, 6.8750% ...... 0.1 606,970 13,110 Morgan Stanley, 7.1250% ...... — 366,425 0.1 973,395 Diversifi ed Financial Services 10,700 Citigroup Capital XIII, 7.8750% ...... — 277,772 4,241 General Electric Capital Corp., 4.7000%, ...... — 103,056 — 380,828 Fiduciary Banks 5,800 State Street Corp., 5.9000% ...... — 148,886 Finance – Auto Loans 675 Ally Financial, Inc., 7.0000% ...... 0.1 685,441

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 85 Janus Balanced Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Financial Liabilities at fair value through profi t or loss Current Unrealised Forward Currency Contracts, Open as at 30 June 2015 Currency Currency Market Settle Appreciation Current Unrealised Purchased Sold Value (USD) Date (USD) Currency Currency Market Settle (Depreciation) Bank of America Purchased Sold Value (USD) Date (USD) USD 2,034,718 GBP 1,294,000 2,032,423 30-Jul-15 2,295 Bank of America Citibank GBP 1,294,000 USD 2,035,113 2,037,341 2-Jul-15 (2,228) USD 3,749 EUR 3,342 3,727 31-Jul-15 22 USD 1,976,139 GBP 1,294,000 2,032,888 2-Jul-15 (56,749) USD 7,281 AUD 9,430 7,260 31-Jul-15 21 Citibank USD 1,249 CNH 7,769 1,248 31-Jul-15 1 AUD 69,934 USD 54,081 54,316 31-Jul-15 (235) USD 9,746 EUR 8,689 9,690 31-Jul-15 56 AUD 3,663 USD 2,833 2,845 31-Jul-15 (12) USD 26,423 CAD 32,530 26,038 31-Jul-15 385 EUR 3,289,588 USD 3,689,609 3,710,781 31-Jul-15 (21,172) USD 2 EUR 2 2 31-Jul-15 — EUR 67,663,742 USD 75,891,788 76,327,272 31-Jul-15 (435,484) USD 40 AUD 52 40 31-Jul-15 — EUR 30,110,526 USD 33,772,026 33,965,817 31-Jul-15 (193,791) USD 2 AUD 3 2 31-Jul-15 — AUD 12,427,419 USD 9,610,310 9,652,004 31-Jul-15 (41,694) USD 77,146 EUR 68,781 76,702 31-Jul-15 444 CAD 35,950,123 USD 29,238,083 29,700,573 31-Jul-15 (462,490) USD 30,892 EUR 27,542 30,714 31-Jul-15 178 CNH 4,308,218 USD 692,447 692,455 31-Jul-15 (8) USD 2,199 EUR 1,960 2,186 31-Jul-15 13 EUR 1,822,796 USD 2,044,452 2,056,184 31-Jul-15 (11,732) AUD 300 USD 231 231 31-Jul-15 — EUR 8,086,763 USD 9,070,129 9,122,175 31-Jul-15 (52,046) USD 1,363 EUR 1,220 1,361 31-Jul-15 2 EUR 2,459 USD 2,758 2,774 31-Jul-15 (16) USD 47,525 EUR 42,560 47,461 31-Jul-15 64 EUR 104,000 USD 116,134 116,291 31-Jul-15 (157) USD 190 AUD 246 189 31-Jul-15 1 USD 2,116 CNH 13,174 2,117 31-Jul-15 (1) USD 259,838 EUR 232,355 259,115 31-Jul-15 723 EUR 273 USD 306 307 31-Jul-15 (1) USD 99,096 CAD 122,789 98,284 31-Jul-15 812 CAD 389,000 USD 313,723 316,078 31-Jul-15 (2,355) USD 33,810 AUD 43,781 33,710 31-Jul-15 100 EUR 26,313 USD 29,475 29,607 31-Jul-15 (132) USD 12,635 EUR 11,299 12,600 31-Jul-15 35 USD 12,214 AUD 15,885 12,231 31-Jul-15 (17) USD 7,031 EUR 6,287 7,011 31-Jul-15 20 USD 737 CNH 4,587 738 31-Jul-15 (1) USD 31,191 EUR 27,892 31,104 31-Jul-15 87 EUR 72,607 USD 81,358 81,747 31-Jul-15 (389) USD 9 EUR 8 9 31-Jul-15 — USD 96,139 EUR 86,611 96,585 31-Jul-15 (446) USD 115,194 EUR 103,010 114,873 31-Jul-15 321 USD 12,043 AUD 15,771 12,144 31-Jul-15 (101) USD 10 AUD 13 10 31-Jul-15 — USD 2,627 EUR 2,367 2,639 31-Jul-15 (12) USD 107,898 EUR 96,322 107,415 31-Jul-15 483 USD 65 AUD 85 66 31-Jul-15 (1) USD 69 AUD 89 69 31-Jul-15 — USD 37,317 CAD 46,127 36,921 31-Jul-15 396 USD 4 EUR 3 4 31-Jul-15 — USD 42,350 EUR 38,153 42,547 31-Jul-15 (197) USD 12,785 EUR 11,405 12,719 31-Jul-15 66 USD 4,690 EUR 4,225 4,712 31-Jul-15 (22) USD 105,716 EUR 94,307 105,168 31-Jul-15 548 USD 11,636 EUR 10,483 11,690 31-Jul-15 (54) USD 46,481 EUR 41,465 46,240 31-Jul-15 241 USD 1,031 CNH 6,421 1,032 31-Jul-15 (1) USD 2,882 EUR 2,571 2,867 31-Jul-15 15 CAD 119 USD 97 98 31-Jul-15 (1) USD 4 AUD 5 4 31-Jul-15 — EUR 9,850 USD 11,008 11,032 31-Jul-15 (24) USD 39,494 CAD 48,829 39,084 31-Jul-15 410 EUR 59,808 USD 66,841 66,986 31-Jul-15 (145) USD 5,150 EUR 4,594 5,123 31-Jul-15 27 USD 73,665 AUD 96,432 74,250 31-Jul-15 (585) USD 2,014 AUD 2,608 2,008 31-Jul-15 6 EUR 19,518 USD 21,813 21,860 31-Jul-15 (47) USD 164,734 EUR 147,015 163,946 31-Jul-15 788 EUR 11,595 USD 12,958 12,986 31-Jul-15 (28) AUD 167 USD 129 129 31-Jul-15 — USD 383 AUD 500 385 31-Jul-15 (2) USD 18,342 EUR 16,369 18,254 31-Jul-15 88 USD 70,206 AUD 91,521 70,469 31-Jul-15 (263) USD 3 EUR 3 3 31-Jul-15 — USD 4,931 CNH 30,689 4,933 31-Jul-15 (2) USD 4 AUD 5 4 31-Jul-15 — EUR 23,083 USD 25,963 26,186 31-Jul-15 (223) USD 218,288 CAD 270,911 216,845 31-Jul-15 1,443 USD 560,244 EUR 501,808 559,600 31-Jul-15 644 Credit Suisse USD 67,404 EUR 60,373 67,327 31-Jul-15 77 USD 969,580 GBP 627,000 984,902 16-Jul-15 (15,322) USD 27,419 EUR 24,560 27,387 31-Jul-15 32 GBP 245,000 USD 385,514 386,179 16-Jul-15 (665) USD 20 EUR 18 20 31-Jul-15 — Royal Bank of Canada USD 21 AUD 27 21 31-Jul-15 — USD 779,994 GBP 509,000 799,547 16-Jul-15 (19,553) USD 15,308 EUR 13,712 15,290 31-Jul-15 18 GBP 509,000 USD 800,996 802,448 16-Jul-15 (1,452) USD 249,433 EUR 223,416 249,146 31-Jul-15 287 Total (1,319,460) AUD 500 USD 384 383 31-Jul-15 1 USD 33,424 EUR 29,717 33,139 31-Jul-15 285 Total Financial Liabilities at fair value through profi t or loss (1,319,460) Credit Suisse USD 62,956 GBP 40,000 62,833 16-Jul-15 123 Total 11,162 Total Financial Assets at fair value through profi t or loss 741,119,264

The accompanying notes are an integral part of the fi nancial statements. 86 Janus Capital Funds Plc / 30 June 2015 Janus Emerging Markets Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss E-Commerce/Services Common Stock 14,986 QIWI PLC (ADR) ...... 0.6 420,357 Electric – Transmission Airlines 176,761 Power Grid Corp of India, Ltd...... 0.6 386,146 6,418 Copa Holdings S.A. – Class A ...... 0.8 530,063 Electrical Components – Equipment Automotive – Cars and Light Trucks 58,000 Delta Electronics, Inc...... 0.5 297,033 71,600 Chongqing Changan Automobile Co., Electronic Components – Miscellaneous Ltd. 0.3 183,173 58,500 AAC Technologies Holdings, Inc...... 0.5 330,565 6,725 Hyundai Motor Co...... 1.3 820,122 790,000 E Ink Holdings, Inc...... 0.6 362,329 254,414 Yulon Motor Co., Ltd...... 0.5 295,218 212,560 Hon Hai Precision Industry Co., Ltd...... 1.0 668,302 2.1 1,298,513 89,200 Japan Display, Inc...... 0.5 336,040 Automotive – Truck Parts and Equipment – Original 14,986 LG Display Co., Ltd...... 0.5 347,371 2,544 Hyundai Mobis ...... 0.7 483,615 3.1 2,044,607 77,500 Iochpe-Maxion S.A...... 0.5 316,663 Electronic Components – Semiconductors 1.2 800,278 12,325 Hynix Semiconductor, Inc...... 0.7 467,492 Banks 29,000 MediaTek, Inc...... 0.6 396,670 209,101 ICICI Bank, Ltd...... 1.6 1,011,451 2,310 Samsung Electronics Co., Ltd...... 4.0 2,626,506 Beverages – Non-Alcoholic 5.3 3,490,668 84,800 Fomento Economico Mexicano, Electronic Measuring Instruments S.A.B. de C.V...... 1.2 755,667 102,000 Chroma ATE, Inc...... 0.3 225,478 Beverages – Wine and Spirits Electronic Parts Distributors 558,779 LT Group, Inc...... 0.3 172,544 380,000 WPG Holdings, Ltd ...... 0.7 476,050 16,432 Vina Concha y Toro S.A...... — 28,650 Energy – Alternate Sources 0.3 201,194 1,839,000 China Suntien Green Energy Corp., Brewery Ltd...... 0.6 393,837 15,468 SABMiller PLC ...... 1.2 803,240 Engineering and Construction Casino Hotels 167,794 Louis XIII Holdings, Ltd...... 0.1 64,076 206,100 Genting Bhd...... 0.7 440,511 Finance – Investment Bankers/Brokers Cellular Telecommunications 102,500 CITIC Securities Co., Ltd...... 0.6 369,600 109,500 China Mobile, Ltd...... 2.2 1,402,075 Finance – Mortgage Loan Banker Commercial Banks – Non U.S. 27,443 Housing Development Finance Corp...... 0.9 558,760 369,100 Bank Danamon Indonesia Tbk PT ...... 0.2 119,066 Food – Meat Products 962,000 Bank Mandiri, Tbk...... 1.1 725,301 9,510 San Miguel Pure Foods Co., Inc...... 0.1 36,370 1,594,000 China Construction Bank Corp...... 2.2 1,455,956 Food – Miscellaneous/Diversifi ed 3,018,629 Corpbanca S.A...... 0.1 33,343 195,900 Marfrig Global Foods S.A...... 0.6 357,993 4,298 CrediCorp., Ltd...... 0.9 597,078 Food – Retail 117,000 Grupo Financiero Banorte S.A.B. 66,245 Shoprite Holdings, Ltd...... 1.5 945,502 de C.V...... 1.0 643,402 18,202 X5 Retail Group N.V. (GDR) ...... 0.5 303,063 92,474 Itau Unibanco Holding S.A. (ADR) ...... 1.6 1,012,590 2.0 1,248,565 150,601 Metropolitan Bank and Trust ...... 0.5 314,034 Gambling – Non-Hotel 155,912 Sberbank of Russia (ADR) ...... 1.3 813,861 2,658,750 Belle Corp...... 0.3 194,631 69,228 Turkiye Halk Bankasi A/S ...... 0.5 319,077 Hotels and Motels 9.46,033,708 26,960 Orascom Development Holding A.G...... 0.5 334,584 Computer Services Industrial Audio and Video Production 28,539 Infosys, Ltd...... 0.7 441,191 223,250 Merry Electronics Co., Ltd...... 0.8 517,388 892 Samsung SDS Co., Ltd...... 0.3 207,563 Internet Applications Software 1.0 648,754 76,000 Tencent Holdings, Ltd...... 2.3 1,516,808 Consumer Products – Miscellaneous Internet Content – Entertainment 109,500 Biostime International Holdings, Ltd...... 0.5 320,676 1,974 NCSoft Corp...... 0.5 351,362 197,400 Samsonite International S.A...... 1.1 682,509 1.6 1,003,185 Investment Management and Advisory Services Cosmetics and Toiletries 129,667 GF Securities Co., Ltd...... 0.5 333,566 14,705 L’Occitane International S.A...... 0.1 41,926 30,700 Grupo BTG Pactual ...... 0.4 282,782 Diversifi ed Financial Services 0.9 616,348 373,499 Haitong International Securities Life and Health Insurance Group, Ltd...... 0.5 337,298 7,632 Samsung Life Insurance Co., Ltd...... 1.1 735,689 17,486 Hana Financial Group, Inc...... 0.7 455,495 Machinery – Electric Utilities 21,901 Shinhan Financial Group Co., Ltd...... 1.3 815,985 19,512 Ulusoy Elektrik Imalat Taahhut Ve 2.5 1,608,778 Ticaret A/S ...... 0.1 66,921 Diversifi ed Operations Medical – Drugs 175,000 Melco International Development, 18,933 Torrent Pharmaceuticals, Ltd...... 0.6 386,977 Ltd...... 0.4 247,443 E-Commerce/Products Medical Labs and Testing Services 7,281 Alibaba Group Holding, Ltd. (ADR) ...... 0.9 599,008 49,900 Integrated Diagnostics Holdings PLC ...... 0.4 291,915

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 87 Janus Emerging Markets Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Metal – Diversifi ed Shipbuilding 159,714 Hindustan Zinc, Ltd...... 0.6 419,138 39,256 Daewoo Shipbuilding & Marine Metal – Iron Engineering Co., Ltd...... 0.7 468,171 50,543 Vale S.A. (ADR) ...... 0.5 297,698 Specifi ed Purpose Acquisition Metal Processors and Fabrication 11,123 Atlas Mara Co-Nvest, Ltd...... 0.1 69,519 29,000 Catcher Technology Co., Ltd...... 0.6 362,831 Steel – Producers Oil Companies – Exploration and Production 1,915 POSCO ...... 0.6 384,648 278,000 CNOOC, Ltd...... 0.6 394,516 Telephone – Integrated 33,130 Cobalt International Energy, Inc...... 0.5 321,692 12,130 KT Corp...... 0.5 309,450 228,532 Ophir Energy PLC ...... 0.6 406,415 Tobacco 1.7 1,122,623 62,956 ITC, Ltd...... 0.5 311,596 Oil Companies – Integrated 67,300 Souza Cruz S.A...... 0.8 531,567 418,600 China Petroleum & Chemical Corp...... 0.6 361,287 1.3 843,163 350,000 PetroChina Co., Ltd...... 0.6 390,581 Transportation – Railroad 62,327 Petroleo Brasileiro S.A. (ADR) ...... 0.9 564,059 41,925 Globaltrans Investment PLC (GDR) ...... 0.3 199,144 2.1 1,315,927 Web Portals/Internet Service Providers Oil Refi ning and Marketing 2,456 Baidu, Inc. (ADR)...... 0.8 488,940 49,695 Reliance Industries, Ltd...... 1.2 780,538 775 NAVER Corp...... 0.7 440,594 Paper and Related Products 1.5 929,534 81,900 Suzano Papel e Celulose S.A...... 0.7 436,614 Wire and Cable Products Property and Casualty Insurance 15,811 Finolex Cables, Ltd...... 0.1 61,966 13,699 Hyundai Marine & Fire Insurance Co., Ltd...... 0.6 362,375 Total Common Stock...... 77.3 50,069,876 Public Thoroughfares Preferred Stock 105,300 CCR S.A...... 0.8 507,156 Electronic Components – Semiconductors Real Estate Management/Services 541 Samsung Electronics Co., Ltd., 1.32% ...... 0.7 481,719 95,000 BR Malls Participacoes S.A...... 0.7 449,296 1,675,500 Siam Future Development PCL ...... 0.4 290,286 Total Preferred Stock ...... 0.7 481,719 1.1 739,582 Warrant Real Estate Operating/Development 1,148,906 Central China Real Estate, Ltd...... 0.5 326,087 Specifi ed Purpose Acquisitions 9,270,000 CSI Properties, Ltd...... 0.6 358,780 11,049 Atlas Mara Co-Nvest, Ltd...... — 1,934 461,669 Emlak Konut Gayrimenkul Yatirim Total Warrant ...... — 1,934 Ortakligi A.S...... 0.7 475,539 852,250 Shun Tak Holdings, Ltd...... 0.7 471,684 Total Investments at last traded prices ...... 78. 0 50,553,529 2.5 1,632,090 Regional Banks – Non U.S. Adjustments from last traded to bid market prices ...... (0.1) (88,160) 101,510 TCS Group Holding (GDR) ...... 0.5 294,379 Total Investments ...... 77.9 50,465,369 Rental – Auto/Equipment 51,200 Localiza Rent a Car S.A...... 0.8 507,026 Resorts and Theme Parks 225,160 Dubai Parks & Resorts PJSC ...... 0.1 72,953 Retail – Appliances 51,200 Via Varejo S.A...... 0.3 184,987 Retail – Automobile 796,800 Astra International Tbk PT ...... 0.7 422,915 646,000 Baoxin Auto Group, Ltd...... 0.6 410,872 1.3 833,787 Retail – Jewellery 429,800 Chow Tai Fook Jewellery Group, Ltd...... 0.7 463,553 40,075 CIE Financiere Richemont S.A...... 0.5 327,102 11,738 PC Jeweller, Ltd...... 0.1 70,825 1.3 861,480 Retail – Major Department Stores 59,900 El Puerto de Liverpool S.A.B. de C.V...... 1.1 691,847 5,220 SACI Falabella ...... 0.1 36,489 1.2 728,336 Retail – Miscellaneous and Diversifi ed 5,892 PriceSmart, Inc...... 0.8 537,586 Semiconductor Components/Integrated Circuits 439,000 Taiwan Semiconductor Manufacturing Co., Ltd...... 3.1 1,999,218

The accompanying notes are an integral part of the fi nancial statements. 88 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Fully Funded Equity Swaps at 30 June 2015

Return Return Unrealised Financial Liabilities at fair value through profi t or loss Notional Paid Received Termination Appreciation Total Return Swaps at 30 June 2015 Counterparty Amount by the Fund by the Fund Date (USD) Return Return Unrealised Goldman Fully Funded China Vanke Notional Paid Received Termination (Depreciation) Sachs & Co. 356,700 Swap Co., Ltd. 11-May-16 835,234 Counterparty Amount by the Fund by the Fund Date (USD) Chongqing Goldman Fully Funded Changan 1-month USD Sachs & Co. 15,800 Swap Automobile 19-May-16 40,420 LIBOR plus Saudi 100 basis International Industrial & Credit Suisse 40,557 points Petrochemical 8-Feb-16 (1,616) Commercial Goldman Fully Funded Bank of 1-month Sachs & Co. 1,669,333 Swap China 30-Jun-16 1,421,397 USD LIBOR China Pacifi c plus 50 basis Insurance Co., SAIC Motor UBS 19,400 points Ltd 1-Jan-16 (1,104) Goldman Fully Funded Corporation, Sachs & Co. 355,056 Swap Ltd. 5-Jul-16 380,282 Total (2,720) Goldman Fully Funded Shandong Sachs & Co. 35,210 Swap Dong-E E-JI 3-Sep-16 309,457 Yunnan Forward Currency Contracts, Open as at 30 June 2015 Goldman Fully Funded Baiyao Group Sachs & Co. 94,107 Swap Co., Ltd. 11-Dec-15 1,309,243 Current Unrealised Total 4,296,033 Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank Total Return Swaps at 30 June 2015 EUR 6,279 USD 7,043 7,084 31-Jul-15 (41) EUR 376 USD 421 423 31-Jul-15 (2) Return Return Unrealised EUR 7,381 USD 8,279 8,327 31-Jul-15 (48) Notional Paid Received Termination Appreciation EUR 804,092 USD 901,871 907,046 31-Jul-15 (5,175) Counterparty Amount by the Fund by the Fund Date (USD) EUR 682,173 USD 765,126 769,516 31-Jul-15 (4,390) 1-month EUR 41,028 USD 46,017 46,281 31-Jul-15 (264) USD LIBOR USD 6,087 EUR 5,484 6,115 31-Jul-15 (28) plus 50 basis DAQIN Railway USD 312 EUR 281 313 31-Jul-15 (1) UBS 117,729 points CO., Ltd. 29-Oct-15 18,68 1 USD 5,146 EUR 4,636 5,170 31-Jul-15 (24) 1-month Credit Suisse USD LIBOR USD 1,674 JPY 207,000 1,692 16-Jul-15 (18) plus 50 basis Yunnan Baiyao USD 24,244 JPY 2,997,000 24,497 16-Jul-15 (253) UBS 2,791 points Group Co., Ltd. 3-Jun-16 2,775 USD 298,852 JPY 36,700,000 299,972 16-Jul-15 (1,120) 1-month Total (11,363) USD LIBOR China Pacifi c plus 50 basis Insurance Co., Total Financial Liabilities at fair value through profi t or loss (14,083) UBS 264,200 points Ltd 1-Jan-16 72,570 Total 94,02 6

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank USD 3 EUR 2 3 31-Jul-15 — USD 32 EUR 29 32 31-Jul-15 — USD 8 EUR 7 8 31-Jul-15 — USD 308 EUR 275 306 31-Jul-15 2 USD 6,015 EUR 5,366 5,984 31-Jul-15 31 USD 5,085 EUR 4,536 5,059 31-Jul-15 26 USD 18,635 EUR 16,692 18,614 31-Jul-15 21 USD 1,127 EUR 1,009 1,126 31-Jul-15 1 USD 22,030 EUR 19,732 22,005 31-Jul-15 25 JPY 242,000 USD 1,952 1,926 16-Jul-15 26 JPY 191,000 USD 1,543 1,525 16-Jul-15 18 Total 150 Total Financial Assets at fair value through profi t or loss 54,855,578

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 89 Janus Europe Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (EUR) Share or Principal Amount Assets (%) Value (EUR) Financial Assets at fair value through profi t or loss E-Commerce/Products Common Stock 4,335,991 MySale Group PLC ...... 1.5 3,177,679 122,582 windeln.de A.G...... 0.7 1,426,854 Advertising Agencies 2.2 4,604,533 162,742 WPP PLC ...... 1.5 3,270,675 E-Commerce/Services Aerospace and Defence 25,408 Auto Trader Group PLC ...... 0.1 109,181 194,416 BAE Systems PLC ...... 0.6 1,236,287 169,900 Meggitt PLC ...... 0.5 1,116,787 Electrical Components – Equipment 1.1 2,353,074 29,694 Schneider Electric S.E...... 0.9 1,838,949 Agricultural Chemicals Electronic Components – Miscellaneous 4,984 Syngenta A.G...... 0.8 1,817,738 538,753 TT electronics PLC ...... 0.5 1,102,869 Agricultural Operations Electronic Components – Semiconductors 1,500,857 Amatheon Agri Holding N.V...... 1.7 3,557,031 116,129 ARM Holdings PLC ...... 0.8 1,697,218 Apparel Manufacturers Fisheries 2,935,746 boohoo.com PLC ...... 0.5 1,065,403 140,109 Marine Harvest ASA ...... 0.7 1,441,878 Appliances Food – Miscellaneous/Diversifi ed 37,472 Leifheit A.G...... 0.7 1,601,928 52,191 Nestle S.A...... 1.6 3,381,187 38,687 Unilever PLC ...... 0.7 1,488,490 Applications Software 2.3 4,869,677 878,126 RNTSMedia pe ...... 1.5 3,249,066 Gold Mining Automotive – Truck Parts and Equipment – Original 27,895 Signature Metals, Ltd...... 0.5 1,128,698 18,007 Hella KGaA Hueck & Co...... 0.4 778,623 Hotels and Motels Beverages – Wine and Spirits 19,790 Accor S.A...... 0.4 895,893 167,304 Diageo PLC ...... 2.0 4,340,886 39,852 Orascom Development Holding A.G...... 0.2 443,688 27,918 Pernod-Ricard S.A...... 1.3 2,892,305 0.6 1,339,581 15,545 Remy Cointreau ...... 0.5 1,004,984 3.8 8,238,175 Human Resources 301,057 Coor Service Management Brewery Holding A.B...... 0.6 1,222,354 117,162 SABMiller PLC ...... 2.5 5,455,632 Industrial Gases Broadcast Services and Programming 9,000 Linde A.G...... 0.7 1,529,100 1,922,248 Senator Entertainment A.G...... 1.9 4,094,388 Internet Financial Services Building and Construction Products – Miscellaneous 4,071,466 Monitise PLC ...... 0.3 616,847 29,575 BRAAS Monier Building Group S.A...... 0.3 724,588 Internet Gambling Cellular Telecommunications 2,965,663 Bwin.Party Digital Entertainment PLC ...... 1.9 4,089,789 1,648,828 Vodafone Group PLC ...... 2.5 5,341,191 Internet Investment Chemicals – Diversifi ed 41,978 Rocket Internet S.E...... 0.8 1,665,477 21,226 Johnson Matthey PLC ...... 0.4 908,812 Investment Companies Chemicals – Specialty 90,061 Saeta Yield S.A...... 0.4 843,872 34,284 Brenntag A.G...... 0.8 1,763,226 Life and Health Insurance Coal 202,447 ING Groep N.V...... 1.4 2,998,240 985,714 Ichor Coal N.V...... 1.8 3,777,256 110,138 Prudential PLC ...... 1.1 2,378,789 Commercial Banks 2.5 5,377,029 581,496 HSBC Holdings PLC ...... 2.2 4,672,142 Machinery – General Industrial Commercial Banks – Non U.S. 41,216 Alstom S.A...... 0.5 1,048,947 24,948 Banco Bilbao Vizcaya Argentaria S.A...... 0.1 219,343 Medical – Drugs 301,950 Banco Santander Central Hispand S.A...... 0.9 1,891,415 22,393 Actelion, Ltd...... 1.4 2,940,141 841,689 Intesa Sanpaolo SpA ...... 1.3 2,737,173 32,453 Bayer A.G...... 1.9 4,074,474 197,515 Permanent TSB Group Holdings PLC ...... 0.4 926,740 25,596 Novartis A.G...... 1.1 2,263,796 2.7 5,774,671 26,942 Novo Nordisk A/S – Class B ...... 0.6 1,317,075 Computers – Other 711,121 Oasmia Pharmaceutical A.B...... 0.6 1,316,608 283,781 Tobii A.B...... 0.6 1,222,878 16,915 Roche Holding A.G...... 2.0 4,253,467 Cosmetics and Toiletries 61,794 Sanofi ...... 2.5 5,452,703 65,756 Svenska Cellulosa A.B. SCA ...... 0.7 1,500,800 10.1 21,618,264 Diversifi ed Banking Institutions Medical – Wholesale Drug Distributors 59,243 BNP Paribas S.A...... 1.5 3,208,008 59,010 Meda A.B. – Class A ...... 0.3 737,307 84,869 Deutsche Bank A.G...... 1.1 2,287,220 Medical Products 2,625,388 Lloyds Banking Group PLC ...... 1.5 3,153,953 373,782 Amplitude Surgical SAS ...... 0.8 1,816,581 123,601 UBS A.G...... 1.1 2,354,790 Metal – Diversifi ed 522,779 UniCredit SpA ...... 1.5 3,149,743 994,719 Glencore Xstrata PLC ...... 1.7 3,579,064 6.7 14,153,714 101,195 Rio Tinto PLC ...... 1.7 3,728,060 Diversifi ed Financial Services 3.4 7,307,124 197,160 Asiakastieto Group Oyj...... 1.3 2,839,104 Motion Pictures and Services 2,231 Julius Baer Group, Ltd...... 0.1 112,309 453,300 Leone Film Group SpA ...... 0.6 1,314,570 1.4 2,951,413

The accompanying notes are an integral part of the fi nancial statements. 90 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (EUR) Share or Principal Amount Assets (%) Value (EUR) Non-Hazardous Waste Disposal Transportation – Services 106,426 RenoNorden ASA ...... 0.2 511,682 1,040,077 Nobina A.B...... 1.6 3,535,998 Oil – Field Services Transportation Services 115,568 Petrofac, Ltd...... 0.7 1,507,413 12,459 Panalpina Welt A.G...... 0.7 1,411,026 917,980 Sequa Petroleum N.V...... 1.2 2,625,423 Travel Services 1.9 4,132,836 7,430 TUI A.G...... 0.1 107,856 Oil and Gas Drilling Water 393,000 Ocean Rig UDW, Inc...... 0.8 1,808,639 67,167 Suez Environnement Co...... 0.5 1,120,681 Oil Companies – Exploration and Production Wireless Equipment 97,562 Genel Energy PLC ...... 0.3 697,119 205,474 Telefonaktiebolaget L.M. Ericsson ...... 0.9 1,911,027 1,780,397 Ophir Energy PLC ...... 1.3 2,840,413 452,942 Tullow Oil PLC ...... 1.0 2,168,485 Total Common Stock...... 98.6 211,412,618 2.6 5,706,017 Oil Companies – Integrated Futures 253,994 BP PLC ...... 0.7 1,503,994 28 EURO/CHF Future 14/9/15 ...... — 32,758 204,874 Royal Dutch Shell PLC – Class A ...... 2.4 5,158,318 Total Futures ...... — 32,758 49,485 Total S.A...... 1.0 2,156,061 4.1 8,818,373 Preferred Stock Paper and Related Products Automotive – Cars and Light Trucks 24,357 Smurfi t Kappa Group PLC ...... 0.3 601,861 28,218 Volkswagen A.G., 2.58% ...... 2.7 5,869,344 Professional Sports 43,493 Manchester United PLC – Class A ...... 0.3 696,856 Total Preferred Stock ...... 2.7 5,869,344 Real Estate Management/Services Warrant 301,490 Atrium European Real Estate, Ltd...... 0.6 1,245,455 Specifi ed Purpose Acquisitions 138,182 Countrywide PLC ...... 0.5 1,106,160 1,124,165 Atlas Mara Co-Nvest, Ltd...... 0.1 176,486 754,607 Magnolia Bostad A.B...... 1.4 2,990,328 2.5 5,341,943 Total Warrant ...... 0.1 176,486 Real Estate Operating/Development Total Investments at last traded prices ...... 101.4 217,491,206 878,705 ISARIA Wohnbau A.G...... 1.7 3,668,593 11,149 Pandox A.B...... 0.1 133,387 Adjustments from last traded to bid market prices ...... (0.2) (496,876) 777,721 Primecity Investment PLC ...... 1.2 2,667,583 60,738 TLG Immobilien A.G...... 0.4 881,005 Total Investments ...... 101.2 216,994,330 3.4 7,350,568 Retail – Jewellery 17,213 CIE Financiere de Richemont S.A...... 0.6 1,256,393 Retail – Miscellaneous 608,548 Europris ASA (144A) ...... 1.3 2,723,795 Software 19,491 SAP A.G...... 0.6 1,220,137 Specifi ed Purpose Acquisition 410,767 Atlas Mara Co-Nvest, Ltd...... 1.1 2,303,125 Steel – Producers 410,531 ArcelorMittal ...... 1.7 3,585,167 45,655 ThyssenKrupp A.G...... 0.5 1,065,359 2.2 4,650,526 Steel – Specialty 176,533 Outokumpu Oyj ...... 0.4 797,576 Steel Pipe and Tube 119,342 Vallourec S.A...... 1.0 2,186,345 Telephone – Integrated 144,839 Deutsche Telekom A.G...... 1.0 2,237,763 Textile – Apparel 13,760 LVMH Moet Hennessy Louis Vuitton S.A...... 1.0 2,162,384 Therapeutics 4,832 GW Pharmaceuticals PLC (ADR) ...... 0.2 532,487 Transportation – Marine 710 AP Moeller-Maersk A/S ...... 0.5 1,153,785 42,074 Euronav N.V...... 0.3 554,535 0.8 1,708,320 Transportation – Railroad 231,420 Globaltrans Investment PLC (GDR) ...... 0.5 986,135

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 91 Janus Europe Fund

PORTFOLIO INVESTMENTS

Total Equity Swaps Outstanding at 30 June 2015 Financial Liabilities at fair value through profi t or loss Return Return Unrealised Percentage Notional Paid Received Termination Appreciation of Net Fair Counterparty Amount by the Fund by the Fund Date (EUR) Contract Amount Assets (%) Value (EUR) 1-month USD GS EMEA Schedule of Written Options – Puts Goldman LIBOR plus 65 Basket Swap (1,065) Manchester United PLC, expires July Sachs & Co 4,045 basis points EQS 26-Nov-15 105,524 2015, 1,065 contracts, exercise 1-month USD MSCI Turkey price 18 USD (covered)...... — (43,299) Goldman LIBOR plus 90 Total Return (60,600) Electrolux A.B., expires August 2015, Sachs & Co (1,116) basis points Gross USD* 26-Nov-15 126,680 60,600 contracts, exercise price 26 USD (covered) ...... — (77,233) 1-month USD MSCI Turkey (170) Alkerms PLC, expires July 2015, Goldman LIBOR plus 90 Total Return 170 contracts, exercise price 70 Sachs & Co (317) basis points Gross USD* 26-Nov-15 85,079 USD (covered) ...... — (93,139) Total 317,283 (31,300) Julius Baer Group, LTD., expires September 2015, 31,300 contracts, exercise price 56 USD (covered) ...... (0.1) (144,542) Forward Currency Contracts, Open as at 30 June 2015 (188,000) BBVA(BILB-VIZ-ARG), expires July 2015, 188,000 contracts, exercise Current Unrealised price 9 USD (covered)...... — (85,160) Currency Currency Market Settle Appreciation (44,760) RIO Tinto PLC, expires July 2015, Purchased Sold Value (EUR) Date (EUR) 44,760 contracts, exercise price 27 Citibank USD (covered) ...... — (70,653) USD 77,950 EUR 69,498 77,548 31-Jul-15 402 (61,700) Raiffeisen International Bank, expires USD 21 EUR 19 21 31-Jul-15 — September 2015, 61,700 contracts, SEK 139 EUR 15 15 31-Jul-15 — exercise price 15 USD (covered) ...... (0.1) (150,638) USD 13,727,678 EUR 12,243,715 13,661,407 31-Jul-15 66,271 (640) Yandex N.V., expires November 2015, USD 3,670 EUR 3,273 3,652 31-Jul-15 18 640 contracts, exercise price 20 EUR 21 USD 24 24 31-Jul-15 — USD (covered) ...... (0.1) (298,943) EUR 16 SEK 151 16 31-Jul-15 — (615) Yandex N.V., expires November 2015, EUR 58,484 SEK 538,566 58,327 31-Jul-15 157 615 contracts, exercise price 20 EUR 112 USD 125 125 31-Jul-15 — USD (covered) ...... (0.1) (287,266) EUR 87 SEK 804 87 31-Jul-15 — Total Schedule of Written Options – Puts ...... (0.4) (1,250,873) EUR 311,767 SEK 2,872,039 311,044 31-Jul-15 723 Total 67,571 Total Financial Assets at fair value through profi t or loss 217,379,184 Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (EUR) Date (EUR) Citibank SEK 500,044 EUR 54,300 54,445 31-Jul-15 (145) SEK 23,686 EUR 2,572 2,579 31-Jul-15 (7) SEK 84,902,470 EUR 9,220,249 9,245,521 31-Jul-15 (25,272) EUR 80,353 USD 89,857 90,081 31-Jul-15 (224) EUR 214,016 USD 239,181 239,645 31-Jul-15 (464) EUR 413,505 USD 461,657 462,132 31-Jul-15 (475) EUR 10,473 USD 11,780 11,870 31-Jul-15 (90) Total (26,677) Total Financial Liabilities at fair value through profi t or loss (1,277,550)

*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. 92 Janus Capital Funds Plc / 30 June 2015 Janus Global Life Sciences Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 401,960 Eli Lilly & Co...... 1.9 33,559,640 Common Stock 358,651 Endo International PLC ...... 1.6 28,566,552 321,084 FibroGen, Inc...... 0.4 7,545,474 Biotechnology 5,920,524 Indivior PLC ...... 1.2 20,908,970 575,384 ACERTA PHARMA B.V. PP* ...... 0.4 6,616,916 552,182 Insys Therapeutics, Inc...... 1.1 19,834,377 199,456 Alder Biopharmaceuticals, Inc...... 0.6 10,565,184 1,228,105 Ironwood Pharmaceuticals, Inc...... 0.8 14,810,946 50,094 Bluebird Bio, Inc...... 0.5 8,434,327 108,749 Jazz Pharmaceuticals PLC ...... 1.1 19,147,436 104,854 Puma Biotechnology, Inc...... 0.7 12,241,705 487,641 Johnson & Johnson ...... 2.6 47,525,492 418,466 Relypsa, Inc...... 0.8 13,847,040 114,364 Medivation, Inc...... 0.7 13,060,369 3.0 51,705,172 236,585 Novartis A.G...... 1.3 23,324,391 Commercial Services 485,282 Novo Nordisk A/S – Class B ...... 1.5 26,444,351 528,334 HMS Holdings Corp...... 0.5 9,071,495 238,105 Pacira Pharmaceuticals, Inc...... 0.9 16,838,786 Consumer Products – Miscellaneous 586,765 Pfi zer, Inc...... 1.1 19,674,230 1,781,489 Biostime International Holdings, Ltd...... 0.3 5,217,180 138,414 ProQR Therapeutics N.V...... 0.1 2,307,361 Dialysis Centres 97,009 Receptos, Inc...... 1.0 18,436,560 178,861 DaVita, Inc...... 0.8 14,214,084 132,893 Roche Holding A.G...... 2.1 37,250,419 431,468 Sanofi ...... 2.4 42,439,679 Diversifi ed Operations 104,019 Shire PLC (ADR) ...... 1.4 25,119,548 163,080 Horizon Pharma PLC ...... 0.3 5,665,399 200,088 Valeant Pharmaceuticals Drug Delivery Systems International, Inc...... 2.5 44,449,549 452,241 Flamel Technologies S.A...... 0.5 9,582,987 12,028 ZS Pharma, Inc...... — 630,147 315,466 Heron Therapeutics, Inc...... 0.5 9,829,921 44,534 Clementia Pharmaceuticals INC* ...... 0.3 5,499,949 421,713 Nektar Therapeutics ...... 0.3 5,275,630 40.1 720,606,975 1.3 24,688,538 Medical – Generic Drugs Heart Monitors 150,302 Allergan PLC ...... 2.5 45,610,645 143,537 HeartWare International, Inc...... 0.6 10,433,705 77,304 Perrigo Co., PLC...... 0.8 14,288,098 Instruments – Controls 520,982 Teva Pharmaceutical Industries, 31,828 Mettler-Toledo International, Inc...... 0.6 10,867,989 Ltd. (ADR) ...... 1.7 30,790,036 Instruments – Scientifi c 5.0 90,688,779 84,265 Thermo Fisher Scientifi c, Inc...... 0.6 10,934,226 Medical – HMO Insurance Brokers 264,364 Aetna, Inc...... 1.9 33,695,835 194,658 Aon PLC ...... 1.1 19,403,509 Medical – Hospitals Medical 305,720 HCA Holdings, Inc...... 1.5 27,734,918 211,540 LDR Holding Corp...... 0.5 9,149,105 196,772 Universal Health Services, Inc...... 1.6 27,961,301 3.1 55,696,219 Medical – Biomedical and Genetic 1,222,019 Achillion Pharmaceuticals, Inc...... 0.6 10,827,088 Medical – Wholesale Drug Distributors 163,153 Alexion Pharmaceuticals, Inc...... 1.6 29,493,168 173,807 AmerisourceBergen Corp...... 1.0 18,482,636 162,033 AMAG Pharmaceuticals, Inc...... 0.6 11,189,999 994,666 Meda A.B. – Class A ...... 0.8 13,853,451 333,278 Amgen, Inc...... 2.9 51,164,839 1,457,600 Sinopharm Group Co., Ltd...... 0.4 6,478,200 124,446 Biogen Idec, Inc...... 2.8 50,268,717 2.2 38,814,287 347,549 Celgene Corp...... 2.2 40,223,584 Medical Information Systems 276,691 Gilead Sciences, Inc...... 1.8 32,394,982 184,492 Athenahealth, Inc...... 1.2 21,139,093 122,107 Incyte Corp., Ltd...... 0.7 12,724,770 Medical Instruments 483,033 Insmed, Inc...... 0.7 11,795,666 1,817,891 Boston Scientifi c Corp...... 1.8 32,176,671 592,291 OvaScience, Inc...... 1.0 17,134,979 574,069 Endologix, Inc...... 0.5 8,806,218 175,031 PTC Therapeutics, Inc...... 0.5 8,424,242 2.3 40,982,889 57,149 Regeneron Pharmaceuticals, Inc...... 1.6 29,153,419 Medical Labs and Testing Services 133,740 Sangamo BioSciences, Inc...... 0.1 1,483,177 168,524 Integrated Diagnostics Holdings PLC ...... 0.1 985,865 35,249 Spark Therapeutics, Inc...... 0.1 2,124,457 374,780 Trillium Therapeutics, Inc...... 0.5 8,177,700 Medical Products 157,149 Vertex Pharmaceuticals, Inc...... 1.1 19,404,759 314,632 Baxter International, Inc...... 1.2 22,002,216 679,213 Regenxbio INC* ...... 0.4 6,500,000 75,876 Henry Schein, Inc...... 0.6 10,783,497 19.2 342,485,546 185,223 Varian Medical Systems, Inc...... 0.9 15,619,856 214,547 Zimmer Holdings, Inc...... 1.3 23,434,969 Medical – Drugs 4.0 71,840,538 513,288 Abbott Laboratories ...... 1.4 25,192,175 775,408 AbbVie, Inc...... 2.9 52,099,664 Pharmaceuticals 145,852 Actelion, Ltd...... 1.2 21,346,479 295,073 Acadia Pharmaceuaticals, Inc...... 0.7 12,357,657 207,437 Alkermes PLC...... 0.7 13,346,497 887,841 Dyax Corp...... 1.3 23,527,787 679,637 Amicus Therapeutics, Inc...... 0.5 9,616,864 280,827 Mallinckrodt PLC ...... 1.8 33,058,954 275,493 Anacor Pharmaceuticals, Inc...... 1.2 21,331,423 372,083 Neurocrine Biosciences, Inc...... 1.0 17,770,684 148,768 Bayer A.G...... 1.2 20,820,169 9,966 Seres Therapeutics, Inc...... — 413,589 471,428 Bristol-Myers Squibb Co...... 1.7 31,368,819 4.8 87,128,671 394,357 Chimerix, Inc...... 1.0 18,219,293 Pharmacy Services 76,889 Clovis Oncology, Inc...... 0.4 6,757,005 241,034 Diplomat Pharmacy, Inc...... 0.6 10,786,272 535,195 DBV Technologies S.A. (ADR) ...... 0.9 15,938,107 283,259 Express Scripts Holding Co...... 1.4 25,193,055 212,667 Eagle Pharmaceuticals, Inc...... 1.0 17,196,254 173,746 Omnicare, Inc...... 0.9 16,375,561 *Fair Valued by Janus Global Pricing Committee at 30 June 2015. 2.9 52,354,888 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 93 Janus Global Life Sciences Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Physical Practice Management 199,012 Mednax, Inc...... 0.8 14,748,779 Bank of America CHF 16,835,000 USD 17,944,031 17,875,773 2-Jul-15 68,258 Therapeutics SEK 15,890,000 USD 1,908,374 1,898,920 2-Jul-15 9,454 68,913 Agios Pharmaceuticals, Inc...... 0.4 7,658,992 318,965 Axovant Sciences Ltd...... 0.4 6,500,507 Citibank 138,100 GW Pharmaceuticals PLC (ADR) ...... 0.9 16,964,204 USD 17,896 EUR 16,003 17,846 31-Jul-15 50 248,228 Zafgen, Inc...... 0.5 8,596,136 USD 444,795 EUR 397,749 443,557 31-Jul-15 1,238 2.2 39,719,83 9 USD 25,010 EUR 22,365 24,940 31-Jul-15 70 USD 673 EUR 601 670 31-Jul-15 3 Total Common Stock...... 99.4 1,782,238,605 CNH 2,637 USD 424 424 31-Jul-15 — USD 160,227 AUD 207,472 159,744 31-Jul-15 483 Total Investments at last traded prices ...... 99.4 1,782,238,605 USD 52,174 EUR 46,732 52,114 31-Jul-15 60 USD 2,690,870 EUR 2,410,202 2,687,777 31-Jul-15 3,093 Adjustments from last traded to bid market prices ...... (0.1) (1,183,488) USD 934,133 EUR 836,700 933,059 31-Jul-15 1,074 Total Investments ...... 99.3 1,781,055,117 USD 37,280 EUR 33,392 37,237 31-Jul-15 43 AUD 3,905 USD 2,996 2,985 31-Jul-15 11 USD 50,304 EUR 44,725 49,876 31-Jul-15 428 USD 391 CNH 2,430 391 31-Jul-15 — USD 100,212 EUR 89,346 99,636 31-Jul-15 576 USD 26,614 AUD 34,466 26,537 31-Jul-15 77 USD 33,710 EUR 30,055 33,516 31-Jul-15 194 USD 1,352 EUR 1,206 1,344 31-Jul-15 8 USD 1,999 EUR 1,782 1,987 31-Jul-15 12 USD 963,148 AUD 1,248,288 961,128 31-Jul-15 2,020 USD 1,274,832 EUR 1,139,994 1,271,284 31-Jul-15 3,548 USD 321,457 AUD 416,261 320,502 31-Jul-15 955 Credit Suisse USD 17,127,409 CHF 15,997,000 17,125,542 16-Jul-15 1,867 USD 3,418,491 SEK 28,100,000 3,392,578 16-Jul-15 25,913 USD 351,292 SEK 2,900,000 350,123 16-Jul-15 1,169 JP Morgan Chase & Co. USD 231,645 SEK 1,910,000 230,671 30-Jul-15 974 Royal Bank of Canada USD 8,005,619 CHF 7,465,000 7,991,642 16-Jul-15 13,977 SEK 1,900,000 USD 228,648 227,905 16-Jul-15 743 Total 136,298 Total Financial Assets at fair value through profi t or loss 1,781,191,415

The accompanying notes are an integral part of the fi nancial statements. 94 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Bank of America USD 17,960,973 CHF 16,835,000 18,033,611 30-Jul-15 (72,638) USD 1,909,298 SEK 15,890,000 1,919,028 30-Jul-15 (9,730) USD 17,880,376 CHF 16,835,000 18,012,280 2-Jul-15 (131,904) USD 1,864,323 SEK 15,890,000 1,917,826 2-Jul-15 (53,503) Citibank USD 4,321 CNH 26,900 4,323 31-Jul-15 (2) EUR 665,602 USD 745,594 748,931 31-Jul-15 (3,337) EUR 13,005 USD 14,568 14,633 31-Jul-15 (65) USD 74,697 AUD 97,183 74,828 31-Jul-15 (131) USD 83,641 AUD 108,820 83,787 31-Jul-15 (146) EUR 20,176 USD 22,607 22,715 31-Jul-15 (108) EUR 177,502 USD 198,896 199,848 31-Jul-15 (952) EUR 1,118 USD 1,253 1,259 31-Jul-15 (6) USD 2,135 CNH 13,292 2,136 31-Jul-15 (1) USD 9,876 EUR 8,897 9,922 31-Jul-15 (46) USD 118,417 AUD 155,081 119,408 31-Jul-15 (991) USD 6,943 EUR 6,254 6,975 31-Jul-15 (32) USD 174,909 EUR 157,574 175,721 31-Jul-15 (812) USD 505,039 EUR 454,986 507,384 31-Jul-15 (2,345) USD 403,980 AUD 528,831 407,185 31-Jul-15 (3,205) EUR 433,387 USD 484,346 485,394 31-Jul-15 (1,048) EUR 36,978 USD 41,326 41,415 31-Jul-15 (89) USD 640,286 AUD 834,684 642,678 31-Jul-15 (2,392) USD 9,228 CNH 57,433 9,231 31-Jul-15 (3) USD 318,215 AUD 414,810 319,390 31-Jul-15 (1,175) EUR 38,222 USD 42,990 43,356 31-Jul-15 (366) EUR 167,365 USD 188,243 189,847 31-Jul-15 (1,604) USD 1,814,498 CHF 1,700,000 1,820,481 23-Jul-15 (5,983) EUR 47,924,786 USD 53,752,536 54,060,980 31-Jul-15 (308,444) EUR 47,924,787 USD 53,752,536 54,060,980 31-Jul-15 (308,444) EUR 32,985,899 USD 36,997,050 37,209,347 31-Jul-15 (212,297) AUD 35,735,919 USD 27,635,122 27,755,016 31-Jul-15 (119,894) EUR 1,353,609 USD 1,518,211 1,526,923 31-Jul-15 (8,712) CNH 2,337,282 USD 375,664 375,669 31-Jul-15 (5) EUR 1,883,397 USD 2,112,421 2,124,543 31-Jul-15 (12,122) EUR 268,900 USD 300,274 300,680 31-Jul-15 (406) AUD 155,839 USD 120,241 120,493 31-Jul-15 (252) EUR 625,228 USD 698,176 699,119 31-Jul-15 (943) JP Morgan Chase & Co. USD 225,069 SEK 1,910,000 230,525 2-Jul-15 (5,456) SEK 1,910,000 USD 231,533 232,540 2-Jul-15 (1,007) Royal Bank of Canada USD 1,785,696 SEK 14,860,000 1,794,075 16-Jul-15 (8,379) SEK 3,000,000 USD 366,887 371,578 16-Jul-15 (4,691) CHF 1,795,000 USD 1,960,583 1,999,533 16-Jul-15 (38,950) CHF 385,000 USD 412,589 413,017 16-Jul-15 (428) Total (1,323,044) Total Financial Liabilities at fair value through profi t or loss (1,323,044)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 95 Janus Global Research Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Diversifi ed Banking Institutions Common Stock 5,117 BNP Paribas S.A...... 0.7 308,867 6,970 Citigroup, Inc...... 0.9 385,023 Aerospace and Defence – Equipment 5,989 JP Morgan Chase & Co...... 1.0 405,815 2,303 United Technologies Corp...... 0.6 255,472 369,598 Lloyds Banking Group PLC ...... 1.2 494,936 Airlines 69,700 Mitsubishi UFJ Financial Group, Inc...... 1.2 501,120 7,777 United Continental Holdings, Inc...... 1.0 412,259 9,836 UBS A.G...... 0.5 208,674 Apparel Manufacturers 5.5 2,304,435 8,950 Gildan Activewear, Inc...... 0.7 297,498 Diversifi ed Operations Applications Software 4,722 Colfax Corp...... 0.5 217,920 1,116 NetSuite, Inc...... 0.2 102,393 2,540 Dover Corp...... 0.4 178,257 Athletic Footwear 0.9 396,177 2,724 NIKE, Inc. – Class B ...... 0.7 294,246 E-Commerce/Products Audio and Video Products 2,224 Alibaba Group Holding, Ltd. (ADR) ...... 0.4 182,968 5,800 Sony Corp...... 0.4 164,066 476 Amazon.com, Inc...... 0.5 206,627 0.9 389,595 Automotive – Parts and Equipment 23,200 NGK Spark Plug Co., Ltd...... 1.5 643,655 E-Commerce/Services 164 priceline.com, Inc...... 0.4 188,825 Beverages – Non-Alcoholic 4,547 PepsiCo, Inc...... 1.0 424,417 Electric – Transmission 6,567 Brookfi eld Infrastructure Partners L.P...... 0.7 293,085 Beverages – Wine and Spirits 2,783 Pernod-Ricard S.A...... 0.8 321,389 Electrical Components – Equipment 6,620 Schneider Electric S.E...... 1.1 457,001 Brewery 8,744 SABMiller PLC ...... 1.1 453,865 Electronic Components – Miscellaneous 3,299 TE Connectivity, Ltd. (U.S. Shares) ...... 0.5 212,126 Cable/Satellite TV 5,583 Comcast Corp. – Class A ...... 0.8 335,762 Electronic Components – Semiconductors 7,112 Liberty Global PLC – Class C ...... 0.9 360,081 24,798 ARM Holdings PLC ...... 1.0 403,991 855 Time Warner Cable, Inc...... 0.4 152,335 1,654 Avago Technologies, Ltd...... 0.5 219,866 2.1 848,178 4,622 Freescale Semiconductor, Ltd...... 0.4 184,741 459 Samsung Electronics Co., Ltd...... 1.2 521,890 Casino Hotels 3.1 1,330,488 27,000 Galaxy Entertainment Group, Ltd...... 0.3 107,634 Enterprise Software/Services Cellular Telecommunications 6,209 Oracle Corp...... 0.6 250,223 7,773 T-Mobile US, Inc...... 0.7 301,359 768 Ultimate Software Group, Inc...... 0.3 126,213 74,001 Vodafone Group PLC ...... 0.6 267,213 0.9 376,436 1.3 568,572 Finance – Credit Card Chemicals – Diversifi ed 4,355 American Express Co...... 0.8 338,471 26,275 Alent PLC ...... 0.4 152,687 4,944 Visa, Inc. – Class A ...... 0.8 331,990 2,027 LyondellBasell Industries N.V. – Class A ...... 0.5 209,835 1.6 670,461 0.9 362,522 Finance – Investment Bankers/Brokers Chemicals – Specialty 11,387 E*TRADE Financial Corp...... 0.8 341,041 11,229 Brenntag A.G...... 1.5 643,748 Finance – Other Services Commercial Banks 1,249 Intercontinental Exchange ...... 0.7 279,289 33,129 HSBC Holdings PLC ...... 0.7 296,712 Food – Confectionery Commercial Services – Finance 5,499 Hershey Co...... 1.2 488,476 6,125 Mastercard, Inc. – Class A ...... 1.4 572,565 Food – Retail Computer Services 8,289 Kroger Co...... 1.4 601,035 669 IHS, Inc. – Class A ...... 0.2 86,053 3,608 Whole Foods Market, Inc...... 0.3 142,300 Computer Software 1.7 743,335 305 Constellation Software, Inc...... 0.3 121,106 Industrial Gases Computers 3,150 Air Products and Chemeicals, Inc...... 1.0 431,015 4,946 Apple, Inc...... 1.5 620,352 Instruments – Controls Computers – Memory Devices 7,948 Sensata Technologies Holding N.V...... 1.0 419,178 5,871 EMC Corp...... 0.4 154,936 Insurance Consulting Services 23,976 MGIC Investment Corp...... 0.6 272,847 3,591 Verisk Analytics, Inc. – Class A ...... 0.6 261,281 Insurance Brokers Consumer Products – Miscellaneous 4,575 Aon PLC ...... 1.1 456,036 99,599 Samsonite International S.A...... 0.8 344,363 Internet Content – Entertainment Containers – Metal and Glass 4,179 Facebook, Inc...... 0.8 358,412 7,504 Crown Holdings, Inc...... 0.9 397,037 Internet Gambling Cosmetics and Toiletries 57,206 Bwin.Party Digital Entertainment PLC...... 0.2 87,938 6,176 Colgate-Palmolive Co...... 1.0 403,972 Life and Health Insurance 114,498 L’Occitane International S.A...... 0.8 326,450 149,400 AIA Group, Ltd...... 2.3 978,168 1.8 730,422 34,075 ING Groep N.V...... 1.3 562,534 The accompanying notes are an integral part of the fi nancial statements. 96 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 20,325 Prudential PLC ...... 1.2 489,336 12,066 Lexington Realty Trust ...... 0.2 102,320 4.8 2,030,038 0.8 349,818 Machinery – General Industrial REIT – Regional Malls 77,000 Mitsubishi Heavy Industries, Ltd...... 1.1 468,595 1,385 Simon Property Group, Inc...... 0.6 239,633 Medical – Biomedical and Genetic Retail – Auto Parts 2,958 Amgen, Inc...... 1.1 454,112 1,999 Advance Auto Parts, Inc...... 0.8 318,421 1,293 Biogen Idec, Inc...... 1.2 522,294 Retail – Building Products 3,430 Celgene Corp...... 0.9 396,971 5,992 Lowe’s Cos., Inc...... 0.9 401,284 774 Regeneron Pharmaceuticals, Inc...... 0.9 394,841 4.1 1,768,218 Retail – Catalog Shopping 3,345 MSC Industrial Direct Co., Inc. – Medical – Drugs Class A ...... 0.6 233,381 2,599 Actelion, Ltd...... 0.9 380,382 4,980 Eli Lilly & Co...... 1.0 415,780 Retail – Jewellery 6,340 Endo International PLC ...... 1.2 504,981 132,999 Chow Tai Fook Jewellery Group, Ltd...... 0.3 143,444 65,885 Indivior PLC ...... 0.5 232,680 3,161 CIE Financiere de Richemont S.A...... 0.6 257,188 23,414 Ironwood Pharmaceuticals, Inc...... 0.7 282,373 0.9 400,632 4,245 Pacira Pharmaceuticals, Inc...... 0.7 300,206 Retail – Restaurants 9,507 Pfi zer, Inc...... 0.8 318,770 200 Chipotle Mexican Grill, Inc...... 0.3 120,998 2,350 Valeant Pharmaceuticals 8,838 Starbucks Corp...... 1.1 473,849 International, Inc...... 1.2 522,053 1.4 594,847 7.0 2,957,225 Semiconductor Components/Integrated Circuits Medical – Hospitals 13,884 Atmel Corp...... 0.3 136,827 1,804 Universal Health Services, Inc...... 0.6 256,348 59,000 Taiwan Semiconductor Medical – Wholesale Drug Distributors Manufacturing Co., Ltd...... 0.6 268,688 18,148 Meda A.B. – Class A ...... 0.6 252,761 0.9 405,515 Medical Instruments Steel – Producers 19,754 Boston Scientifi c Corp...... 0.8 349,646 11,162 ThyssenKrupp A.G...... 0.7 290,341 Metal Processors and Fabrication Super – Regional Banks 5,433 Rexnord Corp...... 0.3 129,903 5,887 U.S. Bancorp ...... 0.6 255,495 Multimedia Telecommunication Equipment 8,880 Twenty-First Century Fox, Inc...... 0.7 289,000 5,133 CommScope Holding Co., Inc...... 0.4 156,607 3,346 Walt Disney Co...... 0.9 381,912 Telecommunication Services 1.6 670,912 4,184 Amdocs, Ltd...... 0.5 228,405 Oil – Field Services 201,900 Tower Bersama Infrastructure Tbk PT...... 0.3 139,727 5,235 Baker Hughes, Inc...... 0.8 323,000 0.8 368,132 8,349 NOW, Inc...... 0.4 166,229 Toys 1.2 489,229 6,788 Mattel, Inc...... 0.4 174,384 Oil Companies – Exploration and Production 1,600 Nintendo Co., Ltd...... 0.6 267,647 6,454 Anadarko Petroleum Corp...... 1.2 503,799 1.0 442,031 21,700 Inpex Corp...... 0.6 246,756 Transactional Software 12,833 MEG Energy Corp...... 0.5 209,636 3,417 Solera Holdings, Inc...... 0.4 152,262 2.3 960,191 Transportation – Railroad Oil Companies – Integrated 4,657 Canadian National Railway Co ...... 0.6 268,725 6,326 Exxon Mobil Corp...... 1.2 526,323 4,897 Canadian Pacifi c Railway, Ltd...... 1.9 784,352 6,390 Phillips 66 ...... 1.2 514,778 1,603 Kansas City Southern ...... 0.3 146,194 10,959 Total S.A...... 1.3 532,251 2.8 1,199,271 3.7 1,573,352 Transportation Services Pharmaceuticals 3,089 Panalpina Welt A.G...... 0.9 389,967 3,381 Mallinckrodt PLC ...... 0.9 398,011 Web Portals/Internet Service Providers Pipelines 1,250 Google, Inc. – Class C ...... 1.5 650,638 16,069 Enterprise Products Partners L.P...... 1.1 480,302 Wireless Equipment 2 Kinder Morgan, Inc...... — 77 2,488 Motorola Solutions, Inc...... 0.3 142,662 8,726 MarkWest Energy Partners L.P...... 1.2 491,972 2.3 972,351 Total Common Stock...... 97.8 41,430,884 Private Equity Preferred Stock 10,331 Blackstone Group L.P...... 1.0 422,228 Automotive – Cars and Light Trucks Real Estate Management/Services 2,201 Volkswagen A.G. 2.58% ...... 1.2 510,319 2,212 Jones Lang LaSalle, Inc...... 0.9 378,252 Real Estate Operating/Development Total Preferred Stock ...... 1.2 510,319 10,929 Brookfi eld Asset Management, Inc. – Total Investments at last traded prices ...... 99.0 41,941,203 Class A ...... 0.9 381,750 REIT – Diversifi ed Adjustments from last traded to bid market prices ...... — (19,900) 2,653 American Tower Corp...... 0.6 247,498 Total Investments ...... 99.0 41,921,303

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 97 Janus Global Research Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Financial Liabilities at fair value through profi t or loss Current Unrealised Forward Currency Contracts, Open as at 30 June 2015 Currency Currency Market Settle Appreciation Current Unrealised Purchased Sold Value (USD) Date (USD) Currency Currency Market Settle (Depreciation) Citibank Purchased Sold Value (USD) Date (USD) USD 5,900 EUR 5,284 5,892 31-Jul-15 8 Citibank USD 5,200 EUR 4,650 5,186 31-Jul-15 14 EUR 375,645 USD 421,324 423,742 31-Jul-15 (2,418) USD 49 EUR 43 49 31-Jul-15 — EUR 735,035 USD 824,417 829,149 31-Jul-15 (4,732) USD 2,691 EUR 2,406 2,684 31-Jul-15 7 EUR 6,892 USD 7,730 7,774 31-Jul-15 (44) USD 1,029 EUR 918 1,024 31-Jul-15 5 USD 1,239 EUR 1,116 1,245 31-Jul-15 (6) USD 1,989 EUR 1,774 1,979 31-Jul-15 10 USD 2,396 EUR 2,159 2,407 31-Jul-15 (11) USD 19 EUR 17 19 31-Jul-15 — EUR 19,988 USD 22,338 22,386 31-Jul-15 (48) USD 22 EUR 20 22 31-Jul-15 — USD 9,329 EUR 8,356 9,318 31-Jul-15 11 Total (7,259) USD 170 EUR 152 170 31-Jul-15 — USD 18,596 EUR 16,656 18,576 31-Jul-15 20 Total Financial Liabilities at fair value through profi t or loss (7,259) Total 75 Total Financial Assets at fair value through profi t or loss 41,921,378

The accompanying notes are an integral part of the fi nancial statements. 98 Janus Capital Funds Plc / 30 June 2015 Janus Global Technology Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 7,100 Avago Technologies, Ltd...... 1.5 943,803 Common Stock 18,156 Freescale Semiconductor, Ltd...... 1.1 725,695 8,227 Microchip Technology, Inc...... 0.6 390,165 Applications Software 6,655 NVIDIA Corp...... 0.2 133,832 5,750 Demandware, Inc...... 0.6 408,710 42,264 ON Semiconductor Corp...... 0.8 494,066 28,346 Microsoft Corp...... 1.9 1,251,47 7 2,265 Samsung Electronics Co., Ltd...... 4.0 2,575,340 5,174 NetSuite, Inc...... 0.7 474,715 13,300 Sumco Corp...... 0.3 166,617 2,710 Salesforce.com, Inc...... 0.3 188,697 13.3 8,487,422 8,351 ServiceNow, Inc...... 1.0 620,563 4.5 2,944,162 Electronic Connectors 26,140 Amphenol Corp. – Class A ...... 2.4 1,515,336 Audio and Video Products 13,200 Sony Corp...... 0.6 373,391 Electronic Design Automation 71,847 Cadence Design Systems, Inc...... 2.2 1,412,512 Automotive – Cars and Light Trucks 615 Tesla Motors, Inc...... 0.3 164,980 Electronic Measuring Instruments 39,822 National Instruments Corp...... 1.8 1,173,156 Cable/Satellite TV 14,507 Comcast Corp. – Class A ...... 1.4 872,451 Energy – Alternate Sources 5,530 Time Warner Cable, Inc...... 1.5 985,281 1,266 SolarCity Corp., ...... 0.1 67,794 2.9 1,857,732 Enterprise Software/Services Computer Aided Design 10,256 Aveva Group PLC ...... 0.5 291,308 8,091 ANSYS, Inc...... 1.1 738,223 72,744 Oracle Corp...... 4.6 2,931,583 19,330 PROS Holdings, Inc...... 0.6 408,056 Computer Services 1,766 Tyler Technologies, Inc...... 0.4 228,485 8,692 Barracuda Networks, Inc...... 0.5 344,377 4,143 Ultimate Software Group, Inc...... 1.1 680,861 6,253 Cognizant Technology Solutions Corp...... 0.6 381,996 2,270 Workday, Inc. – Class A ...... 0.3 173,405 1,174 IHS, Inc. – Class A ...... 0.2 151,012 7.5 4,713,698 1.3 877,385 Finance – Consumer Loans Computer Software 7,150 LendingClub Corp...... 0.2 105,463 7,894 Blackbaud, Inc...... 0.7 449,563 1,911 Constellation Software, Inc...... 1.2 758,799 Finance – Credit Card 836 Constellation Software, Inc. - Rights ...... — 167 16,970 American Express Co...... 2.0 1,318,908 4,885 Envestnet, Inc...... 0.3 197,501 Human Resources 7,248 SS&C Technologies Holdings, Inc...... 0.7 453,000 37,637 Care.com, Inc...... 0.3 222,811 2.9 1,859,030 Instruments – Controls Computers 11,042 Sensata Technologies Holding N.V...... 0.9 582,355 33,049 Apple, Inc...... 6.4 4,145,171 Internet Applications Software Computers – Memory Devices 37,300 Tencent Holdings, Ltd...... 1.2 744,433 70,902 EMC Corp...... 2.9 1,871,104 11,757 Zendesk, Inc...... 0.4 261,123 3,249 Seagate Technology PLC ...... 0.2 154,328 1.6 1,005,556 3,931 Western Digital Corp...... 0.5 308,269 Internet Content – Entertainment 3.6 2,333,701 18,303 Facebook, Inc...... 2.4 1,569,757 Computers – Other 9,900 Nexon Co., Ltd...... 0.2 136,239 5,891 Stratasys, Ltd...... 0.3 205,773 7,024 Shutterstock, Inc...... 0.6 411,887 Consulting Services 7,069 Twitter, Inc...... 0.4 256,039 4,220 CEB, Inc...... 0.6 367,393 18,723 Youku, Inc. (ADR) ...... 0.7 459,275 8,011 Gartner, Inc...... 1.1 687,184 4.3 2,833,197 1.7 1,054,577 Internet Content – Information/News E-Commerce/Products 1,192 LinkedIn Corp...... 0.4 246,303 13,950 Alibaba Group Holding, Ltd. (ADR) ...... 1.8 1,147,667 6,503 Mail.Ru Group, Ltd...... 0.2 135,588 1,069 Amazon.com, Inc...... 0.7 464,042 0.6 381,891 3,639 MercadoLibre, Inc...... 0.8 515,646 Internet Incubators 3.3 2,127,355 12,630 HomeAway, Inc...... 0.6 393,046 E-Commerce/Services Medical Information Systems 21,533 ChannelAdvisor Corp...... 0.4 257,319 1,866 Athenahealth, Inc...... 0.3 213,806 9,024 Ctrip.com International, Ltd. (ADR) ...... 1.0 655,323 Multimedia 10,681 Etsy, Inc...... 0.2 150,068 7,086 Walt Disney Co...... 1.3 808,796 7,905 MakeMyTrip, Ltd...... 0.2 155,570 REIT – Diversifi ed 1,049 Netfl ix, Inc...... 1.1 689,130 21,394 American Tower Corp...... 3.1 1,995,846 354 priceline.com, Inc...... 0.6 407,585 11,081 Zillow Group, Inc...... 1.5 961,166 Semiconductor Components/Integrated Circuits 5.0 3,276,161 63,490 Atmel Corp...... 1.0 625,694 1,297 NXP Semiconductors N.V...... 0.2 127,365 Electric Products – Equipment 25,253 QUALCOMM, Inc...... 2.5 1,581,595 15,786 Belden, Inc...... 2.0 1,282,297 309,000 Taiwan Semiconductor Electronic Components – Miscellaneous Manufacturing Co., Ltd...... 2.2 1,407,19 5 20,854 TE Connectivity, Ltd. (U.S. Shares) ...... 2.1 1,340,912 5.9 3,741,849 Electronic Components – Semiconductors Semiconductor Equipment 187,702 ARM Holdings PLC ...... 4.8 3,057,904 3,271 KLA-Tencor Corp...... 0.3 183,863 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 99 Janus Global Technology Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Software 1,929 SPS Commerce, Inc...... 0.2 126,928 Bank of America USD 298,761 GBP 190,000 298,424 30-Jul-15 337 Telecommunication Equipment JPY 22,351,000 USD 180,381 178,107 2-Jul-15 2,274 14,769 CommScope Holding Co., Inc...... 0.7 450,602 8,303 NICE Systems, Ltd. (ADR) ...... 0.8 527,988 Citibank 1.5 978,590 USD 1,859,579 EUR 1,665,282 1,857,066 31-Jul-15 2,513 USD 12,908 AUD 16,715 12,870 31-Jul-15 38 Telecommunication Services USD 16,565 EUR 14,813 16,519 31-Jul-15 46 10,803 Amdocs, Ltd...... 0.9 589,736 USD 17,855 EUR 15,966 17,805 31-Jul-15 50 Toys USD 5,238 EUR 4,684 5,223 31-Jul-15 15 4,150 Nintendo Co., Ltd...... 1.1 694,210 USD 12,889 EUR 11,498 12,822 31-Jul-15 67 Transactional Software USD 9,450 EUR 8,430 9,401 31-Jul-15 49 7,293 Solera Holdings, Inc...... 0.5 324,976 USD 2,774 EUR 2,475 2,760 31-Jul-15 14 USD 388 AUD 503 387 31-Jul-15 1 Web Hosting and Design USD 9,089 EUR 8,112 9,045 31-Jul-15 44 28,837 Endurance International Group USD 1,123 EUR 1,005 1,121 31-Jul-15 2 Holdings, Inc...... 0.9 595,772 USD 90,724 EUR 81,261 90,620 31-Jul-15 104 2,140 Equinix, Inc...... 0.8 543,560 USD 26,780 EUR 23,987 26,749 31-Jul-15 31 1.7 1,139,332 USD 122,879 EUR 110,063 122,738 31-Jul-15 141 Web Portals/Internet Service Providers USD 26,057 EUR 23,166 25,835 31-Jul-15 222 9,623 Google, Inc. – Class C ...... 7.8 5,008,868 JP Morgan Chase & Co. Total Common Stock Total ...... 100.4 64,600,795 USD 122,810 GBP 78,000 122,511 30-Jul-15 299 JPY 7,800,000 USD 63,121 62,500 2-Jul-15 621 Total Investments at last traded prices ...... 100.4 64,600,795 Royal Bank of Canada JPY 4,900,000 USD 39,444 38,838 16-Jul-15 606 Adjustments from last traded to bid market prices ...... — (23,770) GBP 27,000 USD 41,341 40,270 16-Jul-15 1,071 Total Investments ...... 100.4 64,577,025 JPY 2,700,000 USD 22,012 21,955 16-Jul-15 57 Total 8,602 Total Financial Assets at fair value through profi t or loss 64,585,627

The accompanying notes are an integral part of the fi nancial statements. 100 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Bank of America GBP 190,000 USD 298,819 299,146 2-Jul-15 (327) USD 180,420 JPY 22,351,000 182,722 30-Jul-15 (2,302) USD 290,159 GBP 190,000 298,491 2-Jul-15 (8,332) USD 180,108 JPY 22,351,000 182,655 2-Jul-15 (2,547) Citibank USD 162,256 JPY 19,900,000 162,671 23-Jul-15 (415) USD 27,642 JPY 3,400,000 27,793 23-Jul-15 (151) CNH 11,380 USD 1,830 1,831 31-Jul-15 (1) EUR 6,342,060 USD 7,113,268 7,154,086 31-Jul-15 (40,818) EUR 1,029,770 USD 1,154,992 1,161,620 31-Jul-15 (6,628) CNH 2,551,670 USD 410,122 410,127 31-Jul-15 (5) EUR 3,480,428 USD 3,903,655 3,926,055 31-Jul-15 (22,400) AUD 3,505,931 USD 2,711,189 2,722,951 31-Jul-15 (11,762) USD 31,439 JPY 3,900,000 31,880 23-Jul-15 (441) USD 3,619 CNH 22,527 3,621 31-Jul-15 (2) EUR 25,831 USD 28,935 29,065 31-Jul-15 (130) USD 41,120 AUD 53,499 41,192 31-Jul-15 (72) USD 6,136 AUD 7,980 6,144 31-Jul-15 (8) USD 867 CNH 5,401 868 31-Jul-15 (1) USD 4,257 CNH 26,500 4,260 31-Jul-15 (3) USD 27,025 AUD 35,393 27,251 31-Jul-15 (226) USD 53,215 EUR 47,941 53,462 31-Jul-15 (247) USD 39,300 EUR 35,405 39,482 31-Jul-15 (182) USD 11,607 EUR 10,456 11,661 31-Jul-15 (54) USD 9,496 CNH 59,105 9,499 31-Jul-15 (3) USD 61,892 AUD 80,683 62,123 31-Jul-15 (231) Credit Suisse USD 334,388 JPY 41,337,000 337,873 16-Jul-15 (3,485) USD 412,574 GBP 266,800 419,094 16-Jul-15 (6,520) JP Morgan Chase & Co. USD 119,146 GBP 78,000 122,538 2-Jul-15 (3,392) USD 62,806 JPY 7,800,000 63,742 2-Jul-15 (936) USD 63,132 JPY 7,800,000 63,766 30-Jul-15 (634) GBP 78,000 USD 122,842 123,145 2-Jul-15 (303) Royal Bank of Canada USD 108,801 GBP 71,000 111,528 16-Jul-15 (2,727) USD 326,830 JPY 40,750,000 333,074 16-Jul-15 (6,244) GBP 16,000 USD 25,179 25,224 16-Jul-15 (45) Total (121,574) Total Financial Liabilities at fair value through profi t or loss (121,574)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 101 Janus Japan Emerging Opportunities Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (JPY) Share or Principal Amount Assets (%) Value (JPY) Financial Assets at fair value through profi t or loss Cosmetics and Toiletries Common Stock 2,600 Unicharm Corp...... 1.9 7,564,700 Aerospace and Defence Diversifi ed Financial Services 6,000 Kawasaki Heavy Industries, Ltd...... 0.8 3,426,000 400 Hitachi Capital Corp...... 0.3 1,296,000 Aerospace and Defence – Equipment Diversifi ed Minerals 5,000 IHI Corp...... 0.7 2,850,000 3,000 Dowa Holdings Co., Ltd...... 0.9 3,468,000 Airlines E-Commerce/Products 700 Japan Airlines Co., Ltd...... 0.7 2,989,000 500 MonotaRO Co., Ltd...... 0.7 2,690,000 3,600 Rakuten, Inc...... 1.7 7,119,000 Apparel Manufacturers 500 Syuppin Co., Ltd...... 0.2 972,500 800 Samantha Thavasa Japan, Ltd...... 0.2 918,400 2.6 10,781,500 Athletic Footwear E-Commerce/Services 400 Asics Corp...... 0.3 1,266,000 900 Enigmo, Inc...... 0.3 1,281,600 Automotive – Cars and Light Trucks 400 Gurunavi, Inc...... 0.2 806,400 4,800 Isuzu Motors, Ltd...... 1.9 7,716,000 700 Ikyu Corp...... 0.4 1,831,900 500 Suzuki Motor Corp...... 0.5 2,067,500 0.9 3,919,900 2.4 9,783,500 Electric – Generation Automotive – Truck Parts and Equipment – Original 700 eRex Co., Ltd...... 0.2 904,400 800 Aisin Seiki Co., Ltd...... 1.0 4,168,000 Electric Products – Miscellaneous 400 Koito Manufacturing Co., Ltd...... 0.5 1,910,000 1,000 Casio Computer Co., Ltd...... 0.6 2,416,000 2,000 NGK Insulators, Ltd...... 1.5 6,310,000 200 Mabuchi Motor Co., Ltd...... 0.4 1,548,000 1,000 Nippon Seiki Co., Ltd...... 0.6 2,434,000 1,200 Nidec Corp...... 2.7 10,998,000 600 Taiho Kogyo Co., Ltd...... 0.2 976,800 3.7 14,962,000 600 TS Tech Co., Ltd...... 0.5 1,965,000 4.3 17,763,800 Electronic Components – Miscellaneous 400 Hoya Corp...... 0.5 1,962,800 Batteries and Battery Systems 1,300 Omron Corp...... 1.7 6,916,000 900 W-Scope Corp...... 0.3 1,039,500 2.2 8,878,800 Beverages – Non-Alcoholic Electronic Components – Semiconductors 500 Suntory Beverage & Food, Ltd...... 0.6 2,437,500 1,000 New Japan Radio Co., Ltd...... 0.2 726,000 Bicycle Manufacturing 4,000 Sanken Electric Co., Ltd...... 0.7 3,028,000 400 Shimano, Inc...... 1.6 6,680,000 600 Thine Electronics, Inc...... 0.2 729,000 Brewery 4,900 UT Holdings Co., Ltd...... 0.7 2,979,200 2,100 Asahi Group Holdings, Ltd...... 2.0 8,174,250 1.8 7,462,200 Building – Heavy Construction Electronic Measuring Instruments 600 SHO-BOND Holdings Co., Ltd...... 0.8 3,066,000 800 ESPEC Corp...... 0.3 1,120,000 Building and Construction – Miscellaneous 700 Nippon Ceramic Co., Ltd...... 0.3 1,194,200 4,000 Taisei Corp...... 0.7 2,812,000 0.6 2,314,200 3,000 Tekken Corp...... 0.3 1,092,000 E-Marketing and Information 1,000 Totetsu Kogyo Co., Ltd...... 0.6 2,535,000 400 Septeni Holdings Co., Ltd...... 0.1 548,000 1.6 6,439,000 Engineering – Research and Development Services Chemicals – Diversifi ed 1,000 JGC Corp...... 0.6 2,312,000 600 Aica Kogyo Co., Ltd...... 0.4 1,706,400 E-Services and Consulting 1,000 Nitto Denko Corp...... 2.5 10,060,000 1,000 SMS Co., Ltd...... 0.4 1,617,000 2.9 11,766,400 Finance – Credit Card Chemicals – Specialty 500 AEON Financial Service Co., Ltd...... 0.4 1,700,000 2,000 Kumiai Chemical Industry Co., Ltd...... 0.5 1,914,000 Finance – Investment Bankers/Brokers Commercial Banks – Non U.S. 700 Kyokuto Securities Co., Ltd...... 0.3 1,242,500 1,100 Suruga Bank, Ltd...... 0.7 2,889,700 Finance – Leasing Company Commercial Services 1,400 ORIX Corp...... 0.6 2,549,400 600 First Energy Service Co., Ltd...... 0.1 471,000 Finance – Other Services 400 Wellnet Corp...... 0.3 1,168,000 1,100 eGuarantee, Inc...... 0.7 2,797,300 0.4 1,639,000 Food – Confectionery Commercial Services – Finance 600 Ezaki Glico Co., Ltd...... 0.9 3,648,000 1,600 GMO Payment Gateway, Inc...... 1.6 6,328,000 Food – Dairy Products Computers – Integrated Systems 400 Yakult Honsha Co., Ltd...... 0.7 2,904,000 500 Otsuka Corp...... 0.7 2,860,000 Food – Miscellaneous/Diversifi ed Computers – Memory Devices 1,900 Fuji Oil Co., Ltd...... 1.0 4,077,400 700 TDK Corp...... 1.6 6,559,000 Food – Retail Computers – Peripheral Equipment 1,300 Daikokutenbussan Co., Ltd...... 1.5 6,136,000 1,300 Ferrotec Corp...... 0.3 1,121,900 Golf Consulting Services 2,300 Accordia Golf Co., Ltd...... 0.7 2,658,800 2,600 Nihon M&A Center, Inc...... 3.2 13,130,000

The accompanying notes are an integral part of the fi nancial statements. 102 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (JPY) Share or Principal Amount Assets (%) Value (JPY) Hotels and Motels Miscellaneous Manufacturing 400 Resorttrust, Inc...... 0.3 1,191,200 600 Amano Corp...... 0.2 960,000 Instruments – Scientifi c 300 Glory, Ltd...... 0.3 1,087,500 2,000 Hamamatsu Photonics KK...... 1.8 7,220,000 800 Nikkiso Co., Ltd...... 0.3 1,027,200 300 Horiba, Ltd...... 0.4 1,494,000 0.8 3,074,700 2.2 8,714,000 Real Estate Management/Services Internet Content – Information/News 200 Daito Trust Construction Co., Ltd...... 0.6 2,536,000 3,000 COOKPAD, Inc...... 1.6 6,660,000 300 Relo Holdings, Inc...... 0.9 3,630,000 700 Kakaku.com, Inc...... 0.3 1,240,400 1.5 6,166,000 1,100 M3, Inc...... 0.7 2,708,200 Real Estate Operating/Development 2.6 10,608,600 4,700 Hulic Co., Ltd...... 1.3 5,104,200 Investment Management and Advisory Services Recreational Centers 2,000 Kenedix, Inc...... 0.2 942,000 2,600 Tosho Co., Ltd...... 1.8 7,412,600 Leisure and Recreational Products Resorts and Theme Parks 400 Daiichikosho Co., Ltd...... 0.4 1,724,000 800 Oriental Land Co., Ltd...... 1.5 6,252,000 400 Sun Corp...... 0.2 698,000 Retail – Apparel and Shoe 0.6 2,422,000 300 Workman Co., Ltd...... 0.5 2,019,000 Life and Health Insurance Retail – Convenience Store 700 Anicom Holdings, Inc...... 0.4 1,568,700 200 Lawson, Inc...... 0.4 1,676,000 Machine Tools and Related Products Retail – Drug Store 600 THK Co., Ltd...... 0.4 1,587,600 200 Cosmos Pharmaceutical Corp...... 0.8 3,320,000 Machinery – Electrical 3,300 Medical System Network Co., Ltd...... 0.4 1,623,600 400 Disco Corp...... 1.0 4,052,000 1.2 4,943,600 Machinery – General Industrial Retail – Major Department Stores 700 Eagle Industry Co., Ltd...... 0.5 1,993,600 1,500 H2O Retailing Corp...... 0.9 3,825,000 2,000 Freund Corp...... 0.7 2,958,000 Retail – Restaurants 3,000 Makino Milling Machine Co., Ltd...... 0.9 3,705,000 1,700 Hiramatsu, Inc...... 0.3 1,402,500 1,400 Nabtesco Corp...... 1.1 4,298,000 3.2 12,954,600 Rubber – Tires 1,900 Toyo Tire & Rubber Co., Ltd...... 1.2 4,917,200 Machinery – Material Handling 3,000 Tsubakimoto Chain Co ...... 0.9 3,591,000 Rubber and Vinyl 2,000 Zeon Corp...... 0.6 2,260,000 Machinery – Print Trade 700 MIMAKI ENGINEERING Co., Ltd...... 0.2 658,000 Rubber/Plastic Products 1,100 Asahi Rubber, Inc...... 0.3 1,104,400 Medical – Biomedical and Genetic 1,700 Eiken Chemical Co., Ltd...... 1.0 4,163,300 Schools – Day Care 14,200 JP-Holdings, Inc...... 1.2 4,785,400 Medical – Drugs 2,400 Chugai Pharmaceutical Co., Ltd...... 2.5 10,140,000 Semiconductor Equipment 200 Eisai Co., Ltd...... 0.4 1,643,200 1,100 Shinkawa, Ltd...... 0.3 1,195,700 1,400 Rohto Pharmaceutical Co., Ltd...... 0.7 2,830,800 Steel – Specialty 2,500 Santen Pharmaceutical Co., Ltd...... 1.1 4,332,500 2,000 Hitachi Metals, Ltd...... 0.9 3,762,000 1,800 Shionogi & Co., Ltd...... 2.1 8,541,000 Transportation – Railroad 6.8 27,487,500 9,000 Tokyu Corp...... 1.8 7,380,000 Medical – Outpatient and Home Medical Care Transportation – Truck 1,000 St-Care Holding Corp...... 0.3 1,274,000 400 Hamakyorex Co., Ltd...... 0.5 1,956,000 Medical Instruments 900 Yamato Holdings Co., Ltd...... 0.5 2,132,550 1,200 Olympus Corp...... 1.2 5,076,000 1.0 4,088,550 2,000 Shimadzu Corp...... 0.8 3,326,000 Venture Capital 700 Sysmex Corp...... 1.3 5,110,000 100 Jafco Co., Ltd...... 0.1 488,500 1,000 Topcon Corp...... 0.7 2,950,000 4.0 16,462,000 Web Portals/Internet Service Providers 1,000 GMO internet, Inc...... 0.4 1,642,000 Medical Products 6,500 Yahoo Japan Corp...... 0.8 3,211,000 600 Asahi Intecc Co., Ltd...... 1.2 5,034,000 1.2 4,853,000 1,300 Terumo Corp...... 0.9 3,818,100 2.1 8,852,100 Total Common Stock...... 98.0 399,608,500 Metal Processors and Fabrication Total Investments at last traded prices ...... 98.0 399,608,500 1,000 Nachi-Fujikoshi Corp...... 0.2 722,000 1,700 NSK, Ltd...... 0.8 3,214,700 Adjustments from last traded to bid market prices ...... (0.2) (744,050) 1.0 3,936,700 Metal Products – Distributors Total Investments ...... 97.8 398,864,450 2,100 MISUMI Group, Inc...... 0.9 3,649,800

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 103 Janus Japan Emerging Opportunities Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Financial Liabilities at fair value through profi t or loss Current Unrealised Forward Currency Contracts, Open as at 30 June 2015 Currency Currency Market Settle Appreciation Purchased Sold Value (JPY) Date (JPY) Current Unrealised Currency Currency Market Settle (Depreciation) Citibank Purchased Sold Value (JPY) Date (JPY) JPY 45,992 AUD 482 45,399 31-Jul-15 593 JPY 46,534 CAD 467 45,712 31-Jul-15 822 Citibank JPY 51,153 HKD 3,211 50,671 31-Jul-15 482 CNH 13,228 JPY 263,223 266,390 31-Jul-15 (3,167) JPY 45,360 EUR 329 (154) 31-Jul-15 483 CNH 13,076 JPY 260,209 263,340 31-Jul-15 (3,131) JPY 49,536 EUR 359 (169) 31-Jul-15 528 CNH 912,622 JPY 18,141,058 18,339,979 31-Jul-15 (198,921) JPY 53,622 USD 434 (112) 31-Jul-15 546 HKD 1,125,152 JPY 17,949,677 18,144,067 31-Jul-15 (194,390) JPY 45,215 EUR 328 (154) 31-Jul-15 482 AUD 167,797 JPY 16,044,512 16,285,542 31-Jul-15 (241,030) JPY 53,514 USD 433 (112) 31-Jul-15 545 CNH 921,038 JPY 18,308,367 18,509,122 31-Jul-15 (200,755) JPY 45,237 EUR 328 (154) 31-Jul-15 482 USD 144,813 JPY 17,912,647 343,856 31-Jul-15 (199,043) JPY 49,768 GBP 257 (110) 31-Jul-15 367 EUR 113,788 JPY 15,781,471 373,735 31-Jul-15 (259,947) JPY 46,043 CNH 2,323 45,659 31-Jul-15 384 EUR 123,667 JPY 17,151,616 406,183 31-Jul-15 (282,516) JPY 46,249 CNH 2,333 45,864 31-Jul-15 385 EUR 115,015 JPY 15,951,643 377,764 31-Jul-15 (262,749) JPY 51,335 AUD 541 50,994 31-Jul-15 341 GBP 90,261 JPY 17,601,314 350,504 31-Jul-15 (260,243) JPY 52,899 EUR 383 (326) 31-Jul-15 709 EUR 114,839 JPY 15,927,302 377,188 31-Jul-15 (262,349) JPY 53,154 CAD 533 52,181 31-Jul-15 973 USD 146,226 JPY 18,087,475 347,211 31-Jul-15 (200,985) JPY 59,594 HKD 3,747 59,130 31-Jul-15 464 CAD 161,908 JPY 16,283,173 16,714,090 31-Jul-15 (430,917) JPY 59,467 USD 482 (31) 31-Jul-15 513 CNH 219 JPY 4,333 4,352 31-Jul-15 (19) JPY 57,725 EUR 418 (355) 31-Jul-15 773 CNH 186 JPY 3,670 3,686 31-Jul-15 (16) JPY 59,428 USD 482 (31) 31-Jul-15 513 JPY 385,990 AUD 4,117 387,732 31-Jul-15 (1,742) JPY 52,836 EUR 382 (326) 31-Jul-15 708 JPY 438,770 HKD 27,808 438,819 31-Jul-15 (49) JPY 52,829 EUR 382 (326) 31-Jul-15 708 USD 2,104 JPY 260,550 5,306 31-Jul-15 (3,202) JPY 57,478 GBP 296 (331) 31-Jul-15 627 USD 2,079 JPY 257,433 5,243 31-Jul-15 (3,164) JPY 54,342 CNH 2,744 53,946 31-Jul-15 396 GBP 1,308 JPY 255,242 5,263 31-Jul-15 (3,955) JPY 54,474 CNH 2,751 54,077 31-Jul-15 397 EUR 1,809 JPY 250,970 6,043 31-Jul-15 (4,234) JPY 382,031 EUR 2,794 1,954 31-Jul-15 840 EUR 1,685 JPY 233,850 5,630 31-Jul-15 (3,945) JPY 416,113 EUR 3,044 2,129 31-Jul-15 915 AUD 2,413 JPY 230,862 234,452 31-Jul-15 (3,590) JPY 438,064 USD 3,578 3,191 31-Jul-15 387 EUR 1,689 JPY 234,302 5,642 31-Jul-15 (3,953) JPY 439,903 USD 3,593 3,204 31-Jul-15 389 EUR 1,666 JPY 231,148 5,565 31-Jul-15 (3,899) JPY 383,437 EUR 2,805 1,961 31-Jul-15 844 CAD 2,327 JPY 234,077 240,360 31-Jul-15 (6,283) JPY 383,682 EUR 2,807 1,963 31-Jul-15 844 HKD 16,129 JPY 257,446 260,369 31-Jul-15 (2,923) JPY 426,264 GBP 2,217 1,819 31-Jul-15 398 Total (3,041,117) JPY 395,374 CAD 4,010 392,638 31-Jul-15 2,736 JPY 446,392 CNH 22,704 446,370 31-Jul-15 22 Total Financial Liabilities at fair value through profi t or loss (3,041,117) JPY 444,138 CNH 22,590 444,116 31-Jul-15 22 Total 20,618 Total Financial Assets at fair value through profi t or loss 398,885,068

The accompanying notes are an integral part of the fi nancial statements. 104 Janus Capital Funds Plc / 30 June 2015 Janus Japan Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (JPY) Share or Principal Amount Assets (%) Value (JPY) Financial Assets at fair value through profi t or loss E-Commerce/Products Common Stock 1,700 Rakuten, Inc...... 1.3 3,361,750 1,200 Syuppin Co., Ltd...... 0.9 2,334,000 Aerospace and Defence 2.2 5,695,750 2,000 Kawasaki Heavy Industries, Ltd...... 0.5 1,142,000 Electric – Generation Airlines 300 Electric Power Development Co., Ltd...... 0.5 1,297,500 400 Japan Airlines Co., Ltd...... 0.7 1,708,000 Electric – Integrated Applications Software 900 Kyushu Electric Power Co., Inc...... 0.5 1,278,000 600 FFRI, Inc...... 2.0 5,100,000 Electric Products – Miscellaneous Audio and Video Products 200 Nidec Corp...... 0.7 1,833,000 1,100 Panasonic Corp...... 0.7 1,849,650 2,800 Sony Corp...... 3.8 9,692,200 Electronic Components – Miscellaneous 4.5 11,541,850 200 Alps Electric Co., Ltd...... 0.3 755,000 100 Murata Manufacturing Co., Ltd...... 0.8 2,136,000 Automotive – Cars and Light Trucks 4,000 NEC Corp...... 0.6 1,484,000 1,200 Fuji Heavy Industries, Ltd...... 2.1 5,409,600 1,000 Star Micronics Co., Ltd...... 0.8 2,088,000 300 Honda Motor Co., Ltd...... 0.5 1,188,450 2.5 6,463,000 500 Mazda Motor Corp...... 0.5 1,199,000 1,000 Toyota Motor Corp...... 3.2 8,203,000 Electronic Connectors 6.3 16,000,050 100 Iriso Electronics Co., Ltd., ...... 0.3 868,000 Automotive – Truck Parts and Equipment – Original E-Marketing and Information 100 Denso Corp...... 0.2 609,600 1,600 Septeni Holdings Co., Ltd...... 0.9 2,192,000 700 Sumitomo Electric Industries, Ltd...... 0.5 1,327,900 E-Services and Consulting 0.7 1,937,500 900 Digital Garage, Inc...... 0.6 1,467,900 Beverages – Wine and Spirits Finance – Investment Bankers/Brokers 1,500 Takara Holdings, Inc...... 0.5 1,437,000 1,900 GCA Savvian Corp...... 1.1 2,888,000 Finance – Leasing Company Building – Residential and Commercial 700 ORIX Corp...... 0.5 1,274,700 1,100 West Holdings Corp...... 0.4 968,000 Food – Miscellaneous/Diversifi ed Building and Construction – Miscellaneous 1,000 Ajinomoto Co., Inc...... 1.0 2,651,500 4,500 Hazama Ando Corp...... 1.2 2,983,500 200 Ariake Japan Co., Ltd., ...... 0.4 1,002,000 3,000 Nishimatsu Construction Co., Ltd...... 0.5 1,377,000 100 MEIJI Holdings Co., Ltd...... 0.6 1,580,000 2,900 Penta-Ocean Construction Co., Ltd...... 0.6 1,467,400 2.0 5,233,500 2.3 5,827,900 Food – Retail Chemicals – Diversifi ed 200 San-A Co., Ltd...... 0.4 1,084,000 200 Nitto Denko Corp...... 0.8 2,012,000 300 Seven & I Holdings Co., Ltd...... 0.6 1,578,000 3,000 Tosoh Corp...... 0.9 2,283,000 1.0 2,662,000 1.7 4,295,000 Hotels and Motels Chemicals – Specialty 800 Resorttrust, Inc...... 0.9 2,382,400 6,000 Teijin, Ltd...... 1.1 2,850,000 Human Resources Commercial Banks – Non U.S. 1,200 JAC Recruitment Co., Ltd...... 0.4 908,400 19,700 Mizuho Financial Group, Inc., ...... 2.1 5,220,500 600 Recruit Holdings Co., Ltd...... 0.9 2,241,000 3,000 Nishi-Nippon City Bank, Ltd...... 0.4 1,059,000 1.3 3,149,400 1,400 Sumitomo Mitsui Financial Group, Internet Content – Information/News Inc...... 3.0 7,642,600 900 COOKPAD, Inc...... 0.8 1,998,000 6,000 Sumitomo Mitsui Trust Holdings, Inc...... 1.3 3,363,600 300 Mixi, Inc...... 0.7 1,824,000 6.8 17,285,700 1.5 3,822,000 Commercial Services Leisure and Recreational Products 1,400 First Energy Service Co., Ltd...... 0.4 1,099,000 1,600 Sun Corp...... 1.1 2,792,000 500 TechnoPro Holdings, Inc...... 0.6 1,540,000 Life and Health Insurance 1.0 2,639,000 1,300 Dai-ichi Life Insurance Co., Ltd...... 1.2 3,128,450 Commercial Services – Finance Machine Tools and Related Products 700 GMO Payment Gateway, Inc...... 1.1 2,768,500 1,100 Asahi Diamond Industrial Co., Ltd...... 0.6 1,516,900 Computers – Integrated Systems 800 DMG Mori Co., Ltd...... 0.7 1,892,000 300 Otsuka Corp...... 0.7 1,716,000 1.3 3,408,900 Computers – Memory Devices Machinery – Farm 100 TDK Corp...... 0.4 937,000 1,000 Kubota Corp...... 0.8 1,941,500 Cosmetics and Toiletries Machinery – General Industrial 500 Kao Corp...... 1.1 2,846,500 500 Harmonic Drive Systems, Inc...... 0.5 1,201,000 100 Kose Corp...... 0.4 1,006,000 2,000 Makino Milling Machine Co., Ltd...... 1.0 2,470,000 1.5 3,852,500 5,000 Mitsubishi Heavy Industries, Ltd...... 1.5 3,723,500 Diversifi ed Banking Institutions 3.0 7,394,500 9,800 Mitsubishi UFJ Financial Group, Inc...... 3.4 8,622,040 Machinery – Pumps 1,100 Teikoku Electric Manufacturing Co., Ltd...... 0.5 1,167,100

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 105 Janus Japan Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (JPY) Share or Principal Amount Assets (%) Value (JPY) Medical – Biomedical and Genetic Steel – Producers 800 JCR Pharmaceuticals Co., Ltd...... 0.9 2,388,000 2,000 Japan Steel Works, Ltd...... 0.4 1,012,000 1,600 PeptiDream, Inc...... 2.2 5,488,000 13,000 Kobe Steel, Ltd...... 1.1 2,678,000 1,800 Takara Bio, Inc...... 1.0 2,444,400 6,000 Nippon Steel & Sumitomo Metal 4.1 10,320,400 Corp...... 0.8 1,904,400 Medical – Drugs 2.3 5,594,400 800 HEALIOS KK ...... 0.4 1,035,200 Telephone – Integrated 2,000 Kyowa Hakko Kirin Co., Ltd...... 1.3 3,202,000 600 Nippon Telegraph & Telephone Corp...... 1.0 2,660,099 200 Ono Pharmaceutical Co., Ltd...... 1.1 2,674,000 400 SoftBank Corp...... 1.1 2,883,600 500 Shionogi & Co., Ltd...... 0.9 2,372,500 2.1 5,543,700 500 Sosei Group Corp...... 1.4 3,550,000 Transportation – Services 300 UMN Pharma, Inc...... 0.3 825,000 500 Kintetsu World Express, Inc...... 1.1 2,750,000 5.4 13,658,700 Travel Services Medical – Generic Drugs 400 HIS Co., Ltd...... 0. 7 1,668,000 1,000 NanoCarrier Co., Ltd...... 0.5 1,171,000 Web Portals/Internet Service Providers Medical Information Systems 1,500 GMO internet, Inc...... 1.0 2,463,000 1,300 FINDEX, Inc...... 0.7 1,827,800 Medical Instruments Total Common Stock...... 95.6 242,203,989 2,000 Shimadzu Corp...... 1.3 3,326,000 Total Investments at last traded prices ...... 95.6 242,203,989 100 Sysmex Corp...... 0.3 730,000 300 Topcon Corp...... 0.3 885,000 Adjustments from last traded to bid market prices ...... (0.2) (439,000) 1.9 4,941,000 Medical Labs and Testing Services Total Investments ...... 95.4 241,764,989 200 Tella, Inc...... 0.1 273,600 Medical Products 400 Asahi Intecc Co., Ltd...... 1.3 3,356,000 1,100 CYBERDYNE, Inc...... 1.4 3,509,000 2.7 6,865,000 Metal – Diversifi ed 700 OSAKA Titanium Technologies Co., Ltd...... 0.9 2,303,000 Metal Processors and Fabrication 2,000 Nachi-Fujikoshi Corp...... 0.6 1,444,000 600 NSK, Ltd...... 0.4 1,134,600 1.0 2,578,600 Miscellaneous Manufacturing 500 Rion Co., Ltd...... 0.4 933,500 2,000 Towa Corp...... 0.8 1,950,000 600 Toyo Tanso Co., Ltd...... 0.5 1,224,600 1.7 4,108,100 Offi ce Supplies and Forms 100 Pilot Corp...... 0.2 478,500 Photo Equipment and Supplies 500 FUJIFILM Holdings Corp...... 0.9 2,186,750 Real Estate Operating/Development 400 Jowa Holdings Co., Ltd...... 0.9 2,268,000 6,700 Leopalace21 Corp...... 2.0 5,031,700 1,000 Mitsui Fudosan Co., Ltd...... 1.4 3,427,000 2,700 Tokyu Fudosan Holdings Corp...... 1.0 2,548,800 5.3 13,275,500 Research and Development 900 Shin Nippon Biomedical Laboratories, Ltd...... 0.3 656,100 Retail – Drug Store 300 Welcia Holdings Co., Ltd...... 0.7 1,677,000 Retail – Home Furnishings 100 Nitori Holdings Co., Ltd...... 0.4 998,000 Retail – Major Department Stores 500 H2O Retailing Corp...... 0.5 1,275,000 Retail – Regional Department Stores 300 J Front Retailing Co., Ltd...... 0.3 691,200 Security Services 400 Sohgo Security Services Co., Ltd...... 0.8 1,932,000

The accompanying notes are an integral part of the fi nancial statements. 106 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Financial Liabilities at fair value through profi t or loss Current Unrealised Forward Currency Contracts, Open as at 30 June 2015 Currency Currency Market Settle Appreciation Current Unrealised Purchased Sold Value (JPY) Date (JPY) Currency Currency Market Settle (Depreciation) Citibank Purchased Sold Value (JPY) Date (JPY) JPY 44,622 USD 362 (23) 31-Jul-15 385 Citibank JPY 43,159 GBP 222 (247) 31-Jul-15 469 CNH 121 JPY 2,389 2,399 31-Jul-15 (10) JPY 41,528 CNH 2,097 41,226 31-Jul-15 302 CNH 139 JPY 2,750 2,762 31-Jul-15 (12) JPY 41,543 CNH 2,098 41,240 31-Jul-15 303 USD 832 JPY 103,080 2,098 31-Jul-15 (1,266) JPY 291,628 USD 2,382 2,124 31-Jul-15 258 GBP 523 JPY 102,104 2,105 31-Jul-15 (1,582) JPY 292,818 USD 2,392 2,134 31-Jul-15 258 USD 842 JPY 104,311 2,123 31-Jul-15 (1,281) JPY 254,338 EUR 1,860 1,301 31-Jul-15 559 EUR 667 JPY 92,562 2,229 31-Jul-15 (1,562) JPY 13,659 CAD 137 13,418 31-Jul-15 241 EUR 678 JPY 94,118 2,265 31-Jul-15 (1,587) JPY 253,916 EUR 1,857 1,298 31-Jul-15 559 AUD 967 JPY 92,543 93,982 31-Jul-15 (1,439) JPY 255,234 EUR 1,867 1,305 31-Jul-15 562 HKD 6,452 JPY 102,977 104,146 31-Jul-15 (1,169) JPY 283,482 GBP 1,474 1,209 31-Jul-15 265 CNH 5,226 JPY 103,990 105,241 31-Jul-15 (1,251) JPY 255,314 EUR 1,868 1,307 31-Jul-15 561 CNH 5,285 JPY 105,176 106,441 31-Jul-15 (1,265) JPY 263,086 CAD 2,668 261,265 31-Jul-15 1,821 HKD 708,268 JPY 11,299,090 11,421,456 31-Jul-15 (122,366) JPY 295,750 CNH 15,043 295,736 31-Jul-15 14 AUD 105,604 JPY 10,097,707 10,249,400 31-Jul-15 (151,693) JPY 297,138 CNH 15,113 297,123 31-Jul-15 15 EUR 71,370 JPY 9,898,508 234,414 31-Jul-15 (163,044) JPY 13,536 AUD 142 13,362 31-Jul-15 174 USD 91,165 JPY 11,276,629 216,469 31-Jul-15 (125,304) JPY 13,451 EUR 98 (45) 31-Jul-15 143 CAD 101,845 JPY 10,242,654 10,513,715 31-Jul-15 (271,061) JPY 15,127 HKD 950 14,985 31-Jul-15 142 EUR 71,637 JPY 9,935,447 235,290 31-Jul-15 (163,653) JPY 13,532 EUR 98 (45) 31-Jul-15 143 CNH 574,520 JPY 11,420,284 11,545,510 31-Jul-15 (125,226) JPY 16,459 USD 133 (35) 31-Jul-15 168 EUR 72,219 JPY 10,016,269 237,203 31-Jul-15 (164,984) JPY 16,658 USD 135 (34) 31-Jul-15 169 CNH 579,184 JPY 11,512,993 11,639,236 31-Jul-15 (126,243) JPY 14,512 GBP 75 (33) 31-Jul-15 108 USD 91,953 JPY 11,374,113 218,340 31-Jul-15 (126,387) JPY 13,241 EUR 96 (44) 31-Jul-15 140 EUR 72,272 JPY 10,023,632 237,377 31-Jul-15 (165,105) JPY 13,252 EUR 96 (44) 31-Jul-15 140 GBP 56,681 JPY 11,053,080 220,105 31-Jul-15 (163,424) JPY 11,877 CNH 599 11,778 31-Jul-15 99 JPY 256,972 AUD 2,741 258,132 31-Jul-15 (1,160) JPY 11,626 CNH 586 11,530 31-Jul-15 96 JPY 292,081 HKD 18,511 292,114 31-Jul-15 (33) JPY 44,699 HKD 2,811 44,351 31-Jul-15 348 EUR 679 JPY 94,218 2,268 31-Jul-15 (1,589) JPY 39,891 CAD 400 39,160 31-Jul-15 731 EUR 671 JPY 93,057 2,241 31-Jul-15 (1,570) JPY 39,563 EUR 286 (243) 31-Jul-15 529 CAD 931 JPY 93,679 96,193 31-Jul-15 (2,514) JPY 39,552 EUR 286 (243) 31-Jul-15 529 JPY 39,587 EUR 286 (245) 31-Jul-15 531 Total (1,887,780) JPY 44,662 USD 362 (22) 31-Jul-15 384 JPY 39,585 EUR 286 (245) 31-Jul-15 531 Total Financial Liabilities at fair value through profi t or loss (1,887,780) JPY 38,751 AUD 409 38,493 31-Jul-15 258 Total 11,935 Total Financial Assets at fair value through profi t or loss 241,776,924

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 107 Janus Opportunistic Alpha Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Toys Common Stock 127,290 Mattel, Inc...... 4.7 3,270,080 Airlines Vitamins and Nutrition Products 8,064 Southwest Airlines Co...... 0.4 266,838 24,214 Herbalife, Ltd...... 2.0 1,333,949 72,194 United Continental Holdings, Inc...... 5.6 3,827,004 Wireless Equipment 6.0 4,093,842 60,501 Motorola Solutions, Inc...... 5.1 3,469,127 Apparel Manufacturers Total Common Stock...... 96.1 65,648,611 5,022,000 Global Brands Group Holding, Ltd...... 1.5 1,056,066 Applications Software Total Investments at last traded prices ...... 96.1 65,648,611 27,123 Microsoft Corp...... 1.8 1,197,480 Adjustments from last traded to bid market prices ...... (0.1) (34,483) Cable/Satellite TV 24,546 Comcast Corp. – Class A ...... 2.2 1,476,196 Total Investments ...... 96.0 65,614,128 Chemicals – Diversifi ed 139,581 Aceto Corp...... 5.0 3,437,880 Diversifi ed Banking Institutions 12,729 JP Morgan Chase & Co...... 1.3 862,517 Diversifi ed Operations 39,113 Colfax Corp...... 2.6 1,805,065 Drug Delivery Systems 158,257 Flamel Technologies S.A...... 4.9 3,353,466 E-Commerce/Products 29,966 Lands’ End, Inc...... 1.1 744,056 Finance – Investment Bankers/Brokers 56,869 E*TRADE Financial Corp...... 2.5 1,703,227 Finance – Other Services 8,555 CME Group, Inc...... 1.2 796,128 Industrial Gases 27,882 Air Products and Chemeicals, Inc...... 5.6 3,815,094 Instruments – Controls 29,304 Sensata Technologies Holding N.V...... 2.3 1,545,493 Machine Tools and Related Products 35,393 Kennametal, Inc...... 1.8 1,207,609 Media 33,273 Tribune Co...... 2.6 1,776,445 Medical – Drugs 24,766 Eagle Pharmaceuticals, Inc...... 2.9 2,002,579 77,519 Endo International PLC ...... 9.0 6,174,388 621,193 Indivior PLC ...... 3.2 2,193,810 219,302 Pernix Therapeutics Holdings, Inc...... 1.9 1,298,268 17.0 11,669,045 Oil Refi ning and Marketing 19,810 Murphy USA, Inc...... 1.6 1,105,794 Paper and Related Products 52,968 Veritiv Corp...... 2.8 1,931,213 Pharmaceuticals 45,703 Mallinckrodt PLC ...... 7.9 5,380,157 Pipelines 17,423 MarkWest Energy Partners L.P...... 1.4 982,309 Publishing – Newspapers 42,173 Tribune Publishing Co...... 1.0 655,368 Real Estate Operating/Development 109,214 St. Joe Co...... 2.5 1,696,093 Resorts and Theme Parks 21,972 Six Flags Entertainment Corp...... 1.4 985,444 Retail – Discount 11,613 Target Corp...... 1.4 947,969 Retail – Restaurants 122,619 Wendy’s Co...... 2.0 1,383,142 Telecommunication Equipment 108,749 Knowles Corp...... 2.9 1,968,357

The accompanying notes are an integral part of the fi nancial statements. 108 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank USD 10 CNH 60 10 31-Jul-15 — USD 99 EUR 88 98 31-Jul-15 1 USD 214 EUR 191 213 31-Jul-15 1 USD 130 EUR 116 129 31-Jul-15 1 USD 32,693 EUR 29,148 32,505 31-Jul-15 188 CNH 20,144 USD 3,238 3,238 31-Jul-15 — USD 900 EUR 805 897 31-Jul-15 3 USD 136,584 EUR 122,138 136,204 31-Jul-15 380 USD 410 EUR 366 409 31-Jul-15 1 USD 546 EUR 489 544 31-Jul-15 2 USD 38 CNH 238 38 31-Jul-15 — USD 44,630 EUR 39,813 44,399 31-Jul-15 231 USD 178 EUR 158 177 31-Jul-15 1 USD 293 EUR 261 291 31-Jul-15 2 USD 134 EUR 120 133 31-Jul-15 1 USD 12 CNH 73 12 31-Jul-15 — USD 22 CNH 135 22 31-Jul-15 — USD 75 CNH 467 75 31-Jul-15 — USD 1,729 EUR 1,549 1,727 31-Jul-15 2 USD 263,144 EUR 235,697 262,841 31-Jul-15 303 USD 789 EUR 707 788 31-Jul-15 1 USD 1,050 EUR 940 1,049 31-Jul-15 1 Total 1,119 Total Financial Assets at fair value through profi t or loss 65,615,247

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 10,047,390 USD 11,269,173 11,333,837 31-Jul-15 (64,664) EUR 30,117 USD 33,779 33,973 31-Jul-15 (194) EUR 40,325 USD 45,229 45,489 31-Jul-15 (260) EUR 66,377 USD 74,449 74,876 31-Jul-15 (427) EUR 3,488 USD 3,894 3,899 31-Jul-15 (5) USD 476 EUR 429 478 31-Jul-15 (2) USD 72,471 EUR 65,288 72,807 31-Jul-15 (336) USD 218 EUR 196 219 31-Jul-15 (1) USD 289 EUR 261 290 31-Jul-15 (1) EUR 11,575 USD 12,936 12,964 31-Jul-15 (28) Total (65,918) Total Financial Liabilities at fair value through profi t or loss (65,918)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 109 Janus US Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Electronic Forms Common Stock 150 Adobe Systems, Inc...... 0.6 12,152 Airlines Energy – Alternate Sources 216 Southwest Airlines Co...... 0.4 7,147 107 SolarCity Corp...... 0.3 5,730 Apparel Manufacturers Enterprise Software/Services 316 Gildan Activewear, Inc...... 0.5 10,504 241 Oracle Corp...... 0.5 9,712 105 Ultimate Software Group, Inc...... 0.9 17,256 Applications Software 1.4 26,968 302 NetSuite, Inc...... 1.4 27,709 337 Salesforce.com, Inc...... 1.2 23,465 Finance – Credit Card 113 ServiceNow, Inc...... 0.4 8,397 467 Visa, Inc. – Class A ...... 1.6 31,359 3.0 59,571 Finance – Investment Bankers/Brokers Automotive – Truck Parts and Equipment – Original 378 Charles Schwab Corp...... 0.6 12,342 187 Delphi Automotive PLC ...... 0.8 15,912 Food – Confectionery Brewery 250 Hershey Co...... 1.1 22,208 98 SABMiller PLC ...... 0.3 5,087 Food – Retail Cable/Satellite TV 330 Kroger Co...... 1.2 23,928 572 Comcast Corp. – Class A ...... 1.8 34,400 Food – Wholesale/Distribution 268 Liberty Global PLC – Class C ...... 0.7 13,569 416 Sysco Corp...... 0.8 15,018 2.5 47,969 Industrial Gases Cellular Telecommunications 278 Air Products and Chemeicals, Inc...... 2.0 38,039 300 T-Mobile US, Inc...... 0.6 11,631 Instruments – Controls Chemicals – Diversifi ed 255 Honeywell International, Inc...... 1.3 26,002 210 PPG Industries, Inc...... 1.2 24,091 703 Sensata Technologies Holding N.V...... 1.9 37,076 Commercial Services 3.2 63,078 84 CoStar Group, Inc...... 0.9 16,906 Insurance Brokers Commercial Services – Finance 192 Aon PLC ...... 1.0 19,139 475 Mastercard, Inc. – Class A ...... 2.3 44,403 Internet Content – Entertainment Computer Aided Design 496 Facebook, Inc...... 2.2 42,539 130 ANSYS, Inc...... 0.6 11,861 Internet Content – Information/News Computers 24 LinkedIn Corp...... 0.3 4,959 796 Apple, Inc...... 5.1 99,838 Medical – Biomedical and Genetic Consulting Services 229 Amgen, Inc...... 1.8 35,156 286 Verisk Analytics, Inc. – Class A ...... 1.1 20,809 87 Biogen Idec, Inc...... 1.8 35,143 181 Celgene Corp...... 1.1 20,948 Consumer Products – Miscellaneous 39 Regeneron Pharmaceuticals, Inc...... 1.0 19,895 242 Kimberly-Clark Corp...... 1.3 25,645 5.7 111,142 Cosmetics and Toiletries Medical – Drugs 144 Colgate-Palmolive Co...... 0.5 9,419 530 AbbVie, Inc...... 1.8 35,611 123 Estee Lauder Cos, Inc. – Class A ...... 0.5 10,659 399 Bristol-Myers Squibb Co...... 1.4 26,549 1.0 20,078 207 Eli Lilly & Co...... 0.9 17,282 Diversifi ed Operations 506 Endo International PLC ...... 2.1 40,303 603 Colfax Corp...... 1.4 27,828 110 Jazz Pharmaceuticals PLC ...... 1.0 19,368 E-Commerce/Products 73 Valeant Pharmaceuticals 120 Alibaba Group Holding, Ltd. (ADR) ...... 0.5 9,872 International, Inc...... 0.8 16,217 54 Amazon.com, Inc...... 1.2 23,441 8.0 155,330 1.7 33,313 Medical – Generic Drugs E-Commerce/Services 208 Allergan PLC ...... 3.2 63,120 92 Ctrip.com International, Ltd. (ADR) ...... 0.3 6,681 Medical Information Systems 10 priceline.com, Inc...... 0.6 11,514 145 Athenahealth, Inc...... 0.9 16,614 0.9 18,195 Medical Instruments Electric – Transmission 599 Boston Scientifi c Corp...... 0.5 10,602 396 Brookfi eld Infrastructure Partners L.P...... 0.9 17,673 Metal Processors and Fabrication Electronic Components – Miscellaneous 66 Precision Castparts Corp...... 0.7 13,191 142 TE Connectivity, Ltd. (U.S. Shares) ...... 0.5 9,131 Multi-Industry Electronic Components – Semiconductors 256 Southwestern Energy Co...... 0.3 5,819 1,757 ARM Holdings PLC ...... 1.5 28,624 Multimedia 179 Avago Technologies, Ltd...... 1.2 23,794 407 Twenty-First Century Fox, Inc...... 0.7 13,246 576 Freescale Semiconductor, Ltd...... 1.2 23,023 245 Walt Disney Co...... 1.4 27,964 3.9 75,441 2.1 41,210 Electronic Connectors Oil – Field Services 301 Amphenol Corp. – Class A ...... 0.9 17,449 125 Baker Hughes, Inc...... 0.4 7,713 Electronic Design Automation 1,522 Cadence Design Systems, Inc...... 1.5 29,923

The accompanying notes are an integral part of the fi nancial statements. 110 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Oil Companies – Exploration and Production 1 HESS Corp, expires August 2015, 96 Anadarko Petroleum Corp...... 0.4 7,494 1 contracts, exercise price 80 USD 167 Antero Resources Finance Corp...... 0.3 5,735 (covered) ...... — 15 0.7 13,229 Schedule of Purchased Options – Puts Pharmaceuticals 2 SPDR S&P 500 ETF Trust, expires 153 Mallinckrodt PLC ...... 0.9 18,011 August 2015, 2 contracts, exercise price 210 USD (covered) ...... — 1,344 Pipelines 3 Semiconductor Holders Trust, expires 225 Kinder Morgan, Inc...... 0.4 8,638 August 2015, 3 contracts, exercise Real Estate Management/Services price 52 USD (covered) ...... — 263 892 CBRE Group, Inc. – Class A ...... 1.8 33,004 2 Semiconductor Holders Trust, expires Recreational Vehicles August 2015, 2 contracts, exercise 69 Polaris Industries, Inc...... 0.5 10,220 price 52 USD (covered) ...... — 175 REIT – Diversifi ed Total Schedule of Purchased Options...... — 2,161 299 American Tower Corp...... 1.4 27,894 Total Options ...... — 2,161 Retail – Auto Parts 24 AutoZone, Inc...... 0.8 16,006 Total Investments at last traded prices ...... 95.8 1,866,297 Retail – Building Products 431 Home Depot, Inc...... 2.6 47,897 Adjustments from last traded to bid market prices ...... — (457) Retail – Discount Total Investments ...... 95.8 1,865,840 183 Dollar Tree, Inc...... 0.7 14,455 Retail – Diversifi ed 541 Sally Beauty Holdings, Inc...... 0.9 17,085 Retail – Major Department Stores 474 TJX Cos., Inc...... 1.6 31,365 Retail – Restaurants 55 Chipotle Mexican Grill, Inc...... 1.7 33,274 367 Dunkin' Brands Group, Inc...... 1.0 20,185 458 Starbucks Corp...... 1.3 24,556 4.0 78,015 Semiconductor Components/Integrated Circuits 930 Atmel Corp...... 0.5 9,165 320 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) ...... 0.4 7,267 0.9 16,432 Transportation – Railroad 147 Canadian Pacifi c Railway, Ltd...... 1.2 23,554 276 Union Pacifi c Corp...... 1.4 26,322 2.6 49,876 Web Portals/Internet Service Providers 29 Google, Inc. – Class A ...... 0.8 15,661 91 Google, Inc. – Class C ...... 2. 5 47,366 3. 3 63,027 Wireless Equipment 287 Motorola Solutions, Inc...... 0.8 16,457 Cruise Lines 177 Norwegian Cruise Line Holdings, Ltd...... 0.5 9,920

Total Common Stock...... 95.8 1,864,136 Contract Amount Schedule of Purchased Options – Calls 4 Microsoft Corp, expires August 2015, 2 contracts, exercise price 47 USD (covered) ...... — 220 4 Oracle Corp, expires September 2015, 4 contracts, exercise price 45 USD (covered) ...... — 72 3 Oracle Corp, expires September 2015, 3 contracts, exercise price 45 USD (covered) ...... — 54 1 Oracle Corp, expires September 2015, 1 contracts, exercise price 45 USD (covered) ...... — 18

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 111 Janus US Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank USD 3,643 EUR 3,258 3,633 31-Jul-15 10 USD 1,851 EUR 1,655 1,846 31-Jul-15 5 USD 270 EUR 241 269 31-Jul-15 1 USD 543 EUR 484 540 31-Jul-15 3 USD 12,251 EUR 10,973 12,237 31-Jul-15 14 USD 6,259 EUR 5,606 6,252 31-Jul-15 7 Total 40 Total Financial Assets at fair value through profi t or loss 1,865,880

Financial Liabilities at fair value through profi t or loss

Percentage of Net Fair Contract Amount Assets (%) Value (USD) Schedule of Written Options – Calls (1) Oracle Corp, expires September 2015, 1 contracts, exercise price 42 USD (covered) ...... — (258) (3) Oracle Corp, expires September 2015, 3 contracts, exercise price 42 USD (covered) ...... — (775) (4) Microsoft Corp, expires August 2015, 4 contracts, exercise price 45 USD (covered) ...... — (878) (4) Oracle Corp, expires September 2015, 4 contracts, exercise price 42 USD (covered) ...... — (1,034) Total Schedule of Written Options...... — (2,945)

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 262,711 USD 294,657 296,348 31-Jul-15 (1,691) EUR 512,267 USD 574,560 577,857 31-Jul-15 (3,297) USD 1,116 EUR 1,005 1,121 31-Jul-15 (5) USD 2,192 EUR 1,975 2,202 31-Jul-15 (10) Credit Suisse USD 26,752 GBP 17,300 27,175 16-Jul-15 (423) GBP 937 USD 1,475 1,478 16-Jul-15 (3) GBP 1,400 USD 2,201 2,203 16-Jul-15 (2) Total (5,431) Total Financial Liabilities at fair value through profi t or loss (8,376)

The accompanying notes are an integral part of the fi nancial statements. 112 Janus Capital Funds Plc / 30 June 2015 Janus US Research Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss E-Commerce/Products Common Stock 4,935 Amazon.com, Inc...... 1.1 2,142,234 Aerospace and Defence – Equipment E-Commerce/Services 13,840 United Technologies Corp...... 0.8 1,535,271 1,138 priceline.com, Inc...... 0.7 1,310,259 Airlines Electric – Transmission 38,458 United Continental Holdings, Inc...... 1.0 2,038,659 46,731 Brookfi eld Infrastructure Partners L.P...... 1.1 2,085,605 Applications Software Electronic Components – Miscellaneous 6,725 NetSuite, Inc...... 0.3 617,019 31,190 TE Connectivity, Ltd. (U.S. Shares) ...... 1.0 2,005,517 11,806 Salesforce.com, Inc...... 0.4 822,052 Electronic Components – Semiconductors 0.7 1,439,071 8,626 Avago Technologies, Ltd...... 0.6 1,146,654 Athletic Footwear 27,378 Freescale Semiconductor, Ltd...... 0.6 1,094,299 15,143 NIKE, Inc. – Class B ...... 0.8 1,635,747 1.2 2,240,953 Automotive – Truck Parts and Equipment – Original Electronic Connectors 17,399 Delphi Automotive PLC ...... 0.8 1,480,481 36,699 Amphenol Corp. – Class A ...... 1.1 2,127,441 Beverages – Non-Alcoholic Electronic Design Automation 15,560 PepsiCo, Inc...... 0.7 1,452,370 62,170 Cadence Design Systems, Inc...... 0.6 1,222,262 Beverages – Wine and Spirits Electronic Measuring Instruments 7,800 Brown-Forman Corp. – Class B ...... 0.4 781,404 28,036 National Instruments Corp...... 0.4 825,941 Cable/Satellite TV Enterprise Software/Services 40,368 Comcast Corp. – Class A ...... 1.2 2,427,732 74,465 Oracle Corp...... 1.5 3,000,940 4,237 Time Warner Cable, Inc...... 0.4 754,906 3,654 Tyler Technologies, Inc...... 0.2 472,755 1.6 3,182,638 4,634 Ultimate Software Group, Inc...... 0.4 761,552 2.1 4,235,247 Casino Hotels 20,460 Las Vegas Sands Corp...... 0.5 1,075,582 Finance – Credit Card 24,064 American Express Co...... 1.0 1,870,254 Cellular Telecommunications 21,979 Discover Financial Services...... 0.6 1,266,430 32,038 T-Mobile US, Inc...... 0.6 1,242,113 36,384 Visa, Inc. – Class A ...... 1.2 2,443,186 Chemicals – Diversifi ed 2.8 5,579,870 13,624 LyondellBasell Industries N.V. – Finance – Investment Bankers/Brokers Class A ...... 0.7 1,410,356 75,291 E*TRADE Financial Corp...... 1.1 2,254,965 15,080 PPG Industries, Inc...... 0.9 1,729,978 41,678 LPL Financial Holdings, Inc...... 1.0 1,937,610 1.6 3,140,334 2.1 4,192,575 Commercial Banks – Western U.S. Finance – Other Services 42,924 PacWest Bancorp...... 1.0 2,007,126 7,238 Intercontinental Exchange ...... 0.8 1,618,489 Commercial Services – Finance Food – Confectionery 29,102 Mastercard, Inc. – Class A ...... 1.4 2,720,455 18,881 Hershey Co...... 0.9 1,677,199 Computer Aided Design Food – Retail 12,566 ANSYS, Inc...... 0.6 1,146,522 38,074 Kroger Co...... 1.4 2,760,746 Computer Services 16,961 Whole Foods Market, Inc...... 0.3 668,942 4,055 IHS, Inc. – Class A ...... 0.3 521,595 1.7 3,429,688 Computers Food – Wholesale/Distribution 42,604 Apple, Inc...... 2.7 5,343,607 42,400 Sysco Corp...... 0.8 1,530,640 Computers – Memory Devices Industrial Gases 21,822 EMC Corp...... 0.3 575,883 17,688 Air Products and Chemeicals, Inc...... 1.2 2,420,249 Consulting Services Instruments – Controls 22,124 Verisk Analytics, Inc. – Class A ...... 0.8 1,609,742 16,342 Honeywell International, Inc...... 0.8 1,666,394 Consumer Products – Miscellaneous 46,401 Sensata Technologies Holding N.V...... 1.2 2,447,189 14,399 Kimberly-Clark Corp...... 0.8 1,525,862 2.0 4,113,583 Containers – Metal and Glass Insurance 36,548 Crown Holdings, Inc...... 1.0 1,933,755 159,653 MGIC Investment Corp...... 0.9 1,816,850 Cosmetics and Toiletries Insurance Brokers 26,478 Colgate-Palmolive Co...... 0.9 1,731,926 22,823 Aon PLC ...... 1.2 2,274,997 Diversifi ed Banking Institutions Internet Content – Entertainment 42,715 Citigroup, Inc...... 1.2 2,359,577 32,711 Facebook, Inc...... 1.4 2,805,459 40,655 JP Morgan Chase & Co...... 1.4 2,754,783 Internet Content – Information/News 2.6 5,114,360 2,319 LinkedIn Corp...... 0.2 479,175 Diversifi ed Manufacturing Operations Investment Management and Advisory Services 15,898 AO Smith Corp...... 0.6 1,144,338 6,545 BlackRock, Inc...... 1.2 2,264,439 Diversifi ed Operations Machinery – General Industrial 39,531 Colfax Corp...... 0.9 1,824,356 7,363 Roper Industries, Inc...... 0.6 1,269,823 21,643 Dover Corp...... 0.8 1,518,906 Medical – Biomedical and Genetic 1.7 3,343,262 20,616 Amgen, Inc...... 1.6 3,164,968

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 113 Janus US Research Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 7,531 Biogen Idec, Inc...... 1.5 3,042,072 Retail – Gardening Products 21,203 Celgene Corp...... 1.2 2,453,929 15,059 Tractor Supply Co...... 0.7 1,354,406 4,273 Regeneron Pharmaceuticals, Inc...... 1.1 2,179,785 Retail – Major Department Stores 5.4 10,840,754 27,207 TJX Cos., Inc...... 0.9 1,800,287 Medical – Drugs Retail – Miscellaneous 32,978 AbbVie, Inc...... 1.1 2,215,792 4,792 Williams-Sonoma, Inc...... 0.2 394,238 35,183 Bristol-Myers Squibb Co...... 1.2 2,341,077 Retail – Restaurants 22,566 Eli Lilly & Co...... 1.0 1,884,035 39,804 Starbucks Corp...... 1.1 2,134,090 29,902 Endo International PLC ...... 1.2 2,381,694 92,810 Ironwood Pharmaceuticals, Inc...... 0.6 1,119,289 Semiconductor Components/Integrated Circuits 18,275 Pacira Pharmaceuticals, Inc...... 0.7 1,292,408 91,111 Atmel Corp...... 0.5 897,899 5.8 11,234,295 15,517 QUALCOMM, Inc...... 0.5 971,830 1.0 1,869,729 Medical – Hospitals 8,475 Universal Health Services, Inc...... 0.6 1,204,298 Semiconductor Equipment 8,733 KLA-Tencor Corp...... 0.2 490,882 Medical Information Systems 12,785 Athenahealth, Inc...... 0.7 1,464,905 Super – Regional Banks 40,088 U.S. Bancorp ...... 0.9 1,739,819 Medical Instruments 108,560 Boston Scientifi c Corp...... 1.0 1,921,512 Telecommunication Equipment 29,669 CommScope Holding Co., Inc...... 0.5 905,201 Metal Processors and Fabrication 57,674 Rexnord Corp...... 0.7 1,378,985 Telecommunication Services 33,441 Amdocs, Ltd...... 0.9 1,825,544 Multimedia 45,299 Twenty-First Century Fox, Inc...... 0.7 1,474,256 Tobacco 21,036 Walt Disney Co...... 1.2 2,401,049 34,304 Altria Group, Inc...... 0.9 1,677,809 1.9 3,875,305 Toys Oil – Field Services 32,554 Mattel, Inc...... 0.4 836,312 38,417 Baker Hughes, Inc...... 1.2 2,370,329 Transactional Software 50,842 NOW, Inc...... 0.5 1,012,264 20,081 Solera Holdings, Inc...... 0.5 894,809 1.7 3,382,593 Transportation – Railroad Oil Companies – Exploration and Production 11,551 Kansas City Southern ...... 0.5 1,053,450 37,817 Anadarko Petroleum Corp...... 1.5 2,951,995 24,456 Union Pacifi c Corp...... 1.2 2,332,369 Oil Companies – Integrated 1.7 3,385,819 40,628 Exxon Mobil Corp...... 1.7 3,380,250 Web Portals/Internet Service Providers 32,174 Phillips 66 ...... 1.3 2,591,937 8,729 Google, Inc. – Class C ...... 2.3 4,543,532 3.0 5,972,187 Wireless Equipment Pharmaceuticals 21,005 Motorola Solutions, Inc...... 0.7 1,204,427 22,194 Mallinckrodt PLC ...... 1.4 2,612,678 Total Common Stock...... 99.4 195,484,391 Pharmacy Services 19,215 Express Scripts Holding Co...... 0.9 1,708,982 Total Investments at last traded prices ...... 99.4 195,484,391 Pipelines 89,130 Enterprise Products Partners L.P...... 1.4 2,664,096 Adjustments from last traded to bid market prices ...... — (51,845) 2 Kinder Morgan, Inc...... — 77 48,436 MarkWest Energy Partners L.P...... 1.4 2,730,822 Total Investments ...... 99.4 195,432,546 2.8 5,394,995 Private Equity 44,722 Blackstone Group L.P...... 1. 0 1,827,788 Real Estate Management/Services 12,819 Jones Lang LaSalle, Inc...... 1.1 2,192,049 Recreational Vehicles 8,818 Polaris Industries, Inc...... 0.7 1,306,034 REIT – Diversifi ed 21,682 American Tower Corp...... 1.0 2,022,714 72,702 Lexington Realty Trust ...... 0.3 616,513 1.3 2,639,227 REIT – Regional Malls 8,692 Simon Property Group, Inc...... 0.8 1,503,890 Retail – Auto Parts 8,624 Advance Auto Parts, Inc...... 0.7 1,373,717 1,031 AutoZone, Inc...... 0.4 687,574 1. 1 2,061,29 1 Retail – Building Products 33,823 Lowe’s Cos., Inc...... 1.2 2,265,126 Retail – Catalog Shopping 18,604 MSC Industrial Direct Co., Inc. – Class A ...... 0.7 1,298,001 The accompanying notes are an integral part of the fi nancial statements. 114 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank USD 10,018 EUR 8,959 9,990 31-Jul-15 28 USD 41 EUR 37 41 31-Jul-15 — USD 17 EUR 15 17 31-Jul-15 — USD 4,041 EUR 3,605 4,020 31-Jul-15 21 USD 5 EUR 5 5 31-Jul-15 — USD 112 EUR 101 112 31-Jul-15 — USD 27,288 EUR 24,442 27,258 31-Jul-15 30 Total 79 Total Financial Assets at fair value through profi t or loss 195,432,625

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 1,132,500 USD 1,270,214 1,277,502 31-Jul-15 (7,288) EUR 4,688 USD 5,258 5,288 31-Jul-15 (30) USD 1,301 EUR 1,172 1,307 31-Jul-15 (6) Total (7,324) Total Financial Liabilities at fair value through profi t or loss (7,324)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 115 Janus US Twenty Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Web Portals/Internet Service Providers Common Stock 31,672 Google, Inc. – Class C ...... 4.5 16,485,593 352,646 Yahoo!, Inc...... 3.8 13,855,461 Airlines 8.3 30,341,054 204,463 United Continental Holdings, Inc...... 3.0 10,838,584 Applications Software Total Common Stock...... 97.7 356,778,463 464,274 Microsoft Corp...... 5.6 20,497,697 156,701 Salesforce.com, Inc...... 3.0 10,911,091 Total Investments at last traded prices ...... 97.7 356,778,463 8.6 31,408,788 Adjustments from last traded to bid market prices ...... — (88,807) Athletic Footwear 141,297 NIKE, Inc. – Class B ...... 4.2 15,262,902 Total Investments ...... 97.7 356,689,656 Casino Hotels 219,302 Las Vegas Sands Corp...... 3.2 11,528,706 Chemicals – Diversifi ed 106,406 E.I. du Pont de Nemours & Co...... 1.9 6,804,664 148,617 LyondellBasell Industries N.V. – Class A ...... 4.2 15,384,832 6.1 22,189,496 Commercial Banks – Western U.S. 175,691 PacWest Bancorp...... 2.2 8,215,311 Commercial Services – Finance 175,739 Mastercard, Inc. – Class A ...... 4.5 16,428,082 Consulting Services 52,223 Towers Watson & Co...... 1.8 6,569,653 E-Commerce/Products 22,165 Amazon.com, Inc...... 2.6 9,621,605 E-Commerce/Services 15,040 priceline.com, Inc...... 4.7 17,316,605 Electronic Connectors 114,959 Amphenol Corp. – Class A ...... 1.8 6,664,173 Finance – Investment Bankers/Brokers 280,424 E*TRADE Financial Corp...... 2.3 8,398,699 Hotels and Motels 85,985 Starwood Hotels & Resorts Worldwide, Inc...... 1.9 6,972,524 Internet Content – Entertainment 171,078 Facebook, Inc...... 4.0 14,672,505 Medical – Biomedical and Genetic 118,601 Celgene Corp...... 3.8 13,726,287 28,675 Regeneron Pharmaceuticals, Inc...... 4.0 14,627,978 7.8 28,354,265 Medical – Drugs 279,179 AbbVie, Inc...... 5.1 18,758,037 98,549 Endo International PLC ...... 2.1 7,849,428 72,550 Medivation, Inc...... 2.3 8,285,210 69,963 Pacira Pharmaceuticals, Inc...... 1.4 4,947,783 10.9 39,840,458 Medical – Generic Drugs 47,455 Allergan PLC ...... 3.9 14,400,694 Oil Companies – Integrated 102,655 Phillips 66 ...... 2.3 8,269,887 Private Equity 426,481 Blackstone Group L.P...... 4.8 17,430,278 Retail – Restaurants 16,959 Chipotle Mexican Grill, Inc...... 2.8 10,260,025 251,410 Starbucks Corp...... 3.7 13,479,347 6.5 23,739,372 Semiconductor Components/Integrated Circuits 132,761 QUALCOMM, Inc...... 2.3 8,314,822

The accompanying notes are an integral part of the fi nancial statements. 116 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank CNH 50 USD 8 8 31-Jul-15 — CNH 21,568 USD 3,467 3,467 31-Jul-15 — USD 121,456 AUD 157,413 121,201 31-Jul-15 255 USD 783,589 AUD 1,015,570 781,946 31-Jul-15 1,643 USD 253,646 EUR 226,818 252,940 31-Jul-15 706 USD 1,727 EUR 1,544 1,722 31-Jul-15 5 USD 6,852 EUR 6,128 6,833 31-Jul-15 19 USD 460 EUR 411 459 31-Jul-15 1 USD 30 CNH 186 30 31-Jul-15 — USD 44,820 EUR 39,983 44,588 31-Jul-15 232 USD 1,192 EUR 1,063 1,186 31-Jul-15 6 USD 80 EUR 71 80 31-Jul-15 — USD 307 EUR 274 305 31-Jul-15 2 USD 3 CNH 18 3 31-Jul-15 — USD 10,334 EUR 9,222 10,285 31-Jul-15 49 USD 8 CNH 48 8 31-Jul-15 — USD 50,456 EUR 45,147 50,347 31-Jul-15 109 USD 937,261 EUR 839,501 936,184 31-Jul-15 1,077 USD 6,376 EUR 5,711 6,369 31-Jul-15 7 USD 25,510 EUR 22,849 25,481 31-Jul-15 29 USD 1,713 EUR 1,534 1,711 31-Jul-15 2 USD 84 CNH 522 84 31-Jul-15 — USD 797 EUR 708 790 31-Jul-15 7 Total 4,149 Total Financial Assets at fair value through profi t or loss 356,693,805

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank AUD 1,396,994 USD 1,080,317 1,085,003 31-Jul-15 (4,686) EUR 233,626 USD 262,036 263,540 31-Jul-15 (1,504) EUR 63,095 USD 70,767 71,173 31-Jul-15 (406) EUR 939,357 USD 1,053,585 1,059,631 31-Jul-15 (6,046) EUR 34,410,128 USD 38,594,468 38,815,932 31-Jul-15 (221,464) EUR 40,404 USD 45,119 45,180 31-Jul-15 (61) USD 44,792 AUD 58,275 44,870 31-Jul-15 (78) EUR 1,036 USD 1,161 1,166 31-Jul-15 (5) USD 78,271 EUR 70,514 78,634 31-Jul-15 (363) USD 141 EUR 127 142 31-Jul-15 (1) USD 2,105 EUR 1,896 2,115 31-Jul-15 (10) USD 534 EUR 481 536 31-Jul-15 (2) USD 3,059 AUD 3,988 3,070 31-Jul-15 (11) Total (234,637) Total Financial Liabilities at fair value through profi t or loss (234,637)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 117 Janus US Venture Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Decision Support Software Common Stock 41,335 MSCI, Inc...... 0.9 2,544,169 Aerospace and Defence – Equipment Diagnostic Kits 85,904 HEICO Corp. – Class A ...... 1.5 4,361,346 64,311 Quidel Corp...... 0.5 1,475,937 38,881 Trinity Biotech PLC ...... 0.2 702,191 Agricultural Chemicals 0.7 2,178,128 64,461 Phibro Animal Health Corp...... 0.9 2,510,111 Disposable Medical Products Apparel Manufacturers 12,961 ICU Medical, Inc...... 0.4 1,239,849 36,776 Carter’s, Inc...... 1.4 3,909,289 Distribution/Wholesale Applications Software 59,852 WESCO International, Inc...... 1.4 4,108,241 18,446 Demandware, Inc...... 0.5 1,311,142 123,838 RealPage, Inc...... 0.8 2,361,591 Diversifi ed Banking Institutions 1.3 3,672,733 44,607 Bank of America Corp...... 0.7 2,040,770 Auto Repair Centers Diversifi ed Manufacturing Operations 20,486 Monro Muffl er Brake, Inc...... 0.4 1,273,410 47,829 AO Smith Corp...... 1.2 3,442,731 85,589 Raven Industries, Inc...... 0.6 1,740,024 Batteries and Battery Systems 1.8 5,182,755 65,832 EnerSys ...... 1.6 4,627,3 24 Drug Delivery Systems Beverages – Non-Alcoholic 122,040 Catalent, Inc...... 1.2 3,579,433 14,002 DavidsTea, Inc...... 0.1 300,903 119,619 Flamel Technologies S.A...... 0.9 2,534,727 Biotechnology 2.1 6,114,160 8,148 Puma Biotechnology, Inc...... 0.3 951,279 E-Commerce/Services 45,373 Relypsa, Inc...... 0.5 1,501,393 97,202 ChannelAdvisor Corp...... 0.4 1,161,564 0.8 2,452,672 15,158 Zillow Group, Inc...... 0.5 1,314,805 Building – Maintenance & Service 0.9 2,476,369 43,005 ABM Industries, Inc...... 0.5 1,413,574 Electric Products – Equipment Chemicals – Diversifi ed 43,088 Belden, Inc...... 1.2 3,500,038 64,066 Aceto Corp...... 0.5 1,577,946 Electric Products – Miscellaneous Chemicals – Specialty 21,506 GrafTech International, Ltd...... — 106,670 74,407 Sensient Technology Corp...... 1.8 5,084,974 Electronic Components – Miscellaneous Commercial Services 148,998 CTS Corp...... 1.0 2,871,191 47,064 Alarm.com Holdings, Inc...... 0.3 723,844 30,930 OSI Systems, Inc...... 0.8 2,189,535 8,522 CoStar Group, Inc...... 0.6 1,715,138 41,949 Sparton Corp...... 0.4 1,146,047 59,879 ServiceMaster Global Holdings, Inc...... 0.8 2,165,823 2.2 6,206,773 96,453 SP Plus Corp...... 0.9 2,518,388 Electronic Components – Semiconductors 2.6 7,123,193 297,766 ON Semiconductor Corp...... 1.2 3,480,885 Commercial Services – Finance Electronic Design Automation 69,700 Euronet Worldwide, Inc...... 1.5 4,300,490 233,042 Cadence Design Systems, Inc...... 1.6 4,581,606 16,005 LendingTree, Inc...... 0.4 1,258,153 20,482 WEX, Inc...... 0.8 2,334,334 Electronic Measuring Instruments 2.7 7,892,977 48,862 National Instruments Corp...... 0.5 1,439,475 Computer Services Energy – Alternate Sources 22,631 Barracuda Networks, Inc...... 0.3 896,640 35,044 SolarEdge Technologies, Inc...... 0.4 1,273,849 42,732 FleetMatics Group PLC...... 0.7 2,001,140 Enterprise Software/Services 44,092 j2 Global, Inc...... 1.0 2,995,610 27,884 Advent Software, Inc...... 0.4 1,232,752 2.0 5,893,390 17,618 Evolent Health, Inc...... 0.1 343,551 Computer Software 23,930 Guidewire Software, Inc...... 0.4 1,266,615 64,538 Blackbaud, Inc...... 1.3 3,675,439 8,156 Tyler Technologies, Inc...... 0.4 1,055,223 49,367 Envestnet, Inc...... 0.7 1,995,908 1.3 3,898,141 85,466 SS&C Technologies Holdings, Inc...... 1.9 5,341,625 Entertainment 3.9 11,012,972 125,640 SFX Entertainment, Inc...... 0.2 564,124 Computers – Other Finance – Credit Card 34,844 Stratasys, Ltd...... 0.4 1,217,101 53,308 Blackhawk Network Holdings, Inc...... 0.8 2,196,290 Consulting Services Finance – Investment Bankers/Brokers 32,722 Advisory Board Co...... 0.6 1,788,912 81,875 LPL Financial Holdings, Inc...... 1.3 3,806,369 23,852 CEB, Inc...... 0.7 2,076,55 6 35,132 Virtu Financial, Inc...... 0.3 824,899 21,058 MAXIMUS, Inc...... 0.5 1,384,141 1.6 4,631,268 1.8 5,249,609 Footwear and Related Apparel Consumer Products – Miscellaneous 130,371 Wolverine World Wide, Inc...... 1.3 3,712,966 49,477 Prestige Brands Holdings, Inc...... 0.8 2,287,816 Hazardous Waste Disposal 65,835 Tumi Holdings, Inc...... 0.5 1,350,934 81,577 Heritage-Crystal Clean, Inc...... 0.4 1,199,182 1.3 3,638,750 Health Care Cost Containment Data Processing and Management 39,174 HealthEquity, Inc...... 0.4 1,255,527 87,916 Broadridge Financial Solutions, Inc...... 1.5 4,396,679 Human Resources 39,596 Paylocity Holding Corp...... 0.5 1,419,517 The accompanying notes are an integral part of the fi nancial statements. 118 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Industrial Audio and Video Products Pharmaceuticals 35,024 Nordson Corp...... 1.0 2,728,019 40,810 Acadia Pharmaceuaticals, Inc...... 0.6 1,709,123 Instruments – Scientifi c 98,287 Dyax Corp...... 0.9 2,604,606 24,720 FEI Co...... 0.7 2,050,030 19,378 Mallinckrodt PLC ...... 0.8 2,281,178 4,728 Seres Therapeutics, Inc...... 0.1 196,212 Internet Applications Software 2.4 6,791,119 34,351 Textura Corp...... 0.3 955,988 Pharmacy Services Internet Incubators 93,339 Diplomat Pharmacy, Inc...... 1.5 4,176,920 56,224 HomeAway, Inc...... 0.6 1,749,691 Pipelines Investment Management and Advisory Services 59,844 DCP Midstream Partners L.P...... 0.6 1,836,612 37,312 Artisan Partners Asset Management, Inc...... 0.6 1,733,516 Printing – Commercial 28,872 Financial Engines, Inc...... 0.4 1,226,483 21,367 VistaPrint N.V...... 0.6 1,798,247 91,048 WisdomTree Investments, Inc...... 0.7 1,999,869 Professional Sports 1.7 4,959,868 90,639 Manchester United Plc – Class A ...... 0.6 1,618,813 Leisure Property and Casualty Insurance 79,061 Diamond Resorts International, Inc...... 0.9 2,494,375 28,807 RLI Corp...... 0.5 1,480,392 Machine Tools and Related Products Real Estate 107,316 Kennametal, Inc...... 1.3 3,661,622 31,403 Re/Max Holdings, Inc. – Class A ...... 0.4 1,115,121 Machinery – General Industrial Real Estate Management/Services 33,674 Wabtec Corp...... 1.1 3,173,438 11,624 Jones Lang LaSalle, Inc...... 0.7 1,987,704 Medical Real Estate Operating/Development 56,551 LDR Holding Corp...... 0.9 2,445,831 66,023 St. Joe Co...... 0.4 1,025,337 Medical – Biomedical and Genetic REIT – Offi ce Property 43,556 Achillion Pharmaceuticals, Inc...... 0.1 385,906 78,657 Easterly Government Properties, Inc...... 0.4 1,252,219 17,320 Concordia Healthcare Corp...... 0.4 1,251,706 Retail – Convenience Store 15,225 Ligand Pharmaceuticals, Inc...... 0.5 1,536,203 20,599 Casey’s General Stores, Inc...... 0.7 1,972,148 24,572 OvaScience, Inc...... 0.2 710,868 Retail – Diversifi ed 1.2 3,884,683 136,202 Sally Beauty Holdings, Inc...... 1.5 4,301,259 Medical – Drugs Retail – Leisure Products 7,479 Anacor Pharmaceuticals, Inc...... 0.2 579,099 30,110 Party City Holdco, Inc...... 0.2 610,330 37,880 Chimerix, Inc...... 0.6 1,750,056 32,844 Eagle Pharmaceuticals, Inc...... 0.9 2,655,766 Retail – Restaurants 51,906 Insys Therapeutics, Inc...... 0.6 1,864,464 8,155 Biglari Holdings, Inc...... 1.2 3,374,131 110,538 Ironwood Pharmaceuticals, Inc...... 0.5 1,333,088 13,932 Bojangles’ Inc...... 0.1 332,418 8,885 Medivation, Inc...... 0.4 1,014,667 114,811 Domino’s Pizza Group PLC ...... 0.5 1,401,460 13,519 Pacira Pharmaceuticals, Inc...... 0.3 956,064 1.8 5,108,009 177,479 Pernix Therapeutics Holdings, Inc...... 0.4 1,050,676 Retail – Sporting Goods 3.9 11,203,880 45,947 Hibbett Sports, Inc...... 0.7 2,140,211 Medical Imaging Systems Retirement and Aged Care 42,262 EndoChoice Holdings, Inc...... 0.2 690,984 50,018 Capital Senior Living Corp...... 0.4 1,225,441 134,714 Novadaq Technologies, Inc...... 0.6 1,631,387 Rubber/Plastic Products 0.8 2,322,371 12,820 Proto Labs, Inc...... 0.3 865,094 Medical Information Systems Semiconductor Components/Integrated Circuits 14,690 Athenahealth, Inc...... 0.6 1,683,180 367,262 Atmel Corp...... 1.3 3,619,367 Medical Instruments Soap and Cleaning Preparations 143,465 Endologix, Inc...... 0.8 2,200,753 105,923 Ontex Group N.V...... 1.1 3,178,508 19,750 Techne Corp...... 0.7 1,944,783 1.5 4,145,536 Telecommunication Equipment 67,414 NICE Systems, Ltd. (ADR) ...... 1.5 4,286,856 Medical Products 1,755 Glaukos Corp...... — 50,860 Theatres 42,792 Wright Medical Group, Inc...... 0.4 1,123,718 175,967 National CineMedia, Inc...... 1.0 2,808,433 0.4 1,174,578 Therapeutics Metal Processors and Fabrication 6,180 GW Pharmaceuticals PLC (ADR) ...... 0.3 759,151 12,537 CIRCOR International, Inc...... 0.2 683,643 Transactional Software 208,180 Rexnord Corp...... 1.7 4,977,584 73,321 ACI Worldwide, Inc...... 0.6 1,801,495 1.9 5,661,227 93,892 Solera Holdings, Inc...... 1.5 4,183,830 Oil Field Machinery and Equipment 2.1 5,985,325 20,921 Dril-Quip, Inc...... 0.5 1,574,305 Transportation – Services Patient Monitoring Equipment 48,155 HUB Group, Inc. – Class A ...... 0.7 1,942,573 43,294 Insulet Corp...... 0.5 1,341,465 Transportation – Truck 71,786 Masimo Corp...... 1.0 2,780,990 24,368 Old Dominion Freight Line, Inc...... 0.6 1,671,767 1.5 4,122,455 26,327 Saia, Inc...... 0.4 1,034,388 1.0 2,706,155

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 119 Janus US Venture Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage Current Unrealised of Net Fair Currency Currency Market Settle Appreciation Share or Principal Amount Assets (%) Value (USD) Purchased Sold Value (USD) Date (USD) Web Hosting and Design Bank of America 150,012 Endurance International Group USD 120,680 CAD 149,000 119,314 2-Jul-15 1,366 Holdings, Inc...... 1.2 3,099,245 USD 2,039,278 GBP 1,296,900 2,036,975 30-Jul-15 2,303 Wound, Burn & Skin Care USD 281,048 CAD 349,000 279,353 30-Jul-15 1,695 134,174 IGI Laboratories, Inc...... 0.3 845,296 USD 1,815,167 EUR 1,624,300 1,811,340 30-Jul-15 3,827 ILS 2,953,000 USD 778,133 773,328 2-Jul-15 4,805 Total Common Stock...... 94.5 271,486,667 Citibank Total Investments at last traded prices ...... 94.5 271,486,667 USD 118,960 CAD 146,000 116,875 23-Jul-15 2,085 USD 427,624 EUR 376,000 419,259 23-Jul-15 8,365 Adjustments from last traded to bid market prices ...... — (83,505) USD 201,001 EUR 180,000 200,708 23-Jul-15 293 USD 78,564 EUR 70,355 78,458 31-Jul-15 106 Total Investments ...... 94.5 271,403,162 USD 1,243 AUD 1,609 1,239 31-Jul-15 4 USD 1 EUR 1 1 31-Jul-15 — USD 152,399 EUR 136,279 151,975 31-Jul-15 424 USD 184,573 EUR 165,051 184,059 31-Jul-15 514 AUD 205,761 USD 158,152 157,876 31-Jul-15 276 USD 2,869 EUR 2,561 2,856 31-Jul-15 13 USD 101,138 EUR 90,287 100,685 31-Jul-15 453 USD 4 EUR 3 4 31-Jul-15 — USD 430,752 EUR 385,823 430,257 31-Jul-15 495 USD 357,165 EUR 319,911 356,754 31-Jul-15 411 Credit Suisse USD 1,759,883 CAD 2,168,000 1,735,691 16-Jul-15 24,192 USD 2,366,649 EUR 2,100,700 2,342,154 16-Jul-15 24,495 USD 42,746 GBP 27,000 42,412 16-Jul-15 334 JP Morgan Chase & Co. ILS 4,500,000 USD 1,192,532 1,191,965 2-Jul-15 567 Total 77,023 Total Financial Assets at fair value through profi t or loss 271,480,185

The accompanying notes are an integral part of the fi nancial statements. 120 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Bank of America USD 1,980,567 GBP 1,296,900 2,037,442 2-Jul-15 (56,875) USD 159,599 CAD 200,000 160,152 2-Jul-15 (553) USD 1,783,343 EUR 1,624,300 1,810,623 2-Jul-15 (27,280) USD 489,442 ILS 1,900,000 503,753 2-Jul-15 (14,311) USD 97,260 ILS 373,000 98,895 2-Jul-15 (1,635) USD 177,428 ILS 680,000 180,290 2-Jul-15 (2,862) CAD 349,000 USD 281,166 282,866 2-Jul-15 (1,700) GBP 1,296,900 USD 2,039,674 2,041,905 2-Jul-15 (2,231) EUR 1,624,300 USD 1,814,522 1,818,420 2-Jul-15 (3,898) USD 778,148 ILS 2,953,000 783,152 30-Jul-15 (5,004) Citibank EUR 17,398 USD 19,568 19,735 31-Jul-15 (167) EUR 127 USD 142 143 31-Jul-15 (1) AUD 157,677 USD 121,934 122,463 31-Jul-15 (529) EUR 16,480,086 USD 18,484,097 18,590,163 31-Jul-15 (106,066) EUR 13,601,181 USD 15,255,111 15,342,648 31-Jul-15 (87,537) EUR 29,100 USD 32,607 32,763 31-Jul-15 (156) EUR 52,524 USD 58,855 59,137 31-Jul-15 (282) USD 825 AUD 1,081 832 31-Jul-15 (7) USD 55,874 EUR 50,336 56,133 31-Jul-15 (259) USD 45,879 EUR 41,332 46,092 31-Jul-15 (213) EUR 43,955 USD 49,123 49,229 31-Jul-15 (106) EUR 19,998 USD 22,349 22,397 31-Jul-15 (48) USD 6,590 AUD 8,590 6,615 31-Jul-15 (25) Credit Suisse USD 750,458 GBP 485,300 762,317 16-Jul-15 (11,859) USD 1,223,266 ILS 4,690,000 1,243,649 16-Jul-15 (20,383) USD 46,738 ILS 179,000 47,466 16-Jul-15 (728) JP Morgan Chase & Co. USD 1,162,620 ILS 4,500,000 1,193,099 2-Jul-15 (30,479) USD 1,192,533 ILS 4,500,000 1,193,427 30-Jul-15 (894) Royal Bank of Canada USD 1,234,038 ILS 4,740,000 1,256,908 16-Jul-15 (22,870) ILS 422,000 USD 112,366 112,830 16-Jul-15 (464) Total (399,422) Total Financial Liabilities at fair value through profi t or loss (399,422)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 121 Perkins Global Value Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Fiduciary Banks Common Stock 126,401 Citizens Financial Group, Inc...... 2.0 3,452,011 Aerospace and Defence – Equipment Food – Miscellaneous/Diversifi ed 226,580 BBA Aviation PLC ...... 0.6 1,073,923 54,336 Danone...... 2.0 3,512,358 505,297 Cobham PLC ...... 1.2 2,087,751 33,997 Nestle S.A...... 1.4 2,455,117 1.8 3,161,674 133,760 Orkla A.S.A...... 0.6 1,053,107 4.0 7,020,582 Agricultural Chemicals 22,935 Mosaic Co...... 0.6 1,074,505 Food – Retail 99,500 Nitto FC Co., Ltd...... 0.4 641,542 940,169 Tesco PLC...... 1.8 3,139,375 1.0 1,716,047 Food – Wholesale/Distribution Applications Software 55,150 Sysco Corp...... 1.2 1,990,915 69,433 Lectra ...... 0.6 990,681 Investment Companies 114,805 Microsoft Corp...... 3.0 5,068,641 102,000 CK Hutchison Holdings, Ltd...... 0.9 1,498,824 3.6 6,059,322 Machinery – General Industrial Automotive – Cars and Light Trucks 40,622 Babcock and Wilcox Co...... 0.8 1,332,402 23,014 Hyundai Motor Co...... 1.6 2,806,585 Machinery – Pumps Banks 13,597 Pfeiffer Vacuum Technology A.G...... 0.7 1,211,314 115,048 Fifth Third Bancorp ...... 1.4 2,395,299 Medical – Drugs Beverages – Non-Alcoholic 126,113 GlaxoSmithKline PLC ...... 1.5 2,620,184 128,207 Coca-Cola Co...... 2.9 5,029,561 54,137 Johnson & Johnson ...... 3.1 5,276,192 47,906 PepsiCo, Inc...... 2.6 4,471,546 43,949 Novartis A.G...... 2.5 4,332,834 5.5 9,501,107 126,087 Pfi zer, Inc...... 2.5 4,227,697 Beverages – Wine and Spirits 6,037 Roche Holding A.G...... 1.0 1,692,194 46,021 Diageo PLC ...... 0.8 1,331,024 16,387 Sanofi ...... 0.9 1,611,844 599,225 Stock Spirits Group PLC ...... 1.1 1,816,868 11.5 19,760,945 1.9 3,147,892 Medical Instruments Broadcast Services and Programming 22,000 As One Corp...... 0.4 757,784 69,091 Grupo Televisa S.A.B. (ADR) ...... 1.6 2,682,113 3,440 Medikit Co., Ltd...... 0.1 109,916 25,433 Medtronic PLC ...... 1.1 1,884,585 Cellular Telecommunications 1.6 2,752,285 4,039,052 America Movil S.A.B. de C.V...... 2.5 4,317,886 43,600 NTT DOCOMO, Inc...... 0.5 835,159 Medical Products 93,840 Rogers Communications, Inc...... 1.9 3,328,886 24,088 Stryker Corp...... 1.3 2,302,090 660,449 Vodafone Group PLC ...... 1.4 2,384,844 Metal Products – Fasteners 6.3 10,866,775 44,026 Kitagawa Industries Co., Ltd...... 0.3 486,060 Chemicals – Specialty Offi ce Automation and Equipment 60,200 Nippon Fine Chemical Co., Ltd...... 0.3 464,893 22,400 Canon, Inc...... 0.4 729,002 Commercial Banks Oil Companies – Exploration and Production 82,727 CIT Group, Inc...... 2.2 3,845,978 39,047 Canadian Natural Resources, Ltd...... 0.6 1,060,598 Commercial Banks – Western U.S. 25,363 Devon Energy Corp...... 0.9 1,508,845 87,109 Zions Bancorporation ...... 1.6 2,764,404 1.5 2,569,443 Cosmetics and Toiletries Oil Companies – Integrated 8,600 Pola Orbis Holdings, Inc...... 0.3 487,031 87,080 BP PLC (ADR) ...... 2.0 3,479,717 70,864 Procter & Gamble Co...... 3.2 5,544,399 105,085 Cenovus Energy, Inc...... 1.0 1,680,452 47,397 Unilever N.V...... 1. 2 1,973,593 60,808 Royal Dutch Shell PLC – Class A ...... 1.0 1,706,632 4.7 8,005,023 4.0 6,866,801 Dental Supplies and Equipment Property and Casualty Insurance 11,000 Nakanishi, Inc...... 0.3 435,074 47,250 NKSJ Holdings, Inc...... 1.0 1,734,277 Diversifi ed Financial Services Protection – Safety 84,052 Ally Financial, Inc...... 1.1 1,885,286 23,900 Secom Joshinetsu Co., Ltd...... 0.4 738,269 Electric – Generation Publishing – Periodicals 13,572 Talen Energy Corp ...... 0.1 232,896 155,484 UBM PLC ...... 0.8 1,305,598 Electric – Integrated Real Estate Operating/Development 83,630 Exelon Corp...... 1.5 2,627,655 102,000 Cheung Kong Property Holdings, Ltd...... 0.5 846,132 64,464 GDF Suez ...... 0.7 1,195,717 REIT – Mortgage 108,661 PPL Corp...... 1.9 3,202,240 67,866 American Capital Agency Corp...... 0.7 1,246,698 4.1 7,025,612 53,368 Hatteras Financial Corp...... 0.5 869,898 Electric Products – Miscellaneous 240,668 Two Harbors Investment Corp...... 1.4 2,344,106 18,200 Icom, Inc...... 0.3 458,830 2.6 4,460,702 Electronic Measuring Instruments Retail – Miscellaneous and Diversifi ed 84,555 Cosel Co., Ltd...... 0.6 1,025,412 69,129 Matas A/S ...... 0.9 1,472,303 Enterprise Software/Services Schools 137,872 Oracle Corp...... 3.2 5,556,242 82,900 Shingakukai Co., Ltd...... 0.2 414,602

The accompanying notes are an integral part of the fi nancial statements. 122 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Security Services 337,839 G4S PLC...... 0.8 1,425,581 Citibank 24,500 Secom Co., Ltd...... 0.9 1,590,689 USD 6 EUR 5 6 31-Jul-15 — 1.7 3,016,270 USD 66 EUR 59 66 31-Jul-15 — USD 140 EUR 125 140 31-Jul-15 — Super – Regional Banks USD 11 EUR 10 11 31-Jul-15 — 94,397 Wells Fargo & Co...... 3.1 5,308,887 USD 7,558 EUR 6,759 7,537 31-Jul-15 21 Telecommunication Services USD 408 EUR 365 407 31-Jul-15 1 55,753 Telenor A.S.A...... 0.7 1,222,228 USD 4,095 EUR 3,653 4,074 31-Jul-15 21 Tobacco USD 222 EUR 198 221 31-Jul-15 1 11,375 KT&G Corp...... 0.6 967,976 USD 75 EUR 67 75 31-Jul-15 — 104,008 Swedish Match A.B...... 1.7 2,959,957 USD 6 EUR 5 6 31-Jul-15 — 2.3 3,927,933 USD 70 EUR 63 70 31-Jul-15 — USD 5 EUR 5 5 31-Jul-15 — Transportation – Services USD 631 EUR 565 630 31-Jul-15 1 142,722 UTi Worldwide, Inc. (U.S. Shares) ...... 0.8 1,425,793 USD 34,115 EUR 30,557 34,076 31-Jul-15 39 Warehousing and Harbour Transportation Services USD 1,836 EUR 1,645 1,834 31-Jul-15 2 49,247 Hamburger Hafen und Logistik A.G...... 0.6 996,356 USD 49 EUR 44 49 31-Jul-15 — Web Portals/Internet Service Providers JP Morgan Chase & Co. 6,574 Google, Inc. – Class A ...... 2. 2 3,550,223 USD 1,291,206 EUR 1,152,500 1,285,213 30-Jul-15 5,993 Total Common Stock...... 92.9 159,568,086 Royal Bank of Canada USD 1,793,407 EUR 1,597,000 1,780,557 16-Jul-15 12,850 Total Investments at last traded prices ...... 92.9 159,568,086 Credit Suisse USD 2,975,351 EUR 2,641,000 2,944,556 16-Jul-15 30,795 Adjustments from last traded to bid market prices ...... (0.1) (134,575) Total 49,724 Total Investments ...... 92.8 159,433,511 Total Financial Assets at fair value through profi t or loss 159,483,235

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 1,707,706 USD 1,915,366 1,926,357 31-Jul-15 (10,991) EUR 91,885 USD 103,059 103,650 31-Jul-15 (591) EUR 2,481 USD 2,783 2,799 31-Jul-15 (16) EUR 31,818 USD 35,687 35,892 31-Jul-15 (205) EUR 4,931 USD 5,507 5,514 31-Jul-15 (7) USD 3,840 EUR 3,460 3,857 31-Jul-15 (17) USD 208 EUR 187 209 31-Jul-15 (1) EUR 19,988 USD 22,481 22,673 31-Jul-15 (192) JP Morgan Chase & Co. USD 1,257,873 EUR 1,152,500 1,284,703 2-Jul-15 (26,830) EUR 1,152,500 USD 1,290,871 1,297,039 2-Jul-15 (6,168) Royal Bank of Canada USD 3,643,695 JPY 454,305,000 3,713,311 16-Jul-15 (69,616) EUR 187,000 USD 209,850 211,206 16-Jul-15 (1,356) Credit Suisse USD 2,796,069 JPY 345,650,000 2,825,213 16-Jul-15 (29,144) Total (145,134) Total Financial Liabilities at fair value through profi t or loss (145,134)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 123 Perkins US Strategic Value Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Instruments – Scientifi c Common Stock 24,617 Thermo Fisher Scientifi c, Inc...... 1.2 3,194,302 Aerospace and Defence Insurance Brokers 13,294 Rockwell Collins, Inc...... 0.5 1,227,701 37,524 Marsh & McLennan Cos., Inc...... 0.8 2,127,611 Aerospace and Defence – Equipment Machine Tools and Related Products 29,045 United Technologies Corp...... 1.2 3,221,962 26,656 Lincoln Electric Holdings, Inc...... 0.6 1,623,084 Applications Software Machinery – General Industrial 31,316 Check Point Software Technologies, 82,564 Babcock and Wilcox Co...... 1.0 2,708,099 Ltd...... 0.9 2,491,188 Medical – Drugs 183,024 Microsoft Corp...... 3.0 8,080,510 37,902 AbbVie, Inc...... 0.9 2,546,635 3.9 10,571,698 100,617 Johnson & Johnson ...... 3.7 9,806,133 Banks 80,698 Merck & Co., Inc...... 1.7 4,594,137 156,109 Fifth Third Bancorp ...... 1.2 3,250,189 182,268 Pfi zer, Inc...... 2.3 6,111,446 41,961 Zoetis, Inc...... 0.8 2,023,359 Beverages – Non-Alcoholic 9.4 25,081,710 24,747 Coca-Cola Enterprises, Inc...... 0.4 1,075,010 43,198 PepsiCo, Inc...... 1.5 4,032,101 Medical – Generic Drugs 1.9 5,107,111 44,162 Teva Pharmaceutical Industries, Ltd. (ADR) ...... 1.0 2,609,974 Building and Construction Products – Miscellaneous 109,715 Simpson Manufacturing Co., Inc...... 1.4 3,730,310 Medical Labs and Testing Services 57,579 Laboratory Corp. of America Chemicals – Diversifi ed Holdings ...... 2.6 6,979,726 51,218 FMC Corp...... 1.0 2,691,506 Medical Products Commercial Banks – Western U.S. 49,379 Baxter International, Inc...... 1.3 3,453,073 138,394 Umpqua Holdings Corp...... 0.9 2,489,708 30,096 Stryker Corp...... 1.1 2,876,275 121,414 Zions Bancorporation ...... 1.4 3,853,073 22,261 Zimmer Holdings, Inc...... 0.9 2,431,569 2.3 6,342,781 3.3 8,760,917 Computer Services Metal Processors and Fabrication 19,541 Accenture PLC – Class A ...... 0.7 1,891,178 43,425 Timken Co...... 0.6 1,588,052 Computers Multi-Line Insurance 44,257 NetScout Systems, Inc...... 0.6 1,622,904 69,402 Allstate Corp...... 1.7 4,502,108 Computers – Memory Devices 79,819 American International Group, Inc...... 1.8 4,934,411 78,167 EMC Corp...... 0.8 2,062,827 3.5 9,436,519 Cosmetics and Toiletries Multimedia 87,416 Procter & Gamble Co...... 2.6 6,839,428 50,543 Walt Disney Co...... 2.2 5,768,978 Diversifi ed Banking Institutions Non-Hazardous Waste Disposal 82,263 JP Morgan Chase & Co...... 2.1 5,574,141 104,021 Waste Connections, Inc...... 1.8 4,901,470 Electric – Integrated Oil – Field Services 48,070 Alliant Energy Corp...... 1.0 2,774,600 36,119 Oceaneering International, Inc...... 0.6 1,682,784 55,222 Edison International ...... 1.1 3,069,239 34,099 Schlumberger, Ltd...... 1.1 2,938,993 40,982 Exelon Corp...... 0.5 1,287,654 1.7 4,621,777 162,372 PPL Corp...... 1.8 4,785,103 Oil Companies – Exploration and Production 4.4 11,916,596 50,000 Anadarko Petroleum Corp...... 1.5 3,903,000 Electronic Design Automation Oil Companies – Integrated 90,082 Synopsys, Inc...... 1.7 4,562,653 78,377 Royal Dutch Shell PLC (ADR)...... 1.7 4,468,273 Electronic Parts Distributors Pipelines 34,041 Tech Data Corp...... 0.7 1,959,400 61,021 Western Gas Partners L.P...... 1.4 3,866,901 Electronic Security Devices Reinsurance 57,782 Tyco International Plc ...... 0.8 2,223,451 37,230 Berkshire Hathaway, Inc. – Class B ...... 1.9 5,067,375 Enterprise Software/Services REIT – Apartments 173,987 Oracle Corp...... 2.6 7,011,676 12,209 AvalonBay Communities, Inc...... 0.7 1,951,853 Entertainment REIT – Diversifi ed 51,301 Cedar Fair L.P...... 1.0 2,795,391 98,206 Potlatch Corp...... 1.3 3,468,636 Finance – Credit Card REIT – Health Care 52,593 Discover Financial Services...... 1.1 3,030,409 56,863 Healthcare Trust of America, Inc...... 0.5 1,361,869 Finance – Investment Bankers/Brokers REIT – Offi ce Property 25,547 Evercore Partners, Inc. – Class A ...... 0.5 1,378,516 19,552 Alexandria Real Estate Equities, Inc...... 0.6 1,710,018 61,340 Raymond James Financial, Inc...... 1.4 3,654,637 1.9 5,033,153 REIT – Storage 19,676 Extra Space Storage, Inc...... 0.5 1,283,269 Gas – Distribution 42,620 Southwest Gas Corp...... 0.8 2,267,810 REIT – Warehouse and Industrial 19,393 EastGroup Properties, Inc...... 0.4 1,090,468 Instruments – Controls 26,778 Honeywell International, Inc...... 1.0 2,730,553 Retail – Convenience Store 64,073 Casey’s General Stores, Inc...... 2.3 6,134,349

The accompanying notes are an integral part of the fi nancial statements. 124 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage Current Unrealised of Net Fair Currency Currency Market Settle Appreciation Share or Principal Amount Assets (%) Value (USD) Purchased Sold Value (USD) Date (USD) Semiconductor Components/Integrated Circuits Citibank 30,592 Analog Devices, Inc...... 0.7 1,963,548 USD 13,015 EUR 11,604 12,940 31-Jul-15 75 41,158 QUALCOMM, Inc...... 1.0 2,577,726 USD 816 EUR 727 811 31-Jul-15 5 1.7 4,541,274 USD 32,451 EUR 28,933 32,264 31-Jul-15 187 Steel Pipe and Tube USD 20,738 EUR 18,571 20,710 31-Jul-15 28 15,980 Valmont Industries, Inc...... 0.7 1,899,543 USD 200,195 EUR 179,020 199,638 31-Jul-15 557 Super – Regional Banks USD 345 EUR 308 344 31-Jul-15 1 70,025 PNC Financial Services Group, Inc...... 2.5 6,697,891 USD 81,631 EUR 72,997 81,404 31-Jul-15 227 189,020 Wells Fargo & Co...... 4.0 10,630,485 USD 5,198 EUR 4,648 5,184 31-Jul-15 14 6.5 17,328,376 USD 19 EUR 17 19 31-Jul-15 — USD 2,104 EUR 1,878 2,095 31-Jul-15 9 Television USD 20,186 EUR 18,008 20,081 31-Jul-15 105 52,381 CBS Corp...... 1.1 2,907,146 USD 193 EUR 172 192 31-Jul-15 1 Transportation – Marine USD 49,953 EUR 44,562 49,694 31-Jul-15 259 21,397 Kirby Corp...... 0.6 1,640,294 USD 1,275 EUR 1,137 1,268 31-Jul-15 7 Transportation – Railroad USD 9,248 EUR 8,253 9,204 31-Jul-15 44 81,867 CSX Corp...... 1.0 2,672,958 USD 13 EUR 12 13 31-Jul-15 — 24,889 Union Pacifi c Corp...... 0.9 2,373,664 USD 50 EUR 45 50 31-Jul-15 — 1.9 5,046,622 USD 35,130 EUR 31,433 35,054 31-Jul-15 76 Web Portals/Internet Service Providers USD 536,351 EUR 480,407 535,734 31-Jul-15 617 6,262 Google, Inc. – Class A ...... 1.3 3,381,730 USD 219,202 EUR 196,338 218,950 31-Jul-15 252 USD 13,941 EUR 12,487 13,925 31-Jul-15 16 Electronics – Miscellaneous USD 2,068 EUR 1,852 2,066 31-Jul-15 2 61,046 Agilent Technologies, Inc...... 0.9 2,355,155 USD 3,891 EUR 3,459 3,858 31-Jul-15 33 Automotive – Truck Parts and Equipment – Replacement Total 2,515 63,735 Standard Motor Products, Inc...... 0.8 2,238,373 Total Financial Assets at fair value through profi t or loss 252,608,204 Total Common Stock...... 94.2 252,711,571

Total Investments at last traded prices ...... 94.2 252,711,571 Financial Liabilities at fair value through profi t or loss Adjustments from last traded to bid market prices ...... — (105,882) Forward Currency Contracts, Open as at 30 June 2015 Total Investments ...... 94.2 252,605,689 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 10,481,530 USD 11,756,105 11,823,564 31-Jul-15 (67,459) EUR 669,180 USD 750,553 754,860 31-Jul-15 (4,307) EUR 97,946 USD 109,857 110,487 31-Jul-15 (630) EUR 25,647,884 USD 28,766,718 28,931,788 31-Jul-15 (165,070) USD 3,027 EUR 2,727 3,041 31-Jul-15 (14) USD 1,000 EUR 901 1,005 31-Jul-15 (5) EUR 11,285 USD 12,611 12,638 31-Jul-15 (27) EUR 6,300 USD 7,086 7,146 31-Jul-15 (60) Total (237,572) Total Financial Liabilities at fair value through profi t or loss (237,572)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 125 INTECH All-World Minimum Variance Core Fund(a)

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 50,300 Senshu Ikeda Holdings, Inc ...... — 228,132 Common Stock 7,436,700 TMB Bank PCL ...... 0.1 515,374 0.9 6,269,949 Advertising Services 92,100 Hakuhodo DY Holdings, Inc...... 0.1 986,705 Beverages – Non-Alcoholic 41,900 Dr. Pepper Snapple Group, Inc...... 0.4 3,054,510 Aerospace and Defence 310 Lotte Chilsung Beverage Co., Ltd...... 0.1 738,863 260,000 AviChina Industry & Technology 14,800 Monster Beverage Corp ...... 0.3 1,983,496 Co., Ltd...... — 254,255 17,000 PepsiCo, Inc...... 0.2 1,586,780 27,298 Elbit Systems, Ltd...... 0.3 2,145,217 1.0 7,363,649 12,800 General Dynamics Corp ...... 0.2 1,813,632 17,800 L-3 Communications Holdings, Inc ...... 0.3 2,018,164 Beverages – Wine and Spirits 13,400 Lockheed Martin Corp...... 0.3 2,491,060 24,800 Brown-Forman Corp. – Class B ...... 0.3 2,484,464 15,800 Northrop Grumman Corp...... 0.3 2,506,354 22,100 Constellation Brands, Inc. – Class A ...... 0.4 2,564,042 25,200 Raytheon Co...... 0.3 2,411,136 0. 7 5,048,506 15,000 TransDigm Group, Inc...... 0.5 3,370,050 Bicycle Manufacturing 2. 2 17,009,868 7,200 Shimano, Inc...... 0.1 982,594 Agricultural Operations Biotechnology 47,200 Archer-Daniels-Midland Co ...... 0.3 2,275,984 6,000 BioMarin Pharmaceutical, Inc ...... 0.1 820,680 Airlines 4,900 CSL, Ltd...... — 326,844 868,000 Air China, Ltd.* ...... 0.1 980,958 4,400 Illumina, Inc...... 0.1 960,784 840,567 Air New Zealand, Ltd...... 0.2 1,451,970 0.2 2,108,308 15,500 American Airlines Group, Inc ...... 0.1 618,993 Brewery 203,000 ANA Holdings, Inc ...... 0.1 550,922 16,700 Asahi Group Holdings, Ltd...... 0.1 531,215 2,067,000 China Airlines, Ltd...... 0.1 881,019 29,500 Molson Coors Brewing Co...... 0.3 2,059,395 690,000 China Eastern Airlines Corp., Ltd...... 0.1 577,724 0.4 2,590,610 446,000 China Southern Airlines Co., Ltd...... 0.1 527,056 Building – Heavy Construction 1,096,000 Eva Airways Corp...... 0.1 747,794 352,000 Cheung Kong Infrastructure Holdings, 36,200 Southwest Airlines Co...... 0.2 1,197,858 Ltd...... 0.3 2,733,795 1.1 7,534,294 2,928,200 DMCI Holdings, Inc...... 0.1 857,423 Airport Development and Maintenance 25,800 SBA Communications Corp. – 71,587 Auckland International Airport, Ltd...... — 239,313 Class A ...... 0.5 2,966,226 Apparel 0. 9 6,557,44 4 86,900 Hanesbrands, Inc ...... 0.4 2,895,508 Building and Construction – Miscellaneous Apparel Manufacturers 763,000 China Communications Construction 20,000 Under Armour, Inc. – Class A ...... 0.2 1,668,800 Co., Ltd...... 0.1 1,141,851 34,700 VF Corp...... 0.3 2,419,978 Building and Construction Products – Miscellaneous 0.5 4,088,778 233,812 CSR, Ltd...... 0.1 656,520 Appliances Cable/Satellite TV 12,022 LG Corp...... 0.1 666,212 44,300 Comcast Corp...... 0.3 2,655,342 Applications Software 34,000 Comcast Corp. – Class A ...... 0.3 2,044,760 19,500 Check Point Software Technologies, 22,100 DIRECTV ...... 0.3 2,050,659 Ltd...... 0.2 1,551,225 29,800 DISH Network Corp...... 0.3 2,017,758 16,100 Intuit, Inc...... 0.2 1,622,397 5,375 Kabel Deutschland Holding A.G...... 0.1 718,982 42,000 Microsoft Corp...... 0.2 1,854,300 10,400 Time Warner Cable, Inc...... 0.2 1,852,968 0.6 5,027,922 1.5 11,340,469 Athletic Footwear Cellular Telecommunications 9,300 NIKE, Inc. – Class B ...... 0.1 1,004,586 90,500 China Mobile, Ltd...... 0.1 1,158,793 353,500 Yue Yuen Industrial Holdings, Ltd...... 0.2 1,183,460 Chemicals – Diversifi ed 0.3 2,188,046 140,000 Asahi Kasei Corp...... 0.1 1,150,364 Automotive – Cars and Light Trucks 1,700 Ashland, Inc ...... — 207,230 520,000 Geely Automobile Holdings, Ltd...... — 277,735 6,100 E.I. du Pont de Nemours & Co...... — 390,095 1,800 Tesla Motors, Inc...... 0.1 482,868 485,000 Eternal Materials Co., Ltd...... 0.1 513,268 0.1 760,603 39,100 Hitachi Chemical Co., Ltd...... 0.1 705,506 Automotive – Truck Parts and Equipment – Original 816,000 Huabao International Holdings, Ltd...... 0.1 491,625 37,047 Halla Visteon Climate Control Corp ...... 0.2 1,280,633 671 KCC Corp ...... — 295,428 32,100 Koito Manufacturing Co., Ltd...... 0.2 1,252,575 26,400 Lintec Corp...... 0.1 603,423 17,000 NOK Corp...... 0.1 527,907 54,900 Mitsubishi Chemical Holdings Corp ...... — 345,677 19,700 Tokai Rika Co., Ltd...... 0.1 492,621 2,400 PPG Industries, Inc...... — 275,328 26,500 Toyota Boshoku Corp...... 0.1 446,972 8,700 Sherwin-Williams Co ...... 0.3 2,392,674 0.7 4,000,708 676,000 Sinopec Shanghai Petrochemical Co., Banks Ltd...... — 367,160 811,000 Agricultural Bank of China, Ltd...... 0.1 436,298 17,586 Symrise A.G...... 0.1 1,091,305 641,000 Aozora Bank, Ltd...... 0.3 2,420,055 0.9 8,829,083 134,000 Dah Sing Financial Holdings, Ltd...... 0.1 879,068 Chemicals – Plastics 311,279 First Gulf Bank PJSC ...... 0.2 1,288,239 1,462 EMS-Chemie Holding A.G...... 0.1 617,835 38,803 Industrial Bank of Korea ...... 0.1 502,783 *Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. 126 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Chemicals – Specialty Computers – Memory Devices 85,400 Daicel Corp...... 0.1 1,097,073 31,200 EMC Corp...... 0.1 823,368 5,900 Ecolab, Inc...... 0.1 667,113 13,500 Seagate Technology PLC ...... 0.1 641,250 847 Givaudan S.A...... 0.2 1,466,188 10,700 Western Digital Corp...... 0.1 839,094 16,400 International Flavors & Fragrances, 0.3 2,303,712 Inc...... 0.2 1,792,356 Consumer Products – Miscellaneous 7,100 Sigma-Aldrich Corp...... 0.1 989,385 23,000 Kimberly-Clark Corp...... 0.3 2,437,310 0.7 6,012,115 Containers – Metal and Glass Coal 34,300 Ball Corp...... 0.3 2,406,145 691,100 Tambang Batubara Bukit Asam Containers – Paper and Plastic Persero Tbk PT ...... 0.1 435,509 181,012 Amcor, Ltd...... 0.2 1,915,760 Coatings and Paint Products 20,100 MeadWestvaco Corp ...... 0.1 948,519 29,000 Nippon Paint Holdings Co., Ltd...... 0.1 818,788 0.4 2,864,279 Commercial Banks Cosmetics and Toiletries 302,100 Seven Bank, Ltd...... 0.2 1,399,777 5,805 AMOREPACIFIC Corp...... 0.3 2,175,834 Commercial Banks – Non U.S. 9,984 AMOREPACIFIC Group ...... 0.2 1,674,146 565,500 Bank Central Asia Tbk PT...... 0.1 572,721 36,900 Kao Corp...... 0.2 1,716,693 1,122,000 Bank of China, Ltd...... 0.1 729,542 33,700 Kose Corp...... 0.4 2,770,467 230,000 Bank of Communications Co., Ltd...... — 239,754 861 LG Household & Health Care, Ltd...... 0.1 597,573 307,400 BDO Unibank, Inc...... 0.1 739,185 58,100 Pigeon Corp...... 0.2 1,830,314 15,700 Canadian Imperial Bank of Commerce ...... 0.1 1,158,014 61,400 Unicharm Corp...... 0.2 1,459,862 209,000 China Construction Bank Corp...... — 190,900 1.6 12,224,8 89 315,736 Commercial International Bank Egypt Data Processing and Management SAE ...... 0.3 2,335,957 42,200 Broadridge Financial Solutions, Inc...... 0.3 2,110,422 13,600 DBS Group Holdings, Ltd...... — 208,974 3,100 Dun & Bradstreet Corp...... — 378,200 301,900 Public Bank Bhd ...... 0.2 1,498,694 32,000 Fidelity National Information 15,300 Suruga Bank, Ltd...... — 328,456 Services, Inc...... 0.3 1,977,600 22,700 Toronto-Dominion Bank ...... 0.1 964,132 0.6 4,466,222 1.0 8,966,3 29 Dialysis Centres Commercial Services 36,300 DaVita, Inc...... 0.4 2,884,761 3,000 FleetCor Technologies, Inc ...... 0.1 468,180 2,895 Fresenius S.E. & Co...... — 185,717 2,747,500 Jasa Marga Persero Tbk PT ...... 0.1 1,128,493 0.4 3,070,478 4,800 SEI Investments Co ...... — 235,344 Disposable Medical Products 434,000 Shenzhen International Holdings, Ltd...... 0.1 758,115 412,000 Taiwan Secom Co., Ltd...... 0.2 1,239,266 8,700 C.R. Bard, Inc...... 0.2 1,485,090 161,048 Transurban Group ...... 0.1 1,155,362 Distribution/Wholesale 1,936,000 Zhejiang Expressway Co., Ltd...... 0.4 2,687,475 87,300 Canon Marketing Japan, Inc ...... 0.2 1,486,034 1. 0 7,672,23 5 5,300 Genuine Parts Co ...... 0.1 474,509 Commercial Services – Finance 1,151,600 Goldin Financial Holdings, Ltd...... 0.2 1,482,719 7,700 Automatic Data Processing, Inc...... 0.1 617,771 0.5 3,443,262 24,700 Equifax, Inc...... 0.3 2,398,123 Diversifi ed Financial Services 24,300 H&R Block, Inc...... 0.1 720,495 12,900 AerCap Holdings N.V...... 0.1 590,691 16,300 McGraw Hill Financial, Inc...... 0.2 1,637,335 35,752 Capitec Bank Holdings, Ltd...... 0.2 1,426,317 6,900 Moody’s Corp...... 0.1 744,924 615,500 China Galaxy Securities Co., Ltd...... 0.1 802,003 0.8 6,118,648 393,953 Egyptian Financial Group-Hermes Holding Co ...... 0.1 712,525 Computer Services 582,000 Far East Horizon, Ltd...... 0.1 554,123 3,279 SK C&C Co., Ltd...... 0.1 812,987 274,000 Fubon Financial Holding Co., Ltd...... 0.1 545,303 Computers 39,700 Hong Kong Exchange and Clearing, 1,975,000 Acer, Inc ...... 0.1 957,034 Ltd...... 0.2 1,401,307 253,000 Advantech Co., Ltd...... 0.2 1,738,504 82,377 JSE, Ltd...... 0.1 870,733 24,700 Apple, Inc...... 0.4 3,097,998 25,089 Provident Financial PLC ...... 0.1 1,153,672 169,000 Asustek Computer, Inc...... 0.2 1,646,078 80,447 PSG Group, Ltd...... 0.2 1,356,337 101,500 BlackBerry, Ltd...... 0.1 829,849 21,313 Samsung Card Co., Ltd...... 0.1 707,121 682,000 Chicony Electronics Co., Ltd...... 0.2 1,830,349 1,683,000 Taishin Financial Holding Co., Ltd...... 0.1 700,981 38,612 EOH Holdings Ltd...... 0.1 497,230 22,700 Zenkoku Hosho Co., Ltd...... 0.1 808,793 308,000 Foxconn Technology Co., Ltd...... 0.1 1,118,119 1.6 11,629,90 6 91,900 Hewlett-Packard Co ...... 0.4 2,757,919 Diversifi ed Manufacturing Operations 1,300,000 Lenovo Group, Ltd...... 0.2 1,801,252 10,300 3M Co...... 0.2 1,589,290 16,400 Obic Co., Ltd...... 0.1 731,748 323,000 Quanta Computer, Inc...... 0.1 764,266 Diversifi ed Operations 2,465,000 Wistron Corp...... 0.2 1,869,614 2,729 CJ Corp ...... 0.1 724,340 2.4 19,639,960 770,200 IJM Corp. Bhd ...... 0.2 1,331,666 1,792,000 NWS Holdings, Ltd...... 0.3 2,593,926 Computers – Integrated Systems 98,500 Swire Pacifi c, Ltd...... 0.2 1,238,354 8,100 CGI Group, Inc. – Class A ...... — 316,852 54,284 Tongaat Hulett, Ltd...... 0.1 580,620 0.9 6,468,906

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 127 INTECH All-World Minimum Variance Core Fund(a)

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Diversifi ed Operations – Commercial Services 24,961 LG Display Co., Ltd...... 0.1 578,588 37,317 Bunzl PLC ...... 0.1 1,018,903 5,500 Murata Manufacturing Co., Ltd...... 0.1 960,040 E-Commerce/Products 0.6 5,010,659 27,100 Rakuten, Inc...... 0.1 437,936 Electronic Components – Semiconductors E-Commerce/Services 3,300 Avago Technologies, Ltd...... 0.1 438,669 700 Netfl ix, Inc...... 0.1 459,858 36,000 Broadcom Corp. – Class A ...... 0.2 1,853,640 2,996,000 Hanergy Thin Film Power Group, Electric – Generation Ltd.* ...... 0.2 1,511,281 1,326,400 Aboitiz Power Corp ...... 0.2 1,338,771 69,800 Intel Corp...... 0.3 2,122,967 40,171 CEZ A/S ...... 0.1 933,586 74,000 MediaTek, Inc...... 0.1 1,012,193 308,000 China Resources Power Holdings Co., 27,400 NVIDIA Corp...... 0.1 551,014 Ltd...... 0.1 860,271 14,300 Texas Instruments, Inc...... 0.1 736,593 22,600 Cia Energetica de Sao Paulo ...... — 142,295 1.1 8,226,357 395,800 Electricity Generating PCL ...... 0.2 1,799,329 6,124,100 Energy Development Corp...... 0.1 1,016,165 Electronic Connectors 408,000 Huadian Fuxin Energy Corp., Ltd. – 25,600 Amphenol Corp. – Class A ...... 0.2 1,484,032 Class H ...... — 195,281 Electronic Forms 954,000 Huadian Power International Corp., 4,500 Adobe Systems, Inc...... — 364,545 Ltd...... 0.1 1,057,227 Electronic Security Devices 1,172,000 Huaneng Power International, Inc...... 0.2 1,632,970 19,400 Tyco International PLC ...... 0.1 746,512 608,300 Ratchaburi Electricity Generating Electronics – Miscellaneous Holding PCL ...... 0.1 1,031,382 26,400 Corning, Inc ...... 0.1 520,872 4,084 Talen Energy Corp ...... — 70,081 719,900 Delta Electronics Thailand PCL ...... 0. 2 1,929,511 1.1 10,077,358 84,300 Flextronics International Ltd...... 0.1 953,433 Electric – Integrated 28,700 Jabil Circuit, Inc ...... 0.1 611,023 50,500 Alliant Energy Corp...... 0.4 2,914,860 17,000 Japan Aviation Electronics Industry, 50,400 American Electric Power Co., Inc...... 0.3 2,669,688 Ltd...... 0.1 462,614 29,700 CMS Energy Corp...... 0.1 945,648 608,000 Pegatron Corp ...... 0.2 1,779,551 1,884,394 Colbun S.A...... 0.1 536,584 108,500 Venture Corp, Ltd...... 0.1 622,072 234,859 Contact Energy, Ltd...... 0.1 797,058 0.9 6,879,075 20,800 Dominion Resources, Inc...... 0.2 1,390,896 Engineering and Construction 34,800 DTE Energy Co...... 0.3 2,597,472 246,000 Beijing Capital International Airport 53,100 Edison International ...... 0.4 2,951,298 Co., Ltd...... — 283,726 45,800 Entergy Corp...... 0.4 3,228,900 122,000 Grupo Aeroportuario del Pacifi co 47,500 Eversource Energy ...... 0.3 2,156,975 S.A.B. de C.V...... 0.1 835,323 99,700 Exelon Corp...... 0.4 3,132,574 7,600 Japan Airport Terminal Co., Ltd...... 0.1 414,252 7,200 Fortis, Inc...... — 202,255 328,000 Metallurgical Corp of China, Ltd...... — 142,604 30,100 NextEra Energy, Inc...... 0.4 2,950,703 107,000 Obayashi Corp...... 0.1 780,837 125,100 Pepco Holdings, Inc...... 0.4 3,370,194 341,098 Sydney Airport ...... 0.2 1,310,353 20,800 PG&E Corp...... 0.1 1,021,280 0.5 3,767,09 5 237,000 Power Assets Holdings, Ltd...... 0.3 2,161,695 32,700 PPL Corp...... 0.1 963,669 Entertainment 52,500 Public Service Enterprise Group, Inc...... 0.3 2,062,200 316,441 Aristocrat Leisure, Ltd...... 0.2 1,867,385 14,506 SSE PLC ...... — 350,038 5,239,200 Bloomberry Resorts Corp ...... 0.1 1,000,664 555,500 Tenaga Nasional Bhd ...... 0.2 1,861,981 61,100 Heiwa Corp...... 0.2 1,217,307 60,700 Transmissora Alianca de Energia 0. 5 4,085,356 Eletrica S.A...... 0.1 402,298 Entertainment Software 64,500 WEC Energy Group, Inc ...... 0.4 2,900,565 19,200 COLOPL, Inc...... 0. 0 388,017 80,000 Xcel Energy, Inc...... 0.3 2,574,400 Fiduciary Banks 5.6 44,143,231 21,000 Bank of New York Mellon Corp...... 0.1 881,370 Electric – Transmission 3,800 Northern Trust Corp...... — 290,548 9,030 Red Electrica Corp S.A...... 0.1 723,525 0. 1 1,171,918 Electric Products – Miscellaneous Finance – Credit Card 28,700 Casio Computer Co., Ltd...... 0.1 566,636 16,700 Discover Financial Services...... 0.1 962,254 19,400 Mabuchi Motor Co., Ltd...... 0.2 1,227,066 Finance – Investment Bankers/Brokers 9,700 Nidec Corp...... 0.1 726,490 23,500 Charles Schwab Corp...... 0.1 767,275 0.4 2,520,192 162,000 Haitong Securities Co., Ltd...... 0.1 428,446 Electrical Components – Equipment 3,231 Korea Investment Holdings Co., Ltd...... — 184,554 307,000 Delta Electronics, Inc...... 0.2 1,572,225 4,900 TD Ameritrade Holding Corp...... — 180,418 96,600 Dongfang Electric Corp Ltd...... — 180,207 0.2 1,560,693 9,000 Hermes Microvision Inc ...... 0.1 586,351 Finance – Mortgage Loan Banker 298,000 Johnson Electric Holdings, Ltd...... 0.1 959,210 72,500 FNF Group ...... 0.3 2,681,775 0.4 3,297,993 Finance – Other Services Electronic Components – Miscellaneous 6,000 CME Group, Inc...... 0.1 558,360 8,700 Garmin, Ltd...... — 382,191 581,000 Hon Hai Precision Industry Co., Ltd...... 0.2 1,826,699 Fisheries 31,500 Hoya Corp...... 0.2 1,263,141 6,600 Toyo Suisan Kaisha, Ltd...... — 240,819 *Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. 128 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Food – Catering 2,400 Whirlpool Corp ...... 0.1 415,320 15,000 Compass Group PLC ...... — 248,139 0.4 2,997,454 Food – Confectionery Hotels and Motels 19,900 Ezaki Glico Co., Ltd...... 0.1 988,739 5,619 Hotel Shilla Co., Ltd...... 0.1 561,799 410 Lindt & Spruengli A.G...... 0.5 3,715,10 8 17,747 InterContinental Hotels Group PLC ...... 0.1 715,415 0.6 4,703,847 13,800 Marriott International, Inc. – Class A ...... 0.1 1,026,582 Food – Dairy Products 66,300 Resorttrust, Inc...... 0.2 1,613,479 54,800 Saputo, Inc...... 0.2 1,325,679 0.5 3,917,275 Food – Meat Products Human Resources 30,000 BRF S.A...... 0.1 633,937 14,800 Robert Half International, Inc...... 0.1 821,400 42,300 Hormel Foods Corp...... 0.3 2,384,451 Independent Power Producer 98,000 NH Foods, Ltd...... 0.3 2,237,575 7,000 NRG Energy, Inc...... — 160,160 36,400 Tyson Foods, Inc. – Class A ...... 0.2 1,551,732 Industrial Gases 0.9 6,807,695 5,600 Air Products and Chemicals, Inc...... 0.1 766,248 Food – Miscellaneous/Diversifi ed Instruments – Scientifi c 110,000 Ajinomoto Co., Inc...... 0.3 2,383,469 9,200 Thermo Fisher Scientifi c, Inc...... 0.2 1,193,792 59,000 Calbee, Inc...... 0.3 2,487,865 Insurance 1,794 CJ CheilJedang Corp...... 0.1 709,428 295,878 Direct Line Insurance Group PLC ...... 0.2 1,560,880 32,345 Frutarom Industries, Ltd...... 0.2 1,357,532 3,200 Markel Corp ...... 0.3 2,562,176 50,600 General Mills, Inc...... 0.4 2,819,432 272,000 People’s Insurance Co Group of China, 2,700 George Weston, Ltd...... — 212,121 Ltd...... — 174,051 212,000 Indofood CBP Sukses Makmur 346,000 PICC Property & Casualty Co., Ltd...... 0.1 788,304 Tbk PT ...... — 198,405 31,300 Renaissancere Holdings, Ltd...... 0.4 3,177,263 105,700 Industrias Bachoco S.A.B. de C.V...... 0.1 474,184 63,320 Tryg A/S ...... 0.2 1,320,192 1,764,780 JG Summit Holdings, Inc...... 0.4 2,806,920 1.2 9,582,866 12,467 Kerry Group PLC ...... 0.1 924,009 133,600 Kewpie Corp...... 0.4 2,829,871 Insurance Brokers 37,500 Loblaw Cos, Ltd...... 0.2 1,894,219 4,400 Aon PLC ...... 0.1 438,592 7,200 MEIJI Holdings Co., Ltd...... 0.1 929,640 43,000 Marsh & McLennan Cos., Inc...... 0.3 2,438,100 3,338 Nestle S.A...... — 241,056 0.4 2,876,692 36,300 Nissin Foods Holdings Co., Ltd...... 0.2 1,592,964 Internet Content – Entertainment 16,458 Pioneer Foods, Ltd...... — 250,472 27,500 Facebook, Inc...... 0.3 2,358,538 1,729,500 Thai Union Frozen Products PCL ...... 0.1 1,116,615 Internet Content – Information/News 173,000 Yamazaki Baking Co., Ltd...... 0.4 2,882,627 7,758 Daum Kakao Corp...... 0.1 877,923 3.3 26,110,829 16,400 Liberty Ventures ...... 0.1 644,028 Food – Retail 2,900 LinkedIn Corp...... 0.1 599,227 35,800 Kroger Co...... 0. 3 2,595,858 82,500 M3, Inc...... 0.2 1,659,844 47,900 Metro, Inc...... 0.2 1,285,721 0.5 3,781,02 2 0.5 3,881,579 Internet Infrastructure Software Forestry 6,300 F5 Networks, Inc...... 0.1 758,205 14,600 Fibria Celulose S.A...... — 200,103 Internet Security Gas – Distribution 16,100 Symantec Corp...... — 374,325 468,000 China Gas Holdings, Ltd...... 0.1 749,884 Investment Companies 33,883 Enagas S.A...... 0.1 921,384 18,000 CK Hutchison Holdings, Ltd...... — 264,498 127,600 Hong Kong & China Gas Co., Ltd...... — 267,669 12,895 GT Capital Holdings, Inc...... — 390,744 143,010 National Grid PLC ...... 0.2 1,835,993 — 655,242 53,000 NiSource, Inc...... 0.3 2,416,270 827,800 Perusahaan Gas Negara Persero Investment Management and Advisory Services Tbk PT ...... — 267,968 2,910 Partners Group Holding A.G...... 0.1 870,167 28,400 Sempra Energy ...... 0.4 2,809,896 Leisure and Recreational Products 39,000 Tokyo Gas Co., Ltd...... — 207,159 3,500 Jarden Corp ...... — 181,125 1.1 9,476,223 Life and Health Insurance Gold Mining 60,000 AIA Group, Ltd...... 0.1 392,839 177,724 Gold Fields, Ltd...... 0.1 569,606 1,017,000 Cathay Financial Holding Co., Ltd...... 0.2 1,776,761 28,228 Newcrest Mining, Ltd...... — 283,512 10,100 Torchmark Corp...... 0.1 588,022 0.1 853,118 0.4 2,757,62 2 Health Care Products Linen Supply and Related Materials 16,700 Hospira, Inc...... 0.2 1,481,457 30,800 Cintas Corp...... 0. 3 2,605,372 Home Builders Lodging 600 NVR, Inc ...... 0.1 804,000 532,390 Echo Entertainment Group, Ltd...... 0.2 1,790,589 Home Decoration Products 117,210 Sun International, Ltd...... 0.1 1,065,459 28,800 Newell Rubbermaid, Inc...... 0.2 1,183,968 0. 3 2,856,048 Home Furnishings Machine Tools and Related Products 16,500 Hoshizaki Electric Co., Ltd...... 0.1 970,826 109,500 Techtronic Industries Co., Ltd...... — 358,818 33,100 Leggett & Platt, Inc...... 0.2 1,611,308

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 129 INTECH All-World Minimum Variance Core Fund(a)

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Machinery – Electrical Medical Information Systems 11,100 Disco Corp...... 0.1 918,877 2,800 Cerner Corp...... — 193,368 Machinery – General Industrial Medical Instruments 6,600 Nabtesco Corp...... — 165,580 25,200 Edwards Lifesciences Corp...... 0.5 3,589,236 2,298,000 Shanghai Electric Group Co., Ltd...... 0.2 1,876,638 15,600 Medtronic PLC ...... 0.1 1,155,960 87,000 Sumitomo Heavy Industries, Ltd...... 0.1 507,625 56,000 Nihon Kohden Corp...... 0.2 1,386,615 0.3 2,549,843 20,000 Shimadzu Corp...... — 271,799 Media 0.8 6,403,610 12,400 Charter Communications, Inc ...... 0.3 2,123,500 Medical Products 3,000 Gannett Co., Inc ...... — 41,970 16,300 Becton Dickinson and Co...... 0.3 2,308,895 100,188 SKY Network Television, Ltd...... 0.1 407,883 16,174 Cochlear, Ltd...... 0.1 1,000,001 40,800 SKY Perfect JSAT Holdings, Inc ...... — 219,054 10,654 Coloplast A/S ...... 0.1 699,195 2,980,600 Surya Citra Media Tbk PT ...... 0.1 642,863 69,556 Smith & Nephew PLC ...... 0.1 1,173,586 6,000 TEGNA, Inc ...... — 192,420 5,238 Sonova Holding A.G...... 0.1 708,338 0.5 3,627,690 4,200 Stryker Corp...... 0.1 401,394 Medical – Biomedical and Genetic 0.8 6,291,409 10,900 Amgen, Inc...... 0.2 1,673,368 Metal Products – Distributors 800 Biogen Idec, Inc...... — 323,152 34,200 MISUMI Group, Inc...... 0.1 485,737 7,300 Celgene Corp...... 0.1 844,866 Mining 13,200 Gilead Sciences, Inc...... 0.2 1,545,456 384,000 Aluminum Corp of China, Ltd...... — 193,702 600 Regeneron Pharmaceuticals, Inc...... — 306,078 744,000 China Hongqiao Group, Ltd...... 0.1 700,685 0.5 4,692,920 215,000 China Molybdenum Co., Ltd...... — 158,935 Medical – Drugs 80,997 Sibanye Gold, Ltd...... — 130,064 7,300 AbbVie, Inc...... 0.1 490,487 2,400,000 United Co. RUSAL PLC ...... 0.2 1,195,158 33,600 Astellas Pharma, Inc...... 0.1 479,274 3,192,000 Zijin Mining Group Co., Ltd...... 0. 1 1,124,223 16,694 AstraZeneca PLC ...... 0.1 1,054,034 0. 4 3,502,767 38,700 Eli Lilly & Co...... 0.4 3,231,063 Miscellaneous Manufacturing 6,100 Jazz Pharmaceuticals PLC ...... 0.1 1,074,027 3,700 Illinois Tool Works, Inc ...... — 339,623 30,200 Johnson & Johnson ...... 0.4 2,943,292 8,000 Largan Precision Co., Ltd...... 0.1 914,047 48,000 Kaken Pharmaceutical Co., Ltd...... 0.2 1,676,882 0. 1 1,253,670 22,000 Kyowa Hakko Kirin Co., Ltd...... — 287,832 MRI/Medical Diagnostic Imaging 51,200 Merck & Co., Inc...... 0.4 2,914,816 38,832 Sonic Healthcare, Ltd...... 0.1 640,138 2,616 Merck KGaA ...... — 260,637 16,482 Novartis A.G...... 0.2 1,624,924 Multi-Line Insurance 22,064 Novo Nordisk A/S – Class B ...... 0.2 1,202,328 41,000 Allstate Corp...... 0. 3 2,659,670 8,700 Ono Pharmaceutical Co., Ltd...... 0.1 950,552 Multimedia 26,100 Otsuka Holdings Co., Ltd...... 0.1 832,568 14,300 Time Warner, Inc...... 0.2 1,249,963 101,900 Santen Pharmaceutical Co., Ltd...... 0.2 1,443,105 15,300 Walt Disney Co...... 0.2 1,746,342 20,200 Shionogi & Co., Ltd...... 0.1 783,272 0.4 2,996,305 9,684 Shire PLC ...... 0.1 775,131 Non-Hazardous Waste Disposal 2.8 22,024,224 15,600 Republic Services, Inc...... 0.1 611,052 Medical – Generic Drugs Offi ce Automation and Equipment 10,900 Allergan PLC ...... 0.4 3,307,714 28,600 Seiko Epson Corp...... 0.1 507,401 41,572 Teva Pharmaceutical Industries, Ltd...... 0.3 2,460,125 37,400 Xerox Corp...... 0.1 397,936 0.7 5,767,839 0.2 905,337 Medical – HMO Offi ce Supplies and Forms 22,100 Aetna, Inc...... 0.4 2,816,866 3,720 Societe BIC S.A...... 0.1 592,976 5,800 Anthem, Inc...... 0.1 952,012 21,700 Cigna Corp...... 0.4 3,515,400 Oil Companies – Integrated 16,400 Humana, Inc...... 0.4 3,136,992 62,100 PTT PCL ...... 0.1 660,256 27,400 UnitedHealth Group, Inc...... 0.4 3,342,800 6,272 Royal Dutch Shell PLC – Class A ...... — 176,029 1.7 13,764,070 0.1 836,28 5 Medical – Hospitals Oil Refi ning and Marketing 452,500 Bangkok Dusit Medical Services PCL ...... — 264,004 31,381 Caltex Australia, Ltd...... 0.1 771,003 35,800 HCA Holdings, Inc...... 0.4 3,247,776 3,800 Marathon Petroleum Corp ...... — 198,778 1,340,700 IHH Healthcare Bhd ...... 0.3 2,012,297 8,200 Tesoro Corp ...... 0.1 692,162 36,167 Ramsay Health Care, Ltd...... 0.2 1,714,965 0.2 1,661,943 15,700 Universal Health Services, Inc...... 0.3 2,230,970 Pharmaceuticals 1. 2 9,470,01 2 854,000 CSPC Pharmaceutical Group, Ltd...... 0.1 843,944 Medical – Wholesale Drug Distributors 26,017 Hikma Pharmaceuticals PLC...... 0.1 790,069 27,700 AmerisourceBergen Corp...... 0.4 2,945,618 9,300 Kissei Pharmaceutical Co., Ltd...... — 236,357 32,800 Cardinal Health, Inc...... 0.4 2,743,720 22,400 Kobayashi Pharmaceutical Co., Ltd...... 0.2 1,522,988 12,500 McKesson Corp...... 0.4 2,810,125 58,000 Nippon Shinyaku Co., Ltd...... 0.2 1,777,397 296,000 Sinopharm Group Co., Ltd...... 0.2 1,315,551 1,448,000 Sino Biopharmaceutical, Ltd...... 0.2 1,681,271 1.4 9,815,014 0. 8 6,852,026

The accompanying notes are an integral part of the fi nancial statements. 130 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Pharmacy Services 47,000 Digital Realty Trust, Inc...... 0.4 3,133,960 27,500 Omnicare, Inc...... 0.3 2,591,875 35,100 Duke Realty Corp ...... 0.1 651,807 Photo Equipment and Supplies 174,835 GPT Group ...... 0.1 577,234 5,400 FUJIFILM Holdings Corp...... — 192,996 110,113 Intu Properties PLC ...... 0.1 532,110 992,800 Suntec Real Estate Investment Trust ...... 0.2 1,271,875 Pipelines 18,900 Vornado Realty Trust ...... 0.2 1,794,177 327,846 APA Group ...... 0.3 2,083,899 1.8 13,042,390 9,000 Enbridge, Inc ...... 0.1 420,956 21,000 Inter Pipeline, Ltd...... 0.1 482,623 REIT – Health Care 5,500 Kinder Morgan, Inc...... — 211,145 22,800 Health Care REIT, Inc...... 0.2 1,496,364 8,700 ONEOK, Inc...... — 343,476 REIT – Mortgage 10,600 Pembina Pipeline Corp ...... — 342,667 40,700 American Capital Agency Corp...... 0.1 747,659 21,500 Spectra Energy Corp...... 0.1 700,900 93,700 Annaly Capital Management, Inc...... 0.1 861,103 11,300 TransCanada Corp...... 0.1 459,311 0.2 1,608,762 30,100 Williams Cos., Inc...... 0.2 1,727,439 REIT – Offi ce Property 0.9 6,772,416 11,400 Boston Properties, Inc...... 0.2 1,379,856 Property and Casualty Insurance 7,400 SL Green Realty Corp ...... 0.1 813,186 32,573 Dongbu Insurance Co., Ltd...... 0.2 1,650,264 0.3 2,193,042 3,200 Fairfax Financial Holdings, Ltd...... 0.2 1,578,168 REIT – Regional Malls 2,300 Intact Financial Corp...... — 159,847 42,800 General Growth Properties, Inc ...... 0. 1 1,098,248 6,443 Samsung Fire & Marine Insurance 3,700 Macerich Co...... — 276,020 Co., Ltd...... 0.2 1,698,567 8,700 Simon Property Group, Inc...... 0.2 1,505,274 5,900 Travelers Cos., Inc...... 0.1 570,294 0. 3 2,879,542 8,800 WR Berkley Corp...... 0.1 456,984 REIT – Shopping Centres 0.8 6,114,124 12,800 Federal Realty Investment Trust ...... 0.2 1,639,552 Publishing – Books 301,074 Federation Centres ...... 0.1 678,166 24,252 Reed Elsevier N.V...... 0.1 575,142 395,000 Link REIT ...... 0.3 2,313,554 Publishing – Periodicals 13,100 Regency Centers Corp ...... 0.1 772,638 21,600 Nielsen Holdings N.V...... 0.1 967,032 118,010 Shopping Centres Australasia 56,111 Reed Elsevier PLC ...... 0.1 912,356 Property Group ...... — 193,900 0. 2 1,879,388 13,400 Weingarten Realty Investors ...... 0.1 438,046 185,790 Westfi eld Corp...... 0.2 1,307,064 Real Estate 1.0 7,342,920 389,000 Evergrande Real Estate Group, Ltd...... — 232,358 90,200 Henderson Land Development Co., Resorts and Theme Parks Ltd...... 0.1 617,332 44,400 Oriental Land Co., Ltd...... 0. 4 2,835,549 867,800 SP Setia Bhd Group ...... 0.1 713,387 Respiratory Products 123,000 Swire Properties, Ltd...... 0.1 392,742 665,583 Fisher & Paykel Healthcare Corp., Ltd...... 0.4 3,088,43 4 1,013,471 Talaat Moustafa Group ...... 0.2 1,187,478 Retail – Apparel and Shoe 70,000 Wheelock & Co., Ltd...... — 357,618 25,700 L Brands, Inc...... 0.3 2,203,261 0.5 3,500,915 11,535 Next PLC ...... 0.2 1,350,051 Real Estate Management/Services 5,400 Ross Stores, Inc...... — 262,494 17,600 Daito Trust Construction Co., Ltd...... 0.2 1,823,716 0.5 3,815,806 15,262 Deutsche Wohnen A.G...... — 349,693 Retail – Auto Parts 56,968 Lend Lease Group ...... 0.1 660,495 16,700 Advance Auto Parts, Inc...... 0. 3 2,660,143 0. 3 2,833,904 4,800 AutoZone, Inc...... 0.5 3,201,120 Real Estate Operating/Development 14,100 O’Reilly Automotive, Inc...... 0.4 3,186,318 15,600 Brookfi eld Asset Management, Inc. – 1.2 9,047,581 Class A ...... 0.1 545,151 Retail – Automobile 45,500 Cheung Kong Property Holdings, Ltd...... — 377,441 47,600 USS Co., Ltd...... 0.1 859,655 92,000 Sun Hung Kai Properties, Ltd...... 0.2 1,490,748 Retail – Building Products 0.3 2,413,340 18,400 Home Depot, Inc...... 0.3 2,044,792 Reinsurance 15,400 Lowe’s Cos., Inc...... 0.1 1,031,338 17,300 Berkshire Hathaway, Inc. – Class B ...... 0.3 2,354,703 0.4 3,076,130 16,800 Everest Re Group, Ltd...... 0.4 3,057,768 Retail – Consumer Electronics 25,400 PartnerRe, Ltd...... 0.4 3,263,900 1. 1 8,676,371 32,500 Best Buy Co., Inc...... 0.1 1,059,825 REIT – Apartments Retail – Convenience Store 16,200 AvalonBay Communities, Inc...... 0.4 2,589,894 311,000 President Chain Store Corp...... 0.3 2,187,456 43,000 Equity Residential...... 0.4 3,017,310 Retail – Discount 9,500 Essex Property Trust, Inc...... 0.3 2,018,750 9,000 Costco Wholesale Corp...... 0.2 1,215,540 1.0 7,625,954 5,700 Dollar Tree, Inc...... 0.1 450,243 REIT – Diversifi ed 2,900 Target Corp...... — 236,727 24,500 American Tower Corp...... 0.3 2,285,605 0.3 1,902,510 1,474,300 CapitaCommercial Trust ...... 0.2 1,708,063 Retail – Drug Store 25,000 Communications Sales & Leasing, Inc ...... 0.1 618,000 8,900 Cosmos Pharmaceutical Corp...... 0.2 1,207,322 83,385 Dexus Property Group ...... 0.1 469,559 Retail – Home Furnishings 42,000 Nitori Holdings Co., Ltd...... 0. 4 3,425,350 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 131 INTECH All-World Minimum Variance Core Fund(a)

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Retail – Major Department Stores Steel – Producers 9,800 H2O Retailing Corp...... — 204,217 330,000 Angang Steel Co., Ltd...... — 227,769 Retail – Miscellaneous 136,800 Usinas Siderurgicas de Minas 28,000 ABC-Mart, Inc...... 0.2 1,713,819 Gerais S.A...... 0.1 571,725 45,200 Alimentation Couche-Tard, Inc ...... 0. 2 1,933,886 0.1 799,494 665,000 ANTA Sports Products, Ltd...... 0.2 1,612,896 Super – Regional Banks 17,000 Bic Camera Inc ...... — 214,219 3,300 Capital One Financial Corp...... — 290,301 240,000 Big C Supercenter PCL ...... 0.2 1,371,813 5,000 PNC Financial Services Group, Inc...... 0.1 478,250 66,000 Cafe de Coral Holdings Ltd...... — 238,412 17,500 U.S. Bancorp ...... 0.1 759,500 3,900 Canadian Tire Corp., Ltd...... 0.1 417,170 42,800 Wells Fargo & Co...... 0.4 2,407,072 28,900 CVS Caremark Corp...... 0.4 3,031,032 0. 6 3,935,123 3,700 Darden Restaurants, Inc ...... — 262,996 Telecommunication Equipment 13,611 Fielmann A.G...... 0.1 925,048 5,347 NICE Systems, Ltd...... — 340,239 43,400 Foot Locker, Inc ...... 0.4 2,908,234 Telecommunication Services 58,947 Harvey Norman Holdings, Ltd...... — 205,077 53,700 Amdocs, Ltd...... 0.4 2,931,483 7,700 lululemon athletica, Inc ...... 0.1 502,810 15,700 BCE, Inc...... 0.1 667,074 15,000 Restaurant Brands International, Inc ...... 0.1 573,671 1,460,100 DiGi.Com Bhd ...... 0.3 2,075,350 7,200 Ryohin Keikaku Co., Ltd...... 0.2 1,396,813 4,841,000 PCCW, Ltd...... 0.4 2,891,631 7,600 Signet Jewelers, Ltd...... 0.1 974,624 1,538,165 Spark New Zealand, Ltd...... 0.4 2,912,259 40,700 Tsuruha Holdings, Inc ...... 0.4 3,169,659 2,672,600 Tower Bersama Infrastructure Tbk PT ...... 0.2 1,849,598 2. 7 21,452,1 79 1.8 13,327,395 Retail – Offi ce Supplies Telecommunications 45,500 Staples, Inc...... 0. 1 696,605 1,676,000 China Telecom Corp., Ltd...... 0.1 983,812 Retail – Regional Department Stores 495,600 Frontier Communications Corp ...... 0.3 2,453,220 7,400 Macy’s, Inc...... 0.1 499,278 4,200 Level 3 Communications, Inc ...... — 221,214 Retail – Restaurants 376,000 M1 Ltd/Singapore ...... 0.1 904,745 1,900 Chipotle Mexican Grill, Inc...... 0.1 1,149,481 4,200 Palo Alto Networks, Inc ...... 0.1 733,740 214,840 Jollibee Foods Corp...... 0.1 940,292 1,654,600 Telekom Malaysia Bhd ...... 0.4 2,869,557 0. 2 2,089,773 72,034 TPG Telecom, Ltd...... 0.1 498,436 Satellite Telecommunications 25,400 Windstream Holdings, Inc ...... — 162,052 51,725 SES S.A...... 0.2 1,737,520 2,372,900 XL Axiata Tbk PT ...... 0.1 655,985 1. 2 9,482,76 1 Schools 104,300 Kroton Educacional S.A...... 0.1 398,651 Telephone – Integrated 42,864 Belgacom S.A...... 0.2 1,513,208 Security Services 601,143 Bezeq The Israeli Telecommunication 10,300 ADT Corp...... — 345,771 Corp., Ltd...... 0.1 1,024,828 Semiconductor Components/Integrated Circuits 70,400 CenturyLink, Inc...... 0.3 2,068,352 103,000 Taiwan Semiconductor 42,200 Nippon Telegraph & Telephone Corp...... 0.2 1,528,918 Manufacturing Co., Ltd...... 0.1 469,065 15,980 Philippine Long Distance Semiconductor Equipment Telephone Co ...... 0.1 996,101 91,400 ASM Pacifi c Technology, Ltd...... 0.1 905,595 2,352 Swisscom A.G...... 0.2 1,318,549 12,800 KLA-Tencor Corp...... 0.1 719,488 13,300 Verizon Communications, Inc...... 0.1 619,913 0.2 1,625,083 1.2 9,069,869 Semiconductors Television 1,136,000 Advanced Semiconductor 51,736 ITV PLC ...... — 214,003 Engineering, Inc ...... 0.2 1,539,125 Textile – Home Furnishings 41,300 Applied Materials, Inc ...... 0.1 793,786 1,600 Mohawk Industries, Inc ...... — 305,440 1,192,000 Inotera Memories, Inc ...... 0.1 950,453 Textile – Products 92,000 Nanya Technology Corp...... — 154,169 37,000 Toray Industries, Inc...... — 313,096 188,000 Novatek Microelectronics Corp...... 0.1 907,953 199,000 Realtek Semiconductor Corp ...... 0.1 510,210 Tobacco 986,000 Siliconware Precision Industries Co., 60,800 Altria Group, Inc...... 0. 4 2,973,728 Ltd...... 0.2 1,510,073 65,200 British American Tobacco Malaysia 5,200 Skyworks Solutions, Inc ...... 0.1 541,320 Bhd ...... 0.1 1,071,972 314,000 Transcend Information, Inc...... 0.1 1,155,167 281,500 Gudang Garam Tbk PT ...... 0.1 952,428 1. 0 8,062,256 45,058 Imperial Tobacco Group PLC ...... 0.3 2,171,010 23,552 KT&G Corp...... 0.3 2,004,201 Soap and Cleaning Preparations 45,285 Reynolds American, Inc...... 0.4 3,380,978 4,000 Church & Dwight Co., Inc...... — 324,520 1. 6 12,554,31 7 12,499 Reckitt Benckiser Group PLC ...... 0.1 1,077,620 0. 1 1,402,140 Toys 35,100 Bandai Namco Holdings, Inc...... 0.1 679,226 Software 3,200 Akamai Technologies, Inc ...... — 223,424 Transportation 26,900 Electronic Arts, Inc ...... 0.2 1,788,850 2,203,500 BTS Group Holdings PCL ...... 0.1 652,589 27,500 Fiserv, Inc ...... 0.3 2,277,825 4,700 Central Japan Railway Co ...... 0.1 849,011 19,800 Rackspace Hosting, Inc...... 0.1 736,362 280,000 China Shipping Development Co., 0. 6 5,026,461 Ltd...... — 212,042

The accompanying notes are an integral part of the fi nancial statements. 132 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Currency Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) 11,050 CJ Korea Express Co., Ltd...... 0.2 1,922,256 9,200 FedEx Corp ...... 0.2 1,567,680 Citibank 374,000 Guangshen Railway Co., Ltd...... — 206,028 GBP 5,933,028 MYR 33,540,000 5,544,616 14-Jul-15 388,412 34,758 Hanjin Shipping Co., Ltd...... — 178,901 GBP 1,010,717 DKK 10,314,000 965,287 14-Jul-15 45,430 212,000 Kawasaki Kisen Kaisha, Ltd...... 0.1 500,678 GBP 2,170,631 NZD 4,663,000 1,915,187 14-Jul-15 255,444 309,000 Keihan Electric Railway Co., Ltd...... 0.2 1,800,417 GBP 29,817,533 JPY 5,671,268,000 29,332,762 14-Jul-15 484,771 65,000 Keisei Electric Railway Co., Ltd...... 0.1 773,392 GBP 831,084 PLN 4,709,000 778,072 14-Jul-15 53,011 779,800 MISC Bhd ...... 0.2 1,596,410 GBP 2,067,445 ZAR 39,077,000 2,026,380 14-Jul-15 41,065 40,000 MTR Corp Ltd...... — 186,292 GBP 29,754,664 HKD 352,444,000 28,483,697 14-Jul-15 1,270,967 545,000 Nankai Electric Railway Co., Ltd...... 0.3 2,449,539 GBP 1,458,874 THB 75,186,000 1,392,766 14-Jul-15 66,108 203,000 Orient Overseas International, Ltd...... 0.1 1,038,403 GBP 9,702,285 KRW 16,437,612,000 9,141,453 14-Jul-15 560,833 1,821,100 Singapore Post, Ltd...... 0.4 2,562,929 GBP 3,348,118 ILS 19,738,000 3,322,616 14-Jul-15 25,502 47,000 Sotetsu Holdings, Inc...... — 245,044 GBP 11,525,424 TWD 542,398,000 10,986,502 14-Jul-15 538,922 2,014,000 Wan Hai Lines, Ltd...... 0.2 1,599,355 GBP 3,929,668 INR 385,972,000 3,818,879 14-Jul-15 110,789 7,400 West Japan Railway Co...... 0.1 473,801 GBP 820,631 BRL 3,972,000 805,106 14-Jul-15 15,526 1,242,000 Yang Ming Marine Transport Corp...... 0.1 434,775 GBP 204,838,362 USD 313,204,000 304,640,118 14-Jul-15 8,563,882 2. 4 19,249,54 2 GBP 10,303,294 EUR 14,104,000 9,843,220 14-Jul-15 460,073 GBP 6,783,974 AUD 13,367,000 6,429,778 14-Jul-15 354,196 Transportation – Railroad GBP 5,541,535 SGD 11,429,000 5,323,355 14-Jul-15 218,180 8,500 Canadian National Railway Co ...... 0.1 490,479 GBP 6,248,428 CAD 11,922,000 5,978,101 14-Jul-15 270,327 16,600 CSX Corp...... 0.1 541,990 GBP 3,957,126 CHF 5,660,000 3,799,971 14-Jul-15 157,155 544,000 Nagoya Railroad Co., Ltd...... 0.3 2,036,055 13,300 Norfolk Southern Corp...... 0.1 1,161,888 HSBC USA 16,800 Union Pacifi c Corp...... 0.2 1,602,216 GBP 1,458,430 THB 75,185,000 1,392,991 14-Jul-15 65,440 0.8 5,832,628 GBP 3,958,457 CHF 5,660,000 3,799,213 14-Jul-15 159,245 GBP 3,916,499 INR 385,971,000 3,826,380 14-Jul-15 90,120 Transportation – Services GBP 11,523,689 TWD 542,397,000 10,987,463 14-Jul-15 536,226 23,600 CH Robinson Worldwide, Inc...... 0.2 1,472,404 GBP 832,965 PLN 4,708,000 776,732 14-Jul-15 56,233 818,500 ComfortDelGro Corp., Ltd...... 0. 2 1,902,640 GBP 10,331,180 EUR 14,104,000 9,827,310 14-Jul-15 503,870 0. 4 3,375,044 GBP 29,767,858 HKD 352,444,000 28,476,165 14-Jul-15 1,291,693 Transportation – Truck GBP 3,347,409 ILS 19,738,000 3,323,021 14-Jul-15 24,389 3,173 Hyundai Glovis Co., Ltd...... 0.1 574,736 GBP 6,259,976 CAD 11,922,000 5,971,505 14-Jul-15 288,470 Travel Services GBP 1,013,432 DKK 10,314,000 963,739 14-Jul-15 49,693 710,800 China Travel International Investment GBP 29,812,685 JPY 5,671,267,000 29,335,520 14-Jul-15 477,164 Hong Kong, Ltd...... — 312,700 GBP 2,173,386 NZD 4,663,000 1,913,609 14-Jul-15 259,777 Vitamins and Nutrition Products GBP 2,064,346 ZAR 39,076,000 2,028,080 14-Jul-15 36,266 7,200 Mead Johnson Nutrition Co...... 0.1 649,584 GBP 819,730 BRL 3,972,000 805,626 14-Jul-15 14,104 GBP 5,538,298 SGD 11,428,000 5,324,461 14-Jul-15 213,836 Water GBP 9,698,392 KRW 16,437,611,000 9,143,698 14-Jul-15 554,694 63,400 American Water Works Co., Inc...... 0. 4 3,083,142 GBP 6,794,083 AUD 13,366,000 6,423,223 14-Jul-15 370,860 480,000 Beijing Enterprises Water Group, Ltd...... 0.1 393,845 GBP 5,935,056 MYR 33,539,000 5,543,206 14-Jul-15 391,850 1,052,000 Guangdong Investment, Ltd...... 0.2 1,473,915 26,981 Severn Trent PLC ...... 0.1 882,077 Total 19,264,523 142,854 United Utilities Group PLC ...... 0.3 2,001,859 1. 1 7,834,83 8 Total Financial Assets at fair value through profi t or loss 774,501,655 Water Treatment Systems 24,750 Coway Co., Ltd...... 0.3 2,028,470 Web Hosting and Design 4,900 Equinix, Inc...... 0.2 1,244,600 Web Portals/Internet Service Providers 10,500 Yahoo!, Inc...... 0.1 412,545

Total Common Stock...... 96. 5 755,984,208 Total Investments at last traded prices ...... 96. 5 755,984,208 Adjustments from last traded to bid market prices ...... (0.1) (747,076) Total Investment 96.4 755,237,132

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 133 INTECH European Core Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (EUR) Share or Principal Amount Assets (%) Value (EUR) Financial Assets at fair value through profi t or loss 1,976 Evonik Industries A.G...... 0.1 67,629 Common Stock 2 K+S A.G...... — 76 9,641 Symrise A.G...... 0.6 536,714 Advertising Agencies 1.0 855,862 7,514 WPP PLC ...... 0.2 151,011 Chemicals – Plastics Advertising Services 70 EMS-Chemie Holding A.G...... — 26,538 1,706 Publicis Groupe S.A...... 0.1 113,142 Chemicals – Specialty Aerospace and Defence 3,396 Brenntag A.G...... 0.2 174,656 178,125 BAE Systems PLC ...... 1.2 1,132,693 613 Givaudan S.A...... 1.0 951,938 52,423 Finmeccanica SpA ...... 0.6 591,331 5,000 Lonza Group A.G...... 0.6 599,380 8,347 Meggitt PLC ...... 0.1 54,867 1.8 1,725,974 6,006 Rolls-Royce Holdings PLC ...... 0.1 73,642 2.0 1,852,533 Commercial Banks – Non U.S. 190,303 Banco Santander Central Agricultural Chemicals Hispand S.A...... 1.2 1,192,058 5,399 Yara International A.S.A...... 0.3 252,407 646,604 Bank of Ireland ...... 0.2 234,071 Airlines 18,041 Bankinter S.A...... 0.1 119,594 7,331 easyJet PLC...... 0.2 159,732 30,948 Intesa Sanpaolo SpA ...... 0.1 88,573 55,309 International Consolidated Airlines 91,055 Skandinaviska Enskilda Banken A.B. – Group S.A...... 0.4 385,836 Class A ...... 1.1 1,045,025 0.6 545,568 2.7 2,679,321 Apparel Manufacturers Commercial Services 3,200 Burberry Group PLC ...... 0.1 70,851 2,073 ISS A/S ...... 0.1 61,371 Appliances 9,053 Randstad Holding N.V...... 0.5 528,786 6,482 Electrolux A.B...... 0.2 182,333 0.6 590,157 Applications Software Computer Aided Design 4,177 Sage Group PLC ...... — 30,170 19,106 Dassault Systemes...... 1.3 1,246,093 Automotive – Cars and Light Trucks Computers 40,037 Fiat Chrysler Automobiles N.V...... 0.5 526,086 4,398 Cap Gemini S.A...... 0.4 349,069 36,746 Peugeot S.A...... 0.7 677,780 Cosmetics and Toiletries 4,477 Renault S.A...... 0.4 418,241 704 L ’Oreal S.A...... 0.1 112,640 746 Volkswagen A.G...... 0.2 154,832 Diagnostic Kits 1.8 1,776,939 14,591 QIAGEN N.V...... 0.3 321,513 Automotive – Truck Parts and Equipment – Original Dialysis Centres 5,774 Valeo S.A...... 0.8 816,155 13,862 Fresenius Medical Care A.G. & Co Banks KGaA ...... 1.1 1,026,342 3,627 DNB ASA ...... 0.1 54,307 2,120 Fresenius S.E. & Co...... 0.1 122,006 4,800 KBC Groep N.V...... 0.3 287,712 1.2 1,148,348 0.4 342,019 Distribution/Wholesale Brewery 6,800 Wolseley PLC ...... 0.4 389,380 6,300 Anheuser-Busch InBev N.V...... 0.7 677,250 Diversifi ed Banking Institutions 3,964 Heineken Holding N.V...... 0.3 249,534 53,012 Natixis ...... 0.4 342,192 8,308 Heineken N.V...... 0.6 565,526 1.6 1,492,310 Diversifi ed Financial Services 72,407 Investec PLC ...... 0.6 583,707 Building – Residential and Commercial 4,317 Julius Baer Group, Ltd...... 0.2 217,319 20,272 Persimmon PLC ...... 0.6 564,263 11,313 Schroders PLC ...... 0.5 506,380 Building and Construction – Miscellaneous 1.3 1,307,406 6,262 Bouygues S.A...... 0.2 209,996 Diversifi ed Operations 31,404 Ferrovial S.A...... 0.6 610,808 24,993 Bollore S.A...... 0.1 119,342 0.8 820,804 1,936 GEA Group A.G...... 0.1 77,459 Building and Construction Products – Miscellaneous 7,821 Industrivarden A.B...... 0.1 132,270 2,464 Geberit A.G...... 0.8 737,135 0.3 329,071 Building Products – Cement and Aggregate Diversifi ed Operations – Commercial Services 7,302 CRH PLC ...... 0.2 184,887 8,969 Bunzl PLC ...... 0.2 219,691 2,741 Holcim, Ltd ...... 0.2 181,521 Electric – Distribution 0.4 366,408 127,804 Enel SpA ...... 0.5 519,395 Cable/Satellite TV Electric – Integrated 12,614 British Sky Broadcasting Group PLC ...... 0.2 184,353 12,954 EDP - Energias de Portugal S.A...... — 44,108 278 Kabel Deutschland Holding A.G...... — 33,360 25,945 Fortum Oyj ...... 0.4 413,563 9,228 Numericable-SFR ...... 0.5 438,745 372,822 Iberdrola S.A...... 2.3 2,252,591 0.7 656,458 19,497 SSE PLC ...... 0.4 422,063 Chemicals – Diversifi ed 3.1 3,132,325 2,299 Arkema S.A...... 0.2 148,584 Electric – Transmission 2,652 Croda International PLC ...... 0.1 102,859 14,205 Red Electrica Corp S.A...... 1.0 1,021,055

The accompanying notes are an integral part of the fi nancial statements. 134 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (EUR) Share or Principal Amount Assets (%) Value (EUR) Electrical Components – Equipment 1,419 Partners Group Holding A.G...... 0.4 380,657 7,125 OSRAM Licht A.G...... 0.3 306,054 1.0 946,325 5,128 Prysmian SpA ...... 0.1 99,381 Life and Health Insurance 0.4 405,435 144,954 Aviva PLC ...... 1.0 1,006,131 Electronic Components – Semiconductors 558,524 Legal & General Group PLC ...... 2.0 1,959,228 16,520 ARM Holdings PLC ...... 0.2 241,439 27,442 Prudential PLC ...... 0.6 592,699 Electronics – Military 3.6 3,558,058 2,485 Safran S.A...... 0.2 151,063 Machinery – Construction and Mining Energy – Alternate Sources 27,687 Atlas Copco A.B...... 0.7 676,426 1,141 Vestas Wind Systems A/S ...... 0.1 51,097 Machinery – Electrical Finance – Investment Bankers/Brokers 3,216 Schindler Holding A.G...... 0.5 471,717 43,888 ICAP PLC ...... 0.3 327,514 Machinery – General Industrial Finance – Other Services 1,380 ANDRITZ A.G...... 0.1 68,517 2,029 Deutsche Boerse A.G...... 0.2 150,653 7,873 Kone OYJ ...... 0.3 286,577 30,375 London Stock Exchange Group PLC...... 1.0 1,014,572 14,467 Zardoya Otis S.A...... 0.1 141,343 1.2 1,165,225 0.5 496,437 Food – Catering Media 70,909 Compass Group PLC ...... 1.1 1,052,320 6,430 Lagardere SCA ...... 0.2 168,209 Food – Confectionery Medical – Drugs 126 Lindt & Spruengli A.G...... 1.3 1,317,243 9,492 Actelion, Ltd...... 1.3 1,246,274 16,368 Merck KGaA ...... 1.5 1,462,972 Food – Miscellaneous/Diversifi ed 13,843 Novartis A.G...... 1.3 1,224,321 11,004 Jeronimo Martins SGPS S.A...... 0.1 126,546 1,034 Novo Nordisk A/S – Class B ...... 0.1 50,548 4,445 METRO A.G...... 0.1 125,705 3,389 Roche Holding A.G...... 0.9 852,202 19,216 Orkla A.S.A...... 0.1 135,722 1,777 Sanofi ...... 0.2 156,802 2,571 Unilever PLC ...... 0.1 98,920 40,309 Shire PLC ...... 3.0 2,894,439 0.4 486,893 3,190 UCB S.A...... 0.2 205,404 Food – Retail 8.5 8,092,962 3,856 Delhaize Group S.A...... 0.3 285,575 Medical Products 4,380 Koninklijke Ahold N.V...... 0.1 73,584 2,738 Sonova Holding A.G...... 0.3 332,162 21,356 TESCO PLC ...... 0.1 63,973 0.5 423,132 Metal – Aluminum 173,382 Norsk Hydro A.S.A...... 0.7 655,962 Gambling – Non-Hotel 14,196 William Hill PLC ...... 0.1 80,649 Metal – Diversifi ed 36,438 Boliden A.B...... 0.6 596,123 Gas – Distribution 22,169 Glencore Xstrata PLC ...... 0.1 79,766 14,983 Enagas S.A...... 0.4 365,510 0.7 675,889 26,009 Gas Natural SDG S.A...... 0.5 529,023 135,400 National Grid PLC ...... 1.6 1,559,428 Metal Processors and Fabrication 2.5 2,453,961 25,644 Assa Abloy A.B...... 0.4 433,417 14,998 SKF A.B. – Class B ...... 0.3 307,073 Hotels and Motels 0.7 740,490 8,039 Accor S.A...... 0.4 363,926 17,621 InterContinental Hotels Group PLC ...... 0.7 637,244 Multi-Line Insurance 15,785 Whitbread PLC ...... 1.1 1,100,315 2,066 Allianz S.E...... 0.3 288,620 2.2 2,101,485 2,159 Baloise Holding A.G...... 0.2 236,226 28,062 Sampo ...... 1.2 1,185,620 Human Resources 3,947 Zurich Insurance Group A.G...... 1.1 1,078,132 8,059 Adecco S.A...... 0.6 587,074 2.8 2,788,598 7,529 Capita PLC ...... 0.1 131,364 0.7 718,438 Multimedia 32,787 Pearson PLC ...... 0.6 556,810 Industrial Gases 1,248 Air Liquide S.A...... 0.1 141,586 Offi ce Supplies and Forms 3,910 Societe BIC S.A...... 0.6 559,130 Insurance 6,976 Standard Life PLC...... — 43,652 Oil Companies – Integrated 14,450 Tryg A/S ...... 0.3 270,275 4,383 OMV A.G...... 0.1 108,172 0.3 313,927 Oil Refi ning and Marketing Internet Content – Information/News 26,944 Neste Oil Oyj ...... 0.6 615,940 5,752 United Internet A.G...... 0.2 229,361 Optical Supplies Investment Companies 8,280 Essilor International S.A...... 0.9 885,960 327 Groupe Bruxelles Lambert S.A...... — 23,609 Paper and Related Products 29,030 Investor A.B...... 1.0 970,916 15,063 Mondi PLC ...... 0.3 291,050 1.0 994,525 32,377 Stora Enso OYJ ...... 0.3 299,325 Investment Management and Advisory Services 30,171 UPM-Kymmene OYJ ...... 0.5 478,814 16,888 Hargreaves Lansdown PLC ...... 0.3 274,426 1.1 1,069,189 102,556 Old Mutual PLC ...... 0.3 291,242 Private Equity 53,381 3i Group PLC ...... 0.4 388,575

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 135 INTECH European Core Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (EUR) Share or Principal Amount Assets (%) Value (EUR) Property and Casualty Insurance Security Services 11,334 Admiral Group PLC ...... 0.2 221,553 46,652 G4S PLC...... 0.2 176,602 12,190 Gjensidige Forsikring A.S.A ...... 0.2 176,382 8,023 Securitas A.B. – Class B ...... 0.1 95,206 0.4 397,935 0.3 271,808 Public Thoroughfares Semiconductor Equipment 48,217 Atlantia SpA ...... 1.1 1,068,489 2,462 ASML Holding N.V...... 0.2 228,227 Publishing – Books Semiconductors 76,081 Reed Elsevier N.V...... 1.7 1,618,623 4,356 Infi neon Technologies A.G...... — 48,482 Publishing – Periodicals 55,699 STMicroelectronics N.V...... 0.4 409,666 122,057 Reed Elsevier PLC ...... 1.8 1,780,415 0.4 458,148 23,752 Wolters Kluwer N.V...... 0.6 632,872 Soap and Cleaning Preparations 2.4 2,413,287 5,312 Reckitt Benckiser Group PLC ...... 0.4 410,857 Real Estate Software 17,162 Deutsche Annington 6,044 Amadeus IT Holding S.A...... 0.2 216,103 Immobilien S.E...... 0.4 434,199 Steel – Producers Real Estate Management/Services 29,372 ThyssenKrupp A.G...... 0.7 685,396 29,753 Deutsche Wohnen A.G...... 0.6 611,573 Telecommunication Services 3,072 Swiss Prime Site A.G...... 0.2 209,191 3,158 Tele2 A.B...... — 32,961 0.8 820,764 Telephone – Integrated Reinsurance 11,282 Belgacom S.A...... 0.4 357,301 3,765 Hannover Rueckversicherung S.E...... 0.3 326,764 55,140 BT Group PLC ...... 0.4 349,857 9,216 SCOR S.E...... 0.3 291,640 21,787 Deutsche Telekom A.G...... 0.3 336,609 5,547 Swiss Re A.G...... 0.5 440,551 63,068 Orange S.A...... 0.9 870,969 1.1 1,058,955 1,840 Swisscom A.G...... 1.0 925,377 REIT – Diversifi ed 68,708 Telecom Italia SpA (RSP) ...... 0.1 62,902 65,001 British Land Co. PLC ...... 0.7 726,918 3.1 2,903,015 145,170 Intu Properties PLC ...... 0.6 629,334 Television 12,330 Klepierre ...... 0.5 486,480 313,853 ITV PLC ...... 1.2 1,164,650 9,148 Land Securities Group PLC ...... 0.2 155,228 13,241 ProSiebenSat.1 Media A.G...... 0.6 586,576 47,004 Segro PLC...... 0.3 268,822 1.8 1,751,226 5,363 Unibail-Rodamco S.E...... 1.2 1,215,792 Tobacco 3.5 3,482,574 8,758 British American Tobacco PLC ...... 0.4 421,516 REIT – Offi ce Property 6,425 Imperial Tobacco Group PLC ...... 0.3 277,719 916 ICADE ...... 0.1 58,679 5,173 Swedish Match A.B...... 0.1 132,070 REIT – Shopping Centres 0.8 831,305 43,602 Hammerson PLC ...... 0.4 378,227 Transportation Rental – Auto/Equipment 4,840 DSV A/S ...... 0.1 140,692 3,621 Ashtead Group PLC ...... 0.1 56,085 Transportation – Marine Resorts and Theme Parks 39 AP Moeller - Maersk A/S – Class A ...... 0.1 61,442 42,123 Merlin Entertainments PLC ...... 0.3 253,552 Transportation – Railroad Retail – Apparel and Shoe 56,522 Groupe Eurotunnel S.A...... 0.8 734,221 20,764 Next PLC ...... 2.2 2,180,146 Transportation – Services Retail – Building Products 2,650 Kuehne + Nagel International A.G...... 0.3 315,637 4,227 Travis Perkins PLC ...... 0.1 125,699 Travel Services Retail – Consumer Electronics 5,604 TUI A.G...... 0.1 81,349 73,988 Dixons Carphone PLC ...... 0.5 472,886 Water Retail – Jewellery 19,518 Severn Trent PLC ...... 0.6 572,434 9,681 Pandora A/S ...... 1.0 933,283 10,780 Suez Environnement Co...... 0.2 179,864 Retail – Miscellaneous 48,089 United Utilities Group PLC ...... 0.6 604,54 6 10,585 Luxottica Group SpA ...... 0.6 631,395 4,035 Veolia Environnement S.A...... 0.1 73,800 1.5 1,430,644 Rubber – Tires 802 Cie Generale des Etablissements Wireless Equipment Michelin ...... 0.1 75,380 261,902 Nokia Oyj...... 1.6 1,594,983 717 Continental A.G...... 0.2 152,183 Telecommunications 18,191 Pirelli & C. SpA ...... 0.3 275,412 9,704 Altice S.A...... 1.2 1,198,929 0.6 502,975 32,669 Koninklijke KPN N.V...... 0.1 112,055 Satellite Telecommunications 30,063 Telefonica Deutschland Holding A.G...... 0.2 155,426 5,626 Eutelsat Communications S.A...... 0.2 162,873 1.5 1,466,410 28,487 Inmarsat PLC ...... 0.4 367,556 Apparel 23,649 SES S.A...... 0.7 712,663 1,115 Christian Dior S.E...... 0.2 195,237 1.3 1,243,092 Home Builders 38,194 Taylor Wimpey PLC ...... 0.1 100,014

The accompanying notes are an integral part of the fi nancial statements. 136 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage of Net Fair Share or Principal Amount Assets (%) Value (EUR) Cruise Lines 16,225 Carnival PLC ...... 0.8 742,938

Total Common Stock...... 98.9 96,312,29 8

Preferred Stock Automotive – Cars and Light Trucks 1,593 Porsche Automobile Holding S.E., . . . . . 0.1 120,384 2.77% ...... 393 Volkswagen A.S., 2.58% ...... 0.1 81,744 0.2 202,12 8

Total Preferred Stock ...... 0.2 202,12 8 Total Investments at last traded prices ...... 99.1 96,514,426 Adjustments from last traded to bid market prices ...... — (31,480) Total Investments ...... 99.1 96,482,946 Total Financial Assets at fair value through profi t or loss 96,482,946

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 137 INTECH Global All Country Low Volatility Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 3,565 Bank Pekao S.A...... 0.1 170,690 Common Stock 626 Bank Zachodni WBK S.A...... — 56,839 2,300 Chugoku Bank, Ltd...... — 36,294 Advertising Agencies 1,200 Comerica, Inc...... — 61,584 900 Omnicom Group, Inc...... — 62,541 1,776 Erste Group Bank A.G...... — 50,433 Advertising Services 3,300 Fifth Third Bancorp ...... — 68,706 1,438 JCDecaux S.A...... — 59,998 1,149 KBC Groep N.V...... 0.1 76,771 Aerospace and Defence 1,510 Komercni banka A/S ...... 0. 3 335,050 2,200 CAE, Inc...... — 26,196 13,548 Powszechna Kasa Oszczednosci Bank 4,666 Korea Aerospace Industries, Ltd...... 0.2 332,628 Polski S.A...... 0.1 112,179 3,162 Zodiac Aerospace ...... 0.1 102,921 3,918 Qatar National Bank SAQ ...... 0.1 207,576 0.3 461,745 10,800 Regions Financial Corp...... 0.1 111,888 Aerospace and Defence – Equipment 5,286 Svenska Handelsbanken A.B...... — 77,195 24,532 Cobham PLC ...... 0.1 101,360 13,000 Yamaguchi Financial Group, Inc...... 0.1 162,009 600 United Technologies Corp...... — 66,558 1. 2 2,014,733 0.1 167,918 Batteries and Battery Systems Agricultural Chemicals 400 Energizer Holdings, Inc...... — 52,620 2,000 Monsanto Co...... 0.1 213,180 Beverages – Non-Alcoholic Agricultural Operations 16,900 Coca-Cola Co...... 0.4 662,987 1,300 Bunge, Ltd...... 0.1 114,140 300 Dr. Pepper Snapple Group, Inc...... — 21,870 784,000 Golden Agri-Resources, Ltd...... 0.1 238,723 17,200 PepsiCo, Inc...... 1.0 1,605,44 8 0.2 352,863 8,600 Suntory Beverage & Food, Ltd...... 0.2 342,609 1.6 2,632,914 Airlines 27,000 Cathay Pacifi c Airways, Ltd...... — 66,392 Broadcast Services and Programming 7,523 Deutsche Lufthansa A.G...... 0.1 96,983 2,000 Scripps Networks Interactive, Inc. – 2,900 Japan Airlines Co., Ltd...... 0.1 101,193 Class A ...... 0.1 130,740 25,600 Singapore Airlines, Ltd...... 0.1 204,001 Building – Heavy Construction 0.3 468,569 5,000 Cheung Kong Infrastructure Airport Development and Maintenance Holdings, Ltd...... — 38,832 137,147 Auckland International Airport, Ltd...... 0.3 458,478 1,400 SBA Communications Corp. – Class A ...... 0.1 160,958 Apparel 0.1 199,790 22,000 Eclat Textile Co., Ltd...... 0.2 360,822 70,000 Far Eastern New Century Corp...... — 74,193 Building – Residential and Commercial 71 LPP S.A...... 0.1 125,580 7,900 Iida Group Holdings Co., Ltd...... 0.1 125,889 0.3 560,595 Building and Construction – Miscellaneous Apparel Manufacturers 116,000 China State Construction 186 Hermes International ...... 0.1 69,374 International Holdings, Ltd...... 0.1 208,915 13,500 Michael Kors Holding, Ltd...... 0.3 568,215 19,000 Taisei Corp...... 0.1 109,153 600 VF Corp...... — 41,844 0.2 318,068 0. 4 679,433 Building Products – Air and Heating Appliances 3,100 Rinnai Corp...... 0. 2 244,464 6,941 Electrolux A.B...... 0.1 217,639 Building Products – Cement and Aggregate 14,444 LG Corp...... 0.5 800,430 33,500 Anhui Conch Cement Co., Ltd...... 0.1 117,555 0.6 1,018,069 619 Lafarge S.A...... — 40,876 Athletic Footwear 170,600 Semen Indonesia Persero Tbk PT ...... 0.1 153,581 180,000 Pou Chen Corp...... 0.2 256,711 195,000 Taiheiyo Cement Corp...... 0. 4 570,483 77,000 Yue Yuen Industrial Holdings, Ltd...... 0.2 257,783 45,000 Taiwan Cement Corp...... — 56,812 0.4 514,494 0. 6 939,307 Automotive – Cars and Light Trucks Building Products – Doors and Windows 12,400 Daihatsu Motor Co., Ltd...... 0.1 176,622 23,000 Asahi Glass Co., Ltd...... 0.1 138,146 600 Honda Motor Co., Ltd...... — 19,424 Cable/Satellite TV 11,582 Kia Motors Corp...... 0.3 470,467 84,251 British Sky Broadcasting Group PLC ...... 0.8 1,372,556 29,700 Mitsubishi Motors Corp...... 0.2 252,900 8,200 DIRECTV ...... 0.5 760,878 7,941 Peugeot S.A...... 0.1 163,272 3,263 Kabel Deutschland Holding A.G...... 0.3 436,472 0.7 1,082,685 3,100 Liberty Global PLC – Class A ...... 0.1 167,617 Automotive – Truck Parts and Equipment – Original 5,700 Liberty Global PLC – Class C ...... 0.2 288,591 3,579 Hyundai Mobis ...... 0.4 680,369 1.9 3,026,114 372 Hyundai Wia Corp...... — 34,358 Casino Hotels 700 WABCO Holdings, Inc...... 0.1 86,604 29,840 Crown, Ltd...... 0.2 280,827 0.5 801,331 16,800 Sands China, Ltd...... — 56,569 Banks 54,800 Wynn Macau, Ltd...... 0.1 91,483 11,477 Banca Monte dei Paschi di Siena SpA ...... — 22,337 0.3 428,879 1,846,918 Banco Comercial Portugues S.A...... 0.1 160,583 Casino Services 94,493 Banco de Sabadell S.A...... 0.1 228,042 23,700 Sega Sammy Holdings, Inc...... 0.2 309,880 15,803 Banco Popular Espanol S.A...... 0.1 76,557

The accompanying notes are an integral part of the fi nancial statements. 138 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Cellular Telecommunications Computer Aided Design 8,300 Advanced Info Service PCL ...... — 58,995 7,356 Dassault Systemes...... 0.3 534,787 240,700 Axiata Group Bhd ...... 0.2 408,508 Computer Services 258,000 Far EasTone Telecommunications 2,600 International Business Machines Co., Ltd...... 0. 5 623,847 Corp...... 0.3 422,916 4,300 NTT DOCOMO, Inc...... — 82,367 9,000 Nomura Research Institute, Ltd...... 0.2 352,292 136,000 Taiwan Mobile Co., Ltd...... 0.3 454,041 288 SK C&C Co., Ltd...... — 71,406 1. 0 1,627,758 0.5 846,614 Chemicals – Diversifi ed Computers 1,700 Ashland, Inc ...... 0.1 207,230 174,000 Lenovo Group, Ltd...... 0. 2 241,091 1,387 Croda International PLC ...... — 59,965 15,200 Netapp, Inc...... 0.3 479,712 800 E.I. du Pont de Nemours & Co...... — 51,160 22,000 Quanta Computer, Inc...... — 52,055 4,200 FMC Corp...... 0. 2 220,710 215,000 Wistron Corp...... 0.1 163,070 55,824 Israel Chemicals, Ltd...... 0. 3 390,295 0. 6 935,928 582 KCC Corp ...... 0.2 256,243 Computers – Integrated Systems 3,400 Kuraray Co., Ltd...... — 41,594 60,000 Fujitsu, Ltd...... 0.2 335,573 665 LANXESS A.G...... — 39,206 1,200 Otsuka Corp...... — 56,092 200 PPG Industries, Inc...... — 22,944 0.2 391,665 0. 8 1,289,347 Computers – Peripheral Equipment Chemicals – Plastics 135,000 Lite-On Technology Corp...... 0.1 158,402 568 EMS-Chemie Holding A.G...... 0.1 240,034 Consulting Services Chemicals – Specialty 2,800 Verisk Analytics, Inc. – Class A ...... 0.1 203,728 1,600 International Flavors & Fragrances, Inc...... 0.1 174,864 Consumer Products – Miscellaneous 9,900 Sigma-Aldrich Corp...... 0.8 1,379,565 5,800 Clorox Co...... 0.4 603,316 0.9 1,554,429 9,358 Husqvarna A.B...... — 70,533 12,300 Kimberly-Clark Corp...... 0.8 1,303,431 Coal 1.2 1,977,280 2,300 CONSOL Energy, Inc...... — 50,002 Containers – Metal and Glass Commercial Banks – Non U.S. 3,300 Ball Corp...... 0.1 231,495 20,400 AMMB Holdings Bhd ...... — 32,621 69,869 Rexam PLC ...... 0.4 605,898 194,352 Bank Hapoalim BM ...... 0.6 1,047,583 0.5 837,393 182,813 Bank Leumi Le-Israel BM ...... 0.5 773,574 51,646 Bank of Ireland ...... — 20,840 Containers – Paper and Plastic 21,148 Bankinter S.A...... 0.1 156,270 9,342 Amcor, Ltd...... 0.1 98,872 31,683 CaixaBank S.A...... 0.1 146,778 1,500 Sealed Air Corp...... — 77,070 90,900 CIMB Group Holdings Bhd ...... 0.1 131,855 0.1 175,942 5,000 DBS Group Holdings, Ltd...... 0.1 76,829 Cosmetics and Toiletries 6,000 Gunma Bank, Ltd...... — 44,325 12,600 Colgate-Palmolive Co...... 0.5 824,166 6,600 Hang Seng Bank, Ltd...... 0.1 128,998 4,400 Estee Lauder Cos, Inc. – Class A ...... 0.2 381,304 83,300 Hong Leong Bank Bhd ...... 0.2 296,001 153 LG Household & Health Care, Ltd...... 0.1 106,189 85,516 Intesa Sanpaolo SpA ...... 0.2 284,192 17,400 Procter & Gamble Co...... 0.8 1,361,376 86,500 Mizuho Financial Group, Inc., ...... 0.1 187,321 46,300 Shiseido Co., Ltd...... 0.6 1,051,086 5,735 OTP Bank PLC ...... 0.1 113,583 13,900 Unicharm Corp...... 0.2 330,490 11,000 Oversea-Chinese Banking Corp, Ltd...... — 83,164 2.4 4,054,611 113,700 Public Bank Bhd ...... 0.3 564,430 Data Processing and Management 84,800 Resona Holdings, Inc...... 0.3 463,257 2,300 Paychex, Inc...... 0.1 107,824 131,000 Shinsei Bank, Ltd...... 0.2 264,419 4,567 Skandinaviska Enskilda Banken Dialysis Centres A.B. – Class A ...... — 58,427 4,700 DaVita, Inc...... 0.2 373,509 6,003 Swedbank A.B...... 0.1 140,047 19,968 Fresenius Medical Care A.G. & Co 4,000 United Overseas Bank, Ltd...... 0.1 68,533 KGaA ...... 1.0 1,648,007 3. 2 5,083,047 1.2 2,021,516 Commercial Banks – Western U.S. Distribution/Wholesale 3,000 First Republic Bank ...... 0.1 189,090 1,500 Fastenal Co...... — 63,270 2, 200 Jardine Cycle & Carriage, Ltd...... — 5 4, 081 Commercial Services 244 Jardine Cycle & Carriage, Ltd. - 2,514 Bureau Veritas S.A...... — 57,897 Rights* ...... — 1,289 1,500 CDK Global, Inc...... 0.1 80,970 374,000 Li and Fung, Ltd...... 0.2 296,738 2,885 Edenred ...... — 71,281 300 WW Grainger, Inc...... 0.1 70,995 3,021 Experian PLC ...... — 55,006 0. 3 486,373 3,427 ISS A/S ...... 0.1 113,093 3,300 SEI Investments Co ...... 0.1 161,799 Diversifi ed Banking Institutions 0. 3 540,046 5,900 Bank of America Corp...... 0.1 100,418 275,034 Lloyds Banking Group PLC ...... 0.2 368,304 Commercial Services – Finance 17,200 Mitsubishi UFJ Financial Group, Inc...... 0.1 123,662 500 Equifax, Inc...... — 48,545 6,936 Royal Bank of Scotland Group, PLC ...... — 38,301 0.4 630,685 *Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 139 INTECH Global All Country Low Volatility Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Diversifi ed Financial Services 3,500 Xcel Energy, Inc...... 0.1 112,630 26,386 BS Financial Group, Inc...... 0.2 335,977 9. 6 16,186,728 144,000 China Development Financial Electric Products – Miscellaneous Holding Corp...... — 54,609 12,300 Casio Computer Co., Ltd...... 0. 2 242,844 38,000 Fubon Financial Holding Co., Ltd...... 0.1 75,626 7,697 LG Electronics, Inc...... 0.2 325,770 82,000 SinoPac Financial Holdings Co., Ltd...... — 36,280 500 Nidec Corp...... — 37,448 303,652 Taiwan Cooperative Financial 0. 4 606,062 Holding Co., Ltd...... 0.1 158,953 Electrical Components – Equipment 82,000 Yuanta Financial Holding Co., Ltd...... — 44,386 7,000 Delta Electronics, Inc...... — 35,849 0. 4 705,831 8,000 Hermes Microvision Inc ...... 0. 4 521,201 Diversifi ed Manufacturing Operations 2,576 Prysmian SpA ...... — 55,649 66,100 Bombardier, Inc...... 0.1 119,094 0. 4 612,699 19,000 Toshiba Corp...... — 65,367 Electronic Components – Miscellaneous 0.1 184,461 1,400 Garmin, Ltd...... 0.1 61,502 Diversifi ed Minerals 100 Murata Manufacturing Co., Ltd...... — 17,455 4,000 Sumitomo Metal Mining Co., Ltd...... — 60,914 0.1 78,957 Diversifi ed Operations Electronic Components – Semiconductors 45,530 Aboitiz Equity Ventures, Inc...... — 58,630 1,992,600 Hanergy Thin Film Power 33,453 Bollore S.A...... 0.1 178,060 Group, Ltd...... 0.6 1,005,133 258 CJ Corp ...... — 68,479 2,475 Hynix Semiconductor, Inc...... 0.1 93,878 57,600 IJM Corp. Bhd ...... 0.1 99,590 2,000 Xilinx, Inc...... 0.1 88,320 529,500 Noble Group, Ltd...... 0.2 298,864 0.8 1,187,331 160,000 NWS Holdings, Ltd...... 0.1 231,601 Engineering – Research and Development Services 198,700 Sime Darby Bhd ...... 0.3 448,933 1,000 JGC Corp...... — 18,894 5,500 Swire Pacifi c, Ltd...... 0.1 69,147 727 KEPCO Plant Service & Engineering 9,000 Wharf Holdings, Ltd...... — 59,913 Co., Ltd...... 0.1 76,924 0. 9 1,513,217 234,900 Singapore Technologies Engineering, E-Commerce/Products Ltd...... 0.3 575,692 5,800 eBay, Inc...... 0.2 349,392 0. 4 671,510 E-Commerce/Services Electronics – Miscellaneous 3,400 Zillow Group, Inc...... 0.2 294,916 2,600 FLIR Systems, Inc...... — 80,132 Electric – Distribution 4,100 Ibiden Co., Ltd...... — 69,355 18,509 AGL Energy, Ltd...... 0.1 222,020 2,600 Trimble Navigation, Ltd...... — 60,996 Electric – Generation — 210,482 25,730 CEZ A/S ...... 0.4 597,973 Engineering and Construction Electric – Integrated 1,468 Daelim Industrial Co., Ltd...... 0.1 107,941 2,900 American Electric Power Co., Inc...... 0.1 153,613 99,000 Kajima Corp...... 0.3 465,188 18,100 Chubu Electric Power Co., Inc...... 0.2 269,866 7,000 Shimizu Corp...... — 58,977 9,800 Chugoku Electric Power Co., Inc...... 0.1 143,032 16,191 Sydney Airport ...... — 62,199 49,500 CLP Holdings, Ltd...... 0.3 420,840 0.4 694,305 26,300 Consolidated Edison, Inc...... 0.9 1,522,244 Entertainment 500 Dominion Resources, Inc...... — 33,435 4,257 OPAP S.A.* ...... — 33,034 600 DTE Energy Co...... — 44,784 49,016 Tabcorp Holdings, Ltd...... 0.1 172,040 21,400 Duke Energy Corp...... 0.9 1,511,268 0.1 205,074 9,600 Entergy Corp...... 0.4 676,800 Entertainment Software 8,800 Eversource Energy ...... 0.2 399,608 11,500 Konami Corp...... 0.1 213,892 27,500 Exelon Corp...... 0.5 864,050 Feminine Health Care Products 700 FirstEnergy Corp...... — 22,785 4,000 Hengan International Group 4,068 Fortum Oyj ...... — 72,282 Co., Ltd...... — 47,528 13,400 Hokuriku Electric Power Co ...... 0.1 199,735 45,200 Kansai Electric Power Co., Inc...... 0.3 500,683 Fiduciary Banks 31,000 Kyushu Electric Power Co., Inc...... 0.2 359,729 1,100 Bank of New York Mellon Corp...... — 46,167 43,900 Pepco Holdings, Inc...... 0.7 1,182,666 Finance – Consumer Loans 1,900 PG&E Corp...... 0.1 93,290 28,000 Navient Corp...... 0.3 509,880 110,851 PGE Polska Grupa Energetyczna S.A...... 0.3 543,874 Finance – Credit Card 7,000 Power Assets Holdings, Ltd...... — 63,848 1,900 Discover Financial Services...... 0.1 109,478 29,000 PPL Corp...... 0. 6 854,630 Finance – Investment Bankers/Brokers 11,300 Public Service Enterprise Group, Inc...... 0.3 443,864 1,700 Charles Schwab Corp...... — 55,505 1,500 SCANA Corp...... — 75,975 5,821 ICAP PLC ...... — 48,422 16,100 Shikoku Electric Power Co., Inc...... 0.1 241,165 1,228 Korea Investment Holdings Co., Ltd...... — 70,143 71,600 Southern Co...... 1.8 3,000,040 1,300 Raymond James Financial, Inc...... 0.1 77,454 65,802 SSE PLC ...... 0.9 1,587,839 0.1 251,524 25,200 Tohoku Electric Power Co., Inc...... 0.2 341,437 12,100 Tokyo Electric Power Co., Inc...... — 65,953 Finance – Mortgage Loan Banker 8,556 WEC Energy Group, Inc ...... 0. 3 384,763 4,600 FNF Group ...... 0.1 170,154

*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. 140 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Finance – Other Services Hazardous Waste Disposal 6,200 CME Group, Inc...... 0. 4 576,972 2,000 Stericycle, Inc...... 0.2 267,820 5,500 Intercontinental Exchange ...... 0.7 1,229,855 Health Care Products 1,200 NASDAQ OMX Group, Inc...... — 58,572 500 Hospira, Inc...... — 44,355 20,500 Singapore Exchange, Ltd...... 0.1 119,209 Home Furnishings 1. 2 1,984,608 1,200 Leggett & Platt, Inc...... 0.1 58,416 Food – Baking 164,000 Sharp Corp...... 0.1 199,690 864 Aryzta A.G...... — 42,613 0. 2 258,106 Food – Confectionery Human Resources 14,400 Hershey Co...... 0.8 1,279,152 6,195 Capita PLC ...... 0.1 120,486 1,700 J.M. Smucker Co...... 0.1 184,297 Import and Export 13 Lindt & Spruengli A.G...... 0.3 526,971 3,900 ITOCHU Corp...... 0.1 51,535 316,000 Want Want China Holdings, Ltd...... 0.2 334,293 7,500 Marubeni Corp...... — 43,044 1.4 2,324,713 0.1 94,579 Food – Meat Products Industrial Gases 6,000 NH Foods, Ltd...... 0.1 136,994 1,100 Airgas, Inc...... 0.1 116,358 Food – Miscellaneous/Diversifi ed 1,800 Praxair, Inc...... 0.1 215,190 200 Barry Callebaut A.G...... 0. 2 227,881 0.2 331,548 3,900 Campbell Soup Co...... 0.1 185,835 Insurance 475 CJ CheilJedang Corp...... 0.1 187,836 3,300 MS&AD Insurance Group Holdings, 11,100 ConAgra Foods, Inc...... 0.3 485,292 Inc...... 0.1 102,827 28,400 General Mills, Inc...... 0.9 1,582,448 2,689 NN Group N.V...... — 75,580 600 George Weston, Ltd...... — 47,138 2,087 Powszechny Zaklad Ubezpieczen S.A...... 0.1 240,246 98,600 Indofood Sukses Makmur Tbk PT ...... — 48,635 3,949 Qatar Insurance Co SAQ ...... 0.1 104,663 7,700 Kellogg Co...... 0.3 482,790 6,852 QBE Insurance Group, Ltd...... — 72,255 6,800 McCormick & Co., Inc...... 0.3 550,460 7,600 Renaissancere Holdings, Ltd...... 0.5 771,476 52,000 Uni-President Enterprises Corp...... 0.1 92,196 292,000 Shin Kong Financial Holding Co., Ltd...... 0.1 89,156 119,400 Wilmar International, Ltd...... 0.2 290,852 866 Swiss Life Holding A.G...... 0.1 198,364 2. 5 4,181,363 4,900 Willis Group Holdings PLC ...... 0.1 229,810 Food – Retail 1.1 1,884,377 5,000 Empire Co., Ltd...... 0.2 352,218 Insurance Brokers 1,376 ICA Gruppen A.B...... — 48,841 1,000 Aon PLC ...... 0.1 99,680 1,000 Kroger Co...... — 72,510 2,900 Whole Foods Market, Inc...... 0.1 114,376 Internet Content – Entertainment 38,255 WM. Morrison Supermarkets PLC ...... 0.1 108,658 2,701 NCSoft Corp...... 0.3 480,764 7,700 Safeway, Inc.* ...... — 376 600 Twitter, Inc...... — 21,732 0.4 696,979 0.3 502,496 Forestry Internet Content – Information/News 1,500 West Fraser Timber Co., Ltd...... — 82,435 7,500 Kakaku.com, Inc...... 0.1 108,605 300 LinkedIn Corp...... — 61,989 Food – Wholesale/Distribution 8,900 M3, Inc...... 0.1 179,062 2,200 Sysco Corp...... 0.1 79,420 0.2 349,656 Gambling – Non-Hotel Internet Infrastructure Software 141,000 Genting Singapore PLC ...... 0.1 93,721 2,000 F5 Networks, Inc...... 0. 2 240,700 5,916 William Hill PLC ...... — 37,464 0.1 131,185 Internet Security 14,100 Trend Micro, Inc...... 0.3 482,790 Gas – Distribution 85,000 Beijing Enterprises Holdings, Ltd...... 0.4 639,862 Investment Companies 23,252 Centrica PLC ...... 0.1 96,363 1,878 Investment A.B. Kinnevik ...... 0.1 59,407 110,000 China Gas Holdings, Ltd...... 0.1 176,255 586 Pargesa Holding S.A...... — 39,434 61,000 Osaka Gas Co., Ltd...... 0.1 240,919 0.1 98,841 23,000 Toho Gas Co., Ltd...... 0.1 136,267 Investment Management and Advisory Services 0.8 1,289,666 369 Partners Group Holding A.G...... 0.1 110,341 Gold Mining Life and Health Insurance 23,414 AngloGold Ashanti, Ltd...... 0.1 211,200 1,776 Samsung Life Insurance Co., Ltd...... 0.1 171,198 4,600 Barrick Gold Corp...... — 49,175 900 Torchmark Corp...... — 52,398 21,000 Eldorado Gold Corp...... 0.1 87,108 0.1 223,596 1,700 Franco-Nevada Corp...... — 81,093 Lottery Services 14,669 Gold Fields, Ltd...... — 47,014 83,097 Tatts Group, Ltd...... 0.1 238,456 6,900 Goldcorp, Inc...... 0.1 111,998 Machine Tools and Related Products 14,046 Newcrest Mining, Ltd...... 0.1 141,073 205,500 Techtronic Industries Co., Ltd...... 0.4 673,399 43,300 Newmont Mining Corp...... 0.6 1,011,488 6,272 Randgold Resources, Ltd...... 0.3 422,214 Machinery – Electrical 9,100 Yamana Gold, Inc...... — 27,399 1,379 Schindler Holding A.G...... 0.1 225,284 1.3 2,189,762

*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 141 INTECH Global All Country Low Volatility Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Machinery – Farm Non-Hazardous Waste Disposal 12,200 AGCO Corp...... 0. 5 692,716 12,700 Republic Services, Inc...... 0.3 497,459 16,200 Deere & Co...... 0.9 1,572,210 1,200 Waste Management, Inc...... — 55,620 1. 4 2,264,926 0.3 553,079 Machinery – General Industrial Offi ce Automation and Equipment 800 ANDRITZ A.G...... — 44,276 17,200 Seiko Epson Corp...... 0.2 305,150 6,407 MAN S.E...... 0.4 659,839 Offi ce Supplies and Forms 3,000 Sumitomo Heavy Industries, Ltd...... — 17,504 2,600 Avery Dennison Corp...... 0.1 158,444 0.4 721,619 Oil – Field Services Machinery – Pumps 3,800 Core Laboratories N.V...... 0.3 433,352 4,980 Weir Group PLC ...... 0.1 132,766 1,600 Oceaneering International, Inc...... — 74,544 Media 6,422 Saipem SpA ...... — 67,828 200 Charter Communications, Inc ...... — 34,250 0.3 575,724 4,200 Discovery Communications, Inc...... 0.1 133,588 Oil and Gas Drilling 758 RTL Group S.A...... — 68,491 8,100 Diamond Offshore Drilling, Inc...... 0.1 209,061 2,300 Twenty-First Century Fox, Inc...... — 74,106 1,700 Helmerich & Payne, Inc...... 0.1 119,714 0.1 310,435 0.2 328,775 Medical – Biomedical and Genetic Oil Companies – Exploration and Production 100 Biogen Idec, Inc...... — 40,394 8,500 Antero Resources Finance Corp...... 0.2 291,890 Medical – Drugs 7,900 ARC Resources, Ltd...... 0.1 135,378 10,300 Chugai Pharmaceutical Co., Ltd...... 0.2 355,622 19,800 Cabot Oil & Gas Corp...... 0.4 624,492 17,300 Daiichi Sankyo Co., Ltd...... 0.2 320,072 9,100 Cobalt International Energy, Inc...... 0.1 88,361 10,600 Eisai Co., Ltd...... 0.4 711,691 1,600 Energen Corp...... 0.1 109,280 10,000 Johnson & Johnson ...... 0.6 974,600 3,000 EQT Corp...... 0.1 244,020 15,900 Mitsubishi Tanabe Pharma Corp...... 0.1 238,429 10,001 GS Holdings Corp...... 0.3 446,153 3,402 Novo Nordisk A/S – Class B ...... 0.1 185,384 16,000 Peyto Exploration & Development 21,900 Otsuka Holdings Co., Ltd...... 0.4 698,592 Corp...... 0.2 391,160 1,300 Pfi zer, Inc...... — 43,589 10,400 Range Resources Corp...... 0.3 513,552 4,100 Quintiles Transnational Holdings, Inc...... 0.2 297,701 900 Tourmaline Oil Corp...... — 27,040 17,165 Richter Gedeon Nyrt ...... 0.2 258,003 1.8 2,871,326 23,500 Santen Pharmaceutical Co., Ltd...... 0.2 332,806 Oil Field Machinery and Equipment 3,300 Takeda Pharmaceutical Co., Ltd...... 0.1 159,404 900 FMC Technologies, Inc...... — 37,341 2.7 4,575,893 Oil Refi ning and Marketing Medical – HMO 2,550 Caltex Australia, Ltd...... 0.1 62,651 5,300 Humana, Inc...... 0.6 1,013,784 42,100 JX Holdings, Inc...... 0.1 181,721 Medical – Hospitals 3,550 SK Holdings Co., Ltd...... 0.4 630,290 10,300 HCA Holdings, Inc...... 0.6 934,416 510 SK Innovation Co., Ltd...... — 55,793 Medical Instruments 6,863 S-Oil Corp...... 0.2 416,014 1,900 Sysmex Corp...... 0.1 113,345 16,000 TonenGeneral Sekiyu KK ...... 0.1 148,925 0. 9 1,495,394 Medical Labs and Testing Services 700 Miraca Holdings, Inc...... — 35,009 Paper and Related Products 36,500 Klabin S.A...... 0.1 223,355 Medical Products 800 Varian Medical Systems, Inc...... — 67,464 Petrochemicals 1,188 LG Chem, Ltd...... 0.2 296,680 Metal – Copper 8,388 Antofagasta PLC ...... 0.1 90,859 Pharmaceuticals 10,600 Alfresa Holdings Corp...... 0.1 165,103 Metal – Iron 3,812 Celltrion, Inc...... 0.2 266,621 59,170 Fortescue Metals Group, Ltd...... 0.1 87,180 2,900 Taisho Pharmaceutical Holdings Co., Metal Processors and Fabrication Ltd...... 0.1 195,988 200 Precision Castparts Corp...... — 39,974 0.4 627,712 Mining Pharmacy Services 35,000 Mitsubishi Materials Corp...... 0.1 134,428 2,300 Express Scripts Holding Co...... 0.1 204,562 Mining Services 13,400 Omnicare, Inc...... 0.8 1,262,950 8,696 Orica, Ltd...... 0.1 142,748 0.9 1,467,512 Multi-Industry Photo Equipment and Supplies 20,800 Southwestern Energy Co...... 0.3 472,784 39,000 Nikon Corp...... 0.3 451,287 Multi-Line Insurance Pipelines 800 Allstate Corp...... — 51,896 18,818 APA Group ...... 0.1 119,614 10,892 Delta Lloyd N.V...... 0.1 178,781 Property and Casualty Insurance 0.1 230,677 39,519 Admiral Group PLC ...... 0.5 861,110 Multimedia 200 Alleghany Corp...... 0.1 93,752 2,600 Twenty-First Century Fox, Inc...... 0.1 84,617 8,500 Arch Capital Group, Ltd...... 0.3 569,160 400 Walt Disney Co...... — 45,656 2,400 Chubb Corp...... 0.1 228,336 0.1 130,273

The accompanying notes are an integral part of the fi nancial statements. 142 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 11,282 Dongbu Insurance Co., Ltd...... 0.3 571,586 157,900 Annaly Capital Management, Inc...... 0.9 1,451,101 200 Fairfax Financial Holdings, Ltd...... 0.1 98,636 1.2 1,925,047 15,700 Intact Financial Corp...... 0.6 1,091,130 REIT – Offi ce Property 975 Samsung Fire & Marine Insurance 23,000 American Realty Capital Properties, Co., Ltd...... 0.2 257,039 Inc...... 0.1 186,990 700 Travelers Cos., Inc...... — 67,662 600 Boston Properties, Inc...... — 72,624 1,700 WR Berkley Corp...... 0.1 88,281 149 Japan Prime Realty Investment Corp...... 0.3 463,304 2.3 3,926,692 87 Japan Real Estate Investment Corp...... 0.2 395,293 Publishing – Newspapers 92 Nippon Building Fund, Inc...... 0.2 402,975 198,000 Singapore Press Holdings, Ltd...... 0.4 599,955 2,000 SL Green Realty Corp ...... 0.1 219,780 Publishing – Periodicals 0.9 1,740,966 667 Axel Springer S.E...... — 35,012 REIT – Regional Malls 3,200 Nielsen Holdings N.V...... 0.1 143,264 2,200 Macerich Co...... 0.1 164,120 0.1 178,276 REIT – Shopping Centres Real Estate 85,000 CapitaMall Trust ...... 0.1 135,722 6,600 Henderson Land Development 3,500 Federal Realty Investment Trust ...... 0.3 448,315 Co., Ltd...... — 45,171 519 Japan Retail Fund Investment Corp...... 0.6 1,038,679 42,500 Kerry Properties, Ltd...... 0.1 166,682 1.0 1,622,716 1,400 Seibu Holdings, Inc...... — 32,446 REIT – Storage 62,400 Swire Properties, Ltd...... 0.1 199,245 500 Public Storage ...... 0.1 92,185 13,000 Wheelock & Co., Ltd...... 0.1 66,415 REIT – Warehouse and Industrial 0. 3 509,959 264 Nippon Prologis REIT, Inc...... 0.3 486,276 Real Estate Management/Services REITS – Single Tenant 18,269 Lend Lease Group ...... 0.1 211,813 11,900 Realty Income Corp...... 0.3 528,241 10,840 Swiss Prime Site A.G...... 0.5 822,829 0.6 1,034,642 Rental – Auto/Equipment 3,957 Ashtead Group PLC ...... — 68,319 Real Estate Operating/Development 12,000 China Overseas Land & Investment, Resorts and Theme Parks Ltd...... — 42,341 6,500 Oriental Land Co., Ltd...... 0.2 415,114 65,600 Global Logistic Properties, Ltd...... 0.1 123,259 Retail – Apparel and Shoe 39,000 Hysan Development Co., Ltd...... 0.1 169,056 6,000 Coach, Inc...... 0.1 207,660 19,000 UOL Group, Ltd...... 0.1 97,646 334 Hugo Boss A.G...... — 37,324 0.3 432,302 6,000 L Brands, Inc...... 0.3 514,380 Recreational Vehicles 5,802 Next PLC ...... 0.4 679,063 800 Polaris Industries, Inc...... 0.1 118,488 3,200 Ross Stores, Inc...... 0.1 155,552 800 Shimamura Co., Ltd...... 0.1 84,073 Reinsurance 1.0 1,678,052 15,300 Axis Capital Holdings, Ltd...... 0.5 816,561 900 Berkshire Hathaway, Inc. – Class B ...... 0.1 122,499 Retail – Auto Parts 3,600 Everest Re Group, Ltd...... 0.4 655,236 3,000 Advance Auto Parts, Inc...... 0.3 477,870 7,100 PartnerRe, Ltd...... 0.5 912,350 2,900 AutoZone, Inc...... 1.2 1,934,010 1.5 2,506,646 2,000 O'Reilly Automotive, Inc...... 0.3 451,960 1.8 2,863,840 REIT – Apartments 1,200 AvalonBay Communities, Inc...... 0.1 191,844 Retail – Automobile 1,200 Camden Property Trust ...... 0.1 89,136 16,600 USS Co., Ltd...... 0.2 299,796 2,900 Equity Residential...... 0.1 203,493 Retail – Building Products 200 Essex Property Trust, Inc...... — 42,500 29,475 Kingfi sher PLC ...... 0.1 160,818 5,700 UDR, Inc...... 0.1 182,571 6,226 Travis Perkins PLC ...... 0.1 206,380 0.4 709,544 0.2 367,198 REIT – Diversifi ed Retail – Consumer Electronics 35,000 CapitaCommercial Trust ...... — 40,550 1,600 Best Buy Co., Inc...... — 52,176 4,000 Liberty Property Trust...... 0.1 128,880 14,284 Dixons Carphone PLC ...... 0.1 101,766 4,300 Plum Creek Timber Co., Inc...... 0.1 174,451 21,300 Yamada Denki Co., Ltd...... 0.1 85,291 49,900 Suntec Real Estate Investment Trust ...... 0.1 63,927 0.2 239,233 400 United Urban Investment Corp...... 0.3 565,825 Retail – Convenience Store 900 Vornado Realty Trust ...... 0.1 85,437 13,700 CP ALL PCL ...... — 18,765 2,300 Weyerhaeuser Co...... — 72,450 5,400 FamilyMart Co., Ltd...... 0.1 248,443 0. 7 1,131,520 8,800 Lawson, Inc...... 0.4 602,632 REIT – Health Care 7,700 Safewa y Casa* ...... — 7,815 14,500 HCP, Inc...... 0.3 528,815 0.5 877,655 4,800 Health Care REIT, Inc...... 0.2 315,024 Retail – Discount 10,400 Ventas, Inc...... 0.4 645,736 500 Costco Wholesale Corp...... — 67,530 0.9 1,489,575 2,500 Dollar Tree, Inc...... 0.1 197,475 REIT – Mortgage 5,600 Dollarama, Inc...... 0.2 339,462 25,800 American Capital Agency Corp...... 0.3 473,946 3,800 Don Quijote Holdings Co., Ltd...... 0.1 161,788

*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 143 INTECH Global All Country Low Volatility Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 2,403 E-Mart Co., Ltd...... 0.3 497,752 Semiconductor Components/Integrated Circuits 12,800 Family Dollar Stores ...... 0.6 1,008,768 700 QUALCOMM, Inc...... — 43,841 23,200 Wal-Mart Stores, Inc...... 1.0 1,645,576 Semiconductor Equipment 2.3 3,918,351 13,500 ASM Pacifi c Technology, Ltd...... 0.1 133,759 Retail – Home Furnishings Semiconductors 8,900 Nitori Holdings Co., Ltd...... 0.4 725,848 8,000 Novatek Microelectronics Corp...... — 38,636 Retail – Hypermarkets Shipbuilding 291,000 Sun Art Retail Group, Ltd...... 0.2 262,045 1,806 Hyundai Heavy Industries Co., Ltd...... 0.1 179,758 Retail – Jewellery 11,625 Samsung Heavy Industries Co., Ltd...... 0.1 177,732 811 Pandora A/S ...... 0.1 87,151 0.2 357,490 Retail – Major Department Stores Silver Mining 500 Hyundai Department Store Co., Ltd...... — 65,907 40,268 Fresnillo PLC ...... 0.3 439,032 3,200 Nordstrom, Inc...... 0.1 238,400 Soap and Cleaning Preparations 5,900 TJX Cos., Inc...... 0.2 390,403 3,300 Church & Dwight Co., Inc...... 0.2 267,729 0.3 694,710 333 Reckitt Benckiser Group PLC ...... — 28,710 Retail – Miscellaneous 0.2 296,439 1,000 Dick's Sporting Goods, Inc...... — 51,770 Software 5,800 Dollar General Corp...... 0.3 450,892 1,000 Electronic Arts, Inc ...... — 66,500 1,800 Foot Locker, Inc ...... 0.1 120,618 11,400 Nuance Communications, Inc...... 0.1 199,614 13,000 Hotai Motor Co., Ltd...... 0.1 184,138 0.1 266,114 3,200 Jean Coutu Group PJC, Inc...... — 59,449 Steel – Producers 900 lululemon athletica, Inc ...... — 58,770 2,014 Hyundai Steel Co ...... 0.1 122,263 1,400 PVH Corp...... 0.1 161,280 1,100 Nucor Corp...... — 48,477 19,400 Raia Drogasil S.A...... 0.1 250,224 196 POSCO ...... — 39,369 10,516 Sports Direct International PLC ...... 0.1 118,701 6,068 Severstal PAO ...... — 64,199 1,020 Swatch Group A.G...... — 114,653 1,804 ThyssenKrupp A.G...... — 46,925 12,600 Wal-Mart de Mexico S.A.B. de C.V...... — 30,780 0.1 321,233 0.8 1,601,275 Steel – Specialty Retail – Miscellaneous and Diversifi ed 3,000 Hitachi Metals, Ltd...... — 46,114 16,000 China Resources Enterprise, Ltd...... — 51,604 Super – Regional Banks Retail – Offi ce Supplies 600 Wells Fargo & Co...... — 33,744 74,600 Staples, Inc...... 0.7 1,142,126 Telecommunication Equipment Retail – Perfume and Cosmetics 8,142 NICE Systems, Ltd...... 0.3 518,089 6,500 Ulta Salon Cosmetics & Fragrance, Inc...... 0.6 1,003,925 Telecommunication Services 510,000 Chunghwa Telecom Co., Ltd...... 1.0 1,626,614 Retail – Regional Department Stores 284,600 DiGi.Com Bhd ...... 0.2 404,523 4,000 Kohl's Corp...... 0.1 250,440 365,000 HKT Trust & HKT, Ltd...... 0.3 429,452 1,399 Lotte Shopping Co., Ltd...... 0.2 294,176 49,000 Singapore Telecommunications, Ltd...... 0.1 153,205 0.3 544,616 104,493 Spark New Zealand, Ltd...... 0.1 197,840 Retail – Restaurants 1.7 2,811,634 21,500 McDonald's Corp...... 1.2 2,044,005 Telecommunications 1,200 Starbucks Corp...... — 64,338 725 Altice S.A...... 0.1 99,848 1.2 2,108,343 2,200 Level 3 Communications, Inc ...... 0.1 115,874 Retirement / Aged Care 7,085 Ooredoo QSC ...... 0.1 169,293 41,210 Ryman Healthcare, Ltd...... 0.1 221,092 10,986 Turkcell Iletisim Hizmetleri A/S ...... — 50,635 Rubber – Tires 0.3 435,650 175,000 Cheng Shin Rubber Industry Co., Ltd...... 0.2 387,416 Telephone – Integrated 2,686 Hankook Tire Co., Ltd...... 0.1 101,159 13,500 AT&T, Inc...... 0.3 479,520 3,550 Pirelli & C. SpA ...... — 59,912 1,548 Belgacom S.A...... — 54,648 0.3 548,487 335,574 Bezeq The Israeli Telecommunication Satellite Telecommunications Corp., Ltd...... 0.3 572,086 1,363 Eutelsat Communications S.A...... — 43,985 7,751 BT Group PLC ...... — 54,820 15,616 Inmarsat PLC ...... 0.1 224,597 10,800 Nippon Telegraph & Telephone Corp...... 0.2 391,287 0.1 268,582 3,645 Philippine Long Distance Telephone Savings/Loans/Thrifts – Eastern U.S. Co ...... 0.1 227,208 15,500 New York Community Bancorp, Inc...... 0.2 284,890 2,122 Swisscom A.G...... 0.7 1,189,610 14,800 People's United Financial, Inc...... 0.1 239,908 24,150 Tele Danmark A/S ...... 0.1 177,115 0.3 524,798 7,200 Verizon Communications, Inc...... 0.2 335,592 1.9 3,481,886 Schools 13,500 Benesse Holdings, Inc...... 0.2 338,686 Textile – Home Furnishings 400 Mohawk Industries, Inc ...... — 76,360 Security Services 220,201 G4S PLC...... 0.6 929,183 Tobacco 13,200 Altria Group, Inc...... 0.4 645,612 17,000 British American Tobacco Malaysia Bhd ...... 0.2 279,502 The accompanying notes are an integral part of the fi nancial statements. 144 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 1,363 Imperial Tobacco Group PLC ...... — 65,673 Preferred Stock 8,003 KT&G Corp...... 0.4 681,030 Automotive – Cars and Light Trucks 6,400 Philip Morris International, Inc...... 0.3 513,088 447 Bayerische Motoren Werke A.G., 11,034 Reynolds American, Inc...... 0.5 823,798 3.91% ...... — 37,833 1.8 3,008,703 Electric – Integrated Toys 24,500 Cia Energetica de Minas Gerais, . . . . . 0.1 92,932 21,700 Bandai Namco Holdings, Inc...... 0.2 419,920 4.83% ...... 11,300 Hasbro, Inc...... 0.5 845,127 Preferred Stock Total ...... 0.1 130,765 10,500 Mattel, Inc...... 0.2 269,745 0.9 1,534,792 Total Investments at last traded prices ...... 9 8. 6 165,611,534 Tools – Hand Held 700 Snap-on, Inc...... 0.1 111,475 Adjustments from last traded to bid market prices ...... (0.1) (179,633) 1,900 Stanley Black & Decker, Inc...... 0.1 199,956 Total Investments ...... 9 8. 5 165,431,901 0.2 311,431 Transportation Total Financial Assets at fair value through profi t or loss 165,431,901 1,500 Expeditors International of Washington, Inc...... — 69,158 3,000 Hankyu Hanshin Holdings, Inc...... — 17,725 600 JB Hunt Transport Services, Inc...... — 49,254 29,000 Mitsui OSK Lines, Ltd...... 0.1 92,899 12,000 MTR Corp Ltd...... — 55,888 7,236 TNT Express N.V...... — 61,374 3,900 United Parcel Service, Inc...... 0.2 377,949 0.3 724,247 Transportation – Railroad 6,487 Groupe Eurotunnel S.A...... 0.1 93,931 Transportation – Services 124,500 ComfortDelGro Corp., Ltd...... 0.2 289,406

Transportation – Truck 105 Hyundai Glovis Co., Ltd...... — 19,019 5,800 Yamato Holdings Co., Ltd...... 0.1 112,308 0.1 131,327 Travel Services 12,102 TUI A.G...... 0.1 195,826 Warehousing and Harbour Transportation Services 30,000 COSCO Pacifi c, Ltd...... — 40,716 Water 800 American Water Works Co., Inc...... — 38,90 3 Water Treatment Systems 2,605 Coway Co., Ltd...... 0.1 213,502 3,600 Kurita Water Industries, Ltd...... — 83,962 0.1 297,464 Web Portals/Internet Service Providers 29 NAVER Corp...... — 16,487 124,900 Yahoo Japan Corp...... 0.3 504,214 0.3 520,701 Wireless Equipment 93,000 HTC Corp...... 0.1 217,036 3,200 Motorola Solutions, Inc...... 0.1 183,488 0.2 400,524

Total Common Stock...... 9 8. 5 165,480,769

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 145 INTECH Global Dividend Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 100 LyondellBasell Industries N.V. – Common Stock Class A ...... 0.5 10,352 1. 5 31,313 Aerospace and Defence 1,825 BAE Systems PLC ...... 0.6 12,936 Chemicals – Specialty 100 Lockheed Martin Corp...... 0.9 18,590 3 Givaudan S.A...... 0.3 5,193 1.5 31,526 Commercial Banks – Non U.S. Aerospace and Defence – Equipment 1,200 Bank of East Asia, Ltd...... 0.3 5,248 624 Cobham PLC ...... 0.1 2,578 100 Bank of Nova Scotia ...... 0.2 5,163 536 Bendigo and Adelaide Bank, Ltd...... 0.2 5,069 Agricultural Chemicals 6,500 BOC Hong Kong Holdings, Ltd...... 1.3 27,086 1,591 Incitec Pivot, Ltd...... 0.2 4,725 100 Canadian Imperial Bank of 100 Potash Corp of Saskatchewan, Inc...... 0.1 3,097 Commerce ...... 0.4 7,376 15 Syngenta A.G...... 0.3 6,098 900 DBS Group Holdings, Ltd...... 0.7 13,829 94 Yara International A.S.A...... 0.2 4,899 300 Hang Seng Bank, Ltd...... 0.3 5,864 0.8 18,819 1,000 Oversea-Chinese Banking Corp, Ltd...... 0.4 7,560 Airport Development and Maintenance 300 United Overseas Bank, Ltd...... 0.2 5,140 1,780 Auckland International Airport, Ltd...... 0.3 5,950 4.0 82,335 Appliances Commercial Services 215 Electrolux A.B...... 0.3 6,741 133 Edenred ...... 0.2 3,286 Athletic Footwear 1 SGS S.A...... 0.1 1,825 1,500 Yue Yuen Industrial Holdings, Ltd...... 0.2 5,022 0.3 5,111 Automotive – Cars and Light Trucks Commercial Services – Finance 200 Daihatsu Motor Co., Ltd...... 0. 2 2,849 200 H&R Block, Inc...... 0.3 5,930 143 Daimler A.G...... 0.6 13,014 200 Western Union Co...... 0.2 4,066 200 General Motors Co...... 0.3 6,666 0.5 9,996 1. 1 22,529 Computers – Memory Devices Beverages – Non-Alcoholic 200 Seagate Technology PLC ...... 0.5 9,500 300 Coca-Cola Co...... 0.6 11,769 Consumer Products – Miscellaneous Building – Heavy Construction 100 Clorox Co...... 0. 6 10,402 1,000 Cheung Kong Infrastructure Holdings, 108 Husqvarna A.B...... — 814 Ltd...... 0.4 7,766 0. 6 11,216 176 Skanska A.B...... 0.2 3,569 Containers – Metal and Glass 50 Vinci S.A...... 0.1 2,892 578 Rexam PLC ...... 0.2 5,012 0.7 14,227 Containers – Paper and Plastic Building – Residential and Commercial 410 Amcor, Ltd...... 0.2 4,339 437 Persimmon PLC ...... 0.7 13,559 Cosmetics and Toiletries 300 Sekisui House, Ltd...... 0.2 4,766 200 Procter & Gamble Co...... 0.8 15,648 0.9 18,325 90 Unilever N.V...... 0.2 3,748 Building and Construction – Miscellaneous 1.0 19,396 396 Bouygues S.A...... 0.7 14,803 Data Processing and Management 70 Koninklijke Boskalis 400 Paychex, Inc...... 0.9 18,752 Westminister N.V...... 0.2 3,425 Distribution/Wholesale 0.9 18,228 4,000 Li and Fung, Ltd...... 0.2 3,174 Building and Construction Products – Miscellaneous 228 Rexel S.A...... 0.2 3,675 84 CIE de St-Gobain ...... 0.2 3,771 0.4 6,849 594 Fletcher Building, Ltd...... 0.2 3,267 Diversifi ed Financial Services 0.4 7,038 850 Investec PLC ...... 0.4 7,638 Cable/Satellite TV 411 Platinum Asset Management, Ltd...... 0.1 2,372 221 British Sky Broadcasting Group PLC ...... 0.2 3,600 0.5 10,010 200 Cablevision Systems Corp...... 0.2 4,788 Diversifi ed Manufacturing Operations 200 Shaw Communications, Inc...... 0.2 4,356 22 Siemens A.G...... 0.1 2,216 0.6 12,744 203 Smiths Group PLC ...... 0.2 3,601 Casino Hotels 78 Wartsila Oyj Abp ...... 0.2 3,654 100 Las Vegas Sands Corp...... 0.3 5,257 0.5 9,471 Cellular Telecommunications Diversifi ed Minerals 36 Millicom International Cellular S.A...... 0.1 2,657 194 Anglo American PLC ...... 0.1 2,799 300 NTT DOCOMO, Inc...... 0.3 5,747 111 BHP Billiton PLC ...... 0.1 2,316 100 Rogers Communications, Inc...... 0.2 3,547 149 BHP Billiton, Ltd...... 0.1 2,924 1,349 Vodafone Group PLC ...... 0.2 4,871 200 Teck Resources, Ltd...... 0.1 1,983 0.8 16,822 0.4 10,022 Chemicals – Diversifi ed Diversifi ed Operations 100 Agrium, Inc...... 0.5 10,600 247 Industrivarden A.B...... 0.2 4,656 30 BASF S.E...... 0.1 2,636 1,000 Keppel Corp., Ltd...... 0.3 6,105 100 Dow Chemical Co...... 0.3 5,117 2,000 NWS Holdings, Ltd...... 0.1 2,895 45 Koninklijke DSM N.V...... 0.1 2,608

The accompanying notes are an integral part of the fi nancial statements. 146 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 1,000 Swire Pacifi c, Ltd...... 0.6 12,572 Food – Miscellaneous/Diversifi ed 1,000 Wharf Holdings, Ltd...... 0.3 6,657 100 Campbell Soup Co...... 0.2 4,765 1.5 32,885 100 General Mills, Inc...... 0.3 5,572 Diversifi ed Operations – Commercial Services 100 Kraft Foods Group, Inc...... 0.4 8,514 346 Brambles, Ltd...... 0.1 2,829 43 Nestle S.A...... 0.2 3,105 783 Orkla A.S.A...... 0.3 6,165 Electric – Distribution 351 Tate & Lyle PLC ...... 0.1 2,865 100 Ameren Corp...... 0.2 3,768 101 Unilever PLC ...... 0.2 4,332 Electric – Integrated 1.7 35,318 100 Alliant Energy Corp...... 0.3 5,772 Food – Retail 100 American Electric Power Co., Inc...... 0.3 5,297 63 Casino Guichard Perrachon S.A...... 0.2 4,772 500 CLP Holdings, Ltd...... 0.2 4,251 55 ICA Gruppen A.B...... 0.1 1,952 200 CMS Energy Corp...... 0.3 6,368 1,058 J. Sainsbury PLC ...... 0.2 4,410 100 Consolidated Edison, Inc...... 0.3 5,788 718 Koninklijke Ahold N.V...... 0.6 13,446 1,385 Contact Energy, Ltd...... 0.2 4,700 114 Wesfarmers, Ltd...... 0.2 3,432 100 DTE Energy Co...... 0.4 7,464 151 Woolworths, Ltd...... 0.2 3,140 100 Duke Energy Corp...... 0.3 7,062 1.5 31,152 2,054 EDP - Energias de Portugal S.A...... 0.4 7,796 200 Entergy Corp...... 0.7 14,100 Food – Wholesale/Distribution 300 Eversource Energy ...... 0.7 13,623 100 Sysco Corp...... 0.2 3,610 100 Fortis, Inc...... 0.1 2,809 Gambling – Non-Hotel 577 Fortum Oyj ...... 0.5 10,252 776 William Hill PLC ...... 0.2 4,914 100 MDU Resources Group, Inc...... 0.1 1,953 Gas – Distribution 100 NextEra Energy, Inc...... 0.5 9,803 100 Canadian Utilities, Ltd...... 0.1 2,880 100 OGE Energy Corp...... 0.1 2,857 100 CenterPoint Energy, Inc...... 0.1 1,903 200 Pepco Holdings, Inc...... 0.3 5,388 1,037 Centrica PLC ...... 0.2 4,298 200 PG&E Corp...... 0.5 9,820 417 Enagas S.A...... 0.5 11,340 100 Pinnacle West Capital Corp...... 0.3 5,689 371 Gas Natural SDG S.A...... 0.4 8,412 500 Power Assets Holdings, Ltd...... 0.2 4,561 200 Keyera Corp...... 0.3 6,678 200 PPL Corp...... 0.3 5,894 1,038 National Grid PLC ...... 0. 7 13,326 100 Public Service Enterprise Group, Inc...... 0.2 3,928 100 Sempra Energy ...... 0.5 9,894 200 SCANA Corp...... 0.5 10,130 2. 8 58,731 100 Southern Co...... 0.2 4,190 Gas – Transportation 221 SSE PLC ...... 0.3 5,333 1,148 SNAM Rete Gas SpA...... 0.3 5,462 213 WEC Energy Group, Inc ...... 0.5 9,579 200 Xcel Energy, Inc...... 0.3 6,436 Home Furnishings 9.0 180,843 200 Leggett & Platt, Inc...... 0.5 9,736 Electric – Transmission Human Resources 67 Red Electrica Corp S.A...... 0.3 5,368 159 Adecco S.A...... 0.6 12,911 1,886 Terna Rete Elettrica Nazionale SpA ...... 0.4 8,334 Import and Export 0.7 13,702 400 ITOCHU Corp...... 0.3 5,286 Electrical Components – Equipment 1,000 Marubeni Corp...... 0.3 5,739 100 Emerson Electric Co...... 0.3 5,543 400 Mitsui & Co., Ltd...... 0.3 5,434 300 Sumitomo Corp...... 0.2 3,491 Electronic Components – Miscellaneous 1.1 19,950 200 Garmin, Ltd...... 0.4 8,786 Insurance Electronic Components – Semiconductors 2,756 Direct Line Insurance Group PLC ...... 0.7 14,536 1,000 Intel Corp...... 1.5 30,415 697 Standard Life PLC...... 0.2 4,862 100 Microchip Technology, Inc...... 0.2 4,743 270 Tryg A/S ...... 0.3 5,629 1.7 35,158 1.2 25,027 Electronics – Miscellaneous Investment Management and Advisory Services 86 Koninklijke Philips N.V...... 0.1 2,188 717 Aberdeen Asset Management PLC ...... 0.2 4,551 Engineering – Research and Development Services 100 CI Financial Corp...... 0.1 2,691 1,000 Sembcorp Industries, Ltd...... 0.1 2,889 188 Hargreaves Lansdown PLC ...... 0.2 3,405 2,000 Singapore Technologies Engineering, 100 IGM Financial, Inc...... 0.2 3,185 Ltd...... 0.2 4,902 3,992 Old Mutual PLC ...... 0.6 12,637 0.3 7,791 1.3 26,469 Engineering and Construction Life and Health Insurance 629 WorleyParsons, Ltd...... 0.2 5,051 200 Great-West Lifeco, Inc...... 0.3 5,823 Enterprise Software/Services 6,778 Legal & General Group PLC ...... 1.3 26,503 500 CA, Inc...... 0.7 14,645 100 Power Corp. of Canada ...... 0.1 2,558 Finance – Investment Bankers/Brokers 100 Power Financial Corp...... 0.1 2,872 1,250 ICAP PLC ...... 0.5 10,398 1.8 37,756 Finance – Other Services Lottery Services 149 ASX, Ltd...... 0.2 4,586 1,868 Tatts Group, Ltd...... 0.3 5,360 180 Deutsche Boerse A.G...... 0.7 14,898 1,000 Singapore Exchange, Ltd...... 0.3 5,815 1.2 25,299 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 147 INTECH Global Dividend Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Machine Tools and Related Products Oil and Gas Drilling 335 Sandvik A.B...... 0.2 3,706 100 Helmerich & Payne, Inc...... 0.3 7,042 Machinery – Construction and Mining Oil Companies – Exploration and Production 594 Atlas Copco A.B...... 0.7 14,804 200 ARC Resources, Ltd...... 0.2 3,427 Machinery – General Industrial 300 ConocoPhillips ...... 0.9 18,423 74 Kone OYJ ...... 0.1 3,003 100 Occidental Petroleum Corp...... 0.4 7,777 254 Metso Oyj ...... 0.3 6,976 100 Vermilion Energy, Inc...... 0.2 4,320 0.4 9,979 447 Woodside Petroleum, Ltd...... 0.6 11,803 2.3 45,750 Medical – Drugs 400 AbbVie, Inc...... 1.3 26,876 Oil Companies – Integrated 329 AstraZeneca PLC ...... 1.0 20,773 200 Cenovus Energy, Inc...... 0.2 3,198 800 Daiichi Sankyo Co., Ltd...... 0.7 14,801 400 Exxon Mobil Corp...... 1.6 33,280 400 Eli Lilly & Co...... 1.6 33,396 100 Husky Energy, Inc...... 0.1 1,913 222 GlaxoSmithKline PLC ...... 0.2 4,612 100 Murphy Oil Corp...... 0.2 4,157 100 Merck & Co., Inc...... 0.3 5,693 110 OMV A.G...... 0.1 3,026 39 Novartis A.G...... 0.2 3,845 160 Repsol S.A...... 0.1 2,809 169 Orion Oyj ...... 0.3 5,912 160 Repsol S.A. - Rights ...... — 83 200 Pfi zer, Inc...... 0.3 6,706 164 Royal Dutch Shell PLC – Class A ...... 0.2 4,603 13 Roche Holding A.G...... 0.2 3,644 139 Royal Dutch Shell PLC – Class B ...... 0.2 3,946 41 Sanofi ...... 0.2 4,033 432 Statoil ASA ...... 0.4 7,723 400 Takeda Pharmaceutical Co., Ltd...... 0.9 19,322 100 Suncor Energy, Inc...... 0.1 2,755 7.2 149,613 90 Total S.A...... 0.2 4,371 3.4 71,864 Medical Products 100 Baxter International, Inc...... 0. 4 6,993 Oil Field Machinery and Equipment 81 Cochlear, Ltd...... 0.2 5,008 100 National Oilwell Varco, Inc...... 0.2 4,828 0. 6 12,001 Paper and Related Products Metal – Diversifi ed 329 UPM-Kymmene OYJ ...... 0.3 5,820 86 Rio Tinto PLC ...... 0.2 3,532 Pipelines 124 Rio Tinto, Ltd...... 0.2 5,141 200 Spectra Energy Corp...... 0.3 6,520 0.4 8,673 300 TransCanada Corp...... 0.6 12,194 Metal Processors and Fabrication 0.9 18,714 590 SKF A.B. – Class B ...... 0.7 13,465 Property and Casualty Insurance Mining Services 325 Admiral Group PLC ...... 0.3 7,082 250 Orica, Ltd...... 0.2 4,104 652 Gjensidige Forsikring A.S.A ...... 0.5 10,516 2,386 Insurance Australia, Ltd...... 0.5 10,270 Miscellaneous Manufacturing 1.3 27,868 128 IMI PLC ...... 0.1 2,262 607 Melrose Industries PLC...... 0.1 2,360 Publishing – Books 17 Sulzer A.G...... 0.1 1,749 147 Reed Elsevier N.V...... 0.2 3,486 0.3 6,371 Publishing – Newspapers MRI/Medical Diagnostic Imaging 1,500 Singapore Press Holdings, Ltd...... 0.2 4,545 221 Sonic Healthcare, Ltd...... 0.2 3,643 Publishing – Periodicals Multi-Line Insurance 105 Axel Springer S.E...... 0.3 5,512 26 Allianz S.E...... 0.2 4,049 125 Wolters Kluwer N.V...... 0.2 3,713 216 AXA S.A...... 0.3 5,449 0.5 9,225 100 Cincinnati Financial Corp...... 0.2 5,018 Real Estate Management/Services 421 CNP Assurances ...... 0.3 7,030 100 Daito Trust Construction Co., Ltd...... 0.5 10,362 1,043 Mapfre S.A...... 0.2 3,589 391 Lend Lease Group ...... 0.2 4,533 92 Sampo ...... 0.2 4,333 38 Swiss Prime Site A.G...... 0.1 2,884 22 Zurich Insurance Group A.G...... 0.3 6,699 0.8 17,779 1.7 36,167 Real Estate Operating/Development Multimedia 1,000 Hang Lung Properties, Ltd...... 0.1 2,974 803 Pearson PLC ...... 0.7 15,201 1,000 Hysan Development Co., Ltd...... 0.2 4,335 Networking Products 4,000 Sino Land Co., Ltd...... 0.3 6,688 100 Cisco Systems, Inc...... 0.1 2,746 1,000 Sun Hung Kai Properties, Ltd...... 0.8 16,204 1.4 30,201 Non-Hazardous Waste Disposal 100 Waste Management, Inc...... 0.2 4,635 Reinsurance 53 Hannover Rueckversicherung S.E...... 0.2 5,127 Offi ce Automation and Equipment 21 Muenchener Rueckversicherungs A.G...... 0.2 3,722 100 Canon, Inc...... 0.2 3,254 171 SCOR S.E...... 0.3 6,032 Oil – Field Services 55 Swiss Re A.G...... 0.2 4,869 361 AMEC PLC ...... 0.2 4,636 0.9 19,750 204 Petrofac, Ltd...... 0.1 2,966 Retail – Apparel and Shoe 35 Technip S.A...... 0.1 2,166 300 Coach, Inc...... 0.5 10,383 0.4 9,768 100 Hennes & Mauritz A.B...... 0.2 3,852 31 Hugo Boss A.G...... 0.2 3,464 0.9 17,699 The accompanying notes are an integral part of the fi nancial statements. 148 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Retail – Building Products Toys 872 Kingfi sher PLC ...... 0.2 4,758 200 Hasbro, Inc...... 0.7 14,958 Retail – Computer Equpment 100 Mattel, Inc...... 0.1 2,569 100 GameStop Corp. – Class A ...... 0.2 4,296 0.8 17,527 Retail – Convenience Store Transportation – Services 100 Lawson, Inc...... 0.3 6,848 2,000 ComfortDelGro Corp., Ltd...... 0.2 4,649 37 Kuehne + Nagel International A.G...... 0.2 4,912 Retail – Major Department Stores 0.4 9,561 597 Marks & Spencer Group PLC ...... 0.2 5,027 Travel Services Retail – Offi ce Supplies 118 Flight Centre Travel Group, Ltd...... 0.2 3,105 1,100 Staples, Inc...... 0.8 16,841 Water Rubber – Tires 205 Suez Environnement Co...... 0.2 3,813 39 Cie Generale des Etablissements Michelin ...... 0.2 4,086 Wireless Equipment 164 Nokian Renkaat OYJ ...... 0.2 5,139 209 Telefonaktiebolaget L.M. Ericsson ...... 0.1 2,167 0.4 9,225 Total Common Stock...... 9 6. 1 1,987,723 Satellite Telecommunications 113 Eutelsat Communications S.A...... 0.2 3,647 Total Investments at last traded prices ...... 96. 1 1,987,723 737 Inmarsat PLC ...... 0.5 10,600 118 SES S.A...... 0.2 3,964 Adjustments from last traded to bid market prices ...... — (949) 0.9 18,211 Total Investments ...... 96.0 1,986,774 Schools 100 Benesse Holdings, Inc...... 0.1 2,509 Security Services 1,088 G4S PLC...... 0.2 4,591 393 Securitas A.B. – Class B ...... 0.3 5,199 0.5 9,790 Semiconductors 200 Maxim Integrated Products...... 0.3 6,915 Shipbuilding 1,000 Sembcorp Marine, Ltd...... 0.1 2,109 6,000 Yangzijiang Shipbuilding Holdings, Ltd...... 0.3 6,305 0.4 8,414 Soap and Cleaning Preparations 41 Reckitt Benckiser Group PLC ...... 0.2 3,535 Steel – Producers 100 Nucor Corp...... 0.2 4,407 Telecommunication Services 143 BCE, Inc...... 0.3 6,076 4,000 HKT Trust & HKT, Ltd...... 0.2 4,706 12,000 PCCW, Ltd...... 0.3 7,168 2,000 Singapore Telecommunications, Ltd...... 0.3 6,253 2,000 StarHub, Ltd...... 0.3 5,867 240 Telenor A.S.A...... 0.3 5,261 1.7 35,331 Telephone – Integrated 100 AT&T, Inc...... 0.2 3,552 427 Elisa Oyj ...... 0.7 13,532 7 Swisscom A.G...... 0.2 3,924 451 TELE DANMARK A/S ...... 0.2 3,308 1,001 TeliaSonera A.B...... 0.3 5,897 1,171 Telstra Corp...... 0.3 5,546 1.9 35,759 Television 2,015 ITV PLC ...... 0.4 8,335 260 ProSiebenSat.1 Media A.G...... 0.6 12,839 1.0 21,174 Tobacco 1,000 Altria Group, Inc...... 2.4 48,910 214 British American Tobacco PLC ...... 0.6 11,481 107 Imperial Tobacco Group PLC ...... 0.2 5,156 100 Philip Morris International, Inc...... 0.4 8,017 504 Reynolds American, Inc...... 1.8 37,629 114 Swedish Match A.B...... 0.2 3,244 5.6 114,437 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 149 INTECH Global Dividend Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank USD 6 EUR 5 6 31-Jul-15 — USD 174 EUR 155 173 31-Jul-15 1 USD 5 EUR 5 5 31-Jul-15 — USD 169 EUR 151 168 31-Jul-15 1 USD 89 EUR 79 88 31-Jul-15 1 USD 6 EUR 5 6 31-Jul-15 — USD 6 EUR 5 6 31-Jul-15 — USD 274 EUR 245 273 31-Jul-15 1 USD 19 EUR 17 19 31-Jul-15 — USD 524 EUR 469 523 31-Jul-15 1 USD 18 EUR 17 18 31-Jul-15 — USD 533 EUR 476 532 31-Jul-15 1 USD 17 EUR 15 17 31-Jul-15 — USD 49 EUR 44 49 31-Jul-15 — USD 94 EUR 84 94 31-Jul-15 — USD 3 EUR 3 3 31-Jul-15 — USD 3 EUR 3 3 31-Jul-15 — USD 3 EUR 3 3 31-Jul-15 — USD 97 EUR 86 97 31-Jul-15 — USD 3 EUR 3 3 31-Jul-15 — USD 8 EUR 7 8 31-Jul-15 — USD 8 EUR 7 8 31-Jul-15 — USD 7 EUR 6 7 31-Jul-15 — USD 1,612 EUR 1,444 1,610 31-Jul-15 2 USD 1,587 EUR 1,422 1,585 31-Jul-15 2 USD 57 EUR 51 57 31-Jul-15 — USD 56 EUR 50 56 31-Jul-15 — USD 57 EUR 51 57 31-Jul-15 — USD 830 EUR 744 829 31-Jul-15 1 USD 50 EUR 45 50 31-Jul-15 — Total 11 Total Financial Assets at fair value through profi t or loss 1,986,785

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 72,617 USD 81,448 81,915 31-Jul-15 (467) EUR 2,277 USD 2,554 2,569 31-Jul-15 (15) EUR 2,518 USD 2,825 2,841 31-Jul-15 (16) EUR 2,601 USD 2,918 2,935 31-Jul-15 (17) EUR 37,534 USD 42,098 42,340 31-Jul-15 (242) EUR 71,773 USD 80,501 80,963 31-Jul-15 (462) EUR 2,602 USD 2,918 2,935 31-Jul-15 (17) USD 225 EUR 203 226 31-Jul-15 (1) USD 115 EUR 104 116 31-Jul-15 (1) USD 221 EUR 199 222 31-Jul-15 (1) Total (1,239) Total Financial Liabilities at fair value through profi t or loss (1,239)

The accompanying notes are an integral part of the fi nancial statements. 150 Janus Capital Funds Plc / 30 June 2015 INTECH US Core Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Chemicals – Specialty Common Stock 1,900 Ecolab, Inc...... 0.1 214,833 2,100 International Flavors & Advertising Agencies Fragrances, Inc...... 0.1 229,509 2,000 Omnicom Group, Inc...... 0.1 138,980 0.2 444,342 Advertising Services Commercial Banks – Eastern U.S. 10,800 Interpublic Group of Cos, Inc...... 0.1 208,116 1,600 M&T Bank Corp...... 0.1 199,888 Aerospace and Defence Commercial Services – Finance 4,700 General Dynamics Corp ...... 0.4 665,943 8,500 Automatic Data Processing, Inc...... 0.4 681,955 22,900 Lockheed Martin Corp...... 2.6 4,257,110 2,800 Equifax, Inc...... 0.2 271,852 5,600 Northrop Grumman Corp...... 0.5 888,328 7,900 McGraw Hill Financial, Inc...... 0.5 793,555 19,500 Raytheon Co...... 1.1 1,865,760 2,200 Moody’s Corp...... 0.1 237,512 5,400 Rockwell Collins, Inc...... 0.3 498,690 1,500 Total System Services, Inc...... — 62,655 4.9 8,175,831 13,500 Western Union Co...... 0.2 274,455 Agricultural Operations 1.4 2,321,984 5,400 Archer-Daniels-Midland Co ...... 0.2 260,388 Computer Services Airlines 2,500 Cognizant Technology Solutions Corp...... 0.1 152,725 2,600 American Airlines Group, Inc ...... 0.1 103,831 Computers 87,900 Southwest Airlines Co...... 1.8 2,908,611 7,100 Apple, Inc...... 0.5 890,518 1.9 3,012,442 1,400 Netapp, Inc...... — 44,184 Apparel 0.5 934,702 3,900 Hanesbrands, Inc ...... 0.1 129,948 Computers – Memory Devices Apparel Manufacturers 5,800 Seagate Technology PLC ...... 0.2 275,500 1,500 Ralph Lauren Corp...... 0.1 198,540 10,000 Western Digital Corp...... 0.5 784,200 6,200 Under Armour, Inc. – Class A ...... 0.3 517,328 0.7 1,059,700 31,100 VF Corp...... 1.3 2,168,914 Consumer Products – Miscellaneous 1.7 2,884,782 1,100 Clorox Co...... 0.1 114,422 Applications Software Containers – Metal and Glass 9,300 Intuit, Inc...... 0.6 937,161 4,500 Ball Corp...... 0.2 315,675 7,000 Red Hat, Inc...... 0.3 531,510 0.9 1,468,671 Containers – Paper and Plastic 17,000 Sealed Air Corp...... 0.5 873,460 Automotive – Cars and Light Trucks 7,500 Ford Motor Co...... 0.1 112,575 Cosmetics and Toiletries 800 Estee Lauder Cos, Inc. – Class A ...... — 69,328 Automotive – Truck Parts and Equipment – Original 2,200 BorgWarner, Inc...... 0.1 125,048 Cruise Lines 2,300 Delphi Automotive PLC ...... 0.1 195,707 7,500 Carnival Corp...... 0.2 370,425 700 Johnson Controls, Inc...... — 34,671 7,900 Royal Caribbean Cruises, Ltd...... 0.4 621,651 0.2 355,426 0.6 992,076 Banks Data Processing and Management 6,700 Huntington Bancshares, Inc...... — 75,777 1,800 Dun & Bradstreet Corp...... 0.1 219,600 17,500 Fidelity National Information Beverages – Non-Alcoholic Services, Inc...... 0.7 1,081,500 22,200 Dr. Pepper Snapple Group, Inc...... 1.0 1,618,380 6,800 Paychex, Inc...... 0.2 318,784 3,700 Monster Beverage Corp ...... 0.3 495,874 1.0 1,619,884 1,800 PepsiCo, Inc...... 0.1 168,012 1.4 2,282,266 Dental Supplies and Equipment 7,200 Patterson Cos, Inc...... 0.2 350,280 Beverages – Wine and Spirits 5,200 Constellation Brands, Inc. – Dialysis Centres Class A ...... 0.4 603,304 3,300 DaVita, Inc...... 0.2 262,251 Building Products – Cement and Aggregate Distribution/Wholesale 300 Martin Marietta Materials, Inc...... — 42,453 9,800 Genuine Parts Co ...... 0.5 877,394 18,000 Vulcan Materials Co...... 0.9 1,510,740 Diversifi ed Banking Institutions 0.9 1,553,193 5,400 Goldman Sachs Group, Inc...... 0.7 1,127,466 Building Products – Wood 34,100 Morgan Stanley...... 0.8 1,322,739 5,700 Masco Corp...... 0.1 152,019 1.5 2,450,205 Cable/Satellite TV Diversifi ed Financial Services 500 Time Warner Cable, Inc...... 0.1 89,085 400 Affi liated Managers Group, Inc...... 0.1 87,440 Chemicals – Diversifi ed Electric – Distribution 2,500 LyondellBasell Industries N.V. – 26,400 Ameren Corp...... 0.6 994,752 Class A ...... 0.2 258,800 Electric – Integrated 3,600 Sherwin-Williams Co ...... 0.6 990,072 3,800 CMS Energy Corp...... 0.1 120,992 0.8 1,248,872 1,600 Edison International ...... 0.1 88,928 14,600 Entergy Corp...... 0.6 1,029,300

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 151 INTECH US Core Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 8,400 Eversource Energy ...... 0.2 381,444 Home Furnishings 1,700 Exelon Corp...... — 53,414 13,300 Leggett & Platt, Inc...... 0.4 647,444 3,100 FirstEnergy Corp...... 0.1 100,905 5,200 Whirlpool Corp ...... 0.5 899,860 13,400 Pinnacle West Capital Corp...... 0.5 762,326 0.9 1,547,304 1,692 WEC Energy Group, Inc ...... — 76,089 Hotels and Motels 1.6 2,613,398 25,600 Marriott International, Inc. – Class A ...... 1.1 1,904,384 Electronic Components – Miscellaneous 9,600 Wyndham Worldwide Corp...... 0.5 786,336 700 TE Connectivity, Ltd. (U.S. Shares) ...... — 45,010 1.6 2,690,720 Electronic Components – Semiconductors Human Resources 16,100 Avago Technologies, Ltd...... 1.3 2,140,173 3,200 Robert Half International, Inc...... 0.1 177,600 28,800 Broadcom Corp. – Class A ...... 0.9 1,482,912 Industrial Gases 5,300 NVIDIA Corp...... 0.1 106,583 2,600 Air Products and Chemeicals, Inc...... 0.2 355,758 2.3 3,729,668 Insurance Electronic Connectors 1,400 ACE, Ltd...... 0.1 142,352 21,000 Amphenol Corp. – Class A ...... 0.7 1,217,370 3,500 Afl ac, Inc...... 0.1 217,700 Electronics – Miscellaneous 20,600 Hartford Financial Services 6,600 Allegion PLC...... 0.2 396,924 Group, Inc...... 0.5 856,342 4,100 PerkinElmer, Inc...... 0.1 215,824 4,500 Lincoln National Corp...... 0.2 266,490 0.3 612,748 300 Principal Financial Group, Inc...... — 15,387 Energy – Alternate Sources 0.9 1,498,271 1,800 First Solar, Inc...... 0.1 84,564 Insurance Brokers Enterprise Software/Services 2,900 Aon PLC ...... 0.2 289,072 13,800 CA, Inc...... 0.2 404,202 15,500 Marsh & McLennan Cos., Inc...... 0.5 878,850 0.7 1,167,922 Fiduciary Banks 7,800 Northern Trust Corp...... 0.4 596,388 Internet Content – Entertainment 3,300 State Street Corp...... 0.2 254,100 31,900 Facebook, Inc...... 1.6 2,735,904 0.6 850,488 Internet Infrastructure Software Finance – Consumer Loans 5,800 F5 Networks, Inc...... 0.4 698,030 45,700 Navient Corp...... 0.5 832,197 Internet Security Finance – Credit Card 24,700 Symantec Corp...... 0.3 574,275 25,800 Discover Financial Services...... 0.9 1,486,596 4,000 VeriSign, Inc...... 0.1 246,880 0.4 821,155 Finance – Investment Bankers/Brokers 19,300 E*TRADE Financial Corp...... 0.3 578,035 Investment Management and Advisory Services 500 BlackRock, Inc...... 0.1 172,990 Finance – Other Services 30,800 CME Group, Inc...... 1.7 2,866,248 Linen Supply and Related Materials 11,200 NASDAQ OMX Group, Inc...... 0.3 546,672 10,700 Cintas Corp...... 0.5 905,113 2.0 3,412,920 Machinery – General Industrial Food – Confectionery 300 Roper Industries, Inc...... — 51,738 1,300 Hershey Co...... 0.1 115,479 Media 400 J.M. Smucker Co...... — 43,364 3,950 Gannett Co., Inc ...... — 55,261 0.1 158,843 7,900 TEGNA, Inc ...... 0.2 253,353 Food – Meat Products 0.2 308,614 2,200 Hormel Foods Corp...... 0.1 124,014 Medical – Biomedical and Genetic Food – Miscellaneous/Diversifi ed 4,700 Amgen, Inc...... 0.4 721,544 23,800 ConAgra Foods, Inc...... 0.6 1,040,536 5,300 Celgene Corp...... 0.4 613,396 500 Gilead Sciences, Inc...... — 58,540 Food – Retail 2,000 Regeneron Pharmaceuticals, Inc...... 0.6 1,020,260 39,400 Kroger Co...... 1.7 2,856,894 1,100 Vertex Pharmaceuticals, Inc...... 0.1 135,828 Gas – Distribution 1.5 2,549,568 10,300 NiSource, Inc...... 0.3 469,577 Medical – Drugs 5,000 Sempra Energy ...... 0.3 494,700 6,500 Eli Lilly & Co...... 0.3 542,685 0.6 964,277 11,800 Endo International PLC ...... 0.6 939,870 Hazardous Waste Disposal 46,400 Zoetis, Inc...... 1.3 2,237,408 1,400 Stericycle, Inc...... 0.1 187,474 2.2 3,719,963 Health Care Products Medical – Generic Drugs 3,100 Hospira, Inc...... 0.2 275,001 8,316 Allergan PLC ...... 1.5 2,523,573 Home Builders Medical – HMO 20,700 D.R. Horton, Inc...... 0.3 566,352 7,583 Aetna, Inc...... 0.6 966,529 6,100 Lennar Corp...... 0.2 311,344 25,000 Anthem, Inc...... 2.5 4,103,500 12,600 PulteGroup, Inc...... 0.2 253,890 5,100 Cigna Corp...... 0.5 826,200 0.7 1,131,586 2,200 Humana, Inc...... 0.3 420,816 Home Decoration Products 9,300 UnitedHealth Group, Inc...... 0.7 1,134,600 32,300 Newell Rubbermaid, Inc...... 0.8 1,327,853 4.6 7,451,645

The accompanying notes are an integral part of the fi nancial statements. 152 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Medical – Hospitals Real Estate Management/Services 3,800 Universal Health Services, Inc...... 0.3 539,980 8,600 CBRE Group, Inc. – Class A ...... 0.2 318,200 Medical – Wholesale Drug Distributors Reinsurance 26,600 AmerisourceBergen Corp...... 1.7 2,828,644 1,700 Berkshire Hathaway, Inc. – Class B ...... 0.1 231,387 25,300 Cardinal Health, Inc...... 1.3 2,116,345 REIT – Apartments 3,000 McKesson Corp...... 0.4 674,430 4,300 AvalonBay Communities, Inc...... 0.4 687,441 3.4 5,619,419 15,900 Equity Residential...... 0.7 1,115,703 Medical Information Systems 1,200 Essex Property Trust, Inc...... 0.2 255,000 14,200 Cerner Corp...... 0.6 980,652 1.3 2,058,144 Medical Instruments REIT – Diversifi ed 26,800 Boston Scientifi c Corp...... 0.3 474,360 1,500 Plum Creek Timber Co., Inc...... — 60,855 7,700 Edwards Lifesciences Corp...... 0.7 1,096,711 700 Vornado Realty Trust ...... — 66,451 1,900 Intuitive Surgical, Inc...... 0.6 920,550 — 127,306 1.6 2,491,621 REIT – Health Care Medical Labs and Testing Services 600 Health Care REIT, Inc...... — 39,378 3,800 Laboratory Corp. of America REIT – Offi ce Property Holdings ...... 0.3 460,636 2,900 Boston Properties, Inc...... 0.2 351,016 9,400 Quest Diagnostics, Inc...... 0.4 681,688 600 SL Green Realty Corp ...... — 65,934 0.7 1,142,324 0.2 416,950 Medical Products REIT – Regional Malls 3,400 Stryker Corp...... 0.2 324,938 5,200 General Growth Properties, Inc ...... 0.1 133,432 Miscellaneous Manufacturing 4,100 Macerich Co...... 0.2 305,860 300 Illinois Tool Works, Inc ...... — 27,537 0.3 439,292 10,800 Pall Corp...... 0.8 1,344,060 REIT – Storage 5,800 Textron, Inc...... 0.2 258,854 22,300 Iron Mountain, Inc...... 0.4 691,300 1.0 1,630,451 Retail – Apparel and Shoe Multi-Line Insurance 11,800 Coach, Inc...... 0.2 408,398 15,200 Allstate Corp...... 0.6 986,024 33,900 L Brands, Inc...... 1.8 2,906,247 1,200 Cincinnati Financial Corp...... — 60,216 37,600 Ross Stores, Inc...... 1.1 1,827,736 3,800 XL Group PLC ...... 0.1 141,360 3.1 5,142,381 0.7 1,187,600 Retail – Auto Parts Multimedia 300 AutoZone, Inc...... 0.1 200,070 2,600 Time Warner, Inc...... 0.1 227,266 4,200 O’Reilly Automotive, Inc...... 0.6 949,116 4,200 Walt Disney Co...... 0.3 479,388 0.7 1,149,186 0.4 706,654 Retail – Building Products Non-Hazardous Waste Disposal 29,600 Home Depot, Inc...... 2.0 3,289,448 27,400 Republic Services, Inc...... 0.6 1,073,258 47,000 Lowe’s Cos., Inc...... 1.9 3,147,590 28,400 Waste Management, Inc...... 0.8 1,316,340 3.9 6,437,038 1.4 2,389,598 Retail – Consumer Electronics Offi ce Automation and Equipment 35,900 Best Buy Co., Inc...... 0.7 1,170,699 9,700 Xerox Corp...... 0.1 103,208 Retail – Discount Offi ce Supplies and Forms 3,700 Costco Wholesale Corp...... 0.3 499,722 1,600 Avery Dennison Corp...... 0.1 97,504 21,400 Dollar Tree, Inc...... 1.0 1,690,386 Oil – Field Services 22,700 Target Corp...... 1.1 1,853,001 1,400 Baker Hughes, Inc...... 0.1 86,380 2.4 4,043,109 Oil Companies – Exploration and Production Retail – Gardening Products 4,700 Cimarex Energy Co...... 0.3 518,457 3,000 Tractor Supply Co...... 0.2 269,820 7,700 Newfi eld Exploration Co...... 0.2 278,124 Retail – Major Department Stores 1,000 Pioneer Natural Resources Co...... 0.1 138,690 6,000 Nordstrom, Inc...... 0.3 447,000 0.6 935,271 2,000 TJX Cos., Inc...... 0.1 132,340 Oil Refi ning and Marketing 0.4 579,340 5,800 Marathon Petroleum Corp ...... 0.2 303,398 Retail – Miscellaneous 7,300 Tesoro Corp ...... 0.4 616,193 3,800 AutoNation, Inc...... 0.1 239,324 8,700 Valero Energy Corp...... 0.3 544,620 4,500 Bed Bath & Beyond, Inc...... 0.2 310,410 0.9 1,464,211 11,600 CarMax, Inc...... 0.5 768,036 Pharmaceuticals 35,200 CVS Caremark Corp...... 2.2 3,691,776 12,500 Mallinckrodt PLC ...... 0.9 1,471,500 13,800 Darden Restaurants, Inc ...... 0.6 980,904 Pipelines 3,400 Dollar General Corp...... 0.2 264,316 100 Williams Cos., Inc...... — 5,739 1,400 Walgreens Boots Alliance, Inc...... 0.1 118,216 3.9 6,372,982 Property and Casualty Insurance 2,000 Chubb Corp...... 0.1 190,280 Retail – Offi ce Supplies 7,300 Travelers Cos., Inc...... 0.4 705,618 77,300 Staples, Inc...... 0.7 1,183,463 0.5 895,898

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 153 INTECH US Core Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Retail – Regional Department Stores 17,500 Kohl’s Corp...... 0.7 1,095,675 Citibank USD 4,434 EUR 3,953 4,408 31-Jul-15 26 Retail – Restaurants USD 13,610 EUR 12,134 13,532 31-Jul-15 78 700 Chipotle Mexican Grill, Inc...... 0.3 423,493 USD 1 EUR 1 1 31-Jul-15 — Rubber – Tires USD 39,247 EUR 35,146 39,194 31-Jul-15 53 6,400 Goodyear Tire & Rubber Co...... 0.1 192,960 USD 98,321 EUR 87,921 98,047 31-Jul-15 274 Security Services USD 29 EUR 26 29 31-Jul-15 — 15,100 ADT Corp...... 0.3 506,907 USD 313,079 EUR 279,965 312,209 31-Jul-15 870 USD 18,238 EUR 16,281 18,156 31-Jul-15 82 Semiconductor Components/Integrated Circuits USD 2,918 EUR 2,603 2,903 31-Jul-15 15 800 Analog Devices, Inc...... — 51,348 USD 8,848 EUR 7,893 8,802 31-Jul-15 46 Semiconductor Equipment USD 10 EUR 9 10 31-Jul-15 — 7,400 KLA-Tencor Corp...... 0.3 415,954 USD 694,160 EUR 621,757 693,362 31-Jul-15 798 9,000 Lam Research Corp...... 0.4 732,150 USD 217,544 EUR 194,853 217,294 31-Jul-15 250 0.7 1,148,104 USD 65 EUR 58 65 31-Jul-15 — Semiconductors 15,900 Skyworks Solutions, Inc ...... 1.1 1,655,190 Total 2,492 Software Total Financial Assets at fair value through profi t or loss 165,315,004 4,100 Akamai Technologies, Inc ...... 0.2 286,262 27,400 Electronic Arts, Inc ...... 1.1 1,822,100 14,900 Fiserv, Inc ...... 0.7 1,234,167 2.0 3,342,529 Financial Liabilities at fair value through profi t or loss Super – Regional Banks Forward Currency Contracts, Open as at 30 June 2015 1,300 Capital One Financial Corp...... 0.1 114,361 Current Unrealised 12,972 Wells Fargo & Co...... 0.4 729,545 Currency Currency Market Settle (Depreciation) 0.5 843,906 Purchased Sold Value (USD) Date (USD) Telecommunication Equipment 3,100 Juniper Networks, Inc...... — 80,507 Citibank EUR 2,759 USD 3,095 3,114 31-Jul-15 (19) Telecommunications EUR 9,264,825 USD 10,391,446 10,451,074 31-Jul-15 (59,628) 31,700 Frontier Communications Corp ...... 0.1 156,915 EUR 29,432,408 USD 33,011,447 33,200,874 31-Jul-15 (189,427) 10,400 Level 3 Communications, Inc ...... 0.3 547,768 EUR 9,117 USD 10,181 10,195 31-Jul-15 (14) 0.4 704,683 EUR 33,076 USD 37,051 37,217 31-Jul-15 (166) Telephone – Integrated EUR 19,930 USD 22,332 22,439 31-Jul-15 (107) 41,100 CenturyLink, Inc...... 0.7 1,207,518 EUR 49,800 USD 55,802 56,069 31-Jul-15 (267) Television USD 31,518 EUR 28,394 31,664 31-Jul-15 (146) 3,400 CBS Corp...... 0.1 188,700 USD 100,306 EUR 90,365 100,772 31-Jul-15 (466) Textile – Home Furnishings EUR 19,388 USD 21,668 21,715 31-Jul-15 (47) 1,900 Mohawk Industries, Inc ...... 0.2 362,710 EUR 60,686 USD 67,822 67,969 31-Jul-15 (147) EUR 25,895 USD 29,125 29,373 31-Jul-15 (248) Tobacco EUR 21,610 USD 24,306 24,513 31-Jul-15 (207) 45,900 Altria Group, Inc...... 1.4 2,244,969 7,112 Reynolds American, Inc...... 0.3 530,982 Total (250,889) 1.7 2,775,951 Total Financial Liabilities at fair value through profi t or loss (250,889) Toys 2,100 Hasbro, Inc...... 0.1 157,059 Transportation 3,200 FedEx Corp ...... 0.3 545,280 Transportation – Railroad 32,800 CSX Corp...... 0.6 1,070,920 8,200 Kansas City Southern ...... 0.5 747,840 17,700 Norfolk Southern Corp...... 0.9 1,546,272 16,700 Union Pacifi c Corp...... 1.0 1,592,679 3.0 4,957,711 Transportation – Services 14,400 CH Robinson Worldwide, Inc...... 0.5 898,416 Web Portals/Internet Service Providers 31,000 Yahoo!, Inc...... 0.8 1,217,990 Wireless Equipment 900 Crown Castle International Corp...... — 72,270

Total Common Stock...... 99.7 165,353,555 Total Investments at last traded prices ...... 99.7 165,353,555 Adjustments from last traded to bid market prices ...... — (41,043) Total Investments ...... 99.7 165,312,512 The accompanying notes are an integral part of the fi nancial statements. 154 Janus Capital Funds Plc / 30 June 2015 Janus Global Diversified Alternatives Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Financial Assets at fair value through profi t or loss Citibank Futures USD 399 EUR 357 398 31-Jul-15 1 3 US 10 Year Note Future 21/9/15...... — 2,201 USD 127 SEK 1,044 126 31-Jul-15 1 USD 175 EUR 156 175 31-Jul-15 — Total Futures ...... — 2,201 USD 219 EUR 196 218 31-Jul-15 1 Government Obligations USD 102 SEK 842 101 31-Jul-15 1 USD 116 GBP 74 116 31-Jul-15 — Norwegian Notes/Bonds USD 125 EUR 112 125 31-Jul-15 — 200,000 0.0000%, due 28/8/15 ...... 8. 6 199,990 USD 989 EUR 882 984 31-Jul-15 5 U.S. Treasury Notes/Bonds USD 424 SEK 3,497 422 31-Jul-15 2 500,000 0.0000%, due 10/9/15 ...... 21. 4 500,020 USD 435 EUR 388 433 31-Jul-15 2 500,000 0.0000%, due 27/8/15 ...... 21.3 500,008 USD 516 CHF 481 516 31-Jul-15 — 500,000 0.0000%, due 24/9/15 ...... 21.3 500,000 USD 440 EUR 392 438 31-Jul-15 2 6 4. 0 1,500,028 USD 737 EUR 657 733 31-Jul-15 4 USD 426 SEK 3,515 424 31-Jul-15 2 Total Government Obligations...... 72.6 1,700,018 USD 514 CHF 479 514 31-Jul-15 — USD 508 GBP 322 508 31-Jul-15 — Total Investments at last traded prices ...... 72.6 1,702,219 USD 467 EUR 418 466 31-Jul-15 1 Adjustments from last traded to bid market prices ...... — (18) USD 215 EUR 193 215 31-Jul-15 — USD 232 CHF 215 231 31-Jul-15 1 Total Investments ...... 72.6 1,702,201 USD 198 SEK 1,632 197 31-Jul-15 1 USD 193 EUR 173 193 31-Jul-15 — USD 188 SEK 1,547 187 31-Jul-15 1 USD 328 EUR 294 328 31-Jul-15 — USD 219 CHF 204 218 31-Jul-15 1 USD 228 GBP 145 228 31-Jul-15 — Credit Suisse AUD 29,000 USD 22,366 22,365 2-Jul-15 1 USD 10,719 CHF 10,000 10,699 2-Jul-15 20 USD 19,069 EUR 17,000 18,950 2-Jul-15 119 GBP 9,000 USD 14,135 14,131 2-Jul-15 4 NOK 90,000 USD 11,464 11,444 2-Jul-15 20 USD 2,428 SEK 20,000 2,414 2-Jul-15 14 Total 204

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 155 Janus Global Diversified Alternatives Fund

PORTFOLIO INVESTMENTS

Total Return Swaps Outstanding at 30 June 2015 Forward Currency Contracts, Open as at 30 June 2015 Return Return Unrealised Current Unrealised Notional Paid Received Termination Appreciation Currency Currency Market Settle Appreciation Counterparty Amount by the Fund by the Fund Date (USD) Purchased Sold Value (USD) Date (USD) Citibank 1-month USD BNP Paribas CHF 147,891 USD 159,006 159,584 31-Jul-15 (578) LIBOR plus Commodity EUR 232,219 USD 260,457 261,952 31-Jul-15 (1,495) BNP Paribas 4,563 30 basis points Swap Future 31-Dec-50 4,435 EUR 204,328 USD 229,175 230,490 31-Jul-15 (1,315) 1-month USD MSCI Daily EUR 122,057 USD 136,899 137,685 31-Jul-15 (786) Goldman LIBOR plus Trust Gross CHF 146,085 USD 157,064 157,635 31-Jul-15 (571) Sachs & Co (45) 40 basis points World Future 31-Dec-50 6,912 EUR 118,973 USD 133,440 134,206 31-Jul-15 (766) GBP 101,503 USD 160,063 160,701 31-Jul-15 (638) MSCI The SEK 1,067,427 USD 129,990 131,064 31-Jul-15 (1,074) 1-month USD World Index SEK 1,080,608 USD 131,596 132,683 31-Jul-15 (1,087) Goldman LIBOR plus Large Cap EUR 39,975 USD 44,639 44,699 31-Jul-15 (60) Sachs & Co (587) 10 basis points Future 31-Dec-50 18,373 USD 207 CHF 194 208 31-Jul-15 (1) 1-month USD S&P 500 Pure USD 180 CHF 169 181 31-Jul-15 (1) Goldman LIBOR plus Growth Trust Credit Suisse Sachs & Co (52) 5 basis points Future 31-Dec-50 10,319 CAD 3,000 USD 2,422 2,442 2-Jul-15 (20) Total 40,039 USD 55,745 JPY 6,900,000 56,388 2-Jul-15 (643) NZD 39,000 USD 26,869 27,323 2-Jul-15 (454) Total Financial Assets at fair value through profi t or loss 1,742,444 Total (9,489) Total Financial Liabilities at fair value through profi t or loss (63,698) Financial Liabilities at fair value through profi t or loss Percentage of Net Fair Share or Principal Amount Assets (%) Value (USD) Futures 2 S&P 500 Emini Index Future 18/9/15 ...... — (5,847) 3 Euro-Bund Option Future 1/8/15 ...... — (3,095) 3 Dollar Index 14/9/15 ...... — (356) Total ...... — (9,297)

Total Return Swaps Outstanding at 30 June 2015 Return Return Unrealised Notional Paid Received Termination Appreciation Counterparty Amount by the Fund by the Fund Date (USD)

1-month USD Barclays U.S. Barclays LIBOR plus Interest Rate Capital 2,175 20 basis points Swap Future 31-Dec-50 (7,517) 1-month USD BNP Paribas LIBOR plus Commodity BNP Paribas 1,126 30 basis points Swap Future 31-Dec-50 (6,776) 1-month USD BNP Paribas LIBOR plus Commodity BNP Paribas 1,541 30 basis points Swap Future 31-Dec-50 (2,832) MSCI Daily 1-month USD Trust Gross Goldman LIBOR plus Small Cap Sachs & Co 707 45 basis points Future 31-Dec-50 (7,776) MSCI Daily 1-month USD Trust Gross Goldman LIBOR plus Small Cap Sachs & Co 2,044 40 basis points Future 31-Dec-50 (6,915) 1-month USD S&P 500 Pure Goldman LIBOR plus Value Trust Sachs & Co 53 35 basis points Future 31-Dec-50 (13,096) Total (44,912)

The accompanying notes are an integral part of the fi nancial statements. 156 Janus Capital Funds Plc / 30 June 2015 Janus Global Real Estate Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 153,700 Iguatemi Empresa de Shopping Common Stock Centers S.A...... 0.9 1,230,808 501,632 Kindom Construction Corp...... 0.2 344,699 Advertising Sales 25,943 LEG Immobilien A.G...... 1.3 1,802,211 26,100 Lamar Advertising Co...... 1.0 1,500,228 36,000 Mitsui Fudosan Co., Ltd...... 0.7 1,008,189 Building – Residential and Commercial 839,600 PDG Realty S.A. Empreendimentos e 41,500 Iida Group Holdings Co., Ltd...... 0.5 661,314 Participacoes ...... 0.1 102,647 43,826 LGI Homes, Inc...... 0.6 866,878 368,172 Phoenix Mills, Ltd...... 1.5 2,187,384 136,235 New Home Co., Inc...... 1.6 2,347,329 269,600 Prestige Estates Projects Ltd...... 0.7 1,046,662 2.7 3,875,521 425,714 Primecity Investment PLC ...... 1.1 1,627,684 Casino Hotels 2,296,000 Shun Tak Holdings, Ltd...... 0.9 1,270,738 73,331 Crown, Ltd...... 0.5 690,124 164,702 St. Joe Co...... 1.8 2,557,822 26,068 Las Vegas Sands Corp...... 1.0 1,370,395 8,833 Sun Hung Kai Properties, Ltd...... 0.1 143,128 1.5 2,060,519 131,528 TLG Immobilien A.G...... 1.5 2,126,640 Computer Software 19.6 28,066,955 22,025 InterXion Holding N.V...... 0.4 608,991 Recreational Centers Consulting Services 80,604 Clubcorp Holdings, Inc...... 1.3 1,924,824 85,102 Savills PLC ...... 0.9 1,264,757 REIT – Apartments Diversifi ed Operations 76,053 American Homes 4 Rent ...... 0.8 1,219,890 274,620 Wharf Holdings, Ltd...... 1.3 1,828,136 6,872 AvalonBay Communities, Inc...... 0.8 1,098,627 19,830 Camden Property Trust ...... 1.0 1,472,972 Electric – Transmission 420 Kenedix Residential Investment Corp...... 0.9 1,244,178 36,254 Brookfi eld Infrastructure Partners L.P...... 1.1 1,618,016 34,168 Post Properties, Inc...... 1.3 1,857,714 Finance – Other Services 36,706 Starwood Waypoint Residential Trust ...... 0.6 872,135 147,674 Tricon Capital Group, Inc...... 0.9 1,290,138 5.4 7,765,516 Hotels and Motels REIT – Diversifi ed 16,842 Whitbread PLC ...... 0.9 1,308,651 26,813 American Assets Trust, Inc...... 0.7 1,051,338 Investment Management and Advisory Services 39,094 American Tower Corp...... 2.5 3,647,079 56,285 NorthStar Asset Management Group, 142,601 Armada Hoffl er Properties, Inc...... 1.0 1,424,584 Inc...... 0.7 1,040,710 372,813 Astro Japan Property Group ...... 1.0 1,426,436 176,662 Charter Hall Group ...... 0.4 615,972 Metal – Copper 774,685 Cromwell Property Group ...... 0.4 612,532 164,113 Copper Mountain Mining Corp...... 0.1 152,443 61,508 Gramercy Property Trust, Inc...... 1.0 1,437,442 Real Estate – Operationg / Development 293 Kenedix Offi ce Investment Corp...... 1.0 1,470,148 171,387 Scentre Group ...... 0.3 495,780 66,732 Land Securities Group PLC ...... 0.9 1,262,225 Real Estate – Private 254,738 Lexington Realty Trust ...... 1.5 2,160,178 125,961 NorthStar Realty Finance Corp...... 1.4 2,002,780 342,644 Mirvac Group...... 0.3 488,984 Real Estate Management/Services 902 Mori Hills REIT Investment Corp...... 0.8 1,167,581 15,407 Arealink Co., Ltd...... — 15,612 1,385,006 National Storage REIT ...... 1.2 1,789,559 461,343 Atrium European Real Estate, Ltd...... 1.5 2,124,404 176,935 Pure Industrial Real Estate Trust ...... 0.5 667,332 25,363 CBRE Group, Inc. – Class A ...... 0.7 938,431 24,586 Retrocom Real Estate Investment 224,840 Corp Inmobiliaria Vesta S.A.B. de C.V...... 0.3 366,265 Trust ...... — 69,891 206,829 Countrywide PLC ...... 1.3 1,845,593 574 STAG Industrial, Inc...... — 11,480 84,279 First Capital Realty, Inc...... 0.8 1,206,686 2,911 Unibail-Rodamco S.E...... 0.5 735,617 117,642 Hispania Activos Inmobiliarios SAU ...... 1.2 1,725,744 13.7 20,038,378 207,517 Kennedy Wilson Europe Real REIT – Health Care Estate P LC ...... 2.6 3,703,465 39,074 Ventas, Inc...... 1.7 2,426,105 208,443 Kennedy-Wilson Holdings, Inc...... 3.6 5,125,613 REIT – Hotels 73,000 Mitsubishi Estate Co., Ltd...... 1.1 1,572,808 1,123,800 Ascott Residence Trust ...... 0.7 1,076,644 13.1 18,624,621 172,232 Chatham Lodging Trust ...... 3.2 4,558,981 Real Estate Operating/Development 773,544 Concentradora Fibra Hotelera 40,559 Brookfi eld Asset Management, Inc. – Mexicana S.A. de C.V...... 0.6 852,541 Class A ...... 1.0 1,416,726 41,085 Pebblebrook Hotel Trust ...... 1.2 1,761,725 1,132,400 CapitaLand, Ltd...... 2.0 2,943,482 5.7 8,249,891 34,730,000 CSI Properties, Ltd...... 0.9 1,344,166 REIT – Mortgage 263,200 Cyrela Commercial Properties S.A. 52,245 Colony Financial, Inc...... 0.8 1,183,349 Empreendimentos e Participacoes ...... 0.6 884,476 80,620 Starwood Property Trust, Inc...... 1.2 1,738,973 116,263 Cyrela Commercial Properties S.A. 2.0 2,922,322 Empreendimentos e Participacoes – REIT – Offi ce Property Rights ...... — 2,992 7,324 Alexandria Real Estate Equities, Inc...... 0.4 640,557 176,884 Dalian Wanda Commercial Properties 12,953 Boston Properties, Inc...... 1.1 1,567,831 Co., Ltd. – Class H ...... 1.0 1,422,826 464,673 Concentradora Fibra Dabhos S.A. de 38,100 First Juken Co., Ltd...... 0.3 436,825 C.V...... 0.8 1,088,714 512,115 Global Logistic Properties, Ltd...... 0.7 962,236 38,930 Easterly Government Properties, Inc...... 0.4 619,766 945,000 Hang Lung Properties, Ltd...... 2.0 2,810,150 59,272 Equity Commonwealth ...... 1.1 1,521,512 91,000 Hysan Development Co., Ltd...... 0.3 394,464 76,064 Great Portland Estates PLC ...... 0.6 927,293

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 157 Janus Global Real Estate Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) 880 Hulic REIT, Inc...... 0.9 1,254,164 35,667 Mack-Cali Realty Corp...... 0.5 657,343 Citibank 37,751 Parkway Properties, Inc...... 0.5 658,377 USD 7 AUD 9 7 31-Jul-15 — 6.3 8,935,557 USD 16,141 EUR 14,391 16,048 31-Jul-15 93 USD 8 CNH 49 8 31-Jul-15 — REIT – Regional Malls USD 1,341 GBP 850 1,336 31-Jul-15 5 21,747 Simon Property Group, Inc...... 2.6 3,762,666 USD 116 EUR 103 114 31-Jul-15 2 REIT – Shopping Centres USD 146 EUR 131 145 31-Jul-15 1 567,464 Federation Centres ...... 0.9 1,278,206 USD 6 EUR 6 6 31-Jul-15 — 677 Kenedix Retail REIT Corp...... 1.1 1,607,163 CNH 20,258 USD 3,256 3,256 31-Jul-15 — 28,471 Kite Realty Group Trust ...... 0.5 696,685 USD 14 AUD 18 14 31-Jul-15 — 54,637 Ramco-Gershenson Properties Trust ...... 0.6 891,676 USD 28,072 EUR 25,103 27,994 31-Jul-15 78 60,360 WP GLIMCHER, Inc...... 0.6 816,671 USD 254 EUR 227 253 31-Jul-15 1 . . . . . 3.7 5,290,401 USD 201 EUR 180 200 31-Jul-15 1 REIT – Warehouse and Industrial USD 11 EUR 10 11 31-Jul-15 — 1,757,000 AIMS AMP Capital Industrial REIT ...... 1.4 1,950,772 USD 13 CNH 80 13 31-Jul-15 — 99,064 Chambers Street Properties ...... 0.5 787,559 AUD 1,666 USD 1,281 1,279 31-Jul-15 2 281 Nippon Prologis REIT, Inc...... 0.4 517,589 USD 14 AUD 19 14 31-Jul-15 — 589,688 Prologis Property Mexico S.A. de C.V...... 0.7 992,875 USD 22,113 EUR 19,727 21,998 31-Jul-15 115 18,730 Prologis, Inc...... 0.5 694,883 USD 1,893 GBP 1,202 1,888 31-Jul-15 5 49,469 QTS Realty Trust, Inc...... 1.3 1,803,145 USD 200 EUR 179 199 31-Jul-15 1 89,996 Terreno Realty Corp...... 1.2 1,772,921 USD 158 EUR 141 157 31-Jul-15 1 6.0 8,519,744 USD 9 EUR 8 9 31-Jul-15 — USD 10 CNH 62 10 31-Jul-15 — Resorts and Theme Parks USD 2,839 EUR 2,534 2,825 31-Jul-15 14 7,895 Vail Resorts, Inc...... 0.6 862,134 USD 32 EUR 29 32 31-Jul-15 — Retirement and Aged Care USD 25 EUR 23 25 31-Jul-15 — 55,456 Capital Senior Living Corp...... 0.9 1,358,672 USD 1 EUR 1 1 31-Jul-15 — Television USD 2 CNH 15 2 31-Jul-15 — 35,100 Fuji Media Holdings, Inc...... 0.3 466,107 USD 285 GBP 181 285 31-Jul-15 — Transportation – Marine USD 2 AUD 3 2 31-Jul-15 — 61,705 Hoegh LNG Partners LP ...... 0.8 1,178,566 USD 109,780 EUR 98,329 109,654 31-Jul-15 126 USD 74 AUD 96 74 31-Jul-15 — Web Hosting and Design USD 54 CNH 337 54 31-Jul-15 — 4,954 Equinix, Inc...... 0.9 1,258,316 USD 992 EUR 888 991 31-Jul-15 1 Total Common Stock...... 97.8 140,697,445 USD 785 EUR 703 784 31-Jul-15 1 USD 43 EUR 38 43 31-Jul-15 — Corporate Bonds USD 9,624 GBP 6,122 9,615 31-Jul-15 9 Real Estate Operating/Development Total 456 347,000 Consolidated-Tomoka Land Co., 4.5000%, due 15/3/20 ...... 0. 2 374,326 Total Financial Assets at fair value through profi t or loss 141,067,046 Total Corporate Bonds...... 0. 2 374,326 Preferred Stock Percentage Real Estate of Net Fair 6,025 American Homes 4 Rent, 5.5000% ...... 0.1 151,830 Contract Amount Assets (%) Value (USD) Total Preferred Stock ...... 0.1 151,830 Schedule of Written Options – Puts Total Investments at last traded prices ...... 98. 1 141,223,601 (192) Simon Property Group Inc, expires October 2015, 192 contracts, Adjustments from last traded to bid market prices ...... (0.1) (157,011) exercise price 155 USD (covered) ...... — (49,359)

Total Investments ...... 98. 0 141,066,590 Total Schedule of Written Options – Puts ...... — (49,359) Total Options ...... — (49,359)

The accompanying notes are an integral part of the fi nancial statements. 158 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 52,621 USD 59,020 59,359 31-Jul-15 (339) EUR 2,273 USD 2,550 2,565 31-Jul-15 (15) AUD 4,020 USD 3,109 3,122 31-Jul-15 (13) EUR 41,641 USD 46,705 46,973 31-Jul-15 (268) GBP 358,180 USD 564,823 567,075 31-Jul-15 (2,252) EUR 5,836,361 USD 6,546,074 6,583,637 31-Jul-15 (37,563) GBP 4,936 USD 7,761 7,769 31-Jul-15 (8) USD 2,415 GBP 1,540 2,420 31-Jul-15 (5) USD 3,464 EUR 3,120 3,480 31-Jul-15 (16) EUR 4,460 USD 4,984 4,994 31-Jul-15 (10) Total (40,489) Total Financial Liabilities at fair value through profi t or loss (89,848)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 159 Janus Flexible Income Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 433,735 Freddie Mac Giant 4.0000%, Asset-Backed/Commercial Mortgage-Backed Securities due 1/8/44 ...... — 463,525 1,564,570 Freddie Mac Gold Pool 3.5000%, 638,000 AmeriCredit Automobile Receivables due 1/2/44 ...... 0.2 1,615,477 Trust 2012-4, 3.8200%, 922,765 Freddie Mac Gold Pool 3.5000%, due 10/2/20 ...... 0.1 654,336 due 1/7/29 ...... 0.1 973,412 1,135,000 AmeriCredit Automobile Receivables 769,832 Freddie Mac Gold Pool 3.5000%, Trust 2015-2, 3.0000%, due 1/9/29 ...... 0.1 812,217 due 8/6/21 ...... 0.1 1,138,001 4,982,250 Freddie Mac Gold Pool 4.5000%, 1,837,000 AmeriCredit Automobile Receivables due 1/9/44 ...... 0.5 5,489,884 Trust, 2.6800%, due 9/10/18 ...... 0.2 1,871,762 1,554,220 Freddie Mac Gold Pool 5.5000%, 617,000 AmeriCredit Automobile Receivables due 1/4/40 ...... 0.2 1,754,084 Trust, 3.3100%, due 8/10/19 ...... 0.1 633,483 464,000 Freddie Mac Structured Agency 5,761,000 Applebee's/IHOP Funding LLC, Credit Risk Debt Notes, 2.5848%, 4.2770%, due 5/9/44 ...... 0.6 5,848,121 due 25/10/24 ...... — 465,911 1,207,000 Aventura Mall Trust 2013-AVM, 420,000 Freddie Mac Structured Agency 3.8674%, due 5/12/32 (144A) ...... 0.1 1,184,358 Credit Risk Debt Notes, 2.8348%, 1,448,000 BAMLL Commercial Mortgage due 25/10/24 ...... — 424,913 Securities Trust 2015-200P, 4,391,159 FREMF 2010 K-SCT Mortgage Trust, 3.7157%, due 14/4/33 ...... 0.1 1,287,639 2.0000%, due 25/1/20 (144A) ...... 0.4 3,929,747 660,000 Banc of America Commercial 752,000 GAHR Commercial Mortgage Trust Mortgage Trust 2006-6, 2015-NRF, 3.4949%, 5.4210%, due 10/10/45 ...... 0.1 680,856 due 15/12/19 ...... 0.1 739,080 436,000 Banc of America Commercial 541,180 Ginnie Mae I pool, 4.0000%, Mortgage Trust 2007-5, due 15/8/24 ...... 0.1 576,669 5.7720%, due 10/2/51 ...... — 459,369 1,217,404 Ginnie Mae I pool, 4.5000%, 967,000 BHP Billiton PLC, 3.2355%, due 15/5/41 ...... 0.1 1,336,546 due 15/8/26 (144A) ...... 0.1 966,550 2,691,905 Ginnie Mae I pool, 5.0000%, 483,000 CGBAM Commercial Mortgage Trust due 15/9/39 ...... 0.3 3,052,299 2014-HD, 3.1855%, due 15/2/31 ...... — 483,378 1,405,901 Ginnie Mae II pool, 5.0000%, 2,454,275 CKE Restaurant Holdings, Inc., due 20/6/41 ...... 0.1 1,551,309 4.4740%, due 20/3/43 (144A) ...... 0.2 2,495,490 2,136,449 Ginnie Mae II pool, 5.5000%, 1,089,000 COMM 2007-C9 Mortgage Trust, due 20/3/35 ...... 0.2 2,438,893 5.6500%, due 10/12/49 ...... 0.1 1,139,546 565,118 Ginnie Mae II pool, 5.5000%, 176,000 COMM 2007-C9 Mortgage Trust, due 20/3/36 ...... 0.1 643,996 5.9889%, due 10/12/49 ...... — 182,916 1,717,000 GS Mortgage Securities Corporation II, 1,791,887 Commercial Mortgage Trust 2007- 3.5495%, due 10/12/27 (144A) ...... 0.2 1,633,335 GG11, 5.8670%, due 10/12/49 ...... 0.2 1,924,316 784,000 GS Mortgage Securities Corporation 1,589,000 Core Industrial Trust 2015-TEXW, Trust 2013-NYC5, 3.7706%, 3.9770%, due 10/2/34 ...... 0.1 1,499,948 due 10/1/30 (144A) ...... 0.1 795,069 1,128,173 DB Master Finance LLC 2015-1, 701,000 Hilton U.S.A. Trust 2013-HLT, 3.2620%, due 20/2/45 ...... 0.1 1,133,485 4.4065%, due 5/11/30 (144A) ...... 0.1 708,998 1,752,778 Domino’s Pizza Master Issuer LLC, 965,000 Hilton U.S.A. Trust 2013-HLT, 5.2160%, due 25/1/42 ...... 0.2 1,811,294 5.6086%, due 5/11/30 (144A) ...... 0.1 981,062 2,028,214 Fannie Mae Pool 3.5000%, 1,160,000 JP Morgan Chase Commercial due 1/1/43 ...... 0.2 2,094,025 Mortgage Securities Trust 2013- 8,863,040 Fannie Mae Pool 3.5000%, JWRZ MZ, 4.8447%, due 1/2/43 ...... 0.9 9,150,662 due 16/2/25 (144A) ...... 0.1 1,209,352 2,187,923 Fannie Mae Pool 3.5000%, 513,000 JP Morgan Chase Commercial due 1/3/43 ...... 0.2 2,258,735 Mortgage Securities Trust 2014- 5,007,521 Fannie Mae Pool 3.5000%, FBLU, 2.7815%, due 15/12/28 ...... 0.1 513,833 due 1/10/29 0.5 5,280,362 440,000 JP Morgan Chase Commercial 3,680,030 Fannie Mae Pool 3.5000%, Mortgage Securities Trust 2014- due 1/2/45 ...... 0.4 3,799,054 FBLU, 3.6815%, 1,087,952 Fannie Mae Pool 4.0000%, due 15/12/28 (144A) ...... — 439,994 due 1/4/34 ...... 0.1 1,174,562 865,000 JP Morgan Chase Commercial 1,017,192 Fannie Mae Pool 4.0000%, Mortgage Securities Trust due 1/7/42 ...... 0.1 1,085,789 2015-COSMO, 1.9860%, 1,069,935 Fannie Mae Pool 4.0000%, due 15/1/32 ...... 0.1 864,905 due 1/9/29 ...... 0.1 1,150,860 937,000 JP Morgan Chase Commercial 407,586 Fannie Mae Pool 4.0000%, Mortgage Securities Trust due 1/6/29 ...... — 438,436 2015-COSMO, 4.1356%, 2,517,898 Fannie Mae Pool 4.5000%, due 15/1/32 ...... 0.1 943,573 due 1/3/45 ...... 0.3 2,772,859 2,040,000 LB-UBS Commercial Mortgage Trust, 1,381,454 Fannie Mae Pool 4.5000%, 5.4930%, due 15/2/40 ...... 0.2 2,142,322 due 1/10/44 ...... 0.2 1,521,338 2,213,794 Multiple Pool 4.0000%, 1,842,954 Fannie Mae Pool 5.0000%, due 1/5/43 ...... 0.2 2,363,456 due 1/7/44 ...... 0.2 2,081,808 1,802,000 Santander Drive Auto Receivables 580,591 Fannie Mae Pool, 5.0000%, Trust 2013-4, 4.6700%, due 1/10/41 ...... 0.1 646,232 due 15/1/20 ...... 0.2 1,875,054 The accompanying notes are an integral part of the fi nancial statements. 160 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 1,217,000 Santander Drive Auto Receivables Building – Residential and Commercial Trust 2013-A, 4.7100%, 1,403,000 D.R. Horton, Inc., 3.7500%, due 15/1/21 ...... 0.1 1,289,287 due 1/3/19 ...... 0.1 1,417,030 1,163,000 Santander Drive Auto Receivables 797,000 D.R. Horton, Inc., 4.7500%, Trust 2015-1, 3.2400%, due 15/5/17 ...... 0.1 830,873 due 15/4/21 ...... 0.1 1,170,612 1,596,000 MDC Holdings, Inc., 5.5000%, 767,000 Santander Drive Auto Receivables due 15/1/24 ...... 0.2 1,576,050 Trust, 2.5200%, due 17/9/18 ...... 0.1 771,179 686,000 Toll Brothers Finance Corp., 759,000 Santander Drive Auto Receivables 4.0000%, due 31/12/18 ...... 0.1 701,435 Trust, 3.3000%, due 17/9/18 ...... 0.1 775,584 382,000 Toll Brothers Finance Corp., 448,000 Starwood Retail Property Trust 2014- 4.3750%, due 15/4/23 ...... — 376,270 STAR, 2.5000%, due 15/11/27 ...... — 447,485 558,000 Toll Brothers Finance Corp., 1,825,000 Starwood Retail Property Trust 2014- 5.8750%, due 15/2/22 ...... 0.1 601,245 STAR, 3.2500%, due 15/11/27 ...... 0.2 1,831,201 0.6 5,502,903 888,000 Starwood Retail Property Trust 2014- Building and Construction Products – Miscellaneous STAR, 4.1500%, due 15/11/27 ...... 0.1 891,423 895,000 Owens Corning, 4.2000%, 1,849,000 Structured Agency Credit Risk, due 1/12/24 ...... 0.1 880,191 2.2500%, due 25/3/25 ...... 0.2 1,837,462 2,652,147 Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, Building Products – Cement and Aggregate due 15/4/47 ...... 0.3 2,724,757 1,410,000 Hanson, Ltd., 6.1250%, due 15/8/16 ...... 0.1 1,472,040 834,000 Wachovia Bank Commercial Mortgage 1,082,000 Martin Marietta Materials, Inc., Trust Series 2007-C33, 6.1496%, 4.2500%, due 2/7/24 ...... 0.1 1,097,315 due 15/2/51 ...... 0.1 863,853 3,797,000 Vulcan Materials Co., 4.5000%, 737,000 Wells Fargo Commercial Mortgage due 1/4/25 ...... 0.4 3,806,493 Trust 2014-TISH, 2.4355%, 1,500,000 Vulcan Materials Co., 7.0000%, due 15/2/27 (144A) ...... 0.1 733,638 due 15/6/18 ...... 0.2 1,702,500 532,000 Wells Fargo Commercial Mortgage 809,000 Vulcan Materials Co., 7.5000%, Trust 2014-TISH, 2.9355%, due 15/6/21 ...... 0.1 934,395 due 15/1/27 (144A) ...... 0.1 529,790 0.9 9,012,743 215,000 Wells Fargo Commercial Mortgage Casino Hotels Trust 2014-TISH, 3.4355%, 1,184,000 Wynn Las Vegas LLC / Wynn Las due 15/2/27 (144A) ...... — 213,724 Vegas Capital Corp., 4.2500%, 4,101,000 Wendys Funding LLC 3.3710%, due 30/5/23 (144A) ...... 0.1 1,095,200 due 15/6/45 ...... 0.4 4,100,647 Chemicals – Specialty Total Asset-Backed/Commercial Mortgage-Backed 3,023,000 Albemarle Corp., 4.1500%, Securities ...... 11. 6 117,769,127 due 1/12/24 ...... 0.3 3,019,061 2,486,000 Albemarle Corp., 5.4500%, Corporate Bonds due 1/12/44 ...... 0.2 2,497,264 Aerospace and Defence – Equipment 1,295,000 Ashland, Inc., 3.8750%, due 15/4/18 ...... 0.1 1,335,469 1,446,000 Exelis, Inc., 4.2500%, due 1/10/16 ...... 0.1 1,492,743 1,703,000 Ashland, Inc., 6.8750%, 626,000 Exelis, Inc., 5.5500%, due 1/10/21 ...... 0.1 689,710 due 15/5/43 (144A) ...... 0.2 1,737,060 862,000 Harris Corp., 3.8320%, due 27/4/25 ...... 0.1 839,618 2,418,000 Rockwood Specialties Group, Inc., 1,306,000 Harris Corp., 5.0540%, due 27/4/45 ...... 0.1 1,248,915 4.6250%, due 15/10/20 ...... 0.2 2,520,765 0.4 4,270,986 1.0 11,109,619 Airlines Commercial Banks – Eastern U.S. 1,241,000 Southwest Airlines Co., 5.1250%, 4,831,000 CIT Group, Inc., 4.2500%, due 1/3/17 ...... 0.1 1,317,319 due 15/8/17 ...... 0.5 4,915,543 3,216,000 CIT Group, Inc., 5.5000%, Automotive – Cars and Light Trucks due 15/2/19 (144A) ...... 0.3 3,360,720 822,000 General Motors Co., 3.5000%, 0.8 8,276,263 due 2/10/18 ...... 0.1 850,778 5,047,000 General Motors Co., 4.8750%, Commercial Banks – Non U.S. due 2/10/23 ...... 0.5 5,346,151 1,963,000 Intesa Sanpaolo SpA, 5.0170%, 669,000 General Motors Co., 6.2500%, due 26/6/24 (144A) ...... 0.2 1,910,537 due 2/10/43 ...... 0.1 748,918 5,587,000 Santander U.K. PLC, 5.0000%, 0.7 6,945,847 due 7/11/23 (144A) ...... 0.6 5,726,787 0.8 7,637,324 Automotive – Truck Parts and Equipment – Original Commercial Banks – Western U.S. 803,000 Schaeffl er Finance B.V., 4.2500%, 1,826,000 SVB Financial Group, 5.3750%, due 15/5/21 (144A) ...... 0.1 786,940 due 15/9/20 ...... 0.2 2,039,432 991,000 ZF North America Capital, Inc., 3,357,000 Zions Bancorporation, 5.8000%, 4.0000%, due 29/4/20 ...... 0.1 993,478 due 15/6/23 ...... 0.3 3,201,739 520,000 ZF North America Capital, Inc., 0.5 5,241,171 4.5000%, due 29/4/22 ...... 0.1 511,316 991,000 ZF North America Capital, Inc., Computer Aided Design 4.7500%, due 29/4/25 ...... 0.1 963,133 1,387,000 Autodesk, Inc., 3.6000%, 0.4 3,254,867 due 15/12/22 ...... 0.1 1,381,915

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 161 Janus Flexible Income Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Computers – Memory Devices Diversifi ed Operations 6,839,000 Seagate HDD Cayman, 4.7500%, 1,627,000 GE Capital Trust I, 6.3750%, due 1/1/25 (144A) ...... 0.7 6,809,804 due 15/11/67 ...... 0.2 1,741,704 2,177,000 Seagate HDD Cayman, 4.8750%, Electric – Integrated due 1/6/27 (144A) ...... 0.2 2,120,901 911,000 Ipalco Enterprises, Inc., 5.0000%, 723,000 Seagate Technology PLC, 4.7500%, due 1/5/18 ...... 0.1 965,660 due 1/6/23 ...... 0.1 735,531 1,220,000 PPL WEM Holdings PLC, 3.9000%, 2,588,000 Seagate Technology PLC, 5.7500%, due 1/5/16 (144A) ...... 0.1 1,244,660 due 1/12/34 ...... 0.3 2,555,562 1,794,000 PPL WEM Holdings PLC, 5.3750%, 1.3 12,221,798 due 1/5/21 (144A) ...... 0.2 1,986,961 Consulting Services 0.4 4,197,281 4,448,000 Verisk Analytics, Inc., 4.0000%, Electric Products – Miscellaneous due 15/6/25 ...... 0.4 4,364,782 1,018,000 Molex Electronic Technologies LLC, 1,434,000 Verisk Analytics, Inc., 4.1250%, 2.8780%, due 15/4/20 ...... 0.1 1,003,484 due 12/9/22 ...... 0.1 1,462,409 4,052,000 Molex Electronic Technologies LLC, 1,203,000 Verisk Analytics, Inc., 4.8750%, 3.9000%, due 15/4/25 ...... 0.4 3,934,075 due 15/1/19 ...... 0.1 1,287,050 0.5 4,937,559 2,404,000 Verisk Analytics, Inc., 5.5000%, Electronic Design Automation due 15/6/45 ...... 0.2 2,372,914 3,725,000 Cadence Design Systems, Inc., 4,756,000 Verisk Analytics, Inc., 5.8000%, 4.3750%, due 15/10/24 ...... 0.4 3,743,860 due 1/5/21 ...... 0.5 5,357,634 1.3 14,844,789 Electronic Measuring Instruments 2,040,000 FLIR Systems, Inc., 3.7500%, Data Processing and Management due 1/9/16 ...... 0.2 2,091,802 393,000 Fidelity National Information Services, 4,362,000 Trimble Navigation, Ltd., 4.7500%, Inc., 5.0000%, due 15/3/22 ...... — 415,176 due 1/12/24 ...... 0.4 4,376,107 1,321,000 Fiserv, Inc., 3.1250%, due 1/10/15 ...... 0.1 1,328,106 0.6 6,467,909 0.1 1,743,282 Finance – Auto Loans Diagnostic Equipment 2,338,000 Ally Financial, Inc., 4.1250%, 1,616,000 Life Technologies Corp., 6.0000%, due 30/3/20 ...... 0.2 2,339,450 due 1/3/20 ...... 0.2 1,819,640 1,817,000 Ally Financial, Inc., 4.6250%, Dialysis Centres due 19/5/22 ...... 0.2 1,796,559 2,722,000 Fresenius Medical Care U.S. Finance 417,000 Ally Financial, Inc., 8.0000%, II, Inc., 5.8750%, due 31/12/18 ...... — 466,519 due 31/1/22 (144A) ...... 0.3 2,898,930 816,000 General Motors Financial Co., Inc., 3.2500%, due 15/5/18 ...... 0.1 835,127 Diversifi ed Banking Institutions 0.5 5,437,655 1,014,000 Bank of America Corp., 1.5000%, Finance – Consumer Loans due 9/10/15 ...... 0.1 1,016,393 2,283,000 Synchrony Financial, 3.0000%, 3,533,000 Bank of America Corp., 8.0000%, due 15/8/19 ...... 0.2 2,301,417 due 29/12/49 ...... 0.4 3,731,731 1,240,000 Citigroup, Inc., 5.8000%, Finance – Credit Card due 15/11/19 ...... 0.1 1,244,650 1,667,000 American Express Co., 6.8000%, 984,000 Goldman Sachs Group, Inc., 5.6250%, due 1/9/66 ...... 0.2 1,719,344 due 15/1/17 ...... 0.1 1,042,358 1,736,000 Discover Financial Services, 3.7500%, 2,230,000 Morgan Stanley 5.5500%, due ...... 0.2 2,216,620 due 4/3/25 ...... 0.2 1,660,894 4,763,000 Royal Bank of Scotland Group PLC, 829,000 Discover Financial Services, 3.9500%, 5.1250%, due 28/5/24 ...... 0.5 4,765,620 due 6/11/24 ...... 0.1 807,068 2,375,000 Royal Bank of Scotland Group PLC, 0.5 4,187,306 6.0000%, due 19/12/23 ...... 0.2 2,519,141 3,700,000 Royal Bank of Scotland Group PLC, Finance – Investment Bankers/Brokers 6.1000%, due 10/6/23 ...... 0.4 3,940,174 1,477,000 Charles Schwab Corp., 3.0000%, 1,887,000 Royal Bank of Scotland Group PLC, due 10/3/25 ...... 0.1 1,450,551 2.5500%, due 18/9/15 ...... 0.2 1,892,372 1,798,000 Charles Schwab Corp., 7.0000%, 2.2 22,369,059 due 28/2/49 ...... 0.2 2,092,764 3,237,000 E*TRADE Financial Corp., 4.6250%, Diversifi ed Financial Services due 15/9/23 ...... 0.3 3,188,445 1,546,000 Carlyle Holdings Finance LLC, 2,432,000 E*TRADE Financial Corp., 5.3750%, 3.8750%, due 1/2/23 (144A) ...... 0.2 1,564,048 due 15/11/22 ...... 0.2 2,498,880 3,300,000 General Electric Capital Corp., 2,296,000 Lazard Group LLC, 4.2500%, 6.2500%, due 15/12/49 ...... 0.4 3,613,500 due 14/11/20 ...... 0.2 2,417,043 830,000 General Electric Capital Corp., 51,000 Lazard Group LLC, 6.8500%, 6.3750%, due 15/11/67 ...... 0.1 894,325 due 15/6/17 ...... — 55,739 800,000 General Electric Capital Corp., 5,353,000 Raymond James Financial, Inc., 7.1250%, due 15/12/49 ...... 0.1 924,000 5.6250%, due 1/4/24 ...... 0.6 5,965,094 1,201,000 AerCap Ireland Capital Ltd / AerCap 1,576,000 Stifel Financial Corp., 4.2500%, Global Aviation Trust 4.6250%, due 18/7/24 ...... 0.2 1,560,079 due 1/7/22 ...... 0.1 1,205,504 2,053,000 TD Ameritrade Holding Corp., 0.9 8,201,377 2.9500%, due 1/4/22 ...... 0.2 2,037,416

The accompanying notes are an integral part of the fi nancial statements. 162 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 3,430,000 TD Ameritrade Holding Corp., Medical – Biomedical and Genetic 3.6250%, due 1/4/25 ...... 0.3 3,487,504 486,000 Life Technologies Corp., 5.0000%, 2.3 24,753,515 due 15/1/21 ...... 0.1 535,324 Finance – Leasing Company Medical – Drugs 4,811,000 LeasePlan Corp. N.V., 2.5000%, 1,308,000 Valeant Pharmaceuticals International, due 16/5/18 (144A) ...... 0.5 4,821,382 Inc., 5.8750%, due 15/5/23 ...... 0.1 1,343,970 1,308,000 Valeant Pharmaceuticals International, Food – Confectionery Inc., 6.1250%, due 15/4/25 ...... 0.1 1,348,875 2,862,000 Wm Wrigley Jr, Co., 2.4000%, 0.2 2,692,845 due 21/10/18 ...... 0.3 2,904,893 Medical – Generic Drugs 2,079,000 Wm Wrigley Jr, Co., 3.3750%, 221,000 Actavis Funding SCS, 2.4500%, due 21/10/20 ...... 0.2 2,144,948 due 15/6/19 ...... — 220,324 0.5 5,049,841 3,108,000 Actavis Funding SCS, 3.0000%, Food – Meat Products due 12/3/20 ...... 0.3 3,122,819 350,000 Sun Merger Sub, Inc., 5.2500%, 3,596,000 Actavis Funding SCS, 3.8000%, due 1/8/18 (144A) ...... — 356,125 due 15/3/25 ...... 0.3 3,539,521 980,000 Tyson Foods, Inc., 6.6000%, 629,000 Actavis Funding SCS, 3.8500%, due 1/4/16 ...... 0.1 1,017,641 due 15/6/24 ...... 0.1 622,584 0.1 1,373,766 1,714,000 Actavis Funding SCS, 4.5500%, Food – Miscellaneous/Diversifi ed due 15/3/35 ...... 0.2 1,634,813 1,266,000 HJ Heinz Co, 3.5000%, 1,284,000 Actavis Funding SCS, 4.7500%, due 15/7/22 (144A) ...... 0.1 1,270,892 due 15/3/45 ...... 0.1 1,227,182 1,475,000 HJ Heinz Co, 2.8000%, 559,000 Actavis Funding SCS, 4.8500%, due 2/7/20 (144A) ...... 0.1 1,477,829 due 15/6/44 ...... 0.1 541,377 0.2 2,748,721 1.1 10,908,620 Gas – Distribution Medical – Hospitals 2,047,000 NGL Energy Partners L.P. / NGL 1,007,000 HCA, Inc., 3.7500%, due 15/3/19 ...... 0.1 1,017,070 Energy Finance Corp., 5.1250%, due 15/7/19 ...... 0.2 2,052,118 Medical Labs and Testing Services 228,000 Southern Star Central Gas Pipeline, 2,392,000 Laboratory Corp of America Inc., 6.0000%, due 1/6/16 (144A) ...... — 234,876 Holdings, 3.2000%, due 1/2/22 ...... 0.2 2,361,722 0.2 2,286,994 2,392,000 Laboratory Corp of America Holdings, 3.6000%, due 1/2/25 ...... 0.2 2,292,299 Hotels and Motels 0.4 4,654,021 1,272,000 Starwood Hotels & Resorts Medical Products Worldwide, Inc., 7.1500%, 2,051,000 Becton Dickinson and Co., 1.8000%, due 1/12/19 ...... 0.1 1,481,046 due 15/12/17 ...... 0.2 2,052,471 Instruments – Scientifi c 2,330,000 Zimmer Holdings, Inc., 2.7000%, 1,142,000 Thermo Fisher Scientifi c, Inc., due 1/4/20 ...... 0.2 2,321,034 3.3000%, due 15/2/22 ...... 0.1 1,130,165 1,653,000 Zimmer Holdings, Inc., 3.1500%, Investment Management and Advisory Services due 1/4/22 ...... 0.2 1,628,431 3,088,000 Ameriprise Financial, Inc., 7.5180%, 2,073,000 Zimmer Holdings, Inc., 3.5500%, due 1/6/66 ...... 0.3 3,095,720 due 1/4/25 ...... 0.2 2,006,981 2,601,000 Neuberger Berman Group LLC / 0.8 8,008,917 Neuberger Berman Finance Corp., Multi-Line Insurance 4.8750%, due 15/4/45 ...... 0.2 2,367,188 1,580,000 ING U.S., Inc., 5.6500%, 2,338,000 Neuberger Berman Group LLC / due 15/5/53 ...... 0.2 1,621,475 Neuberger Berman Finance Corp., 5.8750%, due 15/3/22 (144A) ...... 0.2 2,507,505 Oil – Field Services 0.7 7,970,413 4,478,000 Oceaneering International, Inc., Life and Health Insurance 4.6500%, due 15/11/24 ...... 0.4 4,482,317 592,000 CNO Financial Group, Inc., 4.5000%, due 30/5/20 ...... 0.1 602,360 Oil and Gas Drilling 1,687,000 CNO Financial Group, Inc., 3,227,000 Helmerich & Payne International 5.2500%, due 30/5/25 ...... 0.2 1,718,547 Drilling Co., 4.6500%, 3,955,000 Primerica, Inc., 4.7500%, due 15/3/25 ...... 0.3 3,337,544 due 15/7/22 ...... 0.4 4,225,830 404,000 Nabors Industries, Inc., 6.1500%, 0.7 6,546,737 due 15/2/18 ...... — 436,520 0.3 3,774,064 Linen Supply and Related Items Oil Companies – Exploration and Production 706,000 Cintas Corp. No 2, 2.8500%, 1,866,000 Chesapeake Energy Corp., 4.8750%, due 1/6/16 ...... 0.1 715,122 due 15/4/22 ...... 0.2 1,628,085 755,000 Cintas Corp. No 2, 4.3000%, 2,112,000 Chesapeake Energy Corp., 5.3750%, due 1/6/21 ...... 0.1 815,093 due 15/6/21 ...... 0.2 1,921,920 0.2 1,530,215 4,240,000 Cimarex Energy Co., 4.3750%, Machinery – Farm due 1/6/24 ...... 0.4 4,208,963 1,391,000 CNH Capital LLC, 3.6250%, 4,715,000 Cimarex Energy Co., 5.8750%, due 15/4/18 ...... 0.1 1,397,955 due 1/5/22 ...... 0.5 5,068,625

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 163 Janus Flexible Income Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 1,571,000 Devon Energy Corp., 2.2500%, 2,789,000 Kennedy-Wilson, Inc., 5.8750%, due 15/12/18 ...... 0.2 1,576,527 due 1/4/24 ...... 0.3 2,782,028 1.5 14,404,120 0.6 5,657,292 Oil Companies – Integrated Real Estate Operating/Development 1,662,000 Chevron Corp., 1.3450%, 1,314,000 Post Apartment Homes L.P., due 15/11/17 ...... 0.2 1,669,338 4.7500%, due 15/10/17 ...... 0.1 1,400,870 Oil Field Machinery and Equipment REIT – Diversifi ed 1,103,000 Forum Energy Technologies, Inc., 2,355,000 American Tower Trust I, 1.5510%, 6.2500%, due 1/10/21 ...... 0.1 1,097,485 due 15/3/18 (144A) ...... 0.2 2,345,016 3,018,000 Goodman Funding Pty, Ltd., Oil Frield Services 6.3750%, due 15/4/21 (144A) ...... 0.3 3,471,916 1,246,000 Korea National Oil Corp., 4.0000%, 0.5 5,816,932 due 27/10/16 (144A) ...... 0.1 1,291,387 REIT – Health Care Oil Refi ning and Marketing 681,000 Senior Housing Properties Trust, 921,000 Motiva Enterprises LLC, 5.7500%, 6.7500%, due 15/12/21 ...... 0.1 776,147 due 15/1/20 (144A) ...... 0.1 1,013,677 582,000 Senior Housing Properties Trust, Paper and Related Products 6.7500%, due 15/4/20 ...... 0.1 654,740 3,673,000 Georgia-Pacifi c LLC, 3.1630%, 0.2 1,430,887 due 15/11/21 ...... 0.4 3,722,883 REIT – Offi ce Property 1,851,000 Georgia-Pacifi c LLC, 3.6000%, 1,552,000 Alexandria Real Estate Equities, Inc., due 1/3/25 ...... 0.2 1,836,549 2.7500%, due 15/1/20 ...... 0.2 1,537,838 0.6 5,559,432 1,173,000 Alexandria Real Estate Equities, Inc., Pharmacy Services 4.5000%, due 30/7/29 ...... 0.1 1,178,261 969,000 Omnicare, Inc., 4.7500%, 2,900,000 Alexandria Real Estate Equities, Inc., due 1/12/22 ...... 0.1 1,031,985 4.6000%, due 1/4/22 ...... 0.3 3,059,245 1,197,000 Omnicare, Inc., 5.0000%, 1,257,000 Reckson Operating Partnership L.P., due 1/12/24 ...... 0.1 1,292,760 5.0000%, due 15/8/18 ...... 0.1 1,346,744 0.2 2,324,745 394,000 Reckson Operating Partnership L.P., Pipelines 6.0000%, due 31/3/16 ...... — 407,020 1,263,000 DCP Midstream Operating L.P., 2,236,000 Reckson Operating Partnership L.P., 3.8750%, due 15/3/23 ...... 0.1 1,170,715 7.7500%, due 15/3/20 ...... 0.3 2,666,714 2,954,000 DCP Midstream Operating L.P., 1.0 10,195,822 4.9500%, due 1/4/22 ...... 0.3 2,921,435 REIT – Shopping Centres 581,000 DCP Midstream Operating L.P., 887,000 Retail Opportunity Investments 5.6000%, due 1/4/44 ...... 0.1 521,677 Partnership L.P., 4.0000%, 107,000 El Paso Corp., 6.5000%, due 15/9/20...... — 122,492 due 15/12/24 ...... 0.1 879,323 961,000 El Paso Pipeline Partners Operating 401,000 Retail Opportunity Investments Co LLC, 4.3000%, due 1/5/24 ...... 0.1 950,081 Partnership L.P., 5.0000%, 930,000 El Paso Pipeline Partners Operating due 15/12/23 ...... — 421,447 Co. LLC, 5.0000%, due 1/10/21 ...... 0.1 985,346 0.1 1,300,770 1,042,000 Energy Transfer Partners L.P., Retail – Regional Department Stores 4.1500%, due 1/10/20 ...... 0.1 1,072,145 564,000 Macy’s Retail Holdings, Inc., 1,382,000 EnLink Midstream Partners L.P., 5.9000%, due 1/12/16 ...... 0.1 601,117 4.4000%, due 1/4/24 ...... 0.1 1,388,154 1,063,000 EnLink Midstream Partners L.P., Retail – Restaurants 5.6000%, due 1/4/44 ...... 0.1 1,036,461 2,598,000 1011778 BC ULC / New Red Finance, 1,148,000 Kinder Morgan, Inc., 7.7500%, Inc., 4.6250%, due 15/1/22 ...... 0.3 2,565,525 due 15/1/32 ...... 0.1 1,322,105 4,346,000 Brinker International, Inc., 3.8750%, 669,000 Phillips 66 Partners L.P., 3.6050%, due 15/5/23 ...... 0.4 4,244,586 due 15/2/25 ...... 0.1 630,860 0.7 6,810,111 2,539,000 Spectra Energy Corp., 4.7500%, Rubber – Tires due 15/3/24 ...... 0.3 2,687,976 538,000 Continental Rubber Of America Corp., 1,981,000 Targa Resources Partners L.P. / Targa 4.5000%, due 15/9/19 (144A) . . . . . 0.1 553,597 Resources Partners Finance Corp., Semiconductor Components/Integrated Circuits 4.1250%, due 15/11/19 ...... 0.2 1,971,095 6,405,000 TSMC Global, Ltd., 1.6250%, 3,990,000 Western Gas Partners L.P., 5.3750%, due 3/4/18 (144A) ...... 0.7 6,335,941 due 1/6/21 ...... 0.4 4,312,081 2.1 21,092,623 Special Purpose Entity 3,255,000 Goldman Sachs Capital I, 6.3450%, Publishing – Periodicals due 15/2/34 ...... 0.5 3,786,112 820,000 Nielsen Finance LLC / Nielsen Finance Co., 4.5000%, due 1/10/20 (144A) ...... 0.1 818,975 Steel – Producers 1,979,000 UBM PLC, 5.7500%, 1,869,000 Reliance Steel & Aluminum Co., due 3/11/20 (144A) ...... 0.2 2,137,991 4.5000%, due 15/4/23 ...... 0.3 1,841,604 0.3 2,956,966 Telecommunication Services Real Estate Management/Services 1,303,000 SBA Tower Trust, 2.9330%, due 15/12/17 (144A) ...... 0.1 1,322,679 2,799,000 Jones Lang LaSalle, Inc., 4.4000%, due 15/11/22 ...... 0.3 2,875,264

The accompanying notes are an integral part of the fi nancial statements. 164 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Transportation – Services Mortgage-Backed Securities 275,000 Asciano Finance, Ltd., 3.1250%, Fannie Mae Pool due 23/9/15 (144A) ...... — 276,133 3,215,719 3.5000%, due 1/7/42...... 0.3 3,329,696 Transportation – Truck 440,648 4.0000%, due 1/12/42...... — 471,458 1,977,000 J.B. Hunt Transport Services, Inc., 7,649,581 4.5000%, due 1/5/44...... 0.8 8,436,714 3.3750%, due 15/9/15 ...... 0.2 1,987,033 2,818,429 5.5000%, due 1/7/41...... 0.3 3,167,260 Trucking and Leasing 4,288,947 3.5000%, due 1/1/44 ...... 0.4 4,450,874 1,063,000 Penske Truck Leasing Co L.P. / PTL 1,501,010 3.5000%, due 1/4/44 ...... 0.2 1,554,227 Finance Corp., 2.5000%, 5,064,219 3.5000%, due 1/5/44 ...... 0.5 5,253,321 due 15/6/19 (144A) ...... 0.1 1,053,839 1,072,343 4.0000%, due 1/11/42 ...... 0.1 1,144,874 161,000 Penske Truck Leasing Co L.P. / PTL 1,578,098 4.0000%, due 1/2/44 ...... 0.2 1,685,173 Finance Corp., 4.8750%, 1,614,363 4.0000%, due 1/6/42 ...... 0.2 1,723,421 due 11/7/22 (144A) ...... — 170,384 2,490,555 4.0000%, due 1/6/44 ...... 0.3 2,659,196 277,000 Penske Truck Leasing Co., L.P. / PTL 2,950,047 4.0000%, due 1/7/43 ...... 0.3 3,150,057 Finance Corp., 2.5000%, 4,615,344 4.0000%, due 1/7/44 ...... 0.5 4,949,098 due 15/3/16 (144A) ...... — 278,984 705,447 4.0000%, due 1/8/42 ...... 0.1 753,112 2,526,000 Penske Truck Leasing Co., L.P. / PTL 2,600,855 4.0000%, due 1/8/43 ...... 0.3 2,777,277 Finance Corp., 3.3750%, 3,521,480 4.0000%, due 1/8/44 ...... 0.4 3,776,141 due 15/3/18 (144A) ...... 0.3 2,605,051 1,694,352 4.0000%, due 1/9/42 ...... 0.2 1,809,055 1,169,000 Penske Truck Leasing Co., L.P. / PTL 773,546 4.0000%, due 1/9/43 ...... 0.1 825,331 Finance Corp., 4.2500%, 270,137 4.5000%, due 1/10/40 ...... — 294,322 due 17/1/23 (144A) ...... 0.1 1,186,576 4,811,127 4.5000%, due 1/2/43 ...... 0.5 5,246,914 0.5 5,294,834 1,189,884 4.5000%, due 1/8/41 ...... 0.1 1,295,314 403,436 5.0000%, due 1/1/30 ...... — 445,636 Total Corporate Bonds...... 36.0 367,846,824 276,063 5.0000%, due 1/10/40 ...... — 309,644 2,630,329 5.0000%, due 1/2/41 ...... 0.3 2,930,845 Government Obligations 505,923 5.0000%, due 1/4/41 ...... 0.1 564,050 U.S. Treasury Notes/Bonds 481,074 5.0000%, due 1/5/41 ...... 0.1 533,106 1,421,000 0.3750%, due 31/5/16 ...... 0.1 1,422,054 1,282,068 5.0000%, due 1/7/41 ...... 0.1 1,428,282 15,045,000 0.5000%, due 30/4/17 ...... 1.5 15,021,500 1,013,187 5.0000%, due 1/9/29 ...... 0.1 1,118,528 13,536,000 0.5000%, due 30/11/16 ...... 1.3 13,545,516 280,027 5.5000%, due 1/1/25 ...... — 305,866 3,034,000 0.5000%, due 30/6/16 ...... 0.3 3,039,215 185,697 5.5000%, due 1/1/33 ...... — 208,732 33,178,000 0.5000%, due 31/1/17 ...... 3.3 33,170,236 1,511,735 5.5000%, due 1/12/41 ...... 0.2 1,707,583 21,483,000 0.6250%, due 15/7/16 ...... 2.1 21,543,410 579,721 5.5000%, due 1/2/41 ...... 0.1 661,974 56,788,000 0.6250%, due 31/12/16 ...... 5.6 56,912,252 1,042,732 5.5000%, due 1/3/40 ...... 0.1 1,191,663 3,107,000 0.7500%, due 30/6/17 ...... 0.3 3,113,310 2,452,018 5.5000%, due 1/4/40 ...... 0.3 2,766,756 1,036,000 0.7500%, due 31/10/17 ...... 0.1 1,035,191 807,915 5.5000%, due 1/5/41 ...... 0.1 907,339 1,276,000 0.7500%, due 31/12/17 ...... 0.1 1,273,408 696,122 5.5000%, due 1/6/41 ...... 0.1 783,300 1,525,000 0.7500%, due 31/3/18 ...... 0.1 1,517,375 920,250 6.0000%, due 1/10/35 ...... 0.1 1,052,690 175,000 0.8750%, due 15/10/17 ...... — 175,410 776,840 6.0000%, due 1/10/38 ...... 0.1 884,351 971,000 0.8750%, due 15/7/17 ...... 0.1 975,097 732,853 6.0000%, due 1/12/35 ...... 0.1 838,668 1,946,000 0.8750%, due 28/2/17 ...... 0.2 1,956,643 349,576 6.0000%, due 1/2/37 ...... — 404,460 16,715,000 0.8750%, due 31/1/17 ...... 1.7 16,809,022 1,121,769 6.0000%, due 1/9/37 ...... 0.1 1,235,185 2,033,000 0.8750%, due 31/1/18 ...... 0.2 2,033,634 320,434 7.0000%, due 1/2/39 ...... — 387,695 21,000,000 1.0000%, due 15/12/17 ...... 2.1 21,091,875 7.8 79,419,188 102,000 1.0000%, due 15/9/17 ...... — 102,598 Freddie Mac Gold Pool 254,000 1.3750%, due 31/3/20 ...... — 251,519 691,155 4.5000%, due 1/1/41 ...... 0.1 752,122 6,721,000 1.3750%, due 31/7/18 ...... 0.7 6,788,734 186,581 5.0000%, due 1/1/19 ...... — 194,916 21,557,000 1.5000%, due 30/11/19 ...... 2.1 21,562,044 1,111,857 5.0000%, due 1/5/41 ...... 0.1 1,240,768 10,888,000 1.5000%, due 31/10/19 ...... 1.1 10,894,805 366,298 5.0000%, due 1/6/20 ...... — 390,678 23,491,000 1.5000%, due 31/8/18 ...... 2.4 23,799,319 670,598 5.5000%, due 1/10/36 ...... 0.1 756,981 2,331,000 1.6250%, due 31/12/19 ...... 0.2 2,340,834 641,340 5.5000%, due 1/12/28 ...... 0.1 718,238 12,786,000 1.6250%, due 31/7/19 ...... 1.3 12,895,883 969,643 5.5000%, due 1/5/41 ...... 0.1 1,087,960 7,725,000 1.7500%, due 30/9/19 ...... 0.8 7,818,542 172,622 5.5000%, due 1/8/19 ...... — 181,089 15,724,000 2.1250%, due 15/5/25 ...... 1.5 15,440,229 3,620,392 6.0000%, due 1/4/40 ...... 0.4 4,131,125 6,585,000 2.1250%, due 30/9/21 ...... 0.7 6,651,364 0.9 9,453,877 19,996,000 2.2500%, due 15/11/24 ...... 2.0 19,875,704 2,062,000 2.3750%, due 31/5/18 ...... 0.2 2,145,123 Ginnie Mae 10,550,000 3.0000%, due 15/5/45 ...... 1.0 10,340,646 1,086,710 5.1000%, due 15/1/32 ...... 0.1 1,244,841 3,427,000 3.0000%, due 15/11/44 ...... 0.3 3,352,836 Ginnie Mae I pool 12,044,000 3.1250%, due 15/8/44 ...... 1.2 12,065,643 964,538 4.5000%, due 15/9/40...... 0.1 1,059,491 148,000 3.3750%, due 15/5/44 ...... — 155,481 1,256,657 5.0000%, due 15/5/40...... 0.1 1,402,520 9,334,000 3.6250%, due 15/2/44 ...... 1.0 10,263,750 4,538,580 5.0000%, due 15/6/44...... 0.6 5,143,069 1,295,000 3.7500%, due 15/11/43 ...... 0.2 1,456,875 1,968,775 5.0000%, due 15/11/43...... 0.2 2,190,219 35.8 362,837,077 2,558,811 5.5000%, due 15/6/39...... 0.3 2,971,142 1,117,358 4.5000%, due 15/7/41 ...... 0.1 1,219,275 Total Government Obligations...... 35.8 362,837,077 2,093,301 4.5000%, due 15/8/41 ...... 0.2 2,316,903

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 165 Janus Flexible Income Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 1,253,686 4.9000%, due 15/10/34 ...... 0.1 1,396,280 Super – Regional Banks 294,264 5.0000%, due 15/1/40 ...... — 326,783 100,000 Wells Fargo & Co., 6.6250% ...... 0.3 2,760,000 525,356 5.0000%, due 15/10/39 ...... 0.1 586,757 938,089 5.0000%, due 15/11/39 ...... 0.1 1,041,903 Total Preferred Stock ...... 1.4 13,967,291 952,371 5.0000%, due 15/2/41 ...... 0.1 1,058,353 Tranche Loans 314,875 5.0000%, due 15/4/41 ...... — 350,974 416,358 5.0000%, due 15/5/40 ...... 0.1 469,533 Electronic Components – Semiconductors 369,918 5.0000%, due 15/5/41 ...... — 419,998 8,053,158 Avago Technologies Cayman, Ltd., 1,244,218 5.0000%, due 15/7/40 ...... 0.1 1,381,059 3.7500%, due 6/5/21 ...... 0.8 8,060,325 514,796 5.0000%, due 15/9/41 ...... 0.1 574,447 Media 524,415 5.5000%, due 15/3/36 ...... 0.1 599,806 4,618,313 Tribune Media Co 3.0000%, 2,345,137 5.5000%, due 15/8/39 ...... 0.3 2,698,721 due 27/12/20 ...... 0.5 4,616,881 335,822 5.5000%, due 15/9/35 ...... — 391,260 Medical Information Systems 2.7 27,598,493 2,474,010 IMS Health, Inc., 3.5000%, Ginnie Mae II pool due 17/3/21 ...... 0.2 2,458,547 110,802 7.0000%, due 20/5/39...... — 131,531 Retail - Offi ce Supplies 591,780 3.5000%, due 20/5/42 ...... 0.1 617,748 796,000 Staples, Inc 2.7500%, due 23/4/21 0.1 794,177 767,497 5.5000%, due 20/1/42 ...... 0.1 873,430 597,622 5.5000%, due 20/11/37 ...... 0.1 669,627 Total Tranche Loans...... 1.6 15,929,930 827,109 5.5000%, due 20/5/42 ...... 0.1 942,603 1,347,368 5.5000%, due 20/7/42 ...... 0.1 1,515,170 Total Investments at last traded prices ...... 99.4 1,007,481,048 211,707 6.0000%, due 20/1/39 ...... — 239,981 279,599 6.0000%, due 20/1/42 ...... — 321,353 Adjustments from last traded to bid market prices ...... (0.2) (1,669,006) 96,942 6.0000%, due 20/10/41 ...... — 111,559 Total Investments ...... 99.2 1,005,812,042 488,508 6.0000%, due 20/11/34 ...... 0.1 566,920 316,229 6.0000%, due 20/11/42 ...... — 362,484 458,711 6.0000%, due 20/12/41 ...... 0.1 526,095 426,323 6.0000%, due 20/2/42 ...... 0.1 490,072 387,262 6.0000%, due 20/2/43 ...... 0.1 445,383 281,362 6.0000%, due 20/3/42 ...... — 323,516 1,082,504 6.0000%, due 20/4/42 ...... 0.1 1,244,584 776,501 6.0000%, due 20/5/42 ...... 0.1 882,220 319,289 6.0000%, due 20/7/42 ...... — 366,952 305,489 6.0000%, due 20/8/42 ...... — 350,974 375,395 6.0000%, due 20/9/42 ...... — 432,198 1.1 11,414,400

Total Mortgage-Backed Securities ...... 12.6 129,130,799 Preferred Stock Diversifi ed Banking Institutions 67,000 Morgan Stanley, 6.8750% ...... 0.2 1,787,560 77,000 Morgan Stanley, 7.1250% ...... 0.2 2,152,150 0.4 3,939,710 Diversifi ed Financial Services 47,000 Citigroup Capital XIII, 7.8750% ...... 0.1 1,220,120 10,278 General Electric Capital Corp., 4.7000% ...... — 249,755 0.1 1,469,875 Fiduciary Banks 14,375 State Street Corp., 5.9000% ...... — 369,006 Finance – Auto Loans 1,503 Ally Financial, Inc., 7.0000% ...... 0.2 1,526,250 Finance – Credit Card 105,000 Discover Financial Services, 6.5000% ...... 0.3 2,674,350 Finance – Investment Bankers/Brokers 13,475 Morgan Stanley Capital Trust III, 6.2500% ...... — 344,017 1,779 Morgan Stanley Capital Trust IV, 6.2500% ...... — 45,258 843 Morgan Stanley Capital Trust V, 5.7500% ...... — 21,294 705 Morgan Stanley Capital Trust VIII, 6.4500% ...... — 17,872 — 428,441 Medical – Generic Drugs 767 Allergan PLC 5.5000% ...... 0.1 799,659

The accompanying notes are an integral part of the fi nancial statements. 166 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Financial Liabilities at fair value through profi t or loss Current Unrealised Forward Currency Contracts, Open as at 30 June 2015 Currency Currency Market Settle Appreciation Current Unrealised Purchased Sold Value (USD) Date (USD) Currency Currency Market Settle (Depreciation) Citibank Purchased Sold Value (USD) Date (USD) AUD 126 USD 97 97 31-Jul-15 — Citibank CNH 19,935 USD 3,204 3,204 31-Jul-15 — AUD 3,470 USD 2,683 2,695 31-Jul-15 (12) CNH 87 USD 14 14 31-Jul-15 — AUD 6,904,047 USD 5,339,003 5,362,168 31-Jul-15 (23,165) CNH 31 USD 5 5 31-Jul-15 — AUD 510,850 USD 395,048 396,762 31-Jul-15 (1,714) EUR 86 USD 96 96 31-Jul-15 — EUR 13,619,680 USD 15,275,860 15,363,516 31-Jul-15 (87,656) USD 7,399 AUD 9,582 7,377 31-Jul-15 22 EUR 7,754,060 USD 8,696,969 8,746,874 31-Jul-15 (49,905) USD 4 AUD 6 4 31-Jul-15 — EUR 34,169,277 USD 38,324,329 38,544,242 31-Jul-15 (219,913) USD 184,683 EUR 164,657 183,621 31-Jul-15 1,062 EUR 507,006 USD 568,659 571,922 31-Jul-15 (3,263) USD 1,032 EUR 920 1,026 31-Jul-15 6 EUR 46,098,849 USD 51,704,561 52,001,253 31-Jul-15 (296,692) USD 11,704 EUR 10,435 11,637 31-Jul-15 67 EUR 46,098,849 USD 51,704,561 52,001,253 31-Jul-15 (296,692) USD 24,428 EUR 21,779 24,287 31-Jul-15 141 EUR 14,800 USD 16,527 16,549 31-Jul-15 (22) USD 67,140 EUR 59,860 66,754 31-Jul-15 386 EUR 7,550 USD 8,431 8,442 31-Jul-15 (11) USD 50 GBP 32 50 31-Jul-15 — EUR 11,906 USD 13,391 13,505 31-Jul-15 (114) EUR 40,719 USD 45,612 45,816 31-Jul-15 (204) USD 5 GBP 3 5 31-Jul-15 — EUR 196 USD 219 220 31-Jul-15 (1) USD 6 CNH 35 6 31-Jul-15 — EUR 519 USD 580 581 31-Jul-15 (1) USD 15,247 EUR 13,594 15,159 31-Jul-15 88 EUR 23,166 USD 26,056 26,278 31-Jul-15 (222) USD 510 AUD 660 509 31-Jul-15 1 EUR 5,819,295 USD 6,526,933 6,564,388 31-Jul-15 (37,455) USD 10,576 EUR 9,471 10,562 31-Jul-15 14 GBP 258,214 USD 407,184 408,807 31-Jul-15 (1,623) USD 3,294 EUR 2,950 3,290 31-Jul-15 4 GBP 1,955 USD 3,082 3,094 31-Jul-15 (12) USD 16,426 EUR 14,709 16,404 31-Jul-15 22 USD 91,974 EUR 82,859 92,401 31-Jul-15 (427) USD 88,098 EUR 78,893 87,979 31-Jul-15 119 USD 1,465 EUR 1,320 1,472 31-Jul-15 (7) USD 951 GBP 606 952 31-Jul-15 (1) USD 3,081 AUD 3,992 3,075 31-Jul-15 6 USD 960 AUD 1,257 968 31-Jul-15 (8) USD 343,894 EUR 306,999 342,355 31-Jul-15 1,539 USD 256,212 EUR 230,819 257,402 31-Jul-15 (1,190) USD 2 CNH 10 2 31-Jul-15 — USD 13,055 AUD 17,097 13,164 31-Jul-15 (109) USD 112,533 EUR 100,429 111,995 31-Jul-15 538 USD 20,884 EUR 18,814 20,981 31-Jul-15 (97) USD 22,495 EUR 20,075 22,387 31-Jul-15 108 USD 38,351 EUR 34,550 38,529 31-Jul-15 (178) USD 42,931 EUR 38,313 42,726 31-Jul-15 205 USD 16,394 EUR 14,769 16,470 31-Jul-15 (76) USD 98 EUR 87 98 31-Jul-15 — USD 189 AUD 247 191 31-Jul-15 (2) USD 24,093 EUR 21,502 23,978 31-Jul-15 115 Total (1,020,772) USD 7 AUD 9 7 31-Jul-15 — Total Financial Liabilities at fair value through profi t or loss (1,020,772) USD 7 GBP 5 7 31-Jul-15 — USD 10 CNH 61 10 31-Jul-15 — USD 19,472 EUR 17,423 19,430 31-Jul-15 42 USD 400,228 EUR 358,119 399,363 31-Jul-15 865 USD 6,183 EUR 5,497 6,130 31-Jul-15 53 USD 89,374 EUR 79,461 88,614 31-Jul-15 760 USD 3,111 EUR 2,766 3,084 31-Jul-15 27 Total 6,190 Total Financial Assets at fair value through profi t or loss 1,005,818,232

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 167 Janus Global Flexible Income Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Automotive – Cars and Light Trucks Asset-Backed/Commercial Mortgage-Backed Securities 50,000 General Motors Co., 4.8750%, due 2/10/23 ...... 0.2 52,964 13,000 AmeriCredit Automobile Receivables 103,000 Volkswagen International Finance Trust, 2.6800%, due 9/10/18 ...... 0.1 13,246 N.V., 3.5000%, due 29/12/99 ...... 0.5 105,358 25,000 AmeriCredit Automobile Receivables 88,000 Volkswagen International Finance Trust 2015-2, 3.0000%, N.V., 3.7500%, due 24/3/49 ...... 0.4 101,537 due 8/6/21 ...... 0.1 25,066 25,000 Volkswagen International Finance 8,000 AmeriCredit Automobile Receivables N.V., 4.6250%, due 24/3/49 ...... 0.1 28,996 Trust, 3.3100%, due 8/10/19 ...... — 8,214 1.2 288,855 91,295 AmeriCredit Automobile Receivables Trust, 4.0000%, due 8/5/17 ...... 0.4 91,572 Automotive – Truck Parts and Equipment – Original 37,604 Broadgate Financing PLC, 1.5296%, 100,000 Schaeffl er Finance B.V., 3.2500%, due 5/1/22 ...... 0.3 58,312 due 15/5/19 ...... 0.5 112,546 31,515 Commercial Mortgage Trust Broadcast Services and Programming 2007-GG11, 5.8670%, 100,000 Discovery Communications LLC, due 10/12/49 ...... 0.1 33,844 1.9000%, due 19/3/27 ...... 0.4 101,359 135,000 CSMC Trust 2014-SURF, Building – Residential and Commercial 2.4355%, due 15/2/29 ...... 0.6 134,777 31,000 D.R. Horton, Inc., 3.7500%, 49,386 DECO 12-UK 4 PLC 0.8406%, due 1/3/19 ...... 0.1 31,310 due 27/1/20 ...... 0.3 72,621 270,000 DECO 2012-MHILL, Ltd., 2.8428%, due 28/7/21 ...... 1.9 424,328 Building Products – Cement and Aggregate 43,877 Eddystone Finance PLC, 150,000 Holcim Finance Canada, Inc., 1.0938%, due 19/4/21 ...... 0.3 67,414 3.6500%, due 10/4/18 ...... 0.5 126,119 28,768 FREMF 2010 K-SCT Mortgage Trust, 51,000 Martin Marietta Materials, Inc., 2.0000%, due 25/1/20 (144A) ...... 0.1 25,745 1.3731%, due 30/6/17 ...... 0.2 50,811 93,795 German Residential Funding 2013-2, 87,000 Vulcan Materials Co., 4.5000%, Ltd., 1.1380%, due 27/8/24 ...... 0.5 106,487 due 1/4/25 ...... 0.4 87,218 106,926 German Residential Funding 2013-2, 25,000 Vulcan Materials Co., 7.0000%, Ltd., 3.4880%, due 27/8/24 ...... 0.5 124,494 due 15/6/18 ...... 0.1 28,375 100,000 Hilton U.S.A. Trust 2013-HLT, 2,000 Vulcan Materials Co., 7.5000%, 5.6086%, due 5/11/30 (144A) ...... 0.4 101,665 due 15/6/21 ...... — 2,310 46,429 London & Regional Debt 1.2 294,833 Securitisation No 2 PLC, Cellular Telecommunications 5.8721%, due 15/10/15 ...... 0.3 74,161 52,000 Rogers Communications, Inc., 223,576 Magellan Mortgages No3 PLC 5.3800%, due 4/11/19 ...... 0.2 47,378 0.2510%, due 15/5/58 ...... 0.9 213,029 Chemicals – Specialty 253,140 Nemus II Arden PLC, 0.7969%, 168,000 Albemarle Corp., 1.8750%, due 15/2/20 ...... 1.7 391,122 due 8/12/21 ...... 0.8 184,947 101,000 Residential Mortgage Securities 28 Plc, 24,000 Albemarle Corp., 4.1500%, 2.2213%, due 15/6/46 ...... 0.7 156,717 due 1/12/24 ...... 0.1 23,969 29,825 Rivoli Pan Europe PLC, 0.1730%, 25,000 Albemarle Corp., 5.4500%, due 3/8/18 ...... 0.1 32,831 due 1/12/44 ...... 0.1 25,113 26,000 Santander Drive Auto Receivables 39,000 Ashland, Inc., 6.8750%, Trust 2015-1, 3.2400%, due 15/5/43 (144A) ...... 0.2 39,780 due 15/4/21 ...... 0.1 26,170 84,000 Rockwood Specialties Group, Inc., 11,000 Santander Drive Auto Receivables 4.6250%, due 15/10/20 ...... 0.4 87,570 Trust, 2.5200%, due 17/9/18 ...... — 11,060 1.6 361,379 1,000,000 Scandinavian Consumer Loans No. 4, Commercial Banks – Non U.S. Ltd., 4.1100%, due 15/1/37 ...... 0.6 129,243 100,000 Bank of Ireland, 3.2500%, 114,000 Starwood Retail Property Trust 2014- due 15/1/19 ...... 0.5 117,550 STAR, 2.5000%, due 15/11/27 ...... 0.5 113,869 130,000 Bank of Ireland, 4.2500%, 167,400 Starwood Retail Property Trust 2014- due 11/6/24 ...... 0.6 145,286 STAR, 3.2500%, due 15/11/27 ...... 0.7 167,969 100,000 Bankia S.A., 4.0000%, due 22/5/24 ...... 0.5 108,798 96,569 Taurus 2013 GMF1 PLC, 1.9880%, 223,000 Intesa Sanpaolo SpA, 5.0170%, due 21/5/24 ...... 0.5 109,798 due 26/6/24 (144A) ...... 0.9 217,040 68,000 Ulysses European Loan Conduit No 200,000 Svenska Handelsbanken AB 27 PLC 0.8006%, due 25/7/17 ...... 0.4 103,463 5.2500%, due 1/3/21 ...... 0.8 194,103 92,000 Wendys Funding LLC 3.3710%, 3.3 782,777 due 15/6/45 ...... 0.4 91,992 Commercial Banks – Western U.S. Total Asset-Backed/Commercial Mortgage-Backed 57,000 Zions Bancorporation, 5.8000%, Securities ...... 12.5 2,909,209 due 15/6/23 ...... 0.2 54,364 Corporate Bonds Computers – Memory Devices Aerospace and Defence – Equipment 98,000 Seagate HDD Cayman, 4.7500%, 56,000 Exelis, Inc., 5.5500%, due 1/10/21 ...... 0.3 61,699 due 1/1/25 (144A) ...... 0.4 97,582 20,000 Harris Corp., 3.8320%, due 27/4/25 ...... 0.1 19,481 49,000 Seagate HDD Cayman, 4.8750%, 30,000 Harris Corp., 5.0540%, due 27/4/45 ...... 0.1 28,689 due 1/6/27 (144A) ...... 0.2 47,737 0.5 109,869 The accompanying notes are an integral part of the fi nancial statements. 168 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 18,000 Seagate Technology PLC, 4.7500%, 100,000 FCE Bank PLC, 1.8750%, due 18/4/19 ...... 0.5 114,245 due 1/6/23 ...... 0.1 18,312 0.7 154,784 49,000 Seagate Technology PLC, 5.7500%, Finance – Investment Bankers/Brokers due 1/12/34 ...... 0.2 48,386 76,000 E*TRADE Financial Corp., 4.6250%, 0.9 212,017 due 15/9/23 ...... 0.3 74,860 Consulting Services 22,000 E*TRADE Financial Corp., 5.3750%, 100,000 Verisk Analytics, Inc., 4.0000%, due 15/11/22 ...... 0.1 22,605 due 15/6/25 ...... 0.4 98,129 48,000 Lazard Group LLC, 4.2500%, 75,000 Verisk Analytics, Inc., 4.1250%, due 14/11/20 ...... 0.2 50,531 due 12/9/22 ...... 0.3 76,486 123,000 Raymond James Financial, Inc., 31,000 Verisk Analytics, Inc., 4.8750%, 5.6250%, due 1/4/24 ...... 0.6 137,065 due 15/1/19 ...... 0.1 33,166 48,000 TD Ameritrade Holding Corp., 54,000 Verisk Analytics, Inc., 5.5000%, 2.9500%, due 1/4/22 ...... 0.2 47,636 due 15/6/45 ...... 0.2 53,302 54,000 TD Ameritrade Holding Corp., 44,000 Verisk Analytics, Inc., 5.8000%, 3.6250%, due 1/4/25 ...... 0.2 54,905 due 1/5/21 ...... 0.2 49,566 1.6 387,602 1.2 310,649 Food – Miscellaneous/Diversifi ed Dialysis Centres 29,000 HJ Heinz Co, 3.5000%, due 15/7/22 50,000 Fresenius Medical Care U.S. (144A) ...... 0.1 29,112 Finance II, Inc., 5.8750%, 34,000 HJ Heinz Co, 2.8000%, due 2/7/20 due 31/1/22 (144A) ...... 0.2 53,250 (144A) ...... 0.1 34,065 Diversifi ed Banking Institutions 0.2 63,177 66,000 Bank of America Corp., 8.0000%, Investment Management and Advisory Services due 29/12/49 ...... 0.3 69,713 59,000 Neuberger Berman Group LLC / 49,000 Morgan Stanley, 4.1000%, Neuberger Berman Finance Corp., due 22/5/23 ...... 0.2 49,174 4.8750%, due 15/4/45 (144A) ...... 0.2 53,696 248,000 Morgan Stanley, 5.0000%, 36,000 Neuberger Berman Group LLC / due 30/9/21 ...... 0.9 199,207 Neuberger Berman Finance Corp., 100,000 Royal Bank of Scotland Group PLC, 5.8750%, due 15/3/22 (144A) ...... 0.2 38,610 1.6250%, due 25/6/19 ...... 0.5 111,896 0.4 92,306 201,000 Royal Bank of Scotland Group PLC, Life and Health Insurance 6.0000%, due 19/12/23 ...... 0.9 213,199 13,000 CNO Financial Group, Inc., 4.5000%, 100,000 UBS A.G., 4.7500%, due 12/2/26 ...... 0.5 118,445 due 30/5/20 ...... 0.1 13,228 3.3 761,634 38,000 CNO Financial Group, Inc., 5.2500%, Diversifi ed Financial Services due 30/5/25 ...... 0.2 38,711 21,000 General Electric Capital Corp., 68,000 Primerica, Inc., 4.7500%, due 15/7/22 ...... 0.3 72,657 6.3750%, due 15/11/67 ...... 0.1 22,628 0.6 124,596 100,000 General Electric Capital Corp., Machinery – Farm 7.1250%, due 15/12/49 ...... 0.5 115,500 48,000 CNH Capital LLC, 3.6250%, 104,000 Permanent TSB PLC 2.3750%, due 15/4/18 ...... 0.2 48,240 due 22/5/18 ...... 0.5 114,611 1.1 252,739 Medical – Drugs 100,000 Bayer AG, 2.3750%, due 2/4/75 ...... 0.5 105,995 Diversifi ed Operations 100,000 Valeant Pharmaceuticals International, 16,000 GE Capital Trust I, 6.3750%, Inc., 4.5000%, due 15/5/23 ...... 0.5 108,115 due 15/11/67 ...... 0.1 17,128 30,000 Valeant Pharmaceuticals International, E-Commerce/Services Inc., 5.8750%, due 15/5/23 ...... 0.1 30,825 116,000 Expedia, Inc., 2.5000%, due 3/6/22 ...... 0.5 127,668 30,000 Valeant Pharmaceuticals International, Electric – Integrated Inc., 6.1250%, due 15/4/25 ...... 0.1 30,938 29,000 PPL WEM Holdings PLC, 3.9000%, 1.2 275,873 due 1/5/16 (144A) ...... 0.1 29,586 Medical – Generic Drugs Electric Products – Miscellaneous 72,000 Actavis Funding SCS, 3.0000%, 23,000 Molex Electronic Technologies LLC, due 12/3/20 ...... 0.3 72,343 2.8780%, due 15/4/20 ...... 0.1 22,672 84,000 Actavis Funding SCS, 3.8000%, 92,000 Molex Electronic Technologies LLC, due 15/3/25 ...... 0.4 82,681 3.9000%, due 15/4/25 ...... 0.4 89,323 40,000 Actavis Funding SCS, 4.5500%, 0.5 111,995 due 15/3/35 ...... 0.2 38,152 30,000 Actavis Funding SCS, 4.7500%, Electronic Design Automation due 15/3/45 ...... 0.1 28,672 221,000 Cadence Design Systems, Inc., 1.0 221,848 4.3750%, due 15/10/24 ...... 1.0 222,119 Medical Labs and Testing Services Electronic Measuring Instruments 56,000 Laboratory Corp of America Holdings, 142,000 Trimble Navigation, Ltd., 4.7500%, 3.2000%, due 1/2/22 ...... 0. 3 55,291 due 1/12/24 ...... 0.6 142,459 Medical Products Finance – Auto Loans 23,000 FMC Finance VIII S.A., 5.2500%, 41,000 Ally Financial, Inc., 4.6250%, due 31/7/19 ...... 0.1 28,971 due 19/5/22 ...... 0.2 40,539

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 169 Janus Global Flexible Income Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 54,000 Zimmer Holdings, Inc., 2.7000%, 89,000 4.7500%, due 1/9/44 ...... 0.5 125,03 2 due 1/4/20 ...... 0.2 53,792 86,000 4.5000%, due 1/3/24 ...... 0.5 113,116 64,000 Zimmer Holdings, Inc., 3.1500%, 1.7 408,088 due 1/4/22 ...... 0.3 63,049 Mexican Government Bond 74,000 Zimmer Holdings, Inc., 3.5500%, 37,700 4.7500%, due 14/6/18 ...... 1.0 241,171 due 1/4/25 ...... 0.3 71,643 29,500 7.7500%, due 13/11/42 ...... 0.9 209,706 0.9 217,455 1.9 450,877 Oil and Gas Drilling New Zealand Government Bond 131,000 Helmerich & Payne International 172,000 3.0000%, due 15/4/20 ...... 0.5 116,201 Drilling Co., 4.6500%, 304,000 4.5000%, due 15/4/27 ...... 1.0 223,282 due 15/3/25 ...... 0.6 135,488 461,000 5.0000%, due 15/3/19 ...... 1.4 334,898 Oil Companies – Exploration and Production 1,041,000 5.5000%, due 15/4/23 ...... 3.5 812,438 21,000 Chesapeake Energy Corp., 4.8750%, 6.4 1,486,819 due 15/4/22 ...... 0.1 18,323 Spain Government Bond 33,000 Chesapeake Energy Corp., 5.3750%, 243,000 4.4000%, due 31/10/23 ...... 1.4 318,471 due 15/6/21 ...... 0.1 30,030 91,000 4.8500%, due 31/10/20 ...... 0.5 119,613 53,000 Cimarex Energy Co., 4.3750%, 35,000 5.1500%, due 31/10/44 ...... 0.2 52,199 due 1/6/24 ...... 0.2 52,612 84,000 5.5000%, due 30/4/21 ...... 0.5 114,543 18,000 Cimarex Energy Co., 5.8750%, — 3.8000%, due 30/4/24 ...... — — due 1/5/22 ...... 0.1 19,350 2.6 604,826 0.5 120,315 Sweden Government Bond Oil Companies – Integrated 1,665,000 1.5000%, due 13/11/23 ...... 0.9 211,560 200,000 TOTAL S.A. 2.2500%, due 29/12/49 ...... 0.9 216,417 4,730,000 2.5000%, due 12/5/25 ...... 2.8 652,62 1 100,000 TOTAL S.A. 2.6250%, due 29/12/49 ...... 0.4 103,860 3.7 864,181 1.3 320,277 U.S. Treasury Notes/Bonds Pipelines 232,000 0.3750%, due 15/2/16 ...... 1.0 232,308 16,000 DCP Midstream Operating L.P., 93,000 0.3750%, due 30/4/16 ...... 0.4 93,073 5.6000%, due 1/4/44 ...... 0.1 14,366 470,000 0.3750%, due 31/3/16 ...... 2.0 470,514 18,000 EnLink Midstream Partners L.P., 1,281,000 0.3750%, due 31/5/16 ...... 5.5 1,281,950 5.6000%, due 1/4/44 ...... 0.1 17,551 449,000 0.5000%, due 30/6/16 ...... 1.9 449,772 0.2 31,917 305,000 0.6250%, due 15/7/16 ...... 1.3 305,858 Property Trust 1,546,000 2.0000%, due 30/4/16 ...... 6.7 1,567,862 125,000 Prologis International Funding II S.A. 403,000 2.1250%, due 15/5/25 ...... 1.7 395,727 1.8760%, due 17/4/25 ...... 0.6 129,701 115,000 2.3750%, due 31/3/16 ...... 0.5 116,842 Radio 202,000 2.5000%, due 15/2/45 ...... 0.8 177,819 217,000 Sirius XM Radio, Inc., 5.2500%, 416,000 3.0000%, due 15/5/45 ...... 1.8 407,745 due 15/8/22 ...... 1.0 227,579 6,000 3.0000%, due 15/11/44 ...... — 5,870 Real Estate 28,000 3.1250%, due 15/8/44 ...... 0.1 28,050 145,000 Kennedy Wilson Europe Real Estate 93,000 3.5000%, due 15/2/39 ...... 0.4 100,280 Plc 3.9500%, due 30/6/22 ...... 1.0 224,709 24.1 5,633,670 Retail – Restaurants United Kingdom Treasury 59,000 1011778 BC ULC / New Red Finance, 242,000 1.7500%, due 22/7/19 ...... 1.7 386,887 Inc., 4.6250%, due 15/1/22 ...... 0.3 58,263 217,470 2.2500%, due 7/9/23 ...... 1.5 349,758 159,000 3.2500%, due 22/1/44 ...... 1.2 275,647 Semiconductor Components/Integrated Circuits 4.4 1,012,292 200,000 TSMC Global, Ltd., 1.6250%, due 3/4/18 (144A) ...... 0.9 197,844 Total Government Obligations...... 50. 4 11,725,317 Textile – Home Furnishings 116,000 Mohawk Industries, Inc., 2.0000%, Preferred Stock due 14/1/22 ...... 0.6 129,846 Diversifi ed Banking Institutions 1,050 Morgan Stanley, 6.8750% ...... 0.1 28,014 Total Corporate Bonds...... 32. 8 7,643,025 Diversifi ed Financial Services Government Obligations 218 General Electric Capital Corp., 4.7000% ...... — 5,297 Bundesobligation 255,000 0.5000%, due 15/2/25 ...... 1.2 277,153 Finance – Investment Bankers/Brokers 300 Morgan Stanley Capital Trust III, German Governmant Bond 6.2500% ...... — 7,659 179,000 1.0000%, due 15/8/24 ...... 1.0 204,467 43 Morgan Stanley Capital Trust IV, Ireland Government Bond 6.2500% ...... — 1,094 111,000 2.0000%, due 18/2/45 ...... 0.5 108,695 20 Morgan Stanley Capital Trust V, 200,000 2.4000%, due 15/5/30 ...... 1.0 231,608 5.7500% ...... — 505 49,000 3.4000%, due 18/3/24 ...... 0.3 63,190 17 Morgan Stanley Capital Trust VIII, 285,000 3.9000%, due 20/3/23 ...... 1.6 379,455 6.4500% ...... — 431 3.4 782,948 — 9,689 Italian Government Bond Medical – Generic Drugs 129,000 4.5000%, due 1/5/23 ...... 0.7 169,940 19 Allergan PLC 5.5000% ...... 0.1 19,809

The accompanying notes are an integral part of the fi nancial statements. 170 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Super – Regional Banks 1,525 Wells Fargo & Co., 6.6250% ...... 0.2 42,090 Citibank USD 8,266 EUR 7,377 8,226 31-Jul-15 40 Total Preferred Stock ...... 0.4 104,899 USD 29 EUR 26 29 31-Jul-15 — USD 6 GBP 4 6 31-Jul-15 — Tranche Loans USD 6 GBP 4 6 31-Jul-15 — Apparel Manufacturers USD 10 GBP 6 10 31-Jul-15 — 51,000 Hanesbrands, Inc., 2.5000%, USD 27,000 EUR 24,072 26,845 31-Jul-15 155 due 29/4/22 ...... 0.2 51,255 USD 9 GBP 6 9 31-Jul-15 — Distribution/Wholesale USD 4,478 EUR 3,993 4,452 31-Jul-15 26 89,635 American Builders & Contractors USD 10,220 EUR 9,112 10,161 31-Jul-15 59 Supply Co., Inc., 3.5000%, USD 1,288 EUR 1,148 1,281 31-Jul-15 7 due 5/4/20 ...... 0.4 89,164 USD 49 EUR 43 49 31-Jul-15 — Electronic Components – Semiconductors JP Morgan Chase & Co. 201,199 Avago Technologies Cayman, Ltd., AUD 326,000 USD 250,409 249,784 29-Jul-15 625 3.7500%, due 6/5/21 ...... 0.7 201,378 USD 3,744,869 EUR 3,348,000 3,733,478 29-Jul-15 11,391 USD 243,233 ILS 913,000 242,131 29-Jul-15 1,102 Medical Information Systems INR 59,661,000 USD 934,247 933,367 29-Jul-15 880 25,740 IMS Health, Inc., 3.5000%, JPY 201,667,000 USD 1,622,722 1,596,811 29-Jul-15 25,911 due 17/3/21 ...... 0.1 25,577 USD 1,493,081 NZD 2,184,000 1,475,343 29-Jul-15 17,738 Retail - Offi ce Supplies PHP 20,758,000 USD 459,807 459,575 29-Jul-15 232 18,000 Staples, Inc 2.7500%, due 23/4/21 ...... — 17,959 USD 866,270 SEK 7,141,000 862,400 29-Jul-15 3,870 USD 23,275 NZD 34,000 22,969 29-Jul-15 306 Total Tranche Loans...... 1.6 385,333 Total 62,342 Total Investments at last traded prices ...... 97.7 22,767,783 Total Financial Assets at fair value through profi t or loss 22,789,457 Adjustments from last traded to bid market prices ...... (0.2) (40,668) Total Investments ...... 97.5 22,727,115 Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 10,670 USD 11,952 12,007 31-Jul-15 (55) USD 7,442 EUR 6,704 7,477 31-Jul-15 (35) USD 3,222 EUR 2,903 3,237 31-Jul-15 (15) USD 929 EUR 837 933 31-Jul-15 (4) USD 16,285 EUR 14,671 16,361 31-Jul-15 (76) EUR 33,600 USD 37,551 37,632 31-Jul-15 (81) EUR 74,965 USD 84,317 85,035 31-Jul-15 (718) GBP 1,868 USD 2,945 2,957 31-Jul-15 (12) EUR 396,717 USD 444,958 447,513 31-Jul-15 (2,555) EUR 1,383,833 USD 1,552,109 1,561,017 31-Jul-15 (8,908) EUR 13,191 USD 14,795 14,880 31-Jul-15 (85) EUR 3,196,548 USD 3,585,254 3,605,828 31-Jul-15 (20,574) EUR 7,307,111 USD 8,195,670 8,242,699 31-Jul-15 (47,029) EUR 30,683 USD 34,263 34,309 31-Jul-15 (46) JP Morgan Chase & Co. CAD 341,000 USD 274,889 276,823 29-Jul-15 (1,934) GBP 263,400 USD 413,992 414,272 29-Jul-15 (280) MXN 3,460,000 USD 223,275 226,847 29-Jul-15 (3,572) USD 129,056 NOK 1,015,000 129,428 29-Jul-15 (372) ILS 913,000 USD 243,912 245,692 29-Jul-15 (1,780) MXN 362,000 USD 23,189 23,392 29-Jul-15 (203) USD 24,625 JPY 3,018,000 24,673 29-Jul-15 (48) EUR 224,000 USD 251,814 253,839 29-Jul-15 (2,025) Total (90,407) Total Financial Liabilities at fair value through profi t or loss (90,407)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 171 Janus Global High Yield Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Broadcast Services and Programming Asset-Backed/Commercial Mortgage-Backed Securities 342,000 Crown Media Holdings, Inc., 10.5000%, due 15/7/19 ...... 0.6 361,665 152,000 COMM 2015-3BP Mortgage Trust, 432,000 iHeartCommunications, Inc., 3.3463%, due 10/2/35 ...... 0.2 133,007 14.0000%, due 1/2/21 ...... 0.5 308,340 294,343 DECO 12-UK 4 PLC 1.0006%, 479,000 iHeartCommunications, Inc., due 27/1/20 ...... 0.7 426,807 9.0000%, due 15/9/22 ...... 0.7 434,094 226,000 Fannie Mae Connecticut Avenue 552,000 Univision Communications, Inc., Securities, 4.1849%, due 25/5/25 ...... 0.3 221,148 5.1250%, due 15/2/25 ...... 0.8 534,170 176,799 Fannie Mae Connecticut Avenue 2.6 1,638,269 Securities, 5.0848%, due 25/11/24 ...... 0.3 182,628 330,000 GAHR Commercial Mortgage Trust Building – Residential and Commercial 2015-NRF, 3.4949%, due 15/12/19 ...... 0.5 311,050 299,000 AV Homes, Inc., 8.5000%, due 1/7/19 ...... 0.4 290,778 119,000 JP Morgan Chase Commercial 596,000 Century Communities, Inc., Mortgage Securities Trust 6.8750%, due 15/5/22 ...... 0.9 588,550 2015-COSMO, 4.1356%, 137,000 D.R. Horton, Inc., 4.0000%, due 15/1/32 ...... 0.2 119,835 due 15/2/20 ...... 0.2 136,959 432,714 London & Regional Debt 342,000 KB Home, 7.6250%, due 15/5/23 ...... 0.5 359,100 Securitisation No 2 PLC, 5.8721%, 156,000 Meritage Homes Corp., 6.0000%, due 15/10/15 ...... 1.1 691,180 due 1/6/25 ...... 0.2 157,560 100,587 Wachovia Bank Commercial Mortgage 135,000 Meritage Homes Corp., 7.0000%, Trust Series 2007-C31, 5.6600%, due 1/4/22 ...... 0.2 144,788 due 15/4/47 ...... 0.2 103,341 214,000 Meritage Homes Corp., 7.1500%, due 15/4/20 ...... 0.4 232,190 Asset-Backed/Commercial Mortgage-Backed 203,000 WCI Communities, Inc., 6.8750%, Securities Total...... 3.5 2,188,996 due 15/8/21 ...... 0.3 210,613 393,000 William Lyon Homes, Inc., 5.7500%, Common Stock due 15/4/19 ...... 0.6 398,156 Casino Hotels 3.7 2,518,694 2,963 Las Vegas Sands Corp...... 0.2 155,765 Building and Construction Products – Miscellaneous Finance – Investment Bankers/Brokers 176,000 Summit Materials LLC / Summit 5,978 E*TRADE Financial Corp...... 0.3 179,041 Materials Finance Corp., Telecommunication Equipment 10.5000%, due 31/1/20 ...... 0.3 192,940 6,271 CommScope Holding Co., Inc...... 0.3 191,328 Cable/Satellite TV 331,000 CCO Holdings LLC / CCO Holdings Total Common Stock...... 0.8 526,134 Capital Corp., 5.2500%, Corporate Bonds due 15/3/21 ...... 0.5 331,000 180,000 CCO Holdings LLC / CCO Holdings Aerospace and Defence Capital Corp., 5.3750%, 1,031,000 ADS Tactical, Inc., 11.0000%, due 1/5/25 ...... 0.3 175,725 due 1/4/18 (144A) ...... 1.6 1,072,240 156,000 CCO Holdings LLC / CCO Holdings 466,000 TA MFG, Ltd., 3.6250%, Capital Corp., 5.8750%, due 15/4/23 ...... 0.8 506,536 due 1/5/27 ...... 0.2 152,685 2.4 1,578,776 238,000 DISH DBS Corp., 5.8750%, Apparel Manufacturers due 15/11/24 ...... 0.4 229,224 342,000 Boardriders S.A., 8.8750%, 185,000 Unitymedia Hessen GmbH & Co., due 15/12/17 ...... 0.5 336,719 K.G. / Unitymedia NRW GmbH, 315,000 QS Wholesale, Inc., 7.8750%, 4.0000%, due 15/1/25 ...... 0.3 211,117 due 1/8/18 (144A) ...... 0.4 270,900 1.7 1,099,751 58,000 Quiksilver, Inc., 10.0000%, Casino Hotels due 1/8/20 ...... — 22,040 174,000 Caesars Entertainment Resort 0.9 629,659 Properties LLC / Caesars Automotive – Cars and Light Trucks Entertainment Resort Properties, 384,000 Fiat Chrysler Automobiles N.V., 11.0000%, due 1/10/21 ...... 0.2 146,595 4.5000%, due 15/4/20 ...... 0.6 383,040 311,000 Caesars Entertainment Resort Automotive – Medical and Heavy Duty Trucks Properties LLC / Caesars 197,000 Navistar International Corp., Entertainment Resort Properties, 8.2500%, due 11/1/21 ...... 0.3 188,135 8.0000%, due 1/10/20 ...... 0.5 294,480 Automotive – Truck Parts and Equipment – Original 245,000 MGM Resorts International, 6.6250% due 15/12/21 ...... 0.4 257,250 381,000 MPG Holdco I, Inc., 7.3750%, due 15/10/22 ...... 0.6 407,670 121,000 MGM Resorts International, 6.7500%, due 1/10/20 ...... 0.2 128,865 275,000 Schaeffl er Holding, 5.7500%, due 15/11/21 ...... 0.5 324,314 242,000 Station Casinos LLC, 7.5000%, due 1/3/21 ...... 0.4 260,150 280,000 Schaeffl er Holding, 6.8750%, due 15/8/18 ...... 0.5 324,335 1.7 1,087,340 200,000 ZF North America Capital, Inc., Casino Services 2.7500%, due 27/4/23 ...... 0.3 211,013 579,000 Boyd Acquisition Sub LLC/Boyd 1.9 1,267,332 Acquisition Finance Corp., 8.3750%, due 15/2/18 (144A) ...... 0.9 605,779 The accompanying notes are an integral part of the fi nancial statements. 172 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 184,000 CCM Merger, Inc., 9.1250%, Educational Software due 1/5/19 (144A) ...... 0.3 197,800 803,000 Blackboard, Inc., 7.7500%, 1.2 803,579 due 15/11/19 (144A) ...... 1.2 758,835 Cellular Telecommunications Electronic Components – Semiconductors 205,000 Sprint Corp., 7.1250%, due 15/6/24 ...... 0.3 190,671 87,000 Micron Technology, Inc., 5.2500%, 106,000 Sprint Corp., 7.8750%, due 15/9/23 ...... 0.2 103,647 due 1/8/23 ...... 0.1 83,629 413,000 T-Mobile U.S., Inc., 6.0000%, 311,000 Micron Technology, Inc., 5.2500%, due 1/3/23 ...... 0.6 423,841 due 15/1/24 ...... 0.5 294,478 1.1 718,159 0.6 378,107 Commercial Banks – Non U.S. Environmental Control 400,000 Banco Bilbao Vizcaya Argentaria S.A. 100,000 Paprec Holding, 5.2500%, 6.7500%, due 18/2/20 ...... 0.7 444,465 due 1/4/22 ...... 0.2 114,814 443,000 Bank of Ireland, 4.2500%, due 11/6/24 ...... 0.8 495,090 100,000 Paprec Holding, 7.3750%, due 1/4/23 ...... 0.2 115,929 200,000 Bank of Ireland, 7.3750%, 0.4 230,743 due 29/12/49 ...... 0.3 222,215 E-Services and Consulting 700,000 Bankia S.A., 4.0000%, due 22/5/24 ...... 1.2 761,586 405,000 TES Finance PLC, 6.7500%, 3.0 1,923,356 due 15/7/20 ...... 1.0 642,618 Commercial Services – Finance Food – Confectionery 570,000 Cardtronics, Inc., 5.1250%, 620,000 R&R Ice Cream PLC 4.7500%, due 1/8/22 ...... 0.9 560,025 due 15/5/20 ...... 1.1 708,392 245,000 TransUnion Holding Co., Inc., Food – Dairy Products 8.1250%, due 15/6/18 ...... 0.4 250,696 764,000 FAGE Dairy Industry S.A. / FAGE 149,000 TransUnion Holding Co., Inc., USA Dairy Industry, Inc., 9.8750%, 9.6250%, due 15/6/18 ...... 0.2 149,603 due 1/2/20 (144A) ...... 1.2 800,290 1.5 960,324 Food – Flour and Grain Computer Services 323,000 Post Holdings, Inc., 7.3750%, 402,000 IHS, Inc., 5.0000%, due 1/11/22 ...... 0.6 400,995 due 15/2/22 ...... 0.5 329,864 Consumer Products – Miscellaneous Food – Meat Products 427,000 GHD Bondco PLC, 7.0000%, 64,000 JBS USA LLC / JBS USA Finance, Inc., due 15/4/20 ...... 0.9 603,735 5.8750%, due 15/7/24 ...... 0.1 64,560 100,000 GHD Bondco PLC, 7.0000%, 286,000 JBS USA LLC / JBS USA Finance, Inc., due 15/4/20 (144A) ...... 0.2 141,390 7.2500%, due 1/6/21 (144A) ...... 0.5 302,803 1.1 745,125 120,000 JBS USA LLC / JBS USA Finance, Inc., Containers – Metal and Glass 8.2500%, due 1/2/20 (144A) ...... 0.2 127,800 261,000 Ardagh Packaging Finance PLC 0.8 495,163 / Ardagh Holdings USA, Inc., Food – Retail 4.2500%, due 15/1/22 ...... 0.4 289,852 653,000 SUPERVALU, Inc., 6.7500%, Containers – Paper and Plastic due 1/6/21 ...... 1.0 662,795 261,000 Kloeckner Pentaplast of America, 280,000 SUPERVALU, Inc., 7.7500%, Inc., 7.1250%, due 1/11/20 ...... 0.4 291,664 due 15/11/22 ...... 0.5 295,225 133,000 Sealed Air Corp., 4.5000%, 1.5 958,020 due 15/9/23 ...... 0.2 150,442 Gambling – Non-Hotel 0.6 442,106 210,000 Ameristar Casinos, Inc., 7.5000%, Dialysis Centres due 15/4/21 ...... 0.3 223,388 88,000 Fresenius Medical Care U.S. Finance 165,000 Greektown Holdings LLC/Greektown II, Inc., 5.6250%, due 31/7/19 Mothership Corp., 8.8750%, (144A) ...... 0.1 95,590 due 15/3/19 (144A) ...... 0.3 174,075 85,000 Fresenius Medical Care U.S. Finance II, 444,000 Mohegan Tribal Gaming Authority, Inc., 5.8750%, due 31/1/22 (144A) ...... 0.1 90,525 9.7500%, due 1/9/21 ...... 0.7 467,310 0.2 186,115 1.3 864,773 Disposable Medical Products Hotels and Motels 200,000 ConvaTec Healthcare E S.A., 370,000 NH Hotels S.A., 6.8750%, 10.8750%, due 15/12/18 ...... 0.4 235,648 due 15/11/19 ...... 0.7 452,652 226,000 ConvaTec Healthcare E S.A., 420,000 Playa Resorts Holdings, 8.0000%, 8.2500%, due 15/1/19 (144A) ...... 0.3 222,893 due 15/8/20 (144A) ...... 0.7 436,800 0.7 458,541 1.4 889,452 Diversifi ed Banking Institutions Internet Connectivity Services 491,000 Lloyds Banking Group PLC 687,000 United Group B.V., 7.8750%, 7.0000%, due 27/6/19 ...... 1.2 775,337 due 15/11/20 ...... 1.2 811,839 Medical – Biomedical and Genetic Diversifi ed Financial Services 354,000 Concordia Healthcare Corp., 100,000 Baggot Securities, 10.2400%, 7.0000%, due 15/4/23 ...... 0.5 354,885 due 29/12/49 ...... 0.2 115,249 Medical – Drugs Diversifi ed Operations 279,000 Capsugel S.A., 7.0000%, 200,000 Horizon Pharma Financing, Inc., due 15/5/19 (144A) ...... 0.4 284,438 6.6250%, due 1/5/23 ...... 0.3 209,250 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 173 Janus Global High Yield Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 109,000 Endo Finance LLC & Endo Oil Refi ning and Marketing Finco, Inc., 7.0000%, 143,000 Seven Generations Energy, Ltd., due 15/12/20 (144A) ...... 0.2 114,859 6.7500%, due 1/5/23 ...... 0.2 143,358 39,000 Endo Finance LLC & Endo Finco, Paper and Related Products Inc., 7.0000%, due 15/7/19 (144A) ...... 0.1 40,541 411,000 Resolute Forest Products, Inc., 275,000 Endo Finance LLC / Endo Ltd / Endo 5.8750%, due 15/5/23 ...... 0.6 376,065 Finco, Inc., 6.0000%, due 1/2/25 ...... 0.4 280,844 318,000 Sappi Papier Holding GmbH, 265,000 Valeant Pharmaceuticals International, 3.3750%, due 1/4/22 ...... 0.5 338,346 Inc., 6.3750%, due 15/10/20 (144A) ...... 0.4 279,741 1.1 714,411 332,000 Valeant Pharmaceuticals International, Inc., 4.5000%, due 15/5/23 ...... 0.5 358,941 Pharmaceuticals 184,000 Valeant Pharmaceuticals International, 200,000 Endo Finance LLC / Endo, Ltd. / Inc., 5.8750%, due 15/5/23 ...... 0.3 189,060 Endo Finco, Inc, 6.0000%, 336,000 Valeant Pharmaceuticals International, due 15/7/23 (144A) ...... 0.3 204,750 Inc., 6.1250%, due 15/4/25 ...... 0.5 346,500 Pipelines 2.8 1,894,924 87,000 Crestwood Midstream Partners L.P. Medical – HMO / Crestwood Midstream Finance Corp., 6.0000%, due 15/12/20 ...... 0.1 90,480 327,000 Centene Corp., 4.7500%, due 15/5/22 ...... 0.5 338,445 510,000 Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Medical – Hospitals Corp., 6.1250%, due 3/1/22 ...... 0.8 522,750 332,000 Tenet Healthcare Corp., 6.7500%, 253,000 Holly Energy Partners L.P. / Holly due 15/6/23 ...... 0.5 339,055 Energy Finance Corp., 6.5000%, 280,000 Tenet Healthcare Corp., 8.0000%, due 1/3/20 ...... 0.4 253,633 due 1/8/20 ...... 0.4 292,250 182,000 MarkWest Energy Partners L.P. / 0.9 631,305 MarkWest Energy Finance Corp., Medical Information Systems 4.5000%, due 15/7/23 ...... 0.3 179,270 642,000 IMS Health, Inc., 4.1250%, 380,000 Sabine Pass Liquefaction LLC, due 1/4/23 ...... 1.1 693,989 5.6250%, due 1/2/21 ...... 0.6 389,500 Oil – Field Services 2.2 1,435,633 443,000 Hiland Partners L.P. / Hiland Partners Poultry Finance Corp., 5.5000%, 628,000 Simmons Foods, Inc., 7.8750%, due 15/5/22 (144A) ...... 0.7 461,551 due 1/10/21 ...... 0.9 579,330 566,000 Hiland Partners L.P. / Hiland Partners Publishing – Newspapers Finance Corp., 7.2500%, 200,000 Johnston Press Bond PLC, 8.6250%, due 1/10/20 (144A) ...... 0.9 614,110 due 1/6/19 ...... 0.5 309,479 1.6 1,075,661 Radio Oil Companies – Exploration and Production 666,000 Entercom Radio LLC, 10.5000%, 505,000 Chesapeake Energy Corp., 6.1250%, due 1/12/19 ...... 1.1 717,615 due 15/2/21 ...... 0.7 477,225 408,000 Townsquare Media, Inc., 6.5000%, 651,000 Endeavor Energy Resources L.P. / due 1/4/23 ...... 0.6 405,450 EER Finance, Inc., 7.0000%, 1.7 1,123,065 due 15/8/21 (144A) ...... 1.0 651,000 Real Estate Management/Services 221,000 Endeavor Energy Resources L.P. / EER Finance, Inc., 8.1250%, 770,000 Kennedy-Wilson, Inc., 5.8750%, due 15/9/23 ...... 0.4 229,011 due 1/4/24 ...... 1.2 768,075 235,000 EP Energy LLC / Everest Acquisition Real Estate Operating/Development Finance, Inc., 6.3750%, 55,000 Forest City Enterprises, Inc., due 15/6/23 ...... 0.4 236,469 3.6250%, due 15/8/20 ...... 0.1 60,088 184,000 Newfi eld Exploration Co., 5.3750%, 409,000 Forestar USA Real Estate Group, Inc., due 1/1/26 ...... 0.3 183,080 8.5000%, due 1/6/22 (144A) ...... 0.7 426,383 129,000 Oasis Petroleum, Inc., 6.5000%, 187,000 Greystar Real Estate Partners LLC, due 1/11/21 ...... 0.2 129,000 8.2500%, due 1/12/22 ...... 0.3 198,220 113,000 Oasis Petroleum, Inc., 6.8750%, 24,000 Howard Hughes Corp., 6.8750%, due 15/3/22 ...... 0.2 115,260 due 1/10/21 (144A) ...... — 25,560 235,000 Parsley Energy LLC / Parsley Finance 566,000 Hunt Cos, Inc., 9.6250%, Corp., 7.5000%, due 15/2/22 due 1/3/21 (144A) ...... 0.9 585,810 (144A) ...... 0.4 239,627 2.0 1,296,061 166,000 QEP Resources, Inc., 5.2500%, Rental – Auto/Equipment due 1/5/23 ...... 0.2 159,775 100,000 Europcar Groupe S.A. 5.7500%, 212,000 QEP Resources, Inc., 5.3750%, due 15/6/22 ...... 0.2 114,257 due 1/10/22 ...... 0.3 205,788 Retail – Apparel and Shoe 193,000 Rice Energy, Inc., 6.2500%, 319,000 New Look Secured Issuer PLC due 1/5/22 ...... 0.3 192,518 6.5000%, due 1/7/22 ...... 0.7 487,994 4.4 2,818,753 107,000 New Look Senior Issuer PLC Oil Field Machinery and Equipment 8.0000%, due 1/7/23 ...... 0.3 164,735 393,000 Dresser-Rand Group, Inc., 1.0 652,729 6.5000%, due 5/1/21 ...... 0.6 424,833

The accompanying notes are an integral part of the fi nancial statements. 174 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Retail – Discount 37,000 Navios Maritime Holdings Inc / 170,000 Family Tree Escrow LLC, 5.7500%, Navios Maritime Finance II US, due 1/3/23 ...... 0.3 178,500 Inc., 7.3750%, due 15/1/22 ...... — 32,190 Retail – Drug Store 220,000 Navios Maritime Holdings Inc / 115,000 Rite Aid Corp., 6.1250%, due 1/4/23 ...... 0.2 118,881 Navios Maritime Finance II US, Inc., 8.1250%, due 15/2/19 ...... 0.3 173,525 Retail – Propane Distribution 0.9 637,359 344,000 Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.6250%, Transportation – Railroad due 15/6/20 ...... 0.5 357,760 639,000 Florida East Coast Holdings Corp., 6.7500%, due 1/5/19 (144A) ...... 1.0 642,195 Retail – Regional Department Stores 570,000 Florida East Coast Holdings Corp., 190,000 JC Penney Corp., Inc., 5.7500%, 9.7500%, due 1/5/20 (144A) ...... 0.8 542,925 due 15/2/18 ...... 0.3 186,913 1.8 1,185,120 213,000 JC Penney Corp., Inc., 8.1250%, due 1/10/19 ...... 0.3 211,935 Transportation – Services 0.6 398,848 103,000 CEVA Group PLC, 4.0000%, due 1/5/18 (144A) ...... 0.1 94,760 Retail – Restaurants 723,000 XPO Logistics, Inc., 7.8750%, 37,000 Landry’s Holdings II, Inc., 10.2500%, due 1/9/19 ...... 1.2 775,309 due 1/1/18 ...... 0.1 38,480 1.3 870,069 1,090,000 Landry’s, Inc., 9.3750%, due 1/5/20 (144A) ...... 1.8 1,174,475 Travel Services 685,000 Wok Acquisition Corp., 10.2500%, 252,000 Carlson Wagonlit B.V., 7.5000%, due 30/6/20 (144A) ...... 1.1 711,544 due 15/6/19 ...... 0.5 297,759 3.0 1,924,499 Wire and Cable Products Special Purpose Entity 439,000 Belden, Inc., 5.5000%, due 15/4/23 ...... 0.8 508,634 510,000 ROC Finance LLC, 12.1250%, X-Ray Equipment due 1/9/18 (144A) ...... 0.8 546,975 162,000 Hologic, Inc., 5.2500%, due 15/7/22 ...... 0.3 165,848 Specifi ed Purpose Acquisition Total Corporate Bonds...... 84.0 54,993,341 249,000 Argos Merger Sub, Inc., 7.1250%, due 15/3/23 ...... 0.4 261,450 Preferred Stock Steel – Producers Cellular Telecommunications 160,000 ArcelorMittal, 5.1250%, 2,400 T-Mobile US, Inc., 5.5000% ...... 0.3 164,136 due 1/6/20 ...... 0.2 162,600 Medical – Generic Drugs Telecommunication Equipment 57 Allergan PLC 5.5000% ...... 0.1 59,427 655,000 CommScope Holding Co., Inc., 6.6250%, due 1/6/20 (144A) ...... 1.0 682,019 Total Preferred Stock ...... 0.4 223,563 789,000 CommScope Technologies Finance LLC, 6.0000%, due 15/6/25 ...... 1.2 788,014 Tranche Loans 2.2 1,470,033 Building Products – Cement and Aggregate Telecommunication Services 356,000 Hanson Building Products 9.5000%, 382,000 Altice Financing S.A. 5.2500%, due 13/3/23 ...... 0.5 347,100 due 15/2/23 ...... 0.7 430,074 Diversifi ed Minerals 538,000 Altice Finco S.A. 7.6250%, 405,000 Oxbow Carbon and Minerals LLC, due 15/2/25 ...... 0.8 517,825 8.0000%, due 19/1/20 ...... 0.6 381,713 236,000 Altice US Finance I Corp., 5.3750%, Food – Canned due 15/7/23 ...... 0.4 230,690 42,000 Del Monte Foods, Inc., 8.2500%, 615,000 Eileme 2 AB, 11.7500%, due 31/1/20 ...... 1.2 761,752 due 18/8/21 ...... 0.1 37,879 316,000 Play Finance 2 S.A., 5.2500%, due 1/2/19 ...... 0.6 363,482 Food – Miscellaneous/Diversifi ed 505,000 Play Topco SA, 7.7500%, 593,706 Iglo Foods Term Loan, 4.2500%, due 28/2/20 ...... 0.9 578,663 due 30/6/20 ...... 1.4 931,337 367,000 Wind Acquisition Finance S.A. Medical – Hospitals 7.3750%, due 23/4/21 ...... 0.6 372,046 160,000 Surgery Center Holdings, Inc., 5.2 3,254,532 7.5000%, due 3/11/21 ...... 0.2 159,267 Telephone – Integrated Oil and Gas Companies – Exploration and Production 300,000 Telefonica Europe B.V. 5.8750%, 115,000 Chief Exploration, 8.7500%, due 31/12/49...... 0.5 355,081 due 12/5/21 ...... 0.2 107,870 Television 556,000 Templar Energy LLC, 8.0000%, 243,000 Tribune Media, Co., 5.8750%, due 25/11/20 ...... 0.6 408,104 due 15/7/22 ...... 0.4 245,430 0.8 515,974 Transportation – Marine Professional Sports 229,000 CMA CGM S.A., 8.7500%, 775,000 Delta 2 Lux Sarl, 6.7500%, due 15/12/18 ...... 0.4 269,944 due 29/7/22 ...... 1.2 773,063 165,000 Eletson Holdings, 9.6250%, Transport – Equipment and Leasing due 15/1/22 (144A) ...... 0.2 161,700 135,108 Maxim Crane Works L.P., 10.2500%, due 26/11/18 ...... 0.2 135,108

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 175 Janus Global High Yield Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Transportation – Marine 177,658 OSG International, Inc., 4.7500%, Citibank due 5/8/19 ...... 0.3 177,880 USD 26,118 EUR 23,286 25,968 31-Jul-15 150 127,040 Overseas Shipholding Term Loan, USD 4 AUD 5 4 31-Jul-15 — 4.2500%, due 5/8/19 ...... 0.2 126,961 USD 3,632 EUR 3,238 3,611 31-Jul-15 21 0.5 304,841 USD 6 EUR 6 6 31-Jul-15 — USD 4 AUD 5 4 31-Jul-15 — Total Tranche Loans 5.5 3,586,282 USD 11,849 EUR 10,564 11,781 31-Jul-15 68 USD 812 EUR 724 807 31-Jul-15 5 Total Investments at last traded prices 94.1 61,518,316 USD 7 EUR 6 7 31-Jul-15 — Adjustments from last traded to bid market prices (0.4) (242,176) USD 16 EUR 14 16 31-Jul-15 — USD 4 GBP 3 4 31-Jul-15 — Total Investments 93.7 61,276,140 USD 14,369 EUR 12,868 14,350 31-Jul-15 19 USD 51 EUR 45 51 31-Jul-15 — USD 3 EUR 3 3 31-Jul-15 — USD 11,182 EUR 9,982 11,132 31-Jul-15 50 USD 6 EUR 5 6 31-Jul-15 — USD 4 AUD 5 4 31-Jul-15 — USD 12 EUR 11 12 31-Jul-15 — USD 5 EUR 4 5 31-Jul-15 — USD 3 AUD 4 3 31-Jul-15 — USD 3 GBP 2 3 31-Jul-15 — USD 3 GBP 2 3 31-Jul-15 — USD 4,466 EUR 3,996 4,456 31-Jul-15 10 USD 61,330 EUR 54,933 61,259 31-Jul-15 71 USD 27,415 EUR 24,555 27,383 31-Jul-15 32 USD 18 EUR 16 18 31-Jul-15 — USD 12 AUD 15 12 31-Jul-15 — USD 12 AUD 15 12 31-Jul-15 — USD 12 GBP 8 12 31-Jul-15 — USD 12 GBP 8 12 31-Jul-15 — USD 8,462 EUR 7,579 8,452 31-Jul-15 10 USD 1,879 EUR 1,683 1,877 31-Jul-15 2 USD 14 EUR 12 14 31-Jul-15 — USD 40 EUR 36 40 31-Jul-15 — JP Morgan Chase & Co. USD 1,872,434 EUR 1,674,000 1,866,738 29-Jul-15 5,696 USD 2,940,697 GBP 1,871,000 2,938,708 29-Jul-15 1,989 USD 199,496 EUR 178,000 198,494 29-Jul-15 1,002 Total 9,125 Total Financial Assets at fair value through profi t or loss 61,285,265

The accompanying notes are an integral part of the fi nancial statements. 176 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 2,062,163 USD 2,312,926 2,326,198 31-Jul-15 (13,272) EUR 14,883,646 USD 16,693,527 16,789,318 31-Jul-15 (95,791) EUR 6,606,500 USD 7,409,863 7,452,382 31-Jul-15 (42,519) EUR 3,290 USD 3,690 3,711 31-Jul-15 (21) AUD 4,102 USD 3,172 3,186 31-Jul-15 (14) EUR 4,465 USD 5,008 5,037 31-Jul-15 (29) EUR 9,910 USD 11,115 11,179 31-Jul-15 (64) GBP 2,078 USD 3,277 3,290 31-Jul-15 (13) EUR 452,495 USD 507,519 510,431 31-Jul-15 (2,912) AUD 4,243 USD 3,281 3,295 31-Jul-15 (14) GBP 2,078 USD 3,277 3,290 31-Jul-15 (13) EUR 2,980 USD 3,339 3,355 31-Jul-15 (16) USD 19,904 EUR 17,932 19,996 31-Jul-15 (92) USD 2,744 EUR 2,472 2,757 31-Jul-15 (13) USD 615 EUR 554 618 31-Jul-15 (3) USD 8,976 EUR 8,087 9,018 31-Jul-15 (42) Total (154,828) Total Financial Liabilities at fair value through profi t or loss (154,828)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 177 Janus Global Investment Grade Bond Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Broadcast Services and Programming Asset-Backed/Commercial Mortgage-Backed Securities 213,000 Discovery Communications LLC, 1.9000%, due 19/3/27 ...... 0.3 215,894 209,792 Broadgate Financing PLC, 1.5296%, 343,000 Discovery Communications LLC, due 5/1/22 ...... 0.5 325,318 2.3750%, due 7/3/22 ...... 0.6 395,357 390,000 CSMC Trust 2014-SURF, 2.4355%, 0.9 611,251 due 15/2/29 ...... 0.6 389,356 77,805 DB Master Finance LLC 2015-1, Building – Residential and Commercial 3.2620%, due 20/2/45 ...... 0.1 78,171 156,000 MDC Holdings, Inc., 6.0000%, 219,385 Eddystone Finance PLC, 1.0938%, due 15/1/43 ...... 0.2 131,820 due 19/4/21 ...... 0.6 337,072 Building Products – Cement and Aggregate 170,908 German Residential Funding 2013-2, 588,000 Holcim Finance Canada, Inc., Ltd., 2.9880%, due 27/11/24 ...... 0.3 196,608 3.6500%, due 10/4/18 ...... 0.8 494,385 142,568 German Residential Funding 2013-2, 194,000 Martin Marietta Materials, Inc., Ltd., 3.4880%, due 27/8/24 ...... 0.3 165,992 1.3731%, due 30/6/17 ...... 0.3 193,282 617,069 Magellan Mortgages No3 PLC 0.2510%, 238,000 Vulcan Materials Co., 4.5000%, due 15/5/58 ...... 0.9 587,961 due 1/4/25 ...... 0.4 238,595 626,823 Nemus II Arden PLC, 0.7969%, 70,000 Vulcan Materials Co., 7.0000%, due 15/2/20 ...... 1.6 968,492 due 15/6/18 ...... 0.1 79,450 155,092 Rivoli Pan Europe PLC, 0.1730%, 6,000 Vulcan Materials Co., 7.5000%, due 3/8/18 ...... 0.3 170,720 due 15/6/21 ...... — 6,930 115,882 Taurus 2013 GMF1 PLC, 1.9880%, 1.6 1,012,642 due 21/5/24 ...... 0.2 131,757 Cable/Satellite TV Asset-Backed/Commercial Mortgage-Backed 610,000 Unitymedia Hessen GmbH & Co Securities Total...... 5.4 3,351,447 KG / Unitymedia NRW GmbH, 5.5000%, due 15/1/23 ...... 1.0 624,106 Corporate Bonds Cellular Telecommunications Aerospace and Defence – Equipment 395,000 Rogers Communications, Inc., 195,000 Exelis, Inc., 5.5500%, due 1/10/21 ...... 0.3 214,846 5.3800%, due 4/11/19 ...... 0.6 359,887 53,000 Harris Corp., 3.8320%, due 27/4/25 ...... 0.1 51,624 Chemicals – Diversifi ed 80,000 Harris Corp., 5.0540%, due 27/4/45 ...... 0.1 76,503 172,000 LyondellBasell Industries N.V., 0.5 342,973 4.6250%, due 26/2/55 ...... 0.2 152,109 Airport Development and Maintenance Chemicals – Specialty 475,000 DAA Finance PLC, 6.5872%, 81,000 Albemarle Corp., 4.1500%, due 9/7/18 ...... 1.0 619,944 due 1/12/24 ...... 0.1 80,894 202,000 Heathrow Funding, Ltd., 4.6250%, 381,000 Albemarle Corp., 5.4500%, due 31/10/46 ...... 0.5 338,000 due 1/12/44 ...... 0.6 382,726 1.5 957,944 391,000 Ashland, Inc., 6.8750%, Automotive – Cars and Light Trucks due 15/5/43 (144A) ...... 0.6 398,820 307,000 General Motors Co., 4.8750%, 250,000 Ecolab, Inc., 5.5000%, due 8/12/41 ...... 0.4 274,112 due 2/10/23 ...... 0.5 325,197 228,000 Rockwood Specialties Group, Inc., 74,000 General Motors Co., 6.2500%, 4.6250%, due 15/10/20 ...... 0.4 237,690 due 2/10/43 ...... 0.1 82,840 2.1 1,374,242 240,000 Renault S.A., 3.1250%, due 5/3/21 ...... 0.5 288,187 Commercial Banks – Non U.S. 325,000 Volkswagen International Finance 278,000 Abbey National Treasury Services PLC N.V., 3.5000%, due 29/12/99 ...... 0.5 332,440 1.1250%, due 14/1/22 ...... 0.5 301,379 321,000 Volkswagen International Finance 306,000 Abbey National Treasury Services PLC, N.V., 3.7500%, due 24/3/49 ...... 0.6 370,378 0.8750%, due 13/1/20 ...... 0.5 337,231 300,000 Volkswagen International Finance 470,000 Bank of Ireland, 3.2500%, N.V., 4.6250%, due 24/3/49 ...... 0.6 347,957 due 15/1/19 ...... 0.9 552,484 2.8 1,746,999 267,000 Bank of Ireland, 4.2500%, Automotive – Truck Parts and Equipment – Original due 11/6/24 ...... 0.5 298,395 176,000 Schaeffl er Finance B.V., 3.2500%, 300,000 Bankia S.A., 4.0000%, due 22/5/24 ...... 0.5 326,394 due 15/5/25 ...... 0.3 185,876 300,000 BBVA Senior Finance SAU, 3.7500%, 113,000 Schaeffl er Finance B.V., 3.2500%, due 17/1/18 ...... 0.6 359,675 due 15/5/19 ...... 0.2 127,177 653,000 BBVA U.S. Senior SAU, 4.6640%, 113,000 Schaeffl er Finance B.V., 3.5000%, due 9/10/15 ...... 1.1 659,299 due 15/5/22 ...... 0.2 126,794 200,000 Caixabank, 5.0000%, due 14/11/23 ...... 0.4 237,324 200,000 ZF North America Capital, Inc., 290,000 ING Bank N.V., 0.7000%, 2.7500%, due 27/4/23 ...... 0.3 211,013 due 16/4/20 ...... 0.5 318,243 1.0 650,860 634,000 Intesa Sanpaolo SpA, 5.0170%, Banks due 26/6/24 (144A) ...... 1.0 617,056 700,000 Santander U.S. Debt SAU, 3.7810%, 200,000 National Bank of Abu Dhabi PJSC, due 7/10/15 (144A) ...... 1.1 704,883 2.2500%, due 11/2/20 ...... 0.3 196,875 304,000 Santander U.K. PLC, 5.0000%, Beverages – Wine and Spirits due 7/11/23 (144A) ...... 0.5 311,606 300,000 Pernod Ricard S.A., 2.0000%, 540,000 Svenska Handelsbanken A.B., due 22/6/20 ...... 0.6 347,572 2.6560%, due 15/1/24 ...... 1.0 625,244

The accompanying notes are an integral part of the fi nancial statements. 178 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 400,000 Svenska Handelsbanken A.B. 280,000 Permanent TSB PLC 2.3750%, 5.2500%, due 1/3/21 ...... 0.6 388,206 due 22/5/18 ...... 0.5 308,567 8.9 5,529,411 3.4 2,078,891 Commercial Banks – Western U.S. Diversifi ed Operations 336,000 Zions Bancorporation, 5.8000%, 5,000 GE Capital Trust I, 6.3750%, due 15/6/23 ...... 0.5 320,460 due 15/11/67 ...... — 5,353 Computers – Memory Devices E-Commerce/Services 584,000 Seagate HDD Cayman, 4.7500%, 312,000 Expedia, Inc., 2.5000%, due 3/6/22 ...... 0.6 343,384 due 1/1/25 (144A) ...... 0.9 581,507 Electric – Integrated 132,000 Seagate HDD Cayman, 4.8750%, 178,000 Enel Finance International N.V., due 1/6/27 ...... 0.2 128,598 5.6250%, due 14/8/24 ...... 0.5 320,446 62,000 Seagate Technology PLC, 4.7500%, 242,000 PPL WEM Holdings PLC, 3.9000%, due 1/6/23 ...... 0.1 63,075 due 1/5/16 (144A) ...... 0.4 246,892 300,000 Seagate Technology PLC, 5.7500%, 0.9 567,338 due 1/12/34 ...... 0.5 296,240 Electric Products – Miscellaneous 1.7 1,069,420 62,000 Molex Electronic Technologies LLC, Consulting Services 2.8780%, due 15/4/20 ...... 0.1 61,116 270,000 Verisk Analytics, Inc., 4.0000%, 250,000 Molex Electronic Technologies LLC, due 15/6/25 ...... 0.4 264,949 3.9000%, due 15/4/25 ...... 0.4 242,724 187,000 Verisk Analytics, Inc., 4.8750%, 0.5 303,840 due 15/1/19 ...... 0.3 200,065 Electronic Design Automation 146,000 Verisk Analytics, Inc., 5.5000%, due 15/6/45 ...... 0.2 144,112 601,000 Cadence Design Systems, Inc., 148,000 Verisk Analytics, Inc., 5.8000%, 4.3750%, due 15/10/24 ...... 1.0 604,043 due 1/5/21 ...... 0.3 166,722 Electronic Measuring Instruments 1.2 775,848 106,000 FLIR Systems, Inc., 3.7500%, Data Processing and Management due 1/9/16 ...... 0.2 108,692 34,000 Fidelity National Information Services, 413,000 Trimble Navigation, Ltd., 4.7500%, Inc., 5.0000%, due 15/3/22 ...... 0.1 35,919 due 1/12/24 ...... 0.7 414,336 0.9 523,028 Dialysis Centres Finance – Auto Loans 154,000 Fresenius Medical Care U.S. 111,000 Ally Financial, Inc., 4.6250%, Finance II, Inc., 5.8750%, due 19/5/22 ...... 0.2 109,751 due 31/1/22 (144A) ...... 0.3 164,010 28,000 Ally Financial, Inc., 8.0000%, Diversifi ed Banking Institutions due 31/12/18 ...... 0.1 31,325 410,000 Bank of America Corp., 5.5000%, 211,000 FCE Bank PLC, 1.8750%, due 22/11/21 ...... 1.2 718,089 due 18/4/19 ...... 0.4 241,057 516,000 Bank of America Corp., 8.0000%, 235,000 FCE Bank PLC, 1.8750%, due 29/12/49 ...... 0.9 545,025 due 24/6/21 ...... 0.4 265,577 496,000 Citigroup, Inc., 1.3750%, 310,000 FGA Capital Ireland PLC, 2.0000%, due 27/10/21 ...... 0.9 549,156 due 23/10/19 ...... 0.6 347,928 295,000 Goldman Sachs Group, Inc., 200,000 FGA Capital Ireland PLC, 2.8750%, 1.3750%, due 26/7/22 ...... 0.5 322,246 due 26/1/18 ...... 0.4 231,490 141,000 Morgan Stanley 5.5500%, 2.1 1,227,128 due 29/12/49 ...... 0.2 140,154 Finance – Credit Card 292,000 Morgan Stanley, 1.7500%, 405,000 American Express Co., 6.8000%, due 30/1/25 ...... 0.5 312,434 due 1/9/66 ...... 0.7 417,717 235,000 Morgan Stanley, 2.1250%, 114,000 Discover Financial Services, 3.7500%, due 25/4/18 ...... 0.4 236,684 due 4/3/25 ...... 0.2 109,068 729,000 Morgan Stanley, 5.0000%, 0.9 526,785 due 30/9/21 ...... 0.9 585,572 540,000 Royal Bank of Scotland Group PLC, Finance – Investment Bankers/Brokers 1.6250%, due 25/6/19 ...... 1.0 604,240 96,000 Charles Schwab Corp., 3.0000%, 890,000 Royal Bank of Scotland Group PLC, due 10/3/25 ...... 0.2 94,281 6.0000%, due 19/12/23 ...... 1.5 944,015 187,000 Charles Schwab Corp., 7.0000%, 726,000 UBS A.G., 4.7500%, due 12/2/26 ...... 1.4 859,913 due 28/2/49 ...... 0.3 217,657 9.4 5,817,528 212,000 E*TRADE Financial Corp., 4.6250%, due 15/9/23 ...... 0.3 208,820 Diversifi ed Financial Services 69,000 E*TRADE Financial Corp., 5.3750%, 223,000 Carlyle Holdings Finance LLC, due 15/11/22 ...... 0.1 70,898 3.8750%, due 1/2/23 (144A) ...... 0.4 225,603 183,000 Lazard Group LLC, 4.2500%, 520,000 General Electric Capital Corp., due 14/11/20 ...... 0.3 192,648 5.8750%, due 14/1/38 ...... 1.0 623,181 8,000 Lazard Group LLC, 6.8500%, 300,000 General Electric Capital Corp., due 15/6/17 ...... — 8,743 6.2500%, due 15/12/49 ...... 0.5 328,500 628,000 Raymond James Financial, Inc., 336,000 General Electric Capital Corp., 5.6250%, due 1/4/24 ...... 1.1 699,809 6.3750%, due 15/11/67 ...... 0.6 362,040 134,000 TD Ameritrade Holding Corp., 200,000 General Electric Capital Corp., 2.9500%, due 1/4/22 ...... 0.2 132,983 7.1250%, due 15/12/49 ...... 0.4 231,000

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 179 Janus Global Investment Grade Bond Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 325,000 TD Ameritrade Holding Corp., 112,000 Actavis Funding SCS, 4.5500%, 3.6250%, due 1/4/25 ...... 0.5 330,449 due 15/3/35 ...... 0.2 106,826 3.0 1,956,288 84,000 Actavis Funding SCS, 4.7500%, Finance – Leasing Company due 15/3/45 ...... 0.1 80,283 452,000 LeasePlan Corp. N.V., 2.5000%, 1.1 666,927 due 16/5/18 (144A) ...... 0.7 452,975 Medical Instruments Food – Catering 308,000 Medtronic, Inc., 3.5000%, 216,000 Compass Group PLC 3.8500%, due 15/3/25 ...... 0.5 307,325 due 26/6/26 ...... 0.6 361,729 Medical Labs and Testing Services Food – Miscellaneous/Diversifi ed 160,000 Laboratory Corp of America 78,000 HJ Heinz Co, 3.5000%, Holdings, 3.2000%, due 1/2/22 ...... 0.3 157,975 due 15/7/22 (144A) ...... 0.1 78,301 160,000 Laboratory Corp of America 91,000 HJ Heinz Co, 2.8000%, Holdings, 3.6000%, due 1/2/25 ...... 0.2 153,331 due 2/7/20 (144A) ...... 0.1 91,175 643,000 Laboratory Corp of America 0.2 169,476 Holdings, 4.7000%, due 1/2/45 ...... 0.9 591,213 1.4 902,519 Investment Companies 500,000 JAB Holdings BV, 1.5000%, Medical Products due 24/11/21 ...... 0.9 551,340 120,000 Mallinckrodt International Finance SA / Mallinckrodt CB LLC, Investment Management and Advisory Services 5.7500%, due 1/8/22 ...... 0.2 123,150 276,000 Ameriprise Financial, Inc., 7.5180%, 150,000 Zimmer Holdings, Inc., 2.7000%, due 1/6/66 ...... 0.4 276,690 due 1/4/20 ...... 0.2 149,423 160,000 Neuberger Berman Group LLC / 177,000 Zimmer Holdings, Inc., 3.1500%, Neuberger Berman Finance Corp., due 1/4/22 ...... 0.3 174,369 4.8750%, due 15/4/45 ...... 0.2 145,617 205,000 Zimmer Holdings, Inc., 3.5500%, 274,000 Neuberger Berman Group LLC / due 1/4/25 ...... 0.3 198,471 Neuberger Berman Finance Corp., 1.0 645,413 5.8750%, due 15/3/22 (144A) ...... 0.5 293,865 1.1 716,172 Oil and Gas Drilling 360,000 Helmerich & Payne International Life and Health Insurance Drilling Co., 4.6500%, 36,000 CNO Financial Group, Inc., due 15/3/25 ...... 0.6 372,332 4.5000%, due 30/5/20 ...... 0.1 36,630 103,000 CNO Financial Group, Inc., Oil Companies – Exploration and Production 5.2500%, due 30/5/25 ...... 0.2 104,926 78,000 Chesapeake Energy Corp., 4.8750%, 476,000 Primerica, Inc., 4.7500%, due 15/4/22 ...... 0.1 68,055 due 15/7/22 ...... 0.8 508,596 105,000 Chesapeake Energy Corp., 5.3750%, 1.1 650,152 due 15/6/21 ...... 0.2 95,550 322,000 Cimarex Energy Co., 4.3750%, Medical – Biomedical and Genetic due 1/6/24 ...... 0.5 319,643 310,000 Gilead Sciences, Inc., 4.5000%, 51,000 Cimarex Energy Co., 5.8750%, due 1/2/45 ...... 0.5 309,559 due 1/5/22 ...... 0.1 54,825 Medical – Drugs 0.9 538,073 326,000 AbbVie, Inc., 4.4000%, due 6/11/42 ...... 0.5 309,651 Oil Companies – Integrated 513,000 Almirall S.A., 4.6250%, due 1/4/21 ...... 1.0 596,189 557,000 TOTAL S.A. 2.2500%, due 29/12/49 ...... 1.0 602,721 860,000 Bayer A.G., 2.3750%, due 2/4/75 ...... 1.5 911,556 560,000 TOTAL S.A. 2.6250%, due 29/12/49 ...... 0.9 581,617 134,000 Johnson & Johnson, 4.5000%, 1.9 1,184,338 due 5/12/43 ...... 0.2 143,127 200,000 Merck KGaA, 2.6250%, Oil Field Services due 12/12/74 ...... 0.4 218,634 235,000 Korea National Oil Corp., 2.7500%, 235,000 Merck KGaA, 3.3750%, due 23/1/19 (144A) ...... 0.4 238,576 due 12/12/74 ...... 0.4 259,104 366,000 Korea National Oil Corp., 4.0000%, 300,000 UCB S.A., 1.8750%, due 2/4/22 ...... 0.5 330,086 due 27/10/16 (144A) ...... 0.6 379,332 293,000 UCB S.A., 4.1250%, due 4/1/21 ...... 0.6 365,491 1.0 617,908 155,000 Valeant Pharmaceuticals International, Pipelines Inc., 4.5000%, due 15/5/23 ...... 0.3 167,578 48,000 DCP Midstream Operating L.P., 83,000 Valeant Pharmaceuticals International, 5.6000%, due 1/4/44 ...... 0.1 43,099 Inc., 5.8750%, due 15/5/23 ...... 0.1 85,283 83,000 Energy Transfer Partners L.P., 83,000 Valeant Pharmaceuticals International, 4.1500%, due 1/10/20 ...... 0.1 85,401 Inc., 6.1250%, due 15/4/25 ...... 0.1 85,594 473,000 Energy Transfer Partners L.P., 5.6 3,472,293 5.1500%, due 1/2/43 ...... 0.7 422,692 Medical – Generic Drugs 72,000 EnLink Midstream Partners L.P., 203,000 Actavis Funding SCS, 3.0000%, 5.6000%, due 1/4/44 ...... 0.1 70,202 due 12/3/20 ...... 0.3 203,968 285,000 Enterprise Products Operating LLC, 235,000 Actavis Funding SCS, 3.8000%, 4.8500%, due 15/3/44 ...... 0.4 269,044 due 15/3/25 ...... 0.4 231,309 295,000 Phillips 66 Partners L.P., 4.6800%, 45,000 Actavis Funding SCS, 3.8500%, due 15/2/45 ...... 0.4 260,671 due 15/6/24 ...... 0.1 44,541 1.8 1,151,109

The accompanying notes are an integral part of the fi nancial statements. 180 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Property Trust Transportation – Services 152,000 Prologis International Funding II S.A. 57,000 Asciano Finance, Ltd., 3.1250%, 1.8760%, due 17/4/25 ...... 0.3 157,716 due 23/9/15 (144A) ...... 0.1 57,235 297,000 Prologis International Funding II S.A. 470,000 Brambles Finance, Ltd., 2.3750%, 2.8750%, due 4/4/22 ...... 0.6 349,116 due 12/6/24 ...... 0.9 547,277 0.9 506,832 1.0 604,512 Publishing – Periodicals Textile – Home Furnishings 500,000 Bertelsmann SE & Co KGaA, 317,000 Mohawk Industries, Inc., 2.0000%, 3.5000%, due 23/4/75 ...... 0.8 509,120 due 14/1/22 ...... 0.6 354,838 Radio Total Corporate Bonds...... 86.6 53,985,973 624,000 Sirius XM Radio, Inc., 5.2500%, due 15/8/22 ...... 1.0 654,420 Preferred Stock Real Estate Diversifi ed Banking Institutions 389,000 Kennedy Wilson Europe Real Estate 5,700 Morgan Stanley, 6.8750% ...... 0.2 152,076 P LC 3.9500%, due 30/6/22 ...... 1.0 602,839 Diversifi ed Financial Services Real Estate Management/Services 1,375 Citigroup Capital XIII, 7.8750% ...... 0.1 35,695 630,000 Deutsche Annington Finance, B.V., 590 General Electric Capital Corp., 3.2000%, due 2/10/17 (144A) ...... 1.0 644,879 4.7000% ...... — 14,337 503,000 Jones Lang LaSalle, Inc., 4.4000%, 0.1 50,032 due 15/11/22 ...... 0.8 516,705 Finance – Investment Bankers/Brokers 1.8 1,161,584 825 Morgan Stanley Capital Trust III, REIT – Diversifi ed 6.2500% ...... — 21,062 536,000 GELF Bond Issuer I S.A., 1.7500%, 112 Morgan Stanley Capital Trust IV, due 22/11/21 ...... 0.9 586,057 6.2500% ...... — 2,849 457,000 Goodman Funding Pty, Ltd., 51 Morgan Stanley Capital Trust V, 6.3750%, due 15/4/21 (144A) ...... 0.8 525,734 5.7500% ...... — 1,288 1.7 1,111,791 44 Morgan Stanley Capital Trust VIII, REIT – Offi ce Property 6.4500% ...... — 1,115 279,000 Alexandria Real Estate Equities, Inc., — 26,314 4.6000%, due 1/4/22 ...... 0.5 294,320 Super – Regional Banks REIT – Warehouse and Industrial 8,200 Wells Fargo & Co., 6.6250% ...... 0.4 226,320 220,000 Prologis L.P., 3.3750%, due 20/2/24 ...... 0.4 265,758 Retail – Discount Total Preferred Stock ...... 0.7 454,742 162,000 Wal-Mart Stores, Inc., 4.8750%, Tranche Loans due 19/1/39 ...... 0.5 304,614 Apparel Manufacturers Retail – Major Department Stores 139,000 Hanesbrands, Inc., 2.5000%, 339,000 John Lewis PLC, 4.2500%, due 29/4/22 ...... 0.2 139,695 due 18/12/34 ...... 0.8 529,079 Casino Hotels Retail – Restaurants 950,000 Las Vegas Sands LLC, 2.5000%, 158,000 1011778 BC ULC / New Red Finance, due 19/12/20 ...... 1.6 944,889 Inc., 4.6250%, due 15/1/22 ...... 0.3 156,025 Electronic Components – Semiconductors Rubber – Tires 1,032,766 Avago Technologies Cayman, Ltd., 500,000 Pirelli International PLC, 1.7500%, 3.7500%, due 6/5/21 ...... 1.7 1,033,686 due 18/11/19 ...... 0.9 552,514 Investment Companies Semiconductor Components/Integrated Circuits 319,000 RPI Finance Trust, 2.7500%, 630,000 TSMC Global, Ltd., 1.6250%, due 9/11/20 ...... 0.5 319,548 due 3/4/18 (144A) ...... 1.0 623,207 Medical Information Systems Special Purpose Entity 129,690 IMS Health, Inc., 3.5000%, 92,000 Goldman Sachs Capital I, 6.3450%, due 17/3/21 ...... 0.2 128,879 due 15/2/34 ...... 0.2 107,011 Semiconductor Equipment Steel – Producers 630,000 Sensata Technologies B.V., 2.2500%, 219,000 Reliance Steel & Aluminum Co., due 14/10/21 ...... 1.0 631,014 4.5000%, due 15/4/23 ...... 0.3 215,790 Wire and Cable Products Super – Regional Banks 630,000 Belden Finance 2013 L.P., 2.5000%, 208,000 Wells Fargo & Co., 1.1250%, due 3/10/20 ...... 1.0 630,000 due 29/10/21 ...... 0.4 229,919 Telephone – Integrated Tranche Loans Total...... 6. 2 3,827,711 200,000 Telefonica Emisiones SAU, 5.4450%, due 8/10/29...... 0.6 349,000 Total Investments at last traded prices ...... 98.9 61,619,873 300,000 Telefonica Europe B.V. 5.8750%, Adjustments from last traded to bid market prices ...... (0.3) (164,699) due 31/12/49 ...... 0.6 355,081 336,000 TeliaSonera A.B., 1.6250%, Total Investments ...... 98.6 61,455,174 due 23/2/35 ...... 0.5 318,441 186,000 TeliaSonera A.B., 3.6250%, due 14/2/24 ...... 0.4 243,676 2.1 1,266,198 The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 181 Janus Global Investment Grade Bond Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Citibank USD 8 EUR 7 8 31-Jul-15 — USD 17 EUR 15 17 31-Jul-15 — USD 4,568 EUR 4,073 4,542 31-Jul-15 26 USD 10,041 EUR 8,952 9,983 31-Jul-15 58 USD 1,093 EUR 975 1,087 31-Jul-15 6 USD 3,479 EUR 3,102 3,459 31-Jul-15 20 USD 15 EUR 13 15 31-Jul-15 — USD 38,159 GBP 24,205 38,017 31-Jul-15 142 USD 20,159 EUR 18,053 20,132 31-Jul-15 27 USD 15,685 EUR 13,998 15,610 31-Jul-15 75 USD 8 EUR 7 8 31-Jul-15 — USD 22 EUR 20 22 31-Jul-15 — USD 11 EUR 10 11 31-Jul-15 — USD 20,377 EUR 18,116 20,203 31-Jul-15 174 JP Morgan Chase & Co. USD 8,529,978 EUR 7,626,000 8,504,028 29-Jul-15 25,950 JPY 162,627,000 USD 1,308,585 1,287,689 29-Jul-15 20,896 USD 609,829 GBP 388,000 609,416 29-Jul-15 413 USD 276,829 EUR 247,000 275,439 29-Jul-15 1,390 USD 158,508 EUR 141,000 157,235 29-Jul-15 1,273 Total 50,450 Total Financial Assets at fair value through profi t or loss 61,505,624

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 1,368,294 USD 1,534,682 1,543,488 31-Jul-15 (8,806) EUR 2,305,809 USD 2,586,200 2,601,040 31-Jul-15 (14,840) EUR 2,533 USD 2,841 2,857 31-Jul-15 (16) EUR 413,558 USD 463,848 466,510 31-Jul-15 (2,662) EUR 1,031,748 USD 1,157,211 1,163,851 31-Jul-15 (6,640) GBP 7,792,712 USD 12,288,514 12,337,499 31-Jul-15 (48,985) EUR 7,376 USD 8,273 8,320 31-Jul-15 (47) EUR 3,659 USD 4,104 4,128 31-Jul-15 (24) USD 3,238 EUR 2,917 3,253 31-Jul-15 (15) USD 7,130 EUR 6,423 7,163 31-Jul-15 (33) USD 1,303 EUR 1,174 1,309 31-Jul-15 (6) USD 4,226 EUR 3,807 4,246 31-Jul-15 (20) USD 32,140 GBP 20,480 32,167 31-Jul-15 (27) JP Morgan Chase & Co. CAD 1,281,000 USD 1,032,647 1,039,914 29-Jul-15 (7,267) USD 235,047 AUD 306,000 235,636 29-Jul-15 (589) CHF 416,000 USD 445,711 445,821 29-Jul-15 (110) USD 276,153 GBP 176,000 276,436 29-Jul-15 (283) EUR 308,000 USD 345,238 347,014 29-Jul-15 (1,776) EUR 105,000 USD 117,239 117,389 29-Jul-15 (150) Total (92,296) Total Financial Liabilities at fair value through profi t or loss (92,296)

The accompanying notes are an integral part of the fi nancial statements. 182 Janus Capital Funds Plc / 30 June 2015 Janus High Yield Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss 4,633,000 iHeartCommunications, Inc., Asset-Backed/Commercial Mortgage-Backed Securities 14.0000%, due 1/2/21 ...... 0.5 3,306,804 4,381,000 iHeartCommunications, Inc., 1,595,000 COMM 2015-3BP Mortgage Trust, 9.0000%, due 15/9/22 ...... 0.5 3,970,281 3.3463%, due 10/2/35 ...... 0.2 1,395,693 6,225,000 Univision Communications, Inc., 2,639,000 Fannie Mae Connecticut Avenue 5.1250%, due 15/2/25 ...... 0.8 6,023,933 Securities, 4.1849%, due 25/5/25 ...... 0.4 2,582,345 2.7 19,732,733 1,266,000 Fannie Mae Connecticut Avenue Securities, 5.0848%, due 25/11/24 ...... 0.2 1,307,740 Building – Residential and Commercial 3,462,000 GAHR Commercial Mortgage Trust 2,924,000 AV Homes, Inc., 8.5000%, 2015-NRF, 3.4949%, due 15/12/19 ...... 0.4 3,263,200 due 1/7/19 ...... 0.4 2,843,590 1,348,000 JP Morgan Chase Commercial 6,724,000 Century Communities, Inc., Mortgage Securities Trust 6.8750%, due 15/5/22 ...... 0.9 6,639,950 2015-COSMO, 4.1356%, 1,523,000 D.R. Horton, Inc., 4.0000%, due 15/1/32 ...... 0.2 1,357,456 due 15/2/20 ...... 0.2 1,522,543 1,334,000 Wachovia Bank Commercial Mortgage 3,687,000 KB Home, 7.6250%, due 15/5/23 ...... 0.5 3,871,350 Trust Series 2007-C31, 5.6600%, 1,841,000 Meritage Homes Corp., 6.0000%, due 15/4/47 ...... 0.2 1,370,522 due 1/6/25 ...... 0.3 1,859,410 3,555,000 Meritage Homes Corp., 7.0000%, Total Asset-Backed/Commercial Mortgage-Backed due 1/4/22 ...... 0.5 3,812,738 Securities ...... 1.6 11,276,956 2,878,000 Meritage Homes Corp., 7.1500%, due 15/4/20 ...... 0.4 3,122,630 Common Stock 1,993,000 WCI Communities, Inc., 6.8750%, Building and Construction Products – Miscellaneous due 15/8/21 ...... 0.3 2,067,738 82,894 Summit Materials, Inc...... 0.3 2,113,798 3.5 25,739,949 Casino Hotels Building and Construction Products – Miscellaneous 33,657 Las Vegas Sands Corp...... 0.2 1,769,348 766,000 NCI Building Systems, Inc., Finance – Investment Bankers/Brokers 8.2500%, due 15/1/23 ...... 0.1 819,620 73,534 E*TRADE Financial Corp...... 0.3 2,202,343 2,026,000 Summit Materials LLC / Summit Telecommunication Equipment Materials Finance Corp., 68,885 CommScope Holding Co., Inc...... 0.3 2,101,680 10.5000%, due 31/1/20 ...... 0.3 2,221,003 0.4 3,040,623 Total Common Stock...... 1.1 8,187,169 Cable/Satellite TV 5,272,000 Block Communications, Inc., Corporate Bonds 7.2500%, due 1/2/20 (144A) ...... 0.7 5,403,800 Aerospace and Defence 3,895,000 CCO Holdings LLC / CCO 16,352,000 ADS Tactical, Inc., 11.0000%, Holdings Capital Corp., due 1/4/18 (144A) ...... 2.3 17,006,080 5.2500%, due 15/3/21 ...... 0.5 3,895,000 Apparel Manufacturers 2,095,000 CCO Holdings LLC / CCO Holdings 1,837,000 Levi Strauss & Co., 5.0000%, Capital Corp., 5.3750%, due 1/5/25 ...... 0.2 1,786,483 due 1/5/25 ...... 0.3 2,045,244 4,236,000 QS Wholesale, Inc., 7.8750%, 1,841,000 CCO Holdings LLC / CCO Holdings due 1/8/18 (144A) ...... 0.5 3,642,960 Capital Corp., 5.8750%, 5,071,000 Quiksilver, Inc., 10.0000%, due 1/5/27 ...... 0.2 1,801,879 due 1/8/20 ...... 0.3 1,926,980 3,138,000 DISH DBS Corp., 5.8750%, 1.0 7,356,423 due 15/11/24 ...... 0.4 3,022,286 Automotive – Cars and Light Trucks 2,408,000 Harron Communications L.P. / 1,813,000 Chrysler Group LLC / CG Co-Issuer Harron Finance Corp., 9.1250%, Inc., 8.2500%, due 15/6/21 ...... 0.3 1,980,703 due 1/4/20 (144A) ...... 0.4 2,612,680 3,909,000 Fiat Chrysler Automobiles N.V., 2.5 18,780,889 4.5000%, due 15/4/20 ...... 0.5 3,899,228 Casino Hotels 0.8 5,879,931 1,880,000 Caesars Entertainment Resort Automotive – Medical and Heavy Duty Trucks Properties LLC / Caesars Entertainment Resort Prope, 2,978,000 Navistar International Corp., 11.0000%, due 1/10/21 ...... 0.2 1,583,900 8.2500%, due 11/1/21 ...... 0.4 2,843,990 3,060,000 Caesars Entertainment Resort Automotive – Truck Parts and Equipment – Original Properties LLC / Caesars 3,725,000 MPG Holdco I, Inc., 7.3750%, Entertainment Resort Prope, due 15/10/22 ...... 0.5 3,985,750 8.0000%, due 1/10/20 ...... 0.4 2,897,453 3,790,000 Schaeffl er Holding, 6.2500%, 1,969,000 MGM Resorts International, due 15/11/19 ...... 0.5 4,007,925 6.6250% due 15/12/21 ...... 0.3 2,067,450 1,526,000 Schaeffl er Holding, 6.7500%, 2,819,000 MGM Resorts International, due 15/11/22 ...... 0.2 1,653,803 6.7500%, due 1/10/20 ...... 0.4 3,002,235 1.2 9,647,478 2,583,000 MGM Resorts International, Broadcast Services and Programming 7.7500%, due 15/3/22 ...... 0.4 2,854,215 6,082,000 Crown Media Holdings, Inc., 2,505,000 Station Casinos LLC, 7.5000%, 10.5000%, due 15/7/19 ...... 0.9 6,431,715 due 1/3/21 ...... 0.4 2,692,875 2.1 15,098,128

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 183 Janus High Yield Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Casino Services Finance – Commercial 5,982,000 Boyd Acquisition Sub LLC/Boyd 1,682,000 Jefferies Finance LLC / JFIN Co-Issuer Acquisition Finance Corp., Corp., 7.3750%, due 1/4/20 8.3750%, due 15/2/18 (144A) ...... 0.9 6,258,668 (144A) ...... 0.2 1,660,975 2,011,000 CCM Merger, Inc., 9.1250%, Food – Dairy Products due 1/5/19 (144A) ...... 0.3 2,161,825 8,412,000 FAGE Dairy Industry S.A. / FAGE 1.2 8,420,493 USA Dairy Industry, Inc., 9.8750%, Cellular Telecommunications due 1/2/20 (144A) ...... 1.2 8,811,570 2,906,000 Sprint Nextel Corp., 7.0000%, Food – Flour and Grain due 15/8/20 ...... 0.4 2,891,470 3,176,000 Post Holdings, Inc., 7.3750%, 7,137,000 T-Mobile U.S., Inc., 6.0000%, due 15/2/22 ...... 0.4 3,243,490 due 1/3/23 ...... 1.0 7,324,346 Food – Meat Products 4,125,000 T-Mobile U.S., Inc., 6.2500%, 3,274,000 JBS USA LLC / JBS USA Finance, Inc., due 1/4/21 ...... 0.6 4,238,438 5.8750%, due 15/7/24 ...... 0.5 3,302,648 2.0 14,454,254 6,855,000 JBS USA LLC / JBS USA Finance, Inc., Chemicals – Specialty 7.2500%, due 1/6/21 (144A) ...... 1.0 7,257,731 7,425,000 Rockwood Specialties Group, Inc., 4,120,000 JBS USA LLC / JBS USA Finance, Inc., 4.6250%, due 15/10/20 ...... 1.1 7,740,563 8.2500%, due 1/2/20 (144A) ...... 0.6 4,387,800 Commercial Banks – Eastern U.S. 123,000 Smithfi eld Foods, Inc., 6.6250%, 3,036,000 CIT Group, Inc., 5.5000%, due 15/8/22 ...... — 131,764 due 15/2/19 (144A) ...... 0.4 3,172,620 17,000 Sun Merger Sub, Inc., 5.8750%, Commercial Services – Finance due 1/8/21 (144A) ...... — 17,595 6,832,000 Cardtronics, Inc., 5.1250%, 2.1 15,097,538 due 1/8/22 ...... 0.9 6,712,440 Food – Retail 2,108,000 TransUnion Holding Co., Inc., 1,148,000 Albertsons Holdings LLC/Saturn 8.1250%, due 15/6/18 ...... 0.3 2,157,011 Acquisition Merger Sub, Inc., 4,033,000 TransUnion Holding Co., Inc., 7.7500%, due 15/10/22 ...... 0.2 1,224,055 9.6250%, due 15/6/18 ...... 0.6 4,049,334 8,917,000 SUPERVALU, Inc., 6.7500%, 1.8 12,918,785 due 1/6/21 ...... 1.2 9,050,755 Computer Services 2,722,000 SUPERVALU, Inc., 7.7500%, 4,696,000 IHS, Inc., 5.0000%, due 1/11/22 ...... 0.6 4,684,260 due 15/11/22 ...... 0.4 2,870,009 1.8 13,144,819 Data Processing and Management 3,076,000 First Data Corp., 12.6250%, Gambling – Non-Hotel due 15/1/21 ...... 0.5 3,560,470 5,722,000 Ameristar Casinos, Inc., 7.5000%, due 15/4/21 ...... 0.8 6,086,778 Dialysis Centres 3,317,000 Greektown Holdings LLC/Greektown 1,404,000 Fresenius Medical Care U.S. Mothership Corp., 8.8750%, Finance II, Inc., 5.6250%, due 15/3/19 (144A) ...... 0.5 3,499,435 due 31/7/19 (144A) ...... 0.2 1,525,095 5,475,000 Mohegan Tribal Gaming Authority, 2,847,000 Fresenius Medical Care U.S. Finance II, 9.7500%, due 1/9/21 ...... 0.8 5,762,438 Inc., 5.8750%, due 31/1/22 (144A) ...... 0.4 3,032,055 2.1 15,348,651 0.6 4,557,150 Gas – Distribution Disposable Medical Products 991,000 Altice US Finance S.A., 7.7500%, 4,101,000 ConvaTec Healthcare E S.A., due 15/7/25 ...... 0.1 953,838 8.2500%, due 15/1/19 (144A) ...... 0.6 4,044,611 Hotels and Motels Distribution/Wholesale 4,968,000 Playa Resorts Holdings, 8.0000%, 3,115,000 American Builders & Contractors due 15/8/20 (144A) ...... 0.7 5,166,720 Supply Co., Inc., 5.6250%, due 15/4/21 (144A) ...... 0.4 3,185,088 Medical – Biomedical and Genetic 3,100,000 Park-Ohio Industries, Inc., 8.1250%, 4,336,000 Concordia Healthcare Corp., due 1/4/21 ...... 0.5 3,301,500 7.0000%, due 15/4/23 ...... 0.6 4,346,840 0.9 6,486,588 Medical – Drugs Diversifi ed Banking Institutions 3,207,000 Capsugel S.A., 7.0000%, 5,741,000 Royal Bank of Scotland Group PLC, due 15/5/19 (144A) ...... 0.4 3,269,504 5.1250%, due 28/5/24 ...... 0.8 5,744,158 1,396,000 Endo Finance LLC & Endo Finco, Inc., 7.0000%, due 15/12/20 Diversifi ed Operations (144A) ...... 0.2 1,471,035 1,238,000 Horizon Pharma Financing, Inc., 582,000 Endo Finance LLC & Endo Finco, 6.6250%, due 1/5/23 ...... 0.2 1,295,258 Inc., 7.0000%, due 15/7/19 Educational Software (144A) ...... 0.1 604,989 11,954,000 Blackboard, Inc., 7.7500%, 2,700,000 Endo Finance LLC / Endo, Ltd. / Endo due 15/11/19 (144A) ...... 1.5 11,296,530 Finco, Inc., 6.0000%, due 1/2/25 ...... 0.4 2,757,375 Electronic Components – Semiconductors 4,138,000 Valeant Pharmaceuticals International, 961,000 Micron Technology, Inc., 5.2500%, Inc., 6.3750%, due 15/10/20 (144A) ...... 0.6 4,368,176 due 1/8/23 ...... 0.1 923,761 2,059,000 Valeant Pharmaceuticals International, 3,690,000 Micron Technology, Inc., 5.2500%, Inc., 5.8750%, due 15/5/23 ...... 0.3 2,115,623 due 15/1/24 ...... 0.5 3,493,969 0.6 4,417,730 The accompanying notes are an integral part of the fi nancial statements. 184 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 7,470,000 Valeant Pharmaceuticals International, Oil Field Machinery and Equipment Inc., 6.1250%, due 15/4/25 ...... 1.1 7,703,438 5,045,000 Dresser-Rand Group, Inc., 6.5000%, 3.1 22,290,140 due 5/1/21 ...... 0.7 5,453,645 Medical – HMO Oil Refi ning and Marketing 3,694,000 Centene Corp., 4.7500%, 3,461,000 PBF Holding Co., LLC / PBF Finance due 15/5/22 ...... 0.5 3,823,290 Corp., 8.2500%, due 15/2/20 ...... 0.5 3,677,313 Medical – Hospitals 1,700,000 Seven Generations Energy, Ltd., 7,219,000 CHS/Community Health Systems, 6.7500%, due 1/5/23 ...... 0.2 1,704,250 Inc., 8.0000%, due 15/11/19 ...... 1.0 7,625,069 0.7 5,381,563 2,241,000 Tenet Healthcare Corp., 6.0000%, Paper and Related Products due 1/10/20 ...... 0.3 2,395,069 4,839,000 Resolute Forest Products, Inc., 3,857,000 Tenet Healthcare Corp., 6.7500%, 5.8750%, due 15/5/23 ...... 0.6 4,427,685 due 15/6/23 ...... 0.5 3,938,961 Pharmaceuticals 2,272,000 Tenet Healthcare Corp., 8.0000%, 1,785,000 Endo Finance LLC / Endo, Ltd. / due 1/8/20 ...... 0.3 2,371,400 Endo Finco, Inc, 6.0000%, 2.1 16,330,499 due 15/7/23 (144A) ...... 0.3 1,827,394 Medical Products Pharmacy Services 2,194,000 Mallinckrodt International 2,432,000 Catamaran Corp., 4.7500%, Finance S.A. / Mallinckrodt CB LLC, due 15/3/21 ...... 0.4 2,699,520 5.5000%, due 15/4/25 ...... 0.3 2,136,408 Pipelines Motion Pictures and Services 1,107,000 Crestwood Midstream Partners L.P. / 1,440,000 Dreamworks Animation, 6.8750%, Crestwood Midstream Finance due 15/8/20 (144A) ...... 0.2 1,432,800 Corp., 6.0000%, due 15/12/20 ...... 0.2 1,151,280 Oil – Field Services 5,743,000 Crestwood Midstream Partners L.P. / 4,992,000 Hiland Partners L.P. / Hiland Partners Crestwood Midstream Finance Finance Corp., 5.5000%, Corp., 6.1250%, due 3/1/22 ...... 0.8 5,886,575 due 15/5/22 (144A) ...... 0.7 5,201,040 3,270,000 Holly Energy Partners L.P. / Holly 5,851,000 Hiland Partners L.P. / Hiland Partners Energy Finance Corp., 6.5000%, Finance Corp., 7.2500%, due 1/3/20 ...... 0.4 3,278,175 due 1/10/20 (144A) ...... 0.9 6,348,335 7,192,000 MarkWest Energy Partners L.P. / 1.6 11,549,375 MarkWest Energy Finance Corp., Oil Companies – Exploration and Production 4.5000%, due 15/7/23 ...... 1.0 7,084,120 737,000 Carrizo Oil & Gas, Inc., 6.2500%, 5,388,000 Sabine Pass Liquefaction LLC, due 15/4/23 ...... 0.1 742,528 5.6250%, due 1/2/21 ...... 0.8 5,522,700 5,750,000 Chesapeake Energy Corp., 6.1250%, 3,129,000 Sabine Pass Liquefaction LLC, due 15/2/21 ...... 0.7 5,433,750 5.6250%, due 15/4/23 ...... 0.4 3,133,881 7,467,000 Endeavor Energy Resources L.P. / EER 1,347,000 Targa Resources Partners L.P. / Targa Finance, Inc., 7.0000%, Resources Partners Finance Corp., due 15/8/21 (144A) ...... 1.0 7,467,000 6.6250%, due 1/10/20 ...... 0.2 1,407,615 2,539,000 Endeavor Energy Resources L.P. / EER 3.8 27,464,346 Finance, Inc., 8.1250%, Poultry due 15/9/23 ...... 0.4 2,631,039 7,681,000 Simmons Foods, Inc., 7.8750%, 2,756,000 EP Energy LLC / Everest Acquisition due 1/10/21 ...... 1.0 7,085,723 Finance, Inc., 6.3750%, Radio due 15/6/23 ...... 0.4 2,773,225 6,500,000 Entercom Radio LLC, 10.5000%, 1,735,000 Kodiak Oil & Gas Corp., 8.1250%, due 1/12/19 ...... 1.0 7,003,750 due 1/12/19 ...... 0.2 1,825,003 4,566,000 Townsquare Media, Inc., 6.5000%, 2,036,000 Newfi eld Exploration Co., 5.3750%, due 1/4/23 ...... 0.6 4,537,463 due 1/1/26 ...... 0.3 2,025,820 1.6 11,541,213 1,215,000 Oasis Petroleum, Inc., 6.5000%, due 1/11/21 ...... 0.2 1,215,000 Real Estate Management/Services 2,565,000 Oasis Petroleum, Inc., 6.8750%, 8,664,000 Kennedy-Wilson, Inc., 5.8750%, due 15/3/22 ...... 0.4 2,616,300 due 1/4/24 ...... 1.2 8,642,340 2,583,000 Parsley Energy LLC / Parsley Real Estate Operating/Development Finance Corp., 7.5000%, 1,281,000 Forest City Enterprises, Inc., due 15/2/22 (144A) ...... 0.4 2,633,859 3.6250%, due 15/8/20 ...... 0.2 1,399,493 2,424,000 QEP Resources, Inc., 5.2500%, 4,474,000 Forestar USA Real Estate Group, Inc., due 1/5/23 ...... 0.3 2,333,100 8.5000%, due 1/6/22 (144A) ...... 0.6 4,664,145 2,495,000 QEP Resources, Inc., 5.3750%, 1,815,000 Greystar Real Estate Partners LLC, due 1/10/22 ...... 0.3 2,421,897 8.2500%, due 1/12/22 ...... 0.3 1,923,900 2,204,000 Rice Energy, Inc., 6.2500%, 7,817,000 Howard Hughes Corp., 6.8750%, due 1/5/22 ...... 0.3 2,198,490 due 1/10/21 (144A) ...... 1.1 8,325,105 1,151,000 Sanchez Energy Corp., 6.1250%, 6,815,000 Hunt Cos, Inc., 9.6250%, due 15/1/23 ...... 0.1 1,035,900 due 1/3/21 (144A) ...... 1.0 7,053,525 5.1 37,352,911 3.2 23,366,168

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 185 Janus High Yield Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Research and Development Transportation – Marine 1,740,000 Jaguar Holding Co. II / Jaguar 1,870,000 Eletson Holdings, 9.6250%, Merger Sub, Inc., 9.5000%, due 15/1/22 (144A) ...... 0.3 1,832,600 due 1/12/19 (144A) ...... 0.3 1,857,450 405,000 Navios Maritime Holdings Inc / Retail – Discount Navios Maritime Finance II US, 3,900,000 Family Tree Escrow LLC, 5.7500%, Inc., 7.3750%, due 15/1/22 ...... — 352,350 due 1/3/23 ...... 0.6 4,095,000 2,447,000 Navios Maritime Holdings Inc / Navios Maritime Finance II US, Retail – Drug Store Inc., 8.1250%, due 15/2/19 ...... 0.3 1,930,071 1,269,000 Rite Aid Corp., 6.1250%, 0.6 4,115,021 due 1/4/23 ...... 0.2 1,311,829 Transportation – Railroad Retail – Propane Distribution 7,816,000 Florida East Coast Holdings Corp., 2,073,000 Ferrellgas Partners L.P. / Ferrellgas 6.7500%, due 1/5/19 (144A) ...... 1.1 7,855,080 Partners Finance Corp., 8.6250%, 6,945,000 Florida East Coast Holdings Corp., due 15/6/20 ...... 0.3 2,155,920 9.7500%, due 1/5/20 (144A) ...... 0.9 6,615,113 Retail – Regional Department Stores 2,618,000 Watco Cos LLC / Watco Finance Corp., 2,071,000 JC Penney Corp., Inc., 5.7500%, 6.3750%, due 1/4/23 (144A) ...... 0.4 2,663,815 due 15/2/18 ...... 0.3 2,037,346 2.4 17,134,008 2,465,000 JC Penney Corp., Inc., 8.1250%, Transportation – Services due 1/10/19 ...... 0.3 2,452,675 1,812,000 CEVA Group PLC, 4.0000%, 0.6 4,490,021 due 1/5/18 (144A) ...... 0.2 1,667,040 Retail – Restaurants 8,712,000 XPO Logistics, Inc., 7.8750%, 771,000 Landry’s Holdings II, Inc., 10.2500%, due 1/9/19 ...... 1.3 9,342,31 0 due 1/1/18 ...... 0.1 801,840 1.5 11,009,350 11,028,000 Landry’s, Inc., 9.3750%, due 1/5/20 X-Ray Equipment (144A) ...... 1.6 11,882,670 1,845,000 Hologic, Inc., 5.2500%, due 15/7/22 ...... 0.3 1,888,819 8,364,000 Wok Acquisition Corp., 10.2500%, due 30/6/20 (144A) ...... 1.2 8,688,105 Total Corporate Bonds...... 83.3 608,348,127 2.9 21,372,615 Special Purpose Entity Preferred Stock 7,387,000 ROC Finance LLC, 12.1250%, Building – Residential and Commercial due 1/9/18 (144A) ...... 1.1 7,922,558 10,603 William Lyon Homes, 6.5000% ...... 0.2 1,342,605 Specifi ed Purpose Acquisition Cellular Telecommunications 2,702,000 Argos Merger Sub, Inc., 7.1250%, 28,150 T-Mobile US, Inc., 5.5000% ...... 0.3 1,925,179 due 15/3/23 ...... 0.4 2,837,100 Medical – Generic Drugs Steel – Producers 665 Allergan PLC 5.5000% ...... 0.1 693,316 1,880,000 ArcelorMittal, 5.1250%, due 1/6/20 ...... 0.3 1,910,550 Total Preferred Stock ...... 0.6 3,961,100 Telecommunication Equipment 8,167,000 CommScope Holding Co., Inc., Tranche Loans 6.6250%, due 1/6/20 (144A) ...... 1.2 8,503,889 Building and Construction – Miscellaneous 9,306,000 CommScope Technologies Finance 1,139,065 Orleans Homebuilders, Inc., LLC, 6.0000%, due 15/6/25 ...... 1.3 9,294,368 10.5000%, due 14/2/16 ...... 0.1 1,130,522 2.5 17,798,257 Building Products - Cement and Aggregate Telecommunication Services 6,083,000 Altice Financing S.A., 6.6250%, 4,190,000 Hanson Building Products 9.5000%, due 15/2/23 ...... 0.8 6,054,410 due 13/3/23 ...... 0.6 4,085,250 3,235,000 Altice Finco S.A. 7.6250%, Casino Hotels due 15/2/25 ...... 0.4 3,113,688 2,218,000 Cosmopolitan of Las Vegas 8.7500%, 2,750,000 Altice US Finance I Corp., 5.3750%, due 19/12/16 ...... 0.3 2,218,000 due 15/7/23 ...... 0.4 2,688,125 3,867,000 UPCB Finance IV Ltd., 5.3750%, Diversifi ed Minerals due 15/1/25 ...... 0.5 3,710,387 5,310,000 Oxbow Carbon and Minerals LLC, 2.1 15,566,610 8.0000%, due 19/1/20 ...... 0.7 5,004,675 Telephone – Integrated Food – Canned 2,936,000 Level 3 Financing, Inc., 5.1250%, 574,000 Del Monte Foods, Inc., 8.2500%, due 1/5/23 ...... 0.4 2,866,270 due 18/8/21 ...... 0.1 517,679 4,383,000 Level 3 Financing, Inc., 5.3750%, Medical – Hospitals due 15/8/22 ...... 0.6 4,443,266 1,615,000 Surgery Center Holdings, Inc., 1,028,000 Sprint Capital Corp., 6.9000%, 7.5000%, due 3/11/21 ...... 0.2 1,607,603 due 1/5/19 ...... 0.1 1,051,130 Oil and Gas Companies – Exploration and Production 1.1 8,360,666 1,456,000 Chief Exploration, 8.7500%, Television due 12/5/21 ...... 0.2 1,365,728 2,755,000 Tribune Media, Co., 5.8750%, 6,510,000 Templar Energy LLC, 8.0000%, due 15/7/22 ...... 0.4 2,782,550 due 25/11/20 ...... 0.6 4,778,340 Theatres 0.8 6,144,068 3,079,000 National CineMedia LLC, 7.8750%, due 15/7/21 ...... 0.4 3,240,648 The accompanying notes are an integral part of the fi nancial statements. 186 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Professional Sports 8,480,000 Delta 2 Lux Sarl, 6.7500%, Citibank due 29/7/22 ...... 1.2 8,458,800 CNH 24,682 USD 3,967 3,967 31-Jul-15 — AUD 100 USD 77 77 31-Jul-15 — Real Estate Services USD 6,163 EUR 5,519 6,156 31-Jul-15 7 2,645,000 Dtz Term Loan, 8.2500%, EUR 180 USD 201 201 31-Jul-15 — due 28/10/22 ...... 0.4 2,645,000 USD 2 AUD 3 2 31-Jul-15 — Transport – Equipment and Leasing USD 2,457 AUD 3,182 2,451 31-Jul-15 6 2,215,423 Maxim Crane Works L.P., 10.2500%, USD 3 AUD 4 3 31-Jul-15 — due 26/11/18 ...... 0.3 2,215,423 USD 3 GBP 2 3 31-Jul-15 — Transportation – Marine USD 42,769 EUR 38,246 42,651 31-Jul-15 118 1,880,788 OSG International, Inc. 4.7500%, USD 2,190 AUD 2,835 2,183 31-Jul-15 7 due 5/8/19 ...... 0.2 1,883,138 USD 1 CNH 7 1 31-Jul-15 — 1,343,845 Overseas Shipholding Term Loan, USD 58 CNH 359 58 31-Jul-15 — 4.7500%, due 5/8/19 ...... 0.2 1,343,012 0.4 3,226,150 USD 53,802 EUR 48,030 53,561 31-Jul-15 241 AUD 150 USD 115 115 31-Jul-15 — Total Tranche Loans...... 5.1 37,253,170 USD 296 AUD 386 296 31-Jul-15 — USD 10,973 EUR 9,789 10,916 31-Jul-15 57 Total Investments at last traded prices ...... 91.7 669,026,522 USD 333 AUD 433 333 31-Jul-15 — Adjustments from last traded to bid market prices ...... (0.3) (2,455,552) CNH 4 USD 1 1 31-Jul-15 — CNH 149 USD 24 24 31-Jul-15 — Total Investments ...... 91.4 666,570,970 USD 110,652 EUR 98,750 110,123 31-Jul-15 529 USD 7,980,973 EUR 7,122,498 7,942,785 31-Jul-15 38,188 USD 3 AUD 4 3 31-Jul-15 — USD 5 AUD 7 5 31-Jul-15 — USD 243 CNH 1,512 243 31-Jul-15 — USD 5 CNH 32 5 31-Jul-15 — USD 4 GBP 3 4 31-Jul-15 — USD 4 GBP 3 4 31-Jul-15 — USD 11,390 EUR 10,192 11,365 31-Jul-15 25 AUD 1,100 USD 840 833 31-Jul-15 7 USD 68,173 EUR 61,000 68,026 31-Jul-15 147 AUD 10,452 USD 7,984 7,921 31-Jul-15 63 USD 40,824 EUR 36,566 40,777 31-Jul-15 47 USD 16,701 EUR 14,959 16,682 31-Jul-15 19 USD 216,200 EUR 193,650 215,952 31-Jul-15 248 USD 667 CNH 4,153 667 31-Jul-15 — USD 11 AUD 14 11 31-Jul-15 — USD 779 EUR 697 778 31-Jul-15 1 USD 14 CNH 87 14 31-Jul-15 — USD 13 GBP 8 13 31-Jul-15 — USD 13 GBP 8 13 31-Jul-15 — USD 17 AUD 23 17 31-Jul-15 — USD 15,915 EUR 14,255 15,897 31-Jul-15 18 AUD 600 USD 460 458 31-Jul-15 2 USD 406 EUR 361 403 31-Jul-15 3 USD 2,352 EUR 2,091 2,332 31-Jul-15 20 USD 1,222 AUD 1,583 1,218 31-Jul-15 4 USD 2 AUD 2 2 31-Jul-15 — USD 1 AUD 1 1 31-Jul-15 — USD 82 CNH 509 82 31-Jul-15 — USD 24,460 EUR 21,807 24,320 31-Jul-15 140 USD 1,080 AUD 1,399 1,077 31-Jul-15 3 USD 2 CNH 10 2 31-Jul-15 — Total 39,900 Total Financial Assets at fair value through profi t or loss 666,610,870

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 187 Janus High Yield Fund

PORTFOLIO INVESTMENTS

Financial Liabilities at fair value through profi t or loss Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 9,273,775 USD 10,401,485 10,461,171 31-Jul-15 (59,686) AUD 3,548 USD 2,743 2,755 31-Jul-15 (12) GBP 2,084 USD 3,286 3,299 31-Jul-15 (13) AUD 3,696,253 USD 2,858,368 2,870,769 31-Jul-15 (12,401) AUD 5,898 USD 4,561 4,581 31-Jul-15 (20) GBP 2,084 USD 3,286 3,299 31-Jul-15 (13) EUR 56,931,906 USD 63,854,939 64,221,353 31-Jul-15 (366,414) EUR 38,179 USD 42,634 42,692 31-Jul-15 (58) EUR 27,428 USD 30,725 30,863 31-Jul-15 (138) AUD 66,740 USD 51,542 51,697 31-Jul-15 (155) EUR 150,000 USD 168,080 168,885 31-Jul-15 (805) USD 3,468 AUD 4,542 3,497 31-Jul-15 (29) USD 62,221 EUR 56,054 62,510 31-Jul-15 (289) USD 3,149 AUD 4,125 3,175 31-Jul-15 (26) EUR 3,280 USD 3,666 3,674 31-Jul-15 (8) USD 12,556 AUD 16,368 12,603 31-Jul-15 (47) USD 11,419 AUD 14,886 11,462 31-Jul-15 (43) USD 35,488 AUD 46,260 35,619 31-Jul-15 (131) USD 3,026 AUD 3,945 3,037 31-Jul-15 (11) EUR 478 USD 537 542 31-Jul-15 (5) AUD 4,147,821 USD 3,207,572 3,221,488 31-Jul-15 (13,916) EUR 26,049,233 USD 29,216,872 29,384,525 31-Jul-15 (167,653) CNH 1,142,298 USD 183,598 183,600 31-Jul-15 (2) EUR 8,080,363 USD 9,062,952 9,114,962 31-Jul-15 (52,010) EUR 456,214 USD 511,691 514,627 31-Jul-15 (2,936) Total (676,821) Total Financial Liabilities at fair value through profi t or loss (676,821)

The accompanying notes are an integral part of the fi nancial statements. 188 Janus Capital Funds Plc / 30 June 2015 Janus Global Unconstrained Bond Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Banks Asset-Backed/Commercial Mortgage-Backed Securities 206,000 HSBC Bank Brasil S.A. - Banco Multiplo, 4.0000%, 267,566 Alternative Loan Trust 2006-4CB due 11/5/16 (144A) ...... 0.1 209,502 5.5000%, due 25/4/36 ...... 0.1 261,409 2,277,380 Alternative Loan Trust 2003-4CB Beverages – Wine and Spirits 5.7500%, due 25/4/33 ...... 1.4 2,306,810 838,000 Constellation Brands, Inc., 7.2500%, 420,625 Alternative Loan Trust 2006-14CB, due 1/9/16 ...... 0.5 887,233 6.0000%, due 25/6/36 ...... 0.2 370,027 733,000 Constellation Brands, Inc., 7.2500%, 701,225 Alternative Loan Trust 2006-45T1, due 15/5/17 ...... 0.5 800,363 6.0000%, due 25/2/37 ...... 0.3 593,478 1.0 1,687,596 900,126 Alternative Loan Trust 2006-5T2, Building – Residential and Commercial 6.0000%, due 25/4/36 ...... 0.4 784,114 733,000 D.R. Horton, Inc., 4.7500%, 25,307 Banc of America Mortgage Trust due 15/5/17 ...... 0.4 764,153 2004-5 4.7500%, due 25/6/19 ...... 0.0 25,703 270,000 Lennar Corp., 4.5000%, 561,979 Banc of America Alternative Loan due 15/11/19 ...... 0.2 274,725 Trust 2003-5, 5.5000%, 733,000 Lennar Corp., 4.7500%, due 25/7/33 ...... 0.3 572,896 due 15/12/17 ...... 0.4 765,985 198,522 Banc of America Funding 2006-7 1.0 1,804,863 Trust, 6.0000%, due 25/9/36 ...... 0.1 195,715 Building Products – Cement and Aggregate 5,462,799 Bear Stearns Asset Backed Securities I 717,000 Hanson, Ltd., 6.1250%, due 15/8/16 ...... 0.4 748,548 Trust 2005-AC4, 5.5000%, due 25/7/35 ...... 3. 0 5,168,758 Cable/Satellite TV 413,060 CHL Mortgage Pass-Through Trust 2,631,000 Dish DBS Corp., 7.1250%, 2006-13 6.2500%, due 25/9/36 ...... 0.2 380,568 due 1/2/16 ...... 1.5 2,703,353 50,000 General Obligation Unlimited Casino Hotels 6.1380%, due 1/12/39 ...... 0.0 42,891 1,000,000 MGM Resorts International, 2,162,155 GSR Mortgage Loan Trust 2006-5F, 10.0000%, due 1/11/16 ...... 0.6 1,095,000 6.0000%, due 25/6/36 ...... 1.2 2,100,924 3,986,000 MGM Resorts International, 361,324 JP Morgan Mortgage Trust 2005-S3 6.6250%, due 15/7/15 ...... 2.3 3,990,385 5.5000%, due 25/1/36 ...... 0.2 345,331 140,000 MGM Resorts International, 364,803 JP Morgan Mortgage Trust 2005-S3, 6.8750%, due 1/4/16 ...... 0.1 145,250 5.7500%, due 25/1/36 ...... 0.2 326,049 3.0 5,230,635 102,950 Morgan Stanley Mortgage Loan Trust Commercial Banks – Eastern U.S. 2006-2 5.2500%, due 25/2/21 ...... 0.1 99,887 59,000 CIT Group, Inc., 4.2500%, 206,966 Morgan Stanley Mortgage Loan Trust due 15/8/17 ...... — 60,033 2006-11 6.0000%, due 25/8/36 ...... 0.1 192,938 1,222,000 CIT Group, Inc., 5.0000%, 2,000,000 Springleaf Mortgage Loan Trust due 15/5/17 ...... 0.8 1,263,181 2012-2, 6.0000%, due 25/10/57 ...... 1.2 2,019,988 0.8 1,323,214 4,053,744 Structured Asset Securities Corp Trust Computers 2005-14, .4848%, due 25/7/35 ...... 2.1 3,592,594 326,000 Dell, Inc., 2.3000%, due 10/9/15 ...... 0.2 326,408 249,305 Wells Fargo Mortgage Loan 2010-RR2 385,000 Hewlett-Packard Co., 2.2000%, Trust, 5.5000%, due 27/4/35 (144A) ...... 0.1 246,516 due 1/12/15 ...... 0.2 387,110 1,236,573 Wells Fargo Mortgage Backed 576,000 Hewlett-Packard Co., 2.6500%, Securities 2007-8 Trust, due 1/6/16 ...... 0.3 583,372 6.0000%, due 25/7/37 ...... 0.5 923,588 451,000 Hewlett-Packard Co., 3.0000%, Asset-Backed/Commercial Mortgage-Backed Securities due 15/9/16 ...... 0.3 460,296 Total ...... 11.7 20,550,184 575,000 Hewlett-Packard Co., 3.3000%, due 9/12/16 ...... 0.3 590,429 Common Stock 170,000 Hewlett-Packard, Co., 2.1250%, Chemicals – Specialty due 13/9/15 ...... 0.1 170,570 117,999* Sigma-Aldrich Corp...... 9.4 16,443,161 1.4 2,518,185 REIT – Mortgage Containers – Metal and Glass 10,449 American Capital Agency Corp...... 0.1 191,948 596,000 Owens-Brockway Glass Container, 22,522 Annaly Capital Management, Inc...... 0.1 206,977 Inc., 7.3750%, due 15/5/16 ...... 0.4 626,545 0.2 398,925 Dialysis Centres 717,000 Fresenius Medical Care US Finance, Total Common Stock...... 9.6 16,842,086 Inc., 6.8750%, due 15/7/17 ...... 0.4 779,738 Corporate Bonds Diversifi ed Banking Institutions Automotive – Cars and Light Trucks 3,465,000 Bank of America Corp., 5.7500%, 1,597,000 Ford Motor Credit Co., LLC, due 15/8/16 ...... 2.1 3,629,362 5.6250%, due 15/9/15 ...... 0.9 1,611,577 100,000 Bank of America Corp., 6.0500%, 296,000 Ford Motor Credit Co., LLC, due 16/5/16 ...... — 103,862 1.4610%, due 27/3/17 ...... 0.2 294,802 1,140,000 Royal Bank of Scotland Group, PLC, 770,000 Ford Motor Credit Co., LLC, 2.5500%, due 18/9/15 ...... 0.7 1,143,246 4.2070%, due 15/4/16 ...... 0.4 787,658 1,215,000 Royal Bank of Scotland PLC, 1.5 2,694,037 3.9500%, due 21/9/15 ...... 0.7 1,222,439 3.5 6,098,909 *15,500 shares with a value of $2,159,925 is held as non-cash collateral with Goldman Sachs. The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 189 Janus Global Unconstrained Bond Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Diversifi ed Manufacturing Operations Finance – Mortgage Loan Banker 202,000 Harsco Corp., 2.7000%, 793,000 Countrywide Financial Corp., due 15/10/15 ...... 0.1 202,126 6.2500%, due 15/5/16 ...... 0.5 824,312 431,000 Pentair Finance S.A., 1.3500%, 860,000 Nationwide Building Society, due 1/12/15 ...... 0.2 431,623 5.0000%, due 1/8/15 ...... 0.5 862,466 420,000 SPX Corp., 6.8750%, due 1/9/17 ...... 0.3 454,650 1.0 1,686,778 0.6 1,088,399 Food – Miscellaneous/Diversifi ed Diversifi ed Operations 240,000 ConAgra Foods, Inc, 1.3000%, 326,000 Leucadia National Corp., 8.1250%, due 25/1/16 ...... 0.1 240,066 due 15/9/15 ...... 0.2 330,277 Gas – Distribution 833,000 Noble Group, Ltd., 4.8750%, 167,000 Sempra Energy, 6.5000%, due 1/6/16 ...... 0.1 174,999 due 5/8/15 ...... 0.5 830,918 Life and Health Insurance 0.7 1,161,195 21,000 Prudential Financial, Inc., 4.7500%, E-Commerce/Products due 17/9/15 ...... — 21,164 1,332,000 Amazon.com, Inc., 0.6500%, Machinery – Farm due 27/11/15 ...... 0.8 1,332,173 717,000 CNH Industrial America LLC, Electric – Integrated 7.2500%, due 15/1/16 ...... 0.4 734,925 327,000 Duquesne Light Holdings, Inc., 928,000 CNH Industrial Capital LLC, 5.5000%, due 15/8/15 ...... 0.2 328,554 3.8750%, due 1/11/15 ...... 0.5 932,640 434,000 Entergy Corp., 3.6250%, 0.9 1,667,565 due 15/9/15 ...... 0.2 435,713 Media 677,000 LG&E and KU Energy LLC, 136,000 Historic TW, Inc, 8.0500%, 2.1250%, due 15/11/15 ...... 0.1 94,118 due 15/1/16 ...... 0.1 141,019 94,000 Talen Energy Supply LLC, 5.7000%, due 15/10/15 ...... 0.4 679,564 Medical Products 0.9 1,537,949 357,000 Becton Dickinson and Co., 0.7359%, due 15/6/16 ...... 0.2 357,249 Finance – Auto Loans 48,000 Fresenius US Finance II, Inc., 2,273,000 Ally Financial, Inc., 3.1250%, 9.0000%, due 15/7/15 ...... — 48,107 due 15/1/16 ...... 1.3 2,284,365 0.2 405,356 2,455,000 Ally Financial, Inc., 3.2500%, due 13/2/18 ...... 1.4 2,442,725 Multi-Line Insurance 952,000 Ally Financial, Inc., 3.2500%, 901,000 American International Group, Inc., due 29/9/17 ...... 0.5 954,380 2.3750%, due 24/8/15 ...... 0.5 902,779 148,000 Ally Financial, Inc., 3.5000%, 125,000 American International Group, Inc., due 18/7/16 ...... 0.1 150,590 5.0500%, due 1/10/15 ...... 0.1 126,270 815,000 Ally Financial, Inc., 3.6000%, 0.6 1,029,049 due 21/5/18 ...... 0.5 817,038 Oil and Gas Drilling 2,566,000 Ally Financial, Inc., 5.5000%, 278,000 Transocean, Inc., 4.9500%, due 15/2/17 ...... 1.5 2,681,470 due 15/11/15 ...... 0.2 281,836 700,000 Ally Financial, Inc., 8.0000%, Oil Companies – Exploration and Production due 31/12/18 ...... 0.4 783,125 576,000 Anadarko Petroleum Corp., 5.9500%, 1,656,000 Ford Motor Credit Co. LLC, due 15/9/16...... 0.3 607,807 2.5000%, due 15/1/16 ...... 1.0 1,669,599 387,000 Chesapeake Energy Corp., 3.2500%, 575,000 Ford Motor Credit Co. LLC, due 15/3/16 ...... 0.2 385,791 8.0000%, due 15/12/16 ...... 0.4 626,843 622,000 Gazprom OAO Via Gaz Capital S.A., 575,000 General Motors Financial Co., Inc., 4.3000%, due 12/11/15 (144A) ...... 0.8 1,435,725 2.7500%, due 15/5/16 ...... 0.3 581,994 622,000 Gazprom OAO Via Gaz Capital S.A., 7.4 12,992,129 4.9500%, due 23/5/16 (144A) ...... 0.4 626,817 Finance – Consumer Loans 1,418,000 Gazprom OAO Via Gaz Capital S.A., 39,000 Navient Corp., 3.8750%, 5.0920%, due 29/11/15 (144A) ...... 0.4 632,885 due 10/9/15...... — 39,098 2.1 3,689,025 Finance – Investment Bankers/Brokers Oil Companies – Integrated 376,000 Jefferies Group LLC, 3.8750%, 298,000 Marathon Oil Corp., .9000%, due 9/11/15 ...... 0.2 379,195 due 1/11/15 ...... 0.2 297,950 256,000 Nomura Holdings, Inc., 4.1250%, 210,000 Petrobras Global Finance B.V., due 19/1/16 ...... 0.1 260,273 3.2500%, due 17/3/17 ...... 0.1 207,608 0.3 639,468 1,625,000 Petrobras Global Finance B.V., Finance – Leasing Company 3.8750%, due 27/1/16 ...... 1.0 1,633,970 184,000 Air Lease Corp., 4.5000%, 1,310,000 Petrobras Global Finance B.V., due 15/1/16 ...... 0.1 186,875 2.0000%, due 20/5/16 ...... 0.7 1,297,778 717,000 Aircastle, Ltd., 6.7500%, 385,000 Petrobras International Finance Co., due 15/4/17 ...... 0.4 765,398 S.A., 3.5000%, due 6/2/17 ...... 0.2 381,816 69,000 International Lease Finance Corp., 341,000 Petrobras International Finance Co., 5.7500%, due 15/5/16 ...... — 70,811 S.A., 6.1250%, due 6/10/16 ...... 0.2 351,230 5,951,000 International Lease Finance Corp., 2.4 4,170,352 8.6250%, due 15/9/15 ...... 3.5 6,032,826 4.0 7,055,910

The accompanying notes are an integral part of the fi nancial statements. 190 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Oil Refi ning and Marketing Telephone – Integrated 495,000 Marathon Petroleum Corp., 3.5000%, 742,000 CenturyLink, Inc., 5.1500%, due due 1/3/16 ...... 0.3 503,440 15/6/17 ...... 0.5 772,608 Pipelines 394,000 Verizon Communications, Inc., 85,000 DCP Midstream Operating L.P., 2.5000%, due 15/9/16 ...... 0.2 400,511 2.5000%, due 1/12/17 ...... — 82,414 0.7 1,173,119 1,299,000 DCP Midstream Operating L.P., Tobacco 3.2500%, due 1/10/15 ...... 0.8 1,299,255 46,000 Reynolds American, Inc, 1.0500%, 425,000 Enbridge Energy Management LLC, due 30/10/15 ...... 0.3 434,650 1.2500%, due 13/8/15 ...... 0.2 425,211 425,000 RJ Reynolds Tobacco, Co., 3.5000%, 1,688,000 Kinder Morgan Finance Co., LLC, due 4/8/16 ...... — 45,846 5.7000%, due 5/1/16 ...... 1.2 1,725,568 0.3 480,496 224,000 Spectra Energy Partners LP, 2.9500%, Transport – Equipment and Leasing due 15/6/16 ...... — 227,199 454,000 Aviation Capital Group Corp., 576,000 Tennessee Gas Pipeline Co., LLC, 3.8750%, due 27/9/16 ...... 0.3 462,170 8.0000%, due 1/2/16 ...... 0.3 597,724 576,000 GATX Corp., 3.5000%, due 15/7/16 ...... 0.3 588,224 2.5 4,357,371 0.6 1,050,394 Publishing – Newspapers Trucking and Leasing 733,000 Gannett Co., Inc., 6.3750%, 237,000 Penske Truck Leasing Co., L.P. / PTL due 1/9/15 ...... 0.4 738,039 Finance Corp., 2.5000%, REIT – Health Care due 15/3/16 (144A) ...... 0.1 238,698 257,000 HCP, Inc., 3.7500%, due 1/2/16 ...... 0.1 260,383 Total Corporate Bonds...... 47.0 82,580,221 REIT – Mortgage 86,000 iStar Financial, Inc., 3.8750%, Exchange Traded Funds due 1/7/16 ...... — 86,533 62,744 BlackRock Build America Bond Trust ...... 0.7 1,246,723 REIT – Shopping Centres 730 iShares US Preferred Stock ETF ...... — 28,594 1,733,000 Regency Centers L.P., 5.2500%, 0.7 1,275,317 due 1/8/15 ...... 1.0 1,738,617 Retail – Regional Department Stores Total Exchange Traded Funds ...... 0.7 1,275,317 146,000 Dillard’s, Inc., 6.6250%, due 15/1/18 ...... 0.1 160,783 Government Obligations Savings/Loans/Thrifts – Eastern U.S. Mexican Government Bond 576,000 Santander Holdings USA, Inc., 137,650 4.5000%, due 4/12/25 ...... 3.0 5,294,340 4.6250%, due 19/4/16 ...... 0.3 590,475 Special Purpose Banks Special Purpose Banks 550,000 Chicago Board of Education, 713,000 Eksportfi nans ASA, 2.0000%, due 6.0380%, due 1/12/29 ...... 0.3 484,022 15/9/15 ...... 0.4 713,891 100,000 City of Chicago IL, 6.2070%, 615,000 Eksportfi nans ASA, 2.3750%, due due 1/1/36 ...... 0.1 89,157 25/5/16 ...... 0.4 616,538 100,000 City of Chicago IL, 6.2570%, 0.8 1,330,429 due 1/1/40 ...... 0.1 88,311 Steel – Producers 124,000 Eksportfi nans ASA, 5.5000%, 733,000 ArcelorMittal, 4.5000%, due 1/3/16 ...... 0.4 747,660 due 25/5/16 ...... 0.1 127,720 195,000 ArcelorMittal, 4.5000%, due 5/8/15 ...... 0.1 195,182 0.6 789,210 14,000 United States Steel Corp., 6.0500%, Brazilian Government Bond due 1/6/17 ...... — 14,630 771,000 3.3750%, due 26/9/16 ...... 0.3 778,710 0.5 957,472 Super – Regional Banks Total Government Obligations...... 3.9 6,862,260 1,649,000 Key Corp., 3.7500%, due 13/8/15 ...... 1.0 1,653,977 Tranche Loans Telecommunication Equipment Finance – Investment Bankers/Brokers 111,000 Juniper Networks, Inc., 3.1000%, 562,000 Citigroup Global Markets Holdings, due 15/3/16 ...... 0.1 112,627 Inc., due 7/9/16 ...... 0.3 552,934 Telecommunication Services Special Purpose Entity 204,000 PCCW-HKT Capital No 4, Ltd., 400,000 Toll Road Investors Partnership II L.P., 4.2500%, due 24/2/16 ...... 0.1 207,951 due 15/2/43 ...... 0.1 70,352 109,000 Qwest Corp., 6.5000%, due 1/6/17 ...... 0.1 117,900 0.2 325,851 Total Tranche Loans...... 0.4 623,286 Telecommunications 31,000 Embarq Corp, 7.0820%, Futures due 1/6/16 ...... — 32,245 68 Euro-Bund Option Future 1/8/15 ...... — 19,860 951,000 Verizon Florida LLC, 6.8600%, 100 Euro-Bund Option Future 1/8/15 ...... — 8,138 due 1/2/28 ...... 0.6 1,010,617 35 Euro-Bund Option Future 1/8/15 ...... — 12,484 0.6 1,042,862 55 Euro-Bund Option Future 1/8/15 ...... — 10,349

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 191 Janus Global Unconstrained Bond Fund

PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) 36 S&P 500 Emini Index Future 18/9/15 ...... — 76,146 Citibank 100 S&P 500 Emini Index CNH 18 USD 3 3 31-Jul-15 — Future 18/9/15 ...... 0.1 110,500 USD 5,618 EUR 5,015 5,593 31-Jul-15 25 15 S&P 500 Emini Index CNH 13 USD 2 2 31-Jul-15 — Future 18/9/15 ...... — 13,575 CHF 47 USD 50 50 31-Jul-15 — 51 S&P 500 Emini Index CAD 19 USD 16 16 31-Jul-15 — Future 18/9/15 ...... 0.1 80,673 CNH 18,786 USD 3,019 3,019 31-Jul-15 — USD 11 EUR 10 11 31-Jul-15 — Total Futures ...... 0.2 331,725 USD 2 CNH 11 2 31-Jul-15 — USD 31,940 EUR 28,609 31,903 31-Jul-15 37 Total Investments at last traded prices ...... 73.5 129,065,079 USD 20,151 EUR 18,050 20,128 31-Jul-15 23 Adjustments from last traded to bid market prices ...... (0.2) (335,367) USD 46 CHF 43 46 31-Jul-15 — USD 4,791 EUR 4,292 4,786 31-Jul-15 6 Total Investments ...... 73.3 128,729,712 USD 36 EUR 33 36 31-Jul-15 — USD 125,742 EUR 112,627 125,597 31-Jul-15 145 USD 2,182 CHF 2,029 2,173 31-Jul-15 9 USD 40 GBP 25 40 31-Jul-15 — USD 552 GBP 351 551 31-Jul-15 1 USD 14,545 EUR 13,028 14,529 31-Jul-15 17 USD 39 SGD 53 39 31-Jul-15 — USD 13 AUD 16 13 31-Jul-15 — USD 13 CAD 17 13 31-Jul-15 — USD 14 CNH 87 14 31-Jul-15 — JP Morgan Chase & Co. USD 5,278,902 MXN 82,784,000 5,256,154 30-Jul-15 22,74 6 Total 23,009

Credit Default Swaps Unrealised Notional Termination Appreciation Counterparty Reference Asset Amount (USD) Date (USD) Barclays Republic of Capital, Inc. Indonesia CDS 3,194,000 20-Jun-17 16,475 Barclays Prudential Capital, Inc. Financial, Inc. 527,000 20-Dec-19 7,822 Barclays Berkshire Capital, Inc. Hathaway, Inc. 527,000 20-Dec-19 9,016 Barclays General Electric Capital, Inc. Capital Corporation 527,000 20-Dec-19 11,426 Barclays Capital, Inc. Metlife, Inc. 527,000 20-Dec-19 8,571 Barclays Capital, Inc. Berkshire Hathaway, Inc. 722,000 20-Dec-19 12,353 Barclays General Electric Capital, Inc. Capital Corporation 1,133,000 20-Dec-15 4,754 Barclays Bank of America Capital, Inc. Corporation 1,133,000 20-Dec-15 4,278 Barclays Goldman Sachs Capital, Inc. Group, Inc. 1,133,000 20-Dec-15 3,793 Barclays JP Morgan Capital, Inc. Chase & Co. 1,133,000 20-Dec-15 4,207 Barclays Capital, Inc. Morgan Stanley 1,133,000 20-Dec-15 4,024 Barclays Berkshire Capital, Inc. Hathaway, Inc. 1,390,000 20-Mar-20 22,502 Barclays Republic of Capital, Inc. Colombia CDS 1,936,000 20-Mar-17 866

The accompanying notes are an integral part of the fi nancial statements. 192 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Unrealised Unrealised Notional Termination Appreciation Notional Termination Appreciation Counterparty Reference Asset Amount (USD) Date (USD) Counterparty Reference Asset Amount (USD) Date (USD) Barclays Republic of Citigroup Capital, Inc. Colombia CDS 1,936,000 20-Mar-16 4,485 Global Bank of America Corpora- Markets, Ltd. tion 1,343,000 20-Mar-16 7,726 Federal Republic BNP Paribas of Brazil CDS 6,876,000 20-Dec-15 5,229 Credit Suisse Berkshire Hathaway, Inc. 1,717,000 20-Jun-20 26,219 United Mexican Goldman Sachs United Mexican States BNP Paribas States CDS 3,438,000 20-Jun-16 15,959 Group, Inc. CDS 3,142,000 20-Jun-16 14,585 Federal Republic Goldman Sachs United Mexican States BNP Paribas of Brazil CDS 6,917,000 20-Jun-16 1,634 Group, Inc. CDS 3,404,000 20-Jun-17 16,986 United Mexican Goldman Sachs People's Republic of BNP Paribas States CDS 3,458,000 20-Jun-17 17,256 Group, Inc. China CDS 786,000 20-Dec-19 7,244 People's Republic Goldman Sachs BNP Paribas of China CDS 3,435,000 20-Jun-18 48,742 Group, Inc. Berkshire Hathaway, Inc. 783,000 20-Dec-19 13,396 People's Republic Goldman Sachs BNP Paribas of China CDS 874,000 20-Dec-19 8,055 Group, Inc. Metlife, Inc. 783,000 20-Dec-19 12,734 People's Republic Goldman Sachs People's Republic of BNP Paribas of China CDS 1,573,000 20-Dec-19 14,498 Group, Inc. China CDS 3,423,000 20-Dec-19 31,549 People's Republic Goldman Sachs BNP Paribas of China CDS 1,054,000 20-Dec-19 9,714 Group, Inc. Berkshire Hathaway, Inc. 1,343,000 20-Mar-20 21,742 Goldman Sachs Goldman Sachs BNP Paribas Group, Inc. 722,000 20-Dec-19 4,447 Group, Inc. Berkshire Hathaway, Inc. 1,343,000 20-Mar-20 21,742 People's Republic Goldman Sachs BNP Paribas of China CDS 393,000 20-Dec-19 3,622 Group, Inc. Metlife, Inc. 1,392,000 20-Mar-20 20,651 Federal Republic Goldman Sachs BNP Paribas of Brazil CDS 967,000 20-Mar-16 1,118 Group, Inc. Berkshire Hathaway, Inc. 1,392,000 20-Mar-20 22,535 Federal Republic Goldman Sachs Italian Government Bonds BNP Paribas of Brazil CDS 2,395,000 20-Mar-16 2,768 Group, Inc. CDS 2,797,000 20-Mar-17 10,186 Citigroup Goldman Sachs Spanish Government Global General Electric Group, Inc. Bonds CDS 2,797,000 20-Mar-17 16,536 Markets, Ltd. Capital Corporation 1,574,000 20-Dec-19 34,125 JP Morgan United Mexican States Citigroup Chase & Co. CDS 3,187,000 20-Jun-16 14,794 Global Berkshire JP Morgan People's Republic of Markets, Ltd. Hathaway, Inc. 1,573,000 20-Dec-19 26,912 Chase & Co. China CDS 786,000 20-Dec-19 7,244 Citigroup JP Morgan Federal Republic of Brazil Global General Electric Chase & Co. CDS 1,935,000 20-Mar-16 2,236 Markets, Ltd. Capital Corporation 1,338,000 20-Dec-19 29,009 JP Morgan United Mexican States Citigroup Chase & Co. CDS 1,935,000 20-Mar-16 7,612 Global People's Republic JP Morgan Federal Republic of Brazil Markets, Ltd. of China CDS 1,269,000 20-Dec-19 11,696 Chase & Co. CDS 967,000 20-Mar-16 1,118 Citigroup Markit Morgan Stanley Berkshire Hathaway, Inc. 1,343,000 20-Mar-20 21,741 Global MCDX Markets, Ltd. CDS 722,000 20-Dec-19 1,810 Total 689,404 Citigroup Global Markets, Ltd. Berkshire Hathaway, Inc. 614,00020-Dec-19 10,505 Citigroup Global Markets, Ltd. Berkshire Hathaway, Inc. 635,000 20-Mar-20 10,280 Citigroup Global United Mexican States Markets, Ltd. CDS 956,000 20-Mar-16 3,761 Citigroup Global United Mexican States Markets, Ltd. CDS 1,911,000 20-Mar-16 7,518 Citigroup Global Markets, Ltd. JP Morgan Chase & Co. 1,343,000 20-Mar-16 7,598

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 193 Janus Global Unconstrained Bond Fund

PORTFOLIO INVESTMENTS

Interest Rate Swaps Outstanding at 30 June 2015 Percentage of Net Fair Return Unrealised Contract Amount Assets (%) Value (USD) Notional Return Paid Received Termination Appreciation Counterparty Amount by the Fund by the Fund Date (USD) (35) US Bond Based Future, expires August 2015, 6-month exercise price USD 158 Goldman Sachs EUR (covered) ...... — (64,532) Group, Inc. 3,159,000 Fixed 0.719% EURIBOR 21-Apr-25 180,917 (37) US Bond Based Future, Mexico expires August 2015, Goldman Sachs Interbank TIIE Fixed exercise price USD 155 Group, Inc. 73,552,000 28 day 7.775% 2-Jun-25 19,720 (covered) ...... — (58,969) (37) US Bond Based Future, Mexico expires August 2015, Goldman Sachs Interbank TIIE Fixed exercise price USD 156 Group, Inc. 57,111,000 28 day 7.900% 28-May-25 31,678 (covered) ...... — (49,141) Mexico (73) US Bond Based Future, Interbank TIIE Fixed expires August 2015, Morgan Stanley 56,690,000 28 day 7.875% 29-May-25 28,184 exercise price USD 155 (covered) ...... (0.1) (116,344) Mexico (48) US Bond Based Future, Interbank TIIE Fixed expires August 2015, Morgan Stanley 73,716,000 28 day 7.825% 30-May-25 28,288 exercise price USD 155 Mexico (covered) ...... (0.1) (76,500) Interbank TIIE Fixed (48) US Bond Based Future, Morgan Stanley 73,430,000 28 day 7.775% 30-May-25 19,933 expires August 2015, exercise price USD 156 Total 308,720 (covered) ...... (0.1) (127,500) Total Financial Assets at fair value through profi t or loss 129,750,845 (35) S&P 500 Emini Index, expires July 2015, exercise price USD 2,190 (covered) ...... — (350) Financial Liabilities at fair value through profi t or loss (69) S&P 500 Emini Index, expires August 2015, exercise price USD 2,180 Percentage (covered) ...... — (8,453) of Net Fair (35) S&P 500 Emini Index, Contract Amount Assets (%) Value (USD) expires August 2015, Schedule of Written Options – Calls exercise price USD 2,180 (1,445,000) Euribor 6M, expires July 2015, (covered) ...... — (8,576) exercise price EUR 0.70 (48) S&P 500 Emini Index, (covered) ...... — — expires August 2015, (841,000) British Libor 6M, expires July 2015, exercise price USD 2,180 exercise price GBP 1.80 (covered) ...... — (5,880) (covered) ...... — (1) (95) S&P 500 Emini Index, (186,460,000) CDX USD 5 Year, expires August 2015, expires September 2015, exercise price USD 2,180 exercise price USD 60 (covered) ...... — (11,638) (covered) ...... (0.1) (91,808) (102) S&P 500 Emini Index, (3,144,000) U.S. 3M Libor, expires July 2015, expires August 2015, exercise price USD 2.40 exercise price USD 2,180 (covered) ...... — (81) (covered) ...... — (24,990) (24,907,568) EUR/USD Currency Option, (69) S&P 500 Emini Index, expires August 2015, expires August 2015, exercise price EUR 1.17 exercise price USD 2,190 (covered) ...... (0.1) (75,993) (covered) ...... — (6,038) (3,441,895) USD/MXN Currency Option, (35) S&P 500 Emini Index, expires July 2015, expires August 2015, exercise price USD 15.50 exercise price USD 2,190 (covered) ...... — (65,792) (covered) ...... — (9,189) (7,333,766) USD/JPY Currency Option, (37) S&P 500 Emini Index, expires August 2015, expires August 2015, exercise price USD 127 exercise price USD 2,190 (covered) ...... — (12,423) (covered) ...... — (3,238) (20,984,794) USD/JPY Currency Option, (95) S&P 500 Emini Index, expires July 2015, expires August 2015, exercise price USD 117 exercise price USD 2,190 (covered) ...... — (16,620) (covered) ...... — (8,313) (34) US Bond Based Future, (100) S&P 500 Emini Index, expires August 2015, expires August 2015, exercise price USD 158 exercise price USD 2,190 (covered) ...... — (62,688) (covered) ...... — (8,750)

The accompanying notes are an integral part of the fi nancial statements. 194 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Contract Amount Assets (%) Value (USD) Contract Amount Assets (%) Value (USD)

(51) S&P 500 Emini Index, (102) US 5 Year Treasury Note Future, expires August 2015, expires August 2015, exercise price USD 2,190 exercise price USD 118 (covered) ...... — (4,463) (covered) ...... — (44,626) (69) S&P 500 Emini Index, (103) US Bond Based Future, expires August 2015, expires August 2015, exercise price USD 2,200 exercise price USD 146 (covered) ...... — (17,252) (covered) ...... (0.1) (133,574) (35) S&P 500 Emini Index, Total Schedule of Written Options – Calls ...... (0.5) (935,522) expires July 2015, Schedule of Written Options – Puts exercise price USD 1,970 (covered) ...... (0.1) (89,690) (60,408,000) CDX USD 5 Year, (37) S&P 500 Emini Index, expires September 2015, expires July 2015, exercise price USD 100 exercise price USD 1,970 (covered) ...... — (61,529) (covered) ...... — (56,889) (123,160,000) CDX USD 5 Year, (95) S&P 500 Emini Index, expires September 2015, expires July 2015, exercise price USD 110 exercise price USD 1,970 (covered) ...... (0.1) (108,287) (covered) ...... (0.1) (97,376) (25,588,000) CDX USD 5 Year, (50) S&P 500 Emini Index, expires September 2015, expires July 2015, exercise price USD 90 exercise price USD 1,970 (covered) ...... — (40,173) (covered) ...... — (25,625) (11,915,845) EUR/USD Currency Option, (35) S&P 500 Emini Index, expires August 2015, expires July 2015, exercise price EUR 1.08 exercise price (covered) ...... (0.1) (104,359) USD 1,960 (covered) ...... — (61,252) (20,742,839) USD/MXN Currency Option, (100) S&P 500 Emini Index, expires July 2015, expires July 2015, exercise price USD 14.80 exercise price (covered) ...... — (1,141) USD 1,980 (covered) ...... (0.1) (115,000) (7,293,965) USD/JPY Currency Option, (51) S&P 500 Emini Index, expires July 2015, expires July 2015, exercise price USD 120 exercise price USD 1,980 (covered) ...... — (25,135) (covered) ...... — (29,325) (100) US 10 Year Treasury Note Future, (102) S&P 500 Emini Index, expires August 2015, expires July 2015, exercise price USD 124 exercise price USD 2,020 (covered) ...... (0.1) (121,875) (covered) ...... (0.2) (298,353) (200) US 10 Year Treasury Note Future, (51) S&P 500 Emini Index, expires August 2015, expires July 2015, exercise price USD 124 exercise price USD 2,020 (covered) ...... — (81,250) (covered) ...... — (49,725) (102) US 10 Year Treasury Note Future, (102) S&P 500 Emini Index, expires August 2015, expires July 2015, exercise price USD 124 exercise price USD 2,020 (covered) ...... — (41,438) (covered) ...... (0.1) (99,450) (300) US 10 Year Treasury Note Future, (100) S&P 500 Emini Index, expires August 2015, expires August 2015, exercise price USD 124 exercise price USD 1,970 (covered) ...... (0.1) (121,875) (covered) ...... (0.1) (126,236) (102) US 10 Year Treasury Note Future, expires August 2015, Total Schedule of Written Options – Puts ...... (1.2) (2,082,262) exercise price USD 124 (covered) ...... — (41,438) (205) US 10 Year Treasury Note Future, expires August 2015, exercise price USD 124 (covered) ...... — (83,281) (199) US 5 Year Treasury Note Future, expires August 2015, exercise price USD 117 (covered) ...... — (15,547) (100) US 5 Year Treasury Note Future, expires August 2015, exercise price USD 117 (covered) ...... — (7,813)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 195 Janus Global Unconstrained Bond Fund

PORTFOLIO INVESTMENTS

Credit Default Swaps Interest Rate Swaps Outstanding at 30 June 2015 Unrealised Return Unrealised Notional Termination (Depreciation) Notional Return Paid Received Termination Depreciation Counterparty Reference Asset Amount (USD) Date (USD) Counterparty Amount by the Fund by the Fund Date (USD) Barclays Russian Citigroup Mexico Capital, Inc. Federation CDS 3,415,00020-Dec-15 (23,780) Global Markets Interbank TIIE Ltd. 53,206,000 28 day Fixed 7.37% 15-May-25 (33,151) Barclays Israel Capital, Inc. Electric Corp. 2,245,00020-Sep -15 (172) Citigroup Mexico Barclays Russian Global Markets Interbank TIIE Capital, Inc. Federation CDS 1,054,00020-Dec-15 (7,339) Ltd. 53,468,000 28 day Fixed 7.36% 19-May-25 (34,724) Citigroup 6-month Barclays Federal Global Markets EUR Capital, Inc. Republic of Brazil CDS 642,00020-Dec-19 (37,142) Ltd. 4,244,000 Fixed 1.922% EURIBOR 15-Jun-25 (20,466) Barclays Federal Citigroup 6-month Capital, Inc. Republic of Brazil CDS 466,00020-Dec-19 (26,960) Global Markets EUR Republic of Ltd. 4,240,000 Fixed 1.89% EURIBOR 16-Jun-25 (13,195) BNP Paribas Indonesia CDS 1,573,00020-Dec-19 (32,077) Mexico Russian Goldman Sachs Interbank TIIE Fixed BNP Paribas Federation CDS 1,355,00020-Dec-15 (9,435) Group, Inc. 52,907,000 28 day 7.405% 14-May-25 (28,736) Republic Mexico BNP Paribas of Indonesia CDS 1,054,00020-Dec-19 (21,493) Goldman Sachs Interbank TIIE United Group, Inc. 53,468,000 28 day Fixed 7.35% 20-May-25 (35,985) BNP Paribas Mexican States CDS 1,054,00020-Dec-19 (7,854) 6-month United Goldman Sachs EUR BNP Paribas Mexican States CDS 614,00020-Dec-19 (4,576) Group, Inc. 3,227,000 Fixed 2.015% EURIBOR 12-Jun-25 (31,687) United 6-month BNP Paribas Mexican States CDS 1,515,00020-Mar -20 (15,249) Goldman Sachs EUR Group, Inc. 4,244,000 Fixed 1.8875% EURIBOR 15-Jun-25 (12,733) Citigroup Global Mexico Markets, Ltd. Markit MCDX CDS 1,557,000.0020 -Jun-20 (460) Interbank TIIE Morgan Stanley 52,907,000 28 day Fixed 7.4% 14-May-25 (29,332) Citigroup Global United Mexican States Mexico Markets, Ltd. CDS 400,000.0020-Dec-19 (2,981) Interbank TIIE Fixed Morgan Stanley 54,351,000 28 day 7.402% 20-May-25 (30,220) Citigroup Global Republic of Indonesia Mexico Markets, Ltd. CDS 3,277,000.0020-Dec-19 (66,825) Interbank TIIE Morgan Stanley 54,028,000 28 day Fixed 7.55% 21-May-25 (12,111) Citigroup Global Federal Republic 6-month Markets, Ltd. of Brazil CDS 614,000.0020-Dec-19 (35,522) EUR Morgan Stanley 3,959,000 Fixed 2.0125% EURIBOR 11-Jun-25 (38,468) Citigroup Global Republic of Total (320,808) Markets, Ltd. Colombia CDS 932,000.0020-Dec-19 (21,194) Citigroup Global Republic of Markets, Ltd. Colombia CDS 987,000.0020-Dec-19 (22,444) Citigroup Global Russian Markets, Ltd. Federation CDS 3,423,000.0020-Dec-15 (23,835) Goldman Sachs Republic of Group, Inc. Colombia CDS 716,000.0020-Dec-19 (16,282) Goldman Sachs Petrobras International Group, Inc. Finance Co. 468,000.0020 -Mar-16 (3,868) Goldman Sachs United Mexican Group, Inc. States CDS 3,423,000.0020-Dec-19 (25,508) Goldman Sachs United Mexican Group, Inc. States CDS 1,504,000.0020 -Mar-20 (15,138) JP Morgan United Mexican Chase & Co. States CDS 1,269,000.0020-Dec-19 (9,457) Total (429,591)

The accompanying notes are an integral part of the fi nancial statements. 196 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank EUR 4,853 USD 5,443 5,474 31-Jul-15 (31) AUD 3,831 USD 2,962 2,975 31-Jul-15 (13) EUR 935,786 USD 1,049,579 1,055,602 31-Jul-15 (6,023) EUR 6,199,300 USD 6,953,147 6,993,046 31-Jul-15 (39,899) EUR 4,033,116 USD 4,523,550 4,549,508 31-Jul-15 (25,957) EUR 2,604,941 USD 2,921,707 2,938,472 31-Jul-15 (16,765) EUR 25,531,599 USD 28,636,293 28,800,614 31-Jul-15 (164,321) SGD 12,640 USD 9,407 9,431 31-Jul-15 (24) CHF 460,333 USD 494,930 496,730 31-Jul-15 (1,800) CHF 9,272 USD 9,969 10,005 31-Jul-15 (36) GBP 6,194 USD 9,767 9,806 31-Jul-15 (39) CAD 3,701 USD 3,010 3,058 31-Jul-15 (48) GBP 79,213 USD 124,913 125,411 31-Jul-15 (498) EUR 7,819 USD 8,770 8,820 31-Jul-15 (50) EUR 41,948 USD 46,842 46,906 31-Jul-15 (63) EUR 349,988 USD 390,822 391,350 31-Jul-15 (528) EUR 13,987 USD 15,642 15,685 31-Jul-15 (44) EUR 1,150,000 USD 1,288,207 1,293,973 31-Jul-15 (5,766) EUR 4,980 USD 5,580 5,607 31-Jul-15 (27) EUR 3,964 USD 4,430 4,440 31-Jul-15 (10) GBP 5,000 USD 7,869 7,885 31-Jul-15 (16) EUR 4,309 USD 4,846 4,888 31-Jul-15 (41) EUR 24,980 USD 28,091 28,326 31-Jul-15 (234) EUR 6,557,050 USD 7,375,042 7,437,885 31-Jul-15 (62,843) Total (325,076) Total Financial Liabilities at fair value through profi t or loss (4,093,259)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 197 Janus US Short-Term Bond Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) Financial Assets at fair value through profi t or loss Corporate Bonds Asset-Backed/Commercial Mortgage-Backed Securities Aerospace and Defence – Equipment 3,009,000 AmeriCredit Automobile 1,642,000 Exelis, Inc., 4.2500%, due 1/10/16 ...... 0.4 1,695,079 Receivables Trust 2012-2, 1,626,000 Harris Corp., 1.9990%, due 27/4/18 ...... 0.4 1,622,364 3.3800%, due 9/4/18 ...... 0.6 3,066,707 0.8 3,317,443 1,141,000 Americredit Automobile Receivables Apparel Manufacturers Trust 2014-4, 1.8700%, 1,338,000 Hanesbrands, Inc., 6.3750%, due 9/12/19 ...... 0.3 1,145,790 due 15/12/20 ...... 0.3 1,403,228 2,807,000 AmeriCredit Automobile Receivables Automotive – Cars and Light Trucks Trust, 1.9300%, due 8/8/18 ...... 0.7 2,823,996 3,848,000 General Motors Co., 3.5000%, 1,324,000 Capital Auto Receivables Asset Trust due 2/10/18 ...... 0.9 3,982,718 2015-1, 2.1000%, due 21/1/20 ...... 0.3 1,323,102 320,828 Citigroup Commercial Mortgage Brewery Trust 2014-GC25, 1.4850%, 4,303,000 SABMiller Holdings, Inc., 0.9682%, due 10/10/47 ...... 0.1 320,449 due 1/8/18 (144A) ...... 1.0 4,317,901 546,791 Citigroup Commercial Mortgage Building Products – Cement and Aggregate Trust 2015-GC27, 1.3530%, 2,435,000 Martin Marietta Materials, Inc., due 10/2/48 ...... 0.1 544,940 1.3731%, due 30/6/17 ...... 0.6 2,425,991 415,011 COMM 2014-CCRE19 Mortgage 2,049,000 Vulcan Materials Co., 7.0000%, Trust, 1.4150%, due 10/8/47 ...... 0.1 414,424 due 15/6/18 ...... 0.5 2,325,615 315,686 COMM 2014-CCRE20 Mortgage 1.1 4,751,606 Trust, 1.3240%, due 10/11/47 ...... 0.1 314,481 Casino Hotels 398,504 COMM 2014-UBS4 Mortgage Trust, 6,330,000 MGM Resorts International, 1.3090%, due 10/8/47 ...... 0.1 397,837 6.6250%, due 15/7/15 ...... 1.5 6,336,963 539,493 COMM 2015-DC1 Mortgage Trust, Chemicals – Specialty 1.4880%, due 10/2/48 ...... 0.1 539,910 1,967,000 Albemarle Corp., 3.0000%, 428,646 COMM 2015-LC19 Mortgage Trust, due 1/12/19 ...... 0.5 1,972,805 1.3990%, due 10/2/48 ...... 0.1 428,253 2,043,000 Ashland, Inc., 3.8750%, due 15/4/18 ...... 0.5 2,106,844 324,510 Commercial Mortgage Pass Through 1,972,000 Ecolab, Inc., 1.0000%, due 9/8/15 ...... 0.5 1,972,371 Certifi cates, 1.4450%, due 10/12/47 ...... 0.1 324,208 5,818,000 Rockwood Specialties Group, Inc., 377,443 Csail 2015-C2 Commercial Mortgage 4.6250%, due 15/10/20 ...... 1.4 6,065,265 Trust, 1.4544%, due 15/6/57 ...... 0.1 377,325 2.9 12,117,285 308,993 GS Mortgage Securities Trust 2014- GC24, 1.5090%, due 10/9/47 ...... 0.1 308,936 Commercial Banks – Eastern U.S. 541,826 GS Mortgage Securities Trust 2014- 4,445,000 CIT Group, Inc., 5.0000%, due GC26, 1.4340%, due 10/11/47 ...... 0.1 539,976 15/5/17 ...... 1.1 4,594,797 326,368 GS Mortgage Securities Trust 2015- 4,242,000 PNC Bank NA 1.6000%, GC28, 1.5280%, due 10/2/48 ...... 0.1 326,074 due 1/6/18 ...... 1.0 4,237,079 365,497 JPMBB Commercial Mortgage 2.1 8,831,876 Securities Trust 2014-C26, Commercial Banks – Non U.S. 1.5962%, due 15/1/48 ...... 0.1 365,636 5,188,000 BBVA U.S. Senior SAU, 4.6640%, 338,596 JPMBB Commercial Mortgage due 9/10/15 ...... 1.2 5,238,043 Securities Trust 2015-C27, 2,066,000 ICICI Bank, Ltd., 4.7000%, 1.4137%, due 15/2/48 ...... 0.1 337,466 due 21/2/18 (144A) ...... 0.5 2,176,597 432,477 JPMBB Commercial Mortgage 2,315,000 Intesa Sanpaolo SpA, 3.1250%, Securities Trust 2015-C28, due 15/1/16 ...... 0.6 2,332,951 1.4451%, due 15/10/48 ...... 0.1 430,865 938,000 Intesa Sanpaolo SpA, 3.6250%, 2,582,000 Santander Drive Auto Receivables due 12/8/15 (144A) ...... 0.2 940,348 Trust 2015-1, 1.9700%, 2.5 10,687,939 due 15/11/19 ...... 0.5 2,591,987 Computers – Memory Devices 2,257,000 Santander Drive Auto Receivables 3,444,000 Seagate HDD Cayman, 3.7500%, Trust 2015-2, 1.8300%, due 15/11/18 ...... 0.8 3,593,318 due 15/1/20 ...... 0.5 2,253,621 2,176,000 Santander Drive Auto Receivables Data Processing and Management Trust, 1.9400%, due 15/3/18 ...... 0.5 2,185,896 2,175,000 Dun & Bradstreet Corp., 4.0000%, 266,519 SMART Trust, 0.9700%, due 14/3/17 . . 0.1 266,625 due 15/6/20 ...... 0.5 2,187,743 321,980 Wells Fargo Commercial Mortgage 3,092,000 Fiserv, Inc., 3.1250%, due 1/10/15 ...... 0.7 3,108,632 Trust 2014-LC18, 1.4370%, 1.2 5,296,375 due 15/12/47 ...... 0.1 321,559 Diversifi ed Banking Institutions 338,842 Wells Fargo Commercial Mortgage Trust 2,898,000 Bank of America Corp., 1.2500%, 2015-C27, 1.7300%, due 15/2/48...... 0.1 339,740 due 11/1/16 ...... 0.7 2,905,468 322,424 Wells Fargo Commercial Mortgage 1,411,000 Bank of America Corp., 1.5000%, Trust 2015-LC20, 1.4710%, due 9/10/15 ...... 0.3 1,414,330 due 15/4/50 ...... 0.1 321,627 3,483,000 Bank of America Corp., 3.6250%, 303,960 WFRBS Commercial Mortgage Trust due 17/3/16 ...... 0.8 3,548,049 2014-C21, 1.4130%, due 15/8/47 ...... 0.1 303,771 1,104,000 Bank of America Corp., 3.7500%, due 12/7/16 ...... 0.3 1,132,036 Total Asset-Backed/Commercial Mortgage-Backed 525,000 Bank of America Corp., 6.0500%, Securities ...... 5. 4 22,915,201 due 16/5/16 ...... 0.1 545,273 The accompanying notes are an integral part of the fi nancial statements. 198 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 5,033,000 Citigroup, Inc., 1.8500%, 1,154,000 International Lease Finance Corp., due 24/11/17 ...... 1.2 5,048,215 2.2359%, due 15/6/16 ...... 0.3 1,155,443 5,364,000 Goldman Sachs Group, Inc., 374,000 International Lease Finance Corp., 3.6250%, due 7/2/16 ...... 1.3 5,451,369 8.6250%, due 15/9/15 ...... 0.1 379,143 1,896,000 Goldman Sachs Group, Inc., 0.9 3,825,961 5.6250%, due 15/1/17 ...... 0.5 2,008,446 Finance – Mortgage Loan Banker 8,660,000 JP Morgan Chase & Co., 5.1500%, 5,932,000 NNRAM Covered Bond L.L.P., due 1/10/15 ...... 2.1 8,740,694 5.6250%, due 22/6/17 (144A) ...... 1.5 6,472,257 4,661,000 Morgan Stanley, 1.0173%, Food – Miscellaneous/Diversifi ed due 23/7/19 ...... 1.1 4,634,129 2,533,000 HJ Heinz Co, 1.6000%, due 30/6/17 2,028,000 Morgan Stanley, 1.8750%, (144A) ...... 0.6 2,534,492 due 5/1/18 ...... 0.5 2,034,123 2,802,000 Morgan Stanley, 3.4500%, Linen Supply and Related Items due 2/11/15 ...... 0.7 2,827,543 830,000 Cintas Corp. No 2, 2.8500%, 1,121,000 Morgan Stanley, 3.8000%, due 1/6/16 ...... 0.2 840,724 due 29/4/16 ...... 0.3 1,145,818 Machinery – Farm 2,863,000 Royal Bank of Scotland Group PLC, 503,000 CNH Capital LLC, 3.6250%, 4.7000%, due 3/7/18 ...... 0.7 2,960,520 due 15/4/18 ...... 0.1 505,515 5,205,000 Royal Bank of Scotland Group PLC, 1,484,000 CNH Industrial Capital LLC, 2.5500%, due 18/9/15 ...... 1.2 5,219,819 3.8750%, due 1/11/15 ...... 0.4 1,491,420 374,000 UBS A.G., 5.8750%, due 15/7/16 ...... 0.1 390,575 0.5 1,996,935 2,718,000 UBS AG/Stamford CT, 1.8000%, Medical – Drugs due 26/3/18 ...... 0.6 2,715,032 3,327,000 Valeant Pharmaceuticals International, 12.5 52,721,439 Inc., 5.3750%, due 15/3/20 ...... 0.8 3,443,445 Diversifi ed Financial Services Medical – Generic Drugs 2,994,000 General Electric Capital Corp., 3,292,000 Actavis Funding SCS, 1.8500%, 4.3750%, due 21/9/15 ...... 0.7 3,019,365 due 1/3/17 ...... 0.8 3,309,415 1,668,000 General Electric Capital Corp., 3,841,000 Actavis Funding SCS, 2.3500%, 5.0000%, due 8/1/16 ...... 0.4 1,706,589 due 12/3/18 ...... 0.9 3,863,777 1.1 4,725,954 1,179,000 Actavis, Inc., 1.8750%, due 1/10/17 ...... 0.3 1,181,055 Diversifi ed Manufacturing Operations 1,971,000 Mylan, Inc., 1.3500%, due 29/11/16 ...... 0.5 1,965,694 1,462,000 Eaton Corp PLC, 0.9500%, 4,965,000 Perrigo Co., PLC, 1.3000%, due 2/11/15 ...... 0.3 1,463,066 due 8/11/16 ...... 1.2 4,945,617 Electric – Integrated 3.7 15,265,558 5,925,000 PPL WEM Holdings PLC, 3.9000%, Medical – Hospitals due 1/5/16 (144A) ...... 1.4 6,044,762 2,675,000 HCA, Inc., 7.1900%, due 15/11/15 ...... 0.6 2,731,844 Electric Products – Miscellaneous Medical Products 1,792,000 Molex Electronic Technologies LLC, 1,025,000 Fresenius US Finance II, Inc., 2.8780%, due 15/4/20 ...... 0.4 1,766,448 9.0000%, due 15/7/15 ...... 0.2 1,027,281 Electronic Measuring Instruments 2,234,000 Mallinckrodt International Finance 3,162,000 FLIR Systems, Inc., 3.7500%, SA / Mallinckrodt CB LLC, due 1/9/16 ...... 0.8 3,242,293 4.8750%, due 15/4/20 ...... 0.6 2,281,584 1,634,000 Zimmer Holdings, Inc., 1.4500%, Entertainment due 1/4/17 ...... 0.4 1,635,252 1,372,000 GLP Capital L.P. / GLP Financing II, 1,699,000 Zimmer Holdings, Inc., 2.0000%, Inc., 4.3750%, due 1/11/18 ...... 0.3 1,414,875 due 1/4/18 ...... 0.4 1,700,735 Finance – Auto Loans 1.6 6,644,852 1,122,000 Ally Financial, Inc., 3.1250%, Multi-Line Insurance due 15/1/16 ...... 0.3 1,127,610 3,093,000 American International Group, Inc., 2,177,000 Ally Financial, Inc., 3.6000%, 2.3750%, due 24/8/15 ...... 0.7 3,099,106 due 21/5/18 ...... 0.5 2,182,443 Multimedia 2,603,000 General Motors Financial Co., Inc., 1,927,000 NBCUniversal Enterprise, Inc., 2.7500%, due 15/5/16 ...... 0.6 2,634,660 0.8123%, due 15/4/16 (144A) ...... 0.5 1,932,904 1.4 5,944,713 2,337,000 Time Warner, Inc., 3.1500%, Finance – Consumer Loans due 15/7/15 ...... 0.6 2,339,447 561,000 Navient Corp., 3.8750%, . . . . . 1.1 4,272,351 due 10/9/15 ...... 0.1 562,403 Oil and Gas Drilling 799,000 Synchrony Financial, 1.8750%, 739,000 Nabors Industries, Inc., 2.3500%, due 15/8/17 ...... 0.2 799,080 due 15/9/16 ...... 0.2 741,376 0.3 1,361,483 2,935,000 Nabors Industries, Inc., 6.1500%, Finance – Investment Bankers/Brokers due 15/2/18 ...... 0.7 3,171,250 4,066,000 Raymond James Financial, Inc., 2,685,000 Rowan Cos., Inc., 5.0000%, 4.2500%, due 15/4/16 ...... 1.0 4,168,418 due 1/9/17 ...... 0.7 2,771,981 Finance – Leasing Company 1.6 6,684,607 2,300,000 AerCap Ireland Capital, Ltd. / AerCap Oil Companies – Exploration and Production Global Aviation Trust, 2.7500%, 4,271,000 Chesapeake Energy Corp., 3.2500%, due 15/5/17 ...... 0.5 2,291,375 due 15/3/16 ...... 1.0 4,257,653

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 199 Janus US Short-Term Bond Fund

PORTFOLIO INVESTMENTS

Percentage Percentage of Net Fair of Net Fair Share or Principal Amount Assets (%) Value (USD) Share or Principal Amount Assets (%) Value (USD) 4,326,000 Chesapeake Energy Corp., 3.5253%, 2,073,000 Bank of America NA 1.7500%, due 15/4/19 ...... 0.9 3,969,105 due 5/6/18 ...... 0.5 2,069,420 248,000 Chesapeake Energy Corp., 6.5000%, 532,000 PNC Funding Corp., 5.2500%, due 15/8/17 ...... 0.1 255,130 due 15/11/15 ...... 0.1 540,741 2.0 8,481,888 1.3 5,766,707 Oil Frield Services Telecommunication Equipment 2,171,000 Korea National Oil Corp., 2.7500%, 500,000 CommScope Holding Co., Inc., due 23/1/19 (144A) ...... 0.5 2,204,034 6.6250%, due 1/6/20 (144A) ...... 0.1 520,625 Oil Refi ning and Marketing 1,548,000 CommScope, Inc., 4.3750%, 2,202,000 Chevron Phillips Chemical Co., LLC / due 15/6/20 ...... 0.4 1,567,350 Chevron Phillips Chemical Co., L.P ., 0.5 2,087,975 1.7000%, due 1/5/18 ...... 0.5 2,200,725 Telephone – Integrated 1,289,000 Chevron Phillips Chemical Co., LLC / 1,636,000 Verizon Communications, Inc., Chevron Phillips Chemical Co., L.P., 2.5000%, due 15/9/16 ...... 0.4 1,663,035 2.4500%, due 1/5/20 ...... 0.3 1,281,631 Textile – Products 0.8 3,482,356 3,096,000 INVISTA Finance LLC, 4.2500%, Pipelines due 15/10/19 ...... 0.8 3,065,040 1,210,000 DCP Midstream Operating L.P., Transportation – Services 2.5000%, due 1/12/17 ...... 0.3 1,173,187 3,353,000 Asciano Finance, Ltd., 3.1250%, 4,163,000 DCP Midstream Operating L.P., due 23/9/15 (144A) ...... 0.9 3,366,818 3.2500%, due 1/10/15 ...... 1.0 4,163,816 Transportation – Truck 1,445,000 Enbridge Energy Management LLC, 1.2500%, due 13/8/15 ...... 0.3 1,445,718 485,000 J.B. Hunt Transport Services, Inc., 1,071,000 Enbridge, Inc., 0.7338%, 3.3750%, due 15/9/15 ...... 0.1 487,461 due 2/6/17 ...... 0.2 1,058,680 Trucking and Leasing 962,000 EnLink Midstream Partners L.P., 2,597,000 Penske Truck Leasing Co., L.P. / PTL 2.7000%, due 1/4/19 ...... 0.2 950,607 Finance Corp., 2.5000%, due 1,723,000 Kinder Morgan Energy Partners L.P., 15/3/16 (144A) ...... 0.6 2,615,605 2.6500%, due 1/2/19 ...... 0.4 1,710,096 1,352,000 Kinder Morgan Finance Co., LLC, Total Corporate Bonds...... 65. 9 279,458,618 5.7000%, due 5/1/16 ...... 0.3 1,382,090 Government Obligations 4,308,000 Kinder Morgan, Inc., 3.0500%, due 1/12/19 ...... 1.0 4,307,634 U.S. Treasury Notes/Bonds 3,015,000 Plains All American Pipeline L.P., 2,468,000 0.3750%, due 31/10/16 ...... 0.6 2,466,650 3.9500%, due 15/9/15 ...... 0.7 3,032,216 7,003,000 0.5000%, due 30/9/16 ...... 1.7 7,012,846 1,532,000 Spectra Energy Partners L.P., 3,997,000 0.5000%, due 30/11/16 ...... 0.9 3,999,810 2.9500%, due 25/9/18 ...... 0.4 1,567,982 378,000 0.5000%, due 30/6/16 ...... 0.1 378,650 4.8 20,792,026 5,634,000 0.5000%, due 31/3/17 ...... 1.3 5,628,715 1,701,000 0.6250%, due 30/9/17 ...... 0.4 1,696,082 Property and Casualty Insurance 20,093,000 0.6250%, due 31/12/16 ...... 4.8 20,136,963 2,156,000 ACE INA Holdings, Inc., 2.6000%, 3,882,000 0.7500%, due 15/4/18 ...... 0.9 3,861,984 due 23/11/15 ...... 0.5 2,171,260 1,693,000 0.7500%, due 30/6/17 ...... 0.4 1,696,438 Publishing – Newspapers 1,699,000 0.7500%, due 31/12/17 ...... 0.4 1,695,549 3,443,000 Gannett Co., Inc., 6.3750%, 1,703,000 0.7500%, due 31/3/18 ...... 0.4 1,694,485 due 1/9/15 ...... 0.8 3,466,671 7,200,000 0.8750%, due 15/1/18 ...... 1.7 7,202,815 REIT – Offi ce Property 3,015,000 0.8750%, due 15/10/17 ...... 0.7 3,022,067 3,172,000 Reckson Operating Partnership L.P., 11,025,000 0.8750%, due 15/11/17 ...... 2.6 11,046,532 6.0000%, due 31/3/16 ...... 0.8 3,276,819 3,830,000 0.8750%, due 15/8/17 ...... 0.9 3,844,064 Retail – Restaurants 1,850,000 0.8750%, due 15/9/16 ...... 0.4 1,860,839 1,236,000 Brinker International, Inc., 2.6000%, 1,959,000 1.0000%, due 15/12/17 ...... 0.5 1,967,571 due 15/5/18 ...... 0.3 1,239,263 2,927,000 1.0000%, due 15/9/17 ...... 0.7 2,944,149 Semiconductor Components/Integrated Circuits 1,673,000 1.3750%, due 30/6/18 ...... 0.4 1,691,299 1,949,000 TSMC Global, Ltd., 0.9500%, 1,677,000 1.3750%, due 30/9/18 ...... 0.4 1,691,018 due 3/4/16 (144A) ...... 0.5 1,944,445 1,680,000 1.3750%, due 31/12/18 ...... 0.4 1,689,712 2,280,000 TSMC Global, Ltd., 1.6250%, 333,000 3.5000%, due 15/2/18 ...... 0.1 355,555 due 3/4/18 (144A) ...... 0.5 2,255,417 20.7 87,583,793 1.0 4,199,862 Total Government Obligations...... 20.7 87,583,793 Steel – Producers 2,538,000 ArcelorMittal, 4.5000%, Tranche Loans due 1/3/16 ...... 0.6 2,588,760 Electronic Components – Semiconductors 3,074,000 ArcelorMittal, 5.2500%, 6,130,106 Avago Technologies Cayman, Ltd., due 25/2/17 ...... 0.8 3,200,803 3.7500%, due 6/5/21 ...... 1.4 6,135,562 1.4 5,789,563 Hotels and Motels Super – Regional Banks 2,497,184 Hilton Worldwide Finance LLC, 3,160,000 Bank of America NA 1.6500%, 3.7500%, due 23/9/20 ...... 0.6 2,497,584 due 26/3/18 ...... 0.7 3,156,546

The accompanying notes are an integral part of the fi nancial statements. 200 Janus Capital Funds Plc / 30 June 2015 PORTFOLIO INVESTMENTS

Forward Currency Contracts, Open as at 30 June 2015 Percentage of Net Fair Current Unrealised Share or Principal Amount Assets (%) Value (USD) Currency Currency Market Settle Appreciation Purchased Sold Value (USD) Date (USD) Investment Companies 347,000RPI Finance Trust, 2.75000%, Citibank due 9/11/20 ...... 0.1 347,596 USD 2,153 EUR 1,928 2,150 31-Jul-15 3 USD 10 EUR 9 10 31-Jul-15 — Oil and Gas Companies – Exploration and Production USD 226 CHF 211 226 31-Jul-15 — 448,000 Chief Exploration, 8.7500%, USD 28 EUR 25 28 31-Jul-15 — due 12/5/21 ...... 0.1 420,224 USD 43,349 EUR 38,541 42,980 31-Jul-15 369 REIT – Hotels 1,116,001ESH Hospitality, Inc., 4.2500%, Total 372 due 24/6/19 ...... 0.3 1,134,136 Total Financial Assets at fair value through profi t or loss 400,015,740 Total Tranche Loans...... 2.5 10,535,102 Total Investments at last traded prices ...... 94.5 400,492,714 Financial Liabilities at fair value through profi t or loss Adjustments from last traded to bid market prices ...... (0.1) (477,346) Forward Currency Contracts, Open as at 30 June 2015 Total Investments ...... 94.4 400,015,368 Current Unrealised Currency Currency Market Settle (Depreciation) Purchased Sold Value (USD) Date (USD) Citibank AUD 3,363 USD 2,601 2,613 31-Jul-15 (12) CHF 1,985,098 USD 2,134,289 2,142,050 31-Jul-15 (7,761) EUR 425,388 USD 477,116 479,854 31-Jul-15 (2,738) GBP 2,403 USD 3,789 3,804 31-Jul-15 (15) GBP 1,904 USD 3,003 3,015 31-Jul-15 (12) CHF 2,274 USD 2,445 2,454 31-Jul-15 (9) GBP 1,851 USD 2,919 2,931 31-Jul-15 (12) EUR 19,604,389 USD 21,988,322 22,114,496 31-Jul-15 (126,174) EUR 416,315 USD 466,939 469,618 31-Jul-15 (2,679) EUR 7,581,116 USD 8,502,995 8,551,787 31-Jul-15 (48,792) GBP 1,059 USD 1,670 1,677 31-Jul-15 (7) EUR 2,212 USD 2,470 2,473 31-Jul-15 (3) EUR 349,965 USD 392,024 393,779 31-Jul-15 (1,755) EUR 3,591 USD 4,023 4,042 31-Jul-15 (19) USD 407 EUR 367 409 31-Jul-15 (2) USD 226 EUR 204 227 31-Jul-15 (1) USD 848 CHF 794 850 31-Jul-15 (2) EUR 1,039 USD 1,169 1,179 31-Jul-15 (10) Total (190,003) Total Financial Liabilities at fair value through profi t or loss (190,003)

The accompanying notes are an integral part of the fi nancial statements. Janus Capital Funds Plc / 30 June 2015 201 Statements of Financial Position

Janus Asia Frontier Janus Asia Growth Janus Asia Markets Fund Drivers Fund Fund As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

Assets: Financial assets at fair value through profit or loss ...... 2,801,168 2,773,148 2,689,337 2,653,143 120,838,539 108,351,798 Cash and foreign currency ...... 24,701 132,248 78,272 95,141 14,029,188 13,351,040 Margin and collateral cash...... ————1,270,265 2,430,265 Collateral receivable from broker ...... —————— Receivables:...... Investments sold ...... —————1,895,958 Spot foreign exchange contracts awaiting settlement...... ————942815 Funds shares sold ...... —————— Dividends ...... 10,801 646 12,510 491 633,536 24,461 Interest ...... —————— Receivable from Investment Manager ...... 20,411 29,735 21,648 32,681 12,282 21,348 Other debtors ...... —————— Total Assets ...... 2,857,081 2,935,777 2,801,767 2,781,456 136,784,752 126,075,685 Liabilities (amounts falling due within one year) Payables: ...... Financial liabilities at fair value through profit or loss...... 5,244 6,309 5,142 7,186 100,649 34,161 Bank overdraft and foreign currency ...... — 48,199 — — 1,330,119 — Collateral payable to broker ...... —————— Investments purchased ...... ————2,439,509 5,977,276 Spot foreign exchange contracts awaiting payment ...... —————— Fund shares repurchased...... —————— Investment Management fees...... —————— Shareholder Service fees...... 1,849 1,797 1,930 1,911 1,973 1,255 Distribution fees...... —————— Accounting, Administration and Transfer Agent fees...... 230 270 225 261 7,518 7,846 Accrued expenses ...... 13,764 22,228 21,919 28,816 49,307 66,669 Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) ...... 21,087 78,803 29,216 38,174 3,929,075 6,087,207 Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) ...... 2,835,994 2,856,974 2,772,551 2,743,282 132,855,677 119,988,478 Adjustment from bid market prices to last traded prices...... 7,468 15,109 8,719 5,298 228,227 147,079 Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) ...... 2,843,462 2,872,083 2,781,270 2,748,580 133,083,904 120,135,557

The accompanying notes are an integral part of the financial statements.

202 Janus Capital Funds Plc / 30 June 2015 Janus Balanced Janus Emerging Janus Europe Janus Global Life Janus Global Fund Markets Fund Fund Sciences Fund Research Fund As of As of As of As of As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 (USD) (USD) (USD) (USD) (EUR) (EUR) (USD) (USD) (USD) (USD) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

741,119,264 638,699,628 54,855,578 4,314,412 217,379,184 207,582,127 1,781,191,415 688,503,598 41,921,378 40,226,725 11,902,554 4,005,597 113,559 335,270 53,764 24,771 1,014,681 22,625,417 545,206 194,625 — — 187,196 187,196 1,636,202 1,093,226 — — — — ——————————

— 226,210 — 128,789 2,265,300 2,309,977 28,604,467 125,071 334,579 193,810 687 — 15,845 26 — — 22,091 452 — — 758,985 2,310,571 60,000,000 — 49,704 35,344 12,461,851 18,407,221 33,047 30,189 324,360 380,824 36,717 859 324,914 124,790 211,641 92,906 36,555 21,958 3,126,379 2,712,633 ———————— — — 1,541 8,217 ————6,942 7,111 6,846 7,430 1,080 1,089 276,552 189,052 99,166 17,493 10,577 7,814 757,239,075 648,342,893 115,211,516 4,975,858 221,985,620 211,359,287 1,823,605,312 729,772,158 42,888,284 40,682,232

1,319,460 1,871,364 14,083 28,789 1,277,550 1,685,008 1,323,044 1,559,618 7,259 24,099 — — 437,408 93,650 5,934,203 2,047,909 — — — — —————————— 6,638,143 — 49,834,234 142,844 — 252,094 11,060,547 212,694 536,415 25,406 ————11,713 25,529 — — 575 1,260 1,969,807 1,190,443 — — 577,981 68,269 13,007,503 2,562,782 919 — 636,229 553,243 — — 72,633 68,047 2,334,571 901,237 — — 1,097,995 808,748 5,756 5,939 57,358 60,580 1,677,452 701,930 4,445 4,516 9,114 9,647 751 756 — — 23,447 17,154 53 52 63,273 95,439 3,728 444 15,462 17,151 148,946 71,132 2,609 2,886 9,963 63,199 28,870 54,366 16,446 27,061 49,928 106,016 12,054 40,366

11,743,984 4,592,083 50,324,830 326,788 7,963,346 4,251,648 29,625,438 6,132,563 564,329 98,585

745,495,091 643,750,810 64,886,686 4,649,070 214,022,274 207,107,639 1,793,979,874 723,639,595 42,323,955 40,583,647 1,124,575 695,350 88,160 12,917 496,876 399,264 1,183,488 285,657 19,900 11,836

746,619,666 644,446,160 64,974,846 4,661,987 214,519,150 207,506,903 1,795,163,362 723,925,252 42,343,855 40,595,483

Janus Capital Funds Plc / 30 June 2015 203 Statements of Financial Position

Janus Global Janus Japan Emerging Janus Japan Technology Fund Opportunities Fund Fund As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 (USD) (USD) (JPY) (JPY) (JPY) (JPY) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

Assets: Financial assets at fair value through profit or loss ...... 64,585,627 79,664,577 398,885,068 344,688,665 241,776,924 216,716,707 Cash and foreign currency ...... 549,936 1,260,610 7,231,241 1,635,145 8,349,430 4,728,955 Margin and collateral cash...... —————— Collateral receivable from broker ...... —————— Receivables:...... Investments sold ...... 179,145 — — 1,934,026 3,783,252 — Spot foreign exchange contracts awaiting settlement...... —————— Funds shares sold ...... 70,456 97,330———— Dividends ...... 65,891 25,469 310,175 372,997 152,332 110,279 Interest ...... —————— Receivable from Investment Manager ...... — — 8,852,745 3,910,455 8,701,856 4,212,750 Other debtors ...... —————— Total Assets ...... 65,451,055 81,047,986 415,279,229 352,541,288 262,763,794 225,768,691 Liabilities (amounts falling due within one year) Payables: ...... Financial liabilities at fair value through profit or loss...... 121,574 262,357 3,041,117 592,332 1,887,780 374,329 Bank overdraft and foreign currency ...... — — 503,494 — 747,411 2 Collateral payable to broker ...... —————— Investments purchased ...... 518,865 — — — 3,536,194 — Spot foreign exchange contracts awaiting payment ...... 666————— Fund shares repurchased...... 275,935 657,746 ———— Investment Management fees...... 87,325 144,940 ———— Shareholder Service fees...... 104,656 98,631 239,730 198,669 148,017 129,449 Distribution fees...... 5,508 5,720———— Accounting, Administration and Transfer Agent fees...... 7,102 9,263 32,921 32,921 16,177 21,520 Accrued expenses ...... 8,597 43,505 4,567,488 3,421,735 3,354,125 3,101,962 Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) ...... 1,130,228 1,222,162 8,384,750 4,245,657 9,689,704 3,627,262 Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) ...... 64,320,827 79,825,824 406,894,479 348,295,631 253,074,090 222,141,429 Adjustment from bid market prices to last traded prices...... 23,770 14,772 744,050 338,700 439,000 238,600 Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) ...... 64,344,597 79,840,596 407,638,529 348,634,331 253,513,090 222,380,029

The accompanying notes are an integral part of the financial statements.

204 Janus Capital Funds Plc / 30 June 2015 Janus Opportunistic Janus US Janus US Research Janus US Twenty Janus US Venture Alpha Fund Fund Fund Fund Fund As of As of As of As of As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

65,615,247 90,479,451 1,865,880 1,619,300 195,432,625 189,637,233 356,693,805 345,049,133 271,480,185 272,863,880 2,092,148 7,225,933 124,935 27,848 1,632,323 2,818,866 7,486,997 8,955,737 13,159,719 17,832,224 —————————— ——————————

903,497 467,942 12,379 — 2,034,230 — — — 1,167,794 — 26———————30460 86,157 1,808,033 — 6,052 — — 2,458,582 1,238,125 5,284,101 7,532,306 34,504 45,629 818 810 103,110 134,335 44,178 54,757 35,318 47,967 —————————— — — 1,073 4,477 2,171 ————— — — 58 62 — — 16,756 18,187 2,243 — 68,731,579 100,026,988 2,005,143 1,658,549 199,204,459 192,590,434 366,700,318 355,315,939 291,129,664 298,276,437

65,918 234,611 8,376 9,999 7,324 24,008 234,637 694,379 399,422 544,415 —————————— ———————490,000 — — — 2,089,854 33,740 — 2,496,246 29,964 — — 1,524,028 5,833,215 ——————106——— 206,011 789,133 — — — 3,377 587,472 298,689 1,618,710 285,450 73,050 97,857 — — — 21,522 356,306 374,332 282,227 234,131 112,445 133,196 2,576 1,903 23,633 24,140 333,669 326,848 250,640 152,182 3,606 5,054 294 284 276 294 10,150 11,805 2,649 2,720 505 11,235 124 160 11,888 13,405 32,221 36,455 15,667 24,587 — 21,537 14,510 25,758 19,247 40,533 27,208 55,046 5,632 28,937

461,535 3,382,477 59,620 38,104 2,558,614 157,243 1,581,769 2,287,554 4,098,975 7,105,637

68,270,044 96,644,511 1,945,523 1,620,445 196,645,845 192,433,191 365,118,549 353,028,385 287,030,689 291,170,800 34,483 40,412 457 357 51,845 37,395 88,807 73,532 83,505 145,527

68,304,527 96,684,923 1,945,980 1,620,802 196,697,690 192,470,586 365,207,356 353,101,917 287,114,194 291,316,327

Janus Capital Funds Plc / 30 June 2015 205 Statements of Financial Position

Perkins Global Perkins US INTECH All-World Value Fund Strategic Value Fund Minimum Variance Core Fund(a) As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

Assets: Financial assets at fair value through profit or loss ...... 159,483,235 157,816,237 252,608,204 411,850,431 774,501,655 — Cash and foreign currency ...... 11,860,100 11,747,242 15,703,966 22,322,543 5,861,394 — Margin and collateral cash...... —————— Collateral receivable from broker ...... —————— Receivables:...... Investments sold ...... — 2,350,586 1,503,351 1,845,329 600,843 — Spot foreign exchange contracts awaiting settlement...... 274————— Funds shares sold ...... 22,280 18,033,955 93,455 422,184 — — Dividends ...... 345,642 313,769 282,523 645,782 1,652,493 — Interest ...... —————— Receivable from Investment Manager ...... 16,281———75,721 — Other debtors ...... 99,668 67,886 — — 2,694 — Total Assets ...... 171,827,480 190,329,675 270,191,499 437,086,269 782,694,800 — Liabilities (amounts falling due within one year) Payables: ...... Financial liabilities at fair value through profit or loss...... 145,134 96,089 237,572 851,895 — — Bank overdraft and foreign currency ...... 3 4 — — 1,156 — Collateral payable to broker ...... —————— Investments purchased ...... 9,898 16,670,893 1,094,969 1,248,332 396,132 — Spot foreign exchange contracts awaiting payment ...... — 13,919 17 — 6,396 — Fund shares repurchased...... — — 232,161 286,651 — — Investment Management fees...... — 8,022 364,936 592,268 — — Shareholder Service fees...... 10,133 11,378 245,800 357,671 — — Distribution fees...... 5 6 1,555 1,772 — — Accounting, Administration and Transfer Agent fees...... 9,929 10,673 20,000 41,095 43,837 — Accrued expenses ...... 16,952 46,080 — 58,090 59,501 — Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) ...... 192,054 16,857,064 2,197,010 3,437,774 507,022 — Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) ...... 171,635,426 173,472,611 267,994,489 433,648,495 782,187,778 — Adjustment from bid market prices to last traded prices...... 134,575 35,905 105,882 79,103 747,076 — Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) ...... 171,770,001 173,508,516 268,100,371 433,727,598 782,934,854 —

The accompanying notes are an integral part of the financial statements.

206 Janus Capital Funds Plc / 30 June 2015 INTECH European INTECH Global INTECH Global INTECH US Core Janus Global Diversified Core Fund All Country Low Volatility Fund Dividend Fund Fund Alternatives Fund As of As of As of As of As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 (EUR) (EUR) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

96,482,946 85,055,714 165,431,901 161,389,340 1,986,785 2,385,502 165,315,004 158,393,000 1,742,444 1,691,567 634,599 473,479 2,156,285 1,815,459 19,923 15,427 903,339 1,545,616 396,912 280,764 ————————264,865 262,375 ——————————

— 18,839 1,243 1,278 —————— ——————622——— ——————387,646 232,284 — — 129,417 65,175 268,395 233,273 5,082 4,166 126,929 167,057 — — —————————— 12,756 15,454 24,401 36,126 ————13,359 4,938 114,658 73,649 7,831 123 67,666 84,202 — — — — 97,374,376 85,702,310 167,890,056 163,475,599 2,079,456 2,489,297 166,733,540 160,337,957 2,417,580 2,239,644

———— 1,239 6,020 250,889 709,416 63,698 38,220 —————————— —————————— ——————224,129 — — — —————————— ——————142,963 81,386 — — — — — — 1,082 1,756 153,188 138,438 — — 3 3 — — 1,088 1,593 69,433 69,091 913 2,146 ——————228249—— 5,677 5,755 9,527 10,790 171 276 14,806 15,407 207 227 21,505 35,455 22,368 36,171 7,974 61,355 17,812 37,584 9,279 9,000

27,185 41,213 31,895 46,961 11,554 71,000 873,448 1,051,571 74,097 49,593

97,347,191 85,661,097 167,858,161 163,428,638 2,067,902 2,418,297 165,860,092 159,286,386 2,343,483 2,190,051 31,480 14,864 179,633 82,246 949 695 41,043 26,586 18 10

97,378,671 85,675,961 168,037,794 163,510,884 2,068,851 2,418,992 165,901,135 159,312,972 2,343,501 2,190,061

Janus Capital Funds Plc / 30 June 2015 207 Statements of Financial Position

Janus Global Janus Flexible Janus Global Flexible Real Estate Fund Income Fund Income Fund As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

Assets: Financial assets at fair value through profit or loss ...... 141,067,046 159,573,102 1,005,818,232 953,653,010 22,789,457 21,297,346 Cash and foreign currency ...... 1,272,995 4,657,128 13,018,595 3,930,437 371,049 314,923 Margin and collateral cash...... —————— Collateral receivable from broker ...... —————— Receivables:...... Investments sold ...... 748,044 2,969 365,933 2,124,442 457,935 18,862 Spot foreign exchange contracts awaiting settlement...... 746———2,000 — Funds shares sold ...... 564,005 279,076 768,647 857,934 121,017 63,915 Dividends ...... 537,105 518,382 45,052 55,612 337 316 Interest ...... 4,728 — 5,558,052 5,781,234 144,977 202,231 Receivable from Investment Manager ...... —————— Other debtors ...... 58,494 54,067———— Total Assets ...... 144,253,163 165,084,724 1,025,574,511 966,402,669 23,886,772 21,897,593 Liabilities (amounts falling due within one year) Payables: ...... Financial liabilities at fair value through profit or loss...... 89,848 181,098 1,020,772 3,743,363 90,407 250,278 Bank overdraft and foreign currency ...... ————196,800 190,017 Collateral payable to broker ...... —————— Investments purchased ...... — 6,329 9,974,545 — 317,392 — Spot foreign exchange contracts awaiting payment ...... — — 1,319——— Fund shares repurchased...... 83,106 328,001 2,833,608 712,082 — — Investment Management fees...... 135,479 153,201 555,218 537,027 14,055 11,719 Shareholder Service fees...... 72,323 65,628 537,438 573,916 26,827 22,506 Distribution fees...... 1,235 1,362 5,891 8,589 — — Accounting, Administration and Transfer Agent fees...... 13,088 16,666 79,862 88,601 1,855 2,026 Accrued expenses ...... 110,855 148,177 118,459 118,376 5,046 43,845 Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) ...... 505,934 900,462 15,127,112 5,781,954 652,382 520,391 Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) ...... 143,747,229 164,184,262 1,010,447,399 960,620,715 23,234,390 21,377,202 Adjustment from bid market prices to last traded prices...... 157,011 153,822 1,669,006 1,154,266 40,668 36,437 Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) ...... 143,904,240 164,338,084 1,012,116,405 961,774,981 23,275,058 21,413,639

The accompanying notes are an integral part of the financial statements.

208 Janus Capital Funds Plc / 30 June 2015 Janus Global Janus Global Investment Janus High Janus Global Unconstrained Janus US Short-Term Company Total High Yield Fund Grade Bond Fund Yield Fund Bond Fund Bond Fund in US Dollar As of As of As of As of As of As of As of As of As of As of As of As of 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited)

61,285,265 77,374,956 61,505,624 62,966,169 666,610,870 750,972,603 129,750,845 71,584,125 400,015,740 581,123,142 8,066,099,922 6,395,658,797 3,948,732 1,614,777 1,944,629 3,026,115 53,279,858 48,237,166 36,884,581 6,668,328 23,205,085 4,359,035 224,476,305 190,051,492 ——————8,961,187 136,810 — — 12,507,387 4,339,347 ——————— —— — — —

205,433 43,650 — 109,234 6,391,224 549,990 34,544 6,271 528,108 3,795,229 46,628,795 16,719,419 ——————61,934 — — — 105,471 1,353 — 32,630 132,442 209,961 197,047 282,109 7,354,066 291,897 415,118 414,918 91,264,307 52,593,453 — — 1,770 1,714 — — 6,192 13,986 — — 5,331,681 3,019,044 1,031,766 1,476,638 622,304 783,005 12,349,050 14,015,3671,446,582 836,029 2,624,958 3,293,76226,908,796 29,100,899 ——————— —— —353,504 231,160 1,406 163 1,529 — — — — — — — 812,096 576,360 66,472,602 80,542,814 64,208,298 67,096,198 738,828,049 814,057,235 184,499,931 79,537,446 426,789,009 592,986,086 8,474,488,264 6,692,291,324

154,828 591,594 92,296 249,739 676,821 1,704,7124,093,259 1,239,727 190,003 782,347 12,183,261 17,792,566 643,633 1,312,358 — — 3,043 — — — — — 9,237,2404,122,006 ——————— —— — — 490,000 362,000 — 1,754,134 — 3,630,000 — 4,215,953 962,615 2,531,404 2,937,116 99,621,181 36,441,548 9 — 171 — 99 — — — 352 — 22,766 46,067 4,454 228,909 115,876 122,137 5,204,124 1,246,561 505,708 — 235,280 947,030 27,667,912 9,822,976 25,163 24,336 34,967 34,242 446,165 509,859 123,344 58,114 243,522 300,850 5,947,791 4,779,425 83,918 109,747 39,732 45,005 445,936 533,777 168,915 81,324 390,519 495,313 5,779,103 4,708,131 8 10 8 9 56,724 66,613 — — 3,998 4,530 125,500 136,626 4,623 7,035 4,369 5,563 69,185 86,483 12,509 6,929 34,409 54,290 636,378 647,613 24,183 57,873 3,702 28,416 112,783 126,129 84,476 14,543 32,445 67,921 993,873 1,580,648

1,302,819 2,331,862 2,045,255 485,111 10,644,880 4,274,134 9,204,164 2,363,252 3,661,932 5,589,397 162,215,005 80,567,606

65,169,783 78,210,952 62,163,043 66,611,087 728,183,169 809,783,101 175,295,767 77,174,194 423,127,077 587,396,689 8,312,273,259 6,611,723,718 242,176 321,601 164,699 174,569 2,455,552 3,107,630 335,367 128,403 477,346 522,160 10,293,031 7,814,551

65,411,959 78,532,553 62,327,742 66,785,656 730,638,721 812,890,731 175,631,134 77,302,597 423,604,423 587,918,849 8,322,566,290 6,619,538,269

Janus Capital Funds Plc / 30 June 2015 209 Income Statements

Janus Asia Frontier Janus Asia Growth Janus Asia Markets Fund Drivers Fund Fund Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

Revenue: Interest income ...... —————— Dividend income...... 46,680 — 39,756 — 1,738,266 1,800,424 Other income ...... 1,034 — 1,272 — — 1,989 Net (loss)/gain on financial assets and liabilities at fair value through profit or loss ...... (49,645) — 15,928 — 10,957,119 5,844,252 Total Investments (Loss)/Income (1,931) — 56,956 — 12,695,385 7,646,665 Expenses: Investment Management fees ...... 15,264 — 14,673 — 5,896 2,997 Shareholder Service fees ...... 3,363 — 3,213 — 3,515 1,728 Distribution fees ...... —————— Accounting, Administration and Transfer Agent fees...... 1,372 — 1,338 — 45,665 54,311 Custodian fees...... 4,220 — 3,773 — 32,781 31,434 Listing fees ...... 2,800 — 2,800 — 2,800 2,123 Audit fees ...... 2,791 — 8,534 — 7,180 6,621 Printing expenses ...... 6,498 — 4,053 — 5,883 3,522 Legal and other professional fees...... 4,209 — 3,438 — 10,613 19,474 Other fees ...... 8,053 — 6,864 — 68,205 27,527 Total Expenses...... 48,570 — 48,686 — 182,538 149,737 Less Expense Reimbursement ...... (25,100) — (25,980) — (118,508) (121,932) Net Expenses after Expense Reimbursement ...... 23,470 — 22,706 — 64,030 27,805 Net Operating (Loss)/Profit ...... (25,401) — 34,250 — 12,631,355 7,618,860 Finance Costs: Total distributions to holders of redeemable ordinary shares ...... —————— Withholding tax on dividends and other investment income ...... (6,509) — (4,982) — (217,955) (172,852) Movement in adjustment from bid prices to last traded prices ...... (7,641) — 3,421 — 81,148 (38,703)

Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations...... (39,551) — 32,689 — 12,494,548 7,407,305

The accompanying notes are an integral part of the financial statements.

210 Janus Capital Funds Plc / 30 June 2015 Janus Balanced Janus Emerging Janus Europe Janus Global Life Janus Global Fund Markets Fund Fund Sciences Fund Research Fund Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (EUR) (EUR) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

7,612,113 5,239,385 — — — — — 20,376 — — 4,576,483 2,478,615 76,717 70,554 3,356,901 3,095,429 6,788,334 1,514,530 380,491 431,187 281,830 199,713 — — — — 359,110 65,591 1,990 712

(18,456,279) 16,740,243 285,914 322,851 33,121,522 6,859,324 177,977,420 28,501,873 1,576,995 2,189,562 (5,985,853) 24,657,956 362,631 393,405 36,478,423 9,954,753 185,124,864 30,102,370 1,959,476 2,621,461

3,456,295 2,109,525 27,586 29,848 497,260 618,732 10,094,233 2,771,249 11,799 40,212 2,089,489 1,189,836 11,022 11,905 120,477 98,915 2,788,178 1,280,984 7,843 10,848 54,272 54,899 4,254 4,323 — — 115,062 88,034 37 35 373,919 262,212 2,232 3,531 87,912 83,788 756,616 296,968 14,706 22,675 67,606 43,075 13,647 12,032 38,394 23,472 122,188 51,938 12,237 15,133 3,051 1,757 2,800 2,015 2,800 1,586 3,051 3,275 3,051 3,454 8,833 6,409 9,449 9,641 6,588 5,697 9,788 9,837 9,449 10,114 47,063 29,218 3,193 1,223 11,455 8,967 82,625 23,421 5,241 4,913 121,787 95,653 2,465 4,925 18,243 25,643 112,478 72,903 6,906 10,070 19,091 59,111 12,481 20,316 152,849 32,017 10,648 50,005 11,144 24,451 6,241,406 3,851,695 89,129 99,759 935,978 898,817 14,094,867 4,648,614 82,413 141,905 2,199 (2,585) (39,439) (46,386) (92,057) (33,606) 2,895 (7,696) (58,017) (78,567) 6,243,605 3,849,110 49,690 53,373 843,921 865,211 14,097,762 4,640,918 24,396 63,338 (12,229,458) 20,808,846 312,941 340,032 35,634,502 9,089,542 171,027,102 25,461,452 1,935,080 2,558,123

(2,898,065) (914,833) — — — — — — — — (1,099,224) (596,661) (9,987) (8,841) (502,580) (376,061) (1,768,180) (329,667) (77,719) (73,637) 429,225 (203,948) 75,243 1,739 97,612 169,733 897,831 19,966 8,064 (14,743)

(15,797,522) 19,093,404 378,197 332,930 35,229,534 8,883,214 170,156,753 25,151,751 1,865,425 2,469,743

Janus Capital Funds Plc / 30 June 2015 211 Income Statements

Janus Global Janus Japan Emerging Janus Japan Technology Fund Opportunities Fund Fund Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (JPY) (JPY) (JPY) (JPY) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

Revenue: Interest income ...... —————— Dividend income...... 431,789 440,702 2,586,502 — 1,824,107 — Other income ...... 15,092 782 29,654 — 19,754 — Net (loss)/gain on financial assets and liabilities at fair value through profit or loss ...... 1,868,610 4,155,849 58,097,806 — 31,086,853 — Total Investments (Loss)/Income 2,315,491 4,597,333 60,713,962 — 32,930,714 — Expenses: Investment Management fees ...... 582,645 627,303 1,968,135 — 1,062,629 — Shareholder Service fees ...... 220,949 220,219 438,399 — 270,580 — Distribution fees ...... 31,154 35,186———— Accounting, Administration and Transfer Agent fees...... 45,219 67,433 182,128 — 87,687 — Custodian fees...... 25,096 15,575 410,093 — 83,883 — Listing fees ...... 3,051 3,276 14,138 — 125,180 — Audit fees ...... 8,288 9,743 734,154 — 734,154 — Printing expenses ...... 8,185 6,405 707,989 — 699,112 — Legal and other professional fees...... 12,661 13,646 264,454 — 250,463 — Other fees ...... 11,424 29,187 370,563 — 351,652 — Total Expenses...... 948,672 1,027,973 5,090,053 — 3,665,340 — Less Expense Reimbursement ...... (2,364) (11,137) (2,055,572) — (1,940,852) — Net Expenses after Expense Reimbursement ...... 946,308 1,016,836 3,034,481 — 1,724,488 — Net Operating (Loss)/Profit ...... 1,369,183 3,580,497 57,679,481 — 31,206,226 — Finance Costs: Total distributions to holders of redeemable ordinary shares ...... —————— Withholding tax on dividends and other investment income ...... (99,950) (109,198) (387,979) — (273,617) — Movement in adjustment from bid prices to last traded prices ...... 8,998 (30,329) 405,350 — 200,400 —

Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations...... 1,278,231 3,440,970 57,696,852 — 31,133,009 —

The accompanying notes are an integral part of the financial statements.

212 Janus Capital Funds Plc / 30 June 2015 Janus Opportunistic Janus US Janus US Research Janus US Twenty Janus US Venture Alpha Fund Fund Fund Fund Fund Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

—————————— 636,806 398,327 8,391 6,753 1,562,331 1,180,399 2,568,392 2,363,506 1,100,491 989,396 10,221 57,744 56 228 8,986 4,625 20,067 27,393 62,974 22,459

(3,139,871) 9,404,306 32,924 64,141 4,610,239 10,585,184 17,723,553 6,954,761 18,121,948 5,273,660 (2,492,844) 9,860,377 41,371 71,122 6,181,556 11,770,208 20,312,012 9,345,660 19,285,413 6,285,515

509,412 459,693 10,646 8,403 97,847 128,696 2,010,349 2,168,607 1,475,843 1,079,998 250,593 245,778 4,556 3,327 44,426 63,113 678,380 810,927 482,465 390,583 28,424 29,185 1,638 1,421 1,639 3,710 59,581 82,968 15,129 15,940 53,199 51,725 744 1,009 68,060 84,265 192,303 226,699 155,512 179,605 11,677 6,998 3,539 3,422 13,087 15,708 27,305 24,111 27,504 30,811 3,051 2,483 2,800 2,073 3,051 2,397 3,051 2,826 3,051 3,780 14,850 8,250 8,160 8,211 9,288 8,038 9,600 8,609 9,500 8,495 9,289 5,629 3,010 2,665 8,061 8,845 27,205 22,277 17,856 15,502 13,519 18,440 2,147 5,542 17,809 21,610 62,912 66,965 17,673 35,697 474 14,522 5,693 8,692 8,883 24,127 29,125 49,544 18,139 39,187 894,488 842,703 42,933 44,765 272,151 360,509 3,099,811 3,463,533 2,222,672 1,799,598 (734) (762) (23,770) (29,753) (106,339) (122,523) 3,689 (617) (60,408) (106,307) 893,754 841,941 19,163 15,012 165,812 237,986 3,103,500 3,462,916 2,162,264 1,693,291 (3,386,598) 9,018,436 22,208 56,110 6,015,744 11,532,222 17,208,512 5,882,744 17,123,149 4,592,224

—————————— (193,854) (119,345) (2,118) (1,694) (387,950) (294,278) (602,928) (448,842) (230,412) (159,933) (5,929) (10,774) 100 (160) 14,450 (16,984) 15,275 (91,004) (62,022) (147,938)

(3,586,381) 8,888,317 20,190 54,256 5,642,244 11,220,960 16,620,859 5,342,898 16,830,715 4,284,353

Janus Capital Funds Plc / 30 June 2015 213 Income Statements

Perkins Global Perkins US Strategic INTECH All-World Minimum Value Fund Value Fund Variance Core Fund(a) Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

Revenue: Interest income ...... — 1———— Dividend income...... 2,955,510 2,727,644 3,082,486 5,184,355 4,027,742 — Other income ...... — — 137,415 35,193 45 — Net (loss)/gain on financial assets and liabilities at fair value through profit or loss ...... (643,651) 9,543,289 (10,857,667) 28,722,247 3,771,007 — Total Investments (Loss)/Income 2,311,859 12,270,934 (7,637,766) 33,941,795 7,798,794 — Expenses: Investment Management fees ...... 37,537 27,094 2,402,853 3,941,587 — — Shareholder Service fees ...... 19,779 15,632 510,734 863,410 — — Distribution fees ...... 33 33 9,245 9,377 — — Accounting, Administration and Transfer Agent fees...... 57,743 68,594 149,987 261,601 62,305 — Custodian fees...... 19,690 20,021 24,220 28,889 43,227 — Listing fees ...... 2,800 2,454 3,051 2,826 2,800 — Audit fees ...... 8,476 9,312 10,949 15,066 7,500— Printing expenses ...... 8,780 7,087 22,437 37,882 6,231 — Legal and other professional fees...... 16,891 12,275 50,079 79,644 7,788 — Other fees ...... 7,086 32,180 69,805 106,480 15,237 — Total Expenses...... 178,815 194,682 3,253,360 5,346,762 145,088 — Less Expense Reimbursement ...... (113,880) (146,089) 1,794 589 (142,199) — Net Expenses after Expense Reimbursement ...... 64,935 48,593 3,255,154 5,347,351 2,889 — Net Operating (Loss)/Profit ...... 2,246,924 12,222,341 (10,892,920) 28,594,444 7,795,905 — Finance Costs: Total distributions to holders of redeemable ordinary shares ...... ————— Withholding tax on dividends and other investment income ...... (603,874) (509,550) (816,372) (1,427,828) (713,267) — Movement in adjustment from bid prices to last traded prices ...... 98,670 (28,006) 26,779 (34,872) 747,076 —

Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations...... 1,741,720 11,684,785 (11,682,513) 27,131,744 7,829,714 —

The accompanying notes are an integral part of the financial statements.

214 Janus Capital Funds Plc / 30 June 2015 INTECH European INTECH Global INTECH Global INTECH US Core Janus Global Diversified Core Fund All Country Low Volatility Fund Dividend Fund Fund Alternatives Fund Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (EUR) (EUR) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

6276———1———— 1,891,944 1,812,291 2,298,008 — 50,026 2,430,174 1,505,906 1,245,072 — — 112 147 — — 103 — 625,192 6,325 — —

9,971,779 3,156,875 2,595,273 — (88,775) 4,454,649 (2,427,086) 9,162,259 (106,433) 79,791 11,863,897 4,969,389 4,893,281 — (38,646) 6,884,824 (295,988) 10,413,656 (106,433) 79,791

14 8 — — 8,787 5,158 813,564 722,179 10,679 10,662 7 4 — — 2,181 2,944 149,289 144,965 4,520 3,162 ——————1,307 1,470 — — 32,066 18,371 55,495 — 1,095 36,132 83,199 86,970 1,234 341 16,308 6,014 35,685 — 16,218 45,692 15,140 11,469 3,803 605 2,800 1,581 2,800 — 2,340 1,224 3,347 3,110 2,800 1,861 5,151 4,804 5,789 — 7,294 9,379 6,185 6,084 9,949 3,814 3,449 1,752 5,302 — 4,396 2,936 12,172 10,948 8,174 1,279 9,172 8,266 11,001 — 936 2,878 20,268 24,872 4,707 3,941 521 6,938 9,629 — 12,432 49,618 22,772 93,848 16,146 8,341 69,488 47,738 125,701 — 55,679 155,961 1,127,243 1,105,915 62,012 34,006 (68,709) (47,721) (116,330) — (41,966) (123,994) — — (36,923) (10,216) 779 17 9,371 — 13,713 31,967 1,127,243 1,105,915 25,089 23,790 11,863,118 4,969,372 4,883,910 — (52,359) 6,852,857 (1,423,231) 9,307,741 (131,522) 56,001

— — — — (6,162) (9,849) — — — — (177,024) (185,855) (454,388) — (6,685) (349,346) (407,759) (355,055) — — 16,616 52,214 97,387 — 1,644 (36,610) 67,629 6,706 8 10

11,702,710 4,835,731 4,526,909 — (63,562) 6,457,052 (1,763,361) 8,959,392 (131,514) 56,011

Janus Capital Funds Plc / 30 June 2015 215 Income Statements

Janus Global Janus Flexible Janus Global Flexible Real Estate Fund Income Fund Income Fund Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

Revenue: Interest income ...... 4,726 25 15,157,260 20,193,287 313,856 232,758 Dividend income...... 2,339,522 2,613,589 466,610 756,002 2,636 3,522 Other income ...... 123,811 126,025 342,606 23,942 7,117 — Net (loss)/gain on financial assets and liabilities at fair value through profit or loss ...... (1,492,420) 21,253,637 (31,778,994) 25,724,629 (2,004,402) 587,842 Total Investments (Loss)/Income 975,639 23,993,276 (15,812,518) 46,697,860 (1,680,793) 824,122 Expenses: Investment Management fees ...... 804,832 972,728 3,035,643 3,568,974 97,871 47,339 Shareholder Service fees ...... 144,883 130,601 1,009,414 1,248,612 49,476 22,611 Distribution fees ...... 1,915 3,874 41,391 52,159 — — Accounting, Administration and Transfer Agent fees...... 81,036 108,174 472,406 419,379 10,911 10,672 Custodian fees...... 27,750 22,873 91,925 47,730 16,516 15,207 Listing fees ...... 3,051 3,058 3,051 2,511 2,800 2,726 Audit fees ...... 9,949 9,099 11,852 7,040 8,150 7,737 Printing expenses ...... 12,771 11,400 54,270 40,450 6,523 3,610 Legal and other professional fees...... 23,750 35,831 148,528 207,991 4,336 7,395 Other fees ...... 18,439 256,825 124,357 100,793 1,472 18,280 Total Expenses...... 1,128,376 1,554,463 4,992,837 5,695,639 198,055 135,577 Less Expense Reimbursement ...... (6,347) — (45,353) (30,775) (22,095) (51,717) Net Expenses after Expense Reimbursement ...... 1,122,029 1,554,463 4,947,484 5,664,864 175,960 83,860 Net Operating (Loss)/Profit ...... (146,390) 22,438,813 (20,760,002) 41,032,996 (1,856,753) 740,262 Finance Costs: Total distributions to holders of redeemable ordinary shares ...... (1,173,645) (1,175,158) (6,195,649) (9,970,233) (41,013) (45,080) Withholding tax on dividends and other investment income ...... (117,338) (338,678) (270,066) (501,458) (3,016) (2,406) Movement in adjustment from bid prices to last traded prices ...... 3,189 (146,500) 514,740 (554,102) 4,231 (4,906)

Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations...... (1,434,184) 20,778,477 (26,710,977) 30,007,203 (1,896,551) 687,870

The accompanying notes are an integral part of the financial statements.

216 Janus Capital Funds Plc / 30 June 2015 Janus Global Janus Global Investment Janus High Janus Global Unconstrained Janus US Short-Term Company Total High Yield Fund Grade Bond Fund Yield Fund Bond Fund Bond Fund in US Dollar Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended Period ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

2,170,558 2,796,290 1,064,482 1,199,791 24,699,516 37,352,884 2,148,404 — 5,900,793 8,260,808 59,071,77775,295,710 14,046 5,541 13,618 44,236 164,168 79,191 57,461 — — — 42,793,36133,489,936 178,056 21,023 27,319 — 2,021,727 181,763 558,997 — 233,238 132 5,018,792775,841

(3,170,496) 2,012,127 (3,740,757) 2,552,065 (5,609,118) 26,672,137 (4,101,578) — (5,245,497) (376,219) 195,180,627234,152,716 (807,836) 4,834,981 (2,635,338) 3,796,092 21,276,293 64,285,975 (1,336,716) — 888,534 7,884,721 302,064,557343,714,203

194,918 263,655 136,538 112,729 2,721,116 3,919,017 571,666 — 1,488,089 1,516,374 31,213,51225,382,034 152,886 207,707 76,471 75,097 897,687 1,366,385 298,414 — 804,649 932,171 10,847,9499,378,117 54 60 50 14,536 335,339 480,146 — — 23,914 28,021 724,438905,377 27,780 43,980 26,017 28,957 429,901 659,087 61,738 — 219,773 306,030 3,586,8723,420,363 14,588 13,124 14,924 12,966 57,462 64,649 12,379 — 36,606 38,727 859,591612,601 2,800 1,707 2,800 1,772 3,051 2,823 2,800 — 3,051 1,966 89,12061,837 9,449 8,104 9,449 7,886 11,352 8,095 8,375 — 7,977 6,597 273,619206,573 10,032 8,042 13,241 6,888 48,129 55,937 13,147 — 28,394 31,388 510,379356,158 17,231 33,771 12,111 20,764 110,779 195,511 15,519 — 63,916 89,458 931,1511,125,730 27,692 20,393 5,163 19,497 135,769 127,599 104,622 — 73,829 67,614 1,030,8481,301,526 457,430 600,543 296,764 301,092 4,750,585 6,879,249 1,088,660 — 2,750,198 3,018,346 50,067,47942,750,316 (47,385) (54,675) (41,809) (66,042) (54,378) (48,519) (25,488) — (5,843) (84,263) (1,361,638)(1,255,428) 410,045 545,868 254,955 235,050 4,696,207 6,830,730 1,063,172 — 2,744,355 2,934,083 48,705,84141,494,888 (1,217,881) 4,289,113 (2,890,293) 3,561,042 16,580,086 57,455,245 (2,399,888) — (1,855,821) 4,950,638 253,358,716302,219,315

(2,128,031) (2,097,384) (362,930) (273,781) (13,881,564) (20,038,913) (72,310) — (521,353) (521,512) (27,280,722)(35,046,743) (3,982) — (19,560) (26,603) (40,794) — (32,299) — — — (8,950,744)(6,596,000) (79,425) 7,940 (9,870) (20,113) (652,078) (871,159) 206,964 — (44,814) 172,919 2,572,070 (1,737,384)

(3,429,319) 2,199,669 (3,282,653) 3,240,545 2,005,650 36,545,173 (2,297,533) — (2,421,988) 4,602,045 219,699,320 258,839,188

Janus Capital Funds Plc / 30 June 2015 217 Statements of Changes in Net Assets

Janus Asia Frontier Janus Asia Growth Janus Asia Markets Fund Drivers Fund Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

(Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations ...... (39,551) — 32,689 — 12,494,548 7,407,305 Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold ...... 10,930 — 1 — 670,536 226,262 Redemption of redeemable ordinary shares...... ————(216,737) (29,172) Dilution Levy ...... —————— Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares ...... 10,930 — 1 — 453,799 197,090 Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares ...... (28,621) — 32,690 — 12,948,347 7,604,395 Net Assets attributable to holders of redeemable shares at 1 January 2015 ...... 2,872,083 — 2,748,580 — 120,135,557 114,237,251 Notional FX (Loss) ...... —————— Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 ...... 2,843,462 — 2,781,270 — 133,083,904 121,841,646

Janus Global Janus Japan Emerging Janus Japan Technology Fund Opportunities Fund Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (JPY) (JPY) (JPY) (JPY) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

(Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations ...... 1,278,231 3,440,970 57,696,852 — 31,133,009 — Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold ...... 103,064,828 40,921,038 1,307,379 — 52 — Redemption of redeemable ordinary shares...... (119,839,058) (35,778,006) (33) — — — Dilution Levy ...... —————— Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares ...... (16,774,230) 5,143,032 1,307,346 — 52 — Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares ...... (15,495,999) 8,584,002 59,004,198 — 31,133,061 — Net Assets attributable to holders of redeemable shares at 1 January 2015 ...... 79,840,596 78,473,936 348,634,331 — 222,380,029 — Notional FX (Loss) ...... — — — — Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 ...... 64,344,597 87,057,938 407,638,529 — 253,513,090 —

The accompanying notes are an integral part of the financial statements.

218 Janus Capital Funds Plc / 30 June 2015 Janus Balanced Janus Emerging Janus Europe Janus Global Life Janus Global Fund Markets Fund Fund Sciences Fund Research Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (EUR) (EUR) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

(15,797,522) 19,093,404 378,197 332,930 35,229,534 8,883,214 170,156,753 25,151,751 1,865,425 2,469,743

341,302,440 338,565,289 60,106,014 103,019 15,126,096 113,148,519 1,732,597,807 571,339,798 780,690 1,294,349 (223,331,412) (203,229,661) (171,352) (141,469) (43,343,383) (69,314,785) (831,516,450) (375,535,710) (897,743) (1,505,910) — —————————

117,971,028 135,335,628 59,934,662 (38,450) (28,217,287) 43,833,734 901,081,357 195,804,088 (117,053) (211,561)

102,173,506 154,429,032 60,312,859 294,480 7,012,247 52,716,948 1,071,238,110 220,955,839 1,748,372 2,258,182

644,446,160 354,127,414 4,661,987 5,089,111 207,506,903 151,429,861 723,925,252 188,743,164 40,595,483 43,496,055 — ——— —————

746,619,666 508,556,446 64,974,846 5,383,591 214,519,150 204,146,809 1,795,163,362 409,699,003 42,343,855 45,754,237

Janus Opportunistic Janus US Janus US Research Janus US Twenty Janus US Venture Alpha Fund Fund Fund Fund Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

(3,586,381) 8,888,317 20,190 54,256 5,642,244 11,220,960 16,620,859 5,342,898 16,830,715 4,284,353

21,194,295 17,862,124 412,821 — 7,486,341 1,389,406 95,306,557 112,883,253 205,538,209 124,666,685 (45,988,310) (20,880,426) (107,833) — (8,901,481) (13,046,653) (99,821,977) (131,161,941) (226,571,057) (195,802,077) — —————————

(24,794,015) (3,018,302) 304,988 — (1,415,140) (11,657,247) (4,515,420) (18,278,688) (21,032,848) (71,135,392)

(28,380,396) 5,870,015 325,178 54,256 4,227,104 (436,287) 12,105,439 (12,935,790) (4,202,133) (66,851,039)

96,684,923 80,463,238 1,620,802 1,507,574 192,470,586 182,721,845 353,101,917 389,481,258 291,316,327 329,324,948 — —————————

68,304,527 86,333,253 1,945,980 1,561,830 196,697,690 182,285,558 365,207,356 376,545,468 287,114,194 262,473,909

Janus Capital Funds Plc / 30 June 2015 219 Statements of Changes in Net Assets

Perkins Global Perkins US Strategic INTECH All-World Minimum Value Fund Value Fund Variance Core Fund(a) Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

(Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations ...... 1,741,720 11,684,785 (11,682,513) 27,131,744 7,829,714 — Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold ...... 807,427 3,615,237 29,127,757 85,281,087 775,105,140 — Redemption of redeemable ordinary shares...... (4,287,662) (2,902,253) (183,072,471) (223,727,798) — — Dilution Levy ...... —————— Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares ...... (3,480,235) 712,984 (153,944,714) (138,446,711) 775,105,140 — Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares ...... (1,738,515) 12,397,769 (165,627,227) (111,314,967) 782,934,854 — Net Assets attributable to holders of redeemable shares at 1 January 2015 ...... 173,508,516 129,283,838 433,727,598 589,077,417 — — Notional FX (Loss) ...... —————— Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 ...... 171,770,001 141,681,607 268,100,371 477,762,450 782,934,854 —

Janus Global Janus Flexible Janus Global Real Estate Fund Income Fund Flexible Income Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) For the periods ended 30 June 2015 and 30 June 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

(Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations ...... (1,434,184) 20,778,477 (26,710,977) 30,007,203 (1,896,551) 687,870 Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold ...... 25,387,047 14,549,232 287,652,688 198,484,186 6,692,011 1,294,735 Redemption of redeemable ordinary shares...... (44,386,707) (76,710,343) (210,600,287) (168,872,011) (2,934,041) (301,290) Dilution Levy ...... —————— Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares ...... (18,999,660) (62,161,111) 77,052,401 29,612,175 3,757,970 993,445 Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares ...... (20,433,844) (41,382,634) 50,341,424 59,619,378 1,861,419 1,681,315 Net Assets attributable to holders of redeemable shares at 1 January 2015 ...... 164,338,084 210,702,480 961,774,981 1,064,127,391 21,413,639 10,352,726 Notional FX (Loss) ...... —————— Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 ...... 143,904,240 169,319,846 1,012,116,405 1,123,746,769 23,275,058 12,034,041

The accompanying notes are an integral part of the financial statements.

220 Janus Capital Funds Plc / 30 June 2015 INTECH European INTECH Global All INTECH Global INTECH US Core Janus Global Diversified Core Fund Country Low Volatility Fund Dividend Fund Fund Alternatives Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (EUR) (EUR) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

11,702,710 4,835,731 4,526,909 — (63,562) 6,457,052 (1,763,361) 8,959,392 (131,514) 56,011

— 81,504,722 1 — 183,406 36,000,373 67,727,652 32,895,323 361,338 1,796,029 — — — — (469,985) (91,618,801) (59,376,128) (27,194,159) (76,384) (1,796,000) — — — — — (56,113) — — — —

— 81,504,722 1 — (286,579) (55,674,541) 8,351,524 5,701,164 284,954 29

11,702,710 86,340,453 4,526,910 — (350,141) (49,217,489) 6,588,163 14,660,556 153,440 56,040

85,675,961 — 163,510,884 — 2,418,992 51,943,793 159,312,972 143,626,902 2,190,061 2,000,000 ——————————

97,378,671 86,340,453 168,037,794 — 2,068,851 2,726,304 165,901,135 158,287,458 2,343,501 2,056,040

Janus Global Janus Global Investment Janus High Yield Janus Global Janus US Short-Term Company Total High Yield Fund Grade Bond Fund Fund Unconstrained Bond Fund Bond Fund in US Dollar Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 30 June 2015 30 June 2014 (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

(3,429,319) 2,199,669 (3,282,653) 3,240,545 2,005,650 36,545,173 (2,297,533) — (2,421,988) 4,602,045 219,699,320 258,839,188

4,099,143 35,864,336 10,563,064 12,982,816 129,785,655 253,328,797 131,282,371 — 97,114,219 373,801,168 4,151,155,053 2,525,924,148 (13,790,418) (8,111,290) (11,738,325) (4,405,866) (214,043,315) (251,833,767) (30,656,301) — (259,006,657) (146,653,325) (2,639,895,610) (2,076,236,454) — — — — — — — — — — — (56,113)

(9,691,275) 27,753,046 (1,175,261) 8,576,950 (84,257,660) 1,495,030 100,626,070 — (161,892,438) 227,147,843 1,511,259,443 449,631,581

(13,120,594) 29,952,715 (4,457,914) 11,817,495 (82,252,010) 38,040,203 98,328,537 — (164,314,426) 231,749,888 1,730,958,763 708,470,769

78,532,553 73,476,254 66,785,656 53,538,314 812,890,731 1,048,178,075 77,302,597 — 587,918,849 476,517,359 6,619,538,269 5,828,797,251 — — — — — — — — — — (27,930,742) (1,155,163)

65,411,959 103,428,969 62,327,742 65,355,809 730,638,721 1,086,218,278 175,631,134 — 423,604,423 708,267,247 8,322,566,290 6,536,112,857

Janus Capital Funds Plc / 30 June 2015 221 Notes to the Financial Statements

1. ACCOUNTING POLICIES availed of the exemption available to open-ended investment funds not to prepare a cash flow statement. The significant accounting policies and estimation techniques adopted by the Company are as follows: Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, BASIS OF PRESENTATION OF FINANCIAL STATEMENTS seldom equal the related actual results. The estimates and The financial statements are prepared in accordance with accounting assumptions that have a significant risk of causing a material standards generally accepted in Ireland, the Companies Act and the adjustment to the carrying amounts of assets and liabilities UCITS Regulations. Accounting standards generally accepted in within the next financial year are outlined below. Ireland in preparing financial statements giving a true and fair view are those published by the Financial Reporting Council and In the opinion of the Directors, the Semi-Annual Report promulgated by International Accounting Standards Board. contains all significant information required to enable the shareholders and potential investors to make an informed FRS 102 “The Financial Reporting Standard applicable in the UK appraisal of the financial position of the listed fund for the and Republic of Ireland”, replaced the extant Irish and UK GAAP period, and comparative period, to which it relates. accounting standards (i.e. SSAPs and FRSs) for accounting periods commencing on or after 1 January 2015. The Company has applied The Financial Statements of the Company have been prepared FRS 104 “Interim Financial Reporting”, which is intended for use on a going concern basis. in the preparation of semi-annual reports by entities that apply FRS 102, when preparing their annual financial statements. FRS HISTORICAL COST CONVENTION 104 replaced the Statement of Half-Yearly Financial Reporting The financial statements are prepared under the historical cost issued by the Accounting Standards Board for accounting periods convention as modified to include financial assets held at fair commencing on or after 1 January 2015. value through profit or loss.

The Company has not applied the full disclosure requirements INVESTMENT VALUATION of FRS 102 as according to FRS 104, issued by the Financial Financial assets held at fair value through profit or loss are Reporting Council, discloures demanded by financial reporting valued at bid market price in the financial statements. This standards are generally not required for semi-annual reports. is a departure from the Prospectus where the latest available market price on the regulated market was used. Gains and The format and certain wordings of the financial statements losses arising from changes in their fair value are included in the have been adapted from those contained in the Companies Act, Income Statement in the year in which they arise. 2014 and FRS 104 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business All the Company’s assets and liabilities are held for the purpose as an investment fund. As the Funds are highly liquid they have of being traded. The following table presents the positions that were fair valued by Janus Global Pricing Committee at 30 June 2015. These estimated fair values may not reflect amounts that could be realised upon immediate sale or amounts that ultimately may be realised.

Fund Name Security Name Fair Value at Fair Value as a % 30 June 2015 of Net Assets Janus Asia Frontier Markets Fund Great Wall Motor Co., Ltd. $26,963 0.9 Janus Asia Frontier Markets Fund Sunway Construction Group, Bhd $163 — Janus Asia Growth Drivers Fund Great Wall Motor Co., Ltd. $26,963 1.0 Janus Asia Growth Drivers Fund Sunway Construction Group, Bhd $197 — Janus Europe Fund MSCI Turkey Total Return Swap Gross USD €211,759 0.1 Janus Global Life Sciences Fund Acerta Pharma B.V. PP $6,616,916 0.9 Janus Global Life Sciences Fund Clementia Pharmaceuticals INC $5,499,949 0.8 Janus Global Life Sciences Fund Regenxbio INC $6,500,000 0.9 INTECH All-World Minimum Variance Core Fund(a) Air China, Ltd. $980,958 0.1 INTECH All-World Minimum Variance Core Fund(a) Hanergy Thin Film Power Group, Ltd. $1,511,281 0.2 INTECH Global All Country Low Volatility Fund Jardine Cycle & Carriage, Ltd. - Rights $1,289 — INTECH Global All Country Low Volatility Fund OPAP S.A. $33,034 — INTECH Global All Country Low Volatility Fund Safeway Casa $7,815 — INTECH Global All Country Low Volatility Fund Safeway, Inc $376 — The following table presents the positions that were fair valued by Janus Global Pricing Committee at 31 December 2014. These estimated fair values may not reflect amounts that could be realised upon immediate sale or amounts that ultimately may be realised.

Fund Name Security Name Fair Value at Fair Value as a % 31 December 2014 of Net Assets Janus Europe Fund MSCI Daily Trust Gross Emerging Markets Index €(30,877) — Janus Europe Fund Primecity Investment PLC €2,640,000 1.3% Janus Global Life Sciences Fund Diplomat Pharmacy Inc. $3,373,120 0.5% Janus US Venture Fund Diplomat Pharmacy Inc. $2,301,092 0.8%

222 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

LISTED SECURITIES represent fair value. All other short-term investments, including Securities listed on a recognised stock exchange or traded on any time deposits, are valued at cost, which approximates their fair other organised market are valued at the last quoted bid price value. When calculating the effective interest rate, the Company as at the close of the regular trading session of the New York estimates cash flows considering all contractual terms of the Stock Exchange (“NYSE”) on the relevant Business Day (normally financial instrument but does not consider future credit losses. 4:00 p.m., New York time, Monday through Friday) or, if unavailable or, in the opinion of the Administrator unrepresentative of fair FUTURES CONTRACTS ON SECURITIES value, the last available bid price on the principal exchange. This Futures are contracts for delayed delivery of securities or money is a departure from the Prospectus, where the last quoted trade market instruments in which the seller agrees to make delivery price or, if unavailable or, in the opinion of the Administrator at a specified future date of an instrument, at a specified price or unrepresentative of fair market value, the mid price is used. If for yield. Initial margin deposits are made upon entering into future specific assets the latest available prices do not, in the opinion contracts and are generally made in cash or cash equivalents. of the Administrator, reflect their fair value or if prices are Futures contracts are fair valued based upon their daily quoted unavailable, the value shall be calculated by the Administrator daily settlement price. For open futures contracts, changes in in consultation with the Investment Adviser or the relevant Sub- the fair value of the contract are recognised as unrealised gains Investment Advise on the basis of the probable realisation value or losses by “marking-to-market” the value of the contract at the for such assets as at the close of the regular trading session of the Statement of Financial Position date. When the contract is closed, NYSE on the relevant Business Day. The Administrator may use a the difference between the proceeds from (or cost of) the closing systematic fair valuation model provided by an independent third transactions and the original transaction is recorded as a realised party to value equity securities in order to adjust for stale pricing gain or loss. Futures contracts are held at fair value through which may occur between the close of foreign exchanges and the profit or loss. The Variation margin receivable or payable at the relevant Valuation Point. year end date is reported as an asset or liability, as applicable, in the Statement of Financial Position, gains and losses arising from CASH AND OTHER LIQUID ASSETS changes in the fair value of the futures contracts are included in Cash and other liquid assets will be valued at their fair value the Income Statement in the year which they arise. with the relevant interest accrued, where applicable, and charged to the Income Statement when incurred at the close OPTIONS of the regular trading session of the New York Stock Exchange Options are rights to buy or sell an underlying asset or instrument (“NYSE”) on the relevant Business Day (normally 4:00 p.m., for a specified price (the exercise price) during, or at the end of, New York time, Monday through Friday). a specified year. The seller (or writer) of the option receives a payment, or premium, from the buyer, which the writer keeps COLLECTIVE INVESTMENT SCHEMES regardless of whether the buyer uses (or exercises) the option. Units or shares in collective investment schemes will be valued The premium on purchased put options exercised is subtracted at the latest available unaudited net asset value estimated by the from the proceeds of the sale of the underlying security or foreign underlying administrator or, if listed or traded on a Regulated currency in determining the realised gain or loss. The premium Market, at the latest quoted trade price or a mid-quotation on purchased call options exercised is added to the cost of the (or, if unavailable, a bid quotation) or, if unavailable or securities or foreign currencies purchased. Premiums paid from unrepresentative, the latest available unaudited net asset value the purchase of options, which expire unexercised are treated as estimated by the underlying administrator as deemed relevant realised losses. The premium on written call options exercised to the collective investment scheme. is added to the proceeds from the sale of the underlying security of foreign currency in determining the realised gain or loss. The EXCHANGE TRADED DERIVATIVE INSTRUMENTS premium on written put options exercised is subtracted from the Exchange traded derivative instruments will be valued at the cost of the securities or foreign currencies purchased. Premiums close of the regular trading session of the NYSE on the relevant received from written options, which expire unexercised are Business Day at the settlement price for such instruments on treated as realised gains. A call option gives the holder (buyer) such market. If the settlement price of an exchange traded the right to buy the underlying asset from the seller (writer) of derivative instrument is not available, the value of such the option. A put option gives the holder the right to sell the instrument shall be the probable realisation value estimated underlying asset to the writer of the option. Options can trade with care and in good faith by the Administrator or other on exchanges or in the OTC market and may be bought or sold competent person approved for the purpose by the Custodian. on a wide variety of underlying assets or instruments, including All derivatives are carried as assets when the fair value is financial indices, individual securities, and other derivative positive and as a liability when the fair value is negative. instruments, such as futures contracts, foreign currencies, forward contracts, structured investments (derivative securities SHORT-TERM INVESTMENTS which are specifically designed to combine the characteristics Amortised cost calculated using the effective yield method, of one or more underlying securities in a single note) and yield which approximates fair value, is used to value discounted curve options. Options that are written on futures contracts will debt obligations with 60 days or less remaining to maturity, be subject to margin requirements similar to those applied to unless the Company’s Directors determine that this does not futures contracts.

Janus Capital Funds Plc / 30 June 2015 223 Notes to the Financial Statements

Options, held at fair value though profit or loss, are fair valued must be prepared to value the contract and to close out the daily based upon the quotation provided by counterparty on the transaction at the request of the Company at fair value. Where the principal exchange on which the option is traded. Realised and counterparty valuation is used, the valuation must be approved or unrealised gains and losses arising from option contracts are verified by an independent party who is approved for the purpose included in the Income Statement in the year in which they arise. by the Custodian and who is independent of the counterparty at least weekly. The independent verification shall be carried Options held by Janus Europe Fund, Janus US Fund, Janus out at least monthly. Where an alternative valuation is used, the Global Real Estate Fund and Janus Global Unconstrained Bond Company shall follow international best practice and shall adhere Fund with Goldman Sachs and UBS as at 30 June 2015 are to the principles on the valuation of over-the-counter instruments detailed in the Portfolio Statements. Options held by Janus established by bodies such as IOSCO and AIMA such valuation Global Unconstrained Bond Fund with Goldman Sachs are shall be reconciled on a monthly basis to the valuation provided by cleared centrally through Goldman Sachs network of companies. the counterparty to such instrument. Where significant differences arise these will be promptly investigated and explained. SWAPS A swap is an agreement that obligates two parties to exchange Swaps held by Janus Asia Fund, Janus Emerging Markets Fund, a series of cash flows at specified intervals based upon or Janus Europe Fund, Janus Global Diversified Alternative Fund calculated by reference to changes in specified prices or rates for and Janus Global Unconstrained Bond Fund with Goldman a specified amount of an underlying asset. The Company may Sachs & Co., Credit Suisse, UBS, Morgan Stanley & Co., Inc, utilise swap agreements as a means to gain exposure to certain Barclays, BNP Par ibas, JP Morgan and Citibank as at 30 June 2015 common stocks and/or to “hedge” or protect their portfolios are detailed in the Portfolio Statements. from adverse movements in securities prices or interest rates. The Company is subject to equity risk and interest rate risk CREDIT DEFAULT SWAPS in the normal course of pursuing their investment objectives Credit default swap agreements (“CDS”) enable the Company to through investments in swap contracts. Swap agreements entail buy or sell credit protection on an individual issuer or basket of the risk that a party will default on its payment obligation to a issuers. The Company may enter into CDS to gain long or short Fund. If the other party to a swap defaults, a Fund would risk exposure to sovereign bond markets. Long CDS positions are the loss of the net amount of the payments that it contractually utilised to gain exposure to a sovereign bond market (similar is entitled to receive. If a Fund utilises a swap at the wrong time to buying a bond) and are akin to selling insurance on the or judges market conditions incorrectly, the swap may result bond. Short CDS positions are utilised to short exposure to a in a loss to the Fund and reduce the Fund’s total return. Swap sovereign bond market (similar to shorting a bond) and are akin contracts of the Company are reported as an asset or liability to buying/selling insurance on the bond. In response to recent on the Statement of Financial Position (if applicable). Realised market events, certain regulators have proposed regulation of gains and losses of the Funds are reported in “Net gain/(loss) on the CDS market. These regulations may limit the Company’s financial assets and liabilities at fair value through profit or loss” ability to use CDS and/or the benefits of CDS. CDS and similarly on the Income Statement (if applicable). structured products involve risks, including the risk that the counterparty may be unable to fulfil the transaction or that Total return swaps involve an exchange by two parties in which the Company may be required to purchase securities to meet one party makes payments based on a set rate, either fixed or delivery obligations. The Company may have difficulty, be variable, while the other party makes payments based on the unable or may incur additional costs to acquire such securities. return of an underlying asset, which includes both the income CDS are valued daily by independent vendor MARKIT. it generates and any capital gains over the payment period. The Funds’ maximum risk of loss for total return swaps from TRANCHE LOANS counterparty risk or credit risk is the discounted value of the The Company may invest in direct debt instruments which payments to be received from/paid to the counterparty over the are interests in amounts owed to lenders or lending syndicates contract’s remaining life, to the extent that the amount is positive. by corporate, governmental, or other borrowers. A Fund’s The risk is mitigated by having a netting arrangement between investment in loans may be in the form of participations in the Funds and the counterparty and by the posting of collateral loans or assignments of all or a portion of loans from third to the Funds to cover the Funds’ exposure to the counterparty. parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. Financial derivative instruments shall be valued at the settlement The agent administers the terms of the loan, as specified in price for such instruments on such market. Over-the-counter the loan agreement. A Fund may invest in multiple series or financial derivative instruments shall be valued daily using either tranches of a loan, which may have varying terms and carry the counterparty valuation or an alternative valuation, such as a different associated risks. A Fund generally has no right to valuation calculated by the Company or by an independent pricing enforce compliance with the terms of the loan agreement with vendor appointed by the Company provided the Company or other the borrower. As a result, a Fund may be subject to the credit party has adequate human and technical means to perform the risk of both the borrower and the lender that is selling the loan valuation and approved for that purpose by the Custodian. The agreement. When a Fund purchases assignments from lenders it counterparty to derivative instruments not traded on an exchange acquires direct rights against the borrower of the loan.

224 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

When investing in a tranche loan, a Fund has the right to Dividends are credited to the Income Statement on the dates on receive payments of principal, interest and any fees to which it which the relevant securities are listed as “ex-dividend.” Interest is entitled only from the lender selling the loan agreement and income is accrued on a daily effective yield basis. Income is only upon receipt of payments by the lender from the borrower. shown gross of non-recoverable withholding tax. Withholding Tranche loans are fair valued based on valuations provided by tax is shown net of any reclaim receivable. the pricing vendor Market. Fees earned or paid and the receipt of payments of principal are recorded as a component of Net TRANSACTION COSTS gain/(loss) on financial assets and liabilities at fair value through Transaction costs include fees and commissions paid to agents profit or loss in the Income Statement. At the 30 June 2015 (including employees acting as selling agents), advisers, brokers tranche loans were held on Janus Balanced Fund, Janus Flexible and dealers, levies by regulatory agencies and securities Income Fund, Janus Global Flexible Income Fund, Janus Global exchanges, and transfer taxes and duties. Transaction costs High Yield Fund, Janus Global Investment Grade Bond Fund, do not include debt premiums or discounts, financing costs or Janus High Yield Fund and Janus US Short-Term Bond Fund. internal administrative costs.

INVESTMENT TRANSACTIONS AND INVESTMENT INCOME DISTRIBUTIONS PAYABLE TO HOLDERS OF REDEEMABLE ORDINARY SHARES Investment transactions are accounted for as of the date Proposed distributions to holders of redeemable shares are purchased or sold. Gains and losses arising from changes in the recognised in the Income Statement when they are appropriately fair value of the financial assets at fair value through profit or authorised and no longer at the discretion of the Company. loss are included in the Income Statement in the year in which Distributions paid to holders of redeemable ordinary Shares are they arise. The weighted average cost basis is used to calculate classified as finance costs in the Income Statement. realised gains and losses on the sale of investments.

The following table presents the distribution policy applicable to each Class of Shares:

Frequency of Net Investment Net Realised Distribution Class of Share Dividend Declaration Income Capital Gains Frequency

Accumulating (acc) Share Classes – Not applicable Not applicable Not applicable Not applicable All Accumulating (acc) Share Classes Distributing (dis or inc) Share Classes Janus Asia Frontier Markets Monthly Monthly Included Monthly, normally on the fifteenth Fund – All Distributing (inc) Share day of each month unless the Classes fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Asia Growth Drivers Monthly Monthly Included Monthly, normally on the fifteenth Fund – All Distributing (inc) Share day of each month unless the Classes fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Asia Fund – All Distributing Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or (inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors Janus Balanced Fund – All Monthly Monthly Included Monthly, normally on the fifteenth Distributing (inc) Share Classes day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Emerging Markets Fund – All Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Distributing (inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors Janus Europe Fund – All Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Distributing (inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors Janus Global Life Sciences Fund – Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or All Distributing (inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors

Janus Capital Funds Plc / 30 June 2015 225 Notes to the Financial Statements

Frequency of Dividend Net Investment Net Realised Distribution Class of Share Declaration Income Capital Gains Frequency

Janus Global Research Fund – All Annually or semi-annually Annually or semi-annually or Included† Annually or semi-annually on or Distributing (dis or inc) Share Classes or such other dates or such other dates or more about 15 April and/or 15 October, or with the exception of the A$dis, more frequently at the frequently at the discretion such other dates or more frequently B$inc and I$dis Share Classes discretion of the Directors of the Directors at the discretion of the Directors Janus Global Research Fund – A$dis, Annually or more Annually or more frequently Included† Annually on or about 15 May, or B$inc and I$dis Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors Janus Global Technology Fund – Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or All Distributing (inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors Janus Japan Emerging Opportunities Monthly Monthly Included Monthly, normally on the fifteenth Fund – All Distributing (inc) Share day of each month unless the Classes fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Japan Fund – All Distributing Monthly Monthly Included Monthly, normally on the fifteenth (inc) Share Classes day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Opportunistic Alpha Fund – Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or All Distributing (dis or inc) Share or such other dates or or such other dates or more about 15 April and/or 15 October, or Classes with the exception of the more frequently at the frequently at the discretion of such other dates or more frequently A$dis and I$dis Share Classes discretion of the Directors the Directors at the discretion of the Directors Janus Opportunistic Alpha Fund – Annually or more Annually or more frequently Included† Annually on or about 15 May, or A$dis and I$dis Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors Janus US Fund – All Distributing Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or (inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors Janus US Research Fund – All Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Distributing (dis or inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or with the exception of the A$dis, B$inc more frequently at the frequently at the discretion of such other dates or more frequently and I$dis Share Classes discretion of the Directors the Directors at the discretion of the Directors Janus US Research Fund – A$dis, Annually or more Annually or more frequently Included† Annually on or about 15 May, or B$inc and I$dis Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors Janus US Twenty Fund – All Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Distributing (dis or inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or with the exception of the A$dis and more frequently at the frequently at the discretion of such other dates or more frequently I$dis Share Classes discretion of the Directors the Directors at the discretion of the Directors Janus US Twenty Fund – A$dis and Annually or more Annually or more frequently Included† Annually on or about 15 May, or I$dis Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors Janus US Venture Fund – All Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Distributing (dis or inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or with the exception of the A$dis and more frequently at the frequently at the discretion of such other dates or more frequently I$dis Share Classes discretion of the Directors the Directors at the discretion of the Directors Janus US Venture Fund – A$dis and Annually or more Annually or more frequently Included† Annually on or about 15 May, or I$dis Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors Perkins Global Value Fund – All Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Distributing (inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors Perkins US Strategic Value Fund – Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or All Distributing (dis or inc) Share or such other dates or or such other dates or more about 15 April and/or 15 October, or Classes with the exception of the more frequently at the frequently at the discretion of such other dates or more frequently A$dis and I$dis Share Classes discretion of the Directors the Directors at the discretion of the Directors Perkins US Strategic Value Fund – Annually or more Annually or more frequently Included† Annually on or about 15 May, or A$dis and I$dis Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors

226 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Frequency of Dividend Net Investment Net Realised Distribution Class of Share Declaration Income Capital Gains Frequency INTECH All-World Minimum Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Variance Core Fund(a) – All or such other dates or or such other dates or more about 15 April and/or 15October, or Distributing (inc) Share Classes more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors INTECH European Core Fund – Annually or more Annually or more frequently Included† Annually on or about 15 October, or All Distributing (inc) Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors INTECH Global All Country Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Managed Volatility Fund – All or such other dates or or such other dates or more about 15 April and/or 15 October, or Distributing (inc) Share Classes more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors INTECH Global Dividend Fund – Monthly Monthly Included Monthly, normally on the fifteenth All Distributing (inc) Share Classes day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month INTECH US Core Fund – All Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Distributing (dis or inc) Share Classes or such other dates or or such other dates or more about 15 April and/or 15 October, or with the exception of the A$dis and more frequently at the frequently at the discretion of such other dates or more frequently I$dis Share Classes discretion of the Directors the Directors at the discretion of the Directors INTECH US Core Fund – A$dis and Annually or more Annually or more frequently Included† Annually on or about 15 May, or I$dis Share Classes frequently at the discretion at the discretion of the more frequently at the discretion of of the Directors Directors the Directors Janus Global Diversified Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Alternatives Fund – All Distributing or such other dates or or such other dates or more about 15 April and/or 15 October, or (inc) Share Classes more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors Janus Global Real Estate Fund – Quarterly Quarterly Included† Quarterly, normally on 15 February, All Distributing (inc) Share Classes 15 May, 15 August and 15 November unless one of these days is not a Business Day in which case the distribution will be made on the last Business Day before the aforementioned dates Janus Flexible Income Fund – Monthly Monthly Included† Monthly, normally on the fifteenth All Distributing (inc) Share Classes day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Global Flexible Income Fund – Monthly Monthly Included† Monthly, normally on the fifteenth All Distributing (inc) Share Classes day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Global High Yield Fund – All Monthly Monthly Included† Monthly, normally on the fifteenth Distributing (inc) Share Classes with day of each month unless the the exception of the Z$inc fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Global High Yield Fund – Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on Z$inc Share Class or such other dates or or such other dates or more or about 15 February and/or more frequently at the frequently at the discretion of 15 August, or such other dates discretion of the Directors the Directors or more frequently at the discretion of the Directors Janus Global Investment Grade Monthly Monthly Included† Monthly, normally on the fifteenth Bond Fund – All Distributing (inc) day of each month unless the Share Classes with the exception of fifteenth day is not a Business Day in the Z$inc which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Global Investment Grade Annually or semi-annually Annually or semi-annually Included† Annually or semi-annually on or Bond Fund – Z$inc Share Class or such other dates or or such other dates or more about 15 April and/or 15 October, or more frequently at the frequently at the discretion of such other dates or more frequently discretion of the Directors the Directors at the discretion of the Directors

Janus Capital Funds Plc / 30 June 2015 227 Notes to the Financial Statements

Frequency of Net Investment Net Realised Distribution Class of Share Dividend Declaration Income Capital Gains Frequency Janus High Yield Fund – All Monthly Monthly Included† Monthly, normally on the fifteenth Distributing (inc) Share Classes day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus Global Unconstrained Bond Monthly Monthly Included† Monthly, normally on the fifteenth Fund – All Distributing (inc) day of each month unless the Share Classes fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Janus US Short-Term Bond Monthly Monthly Included† Monthly, normally on the fifteenth Fund – All Distributing (inc) day of each month unless the Share Classes fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month † In respect of each dividend declared, the Board of Directors may determine if, and to what extent, such dividend is to be paid out of net realised capital gains.

Accumulating (acc) Share Classes Class A£inc (Hedged), Class A€inc (Hedged), Class AHK$inc, The Company will not declare or make dividend payments Class AAUD$inc (Hedged), Class ACHFinc (Hedged), Class on any accumulating (acc) Class of Shares. All net income and ACAD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class net realised capital gains will not be distributed and will be ASEKinc (Hedged), Class ANZD$inc (Hedged) and Class reflected in the net asset value per Share. ASGD$inc (Hedged) of the Janus Global Unconstrained Bond Fund and Class Einc and Vinc Shares of all Funds may charge Distributing (dis or inc) Share Classes certain fees and expenses to capital rather than income, which The distributing (dis or inc) share classes intend to declare and may result in an increased risk that Shareholders in these Share distribute dividends, which are comprised of net investment Classes may not receive back the full amount invested when income as disclosed below. Any net capital gains realised (i.e. redeeming their holding. net capital gains less realised and unrealised losses) by the above Classes of Shares on sales of portfolio assets are declared Where the above Share Classes operate equalisation distributions and distributed periodically. During the distribution year, prior made by such Share Classes will include an amount of income to the day that the distributions are declared, the undistributed equalisation. This amount corresponds to the equalisation net investment income and undistributed net realised capital income included in the net asset value per Share of such gains will be retained and reflected in the net asset value of Share Class. Certification as a “reporting fund” has been each Share Class. obtained from the United Kingdom HM Revenue & Customs for accounting periods beginning on or after 1 January 2013 It should also be noted that the Class A$inc, Class AHK$inc, in respect of the Class I$acc of the Janus Asia Fund, Classes Class AAUD$inc (Hedged), Class ARMB(CNH)inc (Hedged), I£acc and I£inc of the Janus Short Term Bond Fund and the Class IRMB(CNH)inc (Hedged), Class ANZD$inc (Hedged) $acc Classes of all Equity Investing Funds, except the Janus and ASGD$inc (Hedged) Shares of the Janus High Yield Fund, Asia Fund, the $acc and the €acc Classes of the Janus Europe Class A$inc, Class AHK$inc, Class AAUD$inc (Hedged), Fund and the U Classes in respect of all funds (to the extent Class ARMB(CNH)inc (Hedged), Class ANZD$inc (Hedged) such Classes were in issue at such date). Certification has also and ASGD$inc (Hedged) Shares of the Janus Flexible Income been obtained for the active distributing Share Classes. It is Fund, Class A$inc, Class A€inc (Hedged), Class AHK$inc, the current intention of the Directors to seek to maintain such Class AAUD$inc (Hedged), Class ACHFinc (Hedged), Class approvals and to seek reporting fund status in respect of any ACAD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class new Classes falling within such descriptions with effect from ASEKinc (Hedged), Class ANZD$inc (Hedged) and Class the date on which such Classes become available to investors ASGD$inc (Hedged) of the Janus Balanced Fund, the INTECH in the United Kingdom, although no guarantees can be given Global Dividend Fund, the Janus Global Real Estate Fund, the that such status will be obtained or maintained. The Directors Janus Global High Yield Fund and the Janus Global Investment reserve the right to seek approval as a “reporting fund” in Grade Bond Fund, Class A$inc (Hedged), Class A€inc, Class respect of any other Class. A full list of approved reporting AHK$inc (Hedged), Class AAUD$inc (Hedged), Class ACHFinc funds is published on the website of HM Revenue & Customs. (Hedged), Class ACAD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class ASEKinc (Hedged), Class ANZD$inc (Hedged) INCOME EQUALISATION and Class ASGD$inc (Hedged) of the Janus Europe Allocation All Funds operating an income or distributing share class intend Fund, Janus Europe Flexible Income Fund, Class A$inc, to operate income equalisation. Income equalisation prevents

228 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

the dilution of current shareholders’ earnings by applying a For foreign security hedges and security transaction level portion of the proceeds from Shares issued or redeemed to hedges, realised and unrealised gains and losses are allocated undistributed income. When Shares are purchased or redeemed at Fund level. For AUD, CAD, CHF, CNH, EUR, GBP, HKD, the price may include an element of income. Equalisation is this JPY, SEK, SGD and USD Class level hedge the realised and element of income paid out to shareholders who have purchased unrealised gains and losses are allocated solely to the relevant or redeemed during this period. Class. While the Company will attempt to hedge against currency exposure in the AUD, CAD, CHF, CNH, EUR, DILUTION LEVY GBP, HKD, JPY, SEK, SGD and USD Classes, there can be no A Fund may suffer dilution which is a reduction in the value guarantee that the value of these Classes will not be affected of the assets as a result of the costs incurred in dealing in by the value of these currencies relative to the Euro, Japanese its underlying investments and of any spread between the Yen or US Dollar as applicable. buying and the selling prices of such investments which is not reflected in the issue or redemption price paid by or to Offsetting financial instruments shareholders. With a view to countering this (which, if it is Financial assets and liabilities are offset and the net amount significant, disadvantages existing or continuing shareholders), reported in the Statement of Financial Position where the the Directors may make an adjustment to the share price on a Company has a legally enforceable right to set-off the recognised daily and quarterly basis. The dilution adjustment may apply to amounts and there is an intention to settle on a net basis or redemptions or to subscriptions and if charged, the value of the realise the asset and settle the liability simultaneously. dilution adjustment will be paid into the Fund and will become part of the property attributed to the relevant Fund. 2. SHARE CAPITAL

FOREIGN EXCHANGE TRANSLATION AUTHORISED Functional and Presentation Currency The paid up share capital of the Company shall at all times Items included in the Company’s financial statements are equal the combined net asset value of the Funds. The Directors measured using the currency of the primary economic are authorised to issue up to 500 billion Shares of no par value environment in which the Company operates (the “functional each. For accounting purposes, these are deemed to be either currency”), which is the US Dollar. All amounts disclosed in the subscriber shares or redeemable ordinary Shares (“Ordinary financial statements are in USD (the “presentational currency”), Shares”). with the exception of the Janus Europe Fund and INTECH European Core Fund, the functional currency of which is the SUBSCRIBER SHARES Euro, and the Janus Japan Emerging Opportunities Fund and There are currently 30,000 subscriber shares in issue of no par Janus Japan Fund, the functional currency of which is JPY. value, held by three subscriber shareholders. The subscriber shares do not form part of the net asset value of the Company Transactions and Balances and are thus not disclosed in the financial statements except Assets and liabilities denominated in currencies other than by way of this note only. The subscriber shares entitle the the functional currency are translated into the functional shareholders holding them to attend and vote at all meetings currency at the exchange rates ruling at the Statement of of the Company, but do not entitle the holders to participate Financial Position date. Transactions in currencies other than in the dividends or net asset value of any Fund or of the the functional currency are translated into the functional Company. currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions REDEEMABLE ORDINARY SHARES are recognised in the Income Statement in determining the The Company issues redeemable shares, which are redeemable result for the year. at the holder’s option and are classified as financial liabilities. Redeemable shares can be put back to the Company at any FOREIGN FORWARD CURRENCY CONTRACTS time for cash equal to a proportionate share of the net asset The Company may, without limitation, enter into three types of value per share of the relevant Fund. The redeemable share forward foreign exchange currency contracts: Australian Dollar, is carried at the redemption amount that is payable at the British Pound, Canadian Dollar, Chinese Renminbi, Euro, Hong Statement of Financial Position date if the holder exercises Kong Dollar, Japanese Yen, Singapore Dollar, Swedish Kronor the right to put the share back to the Company at that and Swiss Franc Class level hedging, foreign security hedging date. Holders of redeemable ordinary shares are entitled to and security transaction level hedging. attend and vote at meetings of the Company and of the fund represented by those Shares. The unrealised appreciation or depreciation on open forward exchange contracts is calculated by reference to the difference Redeemable shares are issued and redeemed at the holder’s between the contracted rate and the rate to close out the option at prices based on the net asset value per share of the contract. Realised gains or losses include net gains on relevant Fund at the time of issue or redemption. The net asset contracts, which have been settled or offset by other contracts. value per share of the relevant Fund is calculated by dividing

Janus Capital Funds Plc / 30 June 2015 229 Notes to the Financial Statements

the net assets attributable to the holders of redeemable shares to the INTECH Sub-Advised Funds pursuant to an Investment in that class by the total number of outstanding redeemable Management Delegation Agreement dated 6 January, 2003, shares in that class (adjusted to the nearest whole unit of as amended. INTECH has been in the investment advisory the base currency). In accordance with the provisions of the business since 1987 and serves as investment adviser or sub- Company’s articles of association and prospectus, investment adviser to a number of mutual funds, institutional investors positions which are listed or traded on a regulated market and separately managed accounts. As of 30 June 2015, for which market quotations are readily available are valued approximately 96.81% (31 December 2014: 96.81%) of the based on the last quoted trade price for the purpose of outstanding voting shares of INTECH was ultimately owned by determining the net asset value per Share for subscriptions Janus Capital Group Inc. and redemptions. JCIL has delegated to DIAM International Ltd. (“DIAM Distributions on these Ordinary Shares are recognised in the UK”) responsibility for providing discretionary investment Income Statement as finance costs. management and advisory services to the Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan 3. RELATED PARTY TRANSACTIONS Emerging Opportunities Fund and Janus Japan Fund pursuant to an investment management delegation agreement dated Janus Capital International Limited (“JCIL”) acts as Investment 28 July 2014. DIAM UK is a company incorporated under the Adviser and Distributor to the Company. JCIL is a company laws of England and Wales and is authorized and regulated incorporated under the laws of England and Wales, which is by the FCA. As of 30 June 201 5, DIAM UK had assets under authorised and regulated by the Financial Conduct Authority management of approximately US$ 6.62 billion. (“FCA”) in the UK. JCIL holds 29,998 Subscriber Shares of the Company as of 30 June 2015 (31 December 2014: 29,998). Up to 12 April 2015 DIAM UK has appointed DIAM Asset Management (HK) Limited as sub-sub-investment manager JCIL has delegated to Janus Capital Management LLC of the Janus Asia Frontier Markets Fund and the Janus Asia (“JCM”) responsibility for providing discretionary investment Growth Drivers Fund. With effect from 20 May 2015, DIAM management and advisory services to the whole or part of the Singapore Pte. Ltd has been appointed as sub-sub-investment assets of the Equity & Allocation Funds (except for the Janus manager to these sub-funds. Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Asia Fund, Janus Japan Emerging Opportunities Fund, JCIL has delegated to Perkins Investment Management Janus Japan Fund, Perkins Global Value Fund and Perkins LLC (“Perkins”) responsibility for providing discretionary US Strategic Value Fund), the Alternative Investment Funds investment management and advisory services to the and the Fixed Income Funds pursuant to an Investment Perkins Global Value Fund and Perkins US Strategic Value Management Delegation Agreement dated 17 August, 1999, Fund pursuant to an Investment Management Delegation as amended. JCM is registered as an investment adviser with Agreement dated 11 July, 2003, as amended. Perkins serves as the US Securities and Exchange Commission. JCM which investment adviser or sub-adviser to a number of US domiciled indirectly owns JCIL is owned by Janus Capital Group Inc. JCM mutual funds, institutional investors and individually holds 2 Subscriber Shares of the Company as of 30 June 2015 managed accounts. As of 30 June 2015, JCM owned 100% (31 December 2014: 2). (31 December 2014: 100%) of Perkins. Perkins is ultimately owned by Janus Capital Group, Inc. JCIL has delegated to Janus Capital Singapore Pte. Limited (“JCSL”) responsibility for providing discretionary Mr. Cheh is an officer of Janus Capital Group Inc., which investment management and advisory services the whole or indirectly owns JCIL, Mr. Cheh did not receive Directors’ part of the assets of the Janus Asia Fund and Janus Emerging fees from the Company. All transactions with related parties Markets Fund, pursuant to an Investment Management Directors or any party in which they have a material interest Delegation Agreement dated 30 August 2011, amended on 21 are entered into in the ordinary course of business and on December 2012. JCSL has been in the fund management and normal commercial terms. During the period ended 30 June investment management business since 2007 and acts as the 2015, Arthur Cox invoiced fees of € 45,892 (30 June 2014 securities trader and execution agent of JCM. As of 3 0 June €140,549) for services to the Company, all of which were paid 201 5 JCM had assets under management of approximately during the period. $ 128.3 billion (31 December 2014: $119.9 billion). JCSL is registered with the Securities and Exchange Commission as None of the Directors have entered into an employment or an investment adviser and has been granted a licence by the service contract with the Company. Directors’ remuneration is Monetary Authority of Singapore to deal in securities and to detailed in Note 18 to the financial statements. manage funds. CONNECTED PARTIES JCIL has delegated to INTECH responsibility for providing The Board is satisfied that (i) there are arrangements (evidenced discretionary investment management and advisory services by written procedures) in place, to ensure that any transaction

230 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

carried out with the Company by JCIL, the Custodian and/or INVESTMENT MANAGEMENT FEES associated or group companies of these (“connected parties”) The Investment Adviser was entitled to receive an investment are carried out as if negotiated at arm’s length and that such management fee in respect of Class A, B, E, I, U and V Shares transactions are in the best interests of the shareholders; and for each launched Fund for the period ended 30 June 2015 (ii) all transactions with connected parties during the period calculated daily and paid monthly in arrears, as set out in the complied with these obligations. following schedule:

Annual Percentage Annual Percentage Annual Percentage (of a Fund’s Net (of a Fund’s Net (of a Fund’s Net Investment Management Fees Asset Value for Asset Value for Asset Value for Funds Class A, B, E and V Shares)* Class I Shares)* Class U Shares)* Janus Asia Frontier Markets Fund ...... 1.25% 1.00% 0.80% Janis Asia Growth Drivers Fund ...... 1.25% 1.00% 0.80% Janus Asia Fund ...... 1.25% 1.00% 0.80% Janus Balanced Fund ...... 1.00% 0.80% 0.80% Janus Emerging Markets Fund ...... 1.25% 1.10% 0.80% Janus Europe Fund ...... 1.25% 1.00% 0.80% Janus Global Life Sciences Fund ...... 1.50% 1.50% 0.80% Janus Global Research Fund ...... 1.25% 1.00% 0.80% Janus Global Technology Fund ...... 1.50% 1.50% 0.80% Janus Japan Emerging Opportunities Fund ...... 1.25% 1.00% 0.80% Janus Japan Fund ...... 1.00% 0.90% 0.80% Janus Opportunistic Alpha Fund...... 1.25% 0.95% 0.80% Janus US Fund ...... 1.25% 0.95% 0.80% Janus US Research Fund ...... 1.50% 0.95% 0.80% Janus US Twenty Fund ...... 1.25% 0.95% 0.80% Janus US Venture Fund ...... 1.50% 1.50% 0.80% Perkins Global Value Fund ...... 1.25% 1.00% 0.80% Perkins US Strategic Value Fund ...... 1.50% 1.50% 0.80% INTECH All-World Minimum Variance Core Fund(a) ...... 0.85% 0.80% 0.75% INTECH European Core Fund ...... 1.00% 1.00% 0.75% INTECH Global All Country Low Volatility Fund ...... 0.75% 0.70% 0.65% INTECH Global Dividend Fund...... 0.85% 0.80% 0.75% INTECH US Core Fund ...... 1.00% 0.95% 0.75% Janus Global Diversified Alternatives Fund ...... 1.25% 1.10% 0.90% Janus Global Real Estate Fund ...... 1.25% 1.00% 0.80% Janus Flexible Income Fund ...... 1.00% 0.55% 0.60% Janus Global Flexible Income Fund...... 1.00% 0.70% 0.60% Janus Global High Yield Fund ...... 1.00% 0.80% 0.60% Janus Global Investment Grade Bond Fund...... 1.00% 0.60% 0.60% Janus High Yield Fund ...... 1.00% 0.65% 0.60% Janus Global Unconstrained Bond Fund ...... 1.00% 0.75% 0.60% Janus US Short-Term Bond Fund ...... 0.65% 0.65% 0.60% *Calculated as a percentage of the Fund’s average daily net asset value attributed to the relevant class.

In respect of the Class Z Shares, the Investment Adviser is entitled to an investment management fee which will be payable under a separate agreement with the Investment Adviser into which each investor must enter (and maintain) prior to their initial subscription for Class Z Shares in the Fund.

SHAREHOLDER SERVICE FEES Fixed Income Funds per annum of the relevant Fund’s average A shareholder service fee with respect to Class A, Class B and Class daily net asset value attributable to Class E Shares. V Shares is payable to the Distributor out of the assets of each Fund at the rate of 0.75% per annum (0.50% for INTECH Sub-Advised There are no shareholder service fees with respect to Class I, Funds and the Janus US Short-Term Bond Fund) of the Fund’s Class U and Class Z Shares. average daily net asset value attributable to each such Class. DISTRIBUTION FEES A shareholder service fee with respect to Class E Shares is A distribution fee with respect to Class B is payable out of the payable out of the assets of each Fund at the rate of 1.25% for assets of each Fund at the rate of up to 1.00% per annum of each of the Equity & Allocation Funds, INTECH Sub-Advised the Fund’s average daily net asset value attributable to each Funds and Alternative Investment Funds, 1.00% for each of the such Class.

Janus Capital Funds Plc / 30 June 2015 231 Notes to the Financial Statements

Fees charged in relation to Investment Management, Shareholder No Irish tax will arise on the Company in respect of chargeable Service and Distribution Fees are shown as separate line items events in respect of: in the Income Statement. (i) a Shareholder who is neither resident nor ordinarily FUND EXPENSE LIMITS resident in Ireland at the time of the chargeable The Investment Adviser has agreed to waive all or a portion event and has made the necessary signed statutory of its investment management fees to the extent necessary to declarations to that effect which are held by the ensure that the total fees and out-of-pocket expenses of each Company or the Company has been authorised by the Class do not exceed the maximum expense limits which are set Irish Revenue to make gross payments in the absence out in the “Fees and Expenses” section of the Prospectus and of appropriate declarations; and are also set out on page 302 in the Fund Expense Limits and Total Expense Ratios. (ii) Certain exempted Irish resident investors as defined in the Prospectus and who have provided the Company The Prospectus provides that where the total fees (including with the necessary signed statutory declarations. all fees of the Administrator, the Custodian and any Company representative in any jurisdiction) and out-of-pocket expenses, Dividends, interest and capital gains (if any) received on allocated to a Fund in any fiscal year exceed the total expense investments made by the Company may be subject to limits set out in the Prospectus, the amount of such excess may withholding taxes imposed by the country from which the be carried forward to succeeding fiscal years (together with investment income/gains are received and such taxes may not the amount of any such unpaid excess relating to previous be recoverable by the Company or its shareholders. years) provided that such carry forward will be subject to the expense caps applicable to the relevant fiscal year. The resulting 5. CASH AT BANK contingent liability has not been disclosed, as it cannot be calculated with any reasonable accuracy. This provision does All cash balances, for the period ended 30 June 2015 and not apply to the Janus Asia Fund, INTECH All-World Minimum 31 December 2014, were held by the Citibank International Variance Core Fund(a), INTECH European Core Fund, Janus Limited, Ireland Branch, with the exception of cash held as Europe Fund, Janus Global Research Fund, INTECH US Core collateral. As at the 30 June 2015, UBS, Goldman Sachs, JP Fund, Janus Emerging Markets Fund, Janus US Fund, Perkins Morgan and Merrill Lynch held cash as collateral for financial Global Value Fund, Janus Global Flexible Income Fund, Janus derivatives such as options and futures on Janus Asia Fund, Global High Yield Fund, Janus Global Investment Grade Bond Janus Emerging Markets Fund, Janus Europe Fund, Janus Global Fund, Janus Global Real Estate Fund, Janus Japan Fund, Janus Diversified Alternatives Fund, Janus Global Unconstrained Japan Emerging Opportunities Fund, Janus Asia Growth Drivers Bond Fund and Janus Europe Fund. Fund, Janus Asia Frontier Markets Fund, Janus Emerging Market Debt Fund, Janus Global Diversified Alternatives Fund, Cash collateral provided by the Fund is identified in the and Janus Global Unconstrained Bond Fund; any fees and Statement of Financial Position as margin and collateral cash and expenses incurred by these Funds in excess of the maximum is not included as a component of cash and foreign currency. For expense limits, may not be carried forward to succeeding fiscal collateral other than cash, if the party to whom the collateral is years and the Investment Adviser will waive such portion of provided has the right by contract or custom to sell or re-pledge its investment management fee in respect of such Funds to the the collateral, the Fund classifies that asset in its Statement of extent necessary to ensure that the total expense limits for those Financial Position separately from other assets and identifies Funds are not exceeded. the asset as pledged collateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge, Fees charged by the administrator and custodian are shown as a disclosure of the collateral provided is made in the notes to the separate line items on the Income Statement. financial statements. At 30 June 2015 the Janus Unconstrained Bond Fund had 15,500 Shares, of Sigma-Aldrich Corp., with a 4. TAXATION value of $2,159,925, held as non-cash collateral with Goldman Sachs. At 31 December 2014 the Janus Unconstrained Bond The Directors have been advised that under current Irish law and Fund had 2,100,000 shares, of United States Treasury Inflation practice the Company qualifies as an investment undertaking as Indexed Bond 2.375% 15/01/25 with a value of $2,938,007, held defined in Section 739B of the Taxes Consolidation Act, 1997 as non-cash collateral with Goldman Sachs. (of Ireland) (as amended). On that basis it is not generally chargeable to Irish tax on its income and gains. 6. OTHER INCOME

Tax may however arise on the happening of a chargeable event Included in other income are amounts relating to a commission in the Company. A chargeable event includes any payments recapture program. of distributions to Shareholders, any encashment, repurchase, redemption, cancellation or transfer of Shares and any deemed The Company has entered into a commission recapture disposal of Shares as described in the Company’s Prospectus. agreement with Russell Investment Group enabling the

232 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Company to benefit from brokerage discounts. Income from risk and also to attempt to hedge the value of certain Classes the Frank Russell Securities, Inc. commission recapture of Australian Dollar, British Pound, Canadian Dollar, Chinese program for the period ended 30 June 2015 amounted to Renminbi, Euro, Hong Kong Dollar, Japanese Yen, Singapore $ 135,972 (30 June 2014: $74,764). Dollar, Swedish Kronor and Swiss Franc denominated Shares. Contracts outstanding at 30 June 2015 are disclosed in the 7. S ECURITIES LENDING relevant Funds Portfolio Investments.

As at 30 June 2015 and 31 December 2014 the Company had For UCITS which have invested in financial derivative instruments no securities on loan. and/or engaged in efficient portfolio management techniques, disclosures are required under UCITS Notice 8.4. The Investment 8. SOFT COMMISSION ARRANGEMENTS Manager of the Funds has identified all financial derivative instruments which are forward currency contracts, futures, The Company commenced a soft commission arrangement options, swaps, fully funded equity swaps and total return swaps, in July 2007 where the Investment Adviser and connected all which are detailed further in the accounting policies note 1. persons have entered into arrangements with brokers in respect of which certain goods and services used to support During the period, forward currency contracts, futures, options, the investment decision process are received. The Investment swaps, fully funded equity swaps and total return swaps Adviser and connected persons do not make direct payment transactions were entered into for the purpose of efficient portfolio for these services but do transact an agreed amount of business management in order to hedge currency and market exposure with the brokers on behalf of the Company and commission is and/or for investment purposes. Details of all open transactions at paid on these transactions. The goods and services utilised for the year end are disclosed in the Portfolio Investments. the Company include computer hardware and software used for economic and political analysis, portfolio analysis including The Funds did not engage in any efficient portfolio management valuation and performance measurement, market analysis, data techniques of repurchase, reverse repurchase and stock lending and quotation services and investment related publications. The arrangements. Investment Adviser considers these arrangements are to the benefit of the Company and has satisfied itself that it obtains 11. EXCHANGE RATES best execution on behalf of the Company. The functional and presentational currency of the Company is 9. CROSS LIABILITY US Dollar. All amounts disclosed in the financial statements are in US Dollar, with the exception of the Janus Europe Fund, and The Company has segregated liability between Funds. This INTECH European Core Fund which are Euro and Janus Japan ensures that the liabilities incurred on behalf of a Fund will Emerging Opportunities Fund and Janus Japan Fund which are generally be discharged solely out of the assets of that Fund and JPY. An average foreign exchange rate of Euro/USD: 0.9012 was there generally can be no recourse to the other Funds to satisfy used in the aggregation of the financial statements for the Janus those liabilities. Notwithstanding the foregoing, there can be no Europe Fund and the INTECH European Core Fund. An average assurance that, should an action be brought against the Company foreign exchange rate of JPY/USD: 120.4650 was used in the in the courts of another jurisdiction, the segregated nature of the aggregation of the financial statements for the Janus Emerging Funds would necessarily be upheld. In addition, whether or not Opportunities Fund and the Janus Japan Fund. (31 December there is a cross-liability between Funds, proceedings involving 2014: An average foreign exchange rate of Euro/USD: 0.7529 was an individual Fund could involve the Company as a whole which used in the aggregation of the financial statements for the Janus could potentially affect the operation of all Funds. Europe Fund and Euro/USD: 0.7559 was used in the aggregation of the financial statements for the INTECH European Core Fund 10. EFFICIENT PORTFOLIO MANAGEMENT reflecting the average rate from the launch date of this Fund. An average foreign exchange rate of JPY/USD: 113.8803 was used in The Company may, for the purposes of efficient portfolio the aggregation of the financial statements for the Janus Emerging management and hedging of currency risks, enter into futures Opportunities Fund and the Janus Japan Fund, reflecting the and swaps contracts or write call options and purchase put average rate from the launch date of these Funds). options on currencies provided that these transactions may only concern contracts which are traded on a regulated The Statement of Financial Position is translated using exchange market operating regularly, being organised and open to the rates at the year end and the Income Statement and Statement public. The Company may also enter into forward purchases of Changes in Net Assets are translated at an average rate over or sales of currencies or exchange currencies on the basis of the period for inclusion in the combined financial statements of “over the counter” arrangements with highly rated financial the Company. The resulting notional currency gain/(loss) and institutions specialising in this type of transaction. During the the notional currency gain/(loss) on retranslation of opening year, the Company entered into futures contracts and forward net assets is included in the Statement of Changes in Net Assets. currency transactions for the purpose of hedging currency The method of translation has no effect on the value of net assets risk on investment and cash holdings, to hedge benchmark allocated to the individual Funds.

Janus Capital Funds Plc / 30 June 2015 233 Notes to the Financial Statements

The following exchange rates have been used to translate assets 12. TRANSACTION COSTS and liabilities in currencies other than US Dollar: The following table details the transaction costs for the period As at 30 June 2015: As at 31 December 2014: AED 3.6728 AED 3.6728 ended 30 June 2015 and 30 June 2014. AUD 1.2963 AUD 1.2252 Period ended Period ended BRL 3.1082 BRL 2.6572 Fund Name 30 June 2015 30 June 2014 CAD 1.2488 CAD 1.1615 Janus Asia Frontier Markets Fund $72,654 — CHF 0.9347 CHF 0.9939 Janus Asia Fund $4,609,196 $96,790 CLP 638.9776 CLP 606.4281 Janus Asia Growth Drivers Fund $148,775 — CNH 6.2061 CNH 6.2158 Janus Balanced Fund $70,182 $43,955 CNY 6.2010 CNY 6.2040 Janus Emerging Markets Fund $1,246,229 $6,327 COP N/A COP 2,375.2969 Janus Europe Fund €5,720,895 €548,893 CZK 24.4403 CZK 22.8770 Janus Global Life Sciences Fund $922,773 $352,530 DKK 6.6908 DKK 6.1533 Janus Global Research Fund $369,894 $17,012 EGP 7.6300 EGP 7.1500 Janus Global Technology Fund $1,162,763 $61,390 EUR 0.8971 EUR 0.8265 Janus Japan Emerging Opportunities GBP 0.6365 GBP 0.6417 Fund ¥183,306 — HKD 7.7513 HKD 7.7538 Janus Japan Fund ¥480,790 — HUF 282.7535 HUF 261.3286 Janus Opportunistic Alpha Fund $71,975 $95,371 IDR 13,329.7787 IDR 12,379.3018 Janus US Fund $595 $638 ILS 3.7717 ILS 3.8942 Janus US Research Fund $30,026 $40,778 INR 63.6740 INR 63.1154 Janus US Twenty Fund $91,736 $74,303 JPY 122.3700 JPY 119.7600 Janus US Venture Fund $151,439 $245,413 KRW 1,115.2002 KRW 1,098.9977 Perkins Global Value Fund $1,310,371 $70,235 MXN 15.7151 MXN 14.7506 Perkins US Strategic Value Fund $132,773 $271,633 MYR 3.7710 MYR 3.4950 INTECH All-World Minimum NOK 7.8368 NOK 7.4479 Variance Core Fund(a) $9,495,163 — NZD 1.4762 NZD 1.2824 INTECH European Core Fund €369,005 €270,575 PEN 3.1791 PEN 2.9790 INTECH Global All Country Low PHP 45.0796 PHP 44.7247 Volatility Fund $3,396,990 — PLN 3.7584 PLN 3.5371 INTECH Global Dividend Fund $8,438 $140,837 QAR 3.6410 QAR — INTECH US Core Fund $82,784 $40,963 RON 4.0085 RON 3.7023 Janus Global Diversified Alternatives SEK 8.2856 SEK 7.7904 Fund — — SGD 1.3465 SGD 1.3243 Janus Global Real Estate Fund $226,989 $85,305 THB 33.7655 THB 32.8904 Janus Flexible Income Fund $86 $73 TRY 2.6795 TRY 2.3315 Janus Global Flexible Income Fund $1 $2 TWD 30.8518 TWD 31.5996 Janus Global High Yield Fund $662 $1,277 ZAR 12.1560 ZAR 11.5578 Janus Global Investment Grade Bond Fund — $30 The following exchange rates have been used to translate assets Janus High Yield Fund $9,207 $17,284 and liabilities in the Janus Europe Fund and the INTECH Janus Global Unconstrained European Core Fund in currencies other than Euro: Bond Fund $8,135 — Janus US Short-Term Bond Fund — — As at 30 June 2015: As at 31 December 2014: AED N/A AED 4.4437 13. FINANCIAL INSTRUMENTS AND FINANCIAL DERIVATIVE INSTRUMENTS CHF 1.0419 CHF 1.2025 DKK 7.4582 DKK 7.4449 GBP 0.7095 GBP 0.7764 As an an investment company, in pursuing their investment HKD N/A HKD 9.3813 objectives set out in the Prospectus, the Funds hold a number HUF 315.1853 HUF 316.1815 of financial instruments, and derivatives for efficient portfolio NOK 8.7357 NOK 9.0112 management, which means that the assessment and monitoring PLN 4.1895 PLN 4.2795 of these risks attached to these instruments is fundamental SEK 9.2360 SEK 9.4256 USD 1.1147 USD 1.2099 to the financial position and results of the Company. These comprise of: The following exchange rates have been used to translate assets and liabilities in the Janus Japan Fund and the Janus Japan • Equity and non-equity shares, fixed income securities and Emerging Opportunities Fund, in currencies other than JPY: floating rate securities. These are held in accordance with the As at 30 June 2015: As at 31 December 2014: Fund’s investment objectives and policies; AUD 94.3962 AUD 97.7271 CAD 97.9901 CAD 102.9729 • Cash, liquid resources and short-term debtors and creditors CNH 19.7177 CNH 19.2234 that arise directly from operations; and EUR 136.4058 EUR 145.2523 GBP 192.2432 GBP 185.8823 HKD 15.7871 HKD 15.4061 • Redeemable ordinary Shares which represent investors’ USD 122.3699 USD 119.7600 monies which are invested on their behalf.

234 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Risk can be separated into the following components: Market challenging industry and economic circumstances. The purpose Risk, Credit Risk and Liquidity Risk. Each type of risk is of a fundamental investment approach is to identify and invest discussed in turn below and qualitative and quantitative analyses in such companies. are provided where relevant to give the reader an understanding of the risk management methods used by the Investment 2. INTECH INVESTMENT MANAGEMENT LLC (“INTECH”) Adviser and the Board of Directors. The main risks arising from the Company’s financial instruments are market price, INTECH, the Sub-Investment Adviser for the Risk Managed foreign currency, interest rate, liquidity and credit risk. The Equity Funds, applies a mathematical approach to building main risks relating to the Company’s use of financial derivative portfolios. INTECH developed the formulas underlying this instruments are counterparty risk, credit risk, increased margin mathematical process. The process is designed to take advantage calls and unlimited risk of loss. Further details of these and of market volatility (variation in stock prices), rather than using other risks are set out in the Prospectus under the heading “Risk research or market/economic trends to predict the future stocks. Factors and Special Considerations”. The process seeks to generate a return in excess of the relevant Risk Managed Equity Fund’s benchmark over the long term, ASSESSMENT AND MONITORING OF RISK while controlling the risk relative to the benchmark. Day-to-day risk management of the Company is undertaken by the Investment Adviser. The Investment Adviser together with INTECH’s investment and risk process is unique in that it is the Sub-Investment Advisers identify, monitor and manage based on a rigorous mathematical theory – its risk process all applicable risks pertaining to the Company to the extent employs a proprietary optimisation process to identify the target required under the UCITS Regulations. The Investment Adviser security weights in the portfolio. Using a precise mathematical has undertaken to report to the designated Directors on a formula and applying that within specific risk constraints, the monthly basis matters arising in relation to the monitoring process attempts to identify a portfolio that is more efficient of certain material risks arising from a Fund’s investments in than the benchmark index. financial instruments. In addition to the Investment Adviser undertaking a daily review of its investments in financial 3. PERKINS INVESTMENT MANAGEMENT LLC (“PERKINS”) instruments, other risk management issues are also reported on a monthly basis to the designated Directors by the individual Perkins, the Sub-Investment Adviser for the Perkins Global or individuals within the relevant service providers responsible Value Fund and Perkins US Strategic Value Fund, generally for monitoring risk including certain operational risks relating takes a “value” approach to building portfolios. The “value” to the Company’s key service providers. approach emphasises investments in companies that Perkins believes are undervalued relative to their intrinsic worth. The Investment Adviser has appointed the following four Sub-Investment Advisers with responsibility for investing Perkins seeks investment in companies with solid balance and managing the assets of the Funds and for assisting in sheets and strong cash flows, which are trading at low prices identifying, monitoring and managing the relevant risks. relative to their competitors or which are trading at low price/ earnings, or price/book ratios, or low price/cash flow. 1. JANUS CAPITAL MANAGEMENT LLC (“JCM”) AND JANUS CAPITAL SINGAPORE PTE. LIMITED (“JCSL”) Within Perkins’s investment process, there are several factors which Perkins uses to manage risk. In addition to those referred JCM and JCSL generally take a “bottom-up” approach to to above, Perkins aims to calculate and carefully monitor the building portfolios. In other words, they seek to identify risk/reward ratio for each security in the portfolio, seeking a individual companies with earnings growth potential that may minimum of a 1.5:1 reward to risk ratio, but ideally aiming not be recognised by the market at large. Those Funds in the for a ratio of 2:1, Perkins monitors position sizes carefully and Fundamental Equity and Allocation Funds and Alternative is price sensitive. Perkins may also consult with JCMs Risk Fixed Income Investment Funds categories with the exception Committee regarding the Funds’ exposures and risk levels. of the Perkins US Strategic Value Fund and Perkins Global Value Fund follow an investment strategy in which companies are 4. DIAM UK considered principally on their own fundamental qualitative and quantitative characteristics. Commonly referred to as stock DIAM UK, the Sub-Investment Advisor for the Janus Asia picking or bottom up investing, portfolios of fundamental Frontier Markets Fund, Janus Asia Growth Drivers Fund, based investment funds are built one security at a time Janus Japan Emerging Opportunities Fund and Janus Japan following intensive in house research into each company. Areas Fund manage the investment portfolios by focusing on bottom- of research focus can include the company’s management, up research which aims to capture attractive investment financials, competitive strengths and weaknesses, earnings opportunities while controlling portfolio risk levels properly. growth prospects and numerous other metrics. This approach rests on a belief that some companies have inherent strengths MARKET RISK for creating shareholder value over time, have superior prospects This risk comprises of three types of risk, Market Price Risk, to their peer groups and should therefore outperform even in Foreign Currency Risk and Interest Rate Risk.

Janus Capital Funds Plc / 30 June 2015 235 Notes to the Financial Statements

MARKET PRICE RISK transaction which will involve the buying and selling of foreign Market price risk arises mainly from uncertainty about future currency in order to complete it, a forward currency contract prices of financial instruments held, which are classified as can be entered into at the same time as the initial transaction financial assets at fair value through profit or loss. It represents in order to minimise exchange rate risk. The Company the potential loss the Company might suffer through holding receives income in currencies other than US Dollar, and Euro market positions in the face of price movements. The value of in the case of the Janus Europe Fund and INTECH European Shares of a Fund and the related income may rise or fall, as Core Fund and JPY in the case of the Janus Japan Emerging the fair value price of the securities in which the Fund invests Opportunities Fund and Janus Japan Fund, and the value of this may fluctuate. Each Fund seeks to maintain a diversified income can be affected by movements in exchange rates. The portfolio but certain Funds may be less diversified leading to Company converts all receipts of income into US Dollar, Euro an increased concentration of investments which will increase and Japanese Yen as appropriate on or near the date of receipt. the risk of that Fund suffering proportionately higher loss However it does not hedge or otherwise seek to avoid movement should a particular investment decline in value. The applicable risk on income accrued but not received. investment concentrations within the portfolio for each Fund are disclosed in the Portfolio Investments. There can be INTEREST RATE RISK no assurance that the Funds will achieve their investment T h e F i x e d I n c o m e i n v e s t m e n t p r o c e s s b e g i n s w i t h a n i n v e s t m e n t objectives. Certain Sub-Investment Advisers may take a “bottom outlook that provides a broad framework of macroeconomic up” approach to building portfolios. In other words, they seek to factors followed by Janus Capital Management LLC (“JCM”)’s identify individual companies with earnings growth potential views on the valuation and expected performance of various that may not be recognised by the market at large. sectors.

FOREIGN CURRENCY RISK The risk management process is well integrated with the The base currency of all the sub-funds is US Dollar, with the Investment Adviser’s investment process. The Investment exception of the Janus Europe Fund and the INTECH European Adviser has a dedicated Risk Management Group that ensures Core Fund which are Euro and the Janus Japan Emerging that risk is continuously monitored versus the benchmarks. Opportunities Fundand Janus Japan Fund which are JPY. The Risk Management Group meets weekly with the Portfolio Each of the Funds has the flexibility to invest a portion of its Managers to highlight the risk and positioning of the portfolios. net assets in non base currency securities. As long as a Fund holds a foreign asset or liability, its value will be affected by the For interest rate sensitive portfolios, the Investment Adviser’s value of the local currency relative to the base currency of the risk measurement tools quantify interest rate, curve, and Fund. The Funds may hedge against currency fluctuations by sector risk versus the respective benchmarks. The funds utilising futures contracts and forward currency contracts. The may utilise interest rate swaps and swap-related products to Investment Adviser has identified three principal areas where manage interest rate risk. The Risk Management Group also foreign currency risk could impact the Company: generates tracking error and scenario analysis reports. These reports quantify intended and unintended risks versus the • Movements in rates affect the fair value of investments; respective benchmarks and enables the Sub Investment Adviser to structure optimal portfolios based on its investment outlook. • Movements in rates affect short-term timing differences; and The Investment Adviser’s basic investment philosophy for the • Movements in rates affect the income received. credit portfolios is to add value through in-depth fundamental research. The Investment Adviser has developed a proprietary The Company can hedge the initial investment and subsequent system that brings together Relative Value, Quantitative Default gains of the value of investments that are priced in other analysis, Risk Management and Attribution for the Credit portfolio currencies. The hedging is done by buying forward currency on one platform. This system gives the Investment Adviser the contracts to minimise the amount of foreign currency risk. For ability to look across analytics and quantitative scores across more information on forward currency contracts please refer bonds and bank loans and enables the Investment Adviser to have to the section “Forward Currency Contracts” in the Portfolio a consistent way to analyse credits. To maximize the Investment Investments of the Financial Statements. The Investment Adviser’s risk adjusted return within the sector, JCM and the Sub- Adviser also employs forward currency contracts to hedge the Investment Advisers use a combination of fundamental analysis currency exposure of the Classes and the US Dollar and Euro and the Investment Adviser’s proprietary system outputs. as applicable provided the conditions set out in the Prospectus are met. (“Class Level Hedging”). The Investment Adviser’s Risk management tool quantifies the tail risk for the Credit portfolio, sectors and issues. The output The Company may be subject to short-term exposure to of this tool factors default frequency, correlations between exchange rate movements, for instance, where there is an sectors, seniority in capital structure and recovery values. The exchange difference between the date an investment purchase Investment Adviser also has credit reviews on a periodic basis or sale is entered into and the date when settlement of the where the analyst presents the credit analysis of the names held proceeds occurs. When the Company enters into such a by a Fund to the group.

236 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

For Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers use of derivative instruments and debt securities, if appropriate, Fund, Janus Asia Fund, Janus Balanced Fund, Janus Emerging such as exchange traded futures contracts to allow exposure to Markets Fund, Janus Europe Fund, Janus Global Life Sciences markets whilst maintaining sufficient liquidity. Fund, Janus Global Research Fund, Janus Global Technology Fund, Janus Japan Emerging Opportunities Fund, Janus Japan Where any Fund acquires securities on the over-the-counter Fund, Janus Opportunistic Alpha Fund, Janus US Fund, Janus markets, there is no guarantee that the Fund will be able to US Research Fund, Janus US Twenty Fund, Janus US Venture realise the fair value of such securities due to their tendency to Fund, Perkins Global Value Fund, Perkins US Strategic Value have limited liquidity and comparatively high price volatility. Fund, INTECH European Core Fund, INTECH Global All The Company has the ability to borrow in the short term to Country Low Volatility Fund, INTECH Global Dividend Fund, ensure settlement. In order to manage the Company’s overall INTECH US Core Fund, and Janus Global Real Estate Fund the liquidity and to facilitate an orderly disposition of securities the majority of the financial assets are equity shares which neither Directors are able to refuse to repurchase any shares in excess of pay interest nor have a maturity date. These assets and liabilities one tenth of the shares in issue in a Fund on any one valuation are not subject to significant amounts of risk due to fluctuations day by way of the provisions in the prospectus. The Company in prevailing levels of market interest rates. The cash positions did not withhold any redemptions during the periods end are monitored daily by the Investment Adviser and any overdraft 30 June 2015 and 2014. positions are on a short term basis. Any excess cash and cash equivalents are invested at short term interest rates. All securities investments present a risk of loss of capital. The maximum loss of capital on purchased options, long equity and Janus Balanced, Janus Flexible Income, Janus Global Flexible debt securities is limited to the fair value of those positions. On Fund, Janus Global High Yield Fund, Janus Global Investment written call options, and short future positions the maximum Grade Bond Fund, Janus High Yield Fund, Janus Global loss of capital can be unlimited. The maximum loss of capital on Unconstrained Bond Fund, and the Janus US Short-Term Bond written put options, long futures and forward currency contracts Funds invest in floating and fixed rate bonds. The basis of is limited to the notional contract values of those positions. calculation for the floating rate notes is based on the date of Credit default swaps are transactions under which the parties’ change of each coupon rate as opposed to the bond maturity obligations depend on whether a credit event has occurred in date in the Portfolio Investments. The floating rate notes held relation to the reference asset. The credit events are specified by the Funds at the period end are tracking the US LIBOR one in the contract and are intended to identify the occurrence of a or three month indices. significant deterioration in the creditworthiness of the reference asset. The buyer in a credit default swap contract is obligated to The performance of the debt or interest bearing component pay the seller a periodic stream of payments over the term of depends primarily on interest rates. Generally, the value of debt the contract provided that no event of default on an underlying securities will tend to decrease in value when interest rates reference asset has occurred. If a credit event occurs, the seller rise and vice versa. Shorter-term securities are less sensitive to must pay the buyer the full notional value of the reference asset interest rate changes than longer-term securities, but they also that may have little or no value. usually offer lower yields. Each of the above Funds varies the average maturity profile of its portfolio based on an analysis of The assets of the Funds comprise mainly readily realizable interest rate trends and other factors. securities. The main liability of the Funds tends to be outstanding payables on the purchase of investments and the redemption of Any change to the interest rates relevant for particular securities any redeemable ordinary Shares that investors wish to sell. may result in either income increasing or decreasing, or the Sub- Substantially all financial liabilities of each sub fund are payable Investment Adviser being unable to secure similar returns on the within two months. expiry of contracts or the sale of securities. In addition, changes to prevailing rates or changes in expectations of future rates may CREDIT RISK result in an increase or decrease in the value of securities held. The Company will be exposed to a credit risk on parties with whom it trades and will also bear the risk of settlement default. LIQUIDITY RISK The Company minimises concentrations of credit risk by Liquidity risk is the risk that the Company may not be able undertaking transactions with a large number of customers and to generate sufficient cash resources to settle its obligations counterparties on recognised and reputable exchanges. in full as they fall due or can only do so on terms that are materially disadvantageous. The Company is exposed to daily All Fund assets are currently held within Citibank International cash redemptions of redeemable shares. Each Fund therefore Limited, Ireland branch’s custodian network, with the invests the majority of its assets in investments that are traded exception of Term Loans and Financial Derivative Instruments in an active market and can be readily disposed of; it invests as appropriate. Bankruptcy or insolvency of the Custodian only a limited proportion of its assets in investments not may cause Funds’ rights with respect to securities held by the actively traded on a listed exchange. Listed securities of each Custodian to be delayed or limited. The Company monitors this Fund are considered readily realisable, as they are listed on a risk by monitoring the credit quality and financial position of regulated stock exchange. The Investment Advisers may make the Custodian.

Janus Capital Funds Plc / 30 June 2015 237 Notes to the Financial Statements

The Company may invest in financial assets which are rated Level B – When quoted prices are unavailable, the price of a (by well known rating agencies) or unrated. Unrated securities recent transaction for an identical asset provides evidence of are treated by the Investment Adviser as non-investment grade fair value as long as there has not been a significant change in securities unless the Investment Adviser or relevant Sub- economic circumstances or a significant lapse of time since the Investment Adviser determines that such securities are the transaction took place. equivalent of investment grade securities. Level C – If the market for the asset is not active and recent COUNTERPARTY RISK transactions of an identical asset on their own are not a good JCIL undertakes a detailed review of all counterparties before estimate of fair value, an entity estimates the fair value by using any arrangements are entered into. The credit quality of all a valuation technique, based on observable market data or non- counterparties is monitored on a regular basis. JCIL reports observable market data. to the board on a commitment basis as part of the UCITS IV monthly reporting. FRS 102 duplicates the previous policy, FRS 29 Financial Instruments Disclosure, of the three—level fair value FAIR VALUE ESTIMATION measurement hierarchy however there are distinct differences The Company under FRS 102, is required to classify fair value in these classifications for funds in preparing financial measurements for Funds using a fair value hierarchy that reflects statements. the significance of the inputs used in making the measurements. The table below is to help avoid misinterpretation of this The fair value hierarchy has the following levels: change in policy, in that it is a summary of the two different approaches. Level A – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Prior Periods Classification Valuation Methodology Current periods classification Level 1 Quoted prices for identical instruments in active markets Level A Level 2 Prices of recent transactions for identical instruments Level B Valuation techniques using observable market data Level 3 Valuation techniques using non—observable data Level C

The inputs or methodology used for valuing securities are not measured at last traded prices at 30 June 2015. Additionally the necessarily an indication of the risk associated with investing in comparative figures have been disclosed in accordance with those securities. The table below provides a summary within the both the old and new accounting policies. fair value hierarchy of the Fund’s financial assets and liabilities

30 June 2015 Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus Asia Frontier Markets Fund Common Stocks $ 2,6 52, 848 $ — $ 27,126 $ 2,679,974 Exchange Traded Funds 128,616 — — 128,616 Forward Currency Contracts — — (5,198) (5,198) Total Investments in Securities 2,781, 464 — 21,928 2,803,392 Janus Asia Growth Drivers Fund Common Stocks $ 2, 589, 003 $ — $ 27,160 $ 2,616,163 Exchange Traded Funds 81,837 — — 81,837 Forward Currency Contracts — — (5,086) (5,086) Total Investments in Securities 2,670, 840 — 22,0 74 2,692,914 Janus Asia Fund Common Stocks $ 106,993,934 $ — $ — $ 106,993,934 Forward Currency Contracts — — (1,628) (1,628) Fully Funded Equity Swaps — — 11,841,917 11,841,917 Preferred Stocks — 1,473,650 — 1,473,650 Total Return Swaps — — 658,244 658,244 Total Investments in Securities 106,993,934 1,473,650 12,498,533 120,966,117

238 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

30 June 2015 Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus Balanced Fund Common Stocks $ 290,618,618 $ — $ — $ 290,618,618 Corporate Bonds — — 218,757,751 218,757,751 Mortgage Backed Securities — — 52,133,127 52,133,127 Government Obligations — — 124,595,047 124,595,047 Asset Backed Securities — — 45,089,140 45,089,140 Preferred Stocks — 3,665,972 — 3,665,972 Tranche Loans — — 7,373,022 7,373,022 Forward Currency Contracts — — (1,308,298) (1,308,298) Total Investments in Securities 290,618,618 3,665,972 446,639,789 740,924,379 Janus Emerging Markets Fund Common Stocks $ 50,069,877 $ — $ — $ 50,069,877 Warrant 1,934 — — 1,934 Forward Currency Contracts — — (11,213) (11,213) Fully Funded Equity Swaps — — 4,296,033 4,296,033 Preferred Stocks — 481,719 — 481,719 Total Return Swaps — — 91,305 91,305 Total Investments in Securities 50,071,811 481,719 4,376,125 54,929,655 Janus Europe Fund Common Stocks € 211,412,618 € — € — € 211,412,618 Warrant 176,486 — — 176,486 Preferred Stocks — 5,869,344 — 5,869,344 Forward Currency Contracts — — 40,894 40,894 Futures — — 32,758 32,758 Options Written — — (1,250,873) (1,250,873) Total Return Swaps — — 317,283 317,283 Total Investments in Securities 211,589,104 5,869,344 (859,938) 216,598,510 Janus Global Life Sciences Fund Common Stocks $ 1,7 63, 621, 740 $ — $ 18,616,865 $ 1,782,238,605 Forward Currency Contracts — — (1,186,746) (1,186,746) Total Investments in Securities 1,763, 621, 740 — 17,430,119 1,781,051,859 Janus Global Research Fund Common Stocks $ 41,430,884 $ — $ — $ 41,430,884 Preferred Stocks — 510,319 — 510,319 Forward Currency Contracts — — (7,184) (7,184) Total Investments in Securities 41,430,884 510,319 (7,184) 41,934,019 Janus Global Technology Fund Common Stocks $ 64,600,795 $ — $ — $ 64,600,795 Forward Currency Contracts — — (112,972) (112,972) Total Investments in Securities 64,600,795 — (112,972) 64,487,823 Janus Japan Emerging Opportunities Fund Common Stocks ¥ 399,608,500 ¥ — ¥ — ¥ 399,608,500 Forward Currency Contracts — — (3,020,499) (3,020,499) Total Investments in Securities 399,608,500 — (3,020,499) 396,588,001 Janus Japan Fund Common Stocks ¥ 242,203,989 ¥ — ¥ — ¥ 242,203,989 Forward Currency Contracts — — (1,875,845) (1,875,845) Total Investments in Securities 242,203,989 — (1,875,845) 240,328,144 Janus Opportunistic Alpha Fund Common Stocks $ 65,648,611 $ — $ — $ 65,648,611 Forward Currency Contracts — — (64,799) (64,799) Total Investments in Securities 65,648,611 — (64,799) 65,583,812

Janus Capital Funds Plc / 30 June 2015 239 Notes to the Financial Statements

30 June 2015 Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus US Fund Common Stocks $ 1,864,136 $ — $ — $ 1,864,136 Forward Currency Contracts — — (5,391) (5,391) Options Purchased — — 2,161 2,161 Options Written — — (2,945) (2,945) Total Investments in Securities 1,864,136 — (6,175) 1,857,961 Janus US Research Fund Common Stocks $ 195,484,391 $ — $ — $ 195,484,391 Forward Currency Contracts — — (7,245) (7,245) Total Investments in Securities 195,484,391 — (7,245) 195,477,146 Janus US Twenty Fund Common Stocks $ 356,778,463 $ — $ — $ 356,778,463 Forward Currency Contracts — — (230,488) (230,488) Total Investments in Securities 356,778,463 — (230,488) 356,547,975 Janus US Venture Fund Common Stocks $ 271,486,667 $ — $ — $ 271,486,667 Exchange Traded Funds ———— Forward Currency Contracts — — (322,399) (322,399) Total Investments in Securities 271,486,667 — (322,399) 271,164,268 Perkins Global Value Fund Common Stocks $ 159,568,086 $ — $ — $ 159,568,086 Forward Currency Contracts — — (95,410) (95,410) Total Investments in Securities 159,568,086 — (95,410) 159,472,676 Perkins US Strategic Value Fund Common Stocks $ 252,711,571 $ — $ — $ 252,711,571 Forward Currency Contracts — — (235,057) (235,057) Total Investments in Securities 252,711,571 — (235,057) 252,476,514 INTECH All-World Minimum Variance Core Fund(a) Common Stocks $ 75 3, 491, 969 $ — $ 2,492,239 $ 755,984,208 Forward Currency Contracts — — 19,264,523 19,264,523 Total Investments in Securities 753, 491, 969 — 21, 756, 76 2 775,248,731 INTECH European Core Fund Common Stocks € 96,312,298 € — € — € 96,312,298 Preferred Stocks — 202,128 — 202,128 Total Investments in Securities 96,312,298 202,128 — 96,514,426 INTECH Global All Country Low Volatility Fund Common Stocks $ 165,4 38, 255 $ — $ 42,514 $ 165,480,769 Preferred Stocks — 130,765 — 130,765 Total Investments in Securities 165,438, 255 130,765 42,514 165,611,534 INTECH Global Dividend Fund Common Stocks $ 1,987,723 $ — $ — $ 1,987,723 Forward Currency Contracts — — (1,228) (1,228) Total Investments in Securities 1,987,723 — (1,228) 1,986,495 INTECH US Core Fund Common Stocks $ 165,353,555 $ — $ — $ 165,353,555 Forward Currency Contracts — — (248,397) (248,397) Total Investments in Securities 165,353,555 — (248,397) 165,105,158

240 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

30 June 2015 Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus Global Diversifi ed Alternatives Fund Forward Currency Contracts $ — $ — $ (9,285) $ (9,285) Futures — — (7,096) (7,096) Government Obligations — — 1,700,018 1,700,018 Total Return Swaps — — (4,873) (4,873) Total Investments in Securities — — 1,678,764 1,678,764 Janus Global Real Estate Fund Common Stocks $ 140,697,445 $ — $ — $ 140,697,445 Corporate Bonds — — 374,326 374,326 Preferred Stocks — 151,830 — 151,830 Forward Currency Contracts — — (40,033) (40,033) Options Written — — (49,359) (49,359) Total Investments in Securities 140,697,445 151,830 284,934 141,134,209 Janus Flexible Income Fund Corporate Bonds $ 367,846,824 $ — $ — $ 367,846,824 Mortgage Backed Securities — — 129,130,799 129,130,799 Government Obligations — — 362,837,077 362,837,077 Asset Backed Securities — — 117,769,127 117,769,127 Preferred Stocks — 13,967,291 — 13,967,291 Tranche Loans — — 15,929,930 15,929,930 Forward Currency Contracts — — (1,014,582) (1,014,582) Total Investments in Securities 367,846,824 13,967,291 624,652,351 1,006,466,466 Janus Global Flexible Income Fund Corporate Bonds $ 7,643,025 $ — $ — $ 7,643,025 Government Obligations — — 11,725,317 11,725,317 Asset Backed Securities — — 2,909,209 2,909,209 Preferred Stocks — 104,899 — 104,899 Tranche Loans — — 385,333 385,333 Forward Currency Contracts — — (28,065) (28,065) Total Investments in Securities 7,643,025 104,899 14,991,794 22,739,718 Janus Global High Yield Fund Common Stocks $ 526,134 $ — $ — $ 526,134 Corporate Bonds — — 54,993,341 54,993,341 Asset Backed Securities — — 2,188,996 2,188,996 Preferred Stocks — 223,563 — 223,563 Tranche Loans — — 3,586,282 3,586,282 Forward Currency Contracts — — (145,703) (145,703) Total Investments in Securities 526,134 223,563 60,622,916 61,372,613 Janus Global Investment Grade Bond Fund Corporate Bonds $ 53,985,973 $ — $ — $ 53,985,973 Asset Backed Securities — — 3,351,447 3,351,447 Preferred Stocks — 454,742 — 454,742 Tranche Loans — — 3,827,711 3,827,711 Forward Currency Contracts — — (41,846) (41,846) Total Investments in Securities 53,985,973 454,742 7,137,312 61,578,027 Janus High Yield Fund Common Stocks $ 8,187,169 $ — $ — $ 8,187,169 Corporate Bonds — — 608,348,127 608,348,127 Asset Backed Securities — — 11,276,956 11,276,956 Preferred Stocks — 3,961,100 — 3,961,100 Tranche Loans — — 37,253,170 37,253,170 Forward Currency Contracts — — (636,921) (636,921) Total Investments in Securities 8,187,169 3,961,100 656,241,332 668,389,601

Janus Capital Funds Plc / 30 June 2015 241 Notes to the Financial Statements

30 June 2015 Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus Global Unconstrained Bond Fund Common Stocks $ 16,842,086 $ — $ — $ 16,842,086 Credit Default Swaps — — 259,813 259,813 Exchange Traded Funds 1,275,317 — — 1,275,317 Corporate Bonds — — 82,580,221 82,580,221 Government Obligations — — 6,862,260 6,862,260 Asset Backed Securities — — 20,550,184 20,550,184 Forward Currency Contracts — — (302,067) (302,067) Tranche Loans — — 623,286 623,286 Interest Rate Swaps — — (12,088) (12,088) Options Written — — (3,017,784) (3,017,784) Futures — — 331,725 331,725 Total Investments in Securities 18,117,403 — 107,875,550 125,992,953 Janus US Short-Term Bond Fund Corporate Bonds $ 279,458,618 $ — $ — $ 279,458,618 Government Obligations — — 87,583,793 87,583,793 Asset Backed Securities — — 22,915,201 22,915,201 Tranche Loans — — 10,535,102 10,535,102 Forward Currency Contracts — — (189,631) (189,631) Total Investments in Securities 279,458,618 — 120,844,465 400,303,083

31 December 2014 (under new accounting policy) Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus Asia Frontier Markets Fund Common Stocks $ 2,660,660 $ — $ — $ 2,660,660 Exchange Traded Funds 127,443 — — 127,443 Forward Currency Contracts — — (6,155) (6,155) Total Investments in Securities 2,788,103 — (6,155) 2,781,948 Janus Asia Growth Drivers Fund Common Stocks $ 65,964 $ — $ 2,461,714 $ 2,527,678 Exchange Traded Funds 129,660 — — 129,660 Forward Currency Contracts — — (6,083) (6,083) Total Investments in Securities 195,624 — 2,455,631 2,651,255 Janus Asia Fund Common Stocks $ 2,885,566 $ — $ 94,690,348 $ 97,575,914 Forward Currency Contracts — — (338) (338) Fully Funded Equity Swaps — — 8,897,100 8,897,100 Preferred Stocks — 1,092,110 — 1,090,110 Total Return Swaps — — 899,930 899,930 Total Investments in Securities 2,885,566 1,092,110 104,487,040 108,464,716 Janus Balanced Fund Common Stocks $ 243,971,520 $ — $ 4,806,600 $ 248,778,120 Corporate Bonds — — 166,830,034 166,830,034 Mortgage Backed Securities — — 48,922,127 48,922,127 Government Obligations — — 152,366,176 152,366,176 Asset Backed Securities — — 12,989,363 12,989,363 Preferred Stocks — 4,041,880 — 4,041,880 Tranche Loans — — 5,421,722 5,421,722 Forward Currency Contracts — — (1,825,808) (1,825,808) Total Investments in Securities 243,971,520 4,041,880 389,510,214 637,523,614

242 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

31 December 2014 (under new accounting policy) Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus Emerging Markets Fund Common Stocks $ 1,130,465 $ — $ 2,964,989 $ 4,095,454 Forward Currency Contracts — — (25,247) (25,247) Fully Funded Equity Swaps — — 175,266 175,266 Preferred Stocks — 34,626 — 34,626 Total Return Swaps — — 18,441 18,441 Total Investments in Securities 1,130,465 34,626 3,133,449 4,298,540 Janus Europe Fund Common Stocks € 4,854,923 € — € 202,098,795 € 206,953,718 Warrant 418,112 — — 418,112 Forward Currency Contracts — — 213,721 213,720 Options Written — — (1,653,477) (1,653,476) Total Return Swaps — 364,309 364,309 Total Investments in Securities 5,273,035 — 201,023,348 206,296,383 Janus Global Life Sciences Fund Common Stocks $ 615,407,696 $ — $ 72,828,261 $ 688,235,957 Forward Currency Contracts — — (1,006,320) (1,006,320) Total Investments in Securities 615,407,696 — 71,821,941 687,229,637 Janus Global Research Fund Common Stocks $ 28,633,158 $ — $ 11,605,157 $ 40,238,315 Forward Currency Contracts — — (23,853) (23,853) Total Investments in Securities 28,633,158 — 11,581,304 40,214,462 Janus Global Technology Fund Common Stocks $ 70,566,154 $ — $ 9,099,726 $ 79,665,880 Forward Currency Contracts — — (233,204) (233,204) Options Written — — (15,684) (15,684) Total Investments in Securities 70,566,154 — 8,850,838 79,416,992 Janus Japan Emerging Opportunities Fund Common Stocks ¥ 344,769,150 ¥ — ¥ — ¥ 344,769,150 Forward Currency Contracts — — (337,591) (337,591) Total Investments in Securities 344,769,150 — (337,591) 344,431,559 Janus Japan Fund Common Stocks ¥ 216,788,650 ¥ — ¥ — ¥ 216,788,650 Forward Currency Contracts — — (207,672) (207,672) Total Investments in Securities 216,788,650 — (207,672) 216,580,978 Janus Opportunistic Alpha Fund Common Stocks $ 90,516,694 $ — $ — $ 90,516,694 Forward Currency Contracts — — (231,442) (231,442) Total Investments in Securities 90,516,694 — (231,442) 90,285,252 Janus US Fund Common Stocks $ 1,563,732 $ — $ 52,050 $ 1,615,782 Forward Currency Contracts — — (9,164) (9,164) Options Purchased — — 3,631 3,631 Options Written — — (591) (591) Total Investments in Securities 1,563,732 — 45,926 1,609,658 Janus US Research Fund Common Stocks $ 189,674,555 $ — $ — $ 189,674,555 Forward Currency Contracts — — (23,935) (23,935) Total Investments in Securities 189,674,555 — (23,935) 189,650,620

Janus Capital Funds Plc / 30 June 2015 243 Notes to the Financial Statements

31 December 2014 (under new accounting policy) Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus US Twenty Fund Common Stocks $ 341,364,477 $ — $ 3,500,760 $ 344,865,237 Forward Currency Contracts — — (690,224) (690,224) Options Purchased — 253,273 253,273 Total Investments in Securities 341,364,477 — 3,063,809 344,428,286 Janus US Venture Fund Common Stocks $ 258,899,080 $ — $ 7,068,474 $ 265,967,554 Exchange Traded Funds 7,040,816 — — 7,040,816 Forward Currency Contracts — — (543,378) (543,378) Total Investments in Securities 265,939,896 — 6,525,096 272,464,992 Perkins Global Value Fund Common Stocks $ 95,840,976 $ — $ 61,780,649 $ 157,621,625 Forward Currency Contracts — — 134,428 134,428 Total Investments in Securities 95,840,976 — 61,915,077 157,756,053 Perkins US Strategic Value Fund Common Stocks $ 411,925,356 $ — $ — $ 411,925,356 Forward Currency Contracts — — (847,717) (847,717) Total Investments in Securities 411,925,356 — (847,717) 411,077,639 INTECH European Core Fund Common Stocks € — € — € 85,070,578 € 85,070,578 Total Investments in Securities — — 85,070,578 85,070,578 INTECH Global All Country Low Volatility Fund Common Stocks $ 86,751,852 $ — $ 74,593,605 $ 161,345,457 Preferred Stocks — 126,129 — 126,129 Total Investments in Securities 86,751,852 126,129 74,593,605 161,471,586 INTECH Global Dividend Fund Common Stocks $ 1,019,723 $ — $ 1,366,450 $ 2,386,173 Forward Currency Contracts — (5,996) (5,996) Total Investments in Securities 1,019,723 — 1,360,454 2,380,177 INTECH US Core Fund Common Stocks $ 158,418,020 $ — $ — $ 158,418,020 Forward Currency Contracts — — (707,850) (707,850) Total Investments in Securities 158,418,020 — (707,850) 157,710,170 Janus Global Diversifi ed Alternatives Fund Forward Currency Contracts $ — $ — $ (15,931) $ (15,931) Futures — — 15,209 15,209 Government Obligations — — 1,599,954 1,599,954 Total Return Swaps — — 54,125 54,125 Total Investments in Securities — — 1,653,357 1,653,357 Janus Global Real Estate Fund Common Stocks $ 99,018,076 $ — $ 60,559,922 $ 159,577,998 Preferred Stocks — 148,516 — 148,516 Forward Currency Contracts — — (135,252) (135,252) Options Written — — (45,436) (45,436) Total Investments in Securities 99,018,076 148,516 60,379,234 159,545,826

244 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

31 December 2014 (under new accounting policy) Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus Flexible Income Fund Corporate Bonds $ — $ — $ 365,325,620 $ 365,325,620 Mortgage Backed Securities — — 145,927,468 145,927,468 Government Obligations — — 329,760,533 329,760,533 Asset Backed Securities — — 76,164,383 76,164,383 Preferred Stocks — 16,981,480 — 16,981,480 Tranche Loans — — 20,627,143 20,627,143 Forward Currency Contracts — — (3,722,714) (3,722,714) Total Investments in Securities — 16,981,480 934,082,433 951,063,913 Janus Global Flexible Income Fund Corporate Bonds $ — $ — $ 5,998,216 $ 5,998,216 Mortgage Backed Securities — — — — Government Obligations — — 12,348,057 12,348,057 Asset Backed Securities — — 2,343,340 2,343,340 Preferred Stocks — 70,244 — 70,244 Tranche Loans — — 361,846 361,846 Forward Currency Contracts — — (38,198) (38,198) Total Investments in Securities — 70,244 21,013,261 21,083,505 Janus Global High Yield Fund Common Stocks $ 399,137 $ — $ — $ 399,137 Corporate Bonds — — 68,550,022 68,550,022 Asset Backed Securities — — 1,474,788 1,474,788 Preferred Stocks — 484,859 — 484,859 Tranche Loans — — 6,667,075 6,667,075 Forward Currency Contracts — — (470,918) (470,918) Total Investments in Securities 399,137 484,859 76,220,967 77,104,963 Janus Global Investment Grade Bond Fund Corporate Bonds $ — $ — $ 58,575,945 $ 58,575,945 Asset Backed Securities — — 2,438,226 2,438,226 Preferred Stocks — 415,693 — 415,693 Tranche Loans — — 1,314,632 1,314,632 Forward Currency Contracts — — 146,503 146,503 Total Investments in Securities — 415,693 62,475,306 62,890,999 Janus High Yield Fund Common Stocks $ 5,606,477 $ — $ — $ 5,606,477 Corporate Bonds — — 680,461,174 680,461,174 Asset Backed Securities — — 11,325,021 11,325,021 Preferred Stocks — 6,986,706 — 6,986,706 Tranche Loans — — 49,672,720 49,672,720 Forward Currency Contracts — — (1,676,577) (1,676,577) Total Investments in Securities 5,606,477 6,986,706 739,782,338 752,375,521 Janus Global Unconstrained Bond Fund Common Stocks $ 4,251,414 $ — $ — $ 4,251,414 Credit Default Swaps — — (117,267) (117,267) Exchange Traded Funds 1,413,507 — — 1,413,507 Corporate Bonds — — 54,977,191 54,977,191 Government Obligations — — 7,169,319 7,169,319 Asset Backed Securities — — 3,350,251 3,350,251 Forward Currency Contracts — — (187,029) (187,029) Options Written — — (258,641) (258,641) Futures — — (125,944) (125,944) Total Investments in Securities 5,664,921 — 64,807,880 70,472,801

Janus Capital Funds Plc / 30 June 2015 245 Notes to the Financial Statements

31 December 2014 (under new accounting policy) Classifi cation B - Classifi cation C - Classifi cation A - Prices of Recent Valuation Quoted Prices Transactions Techniques Total Janus US Short—Term Bond Fund Corporate Bonds $ — $ — $ 367,942,145 $ 367,942,145 Government Obligations — — 183,251,970 183,251,970 Asset Backed Securities — — 19,185,832 19,185,832 Tranche Loans — — 11,262,170 11,262,170 Forward Currency Contracts — — (779,099) (779,099) Total Investments in Securities — — 580,863,018 580,863,018

31 December 2014 (under old accounting policy) Level 2 - Level 3 - Level 1 - Other Signifi cant Signifi cant Quoted Prices Observable Inputs Unobservable Inputs Total Janus Asia Frontier Markets Fund Common Stocks $ 2,660,660 $ — $ — $ 2,660,660 Exchange Traded Funds 127,443 — — 127,443 Forward Currency Contracts — (6,155) — (6,155) Total Investments in Securities 2,788,103 (6,155) — 2,781,948 Janus Asia Growth Drivers Fund Common Stocks $ 65,964 $ 2,461,714 $ — $ 2,527,678 Exchange Traded Funds 129,660 — — 129,660 Forward Currency Contracts — (6,083) — (6,083) Total Investments in Securities 195,624 2,455,631 — 2,651,255 Janus Asia Fund Common Stocks $ 2,885,566 $ 94,690,348 $ — $ 97,575,914 Forward Currency Contracts — (338) — (338) Fully Funded Equity Swaps — 8,897,100 — 8,897,100 Preferred Stocks — 1,092,110 — 1,090,110 Total Return Swaps — 899,930 — 899,930 Total Investments in Securities 2,885,566 105,579,150 — 108,464,716 Janus Balanced Fund Common Stocks $ 243,971,520 $ 4,806,600 $ — $ 248,778,120 Corporate Bonds — 166,830,034 — 166,830,034 Mortgage Backed Securities — 48,922,127 — 48,922,127 Government Obligations — 152,366,176 — 152,366,176 Asset Backed Securities — 12,989,363 — 12,989,363 Preferred Stocks — 4,041,880 — 4,041,880 Tranche Loans — 5,421,722 — 5,421,722 Forward Currency Contracts — (1,825,808) — (1,825,808) Total Investments in Securities 243,971,520 393,552,094 — 637,523,614 Janus Emerging Markets Fund Common Stocks $ 1,130,465 $ 2,964,989 $ — $ 4,095,454 Forward Currency Contracts — (25,247) — (25,247) Fully Funded Equity Swaps — 175,266 — 175,266 Preferred Stocks — 34,626 — 34,626 Total Return Swaps — 18,441 — 18,441 Total Investments in Securities 1,130,465 3,168,075 — 4,298,540 Janus Europe Fund Common Stocks € 4,854,923 € 202,098,795 € — € 206,953,718 Warrant — 418,112 — 418,112 Forward Currency Contracts — 213,721 — 213,720 Options Written — (1,653,477) — (1,653,476) Total Return Swaps — 364,309 — 364,309 Total Investments in Securities 4,854,923 201,441,460 — 206,296,383

246 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

31 December 2014 (under old accounting policy) Level 2 - Level 3 - Level 1 - Other Signifi cant Signifi cant Quoted Prices Observable Inputs Unobservable Inputs Total Janus Global Life Sciences Fund Common Stocks $ 615,407,696 $ 69,455,141 $ 3,373,120 $ 688,235,957 Forward Currency Contracts — (1,006,320) — (1,006,320) Total Investments in Securities 615,407,696 68,448,821 3,373,120 687,229,637 Janus Global Research Fund Common Stocks $ 28,633,158 $ 11,605,157 $ — $ 40,238,315 Forward Currency Contracts — (23,853) — (23,853) Total Investments in Securities 28,633,158 11,581,304 — 40,214,462 Janus Global Technology Fund Common Stocks $ 70,566,154 $ 9,099,726 $ — $ 79,665,880 Forward Currency Contracts — (233,204) — (233,204) Options Written — (15,684) — (15,684) Total Investments in Securities 70,566,154 8,850,838 — 79,416,992 Janus Japan Emerging Opportunities Fund Common Stocks ¥ 344,769,150 ¥ — ¥ — ¥ 344,769,150 Forward Currency Contracts — (337,591) — (337,591) Total Investments in Securities 344,769,150 (337,591) — 344,431,559 Janus Japan Fund Common Stocks ¥ 216,788,650 ¥ — ¥ — ¥ 216,788,650 Forward Currency Contracts — (207,672) — (207,672) Total Investments in Securities 216,788,650 (207,672) — 216,580,978 Janus Opportunistic Alpha Fund Common Stocks $ 90,516,694 $ — $ — $ 90,516,694 Forward Currency Contracts — (231,442) — (231,442) Total Investments in Securities 90,516,694 (231,442) — 90,285,252 Janus US Fund Common Stocks $ 1,563,732 $ 52,050 $ — $ 1,615,782 Forward Currency Contracts — (9,164) — (9,164) Options Purchased — 3,631 — 3,631 Options Written — (591) — (591) Total Investments in Securities 1,563,732 45,926 — 1,609,658 Janus US Research Fund Common Stocks $ 189,674,555 $ — $ — $ 189,674,555 Forward Currency Contracts — (23,935) — (23,935) Total Investments in Securities 189,674,555 (23,935) — 189,650,620 Janus US Twenty Fund Common Stocks $ 341,364,477 $ 3,500,760 $ — $ 344,865,237 Forward Currency Contracts — (690,224) — (690,224) Options Purchased — 253,273 — 253,273 Total Investments in Securities 341,364,477 3,063,809 — 344,428,286 Janus US Venture Fund Common Stocks $ 258,899,080 $ 4,767,382 $ 2,301,092 $ 265,967,554 Exchange Traded Funds 7,040,816 — — 7,040,816 Forward Currency Contracts — (543,378) — (543,378) Total Investments in Securities 265,939,896 4,224,004 2,301,092 272,464,992 Perkins Global Value Fund Common Stocks $ 95,840,976 $ 61,780,649 $ — $ 157,621,625 Forward Currency Contracts — 134,428 — 134,428 Total Investments in Securities 95,840,976 61,915,077 — 157,756,053

Janus Capital Funds Plc / 30 June 2015 247 Notes to the Financial Statements

31 December 2014 (under old accounting policy) Level 2 - Level 3 - Level 1 - Other Signifi cant Signifi cant Quoted Prices Observable Inputs Unobservable Inputs Total Perkins US Strategic Value Fund Common Stocks $ 411,925,356 $ — $ — $ 411,925,356 Forward Currency Contracts — (847,717) — (847,717) Total Investments in Securities 411,925,356 (847,717) — 411,077,639 INTECH European Core Fund Common Stocks € — € 85,070,578 € — € 85,070,578 Total Investments in Securities — 85,070,578 — 85,070,578 INTECH Global All Country Low Volatility Fund Common Stocks $ 86,751,852 $ 74,593,605 $ — $ 161,345,457 Preferred Stocks — 126,129 — 126,129 Total Investments in Securities 86,751,852 74,719,734 — 161,471,586 INTECH Global Dividend Fund Common Stocks $ 1,019,723 $ 1,366,450 $ — $ 2,386,173 Forward Currency Contracts — (5,996) — (5,996) Total Investments in Securities 1,019,723 1,360,454 — 2,380,177 INTECH US Core Fund Common Stocks $ 158,418,020 $ — $ — $ 158,418,020 Forward Currency Contracts — (707,850) — (707,850) Total Investments in Securities 158,418,020 (707,850) — 157,710,170 Janus Global Diversifi ed Alternatives Fund Forward Currency Contracts $ — $ (15,931) $ — $ (15,931) Futures — 15,209 — 15,209 Government Obligations — 1,599,954 — 1,599,954 Total Return Swaps — 52,014 2,111 54,125 Total Investments in Securities — 1,651,246 2,111 1,653,357 Janus Global Real Estate Fund Common Stocks $ 99,018,076 $ 60,559,922 $ — $ 159,577,998 Preferred Stocks — 148,516 — 148,516 Forward Currency Contracts — (135,252) — (135,252) Options Written — (45,436) — (45,436) Total Investments in Securities 99,018,076 60,527,750 — 159,545,826 Janus Flexible Income Fund Corporate Bonds $ — $ 365,325,620 $ — $ 365,325,620 Mortgage Backed Securities — 145,927,468 — 145,927,468 Government Obligations — 329,760,533 — 329,760,533 Asset Backed Securities — 76,164,383 — 76,164,383 Preferred Stocks — 16,981,480 — 16,981,480 Tranche Loans — 20,627,143 — 20,627,143 Forward Currency Contracts — (3,722,714) — (3,722,714) Total Investments in Securities — 951,063,913 — 951,063,913 Janus Global Flexible Income Fund Corporate Bonds $ — $ 5,998,216 $ — $ 5,998,216 Government Obligations — 12,348,057 — 12,348,057 Asset Backed Securities — 2,207,060 136,280 2,343,340 Preferred Stocks — 70,244 — 70,244 Tranche Loans — 361,846 — 361,846 Forward Currency Contracts — (38,198) — (38,198) Total Investments in Securities — 20,947,225 136,280 21,083,505

248 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

31 December 2014 (under old accounting policy) Level 2 - Level 3 - Level 1 - Other Signifi cant Signifi cant Quoted Prices Observable Inputs Unobservable Inputs Total Janus Global High Yield Fund Common Stocks $ 399,137 $ — $ — $ 399,137 Corporate Bonds — 68,550,022 — 68,550,022 Asset Backed Securities — 1,474,788 — 1,474,788 Preferred Stocks — 484,859 — 484,859 Tranche Loans — 6,667,075 — 6,667,075 Forward Currency Contracts — (470,918) — (470,918) Total Investments in Securities 399,137 76,705,826 — 77,104,963 Janus Global Investment Grade Bond Fund Corporate Bonds $ — $ 58,575,945 $ — $ 58,575,945 Asset Backed Securities — 2,438,226 — 2,438,226 Preferred Stocks — 415,693 — 415,693 Tranche Loans — 1,314,632 — 1,314,632 Forward Currency Contracts — 146,503 — 146,503 Total Investments in Securities — 62,890,999 — 62,890,999 Janus High Yield Fund Common Stocks $ 5,606,477 $ — $ — $ 5,606,477 Corporate Bonds — 680,461,174 — 680,461,174 Asset Backed Securities — 11,325,021 — 11,325,021 Preferred Stocks — 6,986,706 — 6,986,706 Tranche Loans — 49,672,720 — 49,672,720 Forward Currency Contracts — (1,676,577) — (1,676,577) Total Investments in Securities 5,606,477 746,769,044 — 752,375,521 Janus Global Unconstrained Bond Fund Common Stocks $ 4,251,414 $ — $ — $ 4,251,414 Credit Default Swaps — (117,267) — (117,267) Exchange Traded Funds 1,413,507 — — 1,413,507 Corporate Bonds — 54,977,191 — 54,977,191 Government Obligations — 7,169,319 — 7,169,319 Asset Backed Securities — 3,350,251 — 3,350,251 Forward Currency Contracts — (187,029) — (187,029) Options Written — (258,641) — (258,641) Futures — (125,944) — (125,944) Total Investments in Securities 5,664,921 64,807,880 — 70,472,801 Janus US Short—Term Bond Fund Corporate Bonds $ — $ 367,942,145 $ — $ 367,942,145 Government Obligations — 183,251,970 — 183,251,970 Asset Backed Securities — 19,185,832 — 19,185,832 Tranche Loans — 11,262,170 — 11,262,170 Forward Currency Contracts — (779,099) — (779,099) Total Investments in Securities — 580,863,018 — 580,863,018

Janus Capital Funds Plc / 30 June 2015 249 Notes to the Financial Statements

14 NET ASSET COMPARISON

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus Asia Frontier Markets Fund Class A$acc $ 131,026 $ 9.67 $ 121,116 $ 9.69 — — Class A€acc 105,723 € 9.63 115,749 € 9.67 — — Class AAUD$acc 108,117 AUD$ 9.84 113,159 AUD$ 9.77 — — Class ACAD$acc 108,122 CAD$ 9.69 116,171 CAD$ 9.69 — — Class AHKD$acc 120,825 HKD$ 9.66 121,115 HKD$ 9.69 — — Class ARMB(CNH)acc 122,819 CNH 9.91 120,443 CNH 9.77 — — Class IRMB(CNH)acc 123,989 CNH 10.01 120,831 CNH 9.80 — — Class E€acc 105,322 € 9.60 115,600 € 9.66 — — Class I$acc 1,585,729 $ 9.76 1,579,591 $ 9.72 — — Class I€acc 106,732 € 9.72 116,123 € 9.70 — — Class U€acc 106,895 € 9.74 116,183 € 9.71 — — Class U£acc 118,163 £ 9.77 116,002 £ 9.71 — —

Janus Asia Growth Drivers Fund Class A$acc $ 118,933 $ 9.51 $ 116,238 $ 9.30 — — Class A€acc 102,966 € 9.49 109,452 € 9.29 — — Class AAUD$acc 104,811 AUD$ 9.71 107,334 AUD$ 9.40 — — Class ACAD$acc 105,136 CAD$ 9.59 110,269 CAD$ 9.35 — — Class AHKD$acc 118,850 HKD$ 9.52 116,157 HKD$ 9.30 — — Class ARMB(CNH)acc 120,776 CNH 9.77 115,869 CNH 9.39 — — Class IRMB(CNH)acc 121,957 CNH 9.87 116,279 CNH 9.42 — — Class E€acc 102,568 € 9.45 109,297 € 9.28 — — Class I$acc 1,561,243 $ 9.61 1,516,436 $ 9.33 — — Class I€acc 103,975 € 9.58 109,840 € 9.33 — — Class U€acc 104,139 € 9.60 109,903 € 9.33 — — Class U£acc 115,916 £ 9.61 111,506 £ 9.32 — —

Janus Asia Fund Class A$acc $ 908,795 $ 12.48 $ 702,062 $ 11.45 $ 307,993 $ 10.76 Class E€acc 78,885 € 12.27 19,614 € 11.25 20,759 € 10.66 Class I$acc 41,408 $ 13.10 37,736 $ 11.94 35,041 $ 11.09 Class I€acc 252,629 € 13.00 3,230 € 11.86 3,413 € 11.02 Class U£acc 3,470 £ 11.97 3,159 £ 10.98 2,928 £ 9.58 Class Z$inc 131,798,717 $ 131.79 119,369,755 $ 119.37 113,867,117 $ 113.86

Janus Balanced Fund Class A$acc $ 332,646,406 $ 23.04 $ 281,214,173 $ 23.06 $ 133,470,083 $ 22.09 Class A$inc 65,757,956 $ 10.15 51,656,042 $ 10.38 3,128 $ 10.35 Class A€acc 74,184,336 € 24.56 89,587,553 € 24.67 76,566,885 € 23.67 Class A€inc 3,629,284 € 10.05 3,425,460 € 10.33 122,321 € 10.31 Class AAUD$acc 51,251 AUD$ 11.43 106,550 AUD$ 11.25 2,999 AUD$ 10.53 Class AAUD$inc 9,388,809 AUD$ 10.29 11,601,751 AUD$ 10.50 2,999 AUD$ 10.42 Class ACAD$inc 28,717,053 CAD$ 10.27 5,259,340 CAD$ 10.49 3,048 CAD$ 10.41 Class AHKD$acc 414,131 HKD$ 13.63 437,122 HKD$ 13.65 158,413 HKD$ 13.08 Class AHKD$inc 21,464,739 HKD$ 10.14 17,138,401 HKD$ 10.38 3,129 HKD$ 10.35 Class ARMB(CNH)inc 684,959 CNH 10.54 214,339 CNH 10.62 3,160 CNH 10.38 Class B$acc 10,278,556 $ 19.58 10,668,867 $ 19.69 11,159,855 $ 19.06 Class E€acc 8,873,344 € 13.16 10,115,888 € 13.24 10,772,855 € 12.76 Class E€inc 2,015,084 € 10.05 1,617,183 € 10.35 108,400 € 10.33 Class I$acc 152,052,846 $ 26.32 140,455,951 $ 26.22 72,827,356 $ 24.88 Class I$inc 3,318 $ 10.67 3,305 $ 10.74 3,135 $ 10.42 Class I€acc 33,333,704 € 15.51 20,887,931 € 15.49 48,910,366 € 14.73 Class I€inc 2,705 € 10.57 2,934 € 10.67 3,169 € 10.36 Class V$inc 3,118,396 $ 10.29 50,452 $ 10.46 3,128 $ 10.37 Class VAUD$inc 2,789 AUD$ 10.39 2,922 AUD$ 10.58 2,985 AUD$ 10.41

250 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus Emerging Markets Fund Class A$acc $ 1,126,889 $ 8.91 $ 1,138,802 $ 8.70 $ 1,206,816 $ 9.09 Class A€acc 876,238 € 8.53 992,652 € 8.36 1,149,724 € 8.74 Class B$acc 835,243 $ 8.50 834,123 $ 8.34 880,196 $ 8.80 Class E€acc 44,702 € 8.49 2,098 € 8.31 2,513 € 8.76 Class I$acc 930,402 $ 9.30 904,376 $ 9.04 936,357 $ 9.36 Class I€acc 743,529 € 9.09 787,126 € 8.87 910,601 € 9.02 Class U£acc 2,900 £ 10.00 2,814 £ 9.78 2,904 £ 9.50 Class Z$inc 60,414,943 $ 100.69 — — — —

Janus Europe Fund Class A$acc € 11,636,310 $ 11.75 € 11,071,498 $ 10.11 € 3,389,036 $ 10.31 Class A€acc 17,231,995 £ 25.82 18,435,895 € 22.15 8,457,650 € 22.54 Class ASEKacc 2,470 SEK 11.73 2,079 SEK 10.08 2,247 SEK 10.22 Class E€acc 1,674,295 € 16.94 1,670,430 € 14.57 2,305,116 € 14.90 Class I€acc 50,830,206 € 28.03 58,127,524 € 23.92 101,650,328 € 24.10 Class ISEKacc 8,853,739 SEK 11.51 7,415,355 SEK 9.84 — — Class U$acc 3,170 $ 11.78 2,493 $ 10.05 2,211 $ 10.14 Class U€acc 12,140 € 11.91 9,316 € 10.16 2,256 € 10.21 Class Z€acc 63,679,315 € 124.13 59,352,016 € 105.33 35,621,017 € 104.81 Class Z€inc 60,595,510 € 110.56 51,420,299 € 93.82 — —

Janus Global Life Sciences Fund Class A$acc $ 749,315,146 $ 31.76 $ 340,497,019 $ 27.24 $ 96,013,746 $ 20.52 Class A€acc 105,178,457 € 32.04 89,952,412 € 27.52 60,799,663 € 20.75 Class AAUD$acc 24,882,254 AUD$ 17.44 4,502,361 AUD$ 14.83 3,106 AUD$ 10.93 Class AHKD$acc 3,807,442 HKD$ 10.59 — — — — Class ARMB(CNH)acc 365,522 CNH 12.98 3,258 CNH 10.95 — — Class B$acc 26,347,026 $ 27.14 18,474,744 $ 23.39 17,872,886 $ 17.80 Class E$acc 4,457,992 $ 16.60 337,223 $ 14.27 3,243 $ 10.81 Class E€acc 1,984,620 € 16.41 690,428 € 14.14 17,524 € 10.72 Class I$acc 773,575,856 $ 36.29 227,276,255 $ 31.00 13,817,693 $ 23.19 Class I€acc 36,779,427 € 30.21 8,960,277 € 25.80 204,104 € 19.40 Class IU€acc 424,059 € 15.27 66,265 € 12.02 — — Class U$acc 34,739,680 $ 17.36 21,219,017 $ 14.78 3,292 $ 10.97 Class U$inc 15,378,546 $ 13.35 1,264,054 $ 11.37 — — Class UU€acc 1,463,753 € 17.41 1,425,032 € 14.84 3,357 € 11.04 Class U€acc 4,004 € 15.34 3,409 € 12.03 — — Class U£acc 12,038,543 £ 13.75 2,725,897 £ 21.30 4,550 £ 14.89 Class U£inc 4,421,035 £ 24.82 6,527,597 £ 11.80 — —

Janus Global Research Fund Class A$acc $ 628,529 $ 15.99 $ 441,072 $ 15.42 $ 306,808 $ 14.74 Class A$dis 4,008 $ 13.05 3,864 $ 12.59 3,695 $ 12.04 Class A€acc 808,255 € 14.23 1,118,578 € 13.80 1,736,111 € 13.22 Class B$acc 7,485 $ 14.59 7,254 $ 14.14 7,006 $ 13.66 Class E€acc 404,789 € 13.77 458,815 € 13.46 304,015 € 12.97 Class I$acc 46,601 $ 17.75 44,661 $ 17.01 4,412,919 $ 16.06 Class I$dis 6,723 $ 14.18 6,443 $ 13.59 6,084 $ 12.84 Class I€acc 7,429 € 15.12 7,759 € 14.55 294,172 € 14.37 Class U£acc 4,063 £ 14.01 3,890 £ 13.52 3,666 £ 11.99 Class Z$inc 40,425,973 $ 134.74 38,503,147 $ 128.33 36,421,579 $ 121.39

Janus Capital Funds Plc / 30 June 2015 251 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus Global Technology Fund Class A$acc $ 34,009,935 $ 7.04 $ 36,439,671 $ 6.90 $ 31,276,420 $ 6.48 Class A€acc 5,020,381 € 7.15 9,319,711 € 7.04 17,162,059 € 6.62 Class AAUD$acc 2,565,006 AUD$ 11.43 566,564 AUD$ 11.00 — — Class AHKD$acc 664,964 HKD$ 10.97 209,231 HKD$ 10.68 — — Class ARMB(CNH)acc 396,354 CNH 11.48 4,385 CNH 10.92 — — Class B$acc 6,093,388 $ 6.06 6,320,077 $ 5.97 7,582,671 $ 5.66 Class I$acc 10,747,790 $ 8.06 20,444,016 $ 7.87 15,718,852 $ 7.32 Class I€acc 3,737,245 € 19.02 5,328,204 € 18.61 6,727,387 € 17.33 Class U$acc 3,606 $ 12.02 36,790 $ 11.69 3,241 $ 10.80 Class U€acc 1,105,928 € 12.03 1,171,948 € 11.75 3,306 € 10.87

Janus Japan Emerging Opportunities Fund Class A$acc ¥ 17,624,284 $ 12.48 ¥ 14,764,992 $ 10.71 — — Class A€acc 15,442,789 € 12.46 14,134,535 € 10.71 — — Class AAUD$acc 15,759,908 AUD$ 12.70 13,885,059 AUD$ 10.81 — — Class ACAD$acc 15,781,596 CAD$ 12.52 14,202,327 CAD$ 10.72 — — Class AHKD$acc 17,668,101 HKD$ 12.50 14,789,009 HKD$ 10.73 — — Class ARMB(CNH)acc 17,913,601 CNH 12.80 14,742,679 CNH 10.81 — — Class IRMB(CNH)acc 18,083,823 CNH 12.92 14,790,566 CNH 10.84 — — Class E€acc 16,781,651 € 12.41 14,116,184 € 10.69 — — Class I$acc 17,801,227 $ 12.60 14,820,712 $ 10.74 — — Class I€acc 15,589,838 € 12.58 14,180,492 € 10.74 — — Class U€acc 15,614,370 € 12.59 14,187,861 € 10.75 — — Class U£acc 17,266,672 £ 12.64 14,211,729 £ 10.76 — — Class IJPYacc 206,310,669 JPY 1,268.88 175,808,187 JPY 1,081.28 — —

Janus Japan Fund Class A$acc ¥ 11,005,458 $ 11.69 ¥ 9,418,170 $ 10.25 — — Class A€acc 9,643,147 € 11.67 9,017,101 € 10.25 — — Class AAUD$acc 9,838,654 AUD$ 11.89 8,857,574 AUD$ 10.34 — — Class ACAD$acc 9,846,828 CAD$ 11.72 9,058,189 CAD$ 10.26 — — Class AHKD$acc 11,031,915 HKD$ 11.71 9,433,220 HKD$ 10.26 — — Class ARMB(CNH)acc 11,185,882 CNH 11.99 9,404,162 CNH 10.34 — — Class IRMB(CNH)acc 11,279,440 CNH 12.09 9,431,062 CNH 10.37 — — Class E€acc 9,606,217 € 11.62 9,005,474 € 10.23 — — Class I$acc 11,103,304 $ 11.79 9,450,004 $ 10.28 — — Class I€acc 9,723,983 € 11.77 9,042,927 € 10.27 — — Class U€acc 9,731,351 € 11.77 9,045,268 € 10.28 — — Class U£acc 10,754,594 £ 11.81 9,057,390 £ 10.29 — — Class IJPYacc 128,762,317 JPY 1,187.90 112,159,488 JPY 1,034.73 — —

Janus Opportunistic Alpha Fund Class A$acc $ 38,493,054 $ 18.34 $ 55,469,568 $ 19.03 $ 45,942,392 $ 15.96 Class A$dis 256,189 $ 14.21 265,828 $ 14.74 292,200 $ 12.36 Class A€acc 10,737,515 € 18.64 15,701,604 € 19.39 18,974,986 € 16.28 Class ARMB(CNH)acc 3,110 CNH 10.44 3,170 CNH 10.66 — — Class B$acc 3,946,842 $ 15.58 6,977,665 $ 16.25 6,230,285 $ 13.76 Class E€acc 32,133 € 13.00 40,504 € 13.6 46,866 € 11.46 Class I$acc 13,131,639 $ 21.05 17,495,367 $ 21.73 8,759,028 $ 18.02 Class I$dis 1,408,916 $ 15.35 158,952 $ 15.83 131,838 $ 13.13 Class I€acc 70,846 € 14.18 232,573 € 14.79 75,455 € 12.01 Class U€acc 43,041 € 12.50 48,317 € 12.93 3,263 € 10.73 Class U$acc 176,880 $ 12.48 286,875 $ 12.88 3,199 $ 10.66 Class U£acc 4,362 £ 15.04 4,499 £ 15.64 3,726 £ 12.19

252 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus US Fund Class A$acc $ 415,503 $ 17.22 $ 335,455 $ 16.44 $ 306,670 $ 14.88 Class A€acc 555,042 € 16.61 332,147 € 15.88 304,598 € 14.39 Class B$acc 328,563 $ 16.43 315,092 $ 15.75 288,145 $ 14.41 Class I$acc 362,158 $ 18.11 343,797 $ 17.19 308,018 $ 15.40 Class I€acc 284,714 € 17.41 294,310 € 16.58 300,143 € 14.87

Janus US Research Fund Class A$acc $ 10,569,438 $ 22.26 $ 11,391,325 $ 21.86 $ 18,789,223 $ 20.04 Class A$dis 53,128 $ 15.13 403,105 $ 14.86 459,130 $ 13.60 Class A€acc 1,225,258 € 19.87 1,593,641 € 19.60 1,743,743 € 17.97 Class B$acc 293,698 $ 19.40 326,346 $ 19.15 772,799 $ 17.72 Class I$acc 588,123 $ 26.01 325,460 $ 25.39 205,888 $ 22.91 Class I$dis 223,990 $ 16.70 218,534 $ 16.29 231,315 $ 14.70 Class I€acc 5,074 € 15.88 5,392 € 15.55 5,538 € 14.05 Class Z$inc 183,738,981 $ 141.33 178,206,781 $ 137.08 160,514,209 $ 123.47

Janus US Twenty Fund Class A$acc $ 124,908,275 $ 22.74 $ 123,193,883 $ 21.60 $ 144,026,224 $ 19.71 Class A$dis 5,204 $ 15.89 4,943 $ 15.10 154,798 $ 13.78 Class A€acc 37,328,873 € 23.21 44,561,226 € 22.12 64,343,886 € 20.21 Class AAUD$acc 125,799 AUD$ 13.16 3,220 AUD$ 12.39 3,134 AUD$ 11.03 Class ARMB$acc 3,386 CNH 11.37 3,159 CNH 10.62 — — Class B$acc 11,334,784 $ 19.29 12,808,918 $ 18.41 18,200,142 $ 16.97 Class E€acc 253,520 € 17.74 310,336 € 16.94 163,830 € 15.52 Class I$acc 189,986,257 $ 25.68 170,828,419 $ 24.26 161,523,105 $ 21.92 Class I$dis 5,139 $ 17.06 4,855 $ 16.12 4,385 $ 14.56 Class I€acc 1,019,697 € 27.46 1,140,471 € 26.01 1,051,222 € 23.52 Class U$acc 163,216 $ 12.64 167,627 $ 11.93 3,227 $ 10.76 Class U€acc 68,493 € 12.65 70,407 € 11.98 3,292 € 10.83 Class U£acc 4,713 £ 16.25 4,450 £ 15.47 4,013 £ 13.13

Janus US Venture Fund Class A$acc $ 111,153,981 $ 22.38 $ 86,496,351 $ 21.04 $ 71,640,923 $ 19.15 Class A$dis 1,317,023 $ 19.89 1,486,824 $ 18.71 127,920 $ 17.01 Class A€acc 17,807,407 € 23.72 21,591,792 € 22.36 25,684,732 € 20.40 Class AAUD$acc 274,159 AUD$ 13.10 3,187 AUD$ 12.27 3,091 AUD$ 10.88 Class B$acc 3,069,980 $ 19.20 3,163,696 $ 18.14 3,731,527 $ 16.69 Class I$acc 80,127,060 $ 25.39 20,378,917 $ 23.79 23,093,096 $ 21.48 Class I$dis 38,713 $ 21.31 36,270 $ 19.97 89,306 $ 18.02 Class I€acc 14,791,212 € 19.08 14,978,929 € 17.92 1,880,539 € 16.19 Class U$acc 1,230,446 $ 12.92 3,617 $ 12.06 3,243 $ 10.81 Class U€acc 138 € 0.56 3,242 € 12.12 3,308 € 10.88 Class U£acc 12,662,226 £ 17.35 11,809,620 £ 16.33 23,739,517 £ 13.78 Class Z$acc 4,473 $ 163.13 89,891,178 $ 151.57 179,327,746 $ 134.50 Class Z€acc 44,637,376 € 160.16 41,472,700 € 137.10 — —

Perkins Global Value Fund Class A$acc $ 2,839,986 $ 14.88 $ 3,289,118 $ 14.85 $ 1,283,463 $ 14.27 Class A€acc 1,878,820 € 14.34 2,352,709 € 14.37 1,627,084 € 13.82 Class B$acc 6,614 $ 14.12 6,634 $ 14.16 6,436 $ 13.74 Class E€acc 99,591 € 10.55 159,929 € 10.63 31,064 € 10.31 Class I$acc 8,375 $ 15.64 8,317 $ 15.53 1,658,941 $ 14.74 Class I€acc 34,500 € 15.02 2,957,168 € 20.18 8,210 € 19.24 Class U$acc 3,275 $ 10.92 3,250 $ 10.83 3,084 $ 10.28 Class U€acc 2,690 € 10.92 2,911 € 10.88 3,145 € 10.35 Class Z$inc 166,896,150 $ 116.48 164,728,478 $ 114.97 124,662,411 $ 111.08

Janus Capital Funds Plc / 30 June 2015 253 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Perkins US Strategic Value Fund Class A$acc $ 79,081,368 $ 20.52 $ 128,544,748 $ 21.02 $ 171,741,290 $ 19.49 Class A$dis 7,756,175 $ 14.11 10,415,715 $ 14.46 19,615,742 $ 13.41 Class A€acc 27,733,988 € 18.12 40,414,529 € 18.64 62,484,251 € 17.31 Class B$acc 1,731,994 $ 17.64 1,951,930 $ 18.16 1,873,812 $ 17.01 Class E€acc 106,694 € 13.57 145,531 € 14.01 105,592 € 13.08 Class I$acc 137,982,383 $ 23.03 234,525,322 $ 23.51 310,465,453 $ 21.65 Class I$dis 1,086,772 $ 14.98 1,171,053 $ 15.29 1,126,277 $ 14.07 Class I€acc 11,380,867 € 14.09 15,127,246 € 14.43 21,651,241 € 13.30 Class I€Uacc 3,997 € 15.35 4,080 € 14.44 3,756 € 11.69 Class U$acc 506,538 $ 11.16 618,997 $ 11.36 3,114 $ 10.38 Class U€acc 725,603 € 11.16 804,383 € 11.40 3,177 € 10.45 Class U£acc 3,992 £ 13.76 4,061 £ 14.12 3,712 £ 12.17

INTECH All-World Minimum Variance Core Fund(a) Class Z£acc $ 782,934,854 £ 97.72 — — — —

INTECH European Core Fund Class A€acc € 2,875 € 11.35 € 2,552 € 10.08 — — Class Z€inc 97,375,796 € 119.48 85,673,409 € 105.12 — —

INTECH Global All Country Low Volatility Fund Class Z£acc $ 168,037,794 £ 105.63 $ 163,510,884 £ 103.62 — —

INTECH Global Dividend Fund Class A$acc $ 332,929 $ 10.75 $ 249,326 $ 10.86 $ 3,339 $ 11.13 Class A$inc 127,308 $ 10.07 357,052 $ 10.33 250,444 $ 10.87 Class A€acc 40,370 € 10.54 44,732 € 10.67 73,637 € 10.91 Class A€inc 77,195 € 9.84 193,868 € 10.19 156,170 € 10.74 Class E€acc 2,708 € 10.39 26,550 € 10.59 17,530 € 10.97 Class E€inc 78,085 € 9.77 125,624 € 10.12 66,726 € 10.77 Class I$acc 1,389,134 $ 10.88 1,399,822 $ 10.97 3,353 $ 11.17 Class I$inc 3,265 $ 10.39 3,290 $ 10.57 3,352 $ 10.95 Class I€acc 2,799 € 10.73 3,082 € 10.89 3,578 € 11.12 Class I€inc 2,798 € 10.25 3,081 € 10.50 3,578 € 10.90 Class U$acc 2,990 $ 9.97 3,012 $ 10.04 3,067 $ 10.22 Class U€acc 2,449 € 9.94 2,695 € 10.08 3,129 € 10.29 Class U£inc 3,269 £ 10.05 3,293 £ 10.31 3,354 £ 10.05 Class Z€acc 3,552 € 132.20 3,565 € 122.24 51,352,536 € 108.51

INTECH US Core Fund Class A$acc $ 47,025,615 $ 27.79 $ 47,687,768 $ 27.57 $ 39,935,805 $ 24.63 Class A$dis 42,322 $ 16.15 41,979 $ 16.02 37,500 $ 14.31 Class A€acc 10,019,135 € 25.00 12,400,831 € 24.91 16,903,603 € 22.28 Class B$acc 252,931 $ 24.63 276,158 $ 24.56 311,301 $ 22.16 Class I$acc 76,562,918 $ 29.62 63,882,384 $ 29.30 59,289,361 $ 26.03 Class I$dis 15,161 $ 16.72 25,416 $ 16.54 4,507 $ 14.70 Class I€acc 31,972,001 € 15.90 34,987,251 € 15.78 27,134,517 € 14.04 Class U$acc 3,621 $ 12.07 3,578 $ 11.93 3,172 $ 10.57 Class U€acc 2,980 € 12.09 3,206 € 11.99 3,236 € 10.64 Class U£acc 4,451 £ 15.35 4,399 £ 15.29 3,900 £ 12.76

254 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus Global Diversifi ed Alternatives Fund Class A$acc $ 463,434 $ 9.88 $ 424,930 $ 10.23 — — Class A€acc 302,181 € 9.88 150,301 € 10.21 — — Class ACHFacc 155,660 CHF 10.03 152,710 CHF 10.46 — — Class ASEKacc 128,350 SEK 10.15 141,658 SEK 10.53 — — Class E€acc 132,063 € 9.73 149,355 € 10.14 — — Class I$acc 185,980 $ 10.03 191,696 $ 10.34 2,000,000 $ 10 Class I€acc 226,952 € 9.97 196,852 € 10.29 — — Class ICHFacc 157,638 CHF 10.16 153,962 CHF 10.55 — — Class ISEKacc 129,980 SEK 10.27 142,820 SEK 10.61 — — Class U$acc 166,733 $ 10.04 171,688 $ 10.34 — — Class U€acc 135,582 € 9.99 151,932 € 10.32 — — Class U£acc 158,948 £ 10.40 162,157 £ 10.69 — —

Janus Global Real Estate Fund Class A$acc $ 28,300,983 $ 16.48 $ 28,690,948 $ 16.52 $ 20,479,545 $ 14.72 Class A$inc 1,335,362 $ 13.32 1,122,095 $ 13.57 1,379,810 $ 12.41 Class A€acc 6,355,234 € 14.19 8,885,886 € 14.30 15,431,583 € 12.77 Class AAUD$inc 4,294 AUD$ 11.27 3,106 AUD$ 11.45 2,957 AUD$ 10.36 Class ARMB$acc 3,191 CNH 10.71 3,140 CNH 10.56 — — Class B$acc 288,920 $ 14.67 390,913 $ 14.77 1,194,770 $ 13.30 Class B$inc 19,039 $ 13.58 51,034 $ 13.70 43,164 $ 12.34 Class E€acc 57,274 € 10.93 52,559 € 11.03 3,179 € 9.88 Class E€inc 45,323 € 10.47 50,355 € 10.74 3,179 € 9.84 Class I$inc 101,216,778 $ 13.79 122,935,637 $ 13.89 172,098,451 $ 12.42 Class I€acc 2,475 € 14.79 30,271 € 15.16 65,842 € 13.48 Class U£inc 557,324 £ 9.92 347,204 £ 11.00 — — Class U£Uinc 5,718,043 £ 10.83 1,774,934 £ 10.02 — —

Janus Flexible Income Fund Class A$acc $ 83,253,299 $ 20.12 $ 82,056,938 $ 20.15 $ 75,634,380 $ 19.48 Class A$inc 28,735,842 $ 11.74 31,746,816 $ 11.94 18,930,886 $ 12.00 Class A€acc 101,822,590 € 22.53 128,067,731 € 22.63 205,316,320 € 21.93 Class AAUD$acc 2,677 AUD$ 10.87 2,807 AUD$ 10.77 2,894 AUD$ 10.16 Class AAUD$inc 5,327,604 AUD$ 9.44 1,839,173 AUD$ 9.54 476,441 AUD$ 9.54 Class AHKD$acc 3,054 HKD$ 10.17 3,058 HKD$ 10.18 2,955 HKD$ 9.84 Class AHKD$inc 401,490 HKD$ 9.33 554,328 HKD$ 9.50 24,624 HKD$ 9.58 Class ARMB(CNH)inc 3,215 CNH 9.90 3,160 CNH 9.91 3,068 CNH 9.73 Class B$acc 1,914,630 $ 17.24 2,599,689 $ 17.35 2,805,534 $ 16.95 Class B$inc 3,858,096 $ 12.27 6,769,945 $ 12.35 7,212,777 $ 12.15 Class B€inc 565,010 € 11.29 705,537 € 11.40 1,074,454 € 11.24 Class E€acc 6,390,561 € 10.71 9,002,470 € 10.77 15,983,217 € 10.47 Class E€inc 15,140,222 € 9.76 20,809,750 € 9.97 26,935,038 € 10.06 Class I$acc 196,708,646 $ 10.89 25,862,550 $ 10.84 20,158,887 $ 10.36 Class I$inc 445,500,768 $ 12.31 463,381,195 $ 12.40 615,737,785 $ 12.19 Class I€acc 38,089,132 € 23.48 84,671,430 € 23.45 62,863,941 € 22.46 Class U$acc 3,145 $ 10.48 3,131 $ 10.44 2,993 $ 9.98 Class U€acc 8,638,110 € 10.52 7,998,403 € 10.49 10,942,639 € 10.05 Class U£acc 3,071 £ 10.59 3,031 £ 10.54 3,072 £ 10.05 Class U£inc 406,397 £ 9.80 2,028,749 £ 9.94 3,072 £ 9.78 Class V$inc 1,486,183 $ 9.20 558,524 $ 9.36 9,835 $ 9.41 Class VAUD$inc 391,163 AUD$ 9.58 163,279 AUD$ 9.66 2,579 AUD$ 9.62 Class Z$acc 73,471,500 $ 104.38 92,943,293 $ 103.52 — —

Janus Capital Funds Plc / 30 June 2015 255 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus Global Flexible Income Fund Class A$acc $ 6,959,456 $ 9.69 $ 5,842,970 $ 10.03 $ 2,451,006 $ 9.64 Class A€acc 3,561,937 € 9.51 4,084,912 € 9.89 2,619,846 € 9.52 Class E€acc 524,068 € 9.50 422,645 € 9.91 127,369 € 9.60 Class E€inc 1,528,530 € 8.83 1,448,630 € 9.31 118,502 € 9.33 Class I$inc 2,492,629 $ 9.34 2,566,943 $ 9.68 2,440,838 $ 9.43 Class I€acc 8,184,879 € 9.80 7,021,979 € 10.13 2,583,090 € 9.64 Class U$acc 3,066 $ 10.22 3,155 $ 10.52 2,997 $ 9.99 Class U€acc 14,647 € 10.21 16,433 € 10.55 3,058 € 10.06 Class U£acc 2,923 £ 10.08 2,986 £ 10.38 3,010 £ 9.85 Class U£Uinc 2,923 £ 9.49 2,986 £ 9.84 3,010 £ 9.57

Janus Global High Yield Fund Class A$acc $ 2,404,033 $ 12.60 $ 2,461,776 $ 12.34 $ 1,958,418 $ 12.55 Class A$inc 5,519,469 $ 9.68 7,359,891 $ 9.81 1,949,101 $ 10.66 Class A€acc 2,269,934 € 12.36 4,200,817 € 12.16 5,992,926 € 12.38 Class A€inc 16,452,179 € 9.50 19,163,951 € 9.68 20,015,993 € 10.54 Class AAUD$inc 3,142 AUD$ 10.58 3,225 AUD$ 10.70 3,498 AUD$ 11.45 Class B$acc 4,004 $ 12.02 3,942 $ 11.83 4,047 $ 12.15 Class B$inc 3,281 $ 10.06 3,230 $ 10.08 3,316 $ 10.70 Class B€inc 3,638 € 10.27 3,905 € 10.34 4,569 € 11.00 Class E€acc 500,467 € 12.14 918,400 € 11.99 1,324,537 € 12.22 Class E€inc 7,302,468 € 9.81 10,529,318 € 10.02 9,902,349 € 10.96 Class I$acc 3,654 $ 13.17 3,563 $ 12.84 3,588 $ 12.93 Class I$inc 1,390,186 $ 10.06 1,392,809 $ 10.09 1,149,704 $ 10.71 Class IAUD$inc 3,250 AUD$ 10.59 3,321 AUD$ 10.71 3,567 AUD$ 11.46 Class I€acc 10,965 € 3.29 2,864,960 € 12.93 8,837 € 13.11 Class I€inc 4,941 € 10.38 5,253 € 10.46 5,926 € 10.94 Class U£acc 3,241 £ 11.18 3,133 £ 10.89 3,340 £ 10.93 Class U£inc 3,241 £ 9.74 3,133 £ 9.77 3,340 £ 10.36 Class Z$inc 29,529,866 $ 98.42 29,607,918 $ 98.68 31,139,198 $ 103.79

Janus Global Investment Grade Bond Fund Class A$acc $ 3,267,955 $ 10.99 $ 4,518,246 $ 11.46 $ 1,532,652 $ 11.25 Class A$inc 8,902,271 $ 9.74 8,038,438 $ 10.33 1,430,664 $ 10.56 Class A€acc 1,503,203 € 10.86 2,131,584 € 11.38 2,223,714 € 11.20 Class A€inc 2,515,023 € 9.63 5,315,802 € 10.26 5,381,617 € 10.51 Class B$acc 3,423 $ 10.49 3,586 $ 10.99 917,033 $ 10.90 Class B$inc 3,423 $ 10.15 3,586 $ 10.64 974,069 $ 10.61 Class B€inc 2,810 € 9.99 3,210 € 10.53 974,747 € 10.57 Class E€acc 458,970 € 10.32 739,845 € 10.83 636,658 € 10.71 Class E€inc 1,143,224 € 9.41 2,081,717 € 10.06 1,547,079 € 10.36 Class I$acc 1,855,216 $ 11.59 3,075,030 $ 12.02 3,306,685 $ 11.67 Class I$inc 91,210 $ 10.16 95,564 $ 10.65 1,060,636 $ 10.62 Class I£inc 12,185,123 £ 9.26 9,396,776 £ 9.71 — — Class I€acc 8,191 € 10.71 18,297 € 11.02 1,181,488 € 11.54 Class I€inc 4,057 € 10.01 4,587 € 10.54 1,043,455 € 10.58 Class Z$inc 30,383,643 $ 101.27 31,359,396 $ 104.52 31,327,817 $ 104.41

256 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus High Yield Fund Class A$acc $ 43,078,925 $ 24.68 $ 53,874,083 $ 24.01 $ 102,471,096 $ 24.15 Class A$inc 60,489,426 $ 8.75 64,631,015 $ 8.81 64,789,124 $ 9.50 Class A€acc 28,837,380 € 27.40 36,580,725 € 26.74 66,377,563 € 26.93 Class AAUD$acc 2,722 AUD$ 11.05 2,772 AUD$ 10.64 2,973 AUD$ 10.44 Class AAUD$inc 3,144,663 AUD$ 10.36 3,152,998 AUD$ 10.39 11,946,519 AUD$ 11.09 Class AHKD$acc 224,472 HKD$ 12.45 218,407 HKD$ 12.12 143,743 HKD$ 12.19 Class AHKD$inc 7,229,677 HKD$ 9.83 8,477,594 HKD$ 9.90 181,086 HKD$ 10.68 Class ARMB(CNH)inc 183,194 CNH 10.17 180,832 CNH 10.06 920,216 CNH 10.62 Class B$acc 1,273,010 $ 21.18 1,928,858 $ 20.71 1,896,335 $ 21.03 Class B$inc 53,120,848 $ 9.17 58,352,858 $ 9.13 81,645,967 $ 9.64 Class B€inc 8,927,887 € 9.38 11,329,701 € 9.37 17,865,276 € 9.91 Class E€acc 508,159 € 12.11 695,490 € 11.84 1,282,738 € 11.97 Class E€inc 10,496,144 € 9.73 11,636,336 € 9.83 12,557,697 € 10.66 Class I$acc 52,321,327 $ 15.64 72,749,718 $ 15.13 60,746,378 $ 15.05 Class I$inc 311,231,003 $ 9.18 351,371,246 $ 9.14 489,418,027 $ 9.65 Class I€acc 55,287,621 € 23.44 55,191,707 € 22.72 55,319,651 € 22.62 Class IAUD$inc 4,526 AUD$ 15.11 4,585 AUD$ 14.95 3,506 AUD$ 11.26 Class IRMB(CNH)inc 3,959 CNH 10.43 3,761 CNH 10.27 3,756 CNH 10.72 Class U£acc 3,256 £ 11.23 3,122 £ 10.85 3,292 £ 10.77 Class U£inc 3,256 £ 9.70 3,122 £ 9.65 3,293 £ 10.17 Class V$inc 6,572,256 $ 9.22 474,519 $ 9.29 10,863 $ 10.02 Class VAUD$inc 2,895,701 AUD$ 9.55 316,236 AUD$ 9.51 9,640 AUD$ 10.01 Class Z$acc 84,799,309 $ 117.22 81,711,045 $ 112.95 80,579,336 $ 111.39

Janus Global Unconstrained Bond Fund Class A$acc $ 54,040,164 $ 9.93 $ 43,563,285 $ 10.01 — — Class A$inc 3,699,988 $ 9.76 2,301,981 $ 9.97 — — Class A€acc 7,293,396 € 9.88 1,875,919 € 9.99 — — Class AAUD$inc 2,949 AUD$ 9.82 — — — — Class A€inc 1,040,375 € 9.78 258,531 € 10.02 — — Class ACAD$inc 2,972 CAD$ 9.81 — — — — Class ACHFacc 491,384 CHF 9.87 9,499 CHF 10.02 — — Class ACHFinc 9,946 CHF 9.74 9,499 CHF 10.01 — — Class AHKD$acc 2,953 HKD$ 9.76 — — — — Class ARMB(CNH)inc 3,023 CNH 9.87 — — — — Class ASGDinc 9,370 SGD$ 9.81 9,574 SGD$ 9.98 — — Class E€acc 4,537,561 € 10.00 9,455 € 10.01 — — Class E€inc 2,938,876 € 9.80 45,634 € 10.00 — — Class I€acc 37,005,042 € 9.97 9,941,666 € 10.02 — — Class I$acc 64,273,548 $ 10.01 19,218,799 $ 10.04 — — Class U$acc 9,978 $ 9.98 9,996 $ 10.00 — — Class U$inc 109,181 $ 9.86 9,996 $ 9.97 — — Class U€acc 8,699 € 10.00 9,484 € 10.04 — — Class U£acc 132,043 £ 9.97 9,644 £ 10.01 — — Class U£inc 9,974 £ 10.15 9,644 £ 10.34 — — Class UU£inc 9,712 £ 9.88 9,992 £ 9.98 — —

Janus Capital Funds Plc / 30 June 2015 257 Notes to the Financial Statements

30 June 2015 31 December 2014 31 December 2013

NAV Per NAV Per NAV Per Net Assets Share Net Assets Share Net Assets Share

Janus US Short-Term Bond Fund Class A$acc $ 222,311,549 $ 16.57 $ 284,347,177 $ 16.52 $ 264,391,461 $ 16.52 Class A$inc 33,166,944 $ 11.18 39,784,224 $ 11.17 29,447,336 $ 11.24 Class A€acc 21,843,925 € 18.53 35,323,886 € 18.51 54,777,431 € 18.55 Class AAUD$inc 2,597 AUD$ 10.17 2,710 AUD$ 10.11 2,891 AUD$ 10.09 Class ACHFinc 2,123,905 CHF 9.78 2,428,832 CHF 9.87 2,344,611 CHF 9.97 Class B$acc 856,297 $ 14.62 978,767 $ 14.63 1,150,140 $ 14.74 Class B$inc 4,856,335 $ 11.15 5,277,551 $ 11.16 6,208,510 $ 11.25 Class E€acc 854,154 € 10.16 1,080,615 € 10.15 1,643,628 € 10.23 Class E€inc 474,175 € 9.44 670,060 € 9.61 811,521 € 9.95 Class I$acc 57,501,455 $ 10.34 40,732,762 $ 10.28 11,739,687 $ 10.23 Class I$inc 69,619,815 $ 11.21 88,731,289 $ 11.20 59,827,829 $ 11.28 Class I€acc 8,459,705 € 12.56 11,479,248 € 12.46 11,246,571 € 12.47 Class I£acc 3,778 £ 12.94 3,106,256 £ 10.20 1,680,426 £ 10.13 Class I£inc 1,665 £ 5.47 2,428,455 £ 9.88 4,380,460 £ 9.93 Class ICHFinc 2,434 CHF 7.90 53,211 CHF 9.96 228,473 CHF 10.06 Class U$acc 1,247,276 $ 10.12 1,144,694 $ 10.06 205,831 $ 10.01 Class U$inc 258,680 $ 9.93 367,830 $ 9.93 120,034 $ 9.99 Class U£acc 2,994 £ 10.32 2,951 £ 10.26 3,113 £ 10.19 Class U£inc 2,908 £ 9.71 2,866 £ 9.70 173,985 £ 10.05 Class Z$acc 13,832 $ 102.58 69,975,460 $ 101.59 26,133,421 $ 100.25

15. CAPITAL SHARE TRANSACTIONS

For the period ended 30 June 2015

€ € € € Janus Asia Frontier Class A$acc Class A acc Class AAUD$acc Class ACAD$acc Class AHKD$acc Class ARMB(CNH)acc Class E acc Class I$acc Class I acc Class IRMB(CNH)acc Class U acc Class U£acc Markets Fund Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Hedged Shares Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares At beginning of the year . . . . . 12,500 9,846 14,240 13,935 96,965 76,886 9,846 162,500 9,846 76,886 9,846 7,699 Share issued ...... 1,055 — — — — — — — — — — — Share redeemed...... —————— ———— —— At end of period ...... 13,555 9,846 14,240 13,935 96,965 76,886 9,846 162,500 9,846 76,886 9,846 7,699

€ € € Janus Asia Growth Class A$acc Class A acc Class AAUD$acc Class ACAD$acc Class AKH$acc Class ARMB(CNH)acc Class E acc Class I$acc Class I$acc Class IRMB(CNH)acc Class U acc Class U£acc Drivers Fund Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares At beginning of the year . . . . . 12,500 9,734 13,987 13,691 96,819 76,716 9,734 162,500 9,734 76,716 9,734 7,679 Share issued ...... —— — — — — — — — — —— Share redeemed...... —— — — — — — — — — —— At end of period ...... 12,500 9,734 13,987 13,691 96,819 76,716 9,734 162,500 9,734 76,716 9,734 7,679

Class A$acc Class E€acc Class I$acc Class I€acc Class U£acc Class Z$inc Janus Asia Fund Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 61,329 1,440 3,160 225 185 1,000,032 Share issued ...... 27,788 5,228 — 17,215 — — Share redeemed...... (16,321) (900) — — — — At end of period ...... 72,796 5,768 3,160 17,440 185 1,000,032

Class A$acc Class A$inc Class A€acc Class A€inc Class AAUD$acc Class AAUD$inc Class ACAD$inc Class AHKD$acc Class AHKD$inc Class ARMB(CNH)inc Class B$acc Class E€acc Class E€inc Class I$acc Janus Balanced Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 12,195,905 4,974,997 3,001,300 274,194 11,606 1,353,978 582,301 248,319 12,804,761 125,440 541,736 631,546 129,173 5,357,343 Share issued ...... 5,932,069 5,721,429 592,863 180,334 2,682 1,868,307 3,121,957 98,693 20,392,555 876,953 88,656 119,609 86,711 962,396 Share redeemed...... (3,689,146) (4,214,930) (884,498) (130,646) (8,475) (2,039,934) (211,689) (111,529) (16,784,837) (599,132) (105,426) (146,325) (35,993) (542,246) At end of period ...... 14,438,828 6,481,496 2,709,665 323,882 5,813 1,182,351 3,492,569 235,483 16,412,479 403,261 524,966 604,830 179,891 5,777,493

Class I$inc Class I€acc Class I€inc Class V$inc Class VAUD$inc Janus Balanced Fund Shares Shares Shares Shares Shares At beginning of the year . . . . . 308 1,114,703 227 4,822 338 Share issued ...... 3 1,134,826 3 299,971 10 Share redeemed...... — (321,053) — (1,833) — At end of period ...... 311 1,928,476 230 302,960 348

258 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Class A$acc Class A€acc Class B$acc Class E€acc Class I$acc Class I€acc Class U£acc Class Z€inc Janus Emerging Markets Fund Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 130,900 98,150 100,000 209 100,000 73,368 185 — Share issued ...... 1,790 4,566 — 4,515 — — — 600,000 Share redeemed...... (6,217) (10,571) (1,744) — — — — — At end of period ...... 126,473 92,145 98,256 4,724 100,000 73,368 185 600,000

Class A$acc Class A€acc Class ASEKacc Class E€acc Class I€acc Class ISEKacc Class U$acc Class U€acc Class Z€acc Class Z€inc Janus Europe Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 1,324,328 832,398 1,945 114,669 2,429,708 7,104,690 300 917 563,466 548,059 Share issued ...... 350,718 163,447 — 17,510 253,066 — — 102 — — Share redeemed...... (571,396) (328,401) — (33,337) (869,163) — — — (50,458) — At end of period ...... 1,103,650 667,444 1,945 98,842 1,813,611 7,104,690 300 1,019 513,008 548,059

Class A$acc Class A€acc Class AAUD$acc Class AHKD$acc Class ARMB$acc Class B$acc Class E$acc Class E€acc Class I$acc Class I$acc Hedged Class I€acc Hedged Class U$acc Class U$inc Janus Global Life Sciences Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 12,501,186 2,702,026 371,947 — 1,849 789,975 23,630 40,345 7,330,355 4,557 287,029 1,435,649 111,214 Share issued ...... 31,447,151 1,344,086 7,762,496 5,269,740 172,900 378,524 262,242 103,358 15,882,315 30,038 827,321 590,596 2,086,040 Share redeemed...... (20,357,921) (1,101,056) (6,284,908) (2,482,493) — (197,636) (17,339) (35,199) (1,897,495) (9,677) (22,118) (25,141) (1,045,253) At end of period ...... 23,590,416 2,945,056 1,849,535 2,787,247 174,749 970,863 268,533 108,504 21,315,175 24,918 1,092,232 2,001,104 1,152,001

Class U€acc Hedged Class U€acc Class U£inc Class U£acc Janus Global Life Sciences Fund Shares Shares Shares Shares At beginning of the year . . . . . 79,384 234 355,046 82,120 Share issued ...... 5,982 728 224,099 35,094 Share redeemed...... (9,951) (728) (21,681) (3,825) At end of period ...... 75,415 234 557,464 113,389

Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U£acc Class Z$inc Janus Global Research Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 28,611 307 67,015 513 28,177 2,624 474 441 185 300,030 Share issued ...... 26,339 — 9,017 — 13,977 — — — — — Share redeemed...... (15,636 ) — (25,083 ) — (15,774 ) — — — — — At end of period ...... 39,314 307 50,949 513 26,380 2,624 474 441 185 300,030

Class A$acc Class A€acc Class AAUD$acc Class AHKD$acc Class ARMB$acc Class B$acc Class I$acc Class I€acc Class U$acc Class U€acc Janus Global Technology Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 5,282,022 1,094,287 63,100 151,854 2,497 1,059,373 2,597,899 236,691 3,146 82,445 Share issued ...... 7,635,944 146,828 3,604,562 6,395,967 1,231,268 865 549,673 13,722 1 — Share redeemed...... (8,085,938) (610,809) (3,376,678) (6,078,178) (1,019,493) (54,129) (1,813,970) (74,143) (2,847) (1) At end of period ...... 4,832,028 630,306 290,984 469,643 214,272 1,006,109 1,333,602 176,270 300 82,444

€ € € Janus Japan Emerging Class A$acc Class A acc Class AAUD$acc Class ACAD$acc Class AHKD$acc Class ARMB(CNH)acc Class E acc Class I$acc Class I$acc Class IJPYacc Class IRMB(CNH)acc Class U acc Class U£acc Opportunities Fund Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Hedged Shares Hedged Shares At beginning of the year . . . . . 11,538 9,089 13,144 12,863 89,503 70,969 9,089 11,544 9,089 162,593 70,969 9,089 7,106 Share issued ...... — — — — — — 824 — — — — — — Share redeemed...... — — — — — — ————— —— At end of period ...... 11,538 9,089 13,144 12,863 89,503 70,969 9,913 11,544 9,089 162,593 70,969 9,089 7,106

A$acc A€acc AAUD$acc ACAD$acc AHKD$acc ARMB(CNH)acc E€acc I$acc I$acc IJPYacc IRMB(CNH)acc U€acc U£acc Janus Japan Fund Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Hedged Shares Hedged At beginning of the year . . . . . 7,692 6,059 8,763 8,575 59,668 47,313 6,059 7,696 6,059 108,395 47,313 6,059 4,738 Share issued ...... ————————————— Share redeemed...... ————————————— At end of period ...... 7,692 6,059 8,763 8,575 59,668 47,313 6,059 7,696 6,059 108,395 47,313 6,059 4,738

Class A$acc Class A$dis Class A€acc Class ARMB (CNH)acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc Janus Opportunistic Alpha Fund Shares Shares Hedged Shares Hedged Shares Shares Hedged Shares Shares Shares Hedged Shares Shares Hedged Shares Shares At beginning of the year . . . . . 2,914,917 18,033 669,151 1,849 429,421 2,462 805,045 10,038 12,997 22,280 3,088 185 Share issued ...... 670,958 — 30,188 — 22,191 181 273,607 85,543 7,664 — — — Share redeemed...... (1,486,900) — (182,686) — (198,326) (425) (454,927) (3,767) (16,180) (8,110) — — At end of period ...... 2,098,975 18,033 516,653 1,849 253,286 2,218 623,725 91,814 4,481 14,170 3,088 185

Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc Janus US Fund Shares Hedged Shares Shares Shares Hedged Shares At beginning of the year . . . . . 20,411 17,292 20,000 20,000 14,674 Share issued ...... 9,414 13,095 — — — Share redeemed...... (5,700) (410) — — — At end of period ...... 24,125 29,977 20,000 20,000 14,674

Janus Capital Funds Plc / 30 June 2015 259 Notes to the Financial Statements

Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc Class Z$inc Janus US Research Fund Shares Shares Hedged Shares Shares Shares Shares Hedged Shares Shares

At beginning of the year . . . . . 521,000 27,131 67,200 17,041 12,821 13,415 287 1,300,030 Share issued ...... 166,284 2 158 — 147,351 — — — Share redeemed...... (212,365) (23,620) (12,052) (1,901) (137,556) — — — At end of period ...... 474,919 3,513 55,306 15,140 22,616 13,415 287 1,300,030

Class A$acc Class A$dis Class A€acc Class ARMB (CNH)acc Class AAUD$acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc Janus US Twenty Fund Shares Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Shares Shares Hedged Shares Shares Hedged Shares Shares At beginning of the year . . . . . 5,703,531 327 1,665,223 1,849 318 695,668 15,145 7,040,644 301 36,235 14,050 4,856 185 Share issued ...... 2,382,540 — 72,520 — 109,608 15,021 1,510 1,565,160 — — 270 — — Share redeemed...... (2,593,738) — (294,971) — (97,534) (123,113) (3,837) (1,207,627) — (2,921) (1,404) — — At end of period ...... 5,492,333 327 1,442,772 1,849 12,392 587,576 12,818 7,398,177 301 33,314 12,916 4,856 185

Class A$acc Class A$dis Class A€acc Class AAUD$acc Class B$acc Class I$acc Class I$dis Class I€acc Hedged Class U$acc Class U€acc Class U£acc Class Z$acc Class Z€acc Janus US Venture Fund Shares Shares Hedged Shares Hedged Shares Shares Shares Shares Shares Shares Hedged Shares Shares Shares Shares

At beginning of the year . . . . . 4,110,701 79,484 798,140 318 174,359 856,796 1,817 690,673 300 221 463,975 593,076 250,022 Share issued ...... 5,548,959 26,761 111,760 60,043 39,696 3,197,510 — 54,546 94,950 21,101 485 1 — Share redeemed...... (4,692,074)(40,040) (236,446) (33,235) (54,144) (897,978) — (49,598) — (21,101) — (593,050) — At end of period ...... 4,967,586 66,205 673,454 27,126 159,911 3,156,328 1,817 695,621 95,250 221 464,460 27 250,022

Class A$acc Class A€acc Hedged Class B$acc Class E€acc Hedged Class I$acc Class I€acc Hedged Class U$acc Class U€acc Hedged Class Z$inc Perkins Global Value Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 221,434 135,341 469 12,434 536 121,095 300 221 1,432,850 Share issued ...... 29,993 18,717 — 2,208 3 925 — — — Share redeemed...... (60,603) (36,498) — (6,177) (4) (119,959) — — — At end of period ...... 190,824 117,560 469 8,465 535 2,061 300 221 1,432,850

Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Hedged Class I€acc Class U$acc Class U€acc Class U£acc Perkins US Strategic Value Fund Shares Shares Hedged Shares Shares Hedged Shares Shares Shares Shares Shares Shares Hedged Shares Shares At beginning of the year . . . . . 6,115,959 720,520 1,792,143 107,489 8,586 9,974,497 76,608 865,938 234 54,509 58,342 185 Share issued ...... 318,583 848 59,574 — 3,378 818,546 — 126,902 — 927 — — Share redeemed...... (2,579,779) (171,666) (478,737) (9,285) (4,909) (4,802,832) (4,040) (268,036) — (10,066) — — At end of period ...... 3,854,763 549,702 1,372,980 98,204 7,055 5,990,211 72,568 724,804 234 45,370 58,342 185

INTECH All-World Minimum Class Z£acc Variance Core Fund(a) Shares At beginning of the year . . . . . — Share issued ...... 5,100,000 Share redeemed...... — At end of period ...... 5,100,000

Class A€acc Class Z€inc INTECH European Core Fund Shares Shares At beginning of the year . . . . . 253 815,022 Share issued ...... —— Share redeemed...... —— At end of period ...... 253 815,022

INTECH Global All Country Class Z£acc Low Volatility Fund Shares At beginning of the year . . . . . 1,012,587 Share issued ...... — Share redeemed...... — At end of period ...... 1,012,587

€ € € € € € € € INTECH Global Dividend Fund Class A$acc Class A$inc Class A acc Class A inc Class E acc Class E inc Class I$acc Class I$inc Class I acc Class I inc Class U$acc Class U acc Class U£inc Class Z U Shares Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Shares Shares Hedged Shares Hedged Shares Shares Hedged Shares Shares Shares At beginning of the year . . . . . 22,961 34,562 3,466 15,717 2,072 10,263 127,634 311 234 243 300 221 205 24 Share issued ...... 9,607 921 932 3,001 — 1,980 — 3 — 2 — — 2 — Share redeemed...... (1,588) (22,843) (961) (11,680) (1,838) (5,076) — — — — — — — — At end of period ...... 30,980 12,640 3,437 7,038 234 7,167 127,634 314 234 245 300 221 207 24

Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc INTECH US Core Fund Shares Shares Hedged Shares Shares Shares Shares Hedged Shares Shares Hedged Shares Shares At beginning of the year . . . . . 1,729,752 2,621 411,385 11,246 2,180,453 1,537 1,832,655 300 221 185 Share issued ...... 512,834 — 65,076 24 650,516 — 1,780,457 — — — Share redeemed...... (550,669) — (116,997) (1,003) (245,924) (630) (1,808,832) — — — At end of period ...... 1,691,917 2,621 359,464 10,267 2,585,045 907 1,804,280 300 221 185

260 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

€ € € € Janus Global Diversified Class A$acc Class A acc Class ACHFacc Class ASEKacc Class E acc Class I$acc Class I acc Class ICHFacc Class ISEKacc Class U$acc Class U acc Class U£acc Alternatives Fund Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Hedged Shares At beginning of the year . . . . . 41,525 12,172 14,507 104,822 12,172 18,548 15,806 14,507 104,822 16,600 12,172 9,733 Share issued ...... 10,880 15,262 — — — — 6,407 — — — — — Share redeemed...... (5,518) — — — — — (1,795) — — — — — At end of period ...... 46,887 27,434 14,507 104,822 12,172 18,548 20,418 14,507 104,822 16,600 12,172 9,733

Class A$acc Class A$inc Class A€acc Class AAUD$inc Class ARMB (CNH)acc Class B$acc Class B$inc Class E€acc Class E€inc Class I$inc Class I€acc Class U£inc Class U£inc Janus Global Real Estate Fund Shares Shares Hedged Shares Hedged Shares Hedged Shares Shares Shares Hedged Shares Hedged Shares Shares Shares Hedged Shares Shares At beginning of the year . . . . . 1,737,026 82,698 513,760 332 1,849 26,460 3,725 3,937 3,875 8,852,152 1,650 22,240 103,523 Share issued ...... 614,042 51,213 72,379 162 — 525 — 2,512 8 610,196 1 17,410 234,071 Share redeemed...... (633,950) (33,693) (184,445) — — (7,289) (2,323) (1,748) — (2,122,162) (1,501) (3,892) (1,660) At end of period ...... 1,717,118 100,218 401,694 494 1,849 19,696 1,402 4,701 3,883 7,340,186 150 35,758 335,934

Class A$acc Class A$inc Class A€acc Class AAUD$acc Class AAUD$inc Class AHKD$acc Class AHK$inc Class ARMB(CNH)inc Class B$acc Class B$inc Class B€inc Janus Flexible Income Fund Shares Shares Hedged Shares Hedged Shares Hedged Shares Shares Shares Hedged Shares Shares Shares Hedged Shares At beginning of the year . . . . . 4,072,970 2,657,993 4,676,823 319 236,219 2,329 452,480 1,983 149,837 548,084 51,136 Share issued ...... 1,173,117 986,341 506,492 — 890,492 — 208,924 32 30,965 2,698 46 Share redeemed...... (1,108,118) (1,195,909) (1,129,421) — (394,769) — (327,907) — (69,749) (236,243) (6,268) At end of period ...... 4,137,969 2,448,425 4,053,894 319 731,942 2,329 333,497 2,015 111,053 314,539 44,914

Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class U$acc Class U€acc Class U£acc Class U£inc Class V$inc Class VAUD$inc Class Z$acc Janus Flexible Income Fund Hedged Shares Hedged Shares Shares Shares Hedged Shares Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Shares At beginning of the year . . . . . 690,821 1,724,915 2,385,686 37,378,347 2,983,803 300 630,267 185 130,909 59,648 20,702 897,789 Share issued ...... 58,617 129,056 16,816,495 2,077,714 492,097 — 149,481 — 26,197 135,387 34,711 7,862 Share redeemed...... (214,098) (462,300) (1,140,097) (3,268,918) (2,020,692) — (43,273) — (130,715) (33,507) (2,484) (201,782) At end of period ...... 535,340 1,391,671 18,062,084 36,187,143 1,455,208 300 736,475 185 26,391 161,528 52,929 703,869

€ € € € € Janus Global Flexible Class A$acc Class A acc Class E acc Class E inc Class I$inc Class I acc Class U$acc Class U acc Class U£acc Class U£inc Income Fund Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Shares Hedged Shares Hedged Shares Hedged Shares At beginning of the year . . . . . 582,723 341,480 35,261 128,563 265,066 573,072 300 1,287 185 195 Share issued ...... 246,028 62,033 25,988 63,147 1,944 228,731 — — — 1 Share redeemed...... (110,245) (67,662) (11,785) (36,330) — (52,585) — — — — At end of period ...... 718,506 335,851 49,464 155,380 267,010 749,218 300 1,287 185 196

€ € € € € Janus Global High Class A$acc Class A$inc Class A acc Hedged Class A inc Hedged Class AAUD$inc Class B$acc Class B$inc Class B inc Hedged Class E acc Hedged Class E inc Hedged Class I$acc Class I$inc Yield Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 199,433 750,093 285,620 1,636,252 369 333 321 312 63,322 868,637 277 138,094 Share issued ...... 47,597 101,068 31,076 113,382 16 — 5 6 2,331 75,458 — 66 Share redeemed...... (56,230) (280,689) (151,930) (196,173) — — — — (28,676) (276,475) — — At end of period ...... 190,800 570,472 164,766 1,553,461 385 333 326 318 36,977 667,620 277 138,160

€ € Janus Global High Class IAUD$inc Hedged Class I acc Hedged Class I inc Hedged Class U£acc Hedged Class U£inc Hedged Class Z$inc Yield Fund Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 380 183,187 415 185 206 300,036 Share issued ...... 18 2,500 12 — 6 1 Share redeemed...... — (182,698) — — — — At end of period ...... 398 2,989 427 185 212 300,037

€ € € € € Janus Global Investment Class A$acc Class A$inc Class A acc Class A inc Class B$acc Class B$inc Class B inc Hedge Class E acc Hedged Class E inc Hedged Class I$acc Class I$inc Grade Bond Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 394,379 778,011 154,815 428,082 326 337 252 56,482 170,980 255,789 8,973 Share issued ...... 27,113 365,860 30,713 33,111 — — — 1,822 6,838 188,818 3 Share redeemed...... (124,152) (230,236) (61,339) (226,849) — — — (18,399) (68,851) (284,604) — At end of period ...... 297,340 913,635 124,189 234,344 326 337 252 39,905 108,967 160,003 8,976

€ € Janus Global Investment Class I acc Hedged Class I inc Hedged Class I£inc Hedged Class Z$inc Grade Bond Fund Shares Shares Shares Shares At beginning of the year . . . . . 1,372 360 621,072 300,035 Share issued ...... 382 4 238,369 — Share redeemed...... (1,068) — (21,950) — At end of period ...... 686 364 837,491 300,035

Janus Capital Funds Plc / 30 June 2015 261 Notes to the Financial Statements

Class A$acc Class A$inc Class A€acc Class AAUD$acc Class AAUD$inc Class AHK$acc Class AHKD$inc Class ARMB(CNH)inc Class B$acc Class B$inc Class B€inc Class E€acc Janus High Yield Fund Shares Shares Hedged Shares Hedged Shares Hedged Shares Shares Shares Hedged Shares Shares Shares Hedged Shares Hedged Shares At beginning of the year . . . . . 2,243,795 7,337,772 1,130,484 319 371,896 139,739 6,642,054 111,767 93,158 6,388,089 998,973 48,542 Share issued ...... 383,910 1,175,592 134,830 — 307,934 — 325,841 77 22,491 158,829 38,769 2,522 Share redeemed...... (881,999) (1,601,189) (320,994) — (286,389) — (1,266,992) — (55,531) (756,713) (184,115) (13,423) At end of period ...... 1,745,706 6,912,175 944,320 319 393,441 139,739 5,700,903 111,844 60,118 5,790,205 853,627 37,641

Class E€inc Class I$acc Class I$inc Class I€acc Class IAUD$inc Class IRMB(CNH)inc Class U£acc Class U£inc Class V$inc Class VAUD$inc Class Z$acc Janus High Yield Fund Hedged Shares Shares Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Hedged Shares Shares Hedged Shares Shares At beginning of the year . . . . . 977,966 4,808,426 38,450,618 2,007,394 376 2,277 185 208 51,096 40,740 723,409 Share issued ...... 71,485 1,126,436 4,704,183 1,150,336 12 78 — 6 664,865 365,926 — Share redeemed...... (81,342) (2,588,679) (9,241,503) (1,042,162) — — — — (3,491) (13,772) — At end of period ...... 968,109 3,346,183 33,913,298 2,115,568 388 2,355 185 214 712,470 392,894 723,409

€ € € € Janus Global Unconstrained Class A$acc Class A$inc Class A acc Class AAUD$inc Class A inc Class ACAD$inc Class ACHFacc Class ACHFinc Class AHKD$inc Class ARMB(CNH)inc Class ASGD$inc Class E acc Class E inc Class I$acc Bond Fund Shares Shares Hedged Shares Shares Shares Shares Hedged Shares Hedged Shares Shares Shares Hedged Shares Hedged Shares Hedged Shares Shares At beginning of the year . . . . . 4,353,665 230,986 155,270 — 21,334 — 942 943 — — 1,270 781 3,773 1,914,946 Share issued ...... 3,938,602 161,069 529,803 389 76,492 378 45,600 12 2,344 1,901 16 458,319 271,407 4,643,520 Share redeemed...... (2,848,224) (13,012) (22,940) — (2,432) — — — — — — (51,839) (6,050) (137,836) At end of period ...... 5,444,043 379,043 662,133 389 95,394 378 46,542 955 2,344 1,901 1,286 407,261 269,130 6,420,630

€ € Janus Global Unconstrained Class I acc Class U$acc Class U$inc Class U acc Class U£acc Class U£inc Class U£inc Bond Fund Shares Shares Shares Hedged Shares Hedged Shares Shares Hedged Shares At beginning of the year . . . . . 820,045 1,000 1,003 781 618 620 620 Share issued ...... 2,510,114 — 10,066 — 7,815 6 6 Share redeemed...... (446) — — — — — — At end of period ...... 3,329,713 1,000 11,069 781 8,433 626 626

Class A$acc Class A$inc Class A€acc Hedged Class AAUD$inc Hedged Class ACHFinc Hedged Class B$acc Class B$inc Class E€acc Hedged Class E€inc Hedged Class I$acc Class I$inc Janus US Short-Term Bond Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 17,214,561 3,561,084 1,577,123 328 244,491 66,910 473,029 87,994 57,653 3,961,401 7,919,528 Share issued ...... 1,624,692 446,284 330,618 3 10,194 9,887 5,110 39,281 8,149 3,439,403 1,532,794 Share redeemed...... (5,421,666) (1,039,637) (850,400) — (51,692) (18,218) (42,543) (51,890) (20,726) (1,838,238) (3,240,978) At end of period ...... 13,417,587 2,967,731 1,057,341 331 202,993 58,579 435,596 75,385 45,076 5,562,566 6,211,344

Class I€acc Hedged Class I£acc Hedged Class I£inc Hedged Class ICHFinc Hedged Class U$acc Class U$inc Class U£acc Hedged Class U£inc Class Z$acc Janus US Short-Term Bond Fund Shares Shares Shares Shares Shares Shares Shares Hedged Shares Shares At beginning of the year . . . . . 761,705 195,506 157,690 5,308 113,787 37,044 185 190 688,815 Share issued ...... 275,653 1 2 2 98,717 932 — 1 2 Share redeemed...... (433,258) (195,321) (157,498) (5,022) (89,232) (11,930) — — (688,682) At end of period ...... 604,100 186 194 288 123,272 26,046 185 191 135

For the period ended 30 June 2014

Class A$acc Class E€acc Class I$acc Class I€acc Class U£acc Class Z$inc Janus Asia Fund Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 28,612 1,415 3,160 225 185 1,000,031 Share issued ...... 21,603 ————— Share redeemed...... (2,655) ————— At end of period ...... 47,560 1,415 3,160 225 185 1,000,031

Class A$acc Class A$inc Class A€acc Class A€inc Class AAUD$acc Class AAUD$inc Class ACAD$inc Class ARMB(CNH)inc Class AHKD$acc Class AHKD$inc Class B$acc Janus Balanced Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 6,041,642 302 2,351,641 8,628 319 323 311 1,845 93,940 2,343 585,589 Share issued ...... 4,203,083 5,468,935 845,094 317,250 — 3,516,685 721,895 1,251,623 28,109 29,374,003 20,906 Share redeemed...... (2,029,684) (2,501,903) (415,544) (118,378) — (2,269,108) (254,480) (863,859) (46) (17,432,497) (41,338) At end of period ...... 8,215,041 2,967,334 2,781,191 207,500 319 1,247,900 467,726 389,609 122,003 11,943,849 565,157

Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class I€inc Class V$inc Class VAUD$inc Janus Balanced Fund Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 613,647 7,625 2,926,838 301 2,413,274 222 302 321 Share issued ...... 153,120 72,810 1,877,256 3 1,121,167348 Share redeemed...... (89,534) (2,382) (239,020) — (2,841,126) — — — At end of period ...... 677,233 78,053 4,565,074 304 693,315 225 306 329

262 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Class A$acc Class A€acc Class B$acc Class E€acc Class I$acc Class I€acc Class U£acc Janus Emerging Markets Fund Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 132,763 95,618 100,000 209 100,000 73,368 185 Share issued ...... 1,597 7,470————— Share redeemed...... (6,040) (7,279) ————— At end of period ...... 128,320 95,809 100,000 209 100,000 73,368 185

Class A$acc Class A€acc Class ASEKacc Class E€acc Class I€acc Class ISEKacc Class U$acc Class U€acc Class Z€acc Class Z€inc Janus Europe Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 452,112 375,269 1,945 154,743 4,217,987 — 300 221 339,878 — Share issued ...... 1,105,646 601,935 — 72,127 1,718,687 7,106,587 — — 46,768 350,000 Share redeemed...... (157,572) (146,112) — (52,754) (2,582,682) — — — (15,112) — At end of period ...... 1,400,186 831,092 1,945 174,116 3,353,992 7,106,587 300 221 371,534 350,000

Class A$acc Class A€acc Class AAUD$acc Class B$acc Class E$acc Class E€acc Class I$acc Class I€acc Class U$acc Class U€acc Class U£acc Janus Global Life Sciences Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 4,678,830 2,130,300 318 1,004,169 300 1,188 595,914 7,649 300 221 185 Share issued ...... 20,435,184 1,864,962 — 115,478 — 22,009 1,616,672 166,530 10,857 63,606 34,350 Share redeemed...... (13,245,308) (1,299,410) — (311,807) — (3,361) (1,211,196) (146,695) (1) (1) (1,600) At end of period ...... 11,868,706 2,695,852 318 807,840 300 19,836 1,001,390 27,484 11,156 63,826 32,935

Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U£acc Class Z$inc Janus Global Research Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 20,814 307 95,484 513 17,043 274,756 474 14,882 185 300,030 Share issued ...... 5,921 — 54,465 — 13,211 186———— Share redeemed...... (5,010) — (73,006) — (5,446) ————— At end of period ...... 21,725 307 76,943 513 24,808 274,942 474 14,882 185 300,030

Class A$acc Class A€acc Class AAUD$acc Class AHKD$acc Class ARMB(CNH)acc Class B$acc Class I$acc Class I€acc Class U$acc Class U€acc Janus Global Technology Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 4,829,306 1,884,458 — — — 1,340,554 2,147,214 282,211 300 221 Share issued ...... 4,040,737 634,711 429 3,104 2,497 13,121 1,041,892 21,794 2,847 82,224 Share redeemed...... (3,697,742) (866,008) — — — (143,625) (258,872) (61,947) (1) (1) At end of period ...... 5,172,301 1,653,161 429 3,104 2,497 1,210,050 2,930,234 242,058 3,146 82,444

Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc Janus US Fund Shares Shares Shares Shares Shares At beginning of the year . . . . . 20,609 15,386 20,000 20,000 14,674 Share issued ...... ——— — — Share redeemed...... ——— — — At end of period ...... 20,609 15,386 20,000 20,000 14,674

Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc Janus Opportunistic Alpha Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 2,878,869 23,637 847,142 452,687 2,972 485,948 10,038 4,567 300 221 185 Share issued ...... 697,067 — 61,751 3,329 1 227,561 — 1,586 23,172 2,867 — Share redeemed...... (842,309) (4,768) (188,404) (69,648) (2,150) (92,696) — (746) (3) — — At end of period ...... 2,733,627 18,869 720,489 386,368 823 620,813 10,038 5,407 23,469 3,088 185

Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc Class Z$inc Janus US Research Fund Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 937,751 33,754 70,531 43,604 8,989 15,739 287 1,300,030 Share issued ...... 51,466 219 9,218 — 4,367 688 — — Share redeemed...... (622,603) — (9,570) (18,359) — — — — At end of period ...... 366,614 33,973 70,179 25,245 13,356 16,427 287 1,300,030

Class A$acc Class A$dis Class A€acc Class AAUD$acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc Janus US Twenty Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 7,306,072 11,235 2,314,427 318 1,072,394 7,675 7,369,790 301 32,487 300 221 185 Share issued ...... 3,023,121 — 259,823 — 5,340 9,262 2,110,369 — 5,164 — 4,635 — Share redeemed...... (3,967,111) (9,783) (683,136) — (143,425) (3,732) (1,464,107) — (1,086) — — — At end of period ...... 6,362,082 1,452 1,891,114 318 934,309 13,205 8,016,052 301 36,565 300 4,856 185

Janus Capital Funds Plc / 30 June 2015 263 Notes to the Financial Statements

Class A$acc Class A$dis Class A€acc Class AAUD$acc Class B$acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc Class Z$acc Class Z€acc Janus US Venture Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 3,741,071 7,519 915,125 318 223,547 1,075,213 4,955 84,436 300 221 1,040,685 1,333,248 — Share issued ...... 3,064,223 17,620 365,392 — 17,719 736,861 2,409 54,266 — — 214,383 — 250,022 Share redeemed...... (3,619,021) (12,914) (384,783) — (65,093) (330,387) (1,760) (66,407) — — (586,434) (740,172) — At end of period ...... 3,186,273 12,225 895,734 318 176,173 1,481,687 5,604 72,295 300 221 668,634 593,076 250,022

Class A$acc Class A€acc Class B$acc Class E€acc Class I$acc Class I€acc Class U$acc Class U€acc Class Z$inc Perkins Global Value Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 89,970 85,592 469 2,189 112,556 310 300 221 1,122,250 Share issued ...... 79,569 96,912 — 7,569 30,548 780——— Share redeemed...... (8,526) (33,290) — (1,939) (142,569) ———— At end of period ...... 161,013 149,214 469 7,819 535 1,090 300 221 1,122,250

€ € € € € Perkins US Strategic Class A$acc Class A$dis Class A acc Class B$acc Class E acc Class I$acc Class I$dis Class I acc Class I Uacc Class U$acc Class U acc Class U£acc Value Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares

At beginning of the year . . . . . 8,809,870 1,462,982 2,624,561 110,153 5,871 14,343,110 80,037 1,183,465 234 300 221 185 Share issued ...... 1,392,393 24,348 186,033 3,376 536 1,988,261 334 462,401 — 61,426 63,470 — Share redeemed...... (2,964,232) (565,952) (716,925) (2,093) (1,279) (5,912,397) (1,312) (625,746) — (6) (3) — At end of period ...... 7,238,031 921,378 2,093,669 111,436 5,128 10,418,974 79,059 1,020,120 234 61,720 63,688 185

Class A€acc Class Z€inc INTECH European Core Fund Shares Shares At beginning of the year . . . . . —— Share issued ...... 253 815,021 Share redeemed...... —— At end of period ...... 253 815,021

Class A$acc Class A$inc Class A€acc Class A€inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class I€inc Class U$acc Class U€acc Class U£inc Class Z€Uacc INTECH Global Dividend Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 300 23,044 4,908 10,573 1,161 4,505 300 306 234 239 300 221 202 344,024 Share issued ...... 4,384 39,622 3,466 7,360 911 8,561 127,334 2 — 1 — — 1 234,061 Share redeemed...... — (15,283) (947) (4,011) — — — ——————(578,061) At end of period ...... 4,684 47,383 7,427 13,922 2,072 13,066 127,634 308 234 240 300 221 203 24

Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc INTECH US Core Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares

At beginning of the year . . . . . 1,621,552 2,621 551,542 14,049 2,277,891 307 1,405,302 300 221 185 Share issued ...... 528,951 — 86,246 — 236,732 — 554,358 — — — Share redeemed...... (528,842) — (172,069) (1,078) (73,629) — (344,510) — — — At end of period ...... 1,621,661 2,621 465,719 12,971 2,440,994 307 1,615,150 300 221 185

€ € € € Janus Global Diversified Class A CHF acc Class A$acc Class A acc Class ASEKacc Class E acc Class I$acc Class ICHFacc Class I acc Class ISEKacc Class U acc Class U$acc Class U£acc (Unhedged) Alternatives Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . — — — — — 200,000————— — Share issued ...... 14,507 16,600 12,172 104,822 12,172 — 14,507 12,172 104,822 12,172 16,600 9,733 Share redeemed...... — — — — — (181,452) ————— — At end of period ...... 14,507 16,600 12,172 104,822 12,172 18,548 14,507 12,172 104,822 12,172 16,600 9,733

Class A$acc Class A$inc Class A€acc Class AAUD$inc Class B$acc Class B$inc Class E€acc Class E€inc Class I$inc Class I€acc Janus Global Real Estate Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 1,390,816 111,187 878,163 320 89,806 3,499 234 235 13,854,702 3,550 Share issued ...... 382,559 16,793 27,872 6 — 226 2,434 1,831 614,237 150 Share redeemed...... (547,209) (60,832) (285,939) — (49,932) — — — (4,742,977) — At end of period ...... 1,226,166 67,148 620,096 326 39,874 3,725 2,668 2,066 9,725,962 3,700

Class A$acc Class A$inc Class A€acc Class AAUD$inc Class AAUD$acc Class AHKD$acc Class AHKD$inc Class ARMB(CNH)inc Class B$acc Class B$inc Class B€inc Class E€acc Janus Flexible Income Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 3,882,173 1,577,467 6,804,790 55,938 319 2,329 19,932 1,909 165,556 593,736 69,471 1,110,197 Share issued ...... 719,417 362,051 294,232 160,236 — — 403,721 37 2,891 886 — 48,426 Share redeemed...... (1,113,503) (418,948) (1,949,966) (47,950) — — (261,168) — (25,971) (68,110) (12,426) (400,762) At end of period ...... 3,488,087 1,520,570 5,149,056 168,224 319 2,329 162,485 1,946 142,476 526,512 57,045 757,861

264 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Class E€inc Class I$acc Class I$inc Class I€acc Class U$acc Class U€acc Class U£acc Class U£inc Class V$inc Class VAUD$inc Class ZAUD$acc Janus Flexible Income Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 1,945,522 1,946,089 50,501,283 2,035,040 300 791,744 185 190 1,045 300 — Share issued ...... 101,731 1,115,545 2,131,571 1,179,725 — 28,967 — 98,137 20 8 890,634 Share redeemed...... (305,972) (740,745) (3,541,135) (553,669) — (54,631) — — — — — At end of period ...... 1,741,281 2,320,889 49,091,719 2,661,096 300 766,080 185 98,327 1,065 308 890,634

€ € € € € Janus Global Flexible Class A$acc Class A acc Class E acc Class E inc Class I$inc Class I acc Class U$acc Class U acc Class U£acc Class U£inc Income Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 254,377 200,084 9,649 9,231 258,859 194,704 300 221 185 190 Share issued ...... 20,385 16,179 3,216 58,717 3,550 — — 1,066 — 3 Share redeemed...... (1,724) (7,049) (7,314) (6,829) — — ———— At end of period ...... 273,038 209,214 5,551 61,119 262,409 194,704 300 1,287 185 193

Class A$acc Class A$inc Class A€acc Class A€inc Class AAUD$inc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Janus Global High Yield Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 156,051 182,759 352,016 1,380,004 342 333 310 302 78,799 657,007 277 107,388 490 Share issued ...... 103,311 471,929 218,179 555,751 13 — 5 5 72,552 598,001 — 25,086 364,697 Share redeemed...... (55,650) (42,047) (143,335) (131,944) — — — — (49,764) (110,823) — — — At end of period ...... 203,712 612,641 426,860 1,803,811 355 333 315 307 101,587 1,144,185 277 132,474 365,187

Class I€inc Class IAUD$inc Class U£acc Class U£inc Class Z$inc Janus Global High Yield Fund Shares Shares Shares Shares Shares At beginning of the year . . . . . 394 349 185 195 300,034 Share issued ...... 5,363 15 — 5 1 Share redeemed...... ————— At end of period ...... 5,757 364 185 200 300,035

€ € € € € € € Janus Global Investment Class A$acc Class A$inc Class A acc Class A inc Class B$acc Class B$inc Class B inc Class E acc Class E inc Class I$acc Class I$inc Class I acc Class I inc Class Z$inc Grade Bond Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 136,258 135,495 144,317 372,062 84,142 91,766 67,028 43,225 108,513 283,407 99,840 74,426 71,692 300,034 Share issued ...... 145,156 357,932 79,220 133,400 — 421 305 16,519 83,150 29,255 47,488 111,124 1,102 — Share redeemed...... (10,638) (30,074) (36,331) (20,483) — — (2,393) (3,872) (18,429) (165,897) — (45,910) — — At end of period ...... 270,776 463,353 187,206 484,979 84,142 92,187 64,940 55,872 173,234 146,765 147,328 139,640 72,794 300,034

Class A$acc Class A$inc Class A€acc Class AAUD$inc Class AAUD$acc Class ARMB(CNH)inc Class AHKD$acc Class AHKD$inc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Janus High Yield Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 4,243,695 6,818,355 1,791,528 1,207,035 319 524,980 91,470 131,509 90,169 8,467,340 1,310,418 77,935 856,634 Share issued ...... 1,545,880 3,333,827 245,506 640,567 — 497,183 74,478 2,113,684 161,069 312,282 4,166 15,625 281,130 Share redeemed...... (1,324,188) (1,344,739) (447,546) (1,268,665) — (280,673) (41,798) (313,234) (18,524) (1,506,301) (196,804) (30,109) (45,759) At end of period ...... 4,465,387 8,807,443 1,589,488 578,937 319 741,490 124,150 1,931,959 232,714 7,273,321 1,117,780 63,451 1,092,005

Class I$acc Class I$inc Class I€acc Class IAUD$inc Class IRMB(CNH)inc Class U£acc Class U£inc Class V$inc Class VAUD$inc Class Z$acc Janus High Yield Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 4,036,207 50,730,721 1,777,498 349 2,123 185 195 1,084 1,070 723,409 Share issued ...... 2,624,326 7,450,369 1,179,305 78,045 76 — 6 39 47 — Share redeemed...... (476,282) (13,574,264) (447,689) (78,030) — — ———— At end of period ...... 6,184,251 44,606,826 2,509,114 364 2,199 185 201 1,123 1,117 723,409

€ € € € Janus US Short-Term Class A$acc Class A$inc Class A acc Class AAUD$inc Class ACHFinc Class B$acc Class B$inc Class E acc Class E inc Class I$acc Class I$inc Class I acc Class ICHFinc Class I£acc Bond Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 16,003,856 2,619,073 2,146,342 321 209,694 78,022 552,078 116,842 59,301 1,147,326 5,304,372 655,715 20,256 100,162 Share issued ...... 5,670,991 1,512,775 170,238 4 196,102 17,467 7,530 14,943 46,593 2,165,840 1,419,851 196,275 11 — Share redeemed...... (4,854,438) (420,760) (445,652) — (87,243) (34,163) (43,626) (9,950) (5,184) (648,910) (1,349,850) (242,138) (3,000) (3,956) At end of period ...... 16,820,409 3,711,087 1,870,928 325 318,553 61,326 515,981 121,834 100,710 2,664,256 5,374,373 609,852 17,267 96,205

Janus US Short-Term Class I £inc Class U$acc Class U$inc Class U£acc Class U£inc Class Z$acc Bond Fund Shares Shares Shares Shares Shares Shares At beginning of the year . . . . . 266,425 20,570 12,011 185 10,457 260,672 Shares issued ...... 38,127 88,217 24,732 — 1 2,095,618 Shares redeemed ...... (146,863) — — — (10,269) (187,665) At end of year ...... 157,689 108,787 36,742 185 189 2,168,625

Janus Capital Funds Plc / 30 June 2015 265 Notes to the Financial Statements

16 NET GAINS AND LOSSES ON FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the period ended 30 June 2015 and 30 June 2014. Janus Asia Frontier Janus Asia Growth Janus Asia Janus Balanced Markets Fund Drivers Fund Fund Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June For the periods ended 30 June 2015 and 30 June 2014 2015 2014 2015 2014 2015 2014 2015 2014

Net realised gain/(loss) Net realised (loss) on Investments ...... $(9,419) $— $(27,056) $— $9,234,141 $3,070,637 $3,391,283 $5,978,073 Net realised gain on Futures ...... ———————— Net realised gain on Options ...... ———————— Net realised gain on Swaps ...... ————3,689,827 (312,846) 193,779 — Net realised (loss) on Forward Currency Contracts ...... (64,582) — (43,819) — 26,705 17,972 (12,782,850) 100,685 Net realised (loss) on Foreign Exchange ...... (1,717) — (1,865) — (91,284) (31,168) (117,641) (103,749) Net unrealised gain/(loss) Net unrealised (loss) on Investments ...... 6,544 — 87,669 — (1,659,295) 2,453,011 (9,658,370) 10,875,444 Net unrealised gain/(loss) on Futures...... ———————— Net unrealised (loss)/gain on Options ...... ———————— Net unrealised gain/(loss) on Swaps...... ————(241,684) 646,659 — — Net unrealised (loss) on Forward Currency Contracts ...... 19,529 — 999 — (1,291) (13) 517,520 (110,210) Net unrealised (loss) on Foreign Exchange ...... ———————— Net gain on financial assets and liabilities at fair value through profit or loss ...... $(49,645) $— $15,928 $— $10,957,119 $5,844,252 $(18,456,279) $16,740,243

Janus Japan Emerging Janus Japan Janus Opportunistic Janus US Opportunities Fund Fund Alpha Fund Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June For the periods ended 30 June 2015 and 30 June 2014 2015 2014 2015 2014 2015 2014 2015 2014

Net realised gain/(loss) Net realised (loss) on Investments ...... ¥10,096,750 ¥— ¥13,735,752 ¥— $2,758,426 $16,657,849 $100,573 $135,748 Net realised gain on Futures ...... ———————— Net realised gain on Options ...... ——————(702) 1,356 Net realised gain on Swaps ...... ————18— 1(25) Net realised (loss) on Forward Currency Contracts ...... 1,820,981 — 1,091,981 — (1,514,061) (107,572) (56,075) (3,833) Net realised (loss) on Foreign Exchange ...... (13,192) — (19,612) — (15,511) 34,330 263 36 Net unrealised gain/(loss) Net unrealised (loss) on Investments ...... 48,876,174 — 17,946,904 — (4,535,382) (7,161,041) (9,552) (66,932) Net unrealised gain/(loss) on Futures...... ———————— Net unrealised (loss)/gain on Options ...... ——————(5,358) (1,007) Net unrealised gain/(loss) on Swaps...... ———————— Net unrealised (loss) on Forward Currency Contracts ...... (2,682,907) — (1,668,172) — 166,639 (19,260) 3,774 (1,202) Net unrealised (loss) on Foreign Exchange ...... ———————— Net gain on financial assets and liabilities at fair value through profit or loss ...... ¥58,097,806 ¥— ¥31,086,853 ¥— $(3,139,871) $9,404,306 $32,924 $64,141

266 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Janus Emerging Janus Europe Janus Global Life Janus Global Janus Global Markets Fund Fund Sciences Fund Research Fund Technology Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014

$193,531 $(3,089) €16,333,766 €8,492,739 $72,424,843 $17,249,761 $1,560,184 $587,677 $7,294,305 $5,570,900 — — (40,511) 41,907 —————— — — 870,978 568,978 ————23,189 64,009 97,617 2,676 2,558,554 — 180 574,966 (2,688) (12,115) 38 — (156,594) (8,761) 1,569,208 (252,603) (10,481,881) (151,451) (138,763) (3,272) (1,423,456) (120,724) (127,301) (3,244) (248,209) (5,985) (238,538) (8,808) (3,948) (185) (35,325) 2,513

191,762 345,061 12,032,367 (2,131,959) 116,453,245 10,810,250 145,537 1,619,787 (4,102,868) (1,243,860) — — 32,758 223,975 —————— — — 232,463 (60,004) ————(7,505) (24,267) 72,866 (4,338) (47,025) ——————— 14,033 (5,454) (172,827) (17,724) (180,429) 27,155 16,673 (2,330) 120,232 (92,722) ——————————

$285,914 $322,851 €33,121,522 €6,859,324 $177,977,420 $28,501,873 $1,576,995 $2,189,562 $1,868,610 $4,155,849

Janus US Janus US Janus US Perkins Global Perkins US Strategic Research Fund Twenty Fund Venture Fund Value Fund Value Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014

$5,526,835 $6,483,845 $40,636,632 $25,407,088 $17,595,663 $23,819,340 $1,218,616 $2,262,249 $34,238,737 $44,126,679 —————————— — — (300,992) ——————— (31,159) (43,999) 185 — 253 — (63,491) (10,270) 93 (317,495) (147,951) (6,076) (4,150,124) (169,235) (3,905,395) (55,566) 403,147 22,781 (5,208,251) (232,256) (71) 6 (17,076) (26,231) (1,203) (57,293) (79,670) (16,495) (12,922) (3,914)

(754,106) 4,152,195 (18,958,237) (18,161,475) 4,211,654 (18,414,427) (1,892,414) 7,532,680 (40,487,983) (14,736,682) —————————— — — 53,427 ——————— —————————— 16,691 (787) 459,738 (95,386) 220,976 (18,394) (229,839) (247,656) 612,659 (114,085) ——————————

$4,610,239 $10,585,184 $17,723,553 $6,954,761 $18,121,948 $5,273,660 $(643,651) $9,543,289 $(10,857,667) $28,722,247

Janus Capital Funds Plc / 30 June 2015 267 Notes to the Financial Statements

INTECH All-World Minimum INTECH European INTECH Global All Country INTECH Global Variance Core Fund(a) Core Fund Low Volatility Fund Dividend Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June For the periods ended 30 June 2015 and 30 June 2014 2015 2014 2015 2014 2015 2014 2015 2014

Net realised gain/(loss) Net realised (loss) on Investments ...... $1,300,741 $— €2,159,897 €654,912 $3,120,255 $— $(22,342) $8,446,976 Net realised gain on Futures ...... ———————— Net realised gain on Options ...... ———————— Net realised gain on Swaps ...... — — (551) — (61,147) — — — Net realised (loss) on Forward Currency Contracts ...... 10,001,618 — 11,496 244,121 (8,447) — (42,061) 154,755 Net realised (loss) on Foreign Exchange ...... 233,557 — (13,747) (273,571) (50,560) — (3,173) (95,574) Net unrealised gain/(loss) Net unrealised (loss) on Investments ...... (27,029,432) — 7,814,684 2,531,413 (404,828) — (25,971) (4,052,551) Net unrealised gain/(loss) on Futures...... ———————— Net unrealised (loss)/gain on Options ...... ———————— Net unrealised gain/(loss) on Swaps...... ———————— Net unrealised (loss) on Forward Currency Contracts ...... 19,264,523 —————4,772 1,043 Net unrealised (loss) on Foreign Exchange ...... ———————— Net gain on financial assets and liabilities at fair value through profit or loss ...... $3,771,007 $— €9,971,779 €3,156,875 $2,595,273 $— $(88,775) $4,454,649

Janus Global Janus Global Investment Janus High Janus Global Unconstrained High Yield Fund Grade Bond Fund Yield Fund Bond Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June For the periods ended 30 June 2015 and 30 June 2014 2015 2014 2015 2014 2015 2014 2015 2014

Net realised gain/(loss) Net realised (loss) on Investments ...... $(3,491,813) $1,232,032 $(2,889,650) $800,196 $(19,952,203) $15,395,662 $89,701 $— Net realised gain on Futures ...... ——————(3,005,379)— Net realised gain on Options ...... ——————(192,615)— Net realised gain on Swaps ...... 46,105 4,895 — — 447,627 135,010 513,339 — Net realised (loss) on Forward Currency Contracts ...... (3,082,635) (406,591) 740,831 1,565 (10,798,282) (523,774) (1,172,518) — Net realised (loss) on Foreign Exchange ...... 71,697 52,314 (142,554) 15,561 20,398 (29,149) 40,480— Net unrealised gain/(loss) Net unrealised (loss) on Investments ...... 2,941,990 1,138,302 (1,300,024) 1,680,022 23,633,674 11,691,895 (984,591) — Net unrealised gain/(loss) on Futures...... ——————457,668— Net unrealised (loss)/gain on Options ...... ——————314,244— Net unrealised gain/(loss) on Swaps...... ——————(46,849)— Net unrealised (loss) on Forward Currency Contracts ...... 325,217 (4,545) (188,353) 59,809 1,039,668 2,493 (115,040) — Net unrealised (loss) on Foreign Exchange ...... 18,943 (4,280) 38,993 (5,088) — — (18) — Net gain on financial assets and liabilities at fair value through profit or loss ...... $(3,170,496) $2,012,127 $(3,740,757) $2,552,065 $(5,609,118) $26,672,137 $(4,101,578) $—

268 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

INTECH US Core Janus Global Diversified Janus Global Real Janus Flexible Janus Global Flexible Fund Alternatives Fund Estate Fund Income Fund Income Fund Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014

$5,414,191 $7,706,923 $289 $273 $8,054,653 $14,775,668 $(278,236) $2,824,164 $(770,041) $134,529 — — 2,491 6,641 —————— ————176,973 109,315 ———— (37,163) (2,790) 36,703 26,626 (18,495) (14,820) 67——— (3,363,449) (195,605) (71,237) 5,471 (871,022) (44,444) (24,367,025) (929,034) (734,237) 49,284 (377,846) (960) (80) (29) (352,772) (92,585) (50,537) (39,810) (12,599) 10,380

(4,522,273) 1,664,859 54 150 (8,565,950) 6,596,207 (9,791,400) 24,266,623 (504,719) 420,647 — — (22,306) 8,813 —————— ————(11,023) (48,599) ———— — — (58,999) 25,333 —————— 459,454 (10,168) 6,652 6,513 95,216 (27,105) 2,708,137 (397,314) 10,136 (26,500) ————————7,058 (498)

$(2,427,086) $9,162,259 $(106,433) $79,791 $(1,492,420) $21,253,637 $(31,778,994) $25,724,629 $(2,004,402) $587,842

Janus US Short-Term Company Total Bond Fund in US Dollar Period Ended Period Ended Period Ended Period Ended 30 June 30 June 30 June 30 June 2015 2014 2015 2014

$(2,838,842) $(404,124) $204,592,276 $214,796,259 ——( 3,047,839) 64,076 — — 672,284 954,486 213 — 7,650,245 29,813 (4,469,002) (52,750) (76,103,297) (2,670,055) (30,078) (15,777) ( 1,688,813) (792,973)

1,502,743 221,874 36,564,338 22,179,505 — — 471,710 315,779 — — 601,724 (156,111) ——( 326,845) 667,654 589,469 (125,442) 25,729,868 (1,225,851) — — 64,976 (9,866)

$(5,245,497) $(376,219) $195,180,627 $234,152,716

Janus Capital Funds Plc / 30 June 2015 269 Notes to the Financial Statements

17 PORTFOLIO ANALYSIS

As as 30 June 2015

Janus Asia Frontier Janus Asia Growth Drivers Janus Asia Janus Balanced Janus Emerging Markets Janus Europe Janus Global Life Janus Global Markets Fund Fund Fund Fund Fund Fund Sciences Fund Research Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Net Asset Fair Value % of Total Fair Value % of Total USD Assets USD Assets USD Assets USD Assets USD Assets EUR Value USD Assets USD Assets

Transferable securities admitted to official stock exchanges or traded on a regulated market ...... 2,801,122 98.04% 2,689,28195.99% 108,239,35779.13% 733,735,08096.90% 50,465,37043.80% 216,961,57297.74% 1,781,055,11797.67% 41,921,30397.75% Ancillary Liquid Assets (Deposits) ...... — 0.00% — 0.00% — 0.00% 7,373,0220.97% — 0.00% — 0.00% — 0.00% — 0.00% Collective Investment Schemes ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% Financial derivative instruments dealt in on a regulated market ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% 32,758 0.01% — 0.00% — 0.00% OTC financial derivative instruments ...... (5,198) (0.18)% (5,086) (0.18)% 12,498,5339.14% (1,308,298) (0.17)% 4,376,1253.80% (892,696) (0.40)% (1,186,746) (0.07)% (7,184) (0.02)% Other assets ...... 55,913 1.96% 112,4304.01% 15,946,213 14.06% 16,119,811 2.13% 60,355,938 52.39% 4,606,4362.08% 42,413,897 2.33% 966,906 2.25%

Total assets (net of derivative liabilities in portfolio) 2,851,83799.82% 2,796,62599.82% 136,684,103 102.33% 755,919,61599.83% 115,197,433 99.99% 220,708,07099.43% 1,822,282,26899.93% 42,881,02599.98%

INTECH All-World INTECH Global Janus Global Perkins US Strategic Minimum Variance Core INTECH European All Country Low Volatility INTECH Global INTECH US Core Diversified Janus Global Real Value FundFund(a) Core Fund Fund Dividend Fund Fund Alternatives Fund Estate Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total USD Assets USD Assets EUR Assets USD Assets USD Assets USD Assets USD Assets USD Assets

Transferable securities admitted to official stock exchanges or traded on a regulated market ...... 252,605,68993.49% 755,237,131 96.49% 96,482,946 99.08% 165,431,901 98.54% 1,986,77495.54% 165,312,51299.15% 1,700,00070.32% 141,066,59097.79% Ancillary Liquid Assets (Deposits) ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% Collective Investment Schemes ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% Financial derivative instruments dealt in on a regulated market ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% (7,096)(0.29)% — 0.00% OTC financial derivative instruments ...... (235,057) (0.09)%19,264,524 2.46% — 0.00% — 0.00% (1,228) (0.06)% (248,397) (0.15)% (14,158)(0.59)% (89,392) (0.06)% Other assets ...... 17,583,295 6.51%8,193,145 1.05% 891,430 0.92% 2,458,155 1.46% 92,671 4.46% 1,418,536 0.85% 675,13627.93% 3,186,117 2.21%

Total assets (net of derivative liabilities in portfolio) 269,953,92799.91% 782,694,800 100.00% 97,374,376 100.00% 167,890,056 100.00% 2,078,21799.94% 166,482,65199.85% 2,353,88297.37% 144,163,31599.94%

270 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Janus Global Janus Japan Emerging Janus Opportunistic Janus US Janus US Research Janus US Twenty Janus US Venture Perkins Global Value Technology Fund Opportunities Fund Janus Japan Fund Alpha Fund Fund Fund Fund Fund Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total USD Assets JPY Assets JPY Assets USD Assets USD Assets USD Assets USD Assets USD Assets USD Assets

64,577,02598.66% 398,864,45096.05% 241,764,98992.01% 65,614,12895.46% 1,863,67992.94% 195,432,546 98.11% 356,689,65697.27% 271,403,16293.22% 159,433,51192.79%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

(112,972) (0.17)% (3,020,499) (0.73)% (1,875,845)(0.71)% (64,799) (0.09)% (6,175)(0.31)% (7,245) 0.00% (230,488) (0.06)% (322,399) (0.11)% (95,410) (0.06)% 865,428 1.32% 16,394,1613.95% 20,986,8707.99% 3,116,3324.53% 139,2636.95% 3,771,834 1.89% 10,006,513 2.73% 19,649,4796.75% 12,344,2457.18%

65,329,48199.81% 412,238,11299.27% 260,876,01499.29% 68,665,66199.90% 1,996,76799.58% 199,197,135 100.00% 366,465,68199.94% 290,730,24299.86% 171,682,34699.91%

Janus Flexible Janus Global Flexible Janus Global High Janus Global Investment Janus High Yield Janus Global Janus US Short-Term Income Fund Income Fund Yield Fund Grade Bond Fund Fund Unconstrained Bond Fund Bond Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total USD Assets USD Assets USD Assets USD Assets USD Assets USD Assets USD Assets

989,882,11296.52% 22,290,52793.32% 57,689,84586.79% 61,455,17495.71% 629,317,80085.18% 127,774,70169.25% 389,480,26691.26%

15,929,9301.55% 436,588 1.83% 3,586,2955.40% — 0.00% 37,253,1705.04% 623,2860.34% 10,535,1022.47%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% 331,7250.18% — 0.00%

(1,014,582)(0.10)% (28,065) (0.12)% (145,703) (0.22%) (41,846) (0.07)% (636,921) (0.09)% (3,072,126)(1.67)% (189,631)(0.04)% 19,756,279 1.93% 1,097,3154.59% 5,187,337 7.82% 2,702,6744.21% 72,217,1799.77% 54,749,086 29.67% 26,773,2696.27%

1,024,553,739 99.90% 23,796,36599.62% 66,317,77499.77% 64,116,00299.85% 738,151,22899.90% 180,406,672 97.77% 426,599,00699.96%

Janus Capital Funds Plc / 30 June 2015 271 Notes to the Financial Statements

As at 31 December 2014

Janus Asia Frontier Janus Asia Growth Drivers Janus Asia Janus Balanced Janus Emerging Markets Janus Europe Janus Global Life Janus Global Markets Fund Fund Fund Fund Fund Fund Sciences Fund Research Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Net Asset Fair Value % of Total Fair Value % of Total USD Assets USD Assets USD Assets USD Assets USD Assets EUR Value USD Assets USD Assets

Transferable securities admitted to official stock exchanges or traded on a regulated market ...... 2,772,994 93.60% 2,652,040 95.35% 98,520,946 78.14% 633,232,350 97.67% 4,117,163 82.74% 206,972,566 97.92% 687,950,300 94.27% 40,226,479 98.88% Ancillary Liquid Assets (Deposits) ...... — 0.00% — 0.00% — 0.00% 5,241,722 0.81% — 0.00% — 0.00% — 0.00% — 0.00% Collective Investment Schemes ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% Financial derivative instruments dealt in on a regulated market ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% OTC financial derivative instruments ...... (6,155) (0.21)% (6,083) (0.22)% 9,796,692 7.77% (1,825,808) (0.28)% 168,460 3.39% (1,075,447) (0.51)% (1,006,320) (0.14)% (23,853) (0.06)% Other assets ...... 189,305 6.39% 128,313 4.61% 17,723,887 14.06% 9,643,265 1.49% 661,446 13.29% 3,777,160 1.79% 41,268,560 5.65% 455,507 1.12%

Total assets (net of derivative liabilities in portfolio) 2,956,144 99.78% 2,774,270 99.74% 126,041,525 99.97% 646,291,529 99.69% 4,947,069 99.42% 209,674,279 99.20% 728,212,540 99.78% 40,658,133 99.94%

Janus Global Perkins US Strategic INTECH European INTECH Global All Country INTECH Global INTECH US Core Diversified Janus Global Real Janus Flexible Value Fund Core Fund Low Volatility Fund Dividend Fund Fund Alternatives Fund Estate Fund Income Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total USD Assets EUR Assets USD Assets USD Assets USD Assets USD Assets USD Assets USD Assets

Transferable securities admitted to official stock exchanges or traded on a regulated market ...... 411,846,253 94.23% 85,055,714 99.25% 161,389,340 98.72% 2,385,478 95.83% 158,391,434 98.79% 1,599,944 71.49% 159,572,692 96.66% 933,005,218 96.54% Ancillary Liquid Assets (Deposits) ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% 20,627,143 2.13% Collective Investment Schemes ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% Financial derivative instruments dealt in on a regulated market ...... — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% 15,209 0.68% — 0.00% — 0.00% OTC financial derivative instruments ...... (847,717) (0.19)% — 0.00% — 0.00% (5,996) (0.24)% (707,850) (0.44)% 38,194 1.71% (180,688) (0.11)% (3,722,714) (0.39)% Other assets ...... 25,235,838 5.77% 646,596 0.75% 2,086,259 1.28% 103,795 4.17% 1,944,957 1.21% 546,457 24.42% 5,511,622 3.34% 12,749,659 1.32%

Total assets (net of derivative liabilities in portfolio) 436,234,374 99.81% 85,702,310 100.00% 163,475,599 100.00% 2,483,277 99.76% 159,628,541 99.56% 2,199,804 98.30% 164,903,626 99.89% 962,659,306 99.60%

272 Janus Capital Funds Plc / 30 June 2015 Notes to the Financial Statements

Janus Global Janus Japan Emerging Janus Opportunistic Janus US Janus US Research Janus US Twenty Janus US Venture Perkins Global Value Technology Fund Opportunities Fund Janus Japan Fund Alpha Fund Fund Fund Fund Fund Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total USD Assets JPY Assets JPY Assets USD Assets USD Assets USD Assets USD Assets USD Assets USD Assets

79,651,108 98.28% 344,433,924 97.70% 216,550,050 95.92% 90,476,282 90.45% 1,615,425 97.40% 189,637,160 98.47% 344,791,705 97.04% 272,862,843 91.48% 157,585,720 82.80%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

(248,888) (0.31)% (337,591) (0.10)% (207,672) (0.09)% (231,442) (0.23)% (6,124) (0.37)% (23,935) (0.01)% (436,951) (0.12)% (543,378) (0.18)% 134,428 0.07% 1,383,409 1.72% 7,852,623 2.23% 9,051,984 4.01% 9,547,537 9.54% 39,249 2.37% 2,953,201 1.53% 10,266,806 2.89% 25,412,557 8.52% 32,513,438 17.08%

80,785,629 99.69% 351,948,956 99.83% 225,394,362 99.84% 99,792,377 99.76% 1,648,550 99.40% 192,566,426 99.99% 354,621,560 99.81% 297,732,022 99.82% 190,233,586 99.95%

Janus Global Flexible Janus Global High Janus Global Investment Janus High Yield Janus Global Janus US Short-Term Income Fund Yield Fund Grade Bond Fund Fund Unconstrained Bond Fund Bond Fund Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total USD Assets USD Assets USD Assets USD Assets USD Assets USD Assets

20,723,420 94.64% 70,587,205 87.64% 61,255,295 91.29% 701,271,748 86.15% 71,033,279 89.31% 569,857,724 96.10%

361,846 1.65% 6,667,075 8.28% 1,314,632 1.96% 49,672,720 6.10% — 0.00% 11,262,170 1.90%

— 0.00% — 0.00% — 0.00% — 0.00% — 0.00% — 0.00%

— 0.00% — 0.00% — 0.00% — 0.00% (125,944) (0.16%) — 0.00%

(38,198) (0.17)% (470,918) (0.58)% 146,503 0.22% (1,676,577) (0.21)% (562,937) (0.71)% (779,099) (0.13)% 600,247 2.74% 3,167,858 3.93% 4,130,029 6.16% 63,084,632 7.75% 7,953,321 10.00% 11,862,944 2.00%

21,647,315 98.86% 79,951,220 99.27% 66,846,459 99.63% 812,352,523 99.79% 78,297,719 98.44% 592,203,739 99.87%

Janus Capital Funds Plc / 30 June 2015 273 Notes to the Financial Statements

18. DIRECTORS’ REMUNERATION

The Articles of Association provide that the Directors shall be entitled to a fee by way of remuneration for their services at a rate to be determined from time to time by the Directors. The Directors have agreed that the current aggregate amount of Directors’ remuneration in any one year may not exceed €300,000. Directors’ fees paid up to 30 June 2015 were $126,253 (approximately € 113,779). Directors’ fees paid up to 30 June 2014 were $107,120 (approximately €81,000).

19. SIGNIFICANT EVENTS DURING THE PERIOD

During the period ended 30 June 2015:

INTECH All-World Minimum Variance Core Fund(a) commenced operations on 01 May 2015.

The Company issued an updated Prospectus dated 28 January 2015. A summary of the main changes incorporated in this update is disclosed on pages 10-11.

Up to 12 April 2015 DIAM UK has appointed DIAM Asset Management (HK) Limited as sub-sub-investment manager of the Janus Asia Frontier Markets Fund and the Janus Asia Growth Drivers Fund. With effect from 20 May 2015, DIAM Singapore Pte. Ltd has been appointed as sub-sub-investment manager to these sub-funds.

20. SUBSEQUENT EVENTS

The Company issued an updated prospectus dated 10 July 2015. A summary of the main changes incorporated in this update is disclosed on pages 11-12. There have been no other significant events affecting the Company since the period end.

274 Janus Capital Funds Plc / 30 June 2015 Explanation of Portfolio Investments and Primary Statements

1. PORTFOLIO INVESTMENTS 4. STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE ORDINARY SHARES These schedules report the industry concentrations and types of financial assets at fair value through profit or loss held in each This statement reports the increase or decrease in the Funds’ Fund’s portfolio on the last day of the reporting year. Financial net assets attributable to holders of redeemable ordinary Shares assets are usually listed by type (Common Stock, Corporate during the reporting year. Changes in the Funds’ net assets are Bonds, U.S. Government Obligations, etc.) and by industry attributable to investment operations, dividends, distributions classification (Banking, Communications, Insurance, etc.). and capital Share transactions. This is important to investors because it shows exactly what caused the Funds’ net assets size The fair value of each financial asset is presented at the mid/ to change during the year. last traded prices as of the last business day of the reporting year. The value of financial asset denominated in currencies The first section summarises the information from the income other than the base currency of the Fund are translated into the statement regarding changes in net assets because of the Funds’ reporting currency of the Fund. investment performance.

2. STATEMENT OF FINANCIAL POSITION “Capital Shares” refers to the money investors contribute to the Funds through purchases or withdraw via redemptions. The This is often referred to as the “Statement of Assets and reinvestment of dividends is included under “Capital Share Liabilities.” It lists the assets and liabilities of the Funds Transactions.” The Funds’ net assets will increase and decrease on the last day of the reporting year. The Funds’ assets are in value as investors purchase and redeem Shares from the calculated by adding the value of the financial assets at fair Fund. value through profit or loss owned, the receivable for securities sold but not yet settled, the receivable for dividends declared The next section refers to the opening net asset value for the but not yet received on stocks owned and the receivable for Funds. Fund Shares sold to investors but not yet settled. The Funds’ liabilities include payables for securities purchased but not yet 5. STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO settled, Fund Shares redeemed but not yet paid and expenses owed but not yet paid. Additionally, there may be other assets This statement details all aggregate purchases or sales in excess and liabilities such as forward currency contracts. Net assets of 1% of total purchases or sales. At a minimum the top twenty attributable to holders of redeemable ordinary Shares are purchases and sales are disclosed classified as liabilities.

3. INCOME STATEMENT

This statement details each Fund’s income, expenses, gains and losses on securities and currency transactions, and appreciation or depreciation of current portfolio holdings.

The first section in this statement, entitled investment Income reports the dividends earned from stocks and interest earned from interest-bearing securities in the portfolio gross of non- recoverable withholding tax. The net gain/loss on financial assets and liabilities at fair value through profit or loss are also disclosed. This incorporates realised and unrealised gains or losses.

The next section reports the expenses and expense offsets incurred by the Funds, including the advisory fee paid to the Investment Adviser, administration fees, shareholder servicing expenses and printing and postage for mailing statements, financial reports and prospectuses. Also included are costs and commissions on the purchase and sale of financial assets and liabilities at fair value through profit or loss.

The next section lists out the finance costs associated with redeemable ordinary Shares. This is the distributions which were paid during the year.

Janus Capital Funds Plc / 30 June 2015 275 Statements of Changes in Composition of Portfolio

JANUS ASIA FRONTIER MARKETS FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

GF Securities Co., Ltd. 34,800 85,493 GF Securities Co., Ltd. 18,000 58,183 Taiwan Semiconductor Manufacturing Co., Ltd. 9,000 42,571 JG Summit Holdings, Inc. 34,000 53,946 Ping An Insurance Group Co of China, Ltd. 2,500 39,155 China Construction Bank Corp. 56,000 50,627 Huatai Securities Co., Ltd. 12,000 38,779 United Overseas Bank, Ltd. 3,000 49,216 CK Hutchison Holdings, Ltd. 2,000 34,475 Cosmax, Inc. 254 41,532 Techtronic Industries Co., Ltd. 10,000 32,800 Premium Leisure Corp. 1,000,000 40,442 Great Wall Motor Co., Ltd. 5,500 31,238 Cheung Kong Holdings, Ltd. 2,000 34,475 Haitong Securities Co., Ltd. 9,600 30,861 Techtronic Industries Co., Ltd. 10,000 33,793 FLEXium Interconnect, Inc. 10,000 29,213 Advanced Info Service PCL 4,600 33,120 Sinopharm Group Co., Ltd. 7,200 27,746 Tenaga Nasional Bhd 8,500 32,938 Samsung Electronics Co., Ltd. 22 27,279 Keppel Corp., Ltd. 5,000 32,194 SmarTone Telecommunications Holdings, Ltd. 16,000 27,120 Gamuda Bhd 22,300 31,808 SIIC Environment Holdings, Ltd. 169,200 26,975 China CITIC Bank Corp., Ltd. 40,000 29,402 Guotai Junan International Holdings, Ltd. 42,000 26,828 BTS Group Holdings PCL (NVDR) 84,500 24,114 Hilong Holding, Ltd. 74,000 24,606 Thai Union Frozen Products PCL (NVDR) 38,800 23,135 CGN Power Co, Ltd. 42,000 24,285 PAX Global Technology, Ltd. 24,000 22,159 Industrial & Commercial Bank of China, Ltd. 30,000 24,179 Baidu, Inc. (ADR) 100 21,048 Huadian Power International Corp., Ltd. 22,000 23,839 ComfortDelGro Corp., Ltd. 9,400 20,513 Hengan International Group Co., Ltd. 2,000 23,229 Malayan Banking Bhd 7,600 19,530 Beijing Enterprises Water Group, Ltd. 28,000 22,991 Siam Cement PCL 1,200 19,193 Samsonite International S.A. 7,000 22,865 RHB Capital Bhd 8,500 18,946 Lenovo Group, Ltd. 16,000 22,368 Axiata Group Bhd 9,600 18,649 China Railway Construction Corp., Ltd. 16,000 21,290 Huaneng Renewables Corp., Ltd. – Class H 56,000 18,558 TPK Holding Co., Ltd. 3,000 21,176 Home Product Center PCL (NVDR) 65,925 17,055 Bumi Serpong Damai Tbk PT 120,000 19,342 Himax Technologies, Inc. (ADR) 2,500 16,149 Himax Technologies, Inc. (ADR) 2,500 18,723 Huadian Fuxin Energy Corp., Ltd. – Class H 34,000 15,714 BAIC Motor Corp., Ltd. 12,000 17,025 OSIM International, Ltd. 11,000 15,282 JG Summit Holdings, Inc. 12,000 16,598 CIMB Group Holdings Bhd 9,500 15,280 Zhuzhou CSR Times Electric Co., Ltd. 2,000 16,561 CK Hutchison Holdings, Ltd. - 14,617 HKBN, Ltd. 14,000 16,407 China Merchants Bank Co., Ltd. 6,000 14,584 Cahya Mata Sarawak Bhd 14,000 15,881 Hyundai Motor Co. 101 14,039 China Construction Bank Corp. 16,000 15,665 Genting Singapore PLC 17,000 13,038 Cheung Kong Property Holdings, Ltd. 2,000 14,617 Bank Central Asia Tbk PT 10,500 12,126 ENN Energy Holdings, Ltd. 2,000 13,871 Yoma Strategic Holdings, Ltd. 30,000 12,035 Zhen Ding Technology Holding, Ltd. 4,000 13,008 Minor International PCL (NVDR) 12,900 11,473 Hyundai Motor Co. 75 12,434 Cahya Mata Sarawak Bhd 9,500 10,657 China CITIC Bank Corp., Ltd. 15,000 12,267 SIIC Environment Holdings, Ltd. 108,000 10,578 Catcher Technology Co., Ltd. 1,000 10,909 Shinhan Financial Group Co., Ltd. 254 10,843

276 Janus Capital Funds Plc / 30 June 2015 JANUS ASIA GROWTH DRIVERS FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

GF Securities Co., Ltd. 33,200 81,563 iShares MSCI Taiwan ETF 4,200 65,490 CK Hutchison Holdings, Ltd. 4,368 78,204 GF Securities Co., Ltd. 16,800 54,330 Tata Motors, Ltd. 900 43,636 Cheung Kong Holdings, Ltd. 3,000 52,683 FLEXium Interconnect, Inc. 14,000 39,587 Tenaga Nasional Bhd 11,600 45,608 Huatai Securities Co., Ltd. 12,000 38,779 Cheung Kong Infrastructure Holdings, Ltd. 6,000 45,340 Infosys, Ltd. 1,800 32,888 DBS Group Holdings, Ltd. 3,000 45,112 Great Wall Motor Co., Ltd. 5,500 31,333 Matahari Department Store Tbk PT 37,000 44,657 Lenovo Group, Ltd. 22,000 30,772 CK Hutchison Holdings, Ltd. 500 40,078 Fubon Financial Holding Co., Ltd. 15,000 30,761 Hutchison Whampoa, Ltd. 3,000 38,232 Ping An Insurance Group Co of China, Ltd. 2,000 30,449 SmarTone Telecommunications Holdings, Ltd. 19,000 34,280 Cheung Kong Property Holdings, Ltd. 3,868 29,435 United Overseas Bank, Ltd. 2,000 33,015 Taiwan Semiconductor Manufacturing Co., Ltd. 1,300 29,373 Advanced Info Service PCL 4,500 32,342 Techtronic Industries Co., Ltd. 9,000 29,234 Beijing Enterprises Water Group, Ltd. 54,000 31,566 ICICI Bank, Ltd. 2,400 29,220 China Construction Bank Corp. 33,000 29,833 TPK Holding Co., Ltd. 4,000 29,091 JG Summit Holdings, Inc. 19,000 29,723 Hengan International Group Co., Ltd. 2,500 28,944 Cosmax, Inc. 232 29,279 China Overseas Land & Investment Ltd. 9,000 28,257 Raffles Medical Group, Ltd. 10,000 28,912 Catcher Technology Co., Ltd. 3,000 28,213 Samsung Electronics Co., Ltd. 23 28,756 Sinopharm Group Co., Ltd. 7,200 27,770 PAX Global Technology, Ltd. 31,000 28,313 Zhen Ding Technology Holding, Ltd. 8,000 26,885 Sinotrans, Ltd. 40,000 28,194 JG Summit Holdings, Inc. 19,000 26,281 Premium Leisure Corp. 700,000 26,794 Samsung Electronics Co., Ltd. 20 25,652 Minor International PCL (NVDR) 26,300 26,085 Everlight Electronics Co., Ltd. 10,000 25,065 Keppel Corp., Ltd. 4,000 25,819 Samsonite International S.A. 7,000 22,927 Com2uSCorp 154 25,581 Cheng Uei Precision Industry Co., Ltd. 12,000 22,048 Gamuda Bhd 17,500 24,732 Siliconware Precision Industries Co., Ltd. 2,500 20,494 Hotel Shilla Co., Ltd. 266 23,883 Pakuwon Jati Tbk PT 500,000 19,171 Express Transindo Utama Tbk PT 272,100 23,138 BAIC Motor Corp., Ltd. 13,500 19,153 Haitong Securities Co., Ltd. 10,000 21,805 Taiwan Semiconductor Manufacturing Co., Ltd. 4,000 18,716 Baidu, Inc. (ADR) 100 21,048 Hilong Holding, Ltd. 48,000 17,965 OSIM International, Ltd. 15,000 20,989 United Overseas Bank, Ltd. 1,000 17,419 Sands China, Ltd. 5,000 19,490 Himax Technologies, Inc. (ADR) 2,300 17,229 Astra Agro Lestari Tbk PT 10,300 19,058 Chipbond Technology Corp. 8,000 17,010 Home Product Center PCL (NVDR) 77,625 18,774 Zhuzhou CSR Times Electric Co., Ltd. 2,000 16,561 Shanghai Electric Group Co., Ltd. 30,000 18,708 SIIC Environment Holdings, Ltd. 100,800 16,043 ComfortDelGro Corp., Ltd. 8,500 17,712 HKBN, Ltd. 13,500 15,821 Kasikornbank PCL (NVDR) 2,200 15,129 Malakoff Corp. Bhd 30,400 15,516 Himax Technologies, Inc. (ADR) 2,300 14,922 TTCL PCL 14,800 15,506 China Life Insurance Co., Ltd. 3,000 14,739 iShares MSCI India ETF 500 15,212 Yoma Strategic Holdings, Ltd. 33,000 13,403 Inari Amertron Bhd 16,000 14,759 Hyundai Motor Co. 101 13,272 China Mobile, Ltd. 1,000 13,587 Guotai Junan International Holdings, Ltd. 21,000 13,267 Bumi Serpong Damai Tbk PT 80,000 13,022

Janus Capital Funds Plc / 30 June 2015 277 Statements of Changes in Composition of Portfolio

JANUS ASIA FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 30/6/15 13,300,000 13,299,963 BNP Paribas, 0.0000%, due 26/6/15 13,300,000 13,300,000 BNP Paribas, 0.0000%, due 26/6/15 13,300,000 13,299,963 BNP Paribas, 0.0000%, due 30/6/15 13,300,000 13,300,000 BNP Paribas, 0.0000%, due 29/6/15 13,200,000 13,199,890 BNP Paribas, 0.0000%, due 29/6/15 13,200,000 13,200,000 Societe Generale, 0.0000%, due 14/4/15 12,300,000 12,299,966 Societe Generale, 0.0000%, due 14/4/15 12,300,000 12,300,000 Societe Generale, 0.0000%, due 20/4/15 12,200,000 12,199,898 Societe Generale, 0.0000%, due 20/4/15 12,200,000 12,200,000 Societe Generale, 0.0000%, due 21/4/15 12,100,000 12,099,966 Societe Generale, 0.0000%, due 21/4/15 12,100,000 12,100,000 Societe Generale, 0.0000%, due 15/4/15 11,700,000 11,699,968 Societe Generale, 0.0000%, due 15/4/15 11,700,000 11,700,000 Societe Generale, 0.0000%, due 17/4/15 11,400,000 11,399,968 Societe Generale, 0.0000%, due 17/4/15 11,400,000 11,400,000 Societe Generale, 0.0000%, due 16/4/15 11,300,000 11,299,969 Societe Generale, 0.0000%, due 16/4/15 11,300,000 11,300,000 BNP Paribas, 0.0000%, due 21/1/15 11,100,000 11,099,972 BNP Paribas, 0.0000%, due 21/1/15 11,100,000 11,100,000 BNP Paribas, 0.0000%, due 23/4/15 11,100,000 11,099,969 BNP Paribas, 0.0000%, due 23/4/15 11,100,000 11,100,000 BNP Paribas, 0.0000%, due 23/1/15 11,000,000 10,999,976 Societe Generale, 0.0000%, due 22/4/15 11,000,000 11,000,000 Societe Generale, 0.0000%, due 22/4/15 11,000,000 10,999,969 BNP Paribas, 0.0000%, due 23/1/15 11,000,000 11,000,000 Societe Generale, 0.0000%, due 5/1/15 10,900,000 10,899,900 Societe Generale, 0.0000%, due 5/1/15 10,900,000 10,900,000 BNP Paribas, 0.0000%, due 22/1/15 10,800,000 10,799,973 BNP Paribas, 0.0000%, due 22/1/15 10,800,000 10,800,000 BNP Paribas, 0.0000%, due 24/4/15 10,700,000 10,699,970 BNP Paribas, 0.0000%, due 26/1/15 10,700,000 10,700,000 BNP Paribas, 0.0000%, due 26/1/15 10,700,000 10,699,929 BNP Paribas, 0.0000%, due 24/4/15 10,700,000 10,700,000 Societe Generale, 0.0000%, due 16/1/15 10,500,000 10,499,971 Societe Generale, 0.0000%, due 16/1/15 10,500,000 10,500,000 BNP Paribas, 0.0000%, due 20/3/15 10,200,000 10,199,972 BNP Paribas, 0.0000%, due 20/3/15 10,200,000 10,200,000 BNP Paribas, 0.0000%, due 24/3/15 10,100,000 10,099,972 BNP Paribas, 0.0000%, due 24/3/15 10,100,000 10,100,000

JANUS BALANCED FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/16 37,705,000 37,782,321 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/24 34,891,000 35,845,598 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/16 32,840,000 32,871,294 U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/16 35,222,000 35,373,604 BNP Paribas, 0.0000%, due 26/1/15 30,400,000 30,399,797 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/16 31,680,000 31,708,564 Societe Generale, 0.0000%, due 18/2/15 30,100,000 30,099,916 BNP Paribas, 0.0000%, due 26/1/15 30,400,000 30,400,000 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/45 30,879,000 29,339,058 Societe Generale, 0.0000%, due 18/2/15 30,100,000 30,100,000 Societe Generale, 0.0000%, due 17/2/15 28,200,000 28,199,687 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/45 30,879,000 29,080,326 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 25,400,000 25,399,944 Societe Generale, 0.0000%, due 17/2/15 28,200,000 28,200,000 Societe Generale, 0.0000%, due 13/2/15 24,600,000 24,599,932 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 25,400,000 25,400,000 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/25 24,155,000 24,051,814 Societe Generale, 0.0000%, due 13/2/15 24,600,000 24,600,000 Societe Generale, 0.0000%, due 12/2/15 23,600,000 23,599,934 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/25 23,832,000 23,698,789 BNP Paribas, 0.0000%, due 23/1/15 22,700,000 22,699,950 Societe Generale, 0.0000%, due 12/2/15 23,600,000 23,600,000 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/24 21,578,000 22,393,130 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/44 21,053,000 23,261,962 BNP Paribas, 0.0000%, due 18/5/15 21,600,000 21,599,820 U.S. Treasury Notes/Bonds, 0.5000%, due 30/11/16 23,190,000 23,223,393 U.S. Treasury Notes/Bonds, 0.5000%, due 31/1/17 21,548,000 21,503,011 BNP Paribas, 0.0000%, due 23/1/15 22,700,000 22,700,000 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/44 18,892,000 21,309,403 BNP Paribas, 0.0000%, due 18/5/15 21,600,000 21,600,000 BNP Paribas, 0.0000%, due 29/1/15 21,300,000 21,299,953 BNP Paribas, 0.0000%, due 29/1/15 21,300,000 21,300,000 BNP Paribas, 0.0000%, due 14/5/15 20,100,000 20,099,944 BNP Paribas, 0.0000%, due 14/5/15 20,100,000 20,100,000 BNP Paribas, 0.0000%, due 31/3/15 19,800,000 19,799,945 BNP Paribas, 0.0000%, due 31/3/15 19,800,000 19,800,000 BNP Paribas, 0.0000%, due 15/5/15 19,700,000 19,699,945 BNP Paribas, 0.0000%, due 15/5/15 19,700,000 19,700,000 BNP Paribas, 0.0000%, due 13/5/15 19,400,000 19,399,946 BNP Paribas, 0.0000%, due 13/5/15 19,400,000 19,400,000 BNP Paribas, 0.0000%, due 19/3/15 18,800,000 18,799,943 BNP Paribas, 0.0000%, due 19/3/15 18,800,000 18,800,000 Societe Generale, 0.0000%, due 11/2/15 18,700,000 18,699,948 Societe Generale, 0.0000%, due 11/2/15 18,700,000 18,700,000 BNP Paribas, 0.0000%, due 20/5/15 18,000,000 18,000,000 BNP Paribas, 0.0000%, due 10/6/15 18,000,000 18,000,000 BNP Paribas, 0.0000%, due 27/3/15 17,900,000 17,900,000 BNP Paribas, 0.0000%, due 22/1/15 17,700,000 17,700,000 BNP Paribas, 0.0000%, due 21/5/15 17,500,000 17,500,000

278 Janus Capital Funds Plc / 30 June 2015 JANUS EMERGING MARKETS FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Samsung Electronics Co., Ltd. 2,172 2,458,538 BNP Paribas, 0.0000%, due 23/1/15 200,000 200,000 Taiwan Semiconductor Manufacturing Co., Ltd. 439,000 1,989,424 Societe Generale, 0.0000%, due 27/1/15 200,000 200,000 Tencent Holdings, Ltd. 70,800 1,412,889 BNP Paribas, 0.0000%, due 26/1/15 200,000 200,000 China Mobile, Ltd. 105,500 1,357,407 Societe Generale, 0.0000%, due 28/1/15 200,000 200,000 Industrial & Commercial Bank of China, Ltd. 1,669,333 1,355,498 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 200,000 200,000 China Construction Bank Corp. 1,485,000 1,332,528 BNP Paribas, 0.0000%, due 29/1/15 200,000 200,000 Yunnan Baiyao 88,985 1,171,072 Taiwan Semiconductor Manufacturing Co., Ltd. 6,364 152,445 ICICI Bank, Ltd. 209,101 1,001,849 BNP Paribas, 0.0000%, due 13/1/15 100,000 100,000 Itau Unibanco Holding S.A. (ADR) 86,149 939,610 BNP Paribas, 0.0000%, due 9/1/15 100,000 100,000 Shoprite Holdings, Ltd. 61,714 848,007 BNP Paribas, 0.0000%, due 29/6/15 100,000 100,000 China Vanke Co., Ltd. 356,700 799,660 Societe Generale, 0.0010%, due 6/1/15 100,000 100,000 SABMiller PLC 14,410 764,294 Societe Generale, 0.0000%, due 5/1/15 100,000 100,000 Shinhan Financial Group Co., Ltd. 20,403 749,282 BNP Paribas, 0.0000%, due 12/1/15 100,000 100,000 Hyundai Motor Co. 6,265 746,405 BNP Paribas, 0.0000%, due 7/5/15 100,000 100,000 Samsung Life Insurance Co., Ltd. 7,632 736,197 BNP Paribas, 0.0000%, due 11/5/15 100,000 100,000 Sberbank of Russia (ADR) 145,248 732,695 Societe Generale, 0.0000%, due 14/1/15 100,000 100,000 Reliance Industries, Ltd. 46,296 715,066 Societe Generale, 0.0000%, due 29/4/15 100,000 100,000 Fomento Economico Mexicano, S.A.B. de C.V. 79,000 708,217 Societe Generale, 0.0000%, due 15/1/15 100,000 100,000 Bank Mandiri Persero Tbk PT 914,500 689,606 BNP Paribas, 0.0000%, due 8/5/15 100,000 100,000 El Puerto de Liverpool S.A.B de C.V. 55,800 651,623 Societe Generale, 0.0000%, due 16/1/15 100,000 100,000 Samsonite International S.A. 183,900 649,029 BNP Paribas, 0.0000%, due 26/6/15 100,000 100,000 Hon Hai Precision Industry Co., Ltd. 198,000 623,125 BNP Paribas, 0.0000%, due 20/1/15 100,000 100,000 Grupo Financiero Banorte S.A.B de CV 109,000 591,452 BNP Paribas, 0.0000%, due 30/6/15 100,000 100,000 Alibaba Group Holding, Ltd. (ADR) 7,023 570,728 BNP Paribas, 0.0000%, due 22/1/15 100,000 100,000 CrediCorp., Ltd. 4,004 569,051 BNP Paribas, 0.0000%, due 21/1/15 100,000 100,000 China Pacific Insurance Group Co., Ltd. 18,800 94,131 Industrial & Commercial Bank of China, Ltd. 101,000 85,800 Haitong International Securities Group, Ltd. 74,807 74,639 ICICI Bank, Ltd. 6,765 70,583 SAIC Motor Corporation, Ltd. 13,900 54,911

Janus Capital Funds Plc / 30 June 2015 279 Statements of Changes in Composition of Portfolio

JANUS EUROPE FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Senator Entertainment A.G. 2,158,376 5,395,940 Pets at Home Group PLC 1,784,156 6,217,630 Nestle S.A. 74,084 5,032,685 SWB Entertainmnt Investment B.V. 4,400,000 5,395,940 Europris A.S.A (144A) 936,213 4,806,250 Shawbrook Group, Ltd. 1,030,400 4,602,594 Nobina A.B. 1,166,794 4,232,837 BG Group PLC 260,318 4,332,599 Shawbrook Group, Ltd. 1,030,400 4,116,391 Banco Bilbao Vizcaya Argentaria S.A. 430,395 3,922,405 SWB Entertainmnt Investment B.V. 4,400,000 3,966,600 Infrastrutture Wireless Italiane SpA 936,800 3,653,465 Ichor Coal N.V. 985,714 3,455,174 TLG Immobilien A.G. 237,149 3,553,323 SABMiller PLC 69,536 3,435,069 BHP Billiton PLC 166,426 3,515,619 Infrastrutture Wireless Italiane SpA 936,800 3,419,320 Enel SpA 843,500 3,434,056 Enel SpA 843,500 3,382,435 Syngenta A.G. 10,990 3,356,112 TLG Immobilien A.G. 226,070 3,276,642 Novartis A.G. 37,428 3,300,923 Magnolia Bostad A.B. 754,607 3,080,918 Julius Baer Group, Ltd. 64,636 3,066,169 Asiakastieto Group Oyj 203,938 3,008,573 Evolution Gaming Group A.B. PLC 281,100 3,015,275 Pets at Home Group PLC 790,000 2,896,025 Moncler SpA 204,055 2,907,441 Amatheon Agri Holding N.V. 1,500,857 2,855,906 Petrofac, Ltd. 233,205 2,827,803 Coor Service Management Holding A.B. 655,480 2,710,231 Manchester United PLC – Class A 187,871 2,769,267 Pandox A.B. 234,200 2,689,597 Pandox A.B. 223,051 2,633,557 Intesa Sanpaolo SpA 841,689 2,685,392 Evonik Industries A.G. 79,600 2,620,713 Evonik Industries A.G. 79,600 2,539,063 Deutsche Bank A.G. 90,524 2,619,797 Ocean Rig UDW, Inc. 393,000 2,440,344 Quantum Pharmaceutical PLC 1,715,936 2,561,479 Evolution Gaming Group A.B. PLC 281,100 2,415,001 Tate & Lyle PLC 308,979 2,546,148 Havas Worldwide, LLC 374,700 2,406,473 Havas Worldwide, LLC 374,700 2,541,364 Sequa Petroleum N.V. 917,980 2,298,392 Gulf Keystone Petroleum, Ltd. 4,684,285 2,518,486 Ophir Energy PLC 1,262,094 2,291,138 Julius Baer Multistock - Swiss Stock Fund 61,709 2,488,327 Banco Santander S.A. 367,891 2,282,890 ArcelorMittal 249,970 2,466,507 NN Group N.V. 93,900 2,256,980 ADVA Optical Networking S.E. 472,059 2,448,597 Rocket Internet S.E. 51,412 2,158,067 Tullow Oil PLC 448,293 2,379,655 Com Hem A.B. 263,123 2,132,664 NN Group N.V. 93,900 2,310,497 Schneider Electric S.E. 29,694 2,080,544 TNT Express N.V. 314,777 2,293,800 Gulf Keystone Petroleum, Ltd. 4,684,285 2,064,933 Axiare Patrimonio SOCIMI S.A. 194,884 2,231,599 Marine Harvest A.S.A 179,541 2,054,849 Prada SpA 398,500 2,219,701 Pihlajalinna Oyj (PIHLIS) 185,000 1,942,500 Countrywide PLC 314,696 2,195,225 Com Hem A.B. 263,123 2,187,151 Pihlajalinna Oyj (PIHLIS) 185,000 2,135,479

280 Janus Capital Funds Plc / 30 June 2015 JANUS GLOBAL LIFE SCIENCES FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 11/5/15 69,900,000 69,899,417 BNP Paribas, 0.0000%, due 11/5/15 69,900,000 69,900,000 BNP Paribas, 0.0000%, due 6/5/15 68,200,000 68,199,810 BNP Paribas, 0.0000%, due 6/5/15 68,200,000 68,200,000 Societe Generale, 0.0000%, due 7/4/15 66,300,000 66,299,816 Societe Generale, 0.0000%, due 7/4/15 66,300,000 66,300,000 BNP Paribas, 0.0000%, due 5/5/15 60,400,000 60,399,832 BNP Paribas, 0.0000%, due 5/5/15 60,400,000 60,400,000 AbbVie, Inc. 655,846 55,775,505 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 55,200,000 55,200,000 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 55,200,000 55,199,831 Societe Generale, 0.0000%, due 28/1/15 54,500,000 54,500,000 Societe Generale, 0.0000%, due 28/1/15 54,500,000 54,499,894 BNP Paribas, 0.0000%, due 1/5/15 54,400,000 54,400,000 BNP Paribas, 0.0000%, due 1/5/15 54,400,000 54,399,925 BNP Paribas Finance, Inc. 53,300,000 53,300,000 BNP Paribas Finance, Inc. 53,300,000 53,299,556 BNP Paribas, 0.0000%, due 4/5/15 53,100,000 53,100,000 BNP Paribas, 0.0000%, due 4/5/15 53,100,000 53,099,557 Societe Generale, 0.0000%, due 16/4/15 51,600,000 51,600,000 Societe Generale, 0.0000%, due 16/4/15 51,600,000 51,599,857 Societe Generale, 0.0000%, due 8/4/15 51,400,000 51,400,000 Societe Generale, 0.0000%, due 8/4/15 51,400,000 51,399,857 BNP Paribas, 0.0000%, due 15/5/15 50,000,000 50,000,000 BNP Paribas, 0.0000%, due 15/5/15 50,000,000 49,999,861 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 49,600,000 49,600,000 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 49,600,000 49,599,669 BNP Paribas, 0.0000%, due 27/3/15 49,500,000 49,500,000 BNP Paribas, 0.0000%, due 27/3/15 49,500,000 49,499,863 BNP Paribas, 0.0000%, due 8/5/15 49,400,000 49,400,000 BNP Paribas, 0.0000%, due 8/5/15 49,400,000 49,399,863 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 49,300,000 49,300,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 49,300,000 49,299,890 Societe Generale, 0.0000%, due 9/4/15 48,900,000 48,900,000 Societe Generale, 0.0000%, due 9/4/15 48,900,000 48,899,864 Societe Generale, 0.0000%, due 5/2/15 48,600,000 48,600,000 Societe Generale, 0.0000%, due 5/2/15 48,600,000 48,599,865 BNP Paribas, 0.0000%, due 18/3/15 48,300,000 48,300,000 BNP Paribas, 0.0000%, due 18/3/15 48,300,000 48,299,852 Societe Generale, 0.0000%, due 27/1/15 48,100,000 48,100,000 BNP Paribas, 0.0000%, due 20/5/15 47,500,000 47,500,000 BNP Paribas, 0.0000%, due 19/5/15 46,600,000 46,600,000 BNP Paribas, 0.0000%, due 24/4/15 46,400,000 46,400,000 BNP Paribas, 0.0000%, due 13/5/15 45,900,000 45,900,000 Societe Generale, 0.0000%, due 3/2/15 45,900,000 45,900,000 BNP Paribas, 0.0000%, due 30/4/15 45,800,000 45,800,000 Societe Generale, 0.0000%, due 13/4/15 45,300,000 45,300,000

JANUS GLOBAL RESEARCH FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 24/3/15 800,000 799,998 BNP Paribas, 0.0000%, due 24/3/15 800,000 800,000 BNP Paribas, 0.0000%, due 11/3/15 700,000 699,998 BNP Paribas, 0.0000%, due 11/3/15 700,000 700,000 Exxon Mobil Corp. 7,331 660,494 BNP Paribas, 0.0000%, due 14/5/15 600,000 600,000 BNP Paribas, 0.0000%, due 14/5/15 600,000 599,998 BNP Paribas, 0.0000%, due 19/3/15 600,000 600,000 Societe Generale, 0.0000%, due 25/3/15 600,000 599,998 Societe Generale, 0.0000%, due 25/3/15 600,000 600,000 BNP Paribas, 0.0000%, due 19/3/15 600,000 599,998 Royal Dutch Shell PLC (ADR) 9,734 580,994 Total S.A. 10,959 562,702 Pharmacyclics, Inc. 2,248 521,228 Mitsubishi UFJ Financial Group, Inc. 71,300 516,246 BNP Paribas, 0.0000%, due 12/3/15 500,000 500,000 Schneider Electric S.E. 6,620 514,867 BNP Paribas, 0.0000%, due 23/3/15 500,000 500,000 Societe Generale, 0.0000%, due 5/2/15 500,000 499,999 BNP Paribas, 0.0000%, due 20/3/15 500,000 500,000 BNP Paribas, 0.0000%, due 30/6/15 500,000 499,999 BNP Paribas, 0.0000%, due 16/3/15 500,000 500,000 BNP Paribas, 0.0000%, due 20/3/15 500,000 499,999 BNP Paribas, 0.0000%, due 4/6/15 500,000 500,000 BNP Paribas, 0.0000%, due 4/6/15 500,000 499,999 BNP Paribas, 0.0000%, due 18/3/15 500,000 500,000 BNP Paribas, 0.0000%, due 13/3/15 500,000 499,999 BNP Paribas, 0.0000%, due 30/6/15 500,000 500,000 BNP Paribas, 0.0000%, due 17/3/15 500,000 499,999 Societe Generale, 0.0000%, due 5/2/15 500,000 500,000 BNP Paribas, 0.0000%, due 12/3/15 500,000 499,999 BNP Paribas, 0.0000%, due 13/3/15 500,000 500,000 BNP Paribas, 0.0000%, due 18/3/15 500,000 499,998 BNP Paribas, 0.0000%, due 17/3/15 500,000 500,000 BNP Paribas, 0.0000%, due 23/3/15 500,000 499,996 Seven Bank, Ltd. 101,400 495,730 BNP Paribas, 0.0000%, due 16/3/15 500,000 499,996 Keyence Corp. 840 459,300 Mitsubishi Heavy Industries, Ltd. 77,000 465,938 Catamaran Corp. 7,724 457,043 Mallinckrodt PLC 3,381 412,757 Apple, Inc. 3,394 425,944

Janus Capital Funds Plc / 30 June 2015 281 Statements of Changes in Composition of Portfolio

JANUS GLOBAL TECHNOLOGY FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Societe Generale, 0.0000%, due 14/1/15 6,500,000 6,499,982 Societe Generale, 0.0000%, due 14/1/15 6,500,000 6,500,000 BNP Paribas, 0.0000%, due 6/3/15 6,100,000 6,099,983 BNP Paribas, 0.0000%, due 6/3/15 6,100,000 6,100,000 BNP Paribas, 0.0000%, due 27/2/15 5,900,000 5,899,984 BNP Paribas, 0.0000%, due 27/2/15 5,900,000 5,900,000 BNP Paribas, 0.0000%, due 29/1/15 5,800,000 5,799,987 BNP Paribas, 0.0000%, due 29/1/15 5,800,000 5,800,000 BNP Paribas, 0.0000%, due 11/3/15 5,600,000 5,599,984 Apple, Inc. 44,585 5,730,045 Societe Generale, 0.0000%, due 15/1/15 5,500,000 5,499,985 BNP Paribas, 0.0000%, due 11/3/15 5,600,000 5,600,000 BNP Paribas, 0.0000%, due 10/3/15 5,500,000 5,499,985 Societe Generale, 0.0000%, due 15/1/15 5,500,000 5,500,000 BNP Paribas, 0.0000%, due 13/1/15 5,400,000 5,399,987 BNP Paribas, 0.0000%, due 10/3/15 5,500,000 5,500,000 Societe Generale, 0.0000%, due 16/1/15 5,400,000 5,399,985 BNP Paribas, 0.0000%, due 13/1/15 5,400,000 5,400,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 5,300,000 5,299,988 Societe Generale, 0.0000%, due 16/1/15 5,400,000 5,400,000 BNP Paribas, 0.0000%, due 9/3/15 4,600,000 4,599,962 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 5,300,000 5,300,000 BNP Paribas, 0.0000%, due 2/3/15 4,500,000 4,499,978 BNP Paribas, 0.0000%, due 9/3/15 4,600,000 4,600,000 BNP Paribas, 0.0000%, due 3/3/15 3,900,000 3,899,989 BNP Paribas, 0.0000%, due 2/3/15 4,500,000 4,500,000 Societe Generale, 0.0000%, due 27/1/15 3,500,000 3,499,993 BNP Paribas, 0.0000%, due 3/3/15 3,900,000 3,900,000 Societe Generale, 0.0000%, due 28/1/15 3,200,000 3,199,994 Societe Generale, 0.0000%, due 27/1/15 3,500,000 3,500,000 BNP Paribas, 0.0000%, due 13/3/15 3,200,000 3,199,991 Google, Inc. – Class C 6,187 3,339,093 BNP Paribas, 0.0000%, due 16/3/15 3,200,000 3,199,973 BNP Paribas, 0.0000%, due 13/3/15 3,200,000 3,200,000 BNP Paribas, 0.0000%, due 26/1/15 3,100,000 3,099,979 BNP Paribas, 0.0000%, due 16/3/15 3,200,000 3,200,000 Societe Generale, 0.0000%, due 5/2/15 2,900,000 2,899,992 Societe Generale, 0.0000%, due 28/1/15 3,200,000 3,200,000 BNP Paribas, 0.0000%, due 19/6/15 2,700,000 2,699,993 BNP Paribas, 0.0000%, due 26/1/15 3,100,000 3,100,000 BNP Paribas, 0.0000%, due 16/6/15 2,700,000 2,699,993 Societe Generale, 0.0000%, due 5/2/15 2,900,000 2,900,000 BNP Paribas, 0.0000%, due 17/6/15 2,700,000 2,699,993 BNP Paribas, 0.0000%, due 19/6/15 2,700,000 2,700,000 BNP Paribas, 0.0000%, due 18/6/15 2,600,000 2,599,993 BNP Paribas, 0.0000%, due 16/6/15 2,700,000 2,700,000 Societe Generale, 0.0000%, due 14/4/15 2,500,000 2,499,993 BNP Paribas, 0.0000%, due 17/6/15 2,700,000 2,700,000 BNP Paribas, 0.0000%, due 23/6/15 2,500,000 2,499,993 BNP Paribas, 0.0000%, due 18/6/15 2,600,000 2,600,000 BNP Paribas, 0.0000%, due 19/3/15 2,500,000 2,499,992 BNP Paribas, 0.0000%, due 19/3/15 2,500,000 2,500,000 BNP Paribas, 0.0000%, due 22/6/15 2,500,000 2,499,979 BNP Paribas, 0.0000%, due 22/6/15 2,500,000 2,500,000 Societe Generale, 0.0000%, due 3/2/15 2,400,000 2,399,994 BNP Paribas, 0.0000%, due 23/6/15 2,500,000 2,500,000 BNP Paribas, 0.0000%, due 17/3/15 2,400,000 2,399,993 Societe Generale, 0.0000%, due 14/4/15 2,500,000 2,500,000 BNP Paribas, 0.0000%, due 24/6/15 2,400,000 2,399,993 BNP Paribas, 0.0000%, due 23/3/15 2,400,000 2,399,980 BNP Paribas, 0.0000%, due 15/6/15 2,400,000 2,399,980 Societe Generale, 0.0000%, due 6/2/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 12/6/15 2,300,000 2,299,994 Societe Generale, 0.0000%, due 4/2/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 10/6/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 8/6/15 2,300,000 2,299,981

282 Janus Capital Funds Plc / 30 June 2015 JANUS JAPAN EMERGING OPPORTUNITIES FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

GMO Payment Gateway, Inc. 1,100 3,372,825 Unicharm Corp. 1,700 5,188,968 Nidec Corp. 400 3,328,890 Cosmos Pharmaceutical Corp. 300 5,090,763 Eiken Chemical Co., Ltd. 1,700 3,208,180 Nidec Corp. 600 5,062,720 Nippon Seiki Co., Ltd. 1,000 2,716,255 NS Solutions Corp. 1,000 3,676,085 Otsuka Corp. 500 2,691,902 GMO internet, Inc. 2,300 3,446,376 Freund Corp. 2,000 2,532,032 Don Quijote Holdings Co., Ltd. 300 2,789,078 eGuarantee, Inc. 1,100 2,204,237 Proto Corp. 1,200 2,369,579 Tsubakimoto Chain Co. 2,000 2,172,604 Brother Industries, Ltd. 1,100 2,173,291 Koito Manufacturing Co., Ltd. 400 1,934,307 Kubota Corp. 1,000 2,059,027 Cosmos Pharmaceutical Corp. 100 1,828,191 Asics Corp. 600 1,789,865 Daiichikosho Co., Ltd. 400 1,705,544 Kawasaki Heavy Industries, Ltd. 3,000 1,774,928 Shimano, Inc. 100 1,667,999 Eisai Co., Ltd. 300 1,701,257 Unicharm Corp. 500 1,610,530 Shimano, Inc. 100 1,683,167 Asahi Rubber, Inc. 1,100 1,532,732 Tokyu Corp. 2,000 1,636,035 SMS Co., Ltd. 1,000 1,530,830 Lawson, Inc. 200 1,609,067 Horiba, Ltd. 300 1,500,797 TDK Corp. 200 1,445,139 Eagle Industry Co., Ltd. 600 1,449,147 Pigeon Corp. 200 1,443,266 Wellnet Corp. 600 1,393,470 ORIX Corp. 900 1,370,429 Kakaku.com, Inc. 700 1,384,184 Sysmex Corp. 200 1,304,515 Resorttrust, Inc. 400 1,291,062 Rohto Pharmaceutical Co., Ltd. 800 1,300,888 Enigmo, Inc. 900 1,183,421 Daito Trust Construction Co., Ltd. 100 1,245,504 Ferrotec Corp. 1,300 1,139,264 MIMAKI ENGINEERING Co., Ltd. 500 1,225,475 W-Scope Corp. 1,400 1,097,115 Hoya Corp. 300 1,202,706 Shinkawa, Ltd. 1,100 1,026,329 Kawasumi Laboratories, Inc. 1,300 1,186,077 Amano Corp. 600 1,014,154 Japan Airlines Co., Ltd. 300 1,172,603 New Japan Radio Co., Ltd. 2,000 965,156 Kyosan Electric Manufacturing Co., Ltd. 3,000 1,137,634 Gurunavi, Inc. 400 943,530 Kinugawa Rubber Industrial Co., Ltd. 2,000 1,064,722 Nitto Denko Corp. 100 939,926 COLOPL, Inc. 400 1,030,073 Ezaki Glico Co., Ltd. 200 914,595 Suntory Beverage & Food, Ltd. 200 988,812 eRex Co, Ltd. 700 901,281 Makino Milling Machine Co., Ltd. 1,000 988,812 Syuppin Co., Ltd. 500 896,463 Mabuchi Motor Co., Ltd. 200 932,880 Samantha Thavasa Japan, Ltd. 800 842,989 Kito Corp. 800 915,700 Eisai Co., Ltd. 100 836,553 Sanyo Denki Co., Ltd. 1,000 899,919 Totetsu Kogyo Co., Ltd. 300 815,076 MonotaRO Co., Ltd. 200 876,947 Thine Electronics, Inc. 600 811,071 Suzuki Motor Corp. 200 870,255 TDK Corp. 100 806,967 Eizo Corp. 300 835,197 Toyo Tire & Rubber Co., Ltd. 300 804,511 KLab, Inc. 600 810,627 Aica Kogyo Co., Ltd. 300 799,257 Asahi Intecc Co., Ltd. 100 787,103 Tokyu Corp. 1,000 757,908

Janus Capital Funds Plc / 30 June 2015 283 Statements of Changes in Composition of Portfolio

JANUS JAPAN FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Mizuho Financial Group, Inc. 24,200 5,723,533 Toshiba Corp. 12,000 5,230,884 FUJIFILM Holdings Corp. 1,000 4,317,313 Mazda Motor Corp. 1,700 4,232,757 Kao Corp. 700 3,923,301 Kaken Pharmaceutical Co., Ltd. 1,000 4,068,964 Mitsubishi UFJ Financial Group, Inc. 5,100 3,902,929 Terumo Corp. 1,200 3,817,250 Mitsubishi Heavy Industries, Ltd. 5,000 3,900,228 Topcon Corp. 1,300 3,527,951 Kintetsu World Express, Inc. 700 3,825,757 Hitachi Ltd. 4,000 3,373,476 Rakuten, Inc. 1,700 3,639,715 Haseko Corp. 2,600 3,325,008 Tokyu Fudosan Holdings Corp. 4,200 3,469,903 Resona Holdings, Inc. 4,900 3,234,495 Kyowa Hakko Kirin Co., Ltd. 2,000 3,457,053 FUJIFILM Holdings Corp. 700 3,002,197 Nippon Telegraph & Telephone Corp. 700 3,312,287 Toray Industries, Inc. 3,000 2,990,139 Toyota Motor Corp. 400 3,278,999 Mitsubishi Estate Co., Ltd. 1,000 2,895,212 FFRI, Inc. 600 3,246,216 ORIX Corp. 1,500 2,747,604 Otsuka Corp. 600 3,130,476 CyberAgent, Inc. 500 2,735,371 Hazama Ando Corp. 4,500 3,062,774 Jafco Co., Ltd. 600 2,677,314 SoftBank Corp. 400 2,995,173 FANUC Corp. 100 2,611,491 DMG Mori Co., Ltd. 1,700 2,980,199 Aisin Seiki Co., Ltd. 500 2,512,912 Dai-ichi Life Insurance Co, Ltd. 1,300 2,922,877 KDDI Corp. 900 2,507,733 GCA Savvian Corp. 1,900 2,824,895 Sony Corp. 700 2,498,117 Electric Power Development Co., Ltd. 700 2,776,699 Sumitomo Rubber Industries, Ltd. 1,200 2,497,818 Makino Milling Machine Co., Ltd. 2,000 2,625,083 Calsonic Kansei Corp. 3,000 2,480,500 Resorttrust, Inc. 800 2,578,317 IT Holdings Corp. 1,000 2,464,622 Fujitsu, Ltd. 3,000 2,428,063 Fuji Heavy Industries, Ltd. 600 2,451,866 Tokyo Steel 2,900 2,400,706 Tokyo Steel 2,900 2,440,208 Mixi, Inc. 400 2,356,283 Nomura Research Institute Ltd. 500 2,424,935 Recruit Holdings Co., Ltd. 600 2,337,067 Mixi, Inc. 500 2,352,879 PeptiDream, Inc. 1,400 2,324,988 Isetan Mitsukoshi Holdings, Ltd. 1,200 2,351,442 Kobe Steel Ltd. 11,000 2,314,696 Penta-Ocean Construction Co., Ltd. 5,100 2,319,491 OSAKA Titanium Technologies Co., Ltd. 700 2,269,702 Nabtesco Corp. 700 2,288,872 GMO Payment Gateway, Inc. 700 2,242,917 Kobe Steel Ltd. 10,000 2,245,859 GMO internet, Inc. 1,500 2,231,707 Central Japan Railway Co 100 2,226,584 Ajinomoto Co., Inc. 1,000 2,205,619 Kawasaki Kisen Kaisha, Ltd. 7,000 2,192,171 Nitto Denko Corp. 300 2,157,907 Shionogi & Co., Ltd. 500 2,135,219 Nomura Research Institute Ltd. 500 2,129,025 Aisin Seiki Co., Ltd. 500 2,118,341 Nippon Steel & Sumitomo Metal Corp. 6,000 2,047,584 Star Micronics Co, Ltd. 1,000 2,044,739

284 Janus Capital Funds Plc / 30 June 2015 JANUS OPPORTUNISTIC ALPHA FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 26/1/15 7,000,000 6,999,953 BNP Paribas, 0.0000%, due 26/1/15 7,000,000 7,000,000 Societe Generale, 0.0010%, due 6/1/15 6,800,000 6,799,981 Societe Generale, 0.0010%, due 6/1/15 6,800,000 6,800,000 BNP Paribas, 0.0000%, due 8/1/15 6,700,000 6,699,983 Societe Generale, 0.0000%, due 7/1/15 6,700,000 6,700,000 Societe Generale, 0.0000%, due 7/1/15 6,700,000 6,699,981 BNP Paribas, 0.0000%, due 8/1/15 6,700,000 6,700,000 BNP Paribas, 0.0000%, due 23/1/15 6,600,000 6,599,985 BNP Paribas, 0.0000%, due 23/1/15 6,600,000 6,600,000 BNP Paribas, 0.0000%, due 9/1/15 6,500,000 6,499,984 BNP Paribas, 0.0000%, due 9/1/15 6,500,000 6,500,000 BNP Paribas, 0.0000%, due 22/1/15 6,500,000 6,499,984 BNP Paribas, 0.0000%, due 22/1/15 6,500,000 6,500,000 BNP Paribas, 0.0000%, due 12/1/15 6,300,000 6,299,953 BNP Paribas, 0.0000%, due 12/1/15 6,300,000 6,300,000 Societe Generale, 0.0000%, due 5/2/15 6,100,000 6,099,983 Societe Generale, 0.0000%, due 5/2/15 6,100,000 6,100,000 Societe Generale, 0.0000%, due 5/1/15 6,100,000 6,099,944 Societe Generale, 0.0000%, due 17/2/15 6,100,000 6,100,000 Societe Generale, 0.0000%, due 17/2/15 6,100,000 6,099,932 Societe Generale, 0.0000%, due 5/1/15 6,100,000 6,100,000 BNP Paribas, 0.0000%, due 13/1/15 6,000,000 5,999,985 Societe Generale, 0.0000%, due 12/2/15 6,000,000 6,000,000 Societe Generale, 0.0000%, due 19/2/15 6,000,000 5,999,983 BNP Paribas, 0.0000%, due 13/1/15 6,000,000 6,000,000 Societe Generale, 0.0000%, due 12/2/15 6,000,000 5,999,983 Societe Generale, 0.0000%, due 19/2/15 6,000,000 6,000,000 Societe Generale, 0.0000%, due 10/2/15 5,900,000 5,899,985 Societe Generale, 0.0000%, due 13/2/15 5,900,000 5,900,000 Societe Generale, 0.0000%, due 6/2/15 5,900,000 5,899,985 Societe Generale, 0.0000%, due 18/2/15 5,900,000 5,900,000 Societe Generale, 0.0000%, due 18/2/15 5,900,000 5,899,984 Societe Generale, 0.0000%, due 6/2/15 5,900,000 5,900,000 Societe Generale, 0.0000%, due 13/2/15 5,900,000 5,899,984 Societe Generale, 0.0000%, due 10/2/15 5,900,000 5,900,000 Societe Generale, 0.0000%, due 9/2/15 5,800,000 5,799,957 BNP Paribas, 0.0000%, due 20/1/15 5,800,000 5,800,000 BNP Paribas, 0.0000%, due 20/1/15 5,800,000 5,799,942 Societe Generale, 0.0000%, due 9/2/15 5,800,000 5,800,000 BNP Paribas, 0.0000%, due 21/1/15 5,700,000 5,699,986 BNP Paribas, 0.0000%, due 21/1/15 5,700,000 5,700,000 Societe Generale, 0.0000%, due 4/2/15 5,500,000 5,499,986 Societe Generale, 0.0000%, due 4/2/15 5,500,000 5,500,000 Societe Generale, 0.0000%, due 16/1/15 5,500,000 5,499,985 Societe Generale, 0.0000%, due 11/2/15 5,500,000 5,500,000 Societe Generale, 0.0000%, due 11/2/15 5,500,000 5,499,985 Societe Generale, 0.0000%, due 16/1/15 5,500,000 5,500,000 Societe Generale, 0.0000%, due 27/1/15 5,300,000 5,299,990 Societe Generale, 0.0000%, due 15/1/15 5,300,000 5,300,000 Societe Generale, 0.0000%, due 15/1/15 5,300,000 5,299,985 BNP Paribas, 0.0000%, due 23/2/15 5,300,000 5,300,000 BNP Paribas, 0.0000%, due 23/2/15 5,300,000 5,299,956 Societe Generale, 0.0000%, due 27/1/15 5,300,000 5,300,000 Societe Generale, 0.0000%, due 28/1/15 5,200,000 5,199,990 Societe Generale, 0.0000%, due 28/1/15 5,200,000 5,200,000 Societe Generale, 0.0000%, due 14/1/15 5,100,000 5,099,986 Societe Generale, 0.0000%, due 14/1/15 5,100,000 5,100,000 BNP Paribas, 0.0000%, due 20/2/15 5,100,000 5,099,986 BNP Paribas, 0.0000%, due 20/2/15 5,100,000 5,100,000 BNP Paribas, 0.0000%, due 29/1/15 4,400,000 4,399,990 BNP Paribas, 0.0000%, due 29/1/15 4,400,000 4,400,000 Societe Generale, 0.0000%, due 3/2/15 3,900,000 3,899,990 Societe Generale, 0.0000%, due 3/2/15 3,900,000 3,900,000 BNP Paribas, 0.0000%, due 13/3/15 3,900,000 3,899,989 BNP Paribas, 0.0000%, due 13/3/15 3,900,000 3,900,000 BNP Paribas, 0.0000%, due 16/3/15 3,600,000 3,599,970 BNP Paribas, 0.0000%, due 16/3/15 3,600,000 3,600,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 3,400,000 3,399,992 BNP Paribas, 0.0000%, due 19/3/15 3,400,000 3,400,000 BNP Paribas, 0.0000%, due 19/3/15 3,400,000 3,399,990 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 3,400,000 3,400,000 BNP Paribas, 0.0000%, due 17/3/15 3,200,000 3,199,991 BNP Paribas, 0.0000%, due 18/3/15 3,200,000 3,199,990 BNP Paribas, 0.0000%, due 20/3/15 3,100,000 3,099,991

Janus Capital Funds Plc / 30 June 2015 285 Statements of Changes in Composition of Portfolio

JANUS US FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 20/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 11/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 12/6/15 100,000 100,000 Societe Generale, 0.0000%, due 7/4/15 100,000 100,000 Societe Generale, 0.0000%, due 8/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 24/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 1/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 1/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 13/3/15 100,000 100,000 Societe Generale, 0.0000%, due 17/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 2/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 2/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 27/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 18/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 3/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 3/6/15 100,000 100,000 Societe Generale, 0.0000%, due 15/4/15 100,000 100,000 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 4/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 4/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 11/3/15 100,000 100,000 Societe Generale, 0.0000%, due 13/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 5/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 5/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 18/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 9/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 9/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 8/6/15 100,000 100,000 Societe Generale, 0.0000%, due 25/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 13/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 10/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 9/6/15 100,000 100,000 Societe Generale, 0.0000%, due 2/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 20/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 11/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 10/6/15 100,000 100,000 Societe Generale, 0.0000%, due 10/4/15 100,000 100,000 Societe Generale, 0.0000%, due 26/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 16/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 11/6/15 100,000 100,000 Societe Generale, 0.0000%, due 17/4/15 100,000 100,000 Societe Generale, 0.0000%, due 2/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 17/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 15/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 6/3/15 100,000 100,000 Societe Generale, 0.0000%, due 9/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 18/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 16/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 12/3/15 100,000 100,000 Societe Generale, 0.0000%, due 15/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 19/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 17/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 17/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 12/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 23/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 18/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 19/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 10/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 24/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 19/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 24/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 12/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 25/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 22/6/15 100,000 100,000 Societe Generale, 0.0000%, due 26/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 16/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 26/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 23/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 31/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 19/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 30/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 24/6/15 100,000 100,000 Societe Generale, 0.0000%, due 7/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 23/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 26/2/15 100,000 100,000 BNP Paribas, 0.0000%, due 25/6/15 100,000 100,000 Societe Generale, 0.0000%, due 9/4/15 100,000 100,000 Societe Generale, 0.0000%, due 25/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 27/2/15 100,000 100,000 BNP Paribas, 0.0000%, due 26/6/15 100,000 100,000 Societe Generale, 0.0000%, due 14/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 27/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 2/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 29/6/15 100,000 100,000 Societe Generale, 0.0000%, due 16/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 31/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 3/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 30/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 30/4/15 100,000 100,000 Societe Generale, 0.0000%, due 6/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 4/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 26/2/15 100,000 100,000 BNP Paribas, 0.0000%, due 5/3/15 100,000 100,000 Societe Generale, 0.0000%, due 8/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 10/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 27/2/15 100,000 100,000 Societe Generale, 0.0000%, due 13/4/15 100,000 99,999 Societe Generale, 0.0000%, due 10/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 16/3/15 100,000 99,999 BNP Paribas, 0.0000%, due 2/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 9/3/15 100,000 99,999 Societe Generale, 0.0000%, due 14/4/15 100,000 100,000 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 100,000 99,999 BNP Paribas, 0.0000%, due 3/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 22/6/15 100,000 99,999 Societe Generale, 0.0000%, due 16/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 29/6/15 100,000 99,999 BNP Paribas, 0.0000%, due 4/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 23/3/15 100,000 99,999 BNP Paribas, 0.0000%, due 30/4/15 100,000 100,000 BNP Paribas, 0.0000%, due 8/6/15 100,000 99,999 BNP Paribas, 0.0000%, due 5/3/15 100,000 100,000 Societe Generale, 0.0000%, due 6/4/15 100,000 99,999 BNP Paribas, 0.0000%, due 6/3/15 100,000 100,000 BNP Paribas, 0.0000%, due 15/6/15 100,000 99,999 BNP Paribas, 0.0000%, due 17/3/15 100,000 100,000

286 Janus Capital Funds Plc / 30 June 2015 JANUS US RESEARCH FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 21/1/15 4,200,000 4,199,990 BNP Paribas, 0.0000%, due 21/1/15 4,200,000 4,200,000 BNP Paribas, 0.0000%, due 9/1/15 3,900,000 3,899,990 BNP Paribas, 0.0000%, due 9/1/15 3,900,000 3,900,000 Societe Generale, 0.0000%, due 16/1/15 3,700,000 3,699,990 BNP Paribas, 0.0000%, due 20/1/15 3,700,000 3,700,000 BNP Paribas, 0.0000%, due 20/1/15 3,700,000 3,699,963 Societe Generale, 0.0000%, due 16/1/15 3,700,000 3,700,000 Exxon Mobil Corp. 40,628 3,604,354 Societe Generale, 0.0000%, due 20/4/15 3,500,000 3,500,000 Societe Generale, 0.0000%, due 20/4/15 3,500,000 3,499,971 Societe Generale, 0.0000%, due 17/4/15 3,400,000 3,400,000 Societe Generale, 0.0000%, due 17/4/15 3,400,000 3,399,991 BNP Paribas, 0.0000%, due 12/1/15 3,400,000 3,400,000 BNP Paribas, 0.0000%, due 12/1/15 3,400,000 3,399,975 Societe Generale, 0.0000%, due 21/4/15 3,300,000 3,300,000 Societe Generale, 0.0000%, due 21/4/15 3,300,000 3,299,991 Societe Generale, 0.0000%, due 22/4/15 3,300,000 3,300,000 Societe Generale, 0.0000%, due 22/4/15 3,300,000 3,299,991 BNP Paribas, 0.0000%, due 11/3/15 3,300,000 3,300,000 BNP Paribas, 0.0000%, due 11/3/15 3,300,000 3,299,991 Societe Generale, 0.0000%, due 14/1/15 3,200,000 3,200,000 Societe Generale, 0.0000%, due 14/1/15 3,200,000 3,199,991 BNP Paribas, 0.0000%, due 13/1/15 3,100,000 3,100,000 BNP Paribas, 0.0000%, due 13/1/15 3,100,000 3,099,992 Societe Generale, 0.0000%, due 16/4/15 3,100,000 3,100,000 Societe Generale, 0.0000%, due 16/4/15 3,100,000 3,099,991 BNP Paribas, 0.0000%, due 26/2/15 3,100,000 3,100,000 BNP Paribas, 0.0000%, due 26/2/15 3,100,000 3,099,991 Pharmacyclics, Inc. 13,548 3,005,275 Societe Generale, 0.0000%, due 10/2/15 3,000,000 2,999,993 Societe Generale, 0.0000%, due 15/1/15 3,000,000 3,000,000 Societe Generale, 0.0000%, due 15/1/15 3,000,000 2,999,992 Societe Generale, 0.0000%, due 10/2/15 3,000,000 3,000,000 BNP Paribas, 0.0000%, due 14/5/15 2,800,000 2,799,992 Chevron Corp. 28,147 2,825,963 BNP Paribas, 0.0000%, due 23/4/15 2,800,000 2,799,992 Societe Generale, 0.0000%, due 6/1/15 2,800,000 2,800,000 Societe Generale, 0.0000%, due 6/1/15 2,800,000 2,799,992 BNP Paribas, 0.0000%, due 14/5/15 2,800,000 2,800,000 BNP Paribas, 0.0000%, due 13/5/15 2,800,000 2,799,992 BNP Paribas, 0.0000%, due 13/5/15 2,800,000 2,800,000 Societe Generale, 0.0000%, due 17/2/15 2,800,000 2,799,969 BNP Paribas, 0.0000%, due 23/4/15 2,800,000 2,800,000 BNP Paribas, 0.0000%, due 8/1/15 2,700,000 2,699,993 Societe Generale, 0.0000%, due 17/2/15 2,800,000 2,800,000 BNP Paribas, 0.0000%, due 15/5/15 2,700,000 2,699,993 BNP Paribas, 0.0000%, due 8/1/15 2,700,000 2,700,000 Societe Generale, 0.0000%, due 7/1/15 2,700,000 2,699,993 Societe Generale, 0.0000%, due 7/1/15 2,700,000 2,700,000 Societe Generale, 0.0000%, due 5/1/15 2,700,000 2,699,975 Societe Generale, 0.0000%, due 5/1/15 2,700,000 2,700,000 BNP Paribas, 0.0000%, due 15/5/15 2,700,000 2,700,000

Janus Capital Funds Plc / 30 June 2015 287 Statements of Changes in Composition of Portfolio

JANUS US TWENTY FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Societe Generale, 0.0000%, due 18/2/15 36,600,000 36,599,898 Societe Generale, 0.0000%, due 18/2/15 36,600,000 36,600,000 Societe Generale, 0.0000%, due 19/2/15 36,500,000 36,499,899 Societe Generale, 0.0000%, due 19/2/15 36,500,000 36,500,000 Societe Generale, 0.0000%, due 17/2/15 32,800,000 32,799,636 Societe Generale, 0.0000%, due 17/2/15 32,800,000 32,800,000 Societe Generale, 0.0000%, due 13/2/15 30,200,000 30,199,916 Societe Generale, 0.0000%, due 13/2/15 30,200,000 30,200,000 Societe Generale, 0.0000%, due 12/2/15 30,000,000 29,999,917 Societe Generale, 0.0000%, due 12/2/15 30,000,000 30,000,000 BNP Paribas, 0.0000%, due 3/3/15 29,300,000 29,299,919 BNP Paribas, 0.0000%, due 3/3/15 29,300,000 29,300,000 Societe Generale, 0.0000%, due 11/2/15 28,200,000 28,199,922 Societe Generale, 0.0000%, due 11/2/15 28,200,000 28,200,000 BNP Paribas, 0.0000%, due 29/1/15 26,700,000 26,699,941 BNP Paribas, 0.0000%, due 29/1/15 26,700,000 26,700,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 26,500,000 26,499,941 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 26,500,000 26,500,000 Societe Generale, 0.0000%, due 28/1/15 25,400,000 25,399,951 Societe Generale, 0.0000%, due 6/2/15 25,400,000 25,400,000 Societe Generale, 0.0000%, due 6/2/15 25,400,000 25,399,937 Societe Generale, 0.0000%, due 28/1/15 25,400,000 25,400,000 Societe Generale, 0.0000%, due 10/2/15 24,600,000 24,599,939 Societe Generale, 0.0000%, due 10/2/15 24,600,000 24,600,000 BNP Paribas, 0.0000%, due 26/1/15 24,100,000 24,099,839 BNP Paribas, 0.0000%, due 26/1/15 24,100,000 24,100,000 Societe Generale, 0.0000%, due 27/1/15 23,700,000 23,699,954 Societe Generale, 0.0000%, due 27/1/15 23,700,000 23,700,000 BNP Paribas, 0.0000%, due 23/1/15 23,600,000 23,599,948 BNP Paribas, 0.0000%, due 23/1/15 23,600,000 23,600,000 BNP Paribas, 0.0000%, due 26/2/15 23,400,000 23,399,935 BNP Paribas, 0.0000%, due 26/2/15 23,400,000 23,400,000 Societe Generale, 0.0000%, due 9/2/15 23,300,000 23,299,825 Societe Generale, 0.0000%, due 9/2/15 23,300,000 23,300,000 BNP Paribas, 0.0000%, due 22/1/15 23,200,000 23,199,942 Societe Generale, 0.0000%, due 5/2/15 23,200,000 23,200,000 Societe Generale, 0.0000%, due 5/2/15 23,200,000 23,199,936 BNP Paribas, 0.0000%, due 22/1/15 23,200,000 23,200,000 BNP Paribas, 0.0000%, due 10/3/15 23,100,000 23,099,936 BNP Paribas, 0.0000%, due 10/3/15 23,100,000 23,100,000 BNP Paribas, 0.0000%, due 21/1/15 22,800,000 22,799,943 BNP Paribas, 0.0000%, due 21/1/15 22,800,000 22,800,000 BNP Paribas, 0.0000%, due 27/2/15 22,800,000 22,799,937 BNP Paribas, 0.0000%, due 27/2/15 22,800,000 22,800,000 Societe Generale, 0.0000%, due 29/4/15 22,400,000 22,399,956 Societe Generale, 0.0000%, due 29/4/15 22,400,000 22,400,000 BNP Paribas, 0.0000%, due 9/3/15 22,200,000 22,199,815 BNP Paribas, 0.0000%, due 9/3/15 22,200,000 22,200,000 BNP Paribas, 0.0000%, due 20/1/15 22,200,000 22,199,778 BNP Paribas, 0.0000%, due 20/1/15 22,200,000 22,200,000 Societe Generale, 0.0000%, due 4/2/15 21,800,000 21,799,946 Societe Generale, 0.0000%, due 4/2/15 21,800,000 21,800,000 BNP Paribas, 0.0000%, due 4/3/15 21,800,000 21,799,939 BNP Paribas, 0.0000%, due 4/3/15 21,800,000 21,800,000 BNP Paribas, 0.0000%, due 2/3/15 21,800,000 21,799,891 BNP Paribas, 0.0000%, due 2/3/15 21,800,000 21,800,000 BNP Paribas, 0.0000%, due 30/4/15 21,400,000 21,399,941 BNP Paribas, 0.0000%, due 30/4/15 21,400,000 21,400,000 BNP Paribas, 0.0000%, due 25/2/15 21,200,000 21,199,941 BNP Paribas, 0.0000%, due 25/2/15 21,200,000 21,200,000 BNP Paribas, 0.0000%, due 1/5/15 20,900,000 20,899,971 BNP Paribas, 0.0000%, due 1/5/15 20,900,000 20,900,000 BNP Paribas, 0.0000%, due 4/5/15 20,700,000 20,699,828 BNP Paribas, 0.0000%, due 4/5/15 20,700,000 20,700,000 BNP Paribas, 0.0000%, due 23/1/15 20,600,000 20,599,943 BNP Paribas, 0.0000%, due 23/1/15 20,600,000 20,600,000 Societe Generale, 0.0000%, due 3/2/15 20,200,000 20,199,950 Societe Generale, 0.0000%, due 3/2/15 20,200,000 20,200,000 BNP Paribas, 0.0000%, due 5/5/15 20,000,000 19,999,944 BNP Paribas, 0.0000%, due 5/5/15 20,000,000 20,000,000

288 Janus Capital Funds Plc / 30 June 2015 JANUS US VENTURE FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 31/3/15 34,400,000 34,399,904 BNP Paribas, 0.0000%, due 31/3/15 34,400,000 34,400,000 BNP Paribas, 0.0000%, due 2/3/15 33,700,000 33,699,832 BNP Paribas, 0.0000%, due 2/3/15 33,700,000 33,700,000 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 32,800,000 32,799,781 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 32,800,000 32,800,000 BNP Paribas, 0.0000%, due 4/3/15 32,100,000 32,099,911 BNP Paribas, 0.0000%, due 4/3/15 32,100,000 32,100,000 BNP Paribas, 0.0000%, due 3/3/15 32,000,000 31,999,911 BNP Paribas, 0.0000%, due 3/3/15 32,000,000 32,000,000 BNP Paribas, 0.0000%, due 5/3/15 31,600,000 31,599,912 BNP Paribas, 0.0000%, due 5/3/15 31,600,000 31,600,000 BNP Paribas, 0.0000%, due 9/3/15 30,400,000 30,399,747 BNP Paribas, 0.0000%, due 9/3/15 30,400,000 30,400,000 BNP Paribas, 0.0000%, due 27/2/15 30,300,000 30,299,916 BNP Paribas, 0.0000%, due 27/2/15 30,300,000 30,300,000 BNP Paribas, 0.0000%, due 6/3/15 29,200,000 29,199,919 BNP Paribas, 0.0000%, due 6/3/15 29,200,000 29,200,000 BNP Paribas, 0.0000%, due 27/3/15 28,500,000 28,499,921 BNP Paribas, 0.0000%, due 27/3/15 28,500,000 28,500,000 BNP Paribas, 0.0000%, due 18/5/15 28,300,000 28,299,764 BNP Paribas, 0.0000%, due 18/5/15 28,300,000 28,300,000 BNP Paribas, 0.0000%, due 13/3/15 27,600,000 27,599,923 BNP Paribas, 0.0000%, due 13/3/15 27,600,000 27,600,000 BNP Paribas, 0.0000%, due 11/3/15 27,300,000 27,299,924 BNP Paribas, 0.0000%, due 11/3/15 27,300,000 27,300,000 BNP Paribas, 0.0000%, due 10/3/15 27,200,000 27,199,924 BNP Paribas, 0.0000%, due 10/3/15 27,200,000 27,200,000 BNP Paribas, 0.0000%, due 12/3/15 27,200,000 27,199,924 BNP Paribas, 0.0000%, due 12/3/15 27,200,000 27,200,000 BNP Paribas, 0.0000%, due 17/3/15 27,100,000 27,099,925 BNP Paribas, 0.0000%, due 17/3/15 27,100,000 27,100,000 BNP Paribas, 0.0000%, due 18/3/15 27,000,000 26,999,918 BNP Paribas, 0.0000%, due 18/3/15 27,000,000 27,000,000 BNP Paribas, 0.0000%, due 16/3/15 27,000,000 26,999,775 BNP Paribas, 0.0000%, due 16/3/15 27,000,000 27,000,000 BNP Paribas, 0.0000%, due 7/5/15 26,200,000 26,199,927 BNP Paribas, 0.0000%, due 7/5/15 26,200,000 26,200,000 Societe Generale, 0.0000%, due 25/3/15 25,300,000 25,299,930 Societe Generale, 0.0000%, due 25/3/15 25,300,000 25,300,000 BNP Paribas, 0.0000%, due 8/5/15 25,300,000 25,299,930 BNP Paribas, 0.0000%, due 8/5/15 25,300,000 25,300,000 Societe Generale, 0.0000%, due 26/3/15 25,100,000 25,099,965 Societe Generale, 0.0000%, due 26/3/15 25,100,000 25,100,000 BNP Paribas, 0.0000%, due 19/3/15 25,000,000 24,999,924 BNP Paribas, 0.0000%, due 19/3/15 25,000,000 25,000,000 BNP Paribas, 0.0000%, due 20/3/15 24,800,000 24,799,931 BNP Paribas, 0.0000%, due 20/3/15 24,800,000 24,800,000 Societe Generale, 0.0000%, due 17/4/15 24,200,000 24,199,933 Societe Generale, 0.0000%, due 17/4/15 24,200,000 24,200,000 BNP Paribas, 0.0000%, due 13/5/15 22,800,000 22,799,937 BNP Paribas, 0.0000%, due 13/5/15 22,800,000 22,800,000 BNP Paribas, 0.0000%, due 14/5/15 22,700,000 22,699,937 BNP Paribas, 0.0000%, due 14/5/15 22,700,000 22,700,000 BNP Paribas, 0.0000%, due 24/3/15 22,400,000 22,399,938 BNP Paribas, 0.0000%, due 24/3/15 22,400,000 22,400,000 Societe Generale, 0.0000%, due 2/4/15 22,300,000 22,299,938 Societe Generale, 0.0000%, due 2/4/15 22,300,000 22,300,000 BNP Paribas, 0.0000%, due 15/5/15 22,100,000 22,099,939 BNP Paribas, 0.0000%, due 15/5/15 22,100,000 22,100,000 Societe Generale, 0.0000%, due 7/4/15 21,900,000 21,899,939 Societe Generale, 0.0000%, due 7/4/15 21,900,000 21,900,000 BNP Paribas, 0.0000%, due 26/2/15 21,900,000 21,899,939 BNP Paribas, 0.0000%, due 26/2/15 21,900,000 21,900,000 Societe Generale, 0.0000%, due 6/4/15 21,500,000 21,499,761 Societe Generale, 0.0000%, due 6/4/15 21,500,000 21,500,000 BNP Paribas, 0.0000%, due 25/2/15 21,400,000 21,399,941 BNP Paribas, 0.0000%, due 23/3/15 21,400,000 21,400,000 BNP Paribas, 0.0000%, due 23/3/15 21,400,000 21,399,822 BNP Paribas, 0.0000%, due 25/2/15 21,400,000 21,400,000 BNP Paribas, 0.0000%, due 23/2/15 21,300,000 21,299,823 BNP Paribas, 0.0000%, due 23/2/15 21,300,000 21,300,000 Societe Generale, 0.0000%, due 15/4/15 21,100,000 21,099,941 Societe Generale, 0.0000%, due 15/4/15 21,100,000 21,100,000 Societe Generale, 0.0000%, due 8/4/15 20,900,000 20,899,942 Societe Generale, 0.0000%, due 8/4/15 20,900,000 20,900,000 Societe Generale, 0.0000%, due 13/4/15 20,800,000 20,799,827 Societe Generale, 0.0000%, due 13/4/15 20,800,000 20,800,000 BNP Paribas, 0.0000%, due 23/1/15 20,600,000 20,599,943

Janus Capital Funds Plc / 30 June 2015 289 Statements of Changes in Composition of Portfolio

PERKINS GLOBAL VALUE FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 26/1/15 15,000,000 14,999,900 BNP Paribas, 0.0000%, due 26/1/15 15,000,000 15,000,000 BNP Paribas, 0.0000%, due 23/1/15 14,900,000 14,899,967 BNP Paribas, 0.0000%, due 23/1/15 14,900,000 14,900,000 BNP Paribas, 0.0000%, due 8/1/15 14,900,000 14,899,963 Societe Generale, 0.0000%, due 16/1/15 14,900,000 14,900,000 Societe Generale, 0.0000%, due 16/1/15 14,900,000 14,899,959 BNP Paribas, 0.0000%, due 8/1/15 14,900,000 14,900,000 Societe Generale, 0.0000%, due 4/2/15 14,800,000 14,799,963 Societe Generale, 0.0000%, due 4/2/15 14,800,000 14,800,000 BNP Paribas, 0.0000%, due 21/1/15 14,800,000 14,799,963 Societe Generale, 0.0000%, due 15/1/15 14,800,000 14,800,000 Societe Generale, 0.0000%, due 3/2/15 14,800,000 14,799,963 Societe Generale, 0.0000%, due 6/1/15 14,800,000 14,800,000 Societe Generale, 0.0000%, due 15/1/15 14,800,000 14,799,959 Societe Generale, 0.0000%, due 7/1/15 14,800,000 14,800,000 Societe Generale, 0.0000%, due 7/1/15 14,800,000 14,799,959 Societe Generale, 0.0000%, due 3/2/15 14,800,000 14,800,000 Societe Generale, 0.0000%, due 6/1/15 14,800,000 14,799,959 BNP Paribas, 0.0000%, due 21/1/15 14,800,000 14,800,000 BNP Paribas, 0.0000%, due 20/1/15 14,800,000 14,799,852 BNP Paribas, 0.0000%, due 20/1/15 14,800,000 14,800,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 14,700,000 14,699,967 Societe Generale, 0.0000%, due 6/2/15 14,700,000 14,700,000 BNP Paribas, 0.0000%, due 22/1/15 14,700,000 14,699,963 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 14,700,000 14,700,000 Societe Generale, 0.0000%, due 6/2/15 14,700,000 14,699,963 BNP Paribas, 0.0000%, due 22/1/15 14,700,000 14,700,000 Societe Generale, 0.0000%, due 9/2/15 14,700,000 14,699,890 Societe Generale, 0.0000%, due 9/2/15 14,700,000 14,700,000 Societe Generale, 0.0000%, due 27/1/15 14,600,000 14,599,972 Societe Generale, 0.0000%, due 5/2/15 14,600,000 14,600,000 Societe Generale, 0.0000%, due 10/2/15 14,600,000 14,599,964 Societe Generale, 0.0000%, due 10/2/15 14,600,000 14,600,000 Societe Generale, 0.0000%, due 5/2/15 14,600,000 14,599,959 Societe Generale, 0.0000%, due 27/1/15 14,600,000 14,600,000 BNP Paribas, 0.0000%, due 29/1/15 14,500,000 14,499,968 BNP Paribas, 0.0000%, due 29/1/15 14,500,000 14,500,000 Societe Generale, 0.0000%, due 28/1/15 14,400,000 14,399,972 Societe Generale, 0.0000%, due 28/1/15 14,400,000 14,400,000

PERKINS US STRATEGIC VALUE FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Societe Generale, 0.0000%, due 3/2/15 26,700,000 26,699,933 Societe Generale, 0.0000%, due 3/2/15 26,700,000 26,700,000 BNP Paribas, 0.0000%, due 9/1/15 25,700,000 25,699,936 BNP Paribas, 0.0000%, due 9/1/15 25,700,000 25,700,000 Societe Generale, 0.0000%, due 4/2/15 25,200,000 25,199,937 Societe Generale, 0.0000%, due 4/2/15 25,200,000 25,200,000 Societe Generale, 0.0000%, due 6/2/15 24,900,000 24,899,938 Societe Generale, 0.0000%, due 6/2/15 24,900,000 24,900,000 BNP Paribas, 0.0000%, due 8/1/15 24,600,000 24,599,939 Societe Generale, 0.0000%, due 5/2/15 24,600,000 24,600,000 Societe Generale, 0.0000%, due 5/2/15 24,600,000 24,599,932 BNP Paribas, 0.0000%, due 8/1/15 24,600,000 24,600,000 BNP Paribas, 0.0000%, due 12/1/15 23,600,000 23,599,823 BNP Paribas, 0.0000%, due 12/1/15 23,600,000 23,600,000 Societe Generale, 0.0000%, due 7/1/15 23,500,000 23,499,935 Societe Generale, 0.0000%, due 7/1/15 23,500,000 23,500,000 BNP Paribas, 0.0000%, due 29/1/15 23,300,000 23,299,948 BNP Paribas, 0.0000%, due 29/1/15 23,300,000 23,300,000 Societe Generale, 0.0010%, due 6/1/15 23,100,000 23,099,936 Societe Generale, 0.0010%, due 6/1/15 23,100,000 23,100,000 Societe Generale, 0.0000%, due 14/1/15 22,800,000 22,799,937 Societe Generale, 0.0000%, due 14/1/15 22,800,000 22,800,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 22,700,000 22,699,950 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 22,700,000 22,700,000 BNP Paribas, 0.0000%, due 13/1/15 22,500,000 22,499,944 BNP Paribas, 0.0000%, due 13/1/15 22,500,000 22,500,000 Societe Generale, 0.0000%, due 5/1/15 22,300,000 22,299,796 Societe Generale, 0.0000%, due 5/1/15 22,300,000 22,300,000 BNP Paribas, 0.0000%, due 21/1/15 22,100,000 22,099,945 BNP Paribas, 0.0000%, due 21/1/15 22,100,000 22,100,000 BNP Paribas, 0.0000%, due 20/1/15 22,000,000 21,999,780 BNP Paribas, 0.0000%, due 20/1/15 22,000,000 22,000,000 Societe Generale, 0.0000%, due 15/1/15 21,200,000 21,199,941 Societe Generale, 0.0000%, due 15/1/15 21,200,000 21,200,000 Societe Generale, 0.0000%, due 16/1/15 21,200,000 21,199,941 Societe Generale, 0.0000%, due 16/1/15 21,200,000 21,200,000 Societe Generale, 0.0000%, due 27/1/15 20,000,000 19,999,961 Societe Generale, 0.0000%, due 27/1/15 20,000,000 20,000,000 Societe Generale, 0.0000%, due 28/1/15 20,000,000 19,999,961 Societe Generale, 0.0000%, due 28/1/15 20,000,000 20,000,000

290 Janus Capital Funds Plc / 30 June 2015 INTECH ALL-WORLD MINIMUM VARIANCE CORE FUND(a)

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 6/5/15 77,000,000 76,999,786 BNP Paribas, 0.0000%, due 6/5/15 77,000,000 77,000,000 BNP Paribas, 0.0000%, due 11/5/15 76,500,000 76,499,362 BNP Paribas, 0.0000%, due 11/5/15 76,500,000 76,500,000 BNP Paribas, 0.0000%, due 8/5/15 76,400,000 76,399,788 BNP Paribas, 0.0000%, due 8/5/15 76,400,000 76,400,000 BNP Paribas, 0.0000%, due 7/5/15 76,000,000 75,999,789 BNP Paribas, 0.0000%, due 7/5/15 76,000,000 76,000,000 BNP Paribas, 0.0000%, due 12/5/15 29,800,000 29,799,917 BNP Paribas, 0.0000%, due 12/5/15 29,800,000 29,800,000 BNP Paribas, 0.0000%, due 13/5/15 19,700,000 19,699,945 BNP Paribas, 0.0000%, due 13/5/15 19,700,000 19,700,000 BNP Paribas, 0.0000%, due 15/6/15 16,500,000 16,499,863 BNP Paribas, 0.0000%, due 15/6/15 16,500,000 16,500,000 BNP Paribas, 0.0000%, due 11/6/15 15,800,000 15,799,956 BNP Paribas, 0.0000%, due 11/6/15 15,800,000 15,800,000 BNP Paribas, 0.0000%, due 10/6/15 15,600,000 15,599,957 BNP Paribas, 0.0000%, due 10/6/15 15,600,000 15,600,000 BNP Paribas, 0.0000%, due 14/5/15 14,200,000 14,199,961 BNP Paribas, 0.0000%, due 14/5/15 14,200,000 14,200,000 BNP Paribas, 0.0000%, due 15/5/15 12,500,000 12,499,965 BNP Paribas, 0.0000%, due 15/5/15 12,500,000 12,500,000 BNP Paribas, 0.0000%, due 18/5/15 10,800,000 10,799,910 BNP Paribas, 0.0000%, due 18/5/15 10,800,000 10,800,000 BNP Paribas, 0.0000%, due 16/6/15 7,700,000 7,699,979 BNP Paribas, 0.0000%, due 16/6/15 7,700,000 7,700,000 BNP Paribas, 0.0000%, due 23/6/15 7,500,000 7,499,979 BNP Paribas, 0.0000%, due 23/6/15 7,500,000 7,500,000 BNP Paribas, 0.0000%, due 19/5/15 7,500,000 7,499,979 BNP Paribas, 0.0000%, due 19/5/15 7,500,000 7,500,000 BNP Paribas, 0.0000%, due 18/6/15 7,000,000 6,999,981 BNP Paribas, 0.0000%, due 18/6/15 7,000,000 7,000,000 BNP Paribas, 0.0000%, due 17/6/15 6,800,000 6,799,981 BNP Paribas, 0.0000%, due 22/6/15 6,800,000 6,800,000 BNP Paribas, 0.0000%, due 22/6/15 6,800,000 6,799,943 BNP Paribas, 0.0000%, due 17/6/15 6,800,000 6,800,000 BNP Paribas, 0.0000%, due 19/6/15 6,700,000 6,699,981 BNP Paribas, 0.0000%, due 19/6/15 6,700,000 6,700,000 BNP Paribas, 0.0000%, due 5/6/15 5,900,000 5,899,984 BNP Paribas, 0.0000%, due 4/6/15 5,900,000 5,900,000

Janus Capital Funds Plc / 30 June 2015 291 Statements of Changes in Composition of Portfolio

INTECH EUROPEAN CORE FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Bank of Ireland 3,875,383 1,134,999 Bank of Ireland 4,398,248 1,561,159 Altice S.A. 9,704 918,375 SSE PLC 45,760 1,015,207 Valeo S.A. 5,885 836,953 Glencore Xstrata PLC 210,899 889,026 London Stock Exchange Group PLC 25,955 831,678 Repsol S.A. 47,248 839,533 RELX N.V. 30,878 693,943 UCB S.A. 11,673 778,899 Zurich Insurance Group A.G. 2,602 682,279 ACS Actividades de Construccion y Servicios S.A. 23,568 733,904 Peugeot S.A. 36,746 648,298 Enel SpA 166,718 715,491 Luxottica Group SpA 11,050 640,649 Ashtead Group PLC 44,076 691,016 Carnival PLC 16,225 636,327 Investment A.B. Kinnevik 26,317 684,574 Nokia Oyj 85,502 600,846 Intesa Sanpaolo SpA 212,932 646,684 ProSiebenSat.1 Media A.G. 13,241 599,192 Sonova Holding A.G. 4,722 634,822 Adecco S.A. 8,059 571,085 Fortum OYJ 36,121 619,829 Investor A.B. 15,953 557,155 Galp Energia SGPS S.A. 58,958 588,800 Reed Elsevier PLC 35,195 553,091 Telecom Italia SpA 602,440 539,788 Deutsche Annington Immobilien S.E. 17,162 529,049 EDP - Energias de Portugal S.A. 150,201 526,409 Schroders PLC 11,406 514,815 Klepierre 13,035 506,738 Atlas Copco A.B. 20,788 512,732 Aryzta A.G. 8,583 500,004 Neste Oil Oyj 21,113 490,523 Weir Group PLC 20,050 496,029 UPM-Kymmene Oyj 30,171 483,562 Hugo Boss A.G. 4,654 492,676 Randstad Holding N.V. 9,053 471,221 Swedish Match A.B. 18,105 480,325 Klepierre 13,139 455,262 Royal Dutch Shell PLC – Class A 16,608 478,936 National Grid PLC 34,514 421,647 ASML Holding N.V. 4,692 464,954 Renault S.A. 4,477 420,755 Corio N.V. 11,526 455,262 STMicroelectronics N.V. 55,699 417,862 Groupe Bruxelles Lambert S.A. 5,828 455,010 Accor S.A. 8,039 398,822 Eutelsat Communications S.A. 14,753 452,937 Fiat Chrysler Automobiles N.V. 40,037 398,050 Snam SpA 94,687 425,019 Inmarsat PLC 28,487 389,198 Bunzl PLC 16,417 422,544 Assa Abloy A.B. 25,644 374,521 Gecina S.A. 3,688 405,194 ASML Holding N.V. 4,035 364,694 Capita PLC 23,302 395,250 OSRAM Licht A.G. 8,210 362,736 Kabel Deutschland Holding A.G. 3,111 377,628 Deutsche Telekom A.G. 21,787 352,987 EMS-Chemie Holding A.G. 968 375,008 Wolseley PLC 6,800 350,334 Assa Abloy A.B. 8,548 374,521 Kuehne + Nagel International A.G. 2,650 347,549 Tenaris S.A. 27,954 374,126 Telecom Italia SpA 317,937 371,409 AP Moeller - Maersk A/S 184 351,726 Air Liquide S.A. 3,009 344,657 Terna Rete Elettrica Nazionale SpA 80,409 342,915 RWE Ag Neu Essen 14,807 342,068

292 Janus Capital Funds Plc / 30 June 2015 INTECH GLOBAL ALL COUNTRY LOW VOLATILITY FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 17/3/15 5,400,000 5,399,985 BNP Paribas, 0.0000%, due 17/3/15 5,400,000 5,400,000 Societe Generale, 0.0000%, due 14/4/15 4,600,000 4,599,987 Societe Generale, 0.0000%, due 14/4/15 4,600,000 4,600,000 BNP Paribas, 0.0000%, due 19/5/15 3,900,000 3,899,989 BNP Paribas, 0.0000%, due 19/5/15 3,900,000 3,900,000 BNP Paribas, 0.0000%, due 17/6/15 3,800,000 3,799,989 BNP Paribas, 0.0000%, due 17/6/15 3,800,000 3,800,000 BNP Paribas, 0.0000%, due 15/6/15 3,700,000 3,699,969 BNP Paribas, 0.0000%, due 15/6/15 3,700,000 3,700,000 Societe Generale, 0.0000%, due 18/2/15 3,400,000 3,399,991 Societe Generale, 0.0000%, due 18/2/15 3,400,000 3,400,000 BNP Paribas, 0.0000%, due 28/5/15 3,200,000 3,199,991 BNP Paribas, 0.0000%, due 28/5/15 3,200,000 3,200,000 BNP Paribas, 0.0000%, due 24/3/15 3,000,000 2,999,992 BNP Paribas, 0.0000%, due 27/5/15 3,000,000 3,000,000 Societe Generale, 0.0000%, due 25/3/15 3,000,000 2,999,992 BNP Paribas, 0.0000%, due 26/5/15 3,000,000 3,000,000 BNP Paribas, 0.0000%, due 27/5/15 3,000,000 2,999,992 BNP Paribas, 0.0000%, due 23/3/15 3,000,000 3,000,000 BNP Paribas, 0.0000%, due 23/3/15 3,000,000 2,999,975 BNP Paribas, 0.0000%, due 24/3/15 3,000,000 3,000,000 BNP Paribas, 0.0000%, due 26/5/15 3,000,000 2,999,967 Societe Generale, 0.0000%, due 25/3/15 3,000,000 3,000,000 BNP Paribas, 0.0000%, due 23/6/15 2,900,000 2,899,992 BNP Paribas, 0.0000%, due 23/6/15 2,900,000 2,900,000 BNP Paribas, 0.0000%, due 22/5/15 2,800,000 2,799,992 BNP Paribas, 0.0000%, due 22/5/15 2,800,000 2,800,000 BNP Paribas, 0.0000%, due 20/3/15 2,700,000 2,699,993 BNP Paribas, 0.0000%, due 20/3/15 2,700,000 2,700,000 BNP Paribas, 0.0000%, due 5/6/15 2,400,000 2,399,993 BNP Paribas, 0.0000%, due 5/6/15 2,400,000 2,400,000 BNP Paribas, 0.0000%, due 16/3/15 2,300,000 2,299,981 BNP Paribas, 0.0000%, due 16/3/15 2,300,000 2,300,000 Societe Generale, 0.0000%, due 4/2/15 2,100,000 2,099,995 BNP Paribas, 0.0000%, due 25/2/15 2,100,000 2,100,000 Societe Generale, 0.0000%, due 6/2/15 2,100,000 2,099,995 Societe Generale, 0.0000%, due 5/2/15 2,100,000 2,100,000 BNP Paribas, 0.0000%, due 27/2/15 2,100,000 2,099,994 BNP Paribas, 0.0000%, due 23/1/15 2,100,000 2,100,000

INTECH GLOBAL DIVIDEND FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 9/6/15 100,000 100,000 BNP Paribas, 0.0000%, due 9/6/15 100,000 100,000 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 100,000 100,000 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 100,000 100,000 Exxon Mobil Corp. 400 33,782 Lorillard, Inc. 1,000 59,150 Reynolds American, Inc. 404 19,291 ConAgra Foods, Inc. 1,000 37,861 Takeda Pharmaceutical Co., Ltd. 300 15,882 Intel Corp. 1,000 31,848 Procter & Gamble Co. 200 15,732 AstraZeneca PLC 390 27,753 Atlas Copco A.B. 594 15,127 TransCanada Corp. 600 27,148 Paychex, Inc. 300 14,862 Bank of Montreal 400 25,652 Eversource Energy 300 14,459 Belgacom S.A. 589 21,553 Staples, Inc. 800 13,411 Nippon Telegraph & Telephone Corp. 300 20,126 Persimmon PLC 437 13,194 Direct Line Insurance Group PLC 4,432 19,727 Direct Line Insurance Group PLC 2,756 12,972 Nucor Corp. 400 18,845 CA, Inc. 400 12,952 Royal Bank of Canada 300 18,696 Coca-Cola Co. 300 12,246 Yara International A.S.A. 327 16,742 Legal & General Group PLC 2,994 12,139 Seagate Technology PLC 300 16,528 ProSiebenSat.1 Media A.G. 231 11,689 Delhaize Group 167 15,765 Daiichi Sankyo Co., Ltd. 600 11,401 Sun Hung Kai Properties, Ltd. 1,000 15,451 Delhaize Group 125 11,203 Mitsui & Co., Ltd. 1,200 15,442 SKF A.B. – Class B 455 10,995 Canadian Imperial Bank of Commerce 200 14,873 Pearson PLC 535 10,636 TUI A.G. 770 13,912 Agrium, Inc. 100 10,458 NiSource, Inc. 300 13,774 Adecco S.A. 124 10,453 ConocoPhillips 200 12,947 Bouygues S.A. 272 10,337 Eisai Co., Ltd. 200 12,695 LyondellBasell Industries N.V. – Class A 100 10,336 ITOCHU Corp. 1,200 12,497 Deutsche Boerse A.G. 125 10,219 Daito Trust Construction Co., Ltd. 100 11,504 Koninklijke Ahold N.V. 527 10,141 Chevron Corp. 100 10,827 TUI A.G. 770 9,042 Daimler A.G. 93 8,936 Old Mutual PLC 2,521 8,667 Coach, Inc. 200 8,501 ITV PLC 2,015 8,342 WEC Energy Group, Inc. 213 8,329

Janus Capital Funds Plc / 30 June 2015 293 Statements of Changes in Composition of Portfolio

INTECH US CORE FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Societe Generale, 0.0000%, due 21/4/15 9,600,000 9,599,973 Societe Generale, 0.0000%, due 21/4/15 9,600,000 9,600,000 BNP Paribas, 0.0000%, due 11/6/15 5,400,000 5,399,985 BNP Paribas, 0.0000%, due 11/6/15 5,400,000 5,400,000 BNP Paribas, 0.0000%, due 12/6/15 5,300,000 5,299,985 BNP Paribas, 0.0000%, due 12/6/15 5,300,000 5,300,000 Societe Generale, 0.0000%, due 20/4/15 4,700,000 4,699,961 Societe Generale, 0.0000%, due 20/4/15 4,700,000 4,700,000 Lowe’s Cos., Inc. 47,000 3,357,366 LyondellBasell Industries N.V. – Class A 47,200 4,281,625 BNP Paribas, 0.0000%, due 29/5/15 2,500,000 2,499,993 Gilead Sciences, Inc. 29,600 3,141,541 BNP Paribas, 0.0000%, due 19/3/15 2,500,000 2,499,992 BNP Paribas, 0.0000%, due 29/5/15 2,500,000 2,500,000 BNP Paribas, 0.0000%, due 24/3/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 19/3/15 2,500,000 2,500,000 BNP Paribas, 0.0000%, due 15/5/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 24/3/15 2,300,000 2,300,000 BNP Paribas, 0.0000%, due 23/3/15 2,200,000 2,199,982 BNP Paribas, 0.0000%, due 15/5/15 2,300,000 2,300,000 BNP Paribas, 0.0000%, due 20/3/15 2,100,000 2,099,994 BNP Paribas, 0.0000%, due 23/3/15 2,200,000 2,200,000 Societe Generale, 0.0000%, due 29/4/15 1,900,000 1,899,996 Allergan, Inc. 11,017 2,139,418 BNP Paribas, 0.0000%, due 12/3/15 1,900,000 1,899,995 Netflix, Inc. 4,700 2,100,850 BNP Paribas, 0.0000%, due 26/5/15 1,900,000 1,899,979 BNP Paribas, 0.0000%, due 20/3/15 2,100,000 2,100,000 Home Depot, Inc. 16,400 1,840,678 BNP Paribas, 0.0000%, due 12/3/15 1,900,000 1,900,000 Yahoo!, Inc. 40,900 1,800,442 Societe Generale, 0.0000%, due 29/4/15 1,900,000 1,900,000 Ross Stores, Inc. 37,600 1,789,739 BNP Paribas, 0.0000%, due 26/5/15 1,900,000 1,900,000 CME Group, Inc. 18,100 1,702,946 Micron Technology, Inc. 69,000 1,865,146 BNP Paribas, 0.0000%, due 3/6/15 1,700,000 1,699,995 Lorillard, Inc. 29,100 1,834,880 BNP Paribas, 0.0000%, due 27/2/15 1,700,000 1,699,995 National Oilwell Varco, Inc. 34,400 1,819,766

JANUS GLOBAL DIVERSIFIED ALTERNATIVES FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

U.S. Treasury Notes/Bonds, 0.0000%, due 24/9/15 500,000 499,996 U.S. Treasury Notes/Bonds, 0.0000%, due 11/6/15 500,000 500,000 U.S. Treasury Notes/Bonds, 0.0000%, due 27/8/15 500,000 499,984 U.S. Treasury Notes/Bonds, 0.0000%, due 26/2/15 500,000 500,000 U.S. Treasury Notes/Bonds, 0.0000%, due 10/9/15 500,000 499,980 U.S. Treasury Notes/Bonds, 0.0000%, due 25/6/15 500,000 500,000 U.S. Treasury Notes/Bonds, 0.0000%, due 28/5/15 500,000 499,978 U.S. Treasury Notes/Bonds, 0.0000%, due 12/3/15 500,000 500,000 U.S. Treasury Notes/Bonds, 0.0000%, due 11/6/15 500,000 499,978 U.S. Treasury Notes/Bonds, 0.0000%, due 28/5/15 500,000 500,000 U.S. Treasury Notes/Bonds, 0.0000%, due 25/6/15 500,000 499,965 U.S. Treasury Notes/Bonds, 0.0000%, due 26/3/15 500,000 500,000 BNP Paribas, 0.0000%, due 29/1/15 200,000 200,000 BNP Paribas, 0.0000%, due 18/3/15 200,000 200,000 Societe Generale, 0.0000%, due 3/2/15 200,000 200,000 BNP Paribas, 0.0000%, due 5/5/15 200,000 200,000 Societe Generale, 0.0000%, due 6/2/15 200,000 200,000 Societe Generale, 0.0000%, due 13/4/15 200,000 200,000 BNP Paribas, 0.0000%, due 8/1/15 200,000 200,000 BNP Paribas, 0.0000%, due 15/5/15 200,000 200,000 Societe Generale, 0.0000%, due 29/4/15 200,000 200,000 BNP Paribas, 0.0000%, due 14/5/15 200,000 200,000 BNP Paribas, 0.0000%, due 9/1/15 200,000 200,000 BNP Paribas, 0.0000%, due 18/5/15 200,000 200,000 Societe Generale, 0.0000%, due 28/1/15 200,000 200,000 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 200,000 200,000 BNP Paribas, 0.0000%, due 13/1/15 200,000 200,000 BNP Paribas, 0.0000%, due 19/5/15 200,000 200,000 Societe Generale, 0.0000%, due 10/2/15 200,000 200,000 BNP Paribas, 0.0000%, due 23/4/15 200,000 200,000 BNP Paribas, 0.0000%, due 21/1/15 200,000 200,000 BNP Paribas, 0.0000%, due 20/5/15 200,000 200,000 Societe Generale, 0.0000%, due 26/3/15 200,000 200,000 Societe Generale, 0.0000%, due 4/2/15 200,000 200,000 BNP Paribas, 0.0000%, due 22/1/15 200,000 200,000 BNP Paribas, 0.0000%, due 21/5/15 200,000 200,000 BNP Paribas, 0.0000%, due 1/5/15 200,000 200,000 BNP Paribas, 0.0000%, due 11/3/15 200,000 200,000 BNP Paribas, 0.0000%, due 23/1/15 200,000 200,000 BNP Paribas, 0.0000%, due 22/5/15 200,000 200,000

294 Janus Capital Funds Plc / 30 June 2015 JANUS GLOBAL REAL ESTATE FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 27/2/15 5,500,000 5,499,985 BNP Paribas, 0.0000%, due 27/2/15 5,500,000 5,500,000 BNP Paribas, 0.0000%, due 2/3/15 5,500,000 5,499,973 BNP Paribas, 0.0000%, due 2/3/15 5,500,000 5,500,000 BNP Paribas, 0.0000%, due 23/2/15 4,700,000 4,699,961 BNP Paribas, 0.0000%, due 23/2/15 4,700,000 4,700,000 BNP Paribas, 0.0000%, due 20/2/15 4,600,000 4,599,987 BNP Paribas, 0.0000%, due 20/2/15 4,600,000 4,600,000 Societe Generale, 0.0000%, due 18/2/15 4,400,000 4,399,988 Societe Generale, 0.0000%, due 19/2/15 4,400,000 4,400,000 Societe Generale, 0.0000%, due 19/2/15 4,400,000 4,399,988 Societe Generale, 0.0000%, due 18/2/15 4,400,000 4,400,000 BNP Paribas, 0.0000%, due 26/2/15 4,300,000 4,299,988 Societe Generale, 0.0000%, due 17/2/15 4,300,000 4,300,000 Societe Generale, 0.0000%, due 17/2/15 4,300,000 4,299,952 BNP Paribas, 0.0000%, due 26/2/15 4,300,000 4,300,000 Societe Generale, 0.0000%, due 5/2/15 4,100,000 4,099,989 Societe Generale, 0.0000%, due 5/2/15 4,100,000 4,100,000 BNP Paribas, 0.0000%, due 24/2/15 4,100,000 4,099,989 BNP Paribas, 0.0000%, due 24/2/15 4,100,000 4,100,000 BNP Paribas, 0.0000%, due 23/1/15 4,000,000 3,999,991 Societe Generale, 0.0000%, due 5/1/15 4,000,000 4,000,000 BNP Paribas, 0.0000%, due 25/2/15 4,000,000 3,999,989 BNP Paribas, 0.0000%, due 25/2/15 4,000,000 4,000,000 Societe Generale, 0.0000%, due 5/1/15 4,000,000 3,999,963 BNP Paribas, 0.0000%, due 23/1/15 4,000,000 4,000,000 BNP Paribas, 0.0000%, due 22/1/15 3,900,000 3,899,990 BNP Paribas, 0.0000%, due 22/1/15 3,900,000 3,900,000 Societe Generale, 0.0000%, due 11/2/15 3,800,000 3,799,989 Societe Generale, 0.0000%, due 11/2/15 3,800,000 3,800,000 Societe Generale, 0.0010%, due 6/1/15 3,800,000 3,799,989 Societe Generale, 0.0010%, due 6/1/15 3,800,000 3,800,000 Societe Generale, 0.0000%, due 4/2/15 3,700,000 3,699,991 Societe Generale, 0.0000%, due 4/2/15 3,700,000 3,700,000 BNP Paribas, 0.0000%, due 29/1/15 3,600,000 3,599,992 BNP Paribas, 0.0000%, due 29/1/15 3,600,000 3,600,000 Societe Generale, 0.0000%, due 10/2/15 3,600,000 3,599,991 Societe Generale, 0.0000%, due 10/2/15 3,600,000 3,600,000 BNP Paribas, 0.0000%, due 26/1/15 3,300,000 3,299,978 BNP Paribas, 0.0000%, due 26/1/15 3,300,000 3,300,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 3,000,000 2,999,993 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 3,000,000 3,000,000 Societe Generale, 0.0000%, due 9/2/15 3,000,000 2,999,978 Societe Generale, 0.0000%, due 9/2/15 3,000,000 3,000,000 BNP Paribas, 0.0000%, due 21/1/15 2,900,000 2,899,993 BNP Paribas, 0.0000%, due 21/1/15 2,900,000 2,900,000 Societe Generale, 0.0000%, due 6/2/15 2,800,000 2,799,993 Societe Generale, 0.0000%, due 6/2/15 2,800,000 2,800,000 QTS Realty Trust, Inc. 73,749 2,612,014 Societe Generale, 0.0000%, due 7/1/15 2,600,000 2,600,000 Societe Generale, 0.0000%, due 7/1/15 2,600,000 2,599,993 Societe Generale, 0.0000%, due 3/2/15 2,500,000 2,500,000 Societe Generale, 0.0000%, due 3/2/15 2,500,000 2,499,994 Societe Generale, 0.0000%, due 12/2/15 2,200,000 2,199,994 BNP Paribas, 0.0000%, due 8/1/15 2,100,000 2,099,995

Janus Capital Funds Plc / 30 June 2015 295 Statements of Changes in Composition of Portfolio

JANUS FLEXIBLE INCOME FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 69,032,000 65,525,412 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/15 67,299,000 69,075,904 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/15 52,906,000 52,673,213 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 69,032,000 64,990,085 U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/15 51,826,000 51,931,171 U.S. Treasury Notes/Bonds, 0.5000%, due 30/11/15 53,867,000 53,910,444 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/15 41,957,000 43,262,673 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/15 52,906,000 52,649,581 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/15 41,948,000 41,991,252 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/15 48,875,000 48,907,629 U.S. Treasury Notes/Bonds, 0.5000%, due 30/11/15 41,888,000 41,907,784 U.S. Treasury Notes/Bonds, 5.0000%, due 31/8/15 44,996,000 45,121,291 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 37,300,000 37,299,886 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 37,488,000 41,387,104 U.S. Treasury Notes/Bonds, 0.5000%, due 31/1/15 35,791,000 35,726,810 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 37,300,000 37,300,000 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 30,932,000 34,379,632 BNP Paribas, 0.0000%, due 26/5/15 33,100,000 33,100,000 BNP Paribas, 0.0000%, due 26/5/15 33,100,000 33,099,632 BNP Paribas Finance, Inc. 32,600,000 32,600,000 BNP Paribas Finance, Inc. 32,600,000 32,599,728 BNP Paribas, 0.0000%, due 4/5/15 31,400,000 31,400,000 BNP Paribas, 0.0000%, due 4/5/15 31,400,000 31,399,738 BNP Paribas, 0.0000%, due 22/5/15 31,300,000 31,300,000 BNP Paribas, 0.0000%, due 22/5/15 31,300,000 31,299,913 BNP Paribas, 0.0000%, due 21/5/15 31,000,000 31,000,000 BNP Paribas, 0.0000%, due 21/5/15 31,000,000 30,999,914 BNP Paribas, 0.0000%, due 24/4/15 30,300,000 30,300,000 BNP Paribas, 0.0000%, due 24/4/15 30,300,000 30,299,916 U.S. Treasury Notes/Bonds, 0.0000%, due 21/5/15 26,580,000 27,233,258 U.S. Treasury Notes/Bonds, 0.0000%, due 21/5/15 26,580,000 27,115,406 Societe Generale, 0.0000%, due 17/4/15 26,700,000 26,700,000 Societe Generale, 0.0000%, due 17/4/15 26,700,000 26,699,926 Societe Generale, 0.0000%, due 14/4/15 26,600,000 26,600,000 Societe Generale, 0.0000%, due 14/4/15 26,600,000 26,599,926 Societe Generale, 0.0000%, due 15/4/15 26,600,000 26,600,000 Societe Generale, 0.0000%, due 15/4/15 26,600,000 26,599,926 Societe Generale, 0.0000%, due 16/4/15 26,500,000 26,500,000 Societe Generale, 0.0000%, due 16/4/15 26,500,000 26,499,926 BNP Paribas, 0.0000%, due 11/6/15 25,900,000 25,900,000 BNP Paribas, 0.0000%, due 11/6/15 25,900,000 25,899,928 BNP Paribas, 0.0000%, due 19/3/15 25,100,000 25,100,000 U.S. Treasury Notes/Bonds, 2.1250%, due 15/5/15 26,265,000 25,813,831 BNP Paribas, 0.0000%, due 18/5/15 24,100,000 24,100,000 BNP Paribas, 0.0000%, due 19/3/15 25,100,000 25,099,923 BNP Paribas, 0.0000%, due 19/5/15 24,100,000 24,100,000 BNP Paribas, 0.0000%, due 19/5/15 24,100,000 24,099,933 BNP Paribas, 0.0000%, due 18/3/15 24,100,000 24,100,000 BNP Paribas, 0.0000%, due 18/3/15 24,100,000 24,099,926 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 22,700,000 22,700,000 BNP Paribas, 0.0000%, due 18/5/15 24,100,000 24,099,799 BNP Paribas, 0.0000%, due 10/6/15 21,600,000 21,600,000 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 22,700,000 22,699,849 U.S. Treasury Notes/Bonds, 0.3750%, due 31/10/15 21,606,000 21,581,376 BNP Paribas, 0.0000%, due 5/5/15 21,400,000 21,400,000 BNP Paribas, 0.0000%, due 12/3/15 21,400,000 21,400,000 BNP Paribas, 0.0000%, due 17/3/15 21,300,000 21,300,000

JANUS GLOBAL FLEXIBLE INCOME FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

U.S. Treasury Notes/Bonds, 2.0000%, due 30/4/15 1,546,000 1,573,417 U.S. Treasury Notes/Bonds, 3.7500%, due 31/1/15 2,972,000 2,977,099 Societe Generale, 0.0000%, due 12/2/15 1,500,000 1,499,996 Societe Generale, 0.0000%, due 12/2/15 1,500,000 1,500,000 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/15 1,281,000 1,282,333 BNP Paribas, 0.0000%, due 19/3/15 1,200,000 1,200,000 BNP Paribas, 0.0000%, due 19/3/15 1,200,000 1,199,996 Portugal Obrigacoes do Tesouro OT, 0.0410%, due 15/2/15 783,000 1,060,684 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 1,237,000 1,169,644 Societe Generale, 0.0000%, due 13/2/15 1,000,000 1,000,000 U.S. Treasury Notes/Bonds, 3.7500%, due 31/1/15 1,101,000 1,103,230 BNP Paribas, 0.0000%, due 18/3/15 1,000,000 1,000,000 U.S. Treasury Notes/Bonds, 0.3750%, due 15/2/15 1,010,000 1,011,460 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 1,035,000 985,547 U.S. Treasury Notes/Bonds, 2.1250%, due 15/5/15 1,016,000 1,002,086 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/15 923,000 956,594 Societe Generale, 0.0000%, due 13/2/15 1,000,000 999,997 Societe Generale, 0.0000%, due 28/1/15 900,000 900,000 BNP Paribas, 0.0000%, due 18/3/15 1,000,000 999,997 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 900,000 900,000 Portugal Obrigacoes do Tesouro OT, 0.0410%, due 15/2/15 783,000 997,839 United Kingdom Gilt, 1.7500%, due 22/7/19 564,000 881,500 Societe Generale, 0.0000%, due 28/1/15 900,000 899,998 Societe Generale, 0.0000%, due 27/1/15 800,000 800,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 900,000 899,998 BNP Paribas, 0.0000%, due 27/3/15 800,000 800,000 Sweden Government Bond, 2.5000%, due 12/5/25 5,700,000 810,044 U.S. Treasury Notes/Bonds, 0.3750%, due 15/2/15 778,000 779,400 Societe Generale, 0.0000%, due 27/1/15 800,000 799,998 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 667,000 722,501 BNP Paribas, 0.0000%, due 27/3/15 800,000 799,998 Societe Generale, 0.0000%, due 10/2/15 700,000 700,000 Bundesrepublik Deutschland, 0.5000%, due 15/2/25 681,000 746,710 New Zealand Government Bond, 0.0600%, due 15/4/15 851,000 639,366 Italy Buoni Poliennali Del Tesoro, 4.7500%, due 1/9/44 446,000 719,170 U.S. Treasury Notes/Bonds, 2.1250%, due 15/5/15 613,000 604,318 Societe Generale, 0.0000%, due 10/2/15 700,000 699,998 BNP Paribas, 0.0000%, due 26/1/15 600,000 600,000 BNP Paribas, 0.0000%, due 29/1/15 600,000 599,999 BNP Paribas, 0.0000%, due 29/1/15 600,000 600,000 Societe Generale, 0.0000%, due 11/2/15 600,000 599,998 Societe Generale, 0.0000%, due 11/2/15 600,000 600,000 BNP Paribas, 0.0000%, due 26/1/15 600,000 599,996 Spain Government Bond, 0.0430%, due 31/10/15 432,000 589,859 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 529,000 592,445 Italy Buoni Poliennali Del Tesoro, 4.7500%, due 1/9/44 357,000 569,003 U.S. Treasury Notes/Bonds, 3.0000%, due 15/5/15 533,000 521,559 BNP Paribas, 0.0000%, due 3/3/15 500,000 500,000 BNP Paribas, 0.0000%, due 3/3/15 500,000 499,999 Societe Generale, 0.0000%, due 16/1/15 500,000 500,000 Societe Generale, 0.0000%, due 16/1/15 500,000 499,999 U.S. Treasury Notes/Bonds, 2.5000%, due 31/12/15 481,000 481,143

296 Janus Capital Funds Plc / 30 June 2015 JANUS GLOBAL HIGH YIELD FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 23/1/15 1,800,000 1,799,996 BNP Paribas, 0.0000%, due 23/1/15 1,800,000 1,800,000 BNP Paribas, 0.0000%, due 26/1/15 1,400,000 1,399,991 Iglo Foods Term Loan, 0.0000%, due 30/6/20 1,000,000 1,634,279 Societe Generale, 0.0000%, due 27/1/15 1,300,000 1,299,997 AB Acquisitions, Ltd. 1,000,000 1,517,600 Societe Generale, 0.0000%, due 14/1/15 1,300,000 1,299,996 BNP Paribas, 0.0000%, due 26/1/15 1,400,000 1,400,000 BNP Paribas, 0.0000%, due 22/1/15 1,200,000 1,199,997 Societe Generale, 0.0000%, due 14/1/15 1,300,000 1,300,000 Iglo Foods Term Loan, 0.0000%, due 30/6/20 593,706 1,017,077 Societe Generale, 0.0000%, due 27/1/15 1,300,000 1,300,000 BNP Paribas, 0.0000%, due 1/6/15 1,000,000 999,996 BNP Paribas, 0.0000%, due 22/1/15 1,200,000 1,200,000 R&R Ice Cream PLC, 4.7500%, due 15/5/20 780,000 926,063 BNP Paribas, 0.0000%, due 1/6/15 1,000,000 1,000,000 Banco Bilbao Vizcaya Argentaria S.A., 0.0700%, due 19/2/15 600,000 822,726 Vougeot Bidco PLC, 0.0788%, due 15/7/15 575,000 972,939 BNP Paribas, 0.0000%, due 13/1/15 800,000 799,998 R&R Ice Cream PLC, 0.0550%, due 15/5/15 630,000 939,852 CommScope Technologies Finance LLC, 6.0000%, UPC Holding B.V., 0.0838%, due 15/8/15 712,000 910,266 due 16/6/25 789,000 789,000 Chesapeake Energy Corp., 6.1250%, due 15/2/21 831,000 854,515 Altice Financing S.A., 5.2500%, due 15/2/23 672,000 763,500 BNP Paribas, 0.0000%, due 13/1/15 800,000 800,000 Lloyds Banking Group PLC, 7.0000%, due 27/6/15 491,000 743,106 Altice S.A., 0.0725%, due 15/5/15 676,000 786,890 IMS Health, Inc., 4.1250%, due 1/4/23 642,000 682,524 MPG Holdco I, Inc., 7.3750%, due 15/10/15 700,000 724,042 DISH DBS Corp., 5.8750%, due 15/11/24 642,000 646,614 Unitymedia Hessen GmbH & Co., K.G. / Unitymedia NRW Societe Generale, 0.0000%, due 28/1/15 600,000 599,999 GmbH, 0.0950%, due 15/3/15 580,000 718,993 Banco Bilbao Vizcaya Argentaria S.A., 0.0700%, UPCB Finance, Ltd., 0.0400%, due 15/1/15 531,000 571,409 due 19/2/15 600,000 703,353 Univision Communications, Inc., 5.1250%, due 15/2/25 552,000 556,359 Matalan Finance PLC, 0.0688%, due 1/6/15 414,000 652,413 Altice Finco S.A., 7.6250%, due 15/2/25 538,000 546,450 Dish DBS Corp., 0.0588%, due 15/11/15 642,000 646,614 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 516,000 522,405 Almirall S.A., 4.6250%, due 1/4/21 513,000 631,439 TA MFG, Ltd., 3.6250%, due 15/4/23 466,000 510,503 Paris Las Vegas Holding, 0.0800%, due 1/10/15 622,000 627,370 Linn Energy LLC / Linn Energy Finance Corp., Post Holdings, Inc., 7.3750%, due 15/2/22 488,000 508,893 0.0650%, due 15/5/15 707,000 615,669 BNP Paribas, 0.0000%, due 21/1/15 500,000 499,999 Societe Generale, 0.0000%, due 28/1/15 600,000 600,000 New Look Secured Issuer PLC, 6.5000%, due 1/7/22 319,000 496,300 QEP Resources, Inc., 5.2500%, due 1/5/23 618,000 598,718 Ziggo B.V., 0.0463%, due 15/1/15 412,000 487,540 iHeartCommunications, Inc., 9.0000%, due 15/9/22 479,000 481,140 Ziggo B.V., 0.0375%, due 15/1/15 410,000 475,780 Micron Technology, Inc., 5.2500%, due 1/8/23 471,000 471,000 Banco Bilbao Vizcaya Argentaria S.A., 6.7500%, due 18/2/20 400,000 452,600 Century Communities, Inc., 6.8750%, due 15/5/22 436,000 439,315 Fiat Chrysler Automobiles N.V., 4.5000%, due 15/4/20 432,000 432,000

Janus Capital Funds Plc / 30 June 2015 297 Statements of Changes in Composition of Portfolio

JANUS GLOBAL INVESTMENT GRADE BOND FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Societe Generale, 0.0000%, due 16/1/15 6,200,000 6,199,983 Societe Generale, 0.0000%, due 16/1/15 6,200,000 6,200,000 Societe Generale, 0.0000%, due 15/1/15 5,400,000 5,399,985 Societe Generale, 0.0000%, due 15/1/15 5,400,000 5,400,000 BNP Paribas, 0.0000%, due 21/1/15 4,400,000 4,399,989 BNP Paribas, 0.0000%, due 21/1/15 4,400,000 4,400,000 BNP Paribas, 0.0000%, due 20/1/15 3,600,000 3,599,964 BNP Paribas, 0.0000%, due 20/1/15 3,600,000 3,600,000 BNP Paribas, 0.0000%, due 26/1/15 3,400,000 3,399,977 BNP Paribas, 0.0000%, due 26/1/15 3,400,000 3,400,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 2,900,000 2,899,994 Societe Generale, 0.0000%, due 14/1/15 2,900,000 2,900,000 BNP Paribas, 0.0000%, due 20/2/15 2,900,000 2,899,992 BNP Paribas, 0.0000%, due 20/2/15 2,900,000 2,900,000 Societe Generale, 0.0000%, due 14/1/15 2,900,000 2,899,992 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 2,900,000 2,900,000 BNP Paribas, 0.0000%, due 23/1/15 2,700,000 2,699,994 BNP Paribas, 0.0000%, due 23/1/15 2,700,000 2,700,000 BNP Paribas, 0.0000%, due 13/1/15 2,700,000 2,699,993 BNP Paribas, 0.0000%, due 13/1/15 2,700,000 2,700,000 BNP Paribas, 0.0000%, due 21/5/15 2,600,000 2,599,993 BNP Paribas, 0.0000%, due 21/5/15 2,600,000 2,600,000 BNP Paribas, 0.0000%, due 22/5/15 2,600,000 2,599,993 BNP Paribas, 0.0000%, due 23/2/15 2,600,000 2,600,000 BNP Paribas, 0.0000%, due 23/2/15 2,600,000 2,599,978 BNP Paribas, 0.0000%, due 22/5/15 2,600,000 2,600,000 BNP Paribas, 0.0000%, due 22/1/15 2,500,000 2,499,994 Societe Generale, 0.0000%, due 19/2/15 2,500,000 2,500,000 Societe Generale, 0.0000%, due 19/2/15 2,500,000 2,499,993 BNP Paribas, 0.0000%, due 22/1/15 2,500,000 2,500,000 BNP Paribas, 0.0000%, due 12/1/15 2,500,000 2,499,981 BNP Paribas, 0.0000%, due 12/1/15 2,500,000 2,500,000 BNP Paribas, 0.0000%, due 2/6/15 2,400,000 2,399,993 BNP Paribas, 0.0000%, due 13/5/15 2,400,000 2,400,000 BNP Paribas, 0.0000%, due 9/6/15 2,400,000 2,399,993 BNP Paribas, 0.0000%, due 2/6/15 2,400,000 2,400,000 BNP Paribas, 0.0000%, due 12/6/15 2,400,000 2,399,993 BNP Paribas, 0.0000%, due 12/6/15 2,400,000 2,400,000 BNP Paribas, 0.0000%, due 5/6/15 2,400,000 2,399,993 BNP Paribas, 0.0000%, due 5/6/15 2,400,000 2,400,000 BNP Paribas, 0.0000%, due 13/5/15 2,400,000 2,399,993 BNP Paribas, 0.0000%, due 9/6/15 2,400,000 2,400,000 BNP Paribas, 0.0000%, due 3/6/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 12/5/15 2,300,000 2,300,000 BNP Paribas, 0.0000%, due 20/5/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 8/6/15 2,300,000 2,300,000 BNP Paribas, 0.0000%, due 12/5/15 2,300,000 2,299,994 BNP Paribas, 0.0000%, due 20/5/15 2,300,000 2,300,000 BNP Paribas, 0.0000%, due 1/6/15 2,300,000 2,299,990 BNP Paribas, 0.0000%, due 3/6/15 2,300,000 2,300,000 BNP Paribas, 0.0000%, due 8/6/15 2,300,000 2,299,981 BNP Paribas, 0.0000%, due 1/6/15 2,300,000 2,300,000 BNP Paribas, 0.0000%, due 9/1/15 2,200,000 2,199,995 BNP Paribas, 0.0000%, due 9/1/15 2,200,000 2,200,000 BNP Paribas, 0.0000%, due 8/1/15 2,200,000 2,199,995 BNP Paribas, 0.0000%, due 15/5/15 2,200,000 2,200,000 BNP Paribas, 0.0000%, due 14/5/15 2,200,000 2,199,994 BNP Paribas, 0.0000%, due 14/5/15 2,200,000 2,200,000 BNP Paribas, 0.0000%, due 15/5/15 2,200,000 2,199,994 Societe Generale, 0.0000%, due 6/1/15 2,200,000 2,200,000 Societe Generale, 0.0000%, due 6/1/15 2,200,000 2,199,994 Societe Generale, 0.0000%, due 7/1/15 2,200,000 2,200,000 Societe Generale, 0.0000%, due 7/1/15 2,200,000 2,199,994 BNP Paribas, 0.0000%, due 8/1/15 2,200,000 2,200,000 BNP Paribas, 0.0000%, due 29/1/15 2,100,000 2,099,995 BNP Paribas, 0.0000%, due 10/6/15 2,100,000 2,100,000 BNP Paribas, 0.0000%, due 10/6/15 2,100,000 2,099,994 BNP Paribas, 0.0000%, due 29/1/15 2,100,000 2,100,000 BNP Paribas, 0.0000%, due 11/6/15 2,100,000 2,099,994 BNP Paribas, 0.0000%, due 11/6/15 2,100,000 2,100,000 BNP Paribas, 0.0000%, due 19/5/15 2,100,000 2,099,994 Societe Generale, 0.0000%, due 5/1/15 2,100,000 2,100,000 Societe Generale, 0.0000%, due 5/1/15 2,100,000 2,099,981 BNP Paribas, 0.0000%, due 19/5/15 2,100,000 2,100,000 BNP Paribas, 0.0000%, due 26/5/15 2,100,000 2,099,977 BNP Paribas, 0.0000%, due 26/5/15 2,100,000 2,100,000 BNP Paribas, 0.0000%, due 27/5/15 2,000,000 1,999,994 BNP Paribas, 0.0000%, due 27/5/15 2,000,000 2,000,000 BNP Paribas, 0.0000%, due 28/5/15 1,900,000 1,899,995 BNP Paribas, 0.0000%, due 23/1/15 1,900,000 1,900,000 BNP Paribas, 0.0000%, due 23/1/15 1,900,000 1,899,995 BNP Paribas, 0.0000%, due 18/5/15 1,900,000 1,900,000 BNP Paribas, 0.0000%, due 18/5/15 1,900,000 1,899,984 BNP Paribas, 0.0000%, due 28/5/15 1,900,000 1,900,000

298 Janus Capital Funds Plc / 30 June 2015 JANUS HIGH YIELD FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

Societe Generale, 0.0000%, due 13/2/15 81,700,000 81,699,773 Societe Generale, 0.0000%, due 13/2/15 81,700,000 81,700,000 Societe Generale, 0.0000%, due 12/2/15 81,000,000 80,999,775 Societe Generale, 0.0000%, due 12/2/15 81,000,000 81,000,000 Societe Generale, 0.0000%, due 14/1/15 79,000,000 78,999,780 Societe Generale, 0.0000%, due 14/1/15 79,000,000 79,000,000 Societe Generale, 0.0000%, due 15/1/15 78,700,000 78,699,781 Societe Generale, 0.0000%, due 15/1/15 78,700,000 78,700,000 Societe Generale, 0.0000%, due 16/1/15 78,300,000 78,299,782 Societe Generale, 0.0000%, due 16/1/15 78,300,000 78,300,000 Societe Generale, 0.0000%, due 11/2/15 76,800,000 76,799,787 Societe Generale, 0.0000%, due 11/2/15 76,800,000 76,800,000 BNP Paribas, 0.0000%, due 1/6/15 76,200,000 76,199,683 BNP Paribas, 0.0000%, due 1/6/15 76,200,000 76,200,000 BNP Paribas, 0.0000%, due 29/5/15 74,800,000 74,799,792 BNP Paribas, 0.0000%, due 29/5/15 74,800,000 74,800,000 BNP Paribas, 0.0000%, due 28/5/15 74,100,000 74,099,794 BNP Paribas, 0.0000%, due 28/5/15 74,100,000 74,100,000 BNP Paribas, 0.0000%, due 27/3/15 74,000,000 73,999,794 BNP Paribas, 0.0000%, due 27/3/15 74,000,000 74,000,000 Societe Generale, 0.0000%, due 17/2/15 73,000,000 72,999,188 Societe Generale, 0.0000%, due 17/2/15 73,000,000 73,000,000 Societe Generale, 0.0000%, due 25/3/15 72,700,000 72,699,798 Societe Generale, 0.0000%, due 25/3/15 72,700,000 72,700,000 Societe Generale, 0.0000%, due 26/3/15 72,600,000 72,599,900 Societe Generale, 0.0000%, due 26/3/15 72,600,000 72,600,000 BNP Paribas, 0.0000%, due 26/5/15 72,400,000 72,399,195 BNP Paribas, 0.0000%, due 26/5/15 72,400,000 72,400,000 BNP Paribas, 0.0000%, due 13/1/15 71,500,000 71,499,821 BNP Paribas, 0.0000%, due 27/5/15 71,500,000 71,500,000 BNP Paribas, 0.0000%, due 27/5/15 71,500,000 71,499,801 BNP Paribas, 0.0000%, due 13/1/15 71,500,000 71,500,000 Societe Generale, 0.0000%, due 9/4/15 70,800,000 70,799,803 Societe Generale, 0.0000%, due 9/4/15 70,800,000 70,800,000 Societe Generale, 0.0000%, due 10/4/15 70,700,000 70,699,804 Societe Generale, 0.0000%, due 10/4/15 70,700,000 70,700,000 Societe Generale, 0.0000%, due 14/4/15 70,400,000 70,399,804 Societe Generale, 0.0000%, due 14/4/15 70,400,000 70,400,000 Societe Generale, 0.0000%, due 17/3/15 69,700,000 69,699,419 Societe Generale, 0.0000%, due 17/3/15 69,700,000 69,700,000

Janus Capital Funds Plc / 30 June 2015 299 Statements of Changes in Composition of Portfolio

JANUS GLOBAL UNCONSTRAINED BOND FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 20/5/15 14,500,000 14,499,960 BNP Paribas, 0.0000%, due 21/5/15 14,500,000 14,500,000 BNP Paribas, 0.0000%, due 21/5/15 14,500,000 14,499,960 BNP Paribas, 0.0000%, due 20/5/15 14,500,000 14,500,000 BNP Paribas, 0.0000%, due 19/5/15 14,500,000 14,499,960 BNP Paribas, 0.0000%, due 19/5/15 14,500,000 14,500,000 BNP Paribas, 0.0000%, due 18/5/15 14,500,000 14,499,879 BNP Paribas, 0.0000%, due 18/5/15 14,500,000 14,500,000 BNP Paribas, 0.0000%, due 1/5/15 14,300,000 14,299,980 BNP Paribas, 0.0000%, due 5/5/15 14,300,000 14,300,000 BNP Paribas, 0.0000%, due 5/5/15 14,300,000 14,299,960 BNP Paribas, 0.0000%, due 1/5/15 14,300,000 14,300,000 BNP Paribas, 0.0000%, due 4/5/15 14,300,000 14,299,881 BNP Paribas, 0.0000%, due 4/5/15 14,300,000 14,300,000 Sigma-Aldrich Corp. 101,543 14,104,226 BNP Paribas, 0.0000%, due 12/5/15 14,100,000 14,100,000 Societe Generale, 0.0000%, due 29/4/15 14,100,000 14,099,973 BNP Paribas, 0.0000%, due 6/5/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 13/5/15 14,100,000 14,099,961 BNP Paribas, 0.0000%, due 11/5/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 15/5/15 14,100,000 14,099,961 BNP Paribas, 0.0000%, due 13/5/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 12/5/15 14,100,000 14,099,961 BNP Paribas, 0.0000%, due 15/5/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 6/5/15 14,100,000 14,099,961 BNP Paribas, 0.0000%, due 14/5/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 30/4/15 14,100,000 14,099,961 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 7/5/15 14,100,000 14,099,961 BNP Paribas, 0.0000%, due 30/4/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 8/5/15 14,100,000 14,099,961 BNP Paribas, 0.0000%, due 7/5/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 14/5/15 14,100,000 14,099,961 BNP Paribas, 0.0000%, due 8/5/15 14,100,000 14,100,000 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 14,100,000 14,099,957 Societe Generale, 0.0000%, due 29/4/15 14,100,000 14,100,000 BNP Paribas, 0.0000%, due 11/5/15 14,100,000 14,099,883 BNP Paribas Finance, Inc. 13,700,000 13,700,000 BNP Paribas Finance, Inc. 13,700,000 13,699,886 BNP Paribas, 0.0000%, due 23/4/15 13,500,000 13,500,000 BNP Paribas, 0.0000%, due 23/4/15 13,500,000 13,499,963 BNP Paribas, 0.0000%, due 24/4/15 13,500,000 13,500,000 BNP Paribas, 0.0000%, due 24/4/15 13,500,000 13,499,963 Societe Generale, 0.0000%, due 22/4/15 13,300,000 13,300,000 Societe Generale, 0.0000%, due 17/4/15 13,300,000 13,299,963 Societe Generale, 0.0000%, due 17/4/15 13,300,000 13,300,000 Societe Generale, 0.0000%, due 22/4/15 13,300,000 13,299,963 Societe Generale, 0.0000%, due 21/4/15 13,300,000 13,300,000 Societe Generale, 0.0000%, due 21/4/15 13,300,000 13,299,963 Societe Generale, 0.0000%, due 20/4/15 13,300,000 13,300,000 Societe Generale, 0.0000%, due 20/4/15 13,300,000 13,299,889 Societe Generale, 0.0000%, due 16/4/15 13,200,000 13,200,000 Societe Generale, 0.0000%, due 16/4/15 13,200,000 13,199,963 Societe Generale, 0.0000%, due 15/4/15 13,200,000 13,200,000 Societe Generale, 0.0000%, due 15/4/15 13,200,000 13,199,963 Societe Generale, 0.0000%, due 13/4/15 13,100,000 13,100,000 Societe Generale, 0.0000%, due 9/4/15 13,100,000 13,099,964 Societe Generale, 0.0000%, due 10/4/15 13,100,000 13,100,000 Societe Generale, 0.0000%, due 10/4/15 13,100,000 13,099,964 Societe Generale, 0.0000%, due 14/4/15 13,100,000 13,100,000 Societe Generale, 0.0000%, due 14/4/15 13,100,000 13,099,964 Societe Generale, 0.0000%, due 8/4/15 13,100,000 13,100,000 Societe Generale, 0.0000%, due 8/4/15 13,100,000 13,099,964 Societe Generale, 0.0000%, due 9/4/15 13,100,000 13,100,000 Societe Generale, 0.0000%, due 13/4/15 13,100,000 13,099,891 Societe Generale, 0.0000%, due 7/4/15 13,000,000 13,000,000 Societe Generale, 0.0000%, due 7/4/15 13,000,000 12,999,964 Societe Generale, 0.0000%, due 2/4/15 12,800,000 12,800,000 BNP Paribas, 0.0000%, due 31/3/15 12,800,000 12,799,964 Societe Generale, 0.0000%, due 6/4/15 12,800,000 12,800,000 Societe Generale, 0.0000%, due 2/4/15 12,800,000 12,799,964 BNP Paribas, 0.0000%, due 31/3/15 12,800,000 12,800,000 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 12,800,000 12,799,915 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 12,800,000 12,800,000 Societe Generale, 0.0000%, due 6/4/15 12,800,000 12,799,858 BNP Paribas, 0.0000%, due 24/3/15 12,600,000 12,600,000 BNP Paribas, 0.0000%, due 27/3/15 12,600,000 12,600,000 Societe Generale, 0.0000%, due 25/3/15 12,600,000 12,600,000 BNP Paribas, 0.0000%, due 23/3/15 12,600,000 12,600,000 Societe Generale, 0.0000%, due 26/3/15 12,600,000 12,600,000 BNP Paribas, 0.0000%, due 20/3/15 12,400,000 12,400,000 BNP Paribas, 0.0000%, due 18/3/15 12,200,000 12,200,000 BNP Paribas, 0.0000%, due 16/3/15 12,200,000 12,200,000 BNP Paribas, 0.0000%, due 17/3/15 12,200,000 12,200,000 BNP Paribas, 0.0000%, due 19/3/15 12,200,000 12,200,000

300 Janus Capital Funds Plc / 30 June 2015 JANUS US SHORT-TERM BOND FUND

Shares or Shares or Principal Principal Major Purchases for the period ended 30 June 2015 Amount Cost Major Sales for the period ended 30 June 2015 Amount Proceeds

BNP Paribas, 0.0000%, due 23/1/15 42,700,000 42,699,905 BNP Paribas, 0.0000%, due 23/1/15 42,700,000 42,700,000 BNP Paribas, 0.0000%, due 12/3/15 27,500,000 27,499,924 BNP Paribas, 0.0000%, due 12/3/15 27,500,000 27,500,000 BNP Paribas, 0.0000%, due 9/3/15 25,600,000 25,599,787 BNP Paribas, 0.0000%, due 9/3/15 25,600,000 25,600,000 BNP Paribas, 0.0000%, due 10/3/15 24,600,000 24,599,932 BNP Paribas, 0.0000%, due 10/3/15 24,600,000 24,600,000 BNP Paribas, 0.0000%, due 11/3/15 21,600,000 21,599,940 BNP Paribas, 0.0000%, due 11/3/15 21,600,000 21,600,000 Societe Generale, 0.0000%, due 16/1/15 19,100,000 19,099,947 U.S. Treasury Notes/Bonds, 3.7500%, due 15/4/15 21,475,000 21,512,215 BNP Paribas, 0.0000%, due 29/1/15 19,000,000 18,999,958 Societe Generale, 0.0000%, due 16/1/15 19,100,000 19,100,000 BNP Paribas, 0.0000%, due 30/6/15 18,100,000 18,099,950 BNP Paribas, 0.0000%, due 29/1/15 19,000,000 19,000,000 U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/16 17,962,000 18,002,367 BNP Paribas, 0.0000%, due 30/6/15 18,100,000 18,100,000 U.S. Treasury Notes/Bonds, 1.6250%, due 31/12/19 17,244,000 17,480,237 U.S. Treasury Notes/Bonds, 1.6250%, due 31/12/19 17,244,000 17,455,229 BNP Paribas, 0.0000%, due 20/1/15 17,200,000 17,199,828 BNP Paribas, 0.0000%, due 20/1/15 17,200,000 17,200,000 BNP Paribas, 0.0000%, due 29/6/15 17,100,000 17,099,858 BNP Paribas, 0.0000%, due 29/6/15 17,100,000 17,100,000 BNP Paribas, 0.0000%, due 26/6/15 17,000,000 16,999,953 BNP Paribas, 0.0000%, due 26/6/15 17,000,000 17,000,000 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 14,700,000 14,699,967 U.S. Treasury Notes/Bonds, 0.3750%, due 31/1/16 16,441,000 16,471,411 BNP Paribas, 0.0000%, due 19/5/15 14,500,000 14,499,960 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 14,700,000 14,700,000 U.S. Treasury Notes/Bonds, 0.8750%, due 15/1/18 14,356,000 14,376,523 U.S. Treasury Notes/Bonds, 1.5000%, due 30/11/19 14,605,000 14,698,914 Societe Generale, 0.0000%, due 17/4/15 13,200,000 13,199,963 U.S. Treasury Notes/Bonds, 0.5000%, due 30/6/16 14,636,000 14,687,924 Societe Generale, 0.0000%, due 8/4/15 12,600,000 12,599,965 BNP Paribas, 0.0000%, due 19/5/15 14,500,000 14,500,000 BNP Paribas, 0.0000%, due 15/6/15 12,400,000 12,399,897 U.S. Treasury Notes/Bonds, 2.5000%, due 31/12/15 14,443,000 14,451,864 U.S. Treasury Notes/Bonds, 0.5000%, due 30/9/16 12,254,000 12,266,018 Societe Generale, 0.0000%, due 17/4/15 13,200,000 13,200,000 BNP Paribas, 0.0000%, due 18/3/15 11,900,000 11,899,964

Janus Capital Funds Plc / 30 June 2015 301 Fund Expense Limits and Total Expense Ratios

The Maximum Expense Limits table shows the total fees and out-of-pocket expenses allocated to a Fund in any fiscal year, excluding transactions costs and trade commissions, expressed as a percentage of the average daily net assets, for each Share Class (“Maximum Expense Limits”) under the terms of the Prospectus as set out in the “Fees and Expenses” section. The Average Total Expense Ratio table shows the actual expenses, excluding transactions costs and trade commissions, incurred by each Class for each Fund during the reporting year expressed as a percentage of the average net assets for the corresponding year, on an annualised basis.

Maximum Expense Limits US Dollar/Euro/AUD$/HKD$/CHF/RMB(CNH/SGD/CAD/TPY/SEK) Share Classes Class A Class B Class E Class I Class S Class U Class Z and V Funds Shares Janus Asia Frontier Markets Fund 2.75% 3.75% 3.25% 1.25% NA 1.55% 0.00% Janus Asia Growth Drivers Fund 2.75% 3.75% 3.25% 1.25% NA 1.55% 0.00% Janus Asia Fund 2.75% 3.75% 3.25% 1.25% NA 1.55% 0.00% Janus Balanced Fund 2.50% 3.50% 3.00% 1.05% NA 1.55% 0.00% Janus Emerging Markets Fund 2.75% 3.75% 3.25% 1.35% NA 1.55% 0.00% Janus Europe Fund 2.75% 3.75% 3.25% 1.25% 1.85% 1.55% 0.00% Janus Global Life Sciences Fund 3.00% 4.00% 3.50% 1.75% NA 1.55% 0.00% Janus Global Research Fund 2.75% 3.75% 3.25% 1.25% NA 1.55% 0.00% Janus Global Technology Fund 3.00% 4.00% 3.50% 1.75% NA 1.55% 0.00% Janus Japan Emerging Opportunities Fund 2.75% 3.75% 3.25% 1.25% NA 1.55% 0.00% Janus Japan Fund 2.50% 3.50% 3.00% 1.15% NA 1.55% 0.00% Janus Opportunistic Alpha Fund 2.75% 3.75% 3.25% 1.20% NA 1.55% 0.00% Janus US Fund 2.75% 3.75% 3.25% 1.20% NA 1.55% 0.00% Janus US Research Fund 3.00% 4.00% 3.50% 1.20% NA 1.55% 0.00% Janus US Twenty Fund 2.75% 3.75% 3.25% 1.20% NA 1.55% 0.00% Janus US Venture Fund 3.00% 4.00% 3.50% 1.75% NA 1.55% 0.00% Perkins Global Value Fund 2.75% 3.75% 3.25% 1.25% NA 1.55% 0.00% Perkins US Strategic Value Fund 3.00% 4.00% 3.50% 1.75% NA 1.55% 0.00% INTECH All-World Minimum Variance Core Fund(a) 1.85% 2.85% 2.60% 1.05% NA 1.25% 0.00% INTECH European Core Fund 2.00% 3.00% 2.75% 1.25% NA 1.25% 0.00% INTECH Global All Country Low Volatility Fund 1.75% 2.75% 2.50% 0.95% NA 1.15% 0.00% INTECH Global Dividend Fund 1.85% 2.85% 2.60% 1.05% NA 1.25% 0.00% INTECH US Core Fund 2.00% 3.00% 2.75% 1.20% NA 1.25% 0.00% Janus Global Diversified Alternatives Fund 2.75% 3.75% 3.25% 1.35% NA 1.65% 0.00% Janus Global Real Estate Fund 2.75% 3.75% 3.25% 1.25% NA 1.55% 0.00% Janus Flexible Income Fund 2.50% 3.50% 2.75% 0.80% NA 1.35% 0.00% Janus Global Flexible Income Fund 2.50% 3.50% 2.75% 0.95% NA 1.35% 0.00% Janus Global High Yield Fund 2.50% 3.50% 2.75% 1.05% NA 1.35% 0.00% Janus Global Investment Grade Bond Fund 2.50% 3.50% 2.75% 0.85% NA 1.35% 0.00% Janus High Yield Fund 2.50% 3.50% 2.75% 0.90% NA 1.35% 0.00% Janus Global Unconstrained Bond Fund 2.50% 3.50% 2.75% 1.00% NA 1.35% 0.00% Janus US Short-Term Bond Fund 1.90% 2.90% 2.40% 0.90% NA 1.35% 0.00%

Average Total Expense Ratios for the Period Ended 30 June 2015 US Dollar Share Classes Funds A acc A acc (H) A inc A dis B acc B inc E acc I acc I acc (H) I dis I inc U acc U acc (H) U inc V inc Z acc Z inc Janus Asia Frontier Markets Fund ...... 2.50% NA* NA* NA* NA* NA* NA* 1.25% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Asia Growth Drivers Fund ...... 2.50% NA* NA* NA* NA* NA* NA* 1.25% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Asia Fund ...... 2.50% NA* NA* NA* NA* NA* NA* 1.25% NA* NA* NA* NA* NA* NA* NA* NA* 0.00% Janus Balanced Fund ...... 1.95% NA* 1.95% NA* 2.95% NA* NA* 1.01% NA* NA* 0.99% NA* NA* NA* 1.96% NA* NA* Janus Emerging Markets Fund . 2.25% NA* NA* NA* 3.25% NA* NA* 1.35% NA* NA* NA* NA* NA* NA* NA* NA* 0.00% Janus Europe Fund ...... NA* 2.21% NA* NA* NA* NA* NA* NA NA* NA* NA* NA* 1.00% NA* NA* NA* NA* Janus Global Life Sciences Fund ...... 2.43% NA* NA* NA* 3.43% NA* 2.94% 1.68% NA* NA* NA* 0.97% NA* 0.92% NA* NA* NA* Janus Global Research Fund . . 2.50% NA* NA* 2.49% 3.50% NA* NA* 1.19% NA* 1.25% NA* NA* NA* NA* NA* NA* 0.00%

302 Janus Capital Funds Plc / 30 June 2015 Average Total Expense Ratios for the Period Ended 30 June 2015 US Dollar Share Classes Funds A acc A acc (H) A inc A dis B acc B inc E acc I acc I acc (H) I dis I inc U acc U acc (H) U inc V inc Z acc Z inc Janus Global Technology Fund . 2.61% NA* NA* NA* 3.61% NA* NA* 1.74% NA* NA* NA* 1.04% NA* NA* NA* NA* NA* Janus Japan Emerging Opportunities Fund ...... NA* 2.50% NA* NA* NA* NA* NA* NA* 1.25% NA* NA* NA* NA* NA* NA* NA* NA* Janus Japan Fund...... NA* 2.25% NA* NA* NA* NA* NA* NA* 1.15% NA* NA* NA* NA* NA* NA* NA* NA* Janus Opportunistic Alpha Fund ...... 2.26% NA* NA* 2.27% 3.27% NA* NA* 1.18% NA* 1.20% NA* 1.03% NA* NA* NA* NA* NA* Janus US Fund ...... 2.25% NA* NA* NA* 3.25% NA* NA* 1.20% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Research Fund . . . . 2.65% NA* NA* 2.56% 3.65% NA* NA* 1.20% NA* 1.18% NA* NA* NA* NA* NA* NA* 0.00% Janus US Twenty Fund . . . . . 2.20% NA* NA* 2.19% 3.20% NA* NA* 1.17% NA* 1.15% NA* 1.00% NA* NA* NA* NA* NA* Janus US Venture Fund . . . . . 2.73% NA* NA* 2.64% 3.55% NA* NA* 1.70% NA* 1.66% NA* 1.01% NA* NA* NA* 0.00% NA* Perkins Global Value Fund . . . 2.23% NA* NA* NA* 3.23% NA* NA* 1.25% NA* NA* NA* 1.03% NA* NA* NA* NA* 0.00% Perkins US Strategic Value Fund ...... 2.46% NA* NA* 2.46% 3.46% NA* NA* 1.71% NA* 1.71% NA* 1.01% NA* NA* NA* NA* NA* INTECH All-World Minimum Variance Core Fund(a) ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH European Core Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global All Country Low Volatility Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global Dividend Fund ...... 1.56% NA* 1.43% NA* NA* NA* NA* 0.93% NA* NA* 0.94% 0.87% NA* NA* NA* NA* NA* INTECH US Core Fund . . . . 1.70% NA* NA* 1.70% 2.70% NA* NA* 1.15% NA* 1.16% NA* 0.95% NA* NA* NA* NA* NA* Janus Global Diversified Alternatives Fund...... 2.25% NA* NA* NA* NA* NA* NA* 1.35% NA* NA* NA* 1.15% NA* NA* NA* NA* NA* Janus Global Real Estate Fund ...... 2.25% NA* 2.25% NA* 3.25% 3.25% NA* NA* NA* NA* 1.24% NA* NA* NA* NA* NA* NA* Janus Flexible Income Fund . . 1.97% NA* 1.98% NA* 2.98% 2.97% NA* 0.73% NA* NA* 0.77% 0.79% NA* NA* 1.97% 0.00% NA* Janus Global Flexible Income Fund ...... 2.00% NA* NA* NA* NA* NA* NA* NA* NA* NA* 0.95% 0.85% NA* NA* NA* NA* NA* Janus Global High Yield Fund . 2.00% NA* 2.00% NA* 2.99% 2.99% NA* 1.04% NA* NA* 1.05% NA* NA* NA* NA* NA* 0.00% Janus Global Investment Grade Bond Fund ...... 2.00% NA* 2.00% NA* 2.94% 2.94% NA* 0.85% NA* NA* 0.84% NA* NA* NA* NA* NA* 0.00% Janus High Yield Fund . . . . . 1.95% NA* 1.96% NA* 2.94% 2.96% NA* 0.86% NA* NA* 0.86% NA* NA* NA* 1.97% 0.00% NA* Janus Global Unconstrained Bond Fund ...... 2.05% NA* 2.05% NA* NA* NA* NA* 1.00% NA* NA* NA* 0.85% NA* 0.85% NA* NA* NA* Janus US Short-Term Bond Fund ...... 1.34% NA* 1.33% NA* 2.10% 2.10% NA* 0.84% NA* NA* 0.84% 0.79% NA* 0.79% NA* 0.00% NA*

Average Total Expense Ratios for the Period Ended 30 June 2015 Euro Share Classes Funds A acc A acc (H) A inc A inc (H) B inc B inc (H) E acc E acc (H) E inc E inc (H) I acc Janus Asia Frontier Markets Fund ...... NA* 2.50% NA* NA* NA* NA* NA* 3.00% NA* NA* NA* Janus Asia Growth Drivers Fund ...... NA* 2.50% NA* NA* NA* NA* NA* 3.00% NA* NA* NA* Janus Asia Fund ...... NA* NA* NA* NA* NA* NA* NA* 3.00% NA* NA* NA* Janus Balanced Fund ...... NA* 1.95% NA* 1.95% NA* NA* NA* 2.45% NA* 2.45% NA* Janus Emerging Markets Fund ...... NA* 2.25% NA* NA* NA* NA* NA* 3.00% NA* NA* NA* Janus Europe Fund ...... 2.21% NA* NA* NA* NA* NA* 2.71% NA* NA* NA* 1.20% Janus Global Life Sciences Fund ...... NA* 2.43% NA* NA* NA* NA* NA* 2.94% NA* NA* 1.63% Janus Global Research Fund ...... NA* 2.50% NA* NA* NA* NA* NA* 3.00% NA* NA* NA* Janus Global Technology Fund ...... NA* 2.61% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Japan Emerging Opportunities Fund ...... NA* 2.50% NA* NA* NA* NA* NA* 3.00% NA* NA* NA* Janus Japan Fund...... NA* 2.25% NA* NA* NA* NA* NA* 2.75% NA* NA* NA* Janus Opportunistic Alpha Fund ...... NA* 2.27% NA* NA* NA* NA* NA* 2.77% NA* NA* NA* Janus US Fund ...... NA* 2.25% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Research Fund ...... NA* 2.65% NA* NA* NA* NA* NA* NA* NA* NA* NA*

Janus Capital Funds Plc / 30 June 2015 303 Fund Expense Limits and Total Expense Ratios

Average Total Expense Ratios for the Period Ended 30 June 2015 Euro Share Classes Funds A acc A acc (H) A inc A inc (H) B inc B inc (H) E acc E acc (H) E inc E inc (H) I acc Janus US Twenty Fund ...... NA* 2.20% NA* NA* NA* NA* NA* 2.70% NA* NA* NA* Janus US Venture Fund ...... NA* 2.73% NA* NA* NA* NA* NA* NA* NA* NA* NA* Perkins Global Value Fund ...... NA* 2.23% NA* NA* NA* NA* NA* 2.83% NA* NA* NA* Perkins US Strategic Value Fund ...... NA* 2.46% NA* NA* NA* NA* NA* 2.96% NA* NA* 1.73% INTECH All-World Minimum Variance Core Fund(a) . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH European Core Fund ...... 1.75% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global All Country Low Volatility Fund . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global Dividend Fund ...... NA* 1.44% NA* 1.45% NA* NA* NA* 2.22% NA* 2.28% NA* INTECH US Core Fund ...... NA* 1.70% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Diversified Alternatives Fund ...... NA* 2.25% NA* NA* NA* NA* NA* 3.00% NA* NA* NA* Janus Global Real Estate Fund ...... NA* 2.25% NA* NA* NA* NA* NA* 2.76% NA* 2.75% NA* Janus Flexible Income Fund ...... NA* 1.98% NA* NA* NA* 2.97% NA* 2.23% NA* 2.23% NA* Janus Global Flexible Income Fund ...... NA* 2.00% NA* NA* NA* NA* NA* 2.25% NA* 2.25% NA* Janus Global High Yield Fund ...... NA* 1.99% NA* 2.00% NA* 3.00% NA* 2.33% NA* 2.34% NA* Janus Global Investment Grade Bond Fund ...... NA* 2.00% NA* 1.99% NA* 2.91% NA* 2.32% NA* 2.32% NA* Janus High Yield Fund ...... NA* 1.96% NA* NA* NA* 2.96% NA* 2.21% NA* 2.21% NA* Janus Global Unconstrained Bond Fund ...... NA* 2.05% NA* 2.05% NA* NA* NA* 2.30% NA* 2.30% NA* Janus US Short-Term Bond Fund ...... NA* 1.34% NA* NA* NA* NA* NA* 1.83% NA* 1.83% NA*

Average Total Expense Ratios for the Period Ended 30 June 2015 Euro Share Classes HKD Share Classes Funds I acc (H) I inc I inc (H) U acc U acc (H) Z acc Z inc A acc A acc (H) A inc A inc (H) Janus Asia Frontier Markets Fund ...... 1.25% NA* NA* NA* 1.05% NA* NA* 2.50% NA* NA* NA* Janus Asia Growth Drivers Fund ...... 1.25% NA* NA* NA* 1.05% NA* NA* 2.50% NA* NA* NA* Janus Asia Fund ...... 1.25% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Balanced Fund ...... 0.99% NA* 1.00% NA* NA* NA* NA* 1.95% NA* 1.94% NA* Janus Emerging Markets Fund ...... 1.35% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Europe Fund ...... NA* NA* NA* 1.00% NA* 0.00% 0.00% NA* NA* NA* NA* Janus Global Life Sciences Fund ...... 1.68% NA* NA* 0.99% 0.98% NA* NA* 2.41% NA* NA* NA* Janus Global Research Fund ...... 1.22% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Technology Fund ...... 1.74% NA* NA* NA* 1.04% NA* NA* 2.49% NA* NA* NA* Janus Japan Emerging Opportunities Fund ...... 1.25% NA* NA* NA* 1.05% NA* NA* NA* 2.50% NA* NA* Janus Japan Fund...... 1.15% NA* NA* NA* 1.05% NA* NA* NA* 2.25% NA* NA* Janus Opportunistic Alpha Fund ...... 1.15% NA* NA* NA* 1.03% NA* NA* NA* NA* NA* NA* Janus US Fund ...... 1.20% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Research Fund ...... 1.19% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Twenty Fund ...... 1.17% NA* NA* NA* 1.00% NA* NA* NA* NA* NA* NA* Janus US Venture Fund ...... 1.67% NA* NA* NA* 1.00% 0.00% NA* NA* NA* NA* NA* Perkins Global Value Fund ...... 1.20% NA* NA* NA* 1.03% NA* NA* NA* NA* NA* NA* Perkins US Strategic Value Fund ...... 1.71% NA* NA* NA* 1.01% NA* NA* NA* NA* NA* NA* INTECH All-World Minimum Variance Core Fund(a) . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH European Core Fund ...... NA* NA* NA* NA* NA* NA* 0.00% NA* NA* NA* NA* INTECH Global All Country Low Volatility Fund . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global Dividend Fund ...... 0.92% NA* 0.92% NA* 0.86% 0.00% NA* NA* NA* NA* NA* INTECH US Core Fund ...... 1.15% NA* NA* NA* 0.95% NA* NA* NA* NA* NA* NA* Janus Global Diversified Alternatives Fund ...... 1.35% NA* NA* NA* 1.15% NA* NA* NA* NA* NA* NA* Janus Global Real Estate Fund ...... 1.24% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Flexible Income Fund ...... 0.77% NA* NA* NA* 0.82% NA* NA* 1.93% NA* 1.98% NA* Janus Global Flexible Income Fund ...... 0.95% NA* NA* NA* 0.85% NA* NA* NA* NA* NA* NA* Janus Global High Yield Fund ...... 1.04% NA* 1.04% NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Investment Grade Bond Fund ...... 0.84% NA* 0.82% NA* NA* NA* NA* NA* NA* NA* NA* Janus High Yield Fund ...... 0.86% NA* NA* NA* NA* NA* NA* 1.96% NA* 1.96% NA* Janus Global Unconstrained Bond Fund ...... 1.00% NA* NA* NA* 0.85% NA* NA* NA* NA* 2.25% NA* Janus US Short-Term Bond Fund ...... 0.84% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*

304 Janus Capital Funds Plc / 30 June 2015 Average Total Expense Ratios for the Period Ended 30 June 2015 AUD Share Classes RMB(CNH) Share Classes Funds A acc A acc (H) A inc A inc (H) I inc I inc (H) V inc V inc (H) A acc A acc (H) A inc A inc (H) I acc (H) I inc I inc (H) Janus Asia Frontier Markets Fund . . . . . NA* 2.50% NA* NA* NA* NA* NA* NA* NA* 2.50% NA* NA* 1.25% NA* NA* Janus Asia Growth Drivers Fund...... NA* 2.50% NA* NA* NA* NA* NA* NA* NA* 2.50% NA* NA* 1.25% NA* NA* Janus Asia Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Balanced Fund...... NA* 1.95% NA* 1.95% NA* NA* NA* 1.95% NA* NA* NA* 1.94% NA* NA* NA* Janus Emerging Markets Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Europe Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Life Sciences Fund ...... NA* 2.43% NA* NA* NA* NA* NA* NA* NA* 2.45% NA* NA* NA* NA* NA* Janus Global Research Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Technology Fund ...... NA* 2.48% NA* NA* NA* NA* NA* NA* NA* 2.47% NA* NA* NA* NA* NA* Janus Japan Emerging Opportunities Fund ...... NA* 2.50% NA* NA* NA* NA* NA* NA* NA* 2.50% NA* NA* 1.25% NA* NA* Janus Japan Fund ...... NA* 2.25% NA* NA* NA* NA* NA* NA* NA* 2.25% NA* NA* 1.15% NA* NA* Janus Opportunistic Alpha Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* 2.27% NA* NA* NA* NA* NA* Janus US Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Research Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Twenty Fund ...... NA* 2.25% NA* NA* NA* NA* NA* NA* NA* 2.21% NA* NA* NA* NA* NA* Janus US Venture Fund ...... NA* 2.51% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Perkins Global Value Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Perkins US Strategic Value Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH All-World Minimum Variance Core Fund(a) ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH European Core Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global All Country Low Volatility Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global Dividend Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH US Core Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Diversified Alternatives Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Real Estate Fund...... NA* NA* NA* 2.24% NA* NA* NA* NA* NA* 2.25% NA* NA* NA* NA* NA* Janus Flexible Income Fund ...... NA* 1.98% NA* 1.98% NA* NA* NA* 1.96% NA* NA* NA* 1.99% NA* NA* NA* Janus Global Flexible Income Fund . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global High Yield Fund...... NA* NA* NA* 1.99% NA* 1.04% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Investment Grade Bond Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus High Yield Fund ...... NA* 1.97% NA* 1.96% NA* 0.86% NA* 1.97% NA* NA* NA* 1.94% NA* NA* 0.87% Janus Global Unconstrained Bond Fund ...... NA* NA* NA* 2.25% NA* NA* NA* NA* NA* NA* NA* 2.25% NA* NA* NA* Janus US Short-Term Bond Fund . . . . . NA* NA* NA* 1.35% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*

Average Total Expense Ratios for the Period Ended 30 June 2015 GBP Share CAD Share SEK Share Classes Classes Classes Funds A inc I acc I acc (H) I inc I inc (H) U acc U acc (H) U inc U inc (H) Z acc A acc (H) A inc A inc (H) A Acc (H) I acc (H) Janus Asia Frontier Markets Fund . . . . . NA* NA* NA* NA* NA* NA* 1.05% NA* NA* NA* 2.50% NA* NA* NA* NA* Janus Asia Growth Drivers Fund...... NA* NA* NA* NA* NA* NA* 1.05% NA* NA* NA* 2.50% NA* NA* NA* NA* Janus Asia Fund ...... NA* NA* NA* NA* NA* 1.05% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Balanced Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.96% NA* NA* Janus Emerging Markets Fund ...... NA* NA* NA* NA* NA* 1.04% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Europe Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 2.21% 1.20% Janus Global Life Sciences Fund ...... NA* NA* NA* NA* NA* 0.98% NA* 0.95% NA* NA* NA* NA* NA* NA* NA* Janus Global Research Fund ...... NA* NA* NA* NA* NA* 1.05% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Technology Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*

Janus Capital Funds Plc / 30 June 2015 305 Fund Expense Limits and Total Expense Ratios

Average Total Expense Ratios for the Period Ended 30 June 2015 GBP Share CAD Share SEK Share Classes Classes Classes Funds A inc I acc I acc (H) I inc I inc (H) U acc U acc (H) U inc U inc (H) Z acc A acc (H) A inc A inc (H) A Acc (H) I acc (H) Janus Japan Emerging Opportunities Fund ...... NA* NA* NA* NA* NA* NA* 1.05% NA* NA* NA* 2.50% NA* NA* NA* NA* Janus Japan Fund ...... NA* NA* NA* NA* NA* NA* 1.05% NA* NA* NA* 2.25% NA* NA* NA* NA* Janus Opportunistic Alpha Fund...... NA* NA* NA* NA* NA* 1.03% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Research Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Twenty Fund ...... NA* NA* NA* NA* NA* 1.00% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Venture Fund ...... NA* NA* NA* NA* NA* 0.96% NA* NA* NA* NA* NA* NA* NA* NA* NA* Perkins Global Value Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Perkins US Strategic Value Fund ...... NA* NA* NA* NA* NA* 1.03% NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH All-World Minimum Variance Core Fund(a) ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* 0.00% NA* NA* NA* NA* NA* INTECH European Core Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global All Country Low Volatility Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* 0.00% NA* NA* NA* NA* NA* INTECH Global Dividend Fund ...... NA* NA* NA* NA* NA* NA* NA* 0.90% NA* NA* NA* NA* NA* NA* NA* INTECH US Core Fund ...... NA* NA* NA* NA* NA* 0.95% NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Diversified Alternatives Fund ...... NA* NA* NA* NA* NA* NA* 1.15% NA* NA* NA* NA* NA* NA* 2.25% 1.35% Janus Global Real Estate Fund...... NA* NA* NA* NA* NA* NA* NA* 1.05% 1.05% NA* NA* NA* NA* NA* NA* Janus Flexible Income Fund ...... NA* NA* NA* NA* NA* NA* 0.80% NA* 0.82% NA* NA* NA* NA* NA* NA* Janus Global Flexible Income Fund . . . NA* NA* NA* NA* NA* NA* 0.85% NA* 0.85% NA* NA* NA* NA* NA* NA* Janus Global High Yield Fund...... NA* NA* NA* NA* NA* NA* 0.84% NA* 0.84% NA* NA* NA* NA* NA* NA* Janus Global Investment Grade Bond Fund ...... NA* NA* NA* NA* 0.85% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus High Yield Fund ...... NA* NA* NA* NA* NA* NA* 0.80% NA* 0.80% NA* NA* NA* NA* NA* NA* Janus Global Unconstrained Bond Fund ...... NA* NA* NA* NA* NA* NA* 0.85% 0.85% 0.85% NA* NA* NA* 2.25% NA* NA* Janus US Short-Term Bond Fund . . . . . NA* NA* 0.84% NA* 0.83% NA* 0.80% NA* 0.80% NA* NA* NA* NA* NA* NA*

Average Total Expense Ratios for the Period Ended 30 June 2015 SGD Share CHF Share Classes JPY Share Classes Classes Funds A inc A inc (H) A acc A acc (H) I acc I acc (H) I inc (H) A inc (H) A acc (H) I acc (H) I Acc A Inc (H) Janus Asia Frontier Markets Fund . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Asia Growth Drivers Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Asia Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Balanced Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Emerging Markets Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Europe Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Life Sciences Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Research Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Technology Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Japan Emerging Opportunities Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.25% NA* Janus Japan Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.15% NA* Janus Opportunistic Alpha Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Research Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Twenty Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus US Venture Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Perkins Global Value Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*

306 Janus Capital Funds Plc / 30 June 2015 Average Total Expense Ratios for the Period Ended 30 June 2015 SGD Share CHF Share Classes JPY Share Classes Classes Funds A inc A inc (H) A acc A acc (H) I acc I acc (H) I inc (H) A inc (H) A acc (H) I acc (H) I Acc A Inc (H) Perkins US Strategic Value Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH All-World Minimum Variance Core Fund(a) ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH European Core Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global All Country Low Volatility Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global Dividend Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH US Core Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Diversified Alternatives Fund ...... NA* NA* NA* 2.25% NA* 1.35% NA* NA* NA* NA* NA* NA* Janus Global Real Estate Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Flexible Income Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Flexible Income Fund . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global High Yield Fund...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Investment Grade Bond Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus High Yield Fund ...... NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Unconstrained Bond Fund ...... NA* 2.05% NA* 2.05% NA* NA* NA* NA* NA* NA* NA* 2.05% Janus US Short-Term Bond Fund . . . . . NA* 1.34% NA* NA* NA* NA* 0.83% NA* NA* NA* NA* NA*

NA* Share class not yet launched

Janus Capital Funds Plc / 30 June 2015 307 Directors and Other Information

BOARD OF DIRECTORS Augustus Cheh (U.S.A.) SUB SUB-INVESTMENT (effective to 12 April 2015) Dennis Mullen (U.S.A.)* ADVISER DIAM Assest Management Carl O’Sullivan (Ireland)* (HK) Limited Peter Sandys (Ireland)* Suites 1221–22 Hans Vogel (Ireland)* Two Pacific Place 88 Queensway INDEPENDENT AUDITORS PricewaterhouseCoopers Hong Kong Chartered Accountants One Spencer Dock (effective from 20 May 2015) North Wall Quay DIAM Singapore Pte. Limited Dublin 1 2 Shenton Way Ireland #12–01 SGX Centre 1 Singapore 068804 INVESTMENT ADVISER Janus Capital International Limited INTECH Investment 26th Floor, CityPoint Management LLC 1 Ropemaker Street Cityplace Tower London EC2Y 9HT 525 Okeechobee Boulevard United Kingdom Suite 1800 West Palm Beach SUB-INVESTMENT ADVISER Janus Capital FL 33401 Management LLC United States of America 151 Detroit Street Denver, Colorado ADMINISTRATOR, Citibank Europe plc 80206 SHAREHOLDER SERVICING 1 North Wall Quay United States of America AGENT AND SECRETARY Dublin 1 Ireland Janus Capital Singapore Pte. Limited CUSTODIAN Citibank International 8 Shenton Way Limited, #36-02 AXA Tower Ireland Branch Singapore 068811 1 North Wall Quay Dublin 1 Ireland Perkins Investment Management LLC REGISTERED OFFICE 1 North Wall Quay 311 S. Wacker Drive Dublin 1 Suite 6000 Ireland Chicago, Illinois 60606 United States of America REGISTERED NO 296610

DIAM International Ltd. VAT NO IE 8296610E (DIAM UK) Bracken House LEGAL ADVISERS Arthur Cox One Friday Street Earlsfort Centre London EC4M 9JA Earlsfort Terrace United Kingdom Dublin 2 Ireland

DISTRIBUTOR AND Janus Capital PROMOTER International Limited 26th Floor, CityPoint 1 Ropemaker Street London EC2Y 9HT United Kingdom

SPONSORING BROKER J & E Davy Davy House 49 Dawson Street * Independent Director Dublin 2 (all Directors are non-executive) Ireland

308 Janus Capital Funds Plc / 30 June 2015 Directors and Other Information

Below is a list of the Funds’ Representatives/Paying Agents as of 30 June 2015.

Country Representative/Paying Agent Country Representative/Paying Agent

Austria Unicredit Bank Austria AG 4. Sociètè Gènèrale Securities Schottengasse 6-8 Services SpA, 1010 Wien Via S. Chiara 19 Austria 10122 Turino Italy Belgium Citibank Belgium NV S.A. 263g Boulevard General Jacques Luxembourg BGL BNP Paribas S.A. 1050 Brussels 50 Avenue J.F. Kennedy Belgium L-2951 Luxembourg France BNP-Paribas Securities Services Switzerland Swiss Representative 3 Rue d’Antin Carnegie Fund Services S.A. (CFS) 75002 Paris 11, rue du Gènèral-Dufour France 1204 Genève Switzerland Germany State Street Bank GmbH Solmsstrasse 83 Swiss Paying Agent 60486 Frankfurt Banque Cantonale de Genève Germany 17 quai de I’lle 1204 Genève Hong Kong Janus Capital Asia Limited Switzerland 2507-11 ICBC Tower Citibank Plaza Taiwan Janus Capital Taiwan Limited 3 Garden Road Central Suite 45 A-1, Taipei 101 Tower Hong Kong No. 7, Sec. 5 Xin Yi Road Xin Yi District, Taipei Italy 1. State Street Bank SpA Taiwan, R.O.C. Via Col Moschin 16 20136 Milan UK Janus Capital International Limited Italy Citipoint, 26th Floor 1 Ropemaker Street 2. BNP Paribas London EC2Y 9HT Milan Branch United Kingdom Securities Services Via Ansperto 5 20123 Milan Italy

3. Allfunds Bank S.A. operating through its Milan branch Via. Santa Margherita 7 20121 Milan Italy

Janus Capital Funds Plc / 30 June 2015 309 Janus Capital Funds plc

Janus Capital International Limited United Kingdom Tel.: +44 20 7410 1900 Email: [email protected]

Janus Capital International Limited The Hague Branch Tel.: +31 703 53 8122 Email: [email protected]

Janus Capital International Limited Milan Branch Tel.: +39 02 863233 Email: [email protected]

Janus Capital International Limited Frankfurt Branch Tel.: +49 069 667748 222 Email: [email protected]

Janus Capital International Limited Paris Branch Tel.: +33 1 534 55439 Email: [email protected]

Janus Capital International Limited Tokyo Branch Tel.: ++81 3 6250 9820 Email: [email protected]

Janus Capital Asia Limited Hong Kong Tel.: +852 3121 7000 Email: [email protected]

Janus Capital Singapore PteLimited Singapore Tel.: +65 6511 8490 Email: [email protected]