· janus capital funds plc 30 june 2012 equity & balanced funds janus asia fund janus balanced...
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Janus Capital Funds Plc
30 June 2012
EQUITY & BALANCED FUNDS
Janus Asia Fund
Janus Balanced Fund
Janus Emerging Markets Fund
Janus Europe Fund
Janus Global Life Sciences Fund
Janus Global Research Fund
Janus Global Technology Fund
Janus US Fund
Janus US All Cap Growth Fund
Janus US Research Fund
Janus US Twenty Fund
Janus US Venture Fund
Perkins Global Value Fund
Perkins US Strategic Value Fund
RISK MANAGED EQUITY FUNDS
(For the avoidance of doubt, the Risk
Managed Equity Funds are Equity
Investing Funds)
INTECH US Core Fund
ALTERNATIVE INVESTMENT FUNDS
(For the avoidance of doubt, the
Alternative Investment Funds (other
than the Janus Global Real Estate Fund)
are Equity Investing Funds)
Janus Global Real Estate Fund
FIXED INCOME FUNDS
Janus Flexible Income Fund
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
Janus High Yield Fund
Janus US Short-Term Bond 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)
Semi-Annual Report (unaudited)
Table of Contents
Fund Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Fund Expense Limits and Total Expense Ratios. . . . . . . . . 5
Background of the Company. . . . . . . . . . . . . . . . . . . . . . . 7
Market and Fund Overviews. . . . . . . . . . . . . . . . . . . . . . 14
Portfolio Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Statements of Changes in Net Assets . . . . . . . . . . . . . . . 130
Notes to the Financial Statements . . . . . . . . . . . . . . . . . 134
Explanation of Charts and Tables . . . . . . . . . . . . . . . . . 156
Statements of Changes in Composition of Portfolio . . . 157
Portfolio Turnover Rates . . . . . . . . . . . . . . . . . . . . . . . . 168
Directors and Other Information. . . . . . . . . . . . . . . . . . 169
Fund Performance
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1
TOTAL RETURNS(I)
As at 30 June 2012
Inception Date Six months
Three Year Annualised
Five Year Annualised
Since Inception
Annualised
Since Inception
Cumulative
Janus Asia Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 5.68% N/A N/A N/A (8.80)% Class E€acc . . . . . . . . . . . . . . . . . . . . 30 March 2012 (8.10)% N/A N/A N/A (8.10)% Class I$acc. . . . . . . . . . . . . . . . . . . . . 31 August 2011 6.35% N/A N/A N/A (7.90)% Class I€acc. . . . . . . . . . . . . . . . . . . . . 30 March 2012 (7.70)% N/A N/A N/A (7.70)%
Janus Balanced Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 5.58% 8.80% 3.23% 4.44% 79.80% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 5.31% 8.08% 2.59% 3.83% 60.05% Class A HK$acc . . . . . . . . . . . . . . . . . . 31 August 2011 5.55% N/A N/A N/A 6.50% Class B$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 5.07% 7.69% 2.19% 3.42% 57.50% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 4.88% N/A N/A N/A 5.40% Class I$acc. . . . . . . . . . . . . . . . . . . . . 31 December 1999 6.11% 9.84% 4.20% 4.04% 64.01% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 5.99% 9.20% N/A 3.92% 18.50%
Janus Emerging Markets Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 (2.21)% N/A N/A (12.24)% (20.40)% Class A€acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 (2.52)% N/A N/A (13.63)% (22.60)% Class B$acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 (2.74)% N/A N/A (13.12)% (21.80)% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 (2.02)% N/A N/A N/A (17.60)% Class I$acc. . . . . . . . . . . . . . . . . . . . . 30 September 2010 (1.70)% N/A N/A (11.42)% (19.10)% Class I€acc. . . . . . . . . . . . . . . . . . . . . 30 September 2010 (1.87)% N/A N/A (12.74)% (21.20)%
Janus Europe Fund Class A€acc . . . . . . . . . . . . . . . . . . . . 28 November 2008 5.73% 12.57% N/A 15.22% 66.20% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 5.44% N/A N/A N/A 10.40% Class I€acc. . . . . . . . . . . . . . . . . . . . . 28 November 2008 6.47% 14.16% N/A 16.79% 74.50%
Janus Global Life Sciences Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 31 March 2000 13.83% 14.84% 4.19% 1.85% 25.10% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 March 2000 13.61% 14.00% 3.33% 2.02% 27.70% Class B$acc . . . . . . . . . . . . . . . . . . . . 31 March 2000 13.26% 13.74% 3.14% 0.80% 10.20% Class I$acc. . . . . . . . . . . . . . . . . . . . . 31 March 2000 14.45% 16.00% 5.20% 2.75% 39.40% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 15.13% 15.48% N/A 3.66% 17.20%
Janus Global Research Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 24 April 2006 5.85% 10.74% (1.77)% 1.61% 10.40% Class A$dis . . . . . . . . . . . . . . . . . . . . 31 January 2008 5.88% 10.77% N/A (2.33)% (9.90)% Class A€acc . . . . . . . . . . . . . . . . . . . . 24 April 2006 5.49% 9.78% (3.04)% (0.02)% (0.10)% Class B$acc . . . . . . . . . . . . . . . . . . . . 24 April 2006 5.38% 9.67% (2.75)% 0.60% 3.80% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 5.22% N/A N/A N/A (1.20)% Class I$acc. . . . . . . . . . . . . . . . . . . . . 24 April 2006 6.50% 12.04% (0.68)% 2.71% 18.00% Class I$dis . . . . . . . . . . . . . . . . . . . . . 31 January 2008 6.43% 12.01% N/A (1.26)% (5.46)% Class I€acc. . . . . . . . . . . . . . . . . . . . . 24 April 2006 6.18% 11.02% (2.01)% 1.04% 6.60%
Janus Global Technology Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 31 March 2000 11.68% 14.60% 2.48% (6.16)% (54.10)% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 March 2000 11.53% 13.52% 1.27% (5.91)% (52.60)% Class B$acc . . . . . . . . . . . . . . . . . . . . 31 March 2000 11.20% 13.41% 1.44% (7.08)% (59.30)% Class I$acc. . . . . . . . . . . . . . . . . . . . . 31 March 2000 12.31% 15.69% 3.46% (5.33)% (48.90)% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 12.90% 14.97% N/A 4.37% 20.80%
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.
2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
TOTAL RETURNS(I)
As at 30 June 2012
Fund Performance
Inception Date Six months
Three Year Annualised
Five Year Annualised
Since Inception
Annualised
Since Inception
Cumulative
Janus US Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 8.70% N/A N/A 5.55% 9.90% Class A€acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 8.49% N/A N/A 4.11% 7.30% Class B$acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 8.11% N/A N/A 4.50% 8.00% Class I$acc. . . . . . . . . . . . . . . . . . . . . 30 September 2010 9.27% N/A N/A 6.70% 12.00% Class I€acc. . . . . . . . . . . . . . . . . . . . . 30 September 2010 8.98% N/A N/A 5.16% 9.20%
Janus US All Cap Growth Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 0.00% 14.75% 0.51% 1.88% 28.60% Class A$dis . . . . . . . . . . . . . . . . . . . . 31 January 2008 0.10% 14.88% N/A (0.09)% (0.40)% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 (0.30)% 13.15% (1.10)% (3.00)% (31.68)% Class B$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 (0.53)% 13.62% (0.51)% 0.88% 12.50% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 (0.21)% N/A N/A N/A (5.50)% Class I$acc. . . . . . . . . . . . . . . . . . . . . 31 December 1999 0.56% 15.88% 1.46% (2.44)% (26.52)% Class I$dis . . . . . . . . . . . . . . . . . . . . . 31 January 2008 0.48% 15.92% N/A 0.87% 3.90% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 0.00% 14.18% N/A (0.78)% (3.40)%
Janus US Research Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 11 January 2002 8.55% 12.24% (2.03)% 3.25% 39.70% Class A$dis . . . . . . . . . . . . . . . . . . . . 31 January 2008 8.58% 12.25% N/A (1.18)% (5.10)% Class A€acc . . . . . . . . . . . . . . . . . . . . 11 January 2002 8.40% 11.44% (3.22)% 2.27% 26.50% Class B$acc . . . . . . . . . . . . . . . . . . . . 11 January 2002 8.10% 11.15% (3.07)% 2.19% 25.50% Class I$acc. . . . . . . . . . . . . . . . . . . . . 11 January 2002 9.39% 13.70% (0.96)% 4.35% 56.10% Class I$dis . . . . . . . . . . . . . . . . . . . . . 31 January 2008 9.51% 13.74% N/A 0.05% 0.20% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 9.27% 12.94% N/A (1.04)% (4.50)%
Janus US Twenty Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 12.92% 9.19% 0.56% 2.22% 34.60% Class A$dis . . . . . . . . . . . . . . . . . . . . 31 January 2008 12.97% 9.18% N/A (1.37)% (5.90)% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 12.62% 8.00% (0.84)% (1.59)% (18.17)% Class B$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 12.32% 8.10% (0.45)% 1.21% 17.60% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 11.50% N/A N/A N/A 7.60% Class I$acc. . . . . . . . . . . . . . . . . . . . . 31 December 1999 13.48% 10.19% 1.43% (1.16)% (13.61)% Class I$dis . . . . . . . . . . . . . . . . . . . . . 31 January 2008 13.44% 10.23% N/A (0.48)% (2.10)% Class I€acc(2) . . . . . . . . . . . . . . . . . . . . 31 December 1999 12.81% 8.82% (0.07)% (0.47)% (5.76)%
Janus US Venture Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 12.22% 20.08% 0.39% 2.09% 29.50% Class A$dis . . . . . . . . . . . . . . . . . . . . 31 January 2008 12.20% 20.15% N/A 3.22% 15.00% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 11.88% 18.96% (0.67)% 2.69% 39.40% Class B$acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 11.59% 18.89% (0.62)% 1.10% 14.60% Class I$acc. . . . . . . . . . . . . . . . . . . . . 31 December 1999 12.76% 21.27% 1.35% 2.91% 43.20% Class I$dis . . . . . . . . . . . . . . . . . . . . . 31 January 2008 12.68% 21.26% N/A 4.22% 20.00% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 12.33% 20.20% N/A 3.18% 14.80%Perkins Global Value Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 4.06% N/A N/A 5.77% 10.30% Class A€acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 3.74% N/A N/A 4.61% 8.20% Class B$acc . . . . . . . . . . . . . . . . . . . . 30 September 2010 3.53% N/A N/A 4.72% 8.40% Class I$acc. . . . . . . . . . . . . . . . . . . . . 30 September 2010 4.56% N/A N/A 6.86% 12.30% Class I€acc. . . . . . . . . . . . . . . . . . . . . 30 September 2010 4.26% N/A N/A 5.66% 10.10%
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.
(2) The Class commenced operations on 31 December 1999 and was subsequently closed on 27 June 2002 and reopened on 18 July 2003. Performance of the Class for the period from 27 June 2002 to 18 July 2003 reflects linked history to B€acc Share Class. Performance prior to 27 June 2002 has been rebased to reflect the launch net asset value of €10 as of 18 July 2003.
( 3) The Class commenced operations on 31 December 1999 and was subsequently closed on 23 October 2000 and then reopened on 22 October 2001. In the periods from 31 December 1999 (inception) to 23 October 2000 and from 22 October 2001 to 3 0 June 201 2, performance reflects actual history. In the period from 24 October 2000 to 21 October 2001, performance reflects linked history to Class I$acc.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 3
TOTAL RETURNS(I)
As at 30 June 2012
Inception Date Six months
Three Year Annualised
Five Year Annualised
Since Inception
Annualised
Since Inception
Cumulative
Perkins US Strategic Value Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 30 November 2000 3.25% 9.88% (0.48)% 3.53% 49.40% Class A$dis . . . . . . . . . . . . . . . . . . . . 31 January 2008 3.21% 9.87% N/A 0.70% 3.14% Class A€acc . . . . . . . . . . . . . . . . . . . . 30 November 2000 2.84% 8.75% (1.51)% 2.55% 33.90% Class B$acc . . . . . . . . . . . . . . . . . . . . 30 November 2000 2.64% 8.77% (1.50)% 2.45% 32.30% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 2.62% N/A N/A N/A 1.90% Class I$acc. . . . . . . . . . . . . . . . . . . . . 30 November 2000 3.60% 10.70% 0.27% 4.36% 64.00% Class I$dis . . . . . . . . . . . . . . . . . . . . . 31 January 2008 3.60% 10.69% N/A 1.47% 6.64% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 3.04% 9.52% N/A 0.41% 1.80%
INTECH US Core Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 25 April 2003 7.33% 14.92% (0.65)% 6.42% 77.10% Class A$dis . . . . . . . . . . . . . . . . . . . . 31 January 2008 7.30% 14.92% N/A 0.94% 4.22% Class A€acc . . . . . . . . . . . . . . . . . . . . 25 April 2003 7.00% 13.77% (1.80)% 5.40% 62.00% Class B$acc . . . . . . . . . . . . . . . . . . . . 25 April 2003 6.80% 13.76% (1.66)% 5.38% 61.80% Class I$acc. . . . . . . . . . . . . . . . . . . . . 25 April 2003 7.59% 15.49% (0.16)% 6.97% 85.60% Class I$dis . . . . . . . . . . . . . . . . . . . . . 31 January 2008 7.59% 15.51% N/A 1.46% 6.60% Class I€acc. . . . . . . . . . . . . . . . . . . . . 24 April 2006 8.04% 14.64% (1.19)% 0.13% 0.80%
Janus Global Real Estate Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 29 September 2003 16.73% 16.49% (4.57)% 2.24% 21.40% Class A$inc . . . . . . . . . . . . . . . . . . . . 29 September 2003 16.70% 16.51% (4.58)% 2.21% 21.11% Class A€acc . . . . . . . . . . . . . . . . . . . . 29 September 2003 16.28% 15.09% (6.07)% 0.71% 6.40% Class B$acc . . . . . . . . . . . . . . . . . . . . 29 September 2003 16.06% 15.31% (5.53)% 1.23% 11.30% Class B$inc . . . . . . . . . . . . . . . . . . . . 29 September 2003 16.10% 15.31% (5.51)% 1.22% 11.24% Class I$inc . . . . . . . . . . . . . . . . . . . . . 29 September 2003 17.22% 17.60% (3.68)% 3.12% 30.89% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 16.82% 16.28% N/A (2.80)% (11.80)%
Janus Flexible Income Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 3.93% 7.55% 7.22% 4.99% 93.10% Class A$inc . . . . . . . . . . . . . . . . . . . . 24 December 1998 3.99% 7.55% 7.22% 5.08% 95.47% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 3.90% 7.70% 7.37% 6.23% 112.85% Class B$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 3.40% 6.49% 6.15% 4.03% 70.50% Class B$inc . . . . . . . . . . . . . . . . . . . . 24 December 1998 3.41% 6.49% 6.14% 4.11% 72.24% Class B€inc(2). . . . . . . . . . . . . . . . . . . . 31 December 1999 3.36% 6.67% 6.32% 5.36% 91.95% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 3.77% N/A N/A N/A 4.70% Class E€inc . . . . . . . . . . . . . . . . . . . . 31 August 2011 3.56% N/A N/A N/A 4.74% Class I$acc. . . . . . . . . . . . . . . . . . . . . 9 May 2012 0.80% N/A N/A N/A 0.80% Class I$inc . . . . . . . . . . . . . . . . . . . . . 31 December 1999 4.51% 8.64% 8.19% 6.19% 111.76% Class I€acc(3) . . . . . . . . . . . . . . . . . . . . 31 December 1999 4.41% 8.77% 8.34% 7.50% 146.84%
Janus Global High Yield Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.50% N/A N/A 4.37% 7.40% Class A$inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.48% N/A N/A 4.40% 7.45% Class A€acc . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.31% N/A N/A 4.20% 7.10% Class A€inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.06% N/A N/A 4.07% 6.89% Class AAUD$inc . . . . . . . . . . . . . . . . . . 30 November 2011 7.55% N/A N/A N/A 10.35% Class B$acc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.87% N/A N/A 3.32% 5.60% Class B$inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.96% N/A N/A 3.33% 5.62% Class B€inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.88% N/A N/A 3.23% 5.45% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 4.87% N/A N/A N/A 5.50% Class E€inc . . . . . . . . . . . . . . . . . . . . 31 August 2011 5.17% N/A N/A N/A 6.02% Class I$acc. . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.92% N/A N/A 5.36% 9.10% Class I$inc . . . . . . . . . . . . . . . . . . . . . 29 October 2010 6.00% N/A N/A 5.38% 9.15% Class I€acc. . . . . . . . . . . . . . . . . . . . . 29 October 2010 6.32% N/A N/A 5.47% 9.30% Class I€inc . . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.82% N/A N/A 5.24% 8.89% Class IAUD$inc . . . . . . . . . . . . . . . . . . 30 November 2011 7.98% N/A N/A N/A 10.89%
Fund Performance
4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
TOTAL RETURNS(I)
As at 30 June 2012
Inception Date Six months
Three Year Annualised
Five Year Annualised
Since Inception
Annualised
Since Inception
Cumulative
Janus Global Investment Grade Bond Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.99% N/A N/A 3.08% 5.20% Class A$inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.00% N/A N/A 3.07% 5.18% Class A€acc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.87% N/A N/A 3.32% 5.60% Class A€inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.79% N/A N/A 3.28% 5.54% Class B$acc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.55% N/A N/A 2.08% 3.50% Class B$inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.48% N/A N/A 2.08% 3.49% Class B€inc . . . . . . . . . . . . . . . . . . . . 29 October 2010 4.38% N/A N/A 2.33% 3.92% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 4.20% N/A N/A N/A 1.70% Class E€inc . . . . . . . . . . . . . . . . . . . . 31 August 2011 4.51% N/A N/A N/A 2.27% Class I$acc. . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.62% N/A N/A 4.26% 7.20% Class I$inc . . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.62% N/A N/A 4.25% 7.19% Class I€acc. . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.28% N/A N/A 4.55% 7.70% Class I€inc . . . . . . . . . . . . . . . . . . . . . 29 October 2010 5.41% N/A N/A 4.52% 7.65%
Janus High Yield Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 5.52% 13.24% 5.74% 5.73% 112.30% Class A$inc . . . . . . . . . . . . . . . . . . . . 24 December 1998 5.47% 13.23% 5.77% 5.85% 115.61% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 5.44% 13.14% 5.82% 6.52% 120.22% Class AAUD$inc . . . . . . . . . . . . . . . . . . 30 November 2011 7.93% N/A N/A N/A 11.27% Class A HK$acc . . . . . . . . . . . . . . . . . . 31 August 2011 5.41% N/A N/A N/A 7.20% Class A HK$inc. . . . . . . . . . . . . . . . . . . 31 August 2011 5.37% N/A N/A N/A 7.16% Class A RMB (CNH) inc . . . . . . . . . . . . . . . 30 March 2012 0.41% N/A N/A N/A 0.41% Class B$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 5.03% 12.16% 4.75% 4.77% 87.80% Class B$inc . . . . . . . . . . . . . . . . . . . . 24 December 1998 5.05% 12.13% 4.74% 4.89% 90.61% Class B€inc(2). . . . . . . . . . . . . . . . . . . . 31 December 1999 4.89% 12.02% 4.78% 5.71% 100.18% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 4.72% N/A N/A N/A 6.40% Class E€inc . . . . . . . . . . . . . . . . . . . . 31 August 2011 4.46% N/A N/A N/A 6.79% Class I$acc. . . . . . . . . . . . . . . . . . . . . 30 November 2009 6.11% N/A N/A 10.77% 30.20% Class I$inc . . . . . . . . . . . . . . . . . . . . . 31 December 1999 6.03% 14.34% 6.74% 6.61% 122.53% Class I€acc(4) . . . . . . . . . . . . . . . . . . . . 31 December 1999 6.09% 14.25% 6.83% 7.16% 137.46% Class IAUD$inc . . . . . . . . . . . . . . . . . . 30 November 2011 8.15% N/A N/A N/A 11.61% Class I RMB (CNH) inc . . . . . . . . . . . . . . . 30 March 2012 0.70% N/A N/A N/A 0.70%
Janus US Short-Term Bond Fund Class A$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 1.75% 3.00% 4.09% 3.66% 62.60% Class A$inc . . . . . . . . . . . . . . . . . . . . 24 December 1998 1.77% 3.00% 4.08% 3.64% 62.05% Class A€acc . . . . . . . . . . . . . . . . . . . . 31 December 1999 1.60% 3.07% 4.25% 4.73% 78.25% Class ACHFinc . . . . . . . . . . . . . . . . . . 1 February 2012 1.11% N/A N/A N/A 1.11% Class B$acc . . . . . . . . . . . . . . . . . . . . 24 December 1998 1.38% 2.33% 3.39% 2.88% 46.70% Class B$inc . . . . . . . . . . . . . . . . . . . . 24 December 1998 1.33% 2.32% 3.37% 2.91% 47.41% Class E€acc . . . . . . . . . . . . . . . . . . . . 31 August 2011 1.80% N/A N/A N/A 1.60% Class E€inc . . . . . . . . . . . . . . . . . . . . 31 August 2011 1.25% N/A N/A N/A 1.02% Class I$inc . . . . . . . . . . . . . . . . . . . . . 31 December 1999 1.91% 3.53% 4.61% 4.27% 68.60% Class I€acc. . . . . . . . . . . . . . . . . . . . . 31 January 2008 2.09% 3.69% N/A 4.69% 22.40% Class ICHFinc . . . . . . . . . . . . . . . . . . . 1 February 2012 1.08% N/A N/A N/A 1.08%
Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class.
(1) Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.
(2) The Class commenced operations on 31 December 1999 and was subsequently closed on 27 June 2002 and reopened on 18 July 2003. Performance of the Class for the period from 27 June 2002 to 18 July 2003 reflects linked history to B€acc Share Class. Performance prior to 27 June 2002 has been rebased to reflect the launch net asset value of €10 as of 18 July 2003.
(4) The Class commenced operations on 31 December 1999 and was subsequently closed on 23 October 2000 and then reopened on 6 March 2001. In the periods from 31 December 1999 (inception) to 23 October 2000 and from 6 March 2001 to 30 June 2012, performance reflects actual history. In the period from 24 October 2000 to 5 March 2001, performance reflects linked history to Class I$inc.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 5
Average Total Expense Ratios of the Period Ended 30 June 2012
US Dollar Share Classes Euro Share Classes HKD Share Classes
Funds A acc A dis B acc I acc I dis A acc E acc I acc A acc
Janus Asia Fund . . . . . . . . . . . . . . . 2.43% NA* NA* 1.25% NA* NA* 2.86% 1.17% NA*Janus Balanced Fund . . . . . . . . . . . . . 1.99% NA* 2.99% 1.05% NA* 1.99% 2.54% 1.03% 2.00%Janus Emerging Markets Fund . . . . . . . . 2.25% NA* 3.25% 1.35% NA* 2.25% 3.00% 1.35% NA*Janus Europe Fund . . . . . . . . . . . . . . NA* NA* NA* NA* NA* 2.67% 2.96% 1.22% NA*Janus Global Life Sciences Fund . . . . . . . 2.75% NA* 3.75% 1.75% NA* 2.75% NA* 1.75% NA*Janus Global Research Fund . . . . . . . . . 2.50% 2.50% 3.50% 1.25% 1.24% 2.50% 3.00% 1.25% NA*Janus Global Technology Fund . . . . . . . . 2.69% NA* 3.69% 1.75% NA* 2.69% NA* 1.74% NA*Janus US Fund . . . . . . . . . . . . . . . . 2.25% NA* 3.25% 1.20% NA* 2.25% NA* 1.20% NA*Janus US All Cap Growth Fund . . . . . . . 2.18% 2.17% 3.18% 1.19% 1.13% 2.18% 2.70% 1.14% NA*Janus US Research Fund . . . . . . . . . . . 2.75% 2.75% 3.75% 1.20% 1.20% 2.75% NA* 1.20% NA*Janus US Twenty Fund . . . . . . . . . . . . 2.22% 2.22% 3.22% 1.16% 1.15% 2.22% 2.69% 1.16% NA*Janus US Venture Fund . . . . . . . . . . . . 2.75% 2.70% 3.75% 1.75% 1.75% 2.75% NA* 1.75% NA*Perkins Global Value Fund . . . . . . . . . . 2.25% NA* 3.24% 1.24% NA* 2.25% NA* 1.24% NA*Perkins US Strategic Value Fund . . . . . . . 2.45% 2.45% 3.45% 1.70% 1.69% 2.45% 2.96% 1.69% NA*INTECH US Core Fund . . . . . . . . . . . 1.74% 1.74% 2.74% 1.19% 1.19% 1.74% NA* 1.19% NA*
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$/ HK$/CHF/ RMB(CNH) Share Classes
Funds Class A Class B Class E Class I
Janus Asia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.25%Janus Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 3.50% 3.00% 1.05%Janus Emerging Markets Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.35%Janus Europe Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.25%Janus Global Life Sciences Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 4.00% 3.50% 1.75%Janus Global Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.25%Janus Global Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 4.00% 3.50% 1.75%Janus US Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.20%Janus US All Cap Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.20%Janus US Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 4.00% 3.50% 1.20%Janus US Twenty Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.20%Janus US Venture Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 4.00% 3.50% 1.75%Perkins Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.25%Perkins US Strategic Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 4.00% 3.50% 1.75%INTECH US Core Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00% 3.00% 2.75% 1.20%Janus Global Real Estate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 3.75% 3.25% 1.25%Janus Flexible Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 3.50% 2.75% 0.80%Janus Global High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 3.50% 2.75% 1.05%Janus Global Investment Grade Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 3.50% 2.75% 0.85%Janus High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 3.50% 2.75% 0.90%Janus US Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90% 2.90% 2.40% 0.90%
Fund Expense Limits and Total Expense Ratios
6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Average Total Expense Ratios of the Period Ended 30 June 2012
US Dollar Share Classes Euro Share Classes
Funds A inc A acc B inc B acc I inc Iacc A inc A acc B inc E acc E inc I inc I acc
Janus Global Real Estate Fund . . . . . 2.27% 2.27% 3.28% 3.27% 1.25% NA* NA* 2.28% NA* NA* NA* NA* 1.25%
Janus Flexible Income Fund . . . . . 1.94% 1.95% 2.94% 2.94% 0.80% 0.78% NA* 1.94% 2.94% 2.21% 2.20% NA* 0.75%Janus Global High Yield Fund . . . . 2.00% 2.00% 3.00% 3.00% 1.05% 1.05% 2.00% 2.00% 3.00% 2.47% 2.43% 1.05% 1.05%Janus Global Investment
Grade Bond Fund. . . . . . . . . . 2.00% 2.00% 3.00% 3.00% 0.85% 0.85% 2.00% 2.00% 3.00% 2.50% 2.44% 0.85% 0.85%Janus High Yield Fund . . . . . . . . 1.96% 1.96% 2.96% 2.96% 0.90% 0.86% NA* 1.95% 2.95% 2.22% 2.22% NA* 0.90%Janus US Short-Term Bond Fund . . . 1.40% 1.40% 2.10% 2.10% 0.90% NA* NA* 1.40% NA* 1.87% 1.86% NA* 0.86%
Average Total Expense Ratios of the Period Ended 30 June 2012
HKD Share Classes AUD Share Classes CHF Share Classes RMB (CNH) Share Classes
Funds A acc A inc A inc I inc A inc I inc A inc I inc
Janus Global Real Estate Fund . . . . NA* NA* NA* NA* NA* NA* NA* NA*Janus Flexible Income Fund . . . . . NA* NA* NA* NA* NA* NA* NA* NA*Janus Global High Yield Fund . . . . NA* NA* 2.00% 1.05% NA* NA* NA* NA*Janus Global Investment
Grade Bond Fund. . . . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA*Janus High Yield Fund . . . . . . . . 1.99% 1.99% 1.99% 0.87% NA* NA* 1.99% 0.87%Janus US Short-Term Bond Fund . . . NA* NA* NA* NA* 1.40% 0.87% NA* NA*
*NA – Share class not yet launched
Fund Expense Limits and Total Expense Ratios
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 7
Background of the Company
Janus Capital Funds plc (the “Company”) was incorporated in Ireland as a public limited company on 19 November 1998 under the Companies Acts, 1963 to 2005, Part 2 and 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006 and the Companies (Amendment) Act 2009, the Companies (Miscellaneous Provisions) Act 2009 and the Companies (Amendment) Act 2012 (the “Companies Acts’’). Unless otherwise provided for in this report, all capitalised terms shall have the same meaning herein as in the prospectus of the Company dated 1 December 2011 and the supplement dated 27 March 2012 (together the “Prospectus”). Capitalised terms not defined in this report shall have the same meaning as defined in the Prospectus.
The Company is an open ended investment company with variable capital operating as an umbrella fund with segregated liability between sub-funds and is currently authorised by the Central Bank of Ireland (the “Central Bank”), as an undertaking for collective investment in transferable securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the “UCITS Regulations”).
The Company is organised in the form of an umbrella fund and currently has thirty constituent funds (individually a “Fund”, collectively the “Funds”) as follows:
EQUITY & BALANCED FUNDS
Janus Asia FundJanus Balanced FundJanus Emerging Markets FundJanus Europe FundJanus Global Growth Fund1
Janus Global Life Sciences FundJanus Global Research FundJanus Global Research (ex-Japan) Fund1
Janus Global Technology FundJanus US FundJanus US All Cap Growth FundJanus US Research Fund Janus US Twenty Fund Janus US Venture Fund Perkins Global Value FundPerkins US Strategic Value Fund
RISK MANAGED EQUITY FUNDS
(for the avoidance of doubt, the Risk Managed Equity Funds are Equity Investing Funds)INTECH European Core Fund1
INTECH Global Core Fund2
INTECH Global Dividend Fund1
INTECH US Core Fund
ALTERNATIVE INVESTMENT FUNDS
(for the avoidance of doubt, the Alternative Investments Funds (other than the Janus Global Real Estate Fund) are Equity Investing Funds)INTECH Market Neutral Fund1
Janus Extended Alpha Fund1
Janus Global Research 130/30 Fund1
Janus Global Real Estate Fund
FIXED INCOME FUNDS
Janus Flexible Income FundJanus Global High Yield FundJanus Global Investment Grade Bond FundJanus Global Strategic Income Fund1
Janus High Yield FundJanus US Short-Term Bond Fund
Eight of the Funds have not yet launched, as indicated previously. Each Fund may issue Shares in multiple Classes denominated in US Dollars ($), Euro (€), Pound Sterling (£), Hong Kong Dollars ( HK$), Australian Dollars (AUD$), Swiss Francs (CHF), Canadian Dollars (CAD$) or Chinese Renminbi (RMB(CNH)). Certain Classes of Shares of the Funds have been admitted to the Official List and to trading on the Main Securities Market of the Irish Stock Exchange. Please refer to Citibank Europe plc (the “Administrator”) for a complete listing of the Classes of Shares of the Funds listed on the Irish Stock Exchange. The Administrator determines the net asset value per Share of each Class of each Fund once on each Business Day. Valuation Point for all Funds is at the close of the regular trading session of the New York Stock Exchange (normally 4:00 P.M., New York time, Monday through Friday).
The most recent Prospectus of the Company is dated 1 December 2011 and there is one supplement to this prospectus dated 27 March 2012. Any reference to “Primarily” in the description of the investment objectives and policies of the Funds shall mean that at all times at least two thirds of the relevant Fund’s total asset value (excluding cash and cash equivalents) will be invested in investments in the manner described.
JANUS ASIA FUND
Th is Fund’s investment objective is to seek to achieve long-term growth of capital. It pursues its objective by investing principally in common stocks of companies of any size, from larger, well- established companies to smaller, emerging growth companies, which are domiciled in Asia, excluding Japan, or are conducting the predominant portion of their economic activities in one or more countries in Asia. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes, subject to the conditions and within the limits from time to time laid down by the Central Bank). Due to its exposure to Emerging Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS BALANCED FUND
This Fund’s investment objective is long-term capital growth, consistent with preservation of capital and balanced by current
1 Not yet launched.
2 All Shares in this Fund were mandatorily redeemed on 30 November 2010.
8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Background of the Company
income. It pursues its objective by investing 35% to 65% of its net asset value in equity securities of US Companies, such as common stocks, and 35% to 65% of its net asset value in Debt Securities of US Issuers. This Fund may invest up to 25% of its net asset value in Debt Securities rated below investment grade. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
JANUS EMERGING MARKETS FUND
This Fund’s investment objective is long-term growth of capital. Under normal circumstances, the Fund seeks to achieve its objective by investing principally in equity securities issued by companies incorporated or having their principal business activities in one or more Emerging Markets or companies which derive a significant proportion of their revenues or profits from one or more Emerging Markets or have significant portion of their assets in one or more Emerging Markets. Due to its exposure to Emerging Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies.
JANUS EUROPE FUND
Th is Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in common stocks selected for their growth potential. The Fund may invest in companies of any size from larger, well-established companies to smaller, emerging growth companies that are domiciled in or are conducting the predominant portion of their economic activities in Western, Central or Eastern Europe (EU and non- EU members) and Turkey. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other financial derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes, subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and
the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL LIFE SCIENCES FUND
This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in equity securities of companies located anywhere in the world and selected for their growth potential. The Fund will invest Primarily in securities of companies that the relevant Sub-Investment Adviser believes have a life sciences orientation. Generally speaking, the “life sciences” relate to maintaining or improving quality of life. Thus, companies with a “life sciences orientation” include companies engaged in research, development, production or distribution of products or services related to health and personal care, medicine or pharmaceuticals. Such companies may also include companies that the relevant Sub-Investment Adviser believes have growth potential mainly as a result of particular products, technology, patents or other market advantages in the life sciences. The Fund will invest at least 25% of its total assets, in the aggregate, in the following industry groups: health care; pharmaceuticals; agriculture; cosmetics/personal care; and biotechnology. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL RESEARCH FUND
Th is Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in common stocks selected for their growth potential. The Fund may invest in companies of any size and located anywhere in the world, from larger, well-established companies to smaller, emerging growth companies. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The investment selection process currently employed by the Sub-Investment Adviser for the Fund is to select investments which are high conviction investment ideas in all market capitalisations, styles and geographies. The Sub-Investment Adviser oversees the investment process, sets the criteria for asset allocation amongst the sectors (which criteria may change from time to time) and conducts fundamental analysis with a focus on ‘‘bottom-up’’ research, quantitative modelling, and valuation analysis. Using this research process, the stocks will be rated based upon attractiveness, comparing the appreciation potential of each of these high conviction ideas to construct a sector portfolio that is intended to maximise the best risk/reward opportunities. Securities may be sold when, among other things, there is no longer high conviction in the return potential of the investment or if the risk characteristics have caused a re-evaluation of the opportunity. Securities may also be sold from the portfolio to
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 9
rebalance sector weightings. The Sub-Investment Adviser may at
any time employ an alternative selection process consistent with
the Fund’s investment objective and policies. The Fund may
employ investment techniques and instruments for investment
purposes, such as trading in futures, options and swaps and
other financial derivative instruments, 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 by the Central
Bank. No more than 10% of the net asset value of the Fund may
be invested in securities traded on any one Emerging Market
and the aggregate amount of the Fund which may be invested
in securities traded on the Emerging Markets is 20% of the net
asset value of the Fund.
JANUS GLOBAL TECHNOLOGY FUND
This Fund’s investment objective is long-term growth of capital.
It pursues its objective by investing Primarily in equity securities
of companies located anywhere in the world and selected
for their growth potential. The Fund will invest Primarily
in securities of companies that the relevant Sub-Investment
Adviser believes will benefit significantly from advances or
improvements in technology. These are generally: (i) companies
that the relevant Sub-Investment Adviser believes have or
will develop products, processes or services that will provide
significant technological advancements or improvements;
or (ii) companies that the relevant Sub-Investment Adviser
believes rely extensively on technology in connection with their
operations or services such as but not limited to companies
offering medical products and services, alternative energy
equipment and services, or sophisticated industrial products.
The Fund may employ investment techniques and instruments
for investment purposes, such as trading in futures, options
and swaps and other financial derivative instruments, 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
by the Central Bank. No more than 10% of the net asset value
of the Fund may be invested in securities traded on any one
Emerging Market and the aggregate amount of the Fund which
may be invested in securities traded on the Emerging Markets
is 20% of the net asset value of the Fund.
JANUS US FUND
This Fund’s investment objective is long-term growth of capital.
Under normal circumstances, the Fund seeks to achieve its
objective by investing principally in common stocks of US
Companies and US Issuers selected for their growth potential.
Although the Fund may invest in companies of any size, it
generally invests in larger, more established companies. The
Fund may employ investment techniques and instruments, such
as trading in futures, options and swaps and other derivative
instruments for efficient portfolio management (i.e. reduction
of risk, reduction of costs, generation of additional capital or
income for the Fund) or for investment purposes as described in
the “Types and Description of Financial Derivative Instruments”
section of the Prospectus, subject to the conditions and within
the limits from time to time laid down by the Central Bank to
gain or hedge exposure to the investments contemplated in these
investment policies. No more than 10% of the net asset value
of the Fund may be invested in securities traded on any one
Emerging Market and the aggregate amount of the Fund which
may be invested in securities traded on the Emerging Markets
is 20% of the net asset value of the Fund.
JANUS US ALL CAP GROWTH FUND
This Fund’s investment objective is long-term growth of capital.
It pursues its objective by investing Primarily in common
stocks of US Issuers of any size, which may include larger well
established issuers and/or smaller emerging growth issuers. The
Fund may employ investment techniques and instruments for
investment purposes, such as trading in futures, options and
swaps and other financial derivative instruments, 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
by the Central Bank. No more than 10% of the net asset value
of the Fund may be invested in securities traded on any one
Emerging Market and the aggregate amount of the Fund which
may be invested in securities traded on the Emerging Markets
is 20% of the net asset value of the Fund.
JANUS US RESEARCH FUND
This Fund’s investment objective is long-term growth of capital. It
pursues its objective by investing Primarily in equity securities of
US Companies selected for their growth potential. Eligible equity
securities include US and non-US common stocks, preferred
stocks, securities convertible into common stocks or preferred
stocks, such as convertible preferred stocks, and other securities
with equity characteristics. The Fund may invest in companies
of any size. The Fund may employ investment techniques and
instruments for investment purposes, such as trading in futures,
options and swaps and other financial derivative instruments,
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
by the Central Bank. Subject to the above, no more than 10%
of the net asset value of the Fund may be invested in securities
traded on any one Emerging Market and the aggregate amount
of the Fund which may be invested in securities traded on the
Emerging Markets is 20% of the net asset value of the Fund.
The investment selection process currently employed by the
Sub-Investment Adviser for the Fund is to select investments
which are high conviction investment ideas in all market
capitalisations, styles and geographies. The Sub-Investment
Adviser oversees the investment process, sets the criteria for
asset allocation amongst the sectors (which criteria may change
from time to time) and conducts fundamental analysis with
a focus on ‘‘bottom-up’’ research, quantitative modelling, and
valuation analysis. Using this research process, the stocks will
be rated based upon attractiveness, comparing the appreciation
potential of each of these high conviction ideas to construct
a sector portfolio that is intended to maximise the best risk/
reward opportunities. Securities may be sold when, among other
1 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Background of the Company
things, there is no longer high conviction in the return potential of the investment or if the risk characteristics have caused a re-evaluation of the opportunity. Securities may also be sold from the portfolio to rebalance sector weightings. The Sub-Investment Adviser may at any time employ an alternative selection process consistent with the Fund’s investment objective and policies.
JANUS US TWENTY FUND
This Fund’s investment objective is long-term growth of capital. It seeks to achieve its objective by investing Primarily in a core portfolio of 20-30 common stocks of US Issuers selected for their growth potential. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
JANUS US VENTURE FUND
This Fund’s investment objective is capital appreciation. It pursues its objective by investing at least half of its equity assets in equity securities of small sized US Companies. Small sized US Companies are those whose market capitalisations are less than $1 billion or annual gross revenues are less than $500 million. Companies whose capitalisations or revenues grow and thereby fall outside of these ranges after the Fund’s initial purchase will still be considered small-sized. The Fund may also invest in larger companies with strong growth potential or larger, well-known companies with potential for capital appreciation. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
PERKINS GLOBAL VALUE FUND
This Fund’s investment objective is long-term growth of capital. Under normal circumstances, the Fund seeks to achieve its objective by investing principally in common stocks of companies of any size located anywhere in the world whose stock prices the Sub-Investment Adviser believes to be undervalued. The Sub- Investment Adviser focuses on companies that have fallen out of favour with the market or that appear to be undervalued. The “value” approach emphasises investments in companies the relevant Sub-Investment Adviser believes are undervalued relative to their intrinsic worth. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation
of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. Due to its exposure to Emerging Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
PERKINS US STRATEGIC VALUE FUND
This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in common stocks of US Companies with the potential for long-term growth of capital using a “value” approach. The “value” approach emphasises investments in companies the relevant Sub-Investment Adviser believes are undervalued relative to their intrinsic worth. The relevant Sub-Investment Adviser measures value as a function of price/earnings (P/E) ratios and price/free cash flow. A P/E ratio is the relationship between the price of a stock and its earnings per share. This figure is determined by dividing a stock’s market price by the company’s earnings per share amount. Price/free cash flow is the relationship between the price of a stock and the company’s available cash from operations minus capital expenditures. The relevant Sub-Investment Adviser will typically seek attractively valued companies that are improving their free cash flow and improving their returns on invested capital. These companies may also include special situations companies that are experiencing management changes and/or are temporarily out of favour. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
INTECH US CORE 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 value in equities and equity related securities of US Companies whose market capitalisation is at least equal to the market capitalisation of one of the companies listed in the S&P 500®
Index at the time of purchase.
JANUS GLOBAL REAL ESTATE FUND
Th is Fund’s investment objective is total return through a combination of capital appreciation and current income. It pursues its objective by investing Primarily in securities of US and non-US companies engaged in or related to the property industry, or which own significant property assets. This may include investments in companies involved in the real estate business or property development, domiciled either inside or outside of the US, including REITs and issuers whose businesses, assets, products or services are related to the real estate sector. This
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 1
may also include small capitalisation stocks. Small capitalisation stocks are defined as those whose market capitalisation, at the time of initial purchase, is less than the 12-month average of the maximum market capitalisation for the companies included in the Russell 2000® Index. This average is updated monthly. REITs are pooled investment vehicles that invest in income producing real property or real property related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realise capital gains by selling properties that have appreciated in value. Mortgage REITs invest their assets in real property mortgages and derive income from the collection of interest payments. In selecting the investments for the Janus Global Real Estate Fund, the relevant Sub-Investment Adviser seeks to identify securities that have good management, strong balance sheets, above average investment growth in “funds from operations” and that trade at a discount to their assets’ underlying value. “Funds from operations” generally means a REIT’s net income excluding gains or losses from debt restructuring and sales of property plus depreciation of real property. The percentage of Janus Global Real Estate Fund assets invested in common stocks and other property companies will vary and, depending on market conditions as determined by the Sub-Investment Adviser, the Funds may invest in short-term investment grade interest bearing securities, such as Government Securities or Debt Securities and/or Index/Structured Securities.
The Fund may also invest in other types of securities including preferred stock, Government Securities, Debt Securities, warrants and securities convertible into common stock when the Sub-Investment Adviser perceives an opportunity for additional return from such securities. The Fund may also invest up to 10% of its net asset value in mortgage and asset backed securities and collateralised mortgage obligations issued or guaranteed by any OECD government, its agencies or instrumentalities or by private issuers and which may be rated below investment grade by the primary rating agencies. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on Emerging Markets shall not exceed 20% of the net asset value of the Fund. The Fund may invest directly or indirectly (i.e. through depositary receipts including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) in the relevant markets.
JANUS FLEXIBLE INCOME FUND
This Fund’s investment objective is to obtain maximum total return, consistent with preservation of capital. Total return is expected to result from a combination of current income and capital appreciation, although income will normally be the
dominant component of total return. Investments in income producing securities of US Issuers will normally make up 80%, but at all times not less than two thirds of the Fund’s net asset value. The Fund may invest in preferred stock, and all types of Government Securities and Debt Securities, including specifically Debt Securities that are convertible or exchangeable into equity securities and Debt Securities that carry with them the right to acquire equity securities as evidenced by warrants attached to or acquired with the securities. The Fund has no pre-established maturity or quality standards, and its average maturity and quality may vary substantially. The Fund may invest without limit in Debt Securities or preferred stock rated below investment grade or unrated Debt Securities of similar quality as determined by the relevant Sub-Investment Adviser and may have substantial holdings in such securities. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL HIGH YIELD FUND
This Fund’s primary investment objective is to obtain high current income. Capital appreciation is a secondary objective when consistent with the primary objective. Capital appreciation may result, for example, from an improvement in the credit standing of an issuer whose securities are held by the Fund or from a general lowering of interest rates, or both. Under normal circumstances, the Fund pursues its investment objectives by investing principally in Debt Securities or preferred stock of issuers located anywhere in the world which are either rated below investment grade or if unrated are of a similar quality to below investment grade as determined by the relevant Sub-Investment Adviser. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. Due to its exposure to below investment grade securities and Emerging Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS GLOBAL INVESTMENT GRADE BOND FUND
This Fund’s investment objective is to maximise total return. Under normal circumstances, the Fund pursues its investment objective by investing principally in fixed or floating rate Investment Grade bonds of issuers located anywhere in the
1 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Background of the Company
world. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
JANUS HIGH YIELD FUND
This Fund’s primary investment objective is to obtain high current income. Capital appreciation is a secondary objective when consistent with the primary objective. Capital appreciation may result, for example, from an improvement in the credit standing of an issuer whose securities are held by the Fund or from a general lowering of interest rates, or both. This Fund pursues its objectives by investing Primarily in Debt Securities or preferred stock rated below investment grade or unrated Debt Securities of similar quality of US Issuers as determined by the relevant Sub-Investment Adviser provided that at least 51% of its net asset value are invested in Debt Securities. The overall quality of the securities in this portfolio may vary greatly. See the “Income Investing” section of the Prospectus for more information on the rating of the issuers or guarantees of the debt securities. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
JANUS US SHORT-TERM BOND FUND
This Fund’s investment objective is to seek as high a level of current income as is consistent with preservation of capital. It pursues its objective by investing primarily in short and intermediate term Debt Securities of US Issuers. It is expected that this Fund’s dollar-weighted average portfolio effective maturity will not exceed three years. Although it has no pre-established quality standards this Fund intends to invest primarily in short and intermediate- term investment grade Debt Securities. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, 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 by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be
invested in securities traded on any one Emerging Market and the aggregate amount of the Fund which may be invested in securities traded on the Emerging Markets is 20% of the net asset value of the Fund.
For full details of the investment objectives and policies of the launched Funds, please see the Prospectus.
OTHER RELEVANT INFORMATION
(i) Details of the investment objectives and policies of those Funds that have not yet launched as listed above are set out in the Prospectus.
(ii) Audited annual reports and unaudited semi annual reports are available to the public at the registered office of the Company and are sent to Shareholders at their registered address either by post or where they so consent, electronically. The reports may also be obtained from the respective Representative/Paying Agents as indicated in this report under the heading “Directors and Other Information”.
(iii) Banque Cantonale de Genève, carries out the function of Swiss paying agent and Carnegie Fund Services S.A. (CFS), with its seat in Geneva, carries out the function of Swiss representative of the Company in relation to the Shares marketed in, or from Switzerland. Swiss investors may obtain the latest extract prospectus for Swiss investors, Key Investor Information Documents (“KIIDs”) for Swiss investors, the Company’s Memorandum and Articles of Association, the audited annual reports and unaudited semi-annual reports and the list of purchases and sales that the Company has undertaken in Switzerland during the financial year upon simple request and free of charge from the Swiss representative, Carnegie Fund Services S.A. (CFS), address for inquiries: Carnegie Fund Services S.A. (CFS), 11, rue du Général-Dufour, 1204 Genève, Switzerland.
(iv) The Company has replaced the simplified prospectus with KIIDs to align its documentation and application processes with the UCITS IV Directive (Directive 2009/65). From 1 July 2012, it is a regulatory obligation for you to have reviewed the relevant up- to- date KIID, available via our website (www.janusinternational.com), prior to investing into one of the Funds.
On 27 March 2012 a supplement to the Prospectus was noted by the Central Bank. Significant changes included the following:
(a) Updating references to the Administrator following a scheme of arrangement on 1 January 2012 pursuant to which the rights and obligations of Citi Fund Services (Ireland), Limited under the administrative agreement dated 27 September 2010 were transferred to Citibank Europe plc.
(b) The creation of new Class A and I Shares denominated in Swiss Franc in the Janus US All Cap Growth Fund, Janus US Twenty Fund, Perkins US Strategic Value Fund, INTECH US Core Fund and Janus Global Real Estate Fund.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 3
The creation of Class A Shares denominated in Renminbi (CNH) (the offshore deliverable Chinese currency, accessible by entities outside China) in the Janus High Yield Fund.
(c) The risk factors and special considerations relating to “Liquidity Risk”, “Currency Conversion and Hedging”, “Emerging Markets Risk” and “Exchange Control Repatriation Risk” were updated.
(d) The “Class Suitability” disclosure was updated to include the currency of the Share Class as a consideration when choosing a Class of Shares.
(e) The “Information Required by the Administrator” disclosure was updated to include that details of the Shareholder’s bank account in the currency denomination of the Shares to be issued to the Shareholder must be provided.
Market and Fund Overviews
1 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
EQUITY & BALANCED FUNDS
Global equities managed solid gains during the six month period
ended 30 June 2012 despite weakness in the second half of the
period. Stocks recorded robust gains during the first half of the
period thanks to improving macro economic data on several
fronts as well as the approval of another bailout for Greece
and the successful conclusion of a Greek debt restructuring.
Global indices opened the period higher thanks to improved
manufacturing data in China, strong US corporate earnings
and better-than-expected German unemployment data and
sentiment. Successful bond government bond auctions in Europe
also aided sentiment as an improving US jobs report and steady
inflation in Europe. Euro zone finance ministers’ approval of a
second bailout for Greece also provided further support to global
markets.
The rally began slowing in March; worries over faltering global
growth largely offset Greece’s successful debt restructuring. Chief
among concerns was China was lowering its economic growth
target for 2012 as well as a report that its manufacturing activity
had slowed. During the second half of the period, spiking bond
yields in Spain and Italy signaled renewed concerns over the
Europe. Worries ratcheted considerably higher following Greek
and French election results that were viewed as a backlash
against austerity measures. The Greek election in particular
raised the possibility of the country’s imminent exit from the
eurozone and potential contagion risks for the region.
However, a second Greek election later indicated support for
the country to remain in the eurozone. Economic data pointing
to slowing growth also weighed on equity markets. Weakening
manufacturing data in Europe and China as well as slowing
job growth and declining consumer confidence in the US were
particularly noteworthy. In response, the US Federal Reserve
extended its bond-buying program “Operation Twist” as
expected, although investors had hoped for more aggressive
measures. China also cut its key lending rate for the first time
in four years among other monetary easing measures.
Janus Asia Fund
Hiroshi Yoh, portfolio manager
Janus Asia Equity Fund’s I$acc share class returned 6.35% for
the six month period ended 30 June 2012, while its benchmark,
the MSCI All Country World ex-Japan Index, returned 5.96%.
The MSCI All Country Asia Ex-Japan Index rebounded strongly
during the first half of the period thanks largely to receding risks
in Europe and China. The European Central Bank’s liquidity
program (Long Term Refinancing Operations or LTRO) provided
a significant buffer to the European debt markets, which in
turn encouraged investors to invest more in equities. In China,
concerns over a hard landing, a reversal in its investment cycle
and inflation pressures also eased. Finally, we think investors
took advantage of what we considered cheap valuations in Asia.
Once economic conditions began normalising, investors also
normalised their decision-making.
During the second half of the period, the index declined similarly
with broader indices, as slowing global growth concerns and
renewed worries over the European sovereign debt crisis
weighed on sentiment. China responded to weakening growth
and falling inflation by reducing interest rates for the first time
since 2009 among other easing measures aimed at boosting
consumption, particularly for home buyers. Similarly, India
cut rates as inflationary pressures eased; however, its market
was still the worst performing within the index. Fundamentals
within India were still weak as reflected by reduced industrial
production due to high interest rates, delays in land acquisition
reforms and new environmental requirements among other
reasons, in our view. Taiwan and South Korea were also weak
relative performers due largely to softening export demand.
The Taiwanese market was further negatively impacted by
expectations the government may impose a capital gains tax
on share transactions.
Our holdings in materials, financials and information technology
were the largest relative contributors. On a country basis, our
holdings in Taiwan and India were the largest contributors.
Samsung Electronics, the Fund’s largest holding, led our
individual holdings. We consider Samsung to be the largest and
most competitive electronics company in the world. Samsung’s
digital media and communication business has been particularly
strong due to significant handset shipments and TV sales. We feel
its leadership in handsets is likely to continue with innovative
product launches (such as the Galaxy Note). We also anticipate
profitability improvement in its DRAM memory chip business
due to cutbacks by other money-losing DRAM makers.
In consumer discretionary, Great Wall Motor Company’s stock
rose significantly after it reported strong year-over-year sales
that outpaced peers. We think China’s largest SUV maker will
continue to demonstrate impressive growth.
Finally, CST Mining Group was an important contributor.
This Hong Kong-based, small-capitalisation company has a
good mining asset portfolio, in our view. We feel the stock was
trading at a significant discount to both its liquid assets and its
mining assets.
Our industrial holdings weighed the most on relative
performance. On a country basis, our holdings in China were
the largest detractors.
In industrials and for the Fund overall, EVA Precision Holdings
was the most significant individual detractor. Start-up costs
for a new business segment have delayed a recovery in the
company’s earnings, which we think will be in 2013 rather
than this year. The Chinese manufacturer of metal stamping
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 5
and plastic injection molds benefits from cheaper labour costs
than competitors in Japan, and it provides customers one-stop
shopping for plastics and metal products as well as offering
logistical, delivery and quality control services. Finally, we think
the company enjoys a reputation for quality over its Chinese
competitors.
Baoxin Auto Group, an operator of luxury auto dealerships in
China, declined due to concerns that dealerships’ difficulties in
obtaining debt financing would slow expansion efforts. There
were also worries high luxury auto inventories would lead to
discounting the cars and thus lower profit margins, although we
believe that discounts would be borne by the car makers, not
the dealers. We think Baoxin remains well positioned to benefit
from strong sales in the luxury car market since China’s market
penetration is only half of Western countries. We also believe the
company’s significant cash on its balance sheet will enable it to
buy dealerships at much lower prices than in 2011.
Finally, Shanghai Pharmaceuticals Holding declined despite
reporting 40% earnings growth for 2011 after its Board Chairman
resigned, although he will remain on the board. We think the
change will have a limited impact on the company’s business
strategy. China’s government has indicated strong support for
the company to grow as a national distributor.
Provided there is no major upheaval in Europe and European
leaders continue to work towards a solution to the region’s debt
problems, we think Asian stocks should perform well. Earnings
growth for Asian companies on average continue to surpass the
forward price-to-earnings multiple, which is close to a historical
low. At the same time, inflation is declining in the major
economies, which would allow for more monetary stimulus,
particularly lower interest rates. Reduced funding costs should
lead to higher capital expenditures in August to September and
that should spur a recovery in growth rates.
In terms of portfolio positioning, we continue to emphasise
companies that are focused on Asian domestic demand,
particularly in the consumer discretionary sector. We favour
Chinese consumer stocks, because we believe stimulus efforts
there are focused on generating domestic consumption to offset
declining exports. Our overweight in South Korea reflects
our preference for competitively-advantaged exporters, like
Samsung, that are growing stronger. We are underweight in
financials due to slowing economic growth and lower interest
rates. We also think non-performing loans may increase and
loan growth has slowed. Finally, we are generally avoiding
property developers due to high property values, but there are
certain quality companies within the industry that are attractive
to us, such as China Land Overseas and Investment.
On behalf of each member of our investment team, thank you
for your investment in the Janus Asia Fund. We appreciate you
entrusting us with your assets and look forward to continuing
to serve your investment needs.
Janus Balanced Fund
Marc Pinto and Gibson Smith, portfolio managers
Janus Balanced Fund’s I$acc share class posted a 6.11% return
for the six month period ended 30 June 2012 compared with a
6.38% return for its secondary benchmark, the Balanced Index,
which is an internally calculated, hypothetical combination of
unmanaged indices that combines the total returns from the
S&P 500® Index (55%) and the Barclays Capital US Aggregate
Bond Index (45%).
The first six months of 2012 were characterised by swings in
sentiment, with optimism prevailing from January to mid-March,
growing defensiveness in April and May, and a measure of relief
in June.
Investors were in a risk-on mood as the period began in
January, and this was reflected in strong gains in equity and
corporate credit markets during the first quarter. US economic
data reflected a recovery that appeared to be gaining traction,
with strength in hiring and housing, while worries about the
European debt crisis moved temporarily to the back burner.
Risk assets made another move higher after the US Federal
Reserve (the Fed) said it expected interest rates to remain at
“exceptionally low levels” until at least late 2014.
However, optimism began to fade by the second quarter amid
weakening economic data as well as heightened concerns over
the European sovereign debt crisis, punctuated by spiking
bond yields in Spain and anti-austerity election results in
Greece and France in May. Investors feared an unruly exit by
Greece from the euro zone, but a second Greek election in June
helped eased those fears and reduced the quarter’s loss. In the
United States, job growth slowed and regional manufacturing
surveys disappointed, while the Conference Board’s leading
economic index also declined and first quarter GDP came in
below estimates. In response, the Fed extended its “Operation
Twist” bond-buying program as expected, although there had
been hope for more aggressive measures. Stocks rallied on the
quarter’s final trading day after European leaders announced
several measures to address the region’s debt problems.
With regard to equity weighting, we remained roughly in line
the Balanced Index throughout the period. We began the period
with a 56.3% weighting to equities, which rose above 60%
during the first quarter rally and was defensively reduced in the
second quarter, closing out the period at 58.7%. Although the
equity sleeve underperformed its secondary benchmark, the S&P
500 Index, the fixed income sleeve outperformed its secondary
benchmark, the Barclays Capital US Aggregate Bond Index.
Within the equity sleeve, the information technology sector, led
by Apple, was the greatest positive contributor to performance,
followed by consumer staples and materials. Among detractors,
health care names led by Shire Pharmaceutical were the greatest
detractors, followed by financials and energy.
Market and Fund Overviews
1 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Turning to the fixed income sleeve, in keeping with the
fluctuating risk-on/risk-off atmosphere, we reduced the sleeve’s
weighting to corporate credit at various points during the period
as we opportunistically realised gains and lowered the Fund’s
risk profile. At the same time, we increased our weighting to
US Treasury securities as a buffer against risk. However, by
the end of June the sleeve held a roughly 70.5% weighting to
credit, up from 68% at the beginning of the period. Our security
selection within corporate credit was the greatest contributor to
fixed income sleeve outperformance during the period, followed
by our overweight to credit compared with the benchmark.
Our yield curve positioning within US Treasury securities and
our security selection within mortgage-backed securities (MBS)
also were positive contributors to performance within the fixed
income sleeve.
Within the fixed income sleeve, industry sector contributors
were led by brokerages, life insurers and real estate investment
trusts (REITs). Industry sector detractors were led by industrial
metals, property and casualty insurers, and tobacco companies.
Apple was the top contributor to performance during the
period. Apple’s initiation of a dividend in March was significant,
showing that the biggest holdouts to paying dividends (large
technology companies) have finally relented to join what we see
as a growing trend. An extremely strong earnings report and
heightened guidance (a rare action for the company historically)
due to product and earnings momentum propelled the stock
price higher. Meanwhile online marketplace operator eBay,
the second-greatest contributor, has benefited from its online
payment service, PayPal, which generated strong revenue
growth. However, we believe that investors are not giving much
credit to its marketplace business, which is also growing. Lastly,
Time Warner Cable benefited from a strong earnings report
that reflected continued momentum in adding subscribers,
primarily for high-speed data. The company also has been able
to maintain its video subscriber base despite competition from
online services such as Netflix, among others.
Canadian Natural Resources, the top detractor during the
period, experienced a fire and resultant outage at one of its
oil sands facilities in January. It took the company longer to
regain lost capacity than investors had anticipated. Hess Corp.
felt pressure later in the period from declining crude oil prices,
which were driven lower by investor concerns over global
growth. The company is particularly leveraged to oil. Lastly,
Shire Pharmaceutical lost ground late in the period after the FDA
approved a generic version of one of its major drugs for attention
deficit hyperactivity disorder.
The top corporate credit contributor to performance during the
period was global insurer American International Group (AIG).
Since 2008, AIG has shed non-core assets and made significant
progress in repaying its government loans. In March 2012, the
US Treasury announced a public offering of $6 billion in AIG
stock and said that AIG planned to buy up to $3 billion. We have
long believed that market valuation of AIG’s credit did not reflect
the significant progress the company has made in strengthening
its balance sheet. United Technologies, the second-greatest
contributor during the period, raised $9.8 billion in May 2012
through the largest US corporate bond offering since 2009, with
proceeds to help fund its $16.5 billion acquisition of Goodrich,
a leading aerospace components supplier. We expect United
Technologies to remain committed to its deleveraging targets
post-acquisition, paying down 25% of total debt by year-end
2012 through robust cash-flow generation. Rounding out the
top three is LyondellBasell, the world’s third largest chemical
company. Lyondell has executed a balance sheet transformation
by paying down roughly 45% of its debt in two years. Lyondell is
an attractive crossover candidate, in our opinion, and we expect
it to achieve full investment-grade status within 12 months.
Detractors were led by FMG Resources, a subsidiary of Fortescue
Metals Group Ltd. Concern about slowing growth in China,
a major customer, pressured the credit during the period .
Fortescue also issued $2 billion in new debt in March to fund the
expansion of iron ore mining operations in Western Australia.
Despite this, we continue to expect positive ratings pressure
as the company executes on its greenfield expansion. Tyco
Electronics, the second greatest detractor during the period,
generated positive return overall, but our yield curve positioning
in the credit was not beneficial relative to the index. Meanwhile,
the third top detractor, Samsung, sold its first public US-dollar
denominated bonds in years. The issue was well-received,
resulting in a great rate on Samsung’s debt, but it was fully
priced and did not keep pace with the US Treasury rally during
April and May. Nevertheless, it is solid A-rated technology name
and we expect the credit to do well over the longer term.
We are cautious over the short term due to ongoing uncertainty
in Europe and angst in the US related to its economic recovery
or lack thereof. Rhetoric from the US presidential race will
also intensify and likely lead to unsettled capital markets
this summer. Over the medium term, however, we are more
optimistic. We believe that worst-case scenarios will be averted
in Europe. Global economic growth likely will be slow, but we
believe that already has been factored into companies’ earnings
estimates and guidance. We also continue to believe in the
growth potential in emerging markets, particularly India and
China, and the impact that will have on long-term global growth
through increased income and consumption.
In terms of fixed income investments, we continue to believe that
corporate credit offers compelling risk-reward opportunities.
In general, credit profiles are intact and most companies have
adequate cash on the balance sheet to pay off their debt; if not,
they have access to capital markets under most market scenarios.
Corporate debt issuance is expected to be low going forward,
as management teams are reluctant to take on more borrowing.
Meanwhile, investors will continue to scramble for yield as long
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 7
as US Treasury rates remain at record lows, further driving
demand for higher-yielding debt.
However, we do think some caution is warranted as we look
ahead to likely challenges over the next six months. We
will be facing a contentious US election season this fall. We
also expect increasingly heated rhetoric over fiscal policy, as
the deadline approaches for expiring US tax provisions and
automatic government spending cuts mandated by the 2011
Budget Control Act. All of these are scheduled to occur at year
end, yet politicians remain deadlocked. It’s likely that the US
federal debt ceiling will be reached again by this December,
raising the prospect of another congressional showdown similar
to the one we experienced in July/August 2011.
From a global macroeconomic and market standpoint, it’s
likely that economies will continue to muddle along for a
while yet, with periods of enthusiasm alternating with bouts of
despondency, as we await clarity on global fiscal policy. Until
we see significant deleveraging of European financial institutions
and restructuring of economies of developed nations, economic
growth will be constrained and interest rates are likely to remain
low in the United States and Germany.
On behalf of each member of our investment team, thank you for
your investment in the Janus Balanced Fund. We appreciate you
entrusting us with your assets and look forward to continuing
to serve your investment needs.
Janus Emerging Markets Fund
Wahid Chammas and Matt Hochstetler, portfolio managers
Janus Emerging Markets Fund’s I$acc share class returned
(1.70)% for the six-month period ended 30 June 2012, while its
benchmark, the MSCI Emerging Markets Index, returned 3.93%.
Emerging markets managed moderate gains during the period
thanks largely to a strong beginning to the period that helped
overcome weakness over the second half. A reduction in global
fears and consequently a rise in risk appetites among investors
helped equity markets globally early in the period. The approval
of another bailout of Greece and the successful conclusion of a
Greek debt restructuring along with general lessening of worries
over European sovereign debt helped sentiment. We’ve also seen
inflation in many countries, such as Brazil and China, begin to
decline along with slower GDP growth. The slower economic
growth is healthy in that it has allowed inflation to come within
a more moderate range.
The second half of the period was punctuated by broad
deceleration of growth globally and renewed concerns over
Europe’s sovereign debt crisis. Among the BRIC countries
of Brazil, Russia, India and China, Russia’s gross domestic
product (GDP) slowed to a 3% to 4% annual growth rate,
China decelerated to 7.5% to 8% and India down to 5% to 6%.
Brazil’s growth rate declined the most among the four and is
now growing 2% to 3%, but this is after two years of raising
rates and now the country’s central bank is aggressively easing.
We think lost in the confusion is that growth rates among the
BRICs are still good compared to the US at 1% to 2% and Europe
firmly in negative territory. Along with slowing growth, there
has also been a significant decline in inflation and that’s allowed
countries like India, Brazil and China to start easing policies.
Our holdings in energy were the largest detractors from relative
performance. The three largest individual detractors for the
sector were also the most significant for the Fund overall. All
were impacted by a significant decline in crude oil prices during
the second half of the period, while OGX e Gas Participacoes
and Petroleo Brasileiro (Petrobras), also suffered from a weak
Brazilian market, the second worst performing among countries
within the index.
OGX also reported a much lower flow rate from a well than
it had projected. We significantly added to our position after
the stock’s sell-off given our view that the price more than
reflected worse-case scenarios for the company. We feel its oil
assets offshore of Brazil are significantly undervalued. We also
appreciate the significant level of cash on its balance sheet.
Petrobras, meanwhile, was additionally impacted from
government delays in raising fuel prices and general perceptions
the government, the majority owner, is excessively interfering
in the company’s operations. We also increased our position in
Petrobras, now the largest in the Fund. We believe the company
has the best production profile of any oil major in the world
based on its Brazilian offshore pre-salt exploration areas, the
most promising development area globally, in our view. Nearer
term, we believe it’s possible the company may realise price
increases and divest some of its less-valuable assets.
Chariot Oil & Gas was also a significant detractor during the
period. Chariot sold off following news of an unsuccessful
well in Namibia. The company plans to drill another well in a
different basin that we feel has a greater chance for success. We
consider our position in Chariot to be one of our more volatile
holdings. We don’t expect all of our holdings in the energy sector
to provide positive returns, but from a diversified perspective we
think these holdings will outperform over the long term.
Our holdings in consumer staples were the primary contributors
to relative performance. Within the sector and for the Fund
overall, China Yurun Food Group was a top contributor. We
decided to exit our position in the meat products supplier after
its 33% gain during the period.
Sorouh Real Estate Companies, based in the United Arab
Emirates, also performed strongly. We trimmed our position,
but we continue to like the developer in Abu Dhabi for its strong
liquidity profile and still attractive valuation.
Market and Fund Overviews
1 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Finally, Cobalt International Energy was the largest individual
contributor. The US company reported a significant discovery
in one of its West African offshore wells early in the period.
We continue to like the oil-focused exploration and production
company based on its development prospects offshore West Africa.
We think we’ve seen the worst of the growth decelerations
in emerging markets. Brazil, China and India are all involved
in monetary policy easing, which is targeted at improving
domestic consumption. Recent examples of easing include lower
mortgage rates in Brazil and India. We think these stimulus
efforts provide a healthy background for emerging stocks going
forward. Additionally, since the second quarter sell-off was
felt more heavily in the BRIC countries we have added to our
highest conviction names in these countries and exited some
of our positions in frontier markets that performed relatively
better. In China, we’re focusing more on consumer companies
since stimulus efforts are geared towards increasing consumer
spending. We also are favouring Chinese banks based on their
high dividend yields and competitive moat.
On behalf of each member of our investment team, thank you
for your investment in the Janus Emerging Markets Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus Europe Fund
Guy Scott, Carmel Corbett Wellso and Wahid Chammas, portfolio managers
Janus Europe Fund’s I€acc share class returned 6.47% for the
six month period ended 30 June 2012, while its benchmark, the
MSCI Europe Index, returned 4.75%.
The European Central Bank’s decision to inject liquidity through
its Long Term Refinancing Operation (LTRO) took a significant
amount of fear out of the market during the first half of the
period. The action removed to a large extent the risk of the
financial system freezing up and related effects it might have
had in a Lehman-style global crisis. With fear easing, investors
looked more closely at valuations and invested on company
fundamentals, which led to a broad-based rally. During the
second half, the European economy worsened considerably as
austerity measures took hold. Contagion from the European
crisis spread to the major economies of the world, namely China
and Germany, raising the probability of a recession for all three.
We think this means we’re close to a point where the likelihood
of a coordinated effort by central banks to stimulate the global
economy is increasing, which would be positive for equities.
During the period, we were disappointed to see newly elected
political leaders in Europe retrench from structural reforms
promised earlier that are necessary for the long-term growth
prospects for the region. The second of two Greek elections
embraced a pro-European Union coalition. Unfortunately, the
opposition party holds a strong second position and could
hinder passage of far reaching reforms. In addition, Greece’s
fiscal situation remains vulnerable with a potential default
possible as soon as August.
Our holdings and overweight in consumer discretionary were
the largest relative contributors followed by our holdings in
energy and materials.
Within consumer discretionary and the Fund overall, Kabel
Deutschland was the largest contributor. The company is
consolidating Internet broadband and digital TV in Germany,
making it a country-wide network in an underpenetrated market.
U.K. insurer Prudential also performed strongly. Prudential
has benefited from improving fundamentals – stronger sales
and wider margins. We consider the company to have the best
exposure to the pan-Asian region, where growing economies
should lead to higher sales in our opinion.
In technology, ASML Holding was a key contributor. This
Netherlands-based leading producer of next generation
semiconductor manufacturing equipment continues to build its
market lead, in our view. ASML’s lithography equipment is the
preferred technology based on its high efficiency and technology.
We feel the company has a unique role to fill in the post-PC
era and is benefiting from a multi-year memory chip super-
cycle, which has and should continue to increase purchases for
its products.
Our holdings of financials and industrials weighed the most
on relative performance. Within industrials and for the Fund
overall, Weir Group was the most significant detractor. The
pump maker declined due to low natural gas prices and a
slowdown in North American drilling activity for shale natural
gas. We continue to like the U.K. company for its dominant
market share in North America and because a majority of its
revenues are generated in its after-market spare parts business.
We believe with shale exploration efforts expanding into oil, the
company’s global business will grow long term as more countries
seek to exploit their shale resources.
Bwin.Party Digital Entertainment was also a key detractor. We
like the online gaming operator for its highly scalable, high
return on capital investment business model. The company
has no debt, generates considerable cash and has open-ended
opportunities to grow, in our view.
Finally, U.K. retailer Tesco detracted from performance. The
company issued a profit warning that caused the stock to
decline. Tesco has struggled with competitive pricing in its
domestic market, but we believe the stock’s valuation overly
reflects those concerns. We also think management is taking
the right steps to improve its domestic operations, and that
investors are undervaluing future returns from the company’s
international expansion efforts.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 9
We expect continued volatility in the markets until we see
further clarity on the restructuring of the eurozone’s banking
and fiscal union as well as from central banks on stimulus
packages. Given the environment, we reduced our exposure to
EU financials during the quarter when key politicians backed off
from far-reaching reforms. Recent trips to European Commission
(EC) and key member states have dampened our expectations
that a viable, long reaching solution will be forthcoming in the
near term. Crises force politicians to act and although we as
investors may feel the pain, the macroeconomic picture has not
deteriorated to the point at which Germany, in particular, has
to step in and assume the liabilities of the other member states.
With German general elections in the fall and Italian elections in
April 2013, Angela Merkel of Germany and Mario Monti of Italy
have a six month period in which they can take decisive action
before they enter lame duck periods. The EC will continue to
support eurozone banks with unlimited liquidity and eventually
the creation of a financial (banking) union. Apart from increasing
the size and scope of the European Stability Mechanism (ESM),
we do not expect material policy changes in the next six months.
On behalf of each member of our investment team, thank you for
your investment in the Janus Europe Fund. We appreciate you
entrusting us with your assets and look forward to continuing
to serve your investment needs.
Janus Global Life Sciences Fund
Andrew Acker, portfolio manager
The Janus Global Life Sciences Fund’s I$acc share class returned
14.45% for the six month period ended 30 June 2012, as
compared to the 8.79% return for the MSCI World Health Care
Index, the Fund’s primary benchmark, and the 9.49% for the
S&P 500 Index, the Fund’s secondary benchmark.
We take a global approach to identify high quality or improving
businesses in the life sciences sector trading at a discount to our
estimate of intrinsic value. We believe the rapidly growing global
health care sector offers fertile opportunities for differentiated
research. We believe what sets us apart is the quality of our team,
the depth of our research and our commitment to delivering
superior long-term results for our clients.
We saw a reversal of trends from late last year when health
care’s historically defensive characteristics came to the forefront
leading investors into large cap pharmaceutical stocks. With
improving economic conditions in the first quarter, investors
moved out of the large pharmaceuticals and into other areas
that had underperformed, namely medical devices, life science
tools and biotechnology. In contrast to 2011, when virtually all
new biotechnology drug launches disappointed investors, we
saw some signs of new drug launches doing well, proving that
drugs that offer a clear improvement over current therapies can
still be rapidly adopted.
During the second quarter, global health care stocks generally
held up better than the broader market, which saw declines
due to concerns over Europe, particularly a potential exit of
Greece from the euro zone. Unsurprisingly, the defensive
characteristics of large cap pharmaceuticals attracted investors
in the uncertain environment. More surprising was the strong
performance of biotechnology stocks, which historically have
struggled in down markets. Biotechnology benefited from
several significant acquisitions during the period, which along
with a few unexpected approvals and promising clinical data for
future drugs, reignited investor interest in the sector. Conversely,
life science tools performed poorly due to worries over academic
spending with the fiscal cliff (a politically imposed deadline on
tax and spending policy) looming. Late in the period, the US
Supreme Court upheld the core of the US health care reform
legislation, particularly the individual mandate requiring
individuals to carry health insurance, which sparked a rise in
hospital stocks and a modest sell-off in health insurers.
The Fund includes companies that can be categorised into
three conceptual groups: core growth, emerging growth and
opportunistic investments. In general, about half of the portfolio
is invested in core growth holdings (companies with dominant
franchises that generate strong, consistent free cash flow).
Emerging growth companies (those with new products that we
believe can drive earnings acceleration) represent 20-30% of the
portfolio. The remaining weighting consists of opportunistic
investments, exemplified by companies suffering from what we
feel are short-term issues that should resolve over time.
The Fund continues with its “value at risk” approach as part of
a comprehensive risk management framework. This approach
focuses our attention on downside risks, especially those arising
from binary events (such as clinical trial announcements or
regulatory decisions) that can lead to significant share price
volatility. In practice, this means we attempt to limit the position
size of any one holding so that, in a worst-case scenario, the
estimated adverse impact from a particular event should not
exceed 1% of the Fund’s performance. The Fund may also utilise
options and other derivative contracts in an attempt to mitigate
risks and enhance performance.
Regeneron Pharmaceuticals was our largest individual
contributor. Regeneron’s stock was driven by a strong launch
for Eylea, a next generation drug for wet age-related macular
degeneration (AMD), the leading cause of blindness in the elderly.
Our research indicated that Eylea had important potency, cost
and convenience advantages over the current standard of care,
Lucentis (a product with over $4 billion per year in global sales).
These characteristics led to a better-than-expected acceptance
in the marketplace. We believe the stock performance was
also driven by recognition of assets beyond Eylea, including a
strong technology platform (backed by a lucrative collaboration
with Sanofi), and an undervalued pipeline of novel antibody
drug candidates.
Market and Fund Overviews
2 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Amylin Pharmaceuticals saw its stock rise significantly
during the period, driven by three positive events. First, the
company received the long awaited approval for its diabetes
drug Bydureon after several years of regulatory delays. Second,
early signs of physician interest and commercial uptake have
been encouraging. Finally, press reports indicate that a large
pharmaceutical company had made an unsolicited takeout offer
for Amylin, sparking speculation about a potential sale. We
trimmed our position on the stock’s gains, but continue to hold
due to the large market for diabetes treatments and the promise
of Bydureon’s more convenient formulation (once a week vs.
daily injections). We believe these characteristics could make
Amylin an attractive acquisition candidate.
Ardea Biosciences also recorded significant gains after it received
a buyout offer from AstraZeneca. The offer confirmed our thesis
of the value of Lesinurad, a novel treatment for the millions of
patients suffering from difficult-to-treat forms of gout. We sold
our position after the news, as the stock rapidly appreciated close
to the announced take-out-price.
Among our key detractors, Chelsea Therapeutics declined
significantly due to a delay in obtaining Food and Drug
Administration approval for its new drug to treat some of
the symptoms of Parkinson’s disease. Although the risk has
increased, we continue to believe the drug has a chance for
approval, based on additional studies the company currently
has underway.
Aetna also detracted from relative performance. The health
insurance group was impacted by concerns that health care
inflation is accelerating. We think those worries are overdone
based on our view that health care spending remains in a
steady, slow growth environment. Therefore, we added to our
positions. Health insurers were also negatively impacted by
the Supreme Court’s ruling upholding the health insurance
reforms of the Accountable Care Act. We believe the initial sell-
off for the group was more reactionary than an assessment of
fundamentals, which we believe remain positive, particularly
for Aetna. We feel the managed care company’s service quality
and contracting has improved since it was forced to reorganise
its commercial business three years ago after miscalculating cost
trends. Aetna also regained the ability to compete for Medicare
Advantage business and made four acquisitions in 2011 that
should drive earnings growth both near and longer term. Finally,
improving US employment and muted cost trends bode well for
the company, especially given low expectations and what we
believe is an overly discounted valuation.
Finally, Shire Pharmaceuticals declined after the company
reported disappointing results for a potential new treatment
of diverticulitis, a digestive disease. We continue to favour the
specialty pharmaceutical company for its dominant position in
the attention deficit and hyperactivity disorder market as well
as a portfolio of drugs for rare, orphan diseases. We also like its
management team, which has a history of making smart and
opportunistic acquisitions.
Health care reform has heightened the focus on the critical need
to reduce health care costs, which remain a growing burden
for both businesses and individuals. This need has served as a
catalyst for increased focus on cost controls, including exploring
new models such as accountable care organisations (ACOs) in
which providers take on more responsibility for helping to control
costs. In relation to managed care, we have been increasing our
positions in companies that we think are more forward-thinking
in terms of how the marketplace is going to evolve. We think
many of these stocks are pricing in higher medical cost trends
than the companies are likely to realise.
As a consequence of the pressures on spending, we are growing
more cautious on many medical device companies and remain
wary of the highly leveraged for-profit hospitals. Hospitals are
feeling the reimbursement pressures, and in turn are pushing
back on their suppliers, especially in less differentiated areas
where doctors are more willing to change usage patterns to
save money. Large pharmaceutical companies are also feeling
this pressure, as reimbursement cuts for older drugs and patent
expirations remain a drag on top line growth.
We are still finding opportunities in the biotechnology sector,
where new products addressing unmet medical needs continue
to demonstrate their value (through acquisitions and rapid
adoption in the marketplace). We also remain attracted to
pharmacy benefit managers and other models that can help to
bend the cost curve for the healthcare system.
On behalf of each member of our investment team, thank you
for your investment in the Janus Global Life Sciences Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus Global Research Fund
Research Team led by Jim Goff, portfolio manager
Janus Global Research Fund’s I$acc share class returned 6.50%
for the six months ended 30 June 2012, while its benchmark,
the MSCI World Growth Index, returned 6.99%.
Global equities managed solid gains during the six month period
ended June 30, 2012 despite weakness in the second half of the
period. Stocks recorded robust gains during the first half of the
period thanks to improving macro economic data on several
fronts as well as the approval of another bailout for Greece and
the successful conclusion of a Greek debt restructuring.
Global indices opened the period higher thanks to improved
manufacturing data in China, strong US corporate earnings and
better-than-expected German unemployment data and sentiment.
Successful bond government bond auctions in Europe also aided
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 2 1
sentiment as an improving US jobs report and steady inflation in
Europe. Euro zone finance ministers’ approval of a second bailout
for Greece also provided further support to global markets.
The rally began slowing in March; worries over faltering global
growth largely offset Greece’s successful debt restructuring.
Chief among concerns was China was lowering its economic
growth target for 2012 as well as a report that its manufacturing
activity had slowed. During the second half of the period, spiking
bond yields in Spain and Italy signaled renewed concerns over
Europe. Worries ratcheted considerably higher following Greek
and French election results that were viewed as a backlash
against austerity measures. The Greek election in particular
raised the possibility of the country’s imminent exit from the
eurozone and potential contagion risks for the region.
However, a second Greek election later indicated support for
the country to remain in the eurozone. Economic data pointing
to slowing growth also weighed on equity markets. Weakening
manufacturing data in Europe and China as well as slowing
job growth and declining consumer confidence in the US were
particularly noteworthy. In response, the US Federal Reserve
extended its bond-buying program “Operation Twist” as
expected, although investors had hoped for more aggressive
measures. China also cut its key lending rate for the first time
in four years among other monetary easing measures.
Our holdings in technology and industrials weighed the most on
relative performance. On a country basis, our holdings in Brazil
and Canada were the largest detractors. Ivanhoe Mines led our
industrial holdings lower and was the largest detractor for the
Fund overall. Ivanhoe, a Canada-based mining company, saw its
CEO and six other directors resign as part of an equity financing
agreement with Rio Tinto, the company’s major shareholder. The
stock had traded lower prior to the announcement. We think
Rio Tinto, which acquired a 51% ownership in the company
earlier this year, will provide the necessary expertise to develop
what we consider to be Ivanhoe’s world-class copper mine in
Mongolia. In May, the stock suffered when Mongolia passed
a law restricting state-owned companies from controlling key
assets. We do not think this law will impact Ivanhoe, and we feel
the company’s mine continues to be undervalued by the market.
Staying in industrials, Germany-based ThyssenKrupp also
weighed on performance after the company gave lower-than-
expected guidance. We like that the industrial component
maker’s management is restructuring its business away from
underperforming assets such as stainless steel and towards its
faster-growth, higher-returning technology segment (elevators,
components and plant divisions).
Additionally, Brazilian homebuilder PDG Realty declined
significantly after it and other companies in its industry reported
weaker-than-expected results in their latest quarter. We feel
concerns of a housing bubble in Brazil are overstated and that
price increases have been merited by affordability increases
(longer duration mortgages and lower interest rates) and price
per square foot remains well below international peers. With a
fast-growing platform that is increasingly well diversified both
geographically and by housing segment, PDG is a sector stand-
out in our opinion.
Our holdings in communications were the primary contributors
to relative performance. On a country basis, our holdings in
Japan and Italy were the most significant contributors.
eBay was our top contributor within the communications sector
and among our top holdings for the period. The e-commerce
company reported strong results in its latest quarter, led by
growth of its electronic payment platform, PayPal. We trimmed
our position, but continue to believe investors are not fully
valuing its core marketplace business, which is also growing.
Apple contributed the most to performance. The computer and
mobile device maker benefited from a strong earnings report,
driven by significant iPhone and iPad sales. Apple also initiated
its first dividend and share repurchase program during the
period. The company has been the beneficiary of incremental
sales opportunities over the past few years from new geographies,
such as China, phone service carriers and products, such as: the
iPad. We think it continues to have strong opportunities as its
ecosystem grows; its products reach new countries; and lower
price points draw new customers. Apple continues to execute its
business plan extremely well, and its stock remains reasonably
valued, in our view.
Finally, luxury goods maker Prada was a key contributor. The
company’s products continued to sell well even in the more
difficult macroeconomic environment during the latter half
of the period. We like this Italy-based designer of men’s and
women’s luxury goods based on its potential to grow its high
margin, high return on capital business globally. We also see
value in its strong brand.
The global economic environment is improving, although not
necessarily in a straight line. We think the generally positive
trends in Europe and China will help the US market. The Fund
does not rely on a fast-growing economy as much as a return to
normal levels of risk tolerance, correlations and volatility. When
these measures align, it favours the stock picking opportunities
available in the Fund. So far this year, stocks generally considered
defensive have underperformed the rest of the market and we
view this trend as a sign the market is returning to a healthy risk
appetite. We are favouring companies with strong balance sheets
and competitive positions where we think they will be able to
withstand most economic situations.
Our sector teams see positive trends and opportunities. In
financials, sentiment has improved as the markets reflect lower
odds of a systematic banking crisis. We are seeing modest
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2 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
improvements in US banks, including commercial and industrial
loans, and credit card and auto lending. In the consumer
sector, high-quality department stores that have a technological
advantage are attractive to us; we also like consumer products
companies with good exposure to emerging markets. Our health
care team is investing in companies with breakthrough drugs
that drive value creation, regardless of how health care reform
plays out. The industrials team, for its part, prefers areas that
have reduced capacity to regain pricing power such as autos,
airlines and general industries.
On behalf of each member of our investment team, thank you
for your investment in the Janus Global Research Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus Global Technology Fund
Brad Slingerlend, portfolio manager
Janus Global Technology Fund’s I$acc Shares returned 12.31%
for the six month period ended 30 June 2012, while its primary
benchmark, the MSCI World Information Technology Index
returned 10.31% and its secondary benchmark, the S&P 500
Index, returned 9.49%.
Technology stocks helped lead global indices higher after a weak
relative performance last year. The rebound was due in part to
supply chain semiconductor stocks bouncing off a cyclical low
and investors taking advantage of low valuations in large cap
technology companies. Improvement in the US economy helped
consumer discretionary stocks, which positively impacted
consumer electronics like smart phones and tablet computers.
The latter half of the period was marked by renewed worries
over slowing economic growth and the European sovereign debt
crisis. The sector witnessed clear evidence of a slowdown in
enterprise IT spending, especially in Europe, where sluggish IT
spending resembled what occurred in the US during 2008 and
2009. In the US, cuts in government and financial services IT
spending remained a drag on revenues. Semiconductor demand
has also been slower to recover than in previous cycles due to
the macroeconomic environment and in part due to consumer
electronics converging into mobile devices. As consumers use
one device for multiple needs – for example, a tablet may serve as
a laptop, television and camera – there are simply fewer devices
to drive semiconductor demand. Only smart phones and tablets
are showing good demand in consumer electronics. Increased
usage of mobile devices, however, has led to capacity constraints
for telecommunication providers, which are starting to spend
more to upgrade their networks.
eBay was the largest contributor to relative performance. The
e-commerce company reported better-than-expected results in
its latest quarter, led by strong growth of its electronic payment
platform, PayPal, and raised guidance. We trimmed our position,
but the e-commerce company was still our second-largest holding
as of period end. We continue to believe investors are not fully
valuing its core marketplace business, which is also growing.
Apple, another key contributor, also benefited from a strong
earnings report, driven by significant iPhone and iPad sales.
Additionally, the computer and mobile device maker also initiated
its first dividend and share repurchase program during the period.
Apple has been the beneficiary of incremental sales opportunities
over the past few years from new geographies (China), phone
service carriers and products (iPad). We think it continues to
have strong opportunities as: its ecosystem continues to grow; its
products reach new countries; and lower price points draw new
customers. Apple continues to execute its business plan extremely
well, and its stock remains reasonably valued, in our view.
Health care technology company Athenahealth also contributed
to performance. We consider this a highly innovative company
that is re-investing in software products to help make the US
health care system more efficient. We feel Athenahealth, the
leading software provider for managing physicians’ practices
with an attractive growth business in electronic health records,
remains in the early stages of its growth potential.
Social game maker Zynga, our largest individual detractor, was
negatively impacted by the disappointing Facebook initial public
offering (IPO), which contributed to a negative environment for
social media stocks in general. Insider selling following a lock-up
period on Zynga’s IPO in December also weighed on the shares.
We think the largest social gaming company will continue to grow
its network of users through its superior data/analytics, scale and
cloud-based platform. We believe gaming is a key cornerstone of
Internet activity and media consumption, a market that Zynga is
growing. It also has significant opportunities to grow in mobile
gaming through the proliferation of smart phones and tablets. We
also feel the company’s broad demographic customer base should
appeal to consumer product companies as an advertising venue.
Semiconductor maker Atmel also traded lower due to
macroeconomic concerns and a shallower than expected
recovery for the industry. Atmel’s key products enable touch
functionality in tablets and other mobile devices. Its touch
business has become more competitive, but we continue to
see significant opportunities ahead for the company with the
Windows 8 platform for tablets. We also still appreciate the
company’s core microcontroller business.
Finally, Bwin-Party Digital Entertainment weighed on
performance. We like the online gaming operator for its highly
scalable, high return on capital investment business model. The
company has no debt, generates considerable cash and has open-
ended opportunities to grow, in our view.
With IT spending slowing, the market is highly focused on
any changes in growth rates by technology companies. In this
environment, we are seeking to be opportunistic. We are focused
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 2 3
on companies that have been over-penalised for missing growth
targets in a given quarter despite their solid and steady growth
potential. We are also investing in companies that make the
underlying components for smart phones. These companies stand
to benefit from the increased volume in smart phone production.
We do not expect enterprise spending to rebound in the near
future given the uncertain environment in Europe. However, we
still see opportunities in managing data and analytics within
the enterprise market. We are also favouring companies that
are at the nexus between online and offline shopping. Finally, a
new theme is identifying companies we think will benefit from
increased network spending by telecommunications providers.
On behalf of each member of our investment team, thank you
for your investment in the Janus Global Technology Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus US Fund
Jonathan Coleman and Barney Wilson, portfolio managers
Janus US Fund’s I$acc share class returned 9.27% for the six
month period ended 30 June 2012, while its benchmark, the
Russell 1000 Growth Index, returned 10.08%.
Equity markets moved upward in the first half of 2012, buoyed
by strong performance in the first quarter. In the early months,
strong corporate earnings and positive economic data led a
significant rally. In May, confidence waned as a potential Greek
exit from the euro zone, the need for Spanish bank recapitalisation
and weak economic data out of the US and China sparked fear
of another global slowdown. In June, markets were volatile but
rose sharply on the last day when European leaders announced
more detail on plans to use bailout funds to directly boost capital
into struggling banks.
Large-cap indices outperformed mid caps and small caps, while
growth indices generally topped value. The best performing
sectors in the Russell 1000 Growth Index included health care
and technology, while the utilities and energy sectors were the
weakest. Commodities were mixed led by gains in soybeans,
wheat and corn, while cotton and oil were among the weakest
performers.
Our holdings in technology and consumer staples were the
largest contributors to relative performance. Our performance
within technology was led by Apple and eBay, two of the largest
positions in our portfolio and two companies that continue to
exhibit strong growth.
Apple was the top contributor in our portfolio. The company has
been gaining massive amounts of market share in the consumer
space and will potentially gain share in the enterprise market.
The company has created a strong ecosystem around its products,
bringing more customers into the Apple family. Customers
then spend more on Apple products and are more profitable to
the company.
e Bay’s stock hit its highest price in six years during the second
quarter, as the ecommerce platform continued to demonstrate
strong growth. We think eBay has created a significant competitive
advantage in becoming an ecommerce platform that can partner
with merchants, instead of competing against them. The
company’s PayPal unit has launched offline services, which give
merchants that accept PayPal in their stores valuable marketing
information on their customers that credit card companies cannot
provide. e Bay’s is also offering fulfillment services to merchants
after its acquisition of GSI Commerce. In our view, such services
create high barriers to entry for any competitors wanting to enter
the ecommerce business, and offer promising growth potential
as more retailers choose eBay as a partner.
Another top-performing stock so far in 2012 has been Vertex
Pharmaceuticals. The company demonstrates our approach
to picking stocks in the health care sector, especially among
pharmaceutical companies. We tend to favour pharmaceutical
companies that are addressing high unmet medical needs or
that are significantly reducing the cost of treatment. We believe
those drugs will be able to win regulatory approval and market
acceptance in an environment of increased legislative restrictions
and heightened awareness of medical costs. We like Vertex for
its cystic fibrosis drug, which is the only drug that treats the
underlying disease, instead of just the symptoms of cystic fibrosis,
and has the potential to materially change patients’ outcomes.
During the second quarter, the company announced encouraging
data that shows its cystic fibrosis drug has the potential to treat
a much larger subset of patients with the disease.
Our stock selection within energy and financials were the largest
detractors from relative performance. Within the energy sector,
we own some Brazilian producers that traded down during the
second quarter due to falling oil prices and general concerns
that emerging market countries will be hurt worse by a global
economic slowdown. One of those Brazilian companies that was
a large detractor was OGX Petroleo. We continue to believe the
company has great reserves, and that it will have high production
rates over the long term.
Another energy stock that was a large detractor from performance
was Helmerich and Payne. We continue to believe that the
contract oil and gas drilling company has a strong market
presence in high-specification land rigs that are well suited
to drilling horizontal shale wells for oil and gas. Demand for
such rigs has been strong, which we think will continue as the
industry finds new horizontal drilling opportunities.
The largest detractor from performance was J.C. Penney. Sales
at the retailer have been slower than expected as the new
management team implements new ways of doing business. We
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2 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
are currently reviewing the management team and some of the
changes at the company.
The risk on, risk off environment we experienced over the last
two quarters is frustrating for investors. However, this choppy
environment is likely to continue until Europe fundamentally
deals with its challenges, instead of taking stop-gap measures
that push problems further down the road.
Even if the macroeconomic environment continues to weigh
heavily on equity markets, it will not affect how we construct
our portfolio. In times of macroeconomic concern, we do not try
and tilt the portfolio to more defensive stocks and sectors that
may benefit in the short term. Instead we continue to focus on
constructing our portfolio with companies we believe have wide
competitive barriers to entry, steady recurring revenue streams,
strong management teams and multi-year growth potential. We
also focus on supplementing this core group of stocks with a
moderate number of companies that we think will benefit from a
notable positive change such as a new strategy, a significant product
introduction that expands the company’s addressable market, or
a new management team that is driving better execution. We
believe such investment themes will lead to outperformance in
the long term. Positioning the portfolio based on a particular
macroeconomic backdrop would cause us to overlook companies
that possess these important drivers of long-term growth.
As markets trade based on economic fears, we are finding some
attractively valued companies that align well with our core
investment themes. For example, this quarter we added a new
pharmaceutical company that has a drug that is being used
to treat a growing share of patients. We also added a luxury
brand to the portfolio that has long-term growth potential
as it expands into new markets in China. Going forward,
we continue to look for companies that align well with our
investment themes, and that we think will outperform when
macroeconomic fears subside.
On behalf of each member of our investment team, thank you
for your investment in the Janus US Fund. We appreciate you
entrusting us with your assets and look forward to continuing
to serve your investment needs.
Janus US All Cap Growth Fund
John Eisinger, portfolio manager
For the six month period ended 30 June 2011, Janus US All
Cap Growth Fund’s I$acc share class returned 0.56%, while its
benchmark, the Russell 3000 Growth Index, returned 9.98%.
Our selections within technology and materials were the largest
detractors from relative results, while our selections in energy
and industrials were the largest contributors to relative results.
US equities finished the period with positive returns, though the
second quarter wiped out some of the year’s early gains. In much
the same manner as 2011, stocks began the year on a bullish
note, boosted by renewed confidence in an economic recovery
and strong corporate earnings reports. In the second quarter
that confidence waned. The threat of a potential Greek exit from
the Euro, the need for recapitalisation of hobbled Spanish banks
and weak economic data points in both the US and China led to
a sharp decline in May. June was volatile, though stocks rallied
on the last day of the quarter reaching a monthly high after
European leaders said they would speed plans to create a single
supervisor for the euro zone’s banks and agreed to use bailout
funds to directly boost capital into struggling banks, instead of
piling on to government debt.
The portfolio has underperformed as we are broadly finding
more attractively valued stocks in the economically sensitive
cohort vs. the more bond like high dividend group. The chart
below shows how the performance gap between these two styles
has been widening (to the dividend group’s advantage).
You can also see from the chart below that relative valuations for
these more stable cash flow streams are at levels rarely ever seen
before. This is creating an opportunity to leverage our process to
find very attractive risk-reward opportunities for the long term by
taking advantage of this period of volatility and relative valuation.
We believe that investing in companies that are creating value
by executing on a strategy to sustain or improve economic profit
margin but trading below their intrinsic value will allow us
to outperform the index over time. We take a concentrated,
opportunistic approach, seeking the most attractive investment
opportunities, regardless of market capitalisation.
Cobalt International Energy rose in the first quarter after
encouraging test drilling results for one of its wells in Angola
showed the well may be much more productive than anticipated.
We continue to like the oil-focused exploration and production
company’s prospects in offshore West Africa and in the Gulf
of Mexico. After reaching its highs, we trimmed the position
as part of our effort to reduce our exposure to more volatile,
cyclical stocks in the portfolio.
Verisk Analytics also rose. This risk assessment company
provides services to the insurance industry through detailed
actuarial and underwriting data for property and casualty
companies, as well as predictive analytics to help underwriters
model their risks. We like the company for its high operating
margins, recurring revenues, pricing power, growth potential
and management team.
United Continental was another top contributor. The company is
benefiting from rising passenger volumes, a lower cost structure,
falling oil prices and improved profitability. United is also
benefiting from a significant change in the airline industry. The
industry is consolidating, reducing airline capacity which gives
airlines pricing power for the first time in decades.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 2 5
Ivanhoe Mines declined during the period. The stock declined
after another mining company, Rio Tinto, was able to acquire a
majority stake in Ivanhoe without buying it in its entirety. We
added to the position as we believe it is undervalued relative to
its net asset value. The company’s Mongolian mine represents
one of the largest high-grade copper deposits in the world.
Copper Mountain Mining also fell during the quarter, after
experiencing some start-up problems with production of its
mine in western Canada. While we believe those problems are
fixable, we trimmed the position as part of the effort to reduce
our portfolio’s exposure to some of the more cyclical stocks.
Midstates Petroleum also fell, tracking the decline in oil prices
seen during the period. We believe the company is on track
to more than double production and also reduce the capital
intensity of the business creating powerful free cash flow growth
going forward and continue to hold the position.
We anticipate challenges ahead for the global economy, with
uncertainty in Europe, a fiscal cliff looming in the US, and
an ongoing slowdown in China’s growth. This likely means
continued volatility going forward, as markets react to the latest
positive or negative economic headlines. We seek to use this
volatility to our advantage, however, buying stocks that have
fallen when we have strong opinions on their true long-term
value. We are certainly finding those opportunities today, and
the recent pullback has presented the opportunity to either
initiate new positions or add to our favourite stocks in which we
maintain high conviction in their long-term growth potential.
While we do not have a bullish outlook on the very near-term,
there are some bright spots to the slowdown worth noting. Crude
oil prices have dropped off significantly which should help prop
up consumption spending in the US. Cheaper oil also benefits
many industries such as airlines. Another bright spot is that the
US consumer remains relatively healthy, and less indebted than
several years ago. Meanwhile, housing prices have stabilised with
some indications of rising demand and shortages of available
housing inventory. This has a very strong impact on overall
consumer net worth, confidence and therefore consumption.
While those bright spots indicate the US is in better shape than
it was in previous downturns, Europe is still the dominant
force weighing on market sentiment, and we expect volatility
to persist until the region demonstrates it is on a more stable
path. As noted, and because we believe that this uncertain
environment will persist for the next six months, we have made
some adjustments to our own portfolio, specifically reducing
our exposure to some of the more cyclical stocks and increasing
exposure to what we believe are less volatile companies but
that still exhibit long-duration growth potential. For example,
in the technology sector, we trimmed exposure to some of the
semiconductor names we own. The growth potential of these
companies is less certain due to a slowdown in both consumer
spending and IT spending by businesses and consumers. We
have also added to some lower beta long- term secular growth
stocks which should outperform during period of market
volatility. We believe these changes will improve risk adjusted
return measures without sacrificing the high conviction nature
of the portfolio.
On behalf of each member of our investment team, thank you
for your investment in the Janus All Cap Growth Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus US Research Fund
Research Team led by Jim Goff, portfolio manager
Janus US Research Fund’s I Shares returned 9.39% for the six
month period ended 30 June 2012, while its benchmark, the
Russell 1000 Index, returned 9.38%.
Continued signs of improvement in the US economy, easing
of concerns over the European debt crisis and good corporate
earnings combined for a positive market environment in the
first half of the period. In the US, improvement in employment
and consumer confidence as well as stability in the housing
market helped investors gain a bullish view of equity markets
and boosted corporate activity. Along with strong earnings,
many companies gave positive guidance related to their end
markets in both the US and emerging markets. Optimism that
Europe, although still far from a solution, had averted a crisis
through the European Central Bank’s liquidity program (Long
Term Refinancing Operations or LTRO) also helped sentiment.
Stocks declined over the final three months, reflecting weakening
economic data as well as heightened concerns over the European
sovereign debt crisis, punctuated by spiking bond yields in Spain
and anti-austerity election results in Greece and France in May.
Investors feared an unruly exit by Greece from the euro zone,
but a second Greek election in June helped eased those fears
and reduced the quarter’s loss. In the US, job growth slowed
more than expectations and regional manufacturing surveys
disappointed, while the Conference Board’s leading economic
index also declined and first quarter GDP came in below
estimates. In response, the US Federal Reserve extended its
bond-buying program “Operation Twist” as expected, although
there was hope for more aggressive measures.
Our holdings in communications were the largest contributors to
relative performance followed by our holdings in health care and
consumer. Within consumer and for the Fund overall, eBay was
a key contributor. The e-commerce company’s stock benefited
from a strong earnings report led by its electronic payment
service, PayPal. We continue to feel the company is innovating
both PayPal and its marketplace business beyond what is valued
by the stock’s price. In particular, we think eBay’s open platform
for commerce and payments is best positioned to benefit from
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2 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
accelerating multi-channel commerce in which increasingly
online will be used to generate offline in-store demand.
Apple was the largest individual contributor. The computer and
mobile device maker benefited from a strong earnings report,
driven by significant iPhone and iPad sales. Apple also initiated
its first dividend and share repurchase program during the
period. The company has been the beneficiary of incremental
sales opportunities over the past few years from new geographies,
such as China, phone service carriers and products, such as the
iPad. We think it continues to have strong opportunities as: its
ecosystem grows; its products reach new countries; and lower
price points draw new customers. Apple continues to execute its
business plan extremely well, and its stock remains reasonably
valued, in our view.
Vertex Pharmaceuticals was also a key contributor. The
biotechnology holding rose significantly during the period after
the company reported better-than-expected data for its new
combination treatment for cystic fibrosis. We believe this could
be the first treatment to potentially address the underlying
cause of the disease for the majority of patients. While we
captured some profits after the large gain, we continue to see
unappreciated value in Vertex’s cystic fibrosis franchise, which
is expected to launch in the next few years.
Our holdings in energy, the weakest performing sector within
the index due in part of lower crude oil and natural gas prices,
were the most significant detractors from performance. Our
holdings were led lower by Helmerich & Payne, Occidental
Petroleum and Noble Energy, the three largest detractors for the
Fund overall. We continue to like all three.
Contract drilling company Helmerich & Payne declined despite
reporting better than expected earnings in its latest quarter
although it did temper expectations for its next quarter. The
company has a strong market presence in high-specification
land rigs that are well suited to drilling horizontal shale wells
for both oil and gas. In a weaker market for natural gas drilling,
the company’s technically superior rigs could gain market share
and increase its rig count, in our view.
We believe Occidental is one of the best capital allocators among
exploration and production companies. Occidental has a unique
asset base in historically safe, low-cost basins such as the US,
including a long-term opportunity in California.
Noble is an oil and gas exploration and production company with
a well-diversified asset base, a strong balance sheet and a solid
growth profile in production and cash flows, in our view. We
also like that its management team is focused on value creation.
US corporate fundamentals remain strong, although the European
situation is driving stock prices. There are some signs of contagion,
but the housing market is improving and credit remains good.
Capacity utilisation among industrials is approaching a level
where it typically calls for expansionary capital expenditures,
but the euro risk seems to be causing delays. Should Europe calm
slightly, it would be positive for the US.
We need to see the start of a solution, not solve Europe’s problems,
for markets to rally. We saw a similar impact more than a decade
ago with the Asian Crisis in the late 1990s. Europe’s fiscal issues
are greater than Asia’s were then and there’s no certainty a global
effort comes. With Greece’s euro membership on the bubble and
Spain struggling, we could be locked into a long, volatile period
of macro uncertainty. Nevertheless, with a longer term outlook,
we are positive on equity valuations across all sectors.
We understand European countries need time to resolve
slow growth, structural competitive disadvantages and fiscal
problems. The stock market, however, reflects a more distressing
situation. We think that stocks lead the way out of panics. Once
the crisis environment subsides and we’re on the path to a
solution, stocks could rally.
On behalf of each member of our investment team, thank
you for your investment in the Janus US Research Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus US Twenty Fund
Ron Sachs, portfolio manager
The Janus US Twenty Fund’s I$acc share class outperformed its
benchmark, the Russell 1000 Growth Index, for the six month
period ended 30 June 2012, returning 13.48% versus 10.08%
for the Index.
Equities posted positive gains during the first six months, though
much of the optimism that buoyed markets in the first quarter
gave way to macroeconomic fears in the latter half of the second
quarter. Strong corporate earnings and positive economic data
lifted markets for the first few months. Then in May, confidence
waned as the threat of a Greek exit from the euro zone and news
of troubled Spanish banks hinted that Europe’s troubles were
not over. Negative economic data in the US and China added to
fears of a global slowdown.
Over the six month period, large-cap indices outperformed mid
caps and small caps, while growth indices generally topped
value. The best performing sectors in the Russell 1000 Growth
Index included health care and technology, while the utilities
and energy sectors were the weakest. Commodities were mixed
led by gains in soybeans, wheat and corn, while cotton and oil
were among the weakest performers.
We have been encouraged to see many of our stocks hold up well,
in what has been a difficult economic environment. Through the
volatile, up-and-down markets of the last few years, we have
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 2 7
continued to focus on long-duration growth companies, with
wide competitive moats and transformational, long-term growth
opportunities. Last year, we honed that focus further, taking a
close look at the portfolio and making sure each stock was in the
portfolio because of strong growth opportunities, and not just
because it was attractively valued, as many names were at the
time. We emerged from the analysis with a few new names that
are faster-growth companies, and an even stronger conviction
that the companies we hold have the types of business drivers
and competitive advantages that will enable them to perform
well, even in a difficult economy.
We believe the companies we own have durable growth
opportunities. They are reaching new addressable markets,
gaining market share or creating indispensible products or services
that we believe will sell in any environment. The continued
execution of these companies allowed our performance to hold
up well over the last six months, strongly outperforming the
benchmark in the first quarter when individual growth drivers
were appreciated by the market, and holding up relatively well
in the second quarter, when macro concerns dominated investor
sentiment, and created a rough environment for stock picking.
Our selections in technology and telecom services were the
largest contributors to relative performance. Stock selections
detracting the most from relative returns included materials and
financials. Two technology stocks, Apple and eBay, were our top
performers during the period. Ivanhoe Mines and Brazilian oil
company OGX Petroleo were our largest detractors.
We continue to hold Apple because of its highly successful line
of differentiated mobile computing products, from the iPad to
the iPhone, and because of its growing market share in personal
computers. The company has created a strong ecosystem around
its products, and keeps bringing more customers in the Apple
family. Once introduced, these customers then spend more on
Apple products and are more profitable to the company.
e Bay’s stock reached its highest level in six years in June, as the
company continued to grow its ecommerce platform and execute
on plans that allow it to partner with other merchants, instead of
competing against them. Strategic acquisitions made by the eBay
have put the company in position to serve as a valuable partner
to these merchants. e Bay’s PayPal has launched offline services
that allow patrons to use their PayPal accounts in physical stores.
Since PayPal has more information on its users than credit card
companies, the company is giving merchants access to valuable
marketing and sales information on their customers. Meanwhile,
the acquisition of GSI Commerce allows eBay to offer fulfillment
services to merchants, and eBay’s web site helps drive traffic to
the web sites of other merchants.
Our largest detractors were stocks tied to energy and commodity
prices. Those businesses generally tend to trade down when the
economic environment weakens. We still believe in the long
term potential of both Ivanhoe mines and OGX Petroleo. We
also feel positive about the potential of Ivanhoe’s Mongolian
mine, which represents one of the largest, high grade copper
deposits in the world. For Brazil-based OGX, we believe the
stock was overly penalised as investors were pessimistic about
both future oil demand, and the ability of emerging markets
to withstand a global slowdown, and that its reserves have
valuable long-term potential.
We are closely monitoring the situation in Europe, where
politicians and policy makers have their work cut out for
them. The region needs to take bolder measures to come up
with a real fix to its problems, rather than stopgap solutions
that simply push problems further down the road. Outside of
Europe, we think it is positive that other regions are stepping
up to stimulate their economies. China’s moves to cut rates and
decrease its banks’ reserve requirements could help stimulate
growth in Asia. Meanwhile, the US is holding up relatively well
and we still expect slow to modest economic growth for the year.
Lower energy prices will be a tailwind for the global economy,
especially in emerging markets where energy costs make up a
larger percentage of cost of living expenses.
While Europe is undoubtedly the largest concern at the
macroeconomic level, we are cautiously optimistic that concerns
about Europe are largely priced into most stocks and that upside
opportunities exist. Unlike previous economic crises, the
problems in Europe are a “known unknown.” In other words,
companies might not know exactly what will happen in Europe,
but they are prepared for weakness in the area. This is easier
for companies to navigate than a crisis that takes everyone
by surprise, such as the one in 2008. We believe that the
companies in our portfolio are not predicating their business
plans on a strong European business cycle, or expecting Europe
to be the driver of growth for their global businesses. While
the companies we are investing in do not rely on Europe to
drive global growth, it is worth remembering that in a weak
environment, value added products and services continue to
sell. We have seen this with some of the retail and technology
companies we currently own that are still seeing demand for
their products in Europe.
While a global economic slowdown would not bode well for
businesses in general, we invest in companies that have pricing
power, which should help them maintain or increase margins
in many economic environments. We seek companies that
have wide competitive moats which can help them fend off
competition in the long-term, or which serve large unaddressed
markets. We believe those factors should help these companies,
even in a weaker economic climate.
On behalf of each member of our investment team, thank
you for your investment in the Janus US Twenty Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Market and Fund Overviews
2 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus US Venture Fund
Chad Meade and Brian Schaub, portfolio managers
Janus US Venture Fund’s I$acc share class returned 12.76% as
compared to its benchmark, the Russell 2000® Growth Index,
which returned 8.82% for the six months ended 30 June 2010.
US equity markets began 2010 on a bullish note, but soon gave
way to worries over rising interest rates and tighter lending
in China as well as proposed regulations on large US banks.
Indices regained their footing later in the first quarter, when
the US Federal Reserve (Fed) announced it would maintain
interest rates at record lows for an extended period. However,
first quarter gains were more than erased in the second quarter,
as European sovereign debt issues took center stage. Doubt over
whether European countries could contain contagion was the
backdrop to a significant sell-off on May 6. Worries that deep
spending cuts from government austerity measures could derail
global growth and weakening US economic data towards period
end added to the bearish tone. US indices finished the period
with moderate losses; small caps and mid caps significantly
outperformed large caps and value indices outperformed growth.
The best performing sectors were industrials and consumer
discretionary, while materials and energy were the weakest.
Commodities were mixed , gold and silver led gainers, while
sugar and natural gas led the losers.
Our holdings in health care, consumer discretionary and
information technology were the largest contributors to
performance. Detractors included our holdings in industrials
and materials as well as our underweight in consumer staples.
SXC Health Solutions posted strong returns during the period.
An acquisition enabled the pharmacy benefit manager (PBM) to
expand its business, as there was little overlap between the two
companies’ customer base. We think the company’s transaction-
based business continues to be appealing and that there could
be further consolidation within the PBM market.
Psychiatric Solutions, a provider of in-patient, behavioral health-
care services, received a premium buy-out offer from hospital
operator Universal Health Services. We sold the holding on
the news.
Skechers USA, a footwear maker, posted strong sales in a new
line of walking shoes that are designed to promote weight loss,
tone muscles and improve posture. We continue to see strong
sales ahead for the company.
Euronet Worldwide declined significantly during the period.
The company’s electronic payment business has been negatively
impacted by the weakening euro, reduced fees from card company
Visa and its exposure to central and eastern European countries,
where sovereign debt issues remain a concern. We like the
company for its recurring revenues and growth opportunities.
Euronet also has an attractive ATM outsourcing business with
market leading positions in Europe, India and China.
VistaPrint was also weak during the period. We believe the
online printing company’s business model, which manages
thousands of small-volume orders using high-volume printing
presses, provides unusual scale and a competitive advantage.
Health-care technology holding Athenahealth declined after
the company announced disappointing earnings. We think this
software provider for managing physicians’ practices has many
attractive growth opportunities over the next three to five years.
The company is bringing modern technology capability to an
area which has historically underinvested in technology.
Mixed economic data and high volatility in the markets have
left investors looking for direction. Following the second quarter
reports of the small-cap companies we analyse, we expect to have
a better indication of where the economy is headed. Regardless,
we continue to focus on company fundamentals, which we feel
matter most for long-term performance.
On behalf of each member of our investment team, thank
you for your investment in the Janus US Venture Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Perkins Global Value Fund
Gregory Kolb, portfolio manager
Perkins Global Value Fund’s I$acc share class outperformed its
benchmark, the MSCI World Index, for the six month period
ended 30 June 2012, returning 4.56% versus 5.91% for the Index.
Stock markets have been turbulent thus far in 2012. After
having risen over 12% by late March, the MSCI World Index
fell into negative territory for the year-to-date period by early
June, and then closed the first half with a strong rally. Markets
appear extremely sensitive to macro news flow. The continuing
sovereign debt and banking crisis in Europe, the employment
situation in the US, and a general deceleration of growth in
the emerging markets are among the key items driving market
participants’ confidence or lack thereof.
In the MSCI World Index, sectors including consumer
discretionary, technology and financials posted double digit
gains. Energy and materials were negative. The US was by
far the strongest of the major markets, continuing its run as
a “safe haven” among the world’s stock markets. Spain, Italy
and Canada lost ground. Emerging markets lagged developed
markets, while the dollar rose modestly against a basket of six
major world currencies.
While the most recent summit of European leaders at the end
of June seems to have given the markets some modest relief,
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 2 9
as a general matter trends in GDP, employment, government
and bank funding, and corporate profits are poor. With the
weak economy, political leaders in the eurozone are under
increasing pressure from their constituencies, of which there
are 17 at a country level, which reduces the likelihood of swift
and decisive fiscal action. The European Central Bank appears
to be keeping both bank and government funding markets
alive in the weaker economies. There appears to be great need
for “strong credits” to stand behind “weak credits” in Europe,
though willingness to do so is limited, somewhat frighteningly
so. From an investing standpoint, however, valuations in Europe
are looking increasingly attractive, with stocks weak and P/E
and P/B multiples declining. We continue to look actively in this
region and are paying particularly close attention to downside
risks to both earnings and multiples.
In the US, the economic drags on growth that have lingered
since the 2008 financial crisis seem finally to be improving a
bit, with more substantial glimmers of hope from employment,
housing and consumer spending indicators. These problem
areas – perhaps most notably unemployment at 8.3% and
underemployment around 15% – remain far from resolved,
however. In addition, US political discord could easily disrupt
markets, especially given election year politics which continues
to escalate partisan tensions but does little to solve or even open
a meaningful dialogue about the difficult economic challenges
our country faces.
Growth is slowing in China, India and Brazil. We’ve written
previously about our concerns regarding some of the economic
developments in the emerging markets, in addition to our
observation that the investment community, as a general matter,
takes continued fast growth for granted. We now see in China
that official GDP estimates are declining, house prices are
wobbling and steel production is down. A stimulative policy
response is beginning to take shape, though will be complicated
by the leadership transition currently underway. India’s GDP
grew modestly above 5% in the first quarter, among the weaker
readings over the past decade. The list of concerns is long and
includes accelerating inflation, a falling currency, a budget gap
which is widening and an increasingly hostile environment for
foreign direct investment. In Brazil, GDP growth decelerated to
less than 1% in the first quarter due to weak industrial production
and easing domestic demand. Brazil’s agriculture and mining-
heavy economy and its direct link to Chinese demand are of
concern to us.
Stock selection in consumer staples, health care and technology
hurt relative results. Our underweight in energy and materials
helped performance, as did stock selection in financials.
On a country basis, stock selection in the U.K. and France
contributed negatively, as did our holdings in South Korea.
Stock selection in Japan and the Netherlands aided relative
results, as did our underweight in Canada. Our cash position
limited our gains.
The portfolio remains overweight health care, consumer staples
and telecom, while underweight consumer discretionary,
financials, energy and industrials. Country overweight positions
include Japan, France and Switzerland. We are underweight the
US, Canada, Australia and Germany. We also own companies in
emerging markets South Korea and Mexico, countries which are
not in our primary benchmark. We continue to hedge a portion
of our yen and euro exposures.
New additions to the portfolio included two of the leading
companies in Latin America. We like America Movil, the largest
telecom operator in the region, for its entrenched competitive
position in still-growing markets, largely unleveraged balance
sheet, stable cash flows, and low price to earnings multiple.
Grupo Televisa is the largest media company in the Spanish-
speaking world, with significant operations and investments
in broadcast television and content production, as well as
pay television distribution via cable and satellite. We like the
company’s leading position with a fast-growing segment of the
world’s population, strong balance sheet and cash flows, and
modest price in relation to the total value of its component assets.
We exited positions including Glacier Bancorp and FirstMerit,
US regional banks, as well as Imperial Tobacco, which is among
the world’s largest tobacco companies.
Tesco reported difficult year-end results and significantly lowered
future profitability targets. Britain’s largest retailer has struggled
particularly in its home market, where weak consumer demand
coupled with intense competition has pressured operating results.
The stock market has reacted in a very negative fashion, putting
various valuation parameters on approximately 20-year lows.
South Korea’s largest wireless operator SK Telecom posted weaker
than expected results for its first quarter. Call pricing is under
pressure as the government attempts to curb inflation, while
costs are rising due to marketing spend and network upgrades to
handle surging data traffic. The market’s concern regarding the
company’s capital allocation plan is also heightened due to the
recent acquisition of Hynix, the memory-focused semiconductor
manufacturer.
GDF Suez, the French diversified utility, gave relatively weak
profit guidance as part of its year-end results. While operating
results were generally as expected, management noted several
factors which cloud the outlook, including regulatory and
political risk in France and the possible closure of nuclear
plants in Europe, among others. The stock has also been hurt by
general fear regarding the European sovereign debt and banking
crisis, in our view.
Microsoft has reported generally stable earnings in recent
periods, highlighted by strength in their Office and server
segments. The world’s largest software company continues to
manage costs more aggressively than in its past, aiding already
very high profitability. The coming launch of Windows 8 is
Market and Fund Overviews
3 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
expected to be a source of continued positive momentum for
the company.
Wal-Mart, the world’s largest retailer, reported continued
strength in same-store sales growth and earnings in its first
quarter results. While the company is challenged with an
investigation into foreign bribery issues, most notably in Mexico,
from a financial perspective recent operating results have been
strong, propelling the stock to a new all-time high.
Washington Federal, a Northwest US regional bank, posted
solid results, highlighted by continued improvement in credit
quality. While the loan book continues to shrink modestly in
the difficult lending environment, the company continues to
execute well. A stock buyback program has been contributing to
per share results as well. The stock also benefited from generally
more positive sentiment regarding the US economy, particularly
earlier in the year.
Given all the challenges discussed above, we remain somewhat
conservatively positioned. This is reflective of our focus on
downside protection. It remains to be seen whether current
record-high corporate profit margins, particularly in the US, will
be maintained. We continue to emphasise high quality stocks,
which have tended to outperform in difficult periods. Our cash
position remains at above average levels.
Whether it is the experience of the past six months – or more
importantly the past 60 months – we see that fantastic market
gains can quickly disappear. These sometimes frantic episodes
highlight the importance of vigilance when it comes to managing
risk. While it can lead to underperformance during booming
markets, carefully considering downside risk before upside
potential has proven for us to be a source of outperformance
over longer horizons, as evidenced by our global strategy’s strong
one, three and five-year risk-adjusted returns as compared to our
benchmark and peers.
As we navigate the current market uncertainty, we want to thank
you for the confidence you have placed in Perkins Investment
Management.
Perkins US Strategic Value Fund
Tom Perkins, Todd Perkins and Alec Perkins, portfolio managers
For the six month period ended 30 June 2012, Perkins U.S. Strategic
Value Fund’s I$acc share class returned 3.60% as compared to
8.64% for its benchmark, the Russell 3000 Value Index.
The stock market’s strong fourth quarter 2011 rebound extended
into the first quarter, which provided the best quarterly returns
in the US in over 10 years. This brought the equity market to
recovery highs. The strength was a result of continued aggressive
monetary policy in the US, coupled with lessened fears of a
European breakup (Greece received a reprieve from a disorderly
default), and a continuing recovery in the global economies
(except Europe).
Market optimism that lifted stocks higher in the first three
months of 2012 quickly dissipated during the second quarter as
investors remained skittish with the steady stream of bad news
emanating from Europe coupled with sluggish economic growth
in the US and in China. These concerns kept markets on edge.
In Europe, the European Central Bank (ECB) and eurozone
political leaders continued to push liquidity in an effort to keep
the financial system buoyant. Structural reform progress remains
slow as each country continues to impose its own agenda.
While the latest round of acronym laden liquidity plans buy
time, challenges remain to keep the European Union together
and the contagion risk limited. Although China continues to
have growth, the degree of deceleration and imbalances in its
economy is uncertain. In the US, election and policy uncertainty
and disappointing unemployment numbers have contributed
to a slowing economy. This type of market environment leaves
investors in alternating swings between fear and euphoria driven
by the unknown of the contagion impact on Europe, the US, and
rest of the world as well.
The US market appears reasonably valued with the S&P 500
Index currently trading at less than 14x estimated 2012 earnings
with an approximate 7% earnings yield. In addition, the S&P
500 dividend yield of 2.3% remains in excess of the 10-year
Treasury yield of 1.60% - the first time in 50 years that stocks
have yielded more than 10-year Treasuries. Corporate margins
are near all-time highs with strong balance sheets that are
flush with cash. Nevertheless, we remain cautious as operating
leverage may not be enough for sustainability of these record
margins and companies will need new ways of finding continued
long-term top line growth.
Our holdings and overweight in energy, the worst performing
sector within the index, were the largest relative detractors
followed by our holdings in consumer discretionary and
information technology. While we have increased our mega-cap
exposure in recent years, we remain significantly underweight
in this capitalisation range, which was stronger than the overall
market. Being an all-cap fund, we have some exposure to smaller
capitalisations, which in the six months underperformed the
market. Over the years, smaller caps have done better than the
market, as they grow faster and are less efficiently priced.
Individually, Hess Corp. weighed the most on performance.
The integrated energy company has been a disappointing stock.
Hess suffered operational problems in 2011 and had planned
2012 to be the year of execution to regain investor confidence.
Unfortunately, in April, management indicated the company
would not achieve targeted oil production growth from the
Bakken shale in North Dakota and noted capital expenditures
would increase from previous guidance. We continue to favour
Hess for its high quality assets and strong balance sheet. We
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 3 1
believe the stock’s reward-to-risk ratio is favourable, and we see
limited downside potential from a near seven-year low.
Polycom was also a key detractor. The communications
equipment provider’s stock fell after reporting weak quarterly
results due to a slowdown in video conferencing sales. Weak
government spending, financial services exposure and declining
enterprise sales all contributed to the revenue miss. Additionally,
the new CFO reset margin goals, which are more reasonable in
the current economic climate. Despite the weakness, Polycom
gained market share from its main competitors. Its strong
balance sheet (cash represents over 30% of the stock’s market
capitalisation) and free cash flow limit downside at the current
price, in our view.
Electronics retailer RadioShack declined after the company
reduced its earnings guidance owing to margin pressure that
was greater than anticipated. This pressure is coming from the
launch of a kiosk business at Target, growth of low-margin
iPhone sales and weakness in its traditional consumer electronics
business. We lowered our risk/reward targets and reduced our
position size. While the valuation and dividend yield remain
attractive, the margin declines are worse than we would have
expected and are likely to continue.
Contributors to relative performance included our holdings
in health care and financials. Individually, Discover Financial
Services was our largest contributor. The credit card company
continues to benefit from increasing consensus earnings
estimates. Discover’s tight underwriting criteria is creating a
“windfall” of high returning business in the current economic
environment. The conservative underwriting has led Discover
to experience all time low net charge off numbers and early
stage delinquencies, both of which we believe will continue.
Discover has a solid balance sheet with large excess capital
ratios, and shareholders are benefiting from a recently
announced $2 billion buyback program, which the Federal
Reserve approved. We believe the combination of balance sheet
strength and low price/earnings valuation results in a favourable
outlook. We trimmed our position as the stock’s rally made its
risk/reward profile less attractive.
Allstate Corp. also contributed to performance. The insurer
has disappointed in recent years by growing a low return non-
core annuities book, lack of growth in its core auto business,
and mispricing of its homeowners’ insurance business. Allstate’s
cumulative price actions and expense initiatives in 2011 put the
business on a path towards solid core returns. Allstate was up
from a depressed level as confidence increased in its ability to
earn a proper return on capital. We reduced our holdings as the
stock’s risk/reward relationship became less positive.
Finally, homebuilder MDC rose significantly during the period.
We consider MDC one of the strongest financially in the
homebuilding industry – one of only a few public homebuilders
to have more cash than debt on its balance sheet. Relatedly, we
feel the land on its balance sheet is not as overpriced as many
of its competitors . After declining over the last seven years, the
stock has performed strongly this year. Housing has shown signs
of bottoming, and the company is likely to report its second
year of profits since 2006. We trimmed our position as the
stock’s substantial appreciation made its risk/reward trade off
less attractive, in our view.
We believe the greatest current risk rests with Europe where the
status of its political and economic union is in question and the
challenge of dealing with its bank and sovereign debt continues.
Austerity measures are dampening economic growth and signs
of weakness in the peripheral eurozone countries are starting to
spread to the core. In addition, the pace of Chinese growth is
uncertain at a time when it is going through a political transition.
The US economy also continues to perform below its potential.
Economic leadership out of Washington continues to struggle,
with little hope of a change as elections rapidly approach in
November. The upcoming “fiscal cliff” (a politically imposed
deadline on tax and spending policy) is a real issue that can
impact the direction of government spending and individual
tax rates. As such, we believe these elements of uncertainty are
likely to be an overhang on the market.
As described earlier, we believe that the market is fairly valued.
However we are sensitive to the fact that it is well above the lows
of 2009 and late 2011 and that there is an unusual amount of
uncertainty and risk at the moment. Thus, we remain cautious
with above average cash levels. We have been exercising our
normal discipline in trimming or eliminating stocks that are
approaching our prices targets or have deteriorating financials.
Our sector positioning is relatively unchanged with underweights
in financials and utilities and an overweighting in healthcare and
technology. We are finding somewhat fewer opportunities to
reinvest the proceeds of these sales and are being patient as we
see how earnings unfold. This could be an especially interesting
period as earnings and projections could be below consensus,
reflecting a softer economy. In that context, part of our investment
process is to model the earnings impact of an economy that is
weaker than consensus expectations. In all cases, we emphasise
financially strong companies which have tended to outperform
in difficult periods. For the foreseeable future we believe we are
likely to have slower growth and perhaps financial air-pockets
due to deleveraging of governments, banks, and individuals. In
that context our focus on financial strength and conservative
expectations seems especially appropriate.
We also believe that stock prices could be volatile in the coming
months as the US and eurozone wrestle with the aforementioned
issues. These periods of market volatility provide us with
opportunities to buy financially strong companies that are
temporarily undervalued. Our above average cash levels enhance
our flexibility to take advantage of those situations.
Our somewhat conservative stance is also reflective of our focus
on downside protection. By mitigating capital loss in down
Market and Fund Overviews
3 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
markets and capturing solid absolute returns during strong
periods, we seek to maximise the effect of compounding. This
has resulted in our history of delivering attractive, less volatile
performance across full market cycles relative to our benchmark
and peers. Our approach can lag in strong market periods such
as the last three years. But over full market cycles, such as the
last five years or longer, our process has provided strong returns.
This is important at a time when investors are risk sensitive.
Some investors have been selling stocks to buy bonds, which we
believe have less favourable appreciation potential and their own
unique risks given current historically low interest rates. While
it is important to recognise that there are significant short-term
risks in the equity markets, we feel that stocks are currently
more attractively priced relative to bonds than we have seen in
our over 30 years of experience.
As we navigate the current market uncertainty, we want to thank
you for the confidence you have placed in Perkins Investment
Management. Our investment team remains firmly committed
to our value discipline and remains heavily invested in our
strategies right alongside our clients.
RISK MANAGED EQUITY FUNDS
INTECH US Core Fund
INTECH Investment Management LLC, portfolio manager
For the six month period ended 30 June 2012, INTECH US
Core Fund’s Class I$acc Shares returned 7.59%. This compares
to the 9.49% return posted by the S&P 500 Index, the Fund’s
benchmark.
INTECH’s mathematical investing process seeks to build a more
efficient portfolio than its benchmark, with returns in excess of
the index while maintaining benchmark-like risk. The process
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 employs a proprietary optimisation process to build portfolios
with the potential to outperform the index by capturing stocks’
natural volatility.
Within specific risk controls, INTECH’s disciplined mathematical
process establishes target proportional weightings for stocks
in the portfolio as a result of an optimisation routine. Once
the weights are determined and the portfolio is constructed,
it is rebalanced and re-optimised on a periodic basis. By
limiting the distance any one stock position can deviate from
its benchmark weight, INTECH’s process attempts to control
the relative risk of the portfolio. We believe that instituting
an investment process aimed at providing consistent, positive
excess returns at benchmark-like risk, will allow us to meet our
investors’ objectives while minimising the risk of significant
underperformance relative to the benchmark.
As stock prices moved naturally throughout the period, we
continued to implement our mathematical process in a
disciplined manner in an effort to maintain a more efficient
portfolio than the benchmark, without increasing relative risk.
While other factors may influence performance over the short
term, we believe that the consistent application of our process
will help the Fund perform well over the long term.
In INTECH’s history, which spans more than 25 years, we
have experienced periods of both underperformance and
outperformance relative to the benchmark. From our perspective,
the key is to keep periods of underperformance both short in
duration and mild in scope. INTECH aims to achieve excess
returns over the long term and we believe the Fund remains well
positioned for long-term capital growth.
Going forward, we will continue building portfolios in a
disciplined and deliberate manner, with risk management
remaining the hallmark of our investment process. While we
may experience short periods of underperformance, we expect to
exceed the benchmark over a three- to five-year time horizon. As
INTECH’s ongoing research efforts yield modest improvements,
we will continue implementing changes that we believe are likely
to improve the long-term results for our clients.
On behalf of each member of our investment team, thank
you for your investment in the INTECH US Core Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
ALTERNATIVE INVESTMENT FUND
Global real estate investment trust (REIT) indices ended the
period in positive territory. Real estate development companies
and industrial REITs were the top performers, while the
homebuilding industry and residential REITs had the worst
performance. REITS in Europe generally lagged the benchmark
amid renewed concerns about Europe’s debt crisis. Among
European REITs, top-performing countries included Germany
and the UK. Bottom-performing countries included Spain,
Poland, Austria and Italy. REITs from several Asian countries
were large contributors to the benchmark’s performance. Top-
performing Asian countries included China, Singapore, Taiwan
and Thailand. The US market posted strong gains during the
period, with signs showing the housing market is beginning to
pick back up. After seven consecutive months of falling home
prices, prices picked up 1.3% in April, according to the S&P/
Case Shiller Home Price Index’s 20-city composite.
Janus Global Real Estate Fund
Patrick Brophy, portfolio manager
For the six month period ended 30 June 2012, the Janus Global
Real Estate Fund’s I$inc share class outperformed its benchmark,
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 3 3
the FTSE/EPRA NAREIT Global Index, returning 17.22% versus
the index’s 15.15% return. The Fund’s Secondary benchmark,
the MSCI World Index, posted a return of 5.91%.
The markets have been on a wild ride over the last sixth months,
as the exuberance that propelled equities in the first quarter –
much of which we suggested was unfounded – gave way to a
deflating dose of reality in the second. When the “all clear”
sign seemed to be flashing in the first quarter, we anticipated
that many of the global economic problems being swept under
the rug by policy makers and shrugged off by investors would
eventually find their way back to center stage. Accordingly, while
disappointed, we were not surprised to see the return of a macro-
driven market and the risk-on/risk-off trading environment.
In Europe, policy makers continue to offer only piecemeal solutions
to the region’s fiscal problems, and we remain convinced that
investors increasingly see these moves as the Band-Aids that they
are, meaning it’s unlikely they can instill enough confidence to
fuel any sort of sustainable market recovery. Until politicians take
bold measures that address the structural challenges of sovereign
balance sheets, we expect more volatility, as economic headlines
rule sentiment and trump fundamentals.
Perhaps most concerning, Europe’s problems are clearly spilling
into other markets. Economic data shows China is feeling the
pinch from lower demand in Europe, and while we believe China
still has a lot of tools at its disposal to counter the slowdown, we
don’t think the transition from an export-based to a consumption-
based economy – something we view as critical to the long-term
health of the global economy – is an overnight process. The US
continues to hold up relatively well, though it too suffers from a
lack of political will, and we suspect the negative consequences of
the entrenched gridlock in Washington DC will garner increasing
investor attention as the “fiscal cliff” approaches.
Meanwhile, emerging markets sold off sharply in the second
quarter. We believe they have taken an unfair hit, or at least
too much of one. Our view is that leverage remains the primary
overhang on the global economy, and in this arena the main
culprit is the developed world. While emerging markets are
certainly not immune to a global slowdown, most have better
sovereign balance sheets and stronger growth prospects than
their peers in the developed world.
Despite the persistent macro headwinds and choppy economic
backdrop that dominated the last six months, the listed real estate
sector performed well in the first half of 2012. On a country-
specific level, the best markets – looking at just those countries
that comprise at least 2% of the index – were China, Singapore,
Japan and Australia. Brazil was the largest detractor; other
underperformers included France, Canada, the U.K., and the US.
On a relative basis, the Fund had a strong six months, outperforming
its benchmark, the FTSE/EPRA NAREIT Global Index. The bulk
of the outperformance was the result of stock selection. Stock
selection contributed to relative performance in several major
regions from the US to Brazil, and Hong Kong to the UK. Stock
selection in Japan and Australia also helped, while in Canada
and China it detracted from relative performance. Geographic
allocation was a drag on relative performance. Specifically, our
underweight position in China was a large detractor.
On the sector front, real estate development and industrial
REITs had a strong half year, while the homebuilding sector
lagged. For the Fund, office and retail REITs were two of the top
contributors. Notable detractors included the diversified metals/
mining and homebuilding sectors.
While hardly thrilled with the return of macro-driven markets
and fully cognisant of the daunting challenges facing the global
economy, we believe the current market environment provides
some compelling long-term investment opportunities, particularly
in emerging markets, which have been hit hard in recent months
and now appear especially attractive on the valuation front.
In the most recent quarter, we were also encouraged to see
the property sector outperform the broader market in a
derisking environment. We have often discussed the many
defensive qualities of commercial real estate – long-term leases,
transparent cash flows, modest leverage, supply constraints,
inflation hedging, etc. – and it’s gratifying to see the market
concur, even if it proves only temporary. Better still, we believe
the sector can also play offense, and it remains well positioned
to capitalise on any sort of economic recovery. We take comfort
in owning hard assets in an environment of unprecedented
monetary easing, and we think demographic trends and an
ongoing favourable supply-demand equation in many markets
portend strong growth prospects in the future.
On behalf of each member of our investment team, thank you
for your investment in the Janus Global Real Estate Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
FIXED INCOME MARKET REVIEW
The first six months of the year were characterised by strong
swings in sentiment, with optimism prevailing from January
to mid-March, growing defensiveness in April and May, and a
measure of relief in June. In general, corporate credit spreads and
longer-duration US Treasury yields narrowed during the period,
while mortgage-backed securities (MBS) widened incrementally.
Short-term US Treasury securities – in durations of two years
and less – also widened modestly.
Investors were in a risk-on mood as the period began in
January. US economic data reflected a recovery that appeared
to be gaining traction, with strength in hiring and housing.
The European Central Bank’s long-term refinancing operation
(LTRO), which pumped nearly €1 trillion into the euro zone
Market and Fund Overviews
3 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
banking system in December and February, made Europe’s debt
crisis seem temporarily less acute. Meanwhile, Federal Reserve
officials said they expected short-term interest rates to remain
low well into 2014. Fueled by hope of stronger economic growth,
both investment grade and high yield corporate credit markets
rallied strongly in the first quarter of the year.
However, optimism began to fade by the second half of the period.
US payroll growth in March, April and May failed to match the
pace set in previous months. Manufacturing activity slowed in
China, currently the biggest driver of world growth. Headlines
were dominated by Spain’s troubled banking sector and a voter
backlash in France and Greece to economic austerity policies:
France elected a Socialist president in May, while Greece’s pro-
austerity center-right politicians narrowly held on to power only
after a second election was held in June. Investor anxiety was
reflected in declining US and German government bond yields,
as market participants sought safety in an uncertain world.
In June, relief related to the outcome of the Greek election – which
calmed fears that Greece might abruptly leave the euro zone – aided
a rebound in risk assets including corporate credit. Meanwhile,
China cut interest rates for the first time in four years and the
US Federal Reserve announced that it would extend Operation
Twist, a program through which it has been selling short-duration
Treasury securities and using the proceeds to buy longer-term
bonds in an effort to keep long-term interest rates low.
Janus Flexible Income Fund
Gibson Smith and Darrell Watters, portfolio managers
During the six month period ended 30 June 2012, Janus Flexible
Income Fund’s I$inc share class returned 4.51%, compared with
a 2.37% return for the Fund’s benchmark, the Barclays Capital
US Aggregate Bond Index (“the Agg”).
The first six months of 2012 were characterised by swings in
sentiment, with optimism prevailing from January to mid-
March, growing defensiveness in April and May, and a measure
of relief in June. In general, corporate credit spreads and longer-
duration US Treasury yields narrowed during the period, while
mortgage-backed securities (MBS) widened incrementally. Short-
term US Treasury securities – in durations of two years and less –
also widened modestly.
Investors were in a risk-on mood as the period began in
January. US economic data reflected a recovery that appeared
to be gaining traction, with strength in hiring and housing.
The European Central Bank’s long-term refinancing operation
(LTRO), which pumped nearly €1 trillion into the euro zone
banking system in December and February, made Europe’s debt
crisis seem temporarily less acute. Meanwhile, Federal Reserve
officials said they expected short-term interest rates to remain
low well into 2014. Fueled by hope of stronger economic growth,
both investment grade and high yield corporate credit markets
rallied strongly in the first quarter of the year.
However, optimism began to fade by the second quarter. US
payroll growth in March, April and May failed to match the
pace set in previous months. Manufacturing activity slowed in
China, currently the biggest driver of world growth. Headlines
were dominated by Spain’s troubled banking sector and a voter
backlash in France and Greece to economic austerity policies:
France elected a Socialist president in May, while Greece’s
pro-austerity center-right politicians narrowly held on to power
only after a second election was held in June. Investor anxiety was
reflected in declining US and German government bond yields,
as market participants sought safety in an uncertain world.
In June, relief related to the outcome of the Greek election
– which calmed fears that Greece might abruptly leave the
euro zone – aided a rebound in risk assets including corporate
credit. Meanwhile, China cut interest rates for the first time in
four years and the US Federal Reserve announced that it would
extend Operation Twist, a program through which it has been
selling short-duration Treasury securities and using the proceeds
to buy longer-term bonds in an effort to keep long-term interest
rates low.
We modestly reduced the Fund’s weighting to corporate credit
during the period, as we reacted to changing economic and
market factors. Corporate credit represented 57% of holdings
at period end, down from roughly 62.6% at the beginning of
the year, as we opportunistically realized gains and lowered the
Fund’s risk profile. However, we remain bullish on corporate
credit in general, and are still significantly overweight to credit
compared with the benchmark. This approach continued to
reward shareholders as the Fund outperformed its benchmark
during the period, primarily through strong security selection
and our overweight allocation to credit.
Overall, the Fund’s US Treasury holdings remained underweight
in both allocation and duration contribution relative to the
benchmark. Consistent with our process of closely monitoring
company fundamentals to drive our allocation decisions, we
periodically reduce the Fund’s risk. With that goal, we increased
US Treasury exposure in March and April. Our positioning within
Treasury securities was a positive contributor to outperformance
during the period. In our opinion, the Fund’s strategic allocation
to US Treasuries plays a critical defensive role during periods of
uncertainty and offers the most viable way to quickly address
risk. However, we continue to monitor how European and US
fiscal challenges and the global economic situation might alter
this dynamic going forward.
Our security selection within MBS also was beneficial to
performance. Our MBS holdings continue to be roughly half that
of the benchmark, although we did add modestly to the position
near the end of the period. We view MBS at current valuations as
an alternative to corporate credit in an environment of volatility
and low interest rates. MBS spreads widened in April and May as
investors worried that exceptionally low 30-year Treasury rates
would encourage mortgage refinancing. However, by the end of
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 3 5
the period buyers were attracted by the yield advantage that MBS
offered compared with Treasuries, and MBS spreads at the end
of June were only incrementally wider than at the beginning of
the year. Our security selection and underweight allocation to
MBS – given the spread widening that occurred during part of
the period – both contributed to positive performance. Two of
the top individual debt security contributors to outperformance
during the period were the Federal National Mortgage Association
(Fannie Mae) and the Federal Home Loan Mortgage Corporation
(Freddie Mac).
Our security selection within commercial mortgage-backed
securities (CMBS) also contributed to outperformance during
the period. We generally invest in single-borrower, single-asset
CMBS, as we believe it is easier to analyze risk in this product
than in a multi-loan pool. CMBS spreads narrowed during the
period, particularly in the first quarter. Broadly speaking, the
CMBS market continues to be supported by several factors. One
of these is that the bulk of the loans in the secondary market
were issued between 2004 and 2007, and these loans are being
paid off faster than new ones are created. The riskiest loans,
generally 10-year duration, were issued in 2006 and 2007, and
as these loans move closer to maturity the market gets greater
clarity on their quality, thus volatility declines.
We maintain a small allocation to the commercial asset-backed
securities (ABS) market. These are loans backed by hard assets,
such as vehicles or capital equipment. During the period,
our security selection within ABS detracted modestly from
performance, but this was more than offset by the excess yield
over Treasuries that ABS securities offered. Overall, our ABS
holdings were incrementally positive to performance.
We also held a small position in bank loans during the
period, which also was mildly positive for performance. Bank
loans, which have floating rates that reset on a regular basis,
traditionally offer protection in a rising-rate environment. They
have enjoyed popularity recently with investors who believe that
Treasury rates may soon reverse and turn higher.
The top corporate credit contributor to performance during the
period was global insurer American International Group (AIG).
Since 2008, AIG has shed non-core assets and made significant
progress in repaying its government loans. In March 2012, the
US Treasury announced a public offering of $6 billion in AIG
stock and said that AIG planned to buy up to $3 billion. We have
long believed that market valuation of AIG’s credit did not reflect
the significant progress the company has made in strengthening
its balance sheet. United Technologies, the second-greatest
contributor during the period, raised $9.8 billion in May 2012
through the largest US corporate bond offering since 2009, with
proceeds to help fund its $16.5 billion acquisition of Goodrich,
a leading aerospace components supplier. We expect United
Technologies to remain committed to its deleveraging targets
post-acquisition, paying down 25% of total debt by year-end
2012 through robust cash-flow generation. Rounding out the
top three is LyondellBasell, the world’s third largest chemical
company. Lyondell has executed a balance sheet transformation
by paying down roughly 45% of its debt in two years. Lyondell is
an attractive crossover candidate, in our opinion, and we expect
it to achieve full investment-grade status within 12 months.
Detractors were led by FMG Resources, a subsidiary of Fortescue
Metals Group Ltd. Concern about slowing growth in China, a
major customer, pressured the credit during the period. Fortescue
also issued $2 billion in new debt in March to fund the expansion
of iron ore mining operations in Western Australia. Despite this,
we continue to expect positive ratings pressure as the company
executes on its greenfield expansion. The second-greatest detractor,
Samsung, sold its first public US-dollar denominated bonds in
years. The issue was well-received, resulting in a great rate on
Samsung’s debt, but it was fully priced and did not keep pace with
the US Treasury rally during April and May. Nevertheless, it is
solid A-rated technology name and we expect the credit to do well
over the longer term. Finally, financial services company Wells
Fargo generated positive return during the period; however, the
Fund’s holdings in Wells Fargo were underweight compared with
the benchmark, resulting in Wells Fargo being the third-greatest
detractor during the period.
Collectively, we continue to believe that corporate credit offers
compelling risk-reward opportunities. In general, credit profiles
are intact and most companies have adequate cash on the balance
sheet to pay off their debt; if not, they have access to capital
markets under most market scenarios. Corporate debt issuance
is expected to be low going forward, as management teams are
reluctant to take on more borrowing. Meanwhile, investors will
continue to scramble for yield as long as US Treasury rates remain
at record lows, further driving demand for higher-yielding debt.
Although the timing is difficult to predict, we believe that before
year-end we may see a market selloff that presents us with an
opportunity to buy good-quality higher-yielding credit. It is
important to remember that our credit positions reflect our views
on individual companies that are fundamentally improving –
deleveraging, transforming their balance sheets and putting their
businesses in a more stable position.
However, we do think some caution is warranted as we look
ahead to likely challenges over the next six months. We
will be facing a contentious US election season this fall. We
also expect increasingly heated rhetoric over fiscal policy, as
the deadline approaches for expiring US tax provisions and
automatic government spending cuts mandated by the 2011
Budget Control Act. All of these are scheduled to occur at year
end, yet politicians remain deadlocked. It’s likely that the US
federal debt ceiling will be reached again by this December,
raising the prospect of another congressional showdown similar
to the one we experienced in July/August 2011.
Meanwhile, we have modestly increased our allocation to
Treasury securities and MBS in an effort to create a more balanced
Market and Fund Overviews
3 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
portfolio that we believe will perform better in a volatile market
with a wider band of outcomes. This should not imply that we
believe the current Treasury yields represent good value over
the long term, only that these may be among the safest places
to be in the near term. We believe insurance is necessary in a
world that is out of balance, but we are keenly aware of the risk
associated with this position. Treasury rates are at record lows,
and it is not difficult to imagine them moving higher by one-
half to three-quarters of a percentage point relatively quickly
if sentiment were to change. For that reason, we are closely
monitoring this position.
From a global macroeconomic and market standpoint, it’s
likely that economies will continue to muddle along for a
while yet, with periods of enthusiasm alternating with bouts of
despondency, as we await clarity on global fiscal policy. Until
we see significant deleveraging of European financial institutions
and restructuring of economies of developed nations, economic
growth will be constrained and interest rates are likely to remain
low in the United States and Germany.
On behalf of each member of our investment team, thank you
for your investment in the Janus Flexible Income Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus Global High Yield Bond Fund
Gibson Smith and Darrell Watters, portfolio managers
During the six month period ended 30 June 2012, Janus Global
High Yield Bond Fund’s I$inc share class returned 6.00%
compared to a 7.67% return for the Fund’s benchmark, the
Barclays Capital Global High Yield Bond Index.
The first six months of 2012 were characterized by swings in
sentiment, with optimism prevailing from January to mid-
March, growing defensiveness in April and May, and a measure
of relief in June. Overall, high yield corporate credit spreads
narrowed during the period.
Investors were in a risk-on mood as the period began in
January. US economic data reflected a recovery that appeared
to be gaining traction, with strength in hiring and housing.
The European Central Bank’s long-term refinancing operation
(LTRO), which pumped nearly €1 trillion into the euro zone
banking system in December and February, made Europe’s debt
crisis seem temporarily less acute. Meanwhile, Federal Reserve
officials said they expected short-term interest rates to remain
low well into 2014. Fueled by hope of stronger economic growth,
high yield corporate credit markets rallied strongly in the first
quarter of the year.
However, optimism began to fade by the second quarter. US
payroll growth in March, April and May failed to match the
pace set in previous months. Manufacturing activity slowed in
China, currently the biggest driver of world growth. Headlines
were dominated by Spain’s troubled banking sector and a voter
backlash in France and Greece to economic austerity policies:
France elected a Socialist president in May, while Greece’s pro-
austerity center-right politicians narrowly held on to power only
after a second election was held in June. Investor anxiety was
reflected in declining US and German government bond yields,
as market participants sought safety in an uncertain world.
In June, relief related to the outcome of the Greek election –
which calmed fears that Greece might abruptly leave the euro zone
– aided a moderate rebound in high yield credit. Meanwhile,
China cut interest rates for the first time in four years and the
US Federal Reserve announced that it would extend Operation
Twist, a program through which it has been selling short-duration
Treasury securities and using the proceeds to buy longer-term
bonds in an effort to keep long-term interest rates low.
Over the period, our moderate-beta approach to security selection
cost the portfolio a bit in terms of yield, although we avoided
some downside risk. This is a residual effect of our focus on
companies that are deleveraging and actively improving their
balance sheets; to protect against excessive volatility, the price
sometimes is lower yield. A small out-of-index cash position also
was a detractor during the period. It is worth noting that cash is
not an active strategy within the Fund, but a component of the
day-to-day investing process). On the other hand, our zero weight
to government agency debt was a modest positive contributor.
From a sector standpoint, life insurance, media cable and
industrial metals were the greatest contributors to positive
performance. Detractors were led by natural gas pipelines,
natural gas distributors and independent energy producers.
In general, high yield names performed well in January,
benefiting from a surge in optimism about the global economy.
However, positive momentum slowed in March and April. We
already had begun positioning the fund for greater market
volatility at that point, trimming or eliminating positions in
higher-beta and less-liquid credits. High yield spreads widened
in May, but narrowed again in June as investors reacted with
relief to global events. Despite the occasional defensive shift,
fundamental positioning remained in place. We believe our
focus on fundamental research and security selection in the
high-yield markets represents the most effective way to capture
alpha and manage portfolio risk.
At period end, the Fund was overweight to US corporate credit
relative to the benchmark and underweight European credit,
as we wait to see how events unfold in the euro zone. European
debt issuers currently face greater potential risks than potential
returns, in our opinion, as sovereign risk and a slowing economy
continue to create headwinds.
We also are underweight to Asia compared with the benchmark.
It remains unclear how China’s economy will fare as its leaders
try to guide it to a soft landing, and we remain cautious
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 3 7
about possible downside surprises. Also, from a fixed income
standpoint, Asian markets are not well developed in terms of
bondholder law or investor appeal. Except for Japan, Asian
fixed income investors tend to gravitate toward Western bond
markets, ignoring their own corporate debt markets.
Collectively, we continue to believe that global high yield credit
offers compelling risk-reward opportunities. In general, credit
profiles are intact and most companies have adequate cash on the
balance sheet to pay off their debt; if not, they have access to capital
markets under most market scenarios. Corporate debt issuance is
expected to be low going forward, as management teams are
reluctant to take on more borrowing. Meanwhile, investors will
continue to scramble for yield as long as US Treasury rates remain
at record lows, further driving demand for higher-yielding debt.
Although the timing is difficult to predict, we believe that before
year-end we may see a market selloff that presents us with an
opportunity to buy good-quality higher-yielding credit. It is
important to remember that our credit positions reflect our views
on individual companies that are fundamentally improving –
deleveraging, transforming their balance sheets and putting their
businesses in a more stable position.
However, we do think some caution is warranted as we look ahead
to likely challenges over the next six months. We will be facing a
contentious US election season this fall. We also expect increasingly
heated rhetoric over fiscal policy, as the deadline approaches for
expiring US tax provisions and automatic government spending
cuts mandated by the 2011 Budget Control Act. All of these are
scheduled to occur at year end, yet politicians remain deadlocked.
It’s likely that the US federal debt ceiling will be reached again
by this December, raising the prospect of another congressional
showdown similar to the one we experienced in July/August 2011.
Japan, meanwhile, has a problem that has yet to gain the full
focus of the market: what to do with its high debt-to-GDP ratio.
Historically Japan has been self-funding. However, the Japanese
savings rate, once in the mid-20% range, is declining and is now
below 10%. Although Japan’s savings rate remains far better than
the savings rate in the United States, it remains an area of concern.
While developed economies seem to be in a debt quagmire with
no resolution in sight, we are increasingly positive about the
long-term prospects in emerging markets. By and large, many
emerging market countries have low debt-to-GDP ratios, credit
ratings agencies have been quick to upgrade their ratings on
many of them, and their currencies appear to be more stable
than those in certain developed countries. Many are not in
a trade pact or union, like the European Union, that limits
their flexibility. We like the natural resources that many of
these countries can rely on for exports to bolster their capital
positions at the sovereign level. Also, countries such as Brazil,
Indonesia and Mexico have young, well-educated populations
that increasingly are seeking the trappings of developed nations –
cars, housing and new technology, for instance.
Their governments are becoming more tolerant of these material
desires than they have been in the past, realising that economic
growth is necessary to solidify government fiscal positions.
From a global macroeconomic and market standpoint, it’s
likely that economies will continue to muddle along for a
while yet, with periods of enthusiasm alternating with bouts of
despondency, as we await clarity on global fiscal policy. Until
we see significant deleveraging of European financial institutions
and restructuring of economies of developed nations, economic
growth will be constrained and interest rates are likely to remain
low in the United States and Germany.
On behalf of each member of our investment team, thank you for
your investment in the Janus Global High Yield Bond Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus Global Investment Grade Bond Fund
Gibson Smith and Darrell Watters, portfolio managers
During the six month period ended 30 June 2012, Janus Global
Investment Grade Bond Fund’s I$inc share class returned 5.62%
compared with a 4.17% return for the Fund’s benchmark, the
Barclays Capital Global Aggregate Corporate Bond Index.
The first six months of 2012 were characterised by swings in
sentiment, with optimism prevailing from January to mid-
March, growing defensiveness in April and May, and a measure
of relief in June. Overall, investment grade credit spreads
narrowed during the period.
Investors were in a risk-on mood as the period began in
January. U.S. economic data reflected a recovery that appeared
to be gaining traction, with strength in hiring and housing.
The European Central Bank’s long-term refinancing operation
(LTRO), which pumped nearly €1 trillion into the euro zone
banking system in December and February, made Europe’s debt
crisis seem temporarily less acute. Meanwhile, Federal Reserve
officials said they expected short-term interest rates to remain
low well into 2014. Fueled by hope of stronger economic growth,
investment grade corporate credit markets rallied in the first
quarter of the year.
However, optimism began to fade by the second quarter. US
payroll growth in March, April and May failed to match the
pace set in previous months. Manufacturing activity slowed in
China, currently the biggest driver of world growth. Headlines
were dominated by Spain’s troubled banking sector and a
voter backlash in France and Greece to economic austerity
policies. France elected a Socialist president in May, while
Greece’s pro-austerity center-right politicians narrowly held
on to power only after a second election was held in June.
Investor anxiety was reflected in declining U.S. and German
government bond yields, as market participants sought safety
in an uncertain world.
Market and Fund Overviews
3 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
In June, relief related to the outcome of the Greek election – which
calmed fears that Greece might abruptly leave the euro zone –
aided a moderate rebound in investment grade credit. Meanwhile,
China cut interest rates for the first time in four years and the
US Federal Reserve announced that it would extend Operation
Twist, a program through which it has been selling short-duration
Treasury securities and using the proceeds to buy longer-term
bonds in an effort to keep long-term interest rates low.
Our security selection within corporate credit was the top
contributor to outperformance during the period, followed by
a small out-of-index cash position (it is worth noting that cash
is not an active strategy within the Fund, but a component of
the day-to-day investing process). From a sector standpoint,
banking, non-captive financial diversified companies and life
insurance were the greatest contributors to positive performance.
Detractors were led by natural gas pipelines, industrial metals
and diversified manufacturing.
In general, investment grade names performed well in January,
benefiting from a surge in optimism about the global economy.
However, positive momentum slowed in March and April. We
already had begun positioning the fund for greater market
volatility at that point, trimming or eliminating positions in
higher-beta and less-liquid credits. Investment grade spreads
widened in May, but narrowed again in June as investors reacted
with relief to global events. Despite the occasional defensive
shift, fundamental positioning remained in place. We believe
our focus on fundamental research and security selection in the
corporate credit markets represents the most effective way to
capture alpha and manage portfolio risk.
At period end, the Fund was overweight to US corporate credit
relative to the benchmark and underweight European credit,
as we wait to see how events unfold in the euro zone. European
debt issuers currently face greater potential risks than potential
returns, in our opinion, as sovereign risk and a slowing economy
continue to create headwinds.
We also are moderately underweight to Asia compared with the
benchmark. It remains unclear how China’s economy will fare
as its leaders try to guide it to a soft landing, and we remain
cautious about possible downside surprises. Also, from a fixed
income standpoint, Asian markets are not well developed in
terms of bondholder law or investor appeal. Except for Japan,
Asian fixed income investors tend to gravitate toward Western
bond markets, ignoring their own corporate debt markets.
Collectively, we continue to believe that global investment grade
credit offers compelling risk-reward opportunities. In general,
credit profiles are intact and most companies have adequate
cash on the balance sheet to pay off their debt; if not, they
have access to capital markets under most market scenarios.
Corporate debt issuance is expected to be low going forward,
as management teams are reluctant to take on more borrowing.
Meanwhile, investors will continue to scramble for yield as long
as US Treasury rates remain at record lows, further driving
demand for higher-yielding debt.
Although the timing is difficult to predict, we believe that before
year-end we may see a market selloff that presents us with
an opportunity to buy good-quality higher-yielding investment
grade credit. It is important to remember that our credit positions
reflect our views on individual companies that are fundamentally
improving – deleveraging, transforming their balance sheets and
putting their businesses in a more stable position.
However, we do think some caution is warranted as we look
ahead to likely challenges over the next six months. We
will be facing a contentious US election season this fall. We
also expect increasingly heated rhetoric over fiscal policy, as
the deadline approaches for expiring US tax provisions and
automatic government spending cuts mandated by the 2011
Budget Control Act. All of these are scheduled to occur at year
end, yet politicians remain deadlocked. It’s likely that the US
federal debt ceiling will be reached again by this December,
raising the prospect of another congressional showdown similar
to the one we experienced in July/August 2011.
Japan, meanwhile, has a problem that has yet to gain the full
focus of the market: what to do with its high debt-to-GDP ratio.
Historically Japan has been self-funding. However, the Japanese
savings rate, once in the mid-20% range, is declining and is now
below 10%. Although Japan’s savings rate remains far better than
the savings rate in the United States, it remains an area of concern.
While developed economies seem to be in a debt quagmire with no
resolution in sight, we are increasingly positive about the long-term
prospects in emerging markets. By and large, many emerging market
countries have low debt-to-GDP ratios, credit ratings agencies have
been quick to upgrade their ratings on many of them, and their
currencies appear to be more stable than those in certain developed
countries. Many are not in a trade pact or union, like the European
Union, that limits their flexibility. We like the natural resources
that many of these countries can rely on for exports to bolster their
capital positions at the sovereign level. Also, countries such as Brazil,
Indonesia and Mexico have young, well-educated populations
that increasingly are seeking the trappings of developed nations –
cars, housing and new technology, for instance.
Their governments are becoming more tolerant of these material
desires than they have been in the past, realising that economic
growth is necessary to solidify government fiscal positions.
From a global macroeconomic and market standpoint, it’s
likely that economies will continue to muddle along for a
while yet, with periods of enthusiasm alternating with bouts of
despondency, as we await clarity on global fiscal policy. Until
we see significant deleveraging of European financial institutions
and restructuring of economies of developed nations, economic
growth will be constrained and interest rates are likely to remain
low in the United States and Germany.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 3 9
On behalf of each member of our investment team, thank you
for your investment in the Janus Global Investment Grade Bond
Fund. We appreciate you entrusting us with your assets and look
forward to continuing to serve your investment needs.
Janus High Yield Fund
Gibson Smith and Darrell Watters, portfolio managers
During the six month period ended 30 June 2012, Janus High-
Yield Bond Fund’s I$inc share class returned 6.03% compared
with a 7.27% return for the Fund’s benchmark, the Barclays
Capital US Corporate High-Yield Bond Index.
The first six months of 2012 were characterised by swings in
sentiment, with optimism prevailing from January to mid-
March, growing defensiveness in April and May, and a measure
of relief in June. Overall, high yield corporate credit spreads
narrowed during the period.
Investors were in a risk-on mood as the period began in
January. US economic data reflected a recovery that appeared
to be gaining traction, with strength in hiring and housing.
The European Central Bank’s long-term refinancing operation
(LTRO), which pumped nearly €1 trillion into the euro zone
banking system in December and February, made Europe’s debt
crisis seem temporarily less acute. Meanwhile, Federal Reserve
officials said they expected short-term interest rates to remain
low well into 2014. Fueled by hope of stronger economic growth,
both investment grade and high yield corporate credit markets
rallied strongly in the first quarter of the year.
However, optimism began to fade by the second quarter. US
payroll growth in March, April and May failed to match the
pace set in previous months. Manufacturing activity slowed in
China, currently the biggest driver of world growth. Headlines
were dominated by Spain’s troubled banking sector and a voter
backlash in France and Greece to economic austerity policies:
France elected a Socialist president in May, while Greece’s pro-
austerity center-right politicians narrowly held on to power only
after a second election was held in June. Investor anxiety was
reflected in declining US and German government bond yields,
as market participants sought safety in an uncertain world.
In June, relief related to the outcome of the Greek election – which
calmed fears that Greece might abruptly leave the euro zone
– aided a moderate rebound in high yield credit. Meanwhile,
China cut interest rates for the first time in four years and the
US Federal Reserve announced that it would extend Operation
Twist, a program through which it has been selling short-duration
Treasury securities and using the proceeds to buy longer-term
bonds in an effort to keep long-term interest rates low.
Our overweight allocation to preferred and convertible
securities, along with our security selection within corporate
credit, were the greatest contributors to positive performance
during the period. An out-of-index cash position was the
biggest detractor (it is worth noting that cash is not an active
strategy within the Fund, but a component of the day-to-day
investing process).
From a sector standpoint, industrial metals, life insurance
and electric utilities were the greatest contributors to positive
performance. Detractors were led by automotive, home
construction and non-captive diversified financial companies.
In general, high yield names performed well in January, benefiting
from a surge in optimism about the global economy. However,
positive momentum slowed in March and April. We already had
begun positioning the Fund for greater market volatility at that
point, trimming or eliminating positions in higher-beta and less-
liquid credits. High yield spreads widened in May, but narrowed
again in June as investors reacted with relief to global events.
Despite the occasional defensive shift, fundamental positioning
remained in place. We believe our focus on fundamental research
and security selection in the high yield markets represents the
most effective way to capture alpha and manage portfolio risk.
The top contributor during the period was MGM Resorts. As the
largest operator in Las Vegas, MGM should continue to benefit
from the gaming sector recovery and we believe the business will
experience additional growth in free cash flow. Equally important,
management continues to focus on utilising that free cash flow
to reduce the leverage on MGM’s balance sheet. The second top
contributor was global insurer American International Group (AIG).
Since 2008, AIG has shed non-core assets and made significant
progress in repaying its government loans. In March 2012, the US
Treasury announced a public offering of $6 billion in AIG stock
and said that AIG planned to buy up to $3 billion. We have long
believed that market valuation of AIG’s credit did not reflect the
significant progress the company has made in strengthening its
balance sheet. Rounding out the top three was drugstore operator
Rite Aid, which continues to gain business from Express Scripts
members whose prescriptions are no longer filled by Walgreens.
The top detractor was Ford Motor. Both Moody’s Investors Service
and Fitch Ratings upgraded Ford’s credit rating to investment
grade during the period (Ford now is rated Baa3 by Moody’s and
BBB- at Fitch, the lowest investment grades, while S&P has it at
BB+, the highest speculative-grade level). Ford rallied strongly in
May and was removed from the benchmark following the Moody’s
upgrade on May 22, near its price peak. Ford spreads widened a
bit in June, while we continued to hold it but the benchmark did
not. Meanwhile, second top detractor ONO has suffered from its
exposure to the weak Spanish economy. However, this triple-play
provider of telecommunications, media and Internet services has
a management team that is focused on maintaining a cash-flow-
positive business powered by a fully upgraded network offering
premium TV and broadband. Debt reduction is a key focus and
we anticipate a possible IPO in the future where proceeds likely
would be applied to additional debt retirement. Lastly, Caesars
Entertainment underperformed during the risk-off trade that
characterized much of the period. It also issued disappointing
Market and Fund Overviews
4 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
first-quarter results related to sluggish gaming sector activity
during the period. We continue to believe the company should
do well as Las Vegas and regional gaming sector revenue improves.
Collectively, we continue to believe that high yield credit offers
compelling risk-reward opportunities. In general, credit profiles
are intact and most companies have adequate cash on the balance
sheet to pay off their debt. If not, they have access to capital
markets under most market scenarios. Corporate debt issuance
is expected to be low going forward, as management teams are
reluctant to take on more borrowing. Meanwhile, investors will
continue to scramble for yield as long as US Treasury rates remain
near record lows, further driving demand for higher-yielding debt.
Although the timing is difficult to predict, we believe that before
year-end we will see a market selloff that presents us with an
opportunity to buy good-quality higher-yielding credit. It is
important to remember that our credit positions reflect our views
on individual companies that are fundamentally improving –
deleveraging, transforming their balance sheets and putting their
businesses in a more stable position.
However, we do think some caution is warranted as we look
ahead to likely challenges over the next six months. We
will be facing a contentious US election season this fall. We
also expect increasingly heated rhetoric over fiscal policy, as
the deadline approaches for expiring US tax provisions and
automatic government spending cuts mandated by the 2011
Budget Control Act. All of these are scheduled to occur at year
end, yet politicians remain deadlocked. It’s likely that the US
federal debt ceiling will be reached again by this December,
raising the prospect of another congressional showdown similar
to the one we experienced in July/August 2011.
From a global macroeconomic and market standpoint, it’s
likely that economies will continue to muddle along for a
while yet, with periods of enthusiasm alternating with bouts of
despondency, as we await clarity on global fiscal policy. Until
we see significant deleveraging of European financial institutions
and restructuring of economies of developed nations, economic
growth will be constrained and interest rates are likely to remain
low in the United States and Germany.
On behalf of each member of our investment team, thank you
for your investment in the Janus HighYield Bond Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
Janus US Short-Term Bond Fund
Gibson Smith and Darrell Watters, portfolio managers
During the six month period ended 30 June 2012, Janus US
Short-Term Bond Fund’s I$inc returned 1.91% compared to a
0.58% return for the Fund’s benchmark, the Barclays Capital
1-3 Year US Government/Credit Index.
The first six months of 2012 were characterised by swings in
sentiment, with optimism prevailing from January to mid-
March, growing defensiveness in April and May, and a measure
of relief in June. Overall, corporate credit spreads narrowed
during the period, while short-term US Treasury securities – in
durations of two years and less – widened modestly.
Investors were in a risk-on mood as the period began in January.
US economic data reflected a recovery that appeared to be gaining
traction, with strength in hiring and housing. The European
Central Bank’s long-term refinancing operation (LTRO), which
pumped nearly €1 trillion into the euro zone banking system
in December and February, made Europe’s debt crisis seem
temporarily less acute. Meanwhile, Federal Reserve officials said
they expected short-term interest rates to remain low well into
2014. Fueled by hope of stronger economic growth, corporate
credit markets rallied strongly in the first quarter of the year.
However, optimism began to fade by the second quarter. US
payroll growth in March, April and May failed to match the
pace set in previous months. Manufacturing activity slowed in
China, currently the biggest driver of world growth. Headlines
were dominated by Spain’s troubled banking sector and a voter
backlash in France and Greece to economic austerity policies:
France elected a Socialist president in May, while Greece’s pro-
austerity center-right politicians narrowly held on to power only
after a second election was held in June. Investor anxiety was
reflected in declining US and German government bond yields,
as market participants sought safety in an uncertain world.
In June, relief related to the outcome of the Greek election
– which calmed fears that Greece might abruptly leave the
euro zone – aided a rebound in risk assets including corporate
credit. Meanwhile, China cut interest rates for the first time in
four years and the US Federal Reserve announced that it would
extend Operation Twist, a program through which it has been
selling short-duration Treasury securities and using the proceeds
to buy longer-term bonds in an effort to keep long-term interest
rates low.
We reduced the Fund’s weighting to corporate credit during
the period, as we reacted to changing economic and market
factors. Corporate credit represented 65% of holdings at period
end, down from nearly 79% at the beginning of the year, as
we opportunistically realised gains and lowered the Fund’s
risk profile. However, we remain bullish on corporate credit in
general, and are still significantly overweight to credit compared
with the benchmark.
This approach continued to reward shareholders as the Fund
outperformed its benchmark during the period, primarily
through our overweight allocation to and our security selection
within corporate credit. Our positioning within US Treasury
securities also was beneficial, as was the excess carry realised
from our bank loan holdings. Meanwhile, small holdings in cash
and non-Treasury government-related debt were detractors. From
a sector standpoint, the top industry contributors were banking,
real estate investment trusts (REITs) and non-captive diversified
financial companies. Top detractors included property and
casualty insurance, wireless communications and media cable.
Overall, the Fund’s US Treasury holdings remained underweight
in both allocation and duration contribution relative to the
benchmark. Consistent with our process of closely monitoring
company fundamentals to drive our allocation decisions, we
periodically reduce the Fund’s risk. With that goal, we increased
US Treasury exposure in March and April. In our opinion,
the Fund’s strategic allocation to US Treasuries plays a critical
defensive role during periods of uncertainty and offers the most
viable way to quickly address risk. However, we continue to
monitor how European and US fiscal challenges and the global
economic situation might alter this dynamic going forward.
We maintain a small allocation to the commercial asset-backed
securities (ABS) market. These are loans backed by hard assets,
such as vehicles or capital equipment. During the period, our
ABS holdings were neutral for performance.
We also held a small position in bank loans during the period,
which was modestly positive for performance. Bank loans, which
have floating rates that reset on a regular basis, traditionally
offer protection in a rising-rate environment. They have enjoyed
popularity recently with investors who believe that Treasury
rates may soon reverse and turn higher.
The top corporate credit contributor to performance during the
period was global insurer American International Group (AIG).
Since 2008, AIG has shed non-core assets and made significant
progress in repaying its government loans. In March 2012, the
US Treasury announced a public offering of $6 billion in AIG
stock and said that AIG planned to buy up to $3 billion. We have
long believed that market valuation of AIG’s credit did not reflect
the significant progress the company has made in strengthening
its balance sheet. The second top contributor, Ford Motor, was
upgraded to investment grade during the period by both Moody’s
Investors Service and Fitch Ratings (Ford now is rated Baa3 by
Moody’s and BBB- at Fitch, the lowest investment grades, while
S&P has it at BB+, the highest speculative-grade level). In recent
years Ford has benefited from improvements in its business model
including reduced costs, improved liquidity and better product
mix. The third top contributor, CIT Group, is a small- and middle-
market business lender. In our opinion, its management team
continues to make consistent progress across almost all fronts:
credit quality improvement, funding cost improvement, market
and organic asset growth opportunities/market share gains.
Regarding detractors, the story during the period was mostly
about what we didn’t own. Our zero weight to the European
Investment Bank, Italian government debt, Telecom Italia,
Wells Fargo and other names that were included in the
benchmark made up nearly all of the bottom 10 slots in
terms of individual detractors. One credit that we did own –
although we were underweight compared with the benchmark –
was Credit Suisse, which turned in positive performance
but because of our positioning ended up being neutral for
performance overall.
Collectively, we continue to believe that short-term credit
offers compelling risk-reward opportunities. In general, credit
profiles are intact and most companies have adequate cash on
the balance sheet to pay off their debt. If not, they have access
to capital markets under most market scenarios. Corporate debt
issuance is expected to be low going forward, as management
teams are reluctant to take on more borrowing. Meanwhile,
investors will continue to scramble for yield as long as US
Treasury rates remain at record lows, further driving demand
for higher-yielding debt.
Although the timing is difficult to predict, we believe that before
year-end we will see a market selloff that presents us with an
opportunity to buy good-quality higher-yielding short-term
credit. It is important to remember that our credit positions
reflect our views on individual companies that are fundamentally
improving: deleveraging, transforming their balance sheets and
putting their businesses in a more stable position.
However, we do think some caution is warranted as we look
ahead to likely challenges over the next six months. We
will be facing a contentious US election season this fall. We
also expect increasingly heated rhetoric over fiscal policy, as
the deadline approaches for expiring US tax provisions and
automatic government spending cuts mandated by the 2011
Budget Control Act. All of these are scheduled to occur at year
end, yet politicians remain deadlocked. It’s likely that the US
federal debt ceiling will be reached again by this December,
raising the prospect of another congressional showdown similar
to the one we experienced in July/August 2011.
Meanwhile, we have increased our allocation to Treasury securities
in an effort to create a more balanced portfolio that we believe will
perform better in a volatile market with a wider band of outcomes.
From a global macroeconomic and market standpoint, it’s
likely that economies will continue to muddle along for a
while yet, with periods of enthusiasm alternating with bouts of
despondency, as we await clarity on global fiscal policy. Until
we see significant deleveraging of European financial institutions
and restructuring of economies of developed nations, economic
growth will be constrained and interest rates are likely to remain
low in the United States and Germany.
On behalf of each member of our investment team, thank you
for your investment in the Janus Short-Term Bond Fund. We
appreciate you entrusting us with your assets and look forward
to continuing to serve your investment needs.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 4 1
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
4 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus Asia Fund
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Financial Assets at fair value through profi t or loss
Common Stock 89.5%
Apparel Manufacturers66,000 China Lilang, Ltd.. . . . . . . . . . . . . . . . . . . . . 1.1 $ 45,557
188,000 Sitoy Group Holdings, Ltd.. . . . . . . . . . . . . . 2.0 84,140 3.1 129,697
Automotive – Cars and Light Trucks32,500 Great Wall Motor Co., Ltd. . . . . . . . . . . . . . . 1.5 65,313
350 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 1.6 71,81128,000 Yulon Motor Co., Ltd.. . . . . . . . . . . . . . . . . . 1.2 49,826
4.3 186,950
Automotive – Truck Parts and Equipment – Original196 Hyundai Mobis . . . . . . . . . . . . . . . . . . . . . . . 1.1 47,453620 Mando Corp. . . . . . . . . . . . . . . . . . . . . . . . . 2.1 92,362
3.2 139,815
Building – Heavy Construction216 Daelim Industrial Co., Ltd. . . . . . . . . . . . . . . 0.4 17,283
Building and Construction – Miscellaneous445 GS Engineering & Construction Corp. . . . . . . . 0.7 30,061
Building and Construction Products – Miscellaneous28,000 China National Building Material Co.,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 30,472150,000 Yuanda China Holdings, Ltd. . . . . . . . . . . . . 0.4 16,594
1.1 47,066
Building Products – Cement and Aggregate68,000 Asia Cement China Holdings Corp. . . . . . . . 0.7 30,44124,000 Indocement Tunggal Prakarsa Tbk PT . . . . . . . . 1.1 44,478
1.8 74,919
Casino Hotels13,400 Genting Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 40,462
1,680 Kangwon Land, Inc. . . . . . . . . . . . . . . . . . . . 0.8 35,797 1.8 76,259
Cellular Telecommunications5,000 China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . 1.3 54,954
400 SK Telecom Co., Ltd. . . . . . . . . . . . . . . . . . . 1.0 43,632 2.3 98,586
Coal177,000 Adaro Energy Tbk PT . . . . . . . . . . . . . . . . . . 0.7 27,695
48,000 China Coal Energy Co., Ltd. . . . . . . . . . . . . . 0.9 39,84412,500 China Shenhua Energy Co., Ltd. . . . . . . . . . 1.1 44,16516,000 Sakari Resources, Ltd.. . . . . . . . . . . . . . . . . . 0.4 17,568
3.1 129,272
Commercial Banks – Non U.S.52,000 Bank Mandiri Tbk PT . . . . . . . . . . . . . . . . . . 0.9 40,282
8,000 BOC Hong Kong Holdings, Ltd. . . . . . . . . . . 0.6 24,569121,000 China Construction Bank Corp. . . . . . . . . . . 2.0 83,429130,000 Industrial & Commercial Bank of
China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.7 72,6959,400 Siam Commercial Bank PCL . . . . . . . . . . . . . 1.0 43,521
6.2 264,496
Computers4,000 Asustek Computer, Inc. . . . . . . . . . . . . . . . . 0.8 37,019
12,000 Quanta Computer, Inc. . . . . . . . . . . . . . . . . . 0.8 32,322 1.6 69,341
Consumer Products – Miscellaneous36,000 Samsonite International S.A.. . . . . . . . . . . . . 1.5 60,946
Distribution/Wholesale12,000 YGM Trading, Ltd. . . . . . . . . . . . . . . . . . . . . 0.7 28,229
Diversifi ed Financial Services27,742 Chinatrust Financial Holding Co., Ltd. . . . . . . . 0.4 15,97630,000 Fubon Financial Holding Co., Ltd. . . . . . . . . 0.7 30,300
1,110 Hana Financial Group, Inc. . . . . . . . . . . . . . 0.8 35,4381,040 Shinhan Financial Group Co., Ltd. . . . . . . . . 0.9 36,202
2.8 117,916
Diversifi ed Minerals1,258 BHP Billiton, Ltd. . . . . . . . . . . . . . . . . . . . . . 1.0% $ 40,998
Diversifi ed Operations174,500 Alliance Global Group, Inc. . . . . . . . . . . . . . 1.1 48,307
4,000 Hutchison Whampoa, Ltd. . . . . . . . . . . . . . . 0.8 34,5974,000 Keppel Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 0.8 32,785
25,000 Melco International Development, Ltd. . . . . . . . . . . . . . . . . . . 0.5 20,150
14,700 Sime Darby Bhd . . . . . . . . . . . . . . . . . . . . . . 1.1 45,917 4.3 181,756
Electric – Generation16,000 China Resources Power Holdings Co.,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 32,942
Electric – Integrated2,030 Korea Electric Power Corp. . . . . . . . . . . . . . 1.0 45,452
Electronic Components – Miscellaneous17,000 Hon Hai Precision Industry Co., Ltd. . . . . . . . 1.2 51,286
Electronic Components – Semiconductors186 Samsung Electronics Co., Ltd. . . . . . . . . . . . 4.6 197,228
Electronic Measuring Instruments17,000 Chroma ATE, Inc. . . . . . . . . . . . . . . . . . . . . . 0.9 38,712
Electronic Parts Distributors26,000 WT Microelectronics Co., Ltd. . . . . . . . . . . . 0.8 35,217
Energy – Alternate Sources248,000 China Suntien Green Energy
Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 43,498
Entertainment Software3,000 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.4 58,701
Food – Miscellaneous/Diversifi ed60,000 Indofood Sukses Makmur Tbk PT . . . . . . . . 0.7 31,100
Footwear and Related Apparel20,000 Stella International Holdings, Ltd. . . . . . . . . . 1.2 49,630
Gambling – Non-Hotel50,000 Genting Singapore PLC . . . . . . . . . . . . . . . . 1.3 56,128
Internet Content – Entertainment2,800 Youku.com, Inc. (ADR) . . . . . . . . . . . . . . . . 1.4 60,704
Life and Health Insurance24,400 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 2.0 84,132
300 Samsung Life Insurance Co., Ltd. . . . . . . . . . 0.6 24,461 2.6 108,593
Metal – Copper3,000,000 CST Mining Group, Ltd. . . . . . . . . . . . . . . . . 1.1 47,468
Metal Processors and Fabrication500,000 EVA Precision Industrial
Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.0 41,195
Multi-Line Insurance6,500 Ping An Insurance Group Co. . . . . . . . . . . . . 1.2 52,455
Oil Companies – Exploration and Production28,000 CNOOC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 56,486
Oil Companies – Integrated30,000 China Petroleum & Chemical Corp. . . . . . . . 0.6 26,894
3,900 PTT PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 39,675 1.6 66,569
Petrochemicals280 LG Chem, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.7 72,427
Property and Casualty Insurance216 Samsung Fire & Marine Insurance
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 42,773
Public Thoroughfares100,000 Shenzhen Expressway Co., Ltd. . . . . . . . . . . 0.9 36,653
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 4 3
Real Estate Management/Services51,800 AIMS AMP Capital Industrial REIT . . . . . . . . 1.2% $ 49,249
Real Estate Operating/Development15,000 Central China Real Estate, Ltd. . . . . . . . . . . . 0.1 3,874
4,000 Cheung Kong Holdings, Ltd. . . . . . . . . . . . . 1.2 49,37916,000 China Overseas Land &
Investment, Ltd. . . . . . . . . . . . . . . . . . . . . 0.9 37,5359,000 Fraser and Neave, Ltd. . . . . . . . . . . . . . . . . . 1.1 50,170
137,500 Shun Tak Holdings, Ltd. . . . . . . . . . . . . . . . . 1.1 47,7964,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 1.1 47,467
14,233 Swire Properties, Ltd. . . . . . . . . . . . . . . . . . . 1.0 42,869 6.5 279,090
Retail – Automobile48,000 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . . 0.7 27,690
Retail – Convenience Store5,000 President Chain Store Corp. . . . . . . . . . . . . . 0.6 26,697
Retail – Drug Store25,000 Shanghai Pharmaceuticals Holding
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 31,368
Retail – Jewellery60,000 Oriental Watch Holdings . . . . . . . . . . . . . . . 0.4 16,025
Retail – Major Department Stores250 Hyundai Department Store Co., Ltd. . . . . . . . 0.8 31,246
10,000 Lifestyle International Holdings, Ltd. . . . . . . . 0.5 22,011 1.3 53,257
Retail – Restaurants30,000 Ajisen China Holdings, Ltd. . . . . . . . . . . . . . 0.5 20,831
Semiconductor Components/Integrated Circuits48,000 Advanced Semiconductor
Engineering, Inc.. . . . . . . . . . . . . . . . . . . . 0.9 39,16535,000 Taiwan Semiconductor Manufacturing
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 95,846 3.2 135,011
Steel – Producers233 POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 74,409
Telecommunication Equipment100,000 TCL Communication Technology
Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.8 32,239
Telecommunication Services100,000 China Telecom Corp., Ltd. . . . . . . . . . . . . . . 1.0 43,868
97,000 Tower Bersama Infrastructure Tbk PT . . . . . . . . 0.8 34,027 1.8 77,895
Tobacco670 KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.1 47,526
Transportation – Marine14,000 First Steamship Co., Ltd. . . . . . . . . . . . . . . . 0.4 15,978
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.5 3,806,072
Repurchase Agreement 9.4$400,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $400,006 collateralised by $390,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $413,163 . . . . . . . . . . . . . 9.4 400,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 400,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.9 4,206,072
Adjustments from last traded to bid market prices . . . . . . . . . (0.9) (40,277)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.0 $ 4,165,795
CounterpartyNotional Amount
Return Paid
by the Fund
Return Received
by the Fund Termination
DateUnrealised
Appreciation
Credit Suisse Securities (USA) LLC 10,800
1-month USD LIBOR plus 75 basis points
YES Bank, Ltd. 11-Oct-12 $ 1,084
Credit Suisse Securities (USA) LLC 2,600
1-month USD LIBOR plus 75 basis points
Reliance Industries, Ltd. 11-Oct-12 1,054
Credit Suisse Securities (USA) LLC 4,320
1-month USD LIBOR plus 75 basis points
Housing Development Finance Corp., Ltd. 15-Oct-12 1,317
Credit Suisse Securities (USA) LLC 1,500
1-month USD LIBOR plus 75 basis points
JSW Steel, Ltd. 17-Oct-12 815
Credit Suisse Securities (USA) LLC 30,000
1-month USD LIBOR plus 75 basis points
Adani Power, Ltd. 18-Oct-12 989
Goldman Sachs & Co. 1,600
1-month USD LIBOR plus 75 basis points
ICICI Bank, Ltd. 14-May-13 2,011
Total $ 7,270
Total Return Swaps Outstanding at 30 June 2012
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 2,032 USD 2,540 $ 2,572 31-Jul-12 $ 32 EUR 2,041 USD 2,550 2,582 31-Jul-12 32 USD 5 EUR 4 5 31-Jul-12 — USD 5 EUR 4 5 31-Jul-12 — USD 7 EUR 6 7 31-Jul-12 — USD 7 EUR 6 7 31-Jul-12 — USD 22 EUR 17 22 31-Jul-12 — USD 22 EUR 17 22 31-Jul-12 —
Total $ 64
Total Financial Assets at fair value through profi t or loss $ 4,173,129
Financial Liabilities at fair value through profi t or loss
Credit Suisse Securities (USA) LLC 6,048
1-month USD LIBOR plus 75 basis points
Glenmark Pharmaceuticals, Ltd. 14-Oct-12 $ (164)
Credit Suisse Securities (USA) LLC 600
1-month USD LIBOR plus 75 basis points
Infosys Technologies,Ltd. 16-Oct-12 (96)
UBS Financial Services, Inc. 10,800
1-month USD LIBOR plus 125 basis points
Viet Nam Dairy Products JSC 11-Jun-13 (233)
Total $ (493)
Total Financial Liabilities at fair value through profi t or loss $ (493)
CounterpartyNotional Amount
Return Paid
by the Fund
Return Received
by the Fund Termination
DateUnrealised
(Depreciation)
Total Return Swaps Outstanding at 30 June 2012
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
4 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Balanced Fund
Percentage of Net Assets
Fair Value
Financial Assets at fair value through profi t or loss
Asset-Backed/Commercial Mortgage-Backed Securities 1.6%633,000 Arkle Master Issuer PLC, 2.1659%,
due 17/5/60 (144A) . . . . . . . . . . . . . . . . . 0.4 $ 639,596 99,000 Bear Stearns Commercial Mortgage
Securities, 5.5370%, due 12/10/41 . . . . . . . . . . . . . . . . . . . . . . 0.1 113,763
123,262 CLI Funding LLC, 4.9400%, due 18/10/26 (144A) . . . . . . . . . . . . . . . . 0.1 128,193
117,000 Commercial Mortgage Pass Through Certifi cates, 2.3646%, due 10/2/29 (144A) . . . . . . . . . . . . . . . . . 0.1 120,471
100,000 Fontainebleau Miami Beach Trust, 2.8870%, due 5/5/27 . . . . . . . . . . . . . . . . 0.1 102,291
110,000 FREMF Mortgage Trust, 5.0996%, due 25/8/44 (144A) . . . . . . . . . . . . . . . . . 0.1 111,929
62,000 FREMF Mortgage Trust, 4.7507%, due 25/11/46 (144A) . . . . . . . . . . . . . . . . 0.0 61,131
107,000 FREMF Mortgage Trust, 4.7269%, due 25/1/48 (144A) . . . . . . . . . . . . . . . . . 0.1 106,299
333,000 GS Mortgage Securities Corp II, 3.5510%, due 10/4/34 (144A) . . . . . . . . . 0.2 346,547
169,000 GS Mortgage Securities Corp II, 4.0490%, due 10/4/34 (144A) . . . . . . . . . 0.1 175,835
59,000 JPMorgan Chase Commercial Mortgage Securities Corp., 5.8706%, due 15/4/45 . . . . . . . . . . . . . . . 0.0 67,624
200,000 Saecure B.V., 1.9798%, due 30/7/92 . . . . . . . 0.1 201,636150,000 Silverstone Master Issuer PLC,
2.0157%, due 21/1/55 (144A) . . . . . . . . . 0.1 151,339210,000 WFDB Commercial Mortgage Trust,
3.6620%, due 5/7/24 (144A) . . . . . . . . . . 0.1 216,913 1.6 2,543,567
Total Asset-Backed/Commercial Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 2,543,567
Common Stock 58.3
Aerospace and Defence33,338 Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 2,477,013
Agricultural Chemicals18,745 Syngenta A.G. (ADR) . . . . . . . . . . . . . . . . . . 0.8 1,282,908
Apparel Manufacturers18,435 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,078,079
Applications Software15,135 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 898,262
Athletic Footwear22,142 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 1.2 1,943,625
Automotive – Cars and Light Trucks10,460 Daimler A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 468,482
Beverages – Wine and Spirits5,970 Brown-Forman Corp. – Class B . . . . . . . . . . 0.4 578,195
Cable/Satellite Television25,635 DIRECTV – Class A . . . . . . . . . . . . . . . . . . . 0.8 1,251,50143,165 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 2.1 3,543,846
2.9 4,795,347
Casino Hotels32,500 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . 0.9 1,413,42589,435 MGM Resorts International . . . . . . . . . . . . . 0.6 998,095
1.5 2,411,520
Chemicals – Diversifi ed58,480 E.I. du Pont de Nemours & Co. . . . . . . . . . . 1.8 2,957,33332,565 LyondellBasell Industries N.V. –
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1,311,3932.6 4,268,726
Commercial Banks – Eastern U.S.52,325 CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.1% $ 1,864,863
Commercial Banks – Non U.S.57,270 Itau Unibanco Holding S.A. (ADR) . . . . . . . . 0.5 797,19861,614 Standard Chartered PLC . . . . . . . . . . . . . . . . 0.8 1,343,022
1.3 2,140,220
Commercial Services – Finance4,720 MasterCard, Inc. – Class A . . . . . . . . . . . . . . 1.3 2,030,120
39,147 Western Union Co. . . . . . . . . . . . . . . . . . . . . 0.4 659,2351.7 2,689,355
Computer Services23,755 Cognizant Technology Solutions
Corp. – Class A . . . . . . . . . . . . . . . . . . . . . 0.9 1,425,300
Computers7,523 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 4,393,432
Computers – Integrated Systems6,340 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3 456,543
Computers – Memory Devices36,895 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,173,999
Cosmetics and Toiletries17,295 Estee Lauder Cos., Inc. – Class A . . . . . . . . . 0.6 936,005
Distribution/Wholesale1,925 W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . 0.2 368,137
E-Commerce/Products45,490 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 1,911,035
E-Commerce/Services1,890 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.8 1,255,943
Electronic Components – Miscellaneous54,515 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 1.1 1,739,574
Electronic Connectors18,699 Amphenol Corp. – Class A . . . . . . . . . . . . . . 0.6 1,026,949
Enterprise Software/Services43,378 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1,288,327
Finance – Investment Bankers/Brokers4,677 Greenhill & Co., Inc. . . . . . . . . . . . . . . . . . . 0.1 166,735
Finance – Other Services65,197 NYSE Euronext. . . . . . . . . . . . . . . . . . . . . . . 1.0 1,667,739
Food – Confectionery17,270 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1,243,958
Internet Content – Entertainment31,525 Facebook, Inc. – Class A . . . . . . . . . . . . . . . 0.6 981,058
Life and Health Insurance60,459 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 0.4 700,389
Machinery – General Industrial5,135 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . 0.3 506,208
Medical – Biomedical and Genetic27,609 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1 1,771,393
Medical – Drugs13,025 Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,205,72440,737 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 0.9 1,464,49513,595 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.7 1,174,47217,224 Valeant Pharmaceuticals
International, Inc. . . . . . . . . . . . . . . . . . . . 0.5 771,4632.8 4,616,154
Medical – Generic Drugs79,950 Mylan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 1,708,532
Medical – HMO18,830 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 730,039
Metal – Copper25,357 Freeport-McMoRan Copper &
Gold, Inc. – Class B . . . . . . . . . . . . . . . . . 0.5 863,913
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 4 5
Metal Processors and Fabricators3,749 Precision Castparts Corp. . . . . . . . . . . . . . . . 0.4% $ 616,673
Multimedia25,030 Viacom, Inc. – Class B . . . . . . . . . . . . . . . . . 0.7 1,176,911
Oil Companies – Exploration and Production49,105 Canadian Natural Resources, Ltd. . . . . . . . . . 0.8 1,318,469
Oil Companies – Integrated24,280 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.5 2,561,54136,194 Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 1,572,629
2.5 4,134,170
Oil Field Machinery and Equipment6,335 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.3 408,227
Pharmacy Services36,550 Express Scripts Holding Co. . . . . . . . . . . . . . 1.3 2,040,587
Pipelines41,135 Enterprise Products Partners L.P. . . . . . . . . . 1.3 2,107,757
Private Equity110,298 Blackstone Group L.P. . . . . . . . . . . . . . . . . . . 0.9 1,441,595
REIT – Health Care17,943 Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,132,562
Retail – Auto Parts3,005 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,103,346
Retail – Discount13,780 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 0.8 1,309,100
Retail – Major Department Stores18,040 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6 896,408
Retail – Restaurants15,240 McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . 0.8 1,349,197
Super – Regional Banks71,515 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 1.5 2,299,923
Telephone – Integrated30,712 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7 1,212,817
Television98,951 CBS Corp. – Class B . . . . . . . . . . . . . . . . . . . 2.0 3,243,613
Therapeutics9,840 BioMarin Pharmaceutical, Inc. . . . . . . . . . . . 0.2 389,467
Tobacco51,067 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 1.1 1,764,36536,238 Philip Morris International, Inc. . . . . . . . . . . 1.8 3,162,127
2.9 4,926,492
Toys76,940 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 2,495,933
Transportation – Railroad7,555 Canadian Pacifi c Railway, Ltd. . . . . . . . . . . . 0.3 553,479
17,164 Union Pacifi c Corp. . . . . . . . . . . . . . . . . . . . 1.3 2,047,8381.6 2,601,317
Wireless Equipment19,585 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.6 942,234
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.3 94,974,755
Corporate Bonds 28.6
Advertising Services97,000 WPP Finance UK, 4.7500%, company
guaranteed notes, due 21/11/21 . . . . . . . . . 0.1 101,979
Aerospace and Defence – Equipment182,000 Exelis, Inc., 4.2500%, company
guaranteed notes, due 1/10/16 (144A) . . . . . . . . . . . . . . . . . 0.1 186,777
152,000 Exelis, Inc., 5.5500%, company guaranteed notes, due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.1 163,409
153,000 United Technologies Corp., 1.8000%, senior unsecured notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 156,433
550,000 United Technologies Corp., 3.1000%, senior unsecured notes, due 1/6/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 577,554
290,000 United Technologies Corp., 4.5000%, senior unsecured notes, due 1/6/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 319,895
1.0 1,404,068
Agricultural Chemicals358,000 CF Industries, Inc., 6.8750%,
company guaranteed notes, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 425,573
187,000 CF Industries, Inc., 7.1250%, company guaranteed notes, due 1/5/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 228,140
0.4 653,713
Airlines152,000 Southwest Airlines Co., 5.1250%,
senior unsecured notes, due 1/3/17 . . . . . . 0.1 166,999
Apparel Manufacturers75,000 Hanesbrands, Inc., 4.1129%,
company guaranteed notes, due 15/12/14 . . . . . . . . . . . . . . . . . . . . . . 0.0 75,188
Beverages – Wine and Spirits222,000 Pernod-Ricard S.A., 4.4500%,
senior unsecured notes, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.1 230,472
Brewery210,000 SABMiller Holdings, Inc., 2.4500%,
company guaranteed notes, due 15/1/17 (144A) . . . . . . . . . . . . . . . . . 0.1 216,687
484,000 SABMiller Holdings, Inc., 3.7500%, company guaranteed notes, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.4 515,746
0.5 732,433
Building – Residential and Commercial92,000 DR Horton, Inc., 4.7500%, company
guaranteed notes, due 15/5/17 . . . . . . . . . 0.1 95,048118,000 M.D.C. Holdings, Inc., 5.3750%,
company guaranteed notes, due 15/12/14 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 124,182
70,000 Toll Brothers Finance Corp., 5.8750%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.0 73,758
0.2 292,988
Building Products – Cement and Aggregate211,000 Hanson, Ltd., 6.1250%, company
guaranteed notes, due 15/8/16 . . . . . . . . . 0.1 225,770
Cable/Satellite Television320,000 Comcast Corp., 3.1250%, company
guaranteed notes, due 15/7/22 . . . . . . . . . 0.2 322,195
Chemicals – Diversifi ed551,000 LyondellBasell Industries N.V.,
5.0000%, senior unsecured notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.4 580,616
Chemicals – Specialty164,000 Ashland, Inc., 9.1250%, senior
secured notes, due 1/6/17 . . . . . . . . . . . . . 0.1 181,220294,000 Ecolab, Inc., 3.0000%, senior
unsecured notes, due 8/12/16 . . . . . . . . . . 0.2 310,275192,000 Ecolab, Inc., 4.3500%, senior
unsecured notes, due 8/12/21 . . . . . . . . . . 0.1 213,2220.4 704,717
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Balanced Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
4 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Coatings and Paint Products244,000 RPM International, Inc., 6.1250%,
senior unsecured notes, due 15/10/19 . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 279,675
195,000 Sherwin-Williams Co., 3.1250%, senior unsecured notes, due 15/12/14 . . . . . . . . . . . . . . . . . . . . . . 0.1 204,783
310,000 Valspar Corp., 4.2000%, senior unsecured notes, due 15/1/22 . . . . . . . . . . 0.2 325,691
0.5 810,149
Commercial Banks – Eastern U.S.268,000 CIT Group, Inc., 5.2500%,
senior unsecured notes, due 1/4/14 (144A) . . . . . . . . . . . . . . . . . . 0.2 278,720
557,000 CIT Group, Inc., 5.5000%, senior unsecured notes, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 573,710
295,000 HSBC Bank USA NA, 4.8750%, subordinated notes, due 24/8/20 . . . . . . . 0.2 303,972
0.7 1,156,402
Commercial Banks – Western U.S.476,000 American Express Bank FSB,
5.5000%, senior unsecured notes, due 16/4/13 . . . . . . . . . . . . . . . . . . . . . . . 0.3 493,860
231,000 SVB Financial Group, 5.3750%, senior unsecured notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 249,972
346,000 Zions Bancorp., 7.7500%, senior unsecured notes, due 23/9/14 . . . . . . . . . . 0.2 375,446
143,000 Zions Bancorp., 4.5000%, senior unsecured notes, due 27/3/17 . . . . . . . . . . 0.1 143,926
0.8 1,263,204
Computers – Memory Devices192,000 Seagate Technology, 10.0000%,
secured notes, due 1/5/14 (144A) . . . . . . . 0.1 214,080
Consulting Services146,000 Verisk Analytics, Inc., 4.8750%,
company guaranteed notes, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1 156,522
705,000 Verisk Analytics, Inc., 5.8000%, company guaranteed notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 788,224
0.6 944,746
Containers – Paper and Plastic81,000 Packaging Corp of America, 3.9000%,
senior unsecured notes, due 15/6/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 81,426
63,000 Rock-Tenn Co., 4.4500%, unsecured notes, due 1/3/19 (144A) . . . . . . . . . . . . . 0.0 64,806
341,000 Rock-Tenn Co., 4.9000%, unsecured notes, due 1/3/22 (144A) . . . . . . . . . . . . . 0.2 351,969
0.3 498,201
Data Processing and Management150,000 Fiserv, Inc., 3.1250%, company
guaranteed notes, due 1/10/15 . . . . . . . . . 0.1 155,60474,000 Fiserv, Inc., 3.1250%, company
guaranteed notes, due 15/6/16 . . . . . . . . . 0.0 76,3570.1 231,961
Diversifi ed Banking Institutions241,000 Bank of America Corp., 4.5000%,
senior unsecured notes, due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 248,573
50,000 Bank of America Corp., 3.6250%, senior unsecured notes, due 17/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.0 50,272
151,000 Bank of America Corp., 5.7000%, senior unsecured notes, due 24/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 166,605
156,000 Citigroup, Inc., 5.6250%, subordinated notes, due 27/8/12 . . . . . . . 0.1 156,940
478,000 Citigroup, Inc., 5.0000%, subordinated notes, due 15/9/14 . . . . . . . 0.4 490,235
90,000 Citigroup, Inc., 4.8750%, subordinated notes, due 7/5/15. . . . . . . . . 0.1 92,383
122,000 Citigroup, Inc., 4.4500%, senior unsecured notes, due 10/1/17 . . . . . . . . . . 0.1 128,016
57,000 Goldman Sachs Group, Inc., 3.3000%, senior notes, due 3/5/15 . . . . . . . . . . . . . . 0.0 57,030
183,000 Goldman Sachs Group, Inc., 3.6250%, senior unsecured notes, due 7/2/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 183,173
156,000 Goldman Sachs Group, Inc., 5.7500%, senior unsecured notes, due 24/1/22. . . . . . . . . . . . . . . . . . . . . . . . 0.1 164,978
471,000 JPMorgan Chase & Co., 4.5000%, senior unsecured notes, due 24/1/22. . . . . . . . . . . . . . . . . . . . . . . . 0.4 508,361
75,000 Morgan Stanley, 5.3000%, senior unsecured notes, due 1/3/13 . . . . . . . . . . . 0.0 76,459
173,000 Morgan Stanley, 4.0000%, senior unsecured notes, due 24/7/15 . . . . . . . . . . 0.1 172,118
151,000 Morgan Stanley, 3.4500%, senior unsecured notes, due 2/11/15 . . . . . . . . . . 0.1 146,333
81,000 Morgan Stanley, 5.5000%, senior unsecured notes, due 28/7/21 . . . . . . . . . . 0.0 79,947
72,000 Royal Bank of Scotland PLC, 3.9500%, bank guaranteed notes, due 21/9/15. . . . . . . . . . . . . . . . . . . . . . . . 0.0 73,392
211,000 Royal Bank of Scotland PLC, 4.3750%, bank guaranteed notes, due 16/3/16. . . . . . . . . . . . . . . . . . . . . . . . 0.1 216,413
1.9 3,011,228
Diversifi ed Financial Services143,000 General Electric Capital Corp.,
5.9000%, senior unsecured notes, due 13/5/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 155,402
82,000 General Electric Capital Corp., 6.0000%, senior unsecured notes, due 7/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 96,088
398,000 General Electric Capital Corp., 5.5000%, senior unsecured notes, due 8/1/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 456,238
400,000 General Electric Capital Corp., 7.1250%, junior subordinated notes, due 15/12/49 . . . . . . . . . . . . . . . . . 0.3 424,150
0.7 1,131,878
Diversifi ed Manufacturing Operations97,000 GE Capital Trust I, 6.3750%,
company guaranteed notes, due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . 0.1 100,031
385,000 Tyco Electronics Group S.A., 6.0000%, company guaranteed notes, due 1/10/12. . . . . . . . . . . . . . . . . . . . . . . . 0.3 389,966
49,000 Tyco International Finance S.A., 4.1250%, company guaranteed notes, due 15/10/14 . . . . . . . . . . . . . . . . . 0.0 52,912
0.4 542,909
Diversifi ed Minerals339,000 FMG Resources August 2006 Pty, Ltd.,
7.0000%, company guaranteed notes, due 1/11/15 (144A) . . . . . . . . . . . . . 0.2 347,475
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 4 7
89,000 Teck Resources, Ltd., 7.0000%, senior unsecured notes, due 15/9/12 . . . . . . . . . . 0.1% $ 90,003
0.3 437,478
Electric – Generation34,000 AES Corp., 7.7500%, senior
unsecured notes, due 15/10/15 . . . . . . . . . 0.0 38,335
Electric – Integrated119,000 CMS Energy Corp., 1.4051%, senior
unsecured notes, due 15/1/13 . . . . . . . . . . 0.1 119,299226,000 CMS Energy Corp., 4.2500%, senior
unsecured notes, due 30/9/15 . . . . . . . . . . 0.1 236,098170,000 CMS Energy Corp., 5.0500%, senior
unsecured notes, due 15/2/18 . . . . . . . . . . 0.1 182,563151,000 Great Plains Energy, Inc., 4.8500%,
senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 162,465
251,000 PPL Energy Supply LLC, 4.6000%, senior unsecured notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.2 258,065
156,000 PPL WEM Holdings PLC, 3.9000%, senior unsecured notes, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.1 163,642
0.7 1,122,132
Electronic Components – Semiconductors259,000 National Semiconductor Corp.,
3.9500%, senior unsecured notes, due 15/4/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 280,776
228,000 National Semiconductor Corp., 6.6000%, senior unsecured notes, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2 282,156
633,000 Samsung Electronics America, Inc., 1.7500%, company guaranteed notes, due 10/4/17 (144A) . . . . . . . . . . . . 0.4 632,079
0.8 1,195,011
Electronic Connectors351,000 Amphenol Corp., 4.7500%, senior
unsecured notes, due 15/11/14 . . . . . . . . . 0.2 377,861124,000 Amphenol Corp., 4.0000%, senior
unsecured notes, due 1/2/22 . . . . . . . . . . . 0.1 126,5680.3 504,429
Electronic Measuring Instruments186,000 FLIR Systems, Inc., 3.7500%, senior
unsecured notes, due 1/9/16 . . . . . . . . . . . 0.1 190,850
Electronics – Military360,000 L-3 Communications Corp., 6.3750%,
company guaranteed notes, due 15/10/15. . . . . . . . . . . . . . . . . . . . . . . 0.2 368,775
Engineering – Research and Development Services185,000 URS Corp., 3.8500%,
senior unsecured notes, due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.1 182,889
177,000 URS Corp., 5.0000%, senior unsecured notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.1 175,168
0.2 358,057
Finance – Auto Loans166,000 Ford Motor Credit Co. LLC,
7.5000%, senior unsecured notes, due 1/8/12 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 166,667
136,000 Ford Motor Credit Co. LLC, 8.0000%, senior unsecured notes, due 1/6/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 150,932
569,000 Ford Motor Credit Co. LLC, 3.8750%, senior unsecured notes, due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.4 586,317
294,000 Ford Motor Credit Co. LLC, 3.0000%, senior unsecured notes, due 12/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 292,713
210,000 Ford Motor Credit Co. LLC, 6.6250%, senior unsecured notes, due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 239,132
264,000 Ford Motor Credit Co. LLC, 5.0000%, senior unsecured notes, due 15/5/18. . . . . . . . . . . . . . . . . . . . . . . . 0.2 280,997
200,000 Ford Motor Credit Co. LLC, 5.8750%, senior unsecured notes, due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 222,898
1.2 1,939,656
Finance – Consumer Loans294,000 SLM Corp., 6.2500%, senior notes,
due 25/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 310,170
Finance – Credit Card244,000 American Express Co., 6.8000%,
subordinated notes, due 1/9/66. . . . . . . . . 0.1 252,967129,000 American Express Credit Co.,
1.7500%, senior unsecured notes, due 12/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 130,558
0.2 383,525
Finance – Investment Bankers/Brokers154,000 Charles Schwab Corp., 7.0000%,
junior subordinated notes, due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 165,468
143,000 Jefferies Group, Inc., 3.8750%, senior unsecured notes, due 9/11/15 . . . . . . . . . . 0.1 141,213
261,000 Jefferies Group, Inc., 5.1250%, senior unsecured notes, due 13/4/18 . . . . . . . . . . 0.2 255,780
252,000 Jefferies Group, Inc., 8.5000%, senior unsecured notes, due 15/7/19 . . . . . . . . . . 0.2 274,680
169,000 Lazard Group LLC, 7.1250%, senior unsecured notes, due 15/5/15 . . . . . . . . . . 0.1 184,668
63,000 Lazard Group LLC, 6.8500%, senior unsecured notes, due 15/6/17 . . . . . . . . . . 0.0 69,215
308,000 Raymond James Financial, Inc., 4.2500%, senior unsecured notes, due 15/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 320,560
624,000 Raymond James Financial, Inc., 5.6250%, senior unsecured notes, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 667,707
189,000 TD Ameritrade Holding Corp., 4.1500%, company guaranteed notes, due 1/12/14 . . . . . . . . . . . . . . . . . . 0.1 199,908
108,000 TD Ameritrade Holding Corp., 5.6000%, company guaranteed notes, due 1/12/19 . . . . . . . . . . . . . . . . . . 0.1 122,944
1.5 2,402,143
Finance – Mortgage Loan Banker285,000 Northern Rock Asset Management
PLC, 5.6250%, covered, due 22/6/17 (144A) . . . . . . . . . . . . . . . . . 0.2 311,563
Food – Meat Products7,000 Smithfi eld Foods, Inc., 7.7500%,
senior unsecured notes, due 15/5/13 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 7,315
652,000 Tyson Foods, Inc., 6.8500%, company guaranteed notes, due 1/4/16 . . . . . . . . . . 0.5 748,985
191,000 Tyson Foods, Inc., 4.5000%, company guaranteed notes, due 15/6/22 . . . . . . . . . 0.1 197,685
0.6 953,985
Food – Miscellaneous/Diversifi ed149,000 ARAMARK Corp., 8.5000%, company
guaranteed notes, due 1/2/15 . . . . . . . . . . 0.1 152,726
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Balanced Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
4 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
168,000 American International Group, Inc., 6.4000%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 190,403
53,000 American International Group, Inc., 4.8750%, senior unsecured notes, due 1/6/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.0 54,337
256,000 American International Group, Inc., 8.1750%, junior subordinated debentures, due 15/5/58 . . . . . . . . . . . . . . 0.2 279,040
0.6 990,197
Oil – Field Services103,000 Weatherford International, Ltd.,
4.5000%, company guaranteed notes, due 15/4/22 . . . . . . . . . . . . . . . . . . 0.1 105,769
Oil and Gas Drilling418,000 Nabors Industries, Inc., 5.0000%,
company guaranteed notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3 446,786
116,000 Rowan Cos., Inc., 5.0000%, company guaranteed notes, due 1/9/17 . . . . . . . . . . 0.1 125,011
0.4 571,797
Oil Companies – Exploration and Production314,000 Anadarko Petroleum Corp.,
6.4500%, senior unsecured notes, due 15/9/36 . . . . . . . . . . . . . . . . . . . . . . . 0.3 364,209
65,000 Apache Corp., 3.2500%, senior unsecured notes, due 15/4/22 . . . . . . . . . . 0.0 68,013
188,000 Apache Corp., 4.7500%, senior unsecured notes, due 15/4/43 . . . . . . . . . . 0.2 209,701
163,000 Petrohawk Energy Corp., 10.5000%, company guaranteed notes, due 1/8/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 180,679
32,000 Petrohawk Energy Corp., 7.2500%, company guaranteed notes, due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.0 36,031
178,000 Petrohawk Energy Corp., 6.2500%, company guaranteed notes, due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 199,459
54,000 Pioneer Natural Resources Co., 3.9500%, senior unsecured notes, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.0 54,240
0.7 1,112,332
Oil Companies – Integrated209,000 BP Capital Markets PLC, 2.2480%,
company guaranteed notes, due 1/11/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 215,464
145,000 BP Capital Markets PLC, 3.5610%, company guaranteed notes, due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 153,811
523,000 Phillips 66, 2.9500%, company guaranteed notes, due 1/5/17 (144A) . . . . . . . . . . . . . . . . . . 0.3 538,021
532,000 Phillips 66, 4.3000%, company guaranteed notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.3 560,763
529,000 Phillips 66, 5.8750%, company guaranteed notes, due 1/5/42 (144A) . . . . . . . . . . . . . . . . . . 0.5 571,538
1.3 2,039,597
Oil Refi ning and Marketing15,000 Frontier Oil Corp., 8.5000%,
company guaranteed notes, due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.0 15,788
169,000 Motiva Enterprises LLC, 5.7500%, notes, due 15/1/20 (144A) . . . . . . . . . . . . 0.1 197,810
0.1 213,598
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
648,000 Kraft Foods Group, Inc., 2.2500%, company guaranteed notes, due 5/6/17 (144A) . . . . . . . . . . . . . . . . . . 0.4 % $ 664,244
505,000 Kraft Foods Group, Inc., 3.5000%, company guaranteed notes, due 6/6/22 (144A) . . . . . . . . . . . . . . . . . . 0.3 519,296
461,000 Kraft Foods Group, Inc., 5.0000%, company guaranteed notes, due 4/6/42 (144A) . . . . . . . . . . . . . . . . . . 0.3 489,850
1.1 1,826,116
Hotels and Motels108,000 Hyatt Hotels Corp., 5.7500%,
senior unsecured notes, due 15/8/15 (144A) . . . . . . . . . . . . . . . . . 0.1 118,511
73,000 Marriott International, Inc., 3.0000%, senior unsecured notes, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.0 73,915
40,000 Starwood Hotels & Resorts Worldwide, Inc., 6.7500%, senior unsecured notes, due 15/5/18 . . . . . . . . . . 0.0 46,520
0.1 238,946
Investment Management and Advisory Services267,000 Ameriprise Financial, Inc., 7.5180%,
junior subordinated notes, due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 290,389
159,000 FMR LLC, 6.4500%, senior unsecured notes, due 15/11/39 (144A) . . . . . . . . . . . 0.1 182,408
118,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.6250%, senior unsecured notes, due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.1 123,605
64,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, senior unsecured notes, due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.0 67,200
0.4 663,602
Linen Supply and Related Items104,000 Cintas Corp. No 2, 2.8500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 108,116
109,000 Cintas Corp. No 2, 4.3000%, company guaranteed notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.0 118,886
0.1 227,002
Medical – Biomedical and Genetic39,000 Bio-Rad Laboratories, Inc., 8.0000%,
senior subordinated notes, due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.0 43,290
Medical Instruments105,000 Boston Scientifi c Corp., 4.5000%,
senior unsecured notes, due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 111,950
Medical Products152,000 CareFusion Corp., 4.1250%, senior
unsecured notes, due 1/8/12 . . . . . . . . . . . 0.1 152,409
Money Center Banks331,000 Lloyds TSB Bank PLC, 4.8750%, bank
guaranteed notes, due 21/1/16 . . . . . . . . . 0.2 347,778
Multi–Line Insurance286,000 American International Group, Inc.,
4.2500%, senior unsecured notes, due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 0.2 296,702
156,000 American International Group, Inc., 5.4500%, senior unsecured notes, due 18/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 169,715
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 4 9
Paper and Related Products52,000 International Paper Co., 6.0000%,
senior unsecured notes, due 15/11/41 . . . . . . . . . . . . . . . . . . . . . . 0.0% $ 58,839
Pharmacy Services388,000 Aristotle Holding, Inc., 4.7500%,
company guaranteed notes, due 15/11/21 (144A) . . . . . . . . . . . . . . . . 0.3 430,173
222,000 Express Scripts Holding Co., 2.1000%, company guaranteed notes, due 12/2/15 (144A) . . . . . . . . . . . . 0.1 224,312
769,000 Express Scripts Holding Co., 2.6500%, company guaranteed notes, due 15/2/17 (144A) . . . . . . . . . . . . 0.5 783,204
358,000 Express Scripts Holding Co., 3.9000%, company guaranteed notes, due 15/2/22 (144A) . . . . . . . . . . . . 0.2 371,815
162,000 Express Scripts, Inc., 3.1250%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 168,823
69,000 Medco Health Solutions, Inc., 4.1250%, senior unsecured notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.0 73,285
1.2 2,051,612
Pipelines82,000 Colorado Interstate Gas Co. LLC,
6.8500%, senior unsecured notes, due 15/6/37 . . . . . . . . . . . . . . . . . . . . . . . 0.1 90,718
152,000 DCP Midstream Operating L.P., 3.2500%, company guaranteed notes, due 1/10/15 . . . . . . . . . . . . . . . . . . 0.1 154,435
197,000 DCP Midstream Operating L.P., 4.9500%, company guaranteed notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.1 202,578
41,000 El Paso Pipeline Partners Operating Co. LLC, 6.5000%, company guaranteed notes, due 1/4/20 . . . . . . . . . . 0.0 47,789
119,000 El Paso Pipeline Partners Operating Co. LLC, 5.0000%, company guaranteed notes, due 1/10/21 . . . . . . . . . 0.1 129,344
115,000 Energy Transfer Partners L.P., 4.6500%, senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 119,024
334,000 Kinder Morgan Finance Co. ULC, 5.7000%, company guaranteed notes, due 5/1/16 . . . . . . . . . . . . . . . . . . . 0.1 353,205
226,000 Magellan Midstream Partners L.P., 4.2500%, senior unsecured notes, due 1/2/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 243,751
252,000 Plains All American Pipeline L.P., 3.9500%, company guaranteed notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.2 270,130
64,000 Plains All American Pipeline L.P., 8.7500%, company guaranteed notes, due 1/5/19 . . . . . . . . . . . . . . . . . . . 0.1 84,526
83,000 Sunoco Logistics Partners Operations L.P., 4.6500%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.1 85,561
112,000 TC Pipelines L.P., 4.6500%, senior unsecured notes, due 15/6/21 . . . . . . . . . . 0.1 118,357
610,000 Western Gas Partners L.P., 5.3750%, senior unsecured notes, due 1/6/21 . . . . . 0.3 676,412
200,000 Western Gas Partners L.P., 4.0000%, senior unsecured notes, due 1/7/22 . . . . . 0.1 200,409
1.6 2,776,239
Publishing – Newspapers24,000 Gannett Co., Inc., 6.3750%, company
guaranteed notes, due 1/9/15 . . . . . . . . . . 0.0 25,680
Publishing – Periodicals243,000 UBM PLC, 5.7500%, notes, due
3/11/20 (144A) . . . . . . . . . . . . . . . . . . . . . 0.2 % $ 250,513
Real Estate Management/Services84,000 CBRE Services, Inc., 6.6250%,
company guaranteed notes, due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.1 89,460
Real Estate Operating/Development148,000 Post Apartment Homes L.P.,
4.7500%, senior unsecured notes, due 15/10/17 . . . . . . . . . . . . . . . . . . . . . . 0.1 160,579
Reinsurance209,000 Berkshire Hathaway, Inc., 3.2000%,
senior unsecured notes, due 11/2/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 222,053
REIT – Diversifi ed681,000 Goodman Funding Pty, Ltd., 6.3750%,
company guaranteed notes, due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.4 710,657
REIT – Health Care90,000 Senior Housing Properties Trust,
6.7500%, senior unsecured notes, due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 97,713
118,000 Senior Housing Properties Trust, 6.7500%, senior unsecured notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.0 128,523
0.1 226,236
REIT – Hotels263,000 Host Hotels & Resorts L.P., 6.7500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 270,890
REIT – Offi ce Property326,000 Alexandria Real Estate Equities, Inc.,
4.6000%, company guaranteed notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.2 334,430
83,000 Reckson Operating Partnership L.P., 6.0000%, senior unsecured notes, due 31/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 88,278
177,000 Reckson Operating Partnership L.P., 5.0000%, senior unsecured notes, due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 179,763
341,000 Reckson Operating Partnership L.P., 7.7500%, senior unsecured notes, due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 389,602
0.6 992,073
REIT – Regional Malls630,000 Rouse Co. L.P., 6.7500%, senior
unsecured notes, due 1/5/13 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 648,900
415,000 Rouse Co. L.P., 6.7500%, senior unsecured notes, due 9/11/15 . . . . . . . . . . 0.3 435,750
0.7 1,084,650
REIT – Shopping Centres62,000 DDR Corp., 4.7500%, senior
unsecured notes, due 15/4/18 . . . . . . . . . . 0.0 64,387
Retail – Regional Department Stores135,000 Macy’s Retail Holdings, Inc., 5.8750%,
company guaranteed notes, due 15/1/13 . . . . . . . . . . . . . . . . . . . . . . . 0.1 138,302
282,000 Macy’s Retail Holdings, Inc., 5.7500%, company guaranteed notes, due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . 0.2 306,196
274,000 Macy’s Retail Holdings, Inc., 5.9000%, company guaranteed notes, due 1/12/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 316,140
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Balanced Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
5 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair Value
61,000 Macy’s Retail Holdings, Inc., 3.8750%, company guaranteed notes, due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0% $ 64,259
122,000 Macy’s Retail Holdings, Inc., 6.9000%, company guaranteed notes, due 1/4/29 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 144,648
0.7 969,545
Retail – Restaurants254,000 Brinker International, Inc., 5.7500%,
senior unsecured notes, due 1/6/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 271,514
Steel – Producers220,000 ArcelorMittal, 4.5000%, senior
unsecured notes, due 25/2/17 . . . . . . . . . . 0.1 216,860
Telecommunication Services267,000 Qwest Corp., 6.7500%, senior
unsecured notes, due 1/12/21 . . . . . . . . . . 0.2 300,956
Telephone – Integrated566,000 Qwest Communications International,
Inc., 7.1250%, company guaranteed notes, due 1/4/18 . . . . . . . . . . . . . . . . . . . 0.3 599,253
Transportation – Railroad83,948 CSX Transportation, Inc., 8.3750%,
company guaranteed notes, due 15/10/14 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 95,390
223,000 Kansas City Southern de Mexico S.A. de C.V., 8.0000%, senior unsecured notes, due 1/2/18 . . . . . . . . . . . . . . . . . . . 0.1 250,607
95,000 Kansas City Southern de Mexico S.A. de C.V., 6.6250%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . 0.1 106,163
0.3 452,160
Transportation – Services41,000 Asciano Finance, Ltd., 3.1250%,
company guaranteed notes, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.0 40,836
Transportation – Truck229,000 JB Hunt Transport Services, Inc.,
3.3750%, company guaranteed notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.1 236,685
Total Corporate Bonds 28.6 46,528,065
Government Securities 3.7
U.S. Treasury Notes/Bonds1,017,000 3.1250%, due 15/5/21 . . . . . . . . . . . . . . . . . 0.7 1,157,950
682,000 2.1250%, due 15/8/21 . . . . . . . . . . . . . . . . . 0.4 716,9531,844,000 2.0000%, due 15/2/22 . . . . . . . . . . . . . . . . . 1.3 1,906,378
210,000 1.7500%, due 15/5/22 . . . . . . . . . . . . . . . . . 0.1 211,739160,000 3.1250%, due 15/11/41 . . . . . . . . . . . . . . . . 0.1 172,025
1,087,000 3.1250%, due 15/2/42 . . . . . . . . . . . . . . . . . 0.7 1,167,676650,000 3.0000%, due 15/5/42 . . . . . . . . . . . . . . . . . 0.4 680,875
3.7 6,013,596
Total Government Securities 3.7 6,013,596
Mortgage-Backed Securities 6.4Fannie Mae:
57,908 5.0000%, due 1/2/23 . . . . . . . . . . . . . . . . . . 0.0 62,708104,680 5.5000%, due 1/1/25 . . . . . . . . . . . . . . . . . . 0.1 114,489
58,851 5.5000%, due 1/1/33 . . . . . . . . . . . . . . . . . . 0.0 64,966145,355 5.0000%, due 1/9/33 . . . . . . . . . . . . . . . . . . 0.1 162,735
54,054 5.0000%, due 1/11/33 . . . . . . . . . . . . . . . . . 0.0 58,828102,060 5.0000%, due 1/12/33 . . . . . . . . . . . . . . . . . 0.1 111,074
57,913 5.0000%, due 1/2/34 . . . . . . . . . . . . . . . . . . 0.0 63,028185,799 5.5000%, due 1/4/34 . . . . . . . . . . . . . . . . . . 0.1 204,293325,780 5.5000%, due 1/9/34 . . . . . . . . . . . . . . . . . . 0.2 358,004119,261 5.5000%, due 1/5/35 . . . . . . . . . . . . . . . . . . 0.1 130,834
781,413 5.5000%, due 1/7/35 . . . . . . . . . . . . . . . . . . 0.5% $ 858,703135,391 5.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . 0.1 147,261306,168 6.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . 0.2 338,784321,070 6.0000%, due 1/12/35 . . . . . . . . . . . . . . . . . 0.2 361,683141,193 5.5000%, due 1/1/36 . . . . . . . . . . . . . . . . . . 0.1 154,894369,769 5.5000%, due 1/7/36 . . . . . . . . . . . . . . . . . . 0.2 406,344
96,209 6.0000%, due 1/3/37 . . . . . . . . . . . . . . . . . . 0.1 106,458498,164 5.5000%, due 1/5/37 . . . . . . . . . . . . . . . . . . 0.3 549,929
96,824 6.0000%, due 1/5/37 . . . . . . . . . . . . . . . . . . 0.1 106,71586,834 5.5000%, due 1/7/37 . . . . . . . . . . . . . . . . . . 0.1 94,77287,761 5.5000%, due 1/3/38 . . . . . . . . . . . . . . . . . . 0.1 96,881
125,985 6.0000%, due 1/11/38 . . . . . . . . . . . . . . . . . 0.1 138,856239,518 6.0000%, due 1/11/38 . . . . . . . . . . . . . . . . . 0.2 264,668360,229 6.0000%, due 1/10/39 . . . . . . . . . . . . . . . . . 0.2 404,952
92,285 5.0000%, due 1/6/40 . . . . . . . . . . . . . . . . . . 0.1 101,84977,081 4.5000%, due 1/10/40 . . . . . . . . . . . . . . . . . 0.1 84,10071,187 5.0000%, due 1/3/41 . . . . . . . . . . . . . . . . . . 0.0 78,565
200,975 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.1 220,571140,519 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.1 154,621179,153 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.1 198,926
3.7 6,200,491
Freddie Mac:99,195 5.0000%, due 1/1/19 . . . . . . . . . . . . . . . . . . 0.1 106,53870,228 5.0000%, due 1/2/19 . . . . . . . . . . . . . . . . . . 0.0 75,42693,525 5.5000%, due 1/8/19 . . . . . . . . . . . . . . . . . . 0.1 101,456
339,492 5.0000%, due 1/1/36 . . . . . . . . . . . . . . . . . . 0.2 376,134195,867 5.5000%, due 1/10/36 . . . . . . . . . . . . . . . . . 0.1 216,832134,638 5.0000%, due 1/11/36 . . . . . . . . . . . . . . . . . 0.1 145,152
67,653 5.5000%, due 1/5/38 . . . . . . . . . . . . . . . . . . 0.0 74,450346,776 5.0000%, due 1/5/39 . . . . . . . . . . . . . . . . . . 0.3 380,302176,058 5.5000%, due 1/10/39 . . . . . . . . . . . . . . . . . 0.1 193,748159,756 4.5000%, due 1/1/41 . . . . . . . . . . . . . . . . . . 0.1 173,553107,042 4.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1 117,044360,052 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.3 397,155
1.5 2,357,790
Ginnie Mae:134,313 6.0000%, due 20/11/34 . . . . . . . . . . . . . . . . 0.1 151,556180,215 5.5000%, due 15/3/36 . . . . . . . . . . . . . . . . . 0.1 201,141112,105 5.0000%, due 15/4/39 . . . . . . . . . . . . . . . . . 0.1 123,749130,569 5.0000%, due 15/10/39 . . . . . . . . . . . . . . . . 0.1 145,599209,212 5.0000%, due 15/11/39 . . . . . . . . . . . . . . . . 0.2 233,303
62,105 5.0000%, due 15/1/40 . . . . . . . . . . . . . . . . . 0.0 68,78548,921 5.0000%, due 15/4/40 . . . . . . . . . . . . . . . . . 0.0 54,18073,376 5.0000%, due 15/4/40 . . . . . . . . . . . . . . . . . 0.1 81,41079,533 5.0000%, due 15/5/40 . . . . . . . . . . . . . . . . . 0.1 88,24165,868 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . 0.0 72,954
194,475 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . 0.1 215,860208,757 5.0000%, due 15/2/41 . . . . . . . . . . . . . . . . . 0.2 232,977
92,962 5.0000%, due 15/5/41 . . . . . . . . . . . . . . . . . 0.1 103,52050,107 4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . . 0.0 55,33667,839 3.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.0 72,630
1.2 1,901,241
Total Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . 6.4 10,459,522
Preferred Stock 0.1
Food – Miscellaneous/Diversifi ed1 H.J. Heinz Finance Co.,
8.0000%, (144A) . . . . . . . . . . . . . . . . . . . 0.1 107,563
Total Preferred Stock 0.1 107,563
Tranche Loan* 0.1
Electric – Generation108,625 AES Corp., 4.2500%, due 6/1/18 . . . . . . . . . 0.1 108,507
Total Tranche Loan 0.1 108,507
Shares or Principal Amount
Percentage of Net Assets
Fair Value
* Each of the Tranche Loans are held either by Bank of America, Barclays Capital Services, Credit Suisse, Deutsche Bank, JPMorgan Chase Bank or Morgan Stanley.
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 5 1
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 28,288,819 USD 35,354,632 $ 35,803,096 31-Jul-12 $ 448,464 EUR 292,525 USD 365,590 370,227 31-Jul-12 4,637 EUR 18,401,093 USD 22,997,207 23,288,920 31-Jul-12 291,713 EUR 6,576 USD 8,172 8,323 31-Jul-12 151
Credit Suisse Securities (USA) LLCUSD 67,338 GBP 43,000 67,330 19-Jul-12 8
HSBC Securities (USA) Inc.USD 656,368 GBP 419,000 656,087 12-Jul-12 281
Total $ 745,254
Total Financial Assets at fair value through profi t or loss $ 162,207,543
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 25,042 EUR 20,040 $ 25,364 31-Jul-12 $ (322)USD 5,692 EUR 4,581 5,797 31-Jul-12 (105)USD 289,768 EUR 230,424 291,631 31-Jul-12 (1,863)USD 429 EUR 341 432 31-Jul-12 (3)
Credit Suisse Securities (USA) LLCUSD 93,318 GBP 60,000 93,949 19-Jul-12 (631)
JPMorgan Chase & Co.USD 457,341 GBP 294,000 460,334 2-Aug-12 (2,993)
RBC Capital Markets Corp.USD 349,335 GBP 225,000 352,303 26-Jul-12 (2,968)
Total $ (8,885)
Total Financial Liabilities at fair value through profi t or loss $ (8,885)
Repurchase Agreement 0.5%$800,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $800,013 collateralised by $775,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $821,029 . . . . . . . . . . . . . 0.5 $ 800,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 800,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99. 3 161,535,575
Adjustments from last traded to bid market prices . . . . . . . . . . . — (73,286)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.3 $ 161,462,289
Janus Emerging Markets Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
5 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Assets at fair value through profi t or loss
Common Stock 88.4 %
Apparel Manufacturers33,000 China Lilang, Ltd.. . . . . . . . . . . . . . . . . . . . . 0.5 $ 22,77961,000 Sitoy Group Holdings, Ltd.. . . . . . . . . . . . . . 0.6 27,300
1.1 50,079
Automotive – Cars and Light Trucks5,000 Isuzu Motors, Ltd. . . . . . . . . . . . . . . . . . . . . 0.6 26,737
20,107 Yulon Motor Co., Ltd.. . . . . . . . . . . . . . . . . . 0.8 35,780 1.4 62,517
Automotive – Truck Parts and Equipment – Original221 Hyundai Mobis . . . . . . . . . . . . . . . . . . . . . . . 1.2 53,506370 Mando Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.1 55,119
2.3 108,625
Building – Residential and Commercial15,300 MRV Engenharia e Participacoes S.A. . . . . . . . 1.6 70,474
Casino Hotels13,100 Genting Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 39,556
1,040 Kangwon Land, Inc. . . . . . . . . . . . . . . . . . . . 0.5 22,160 1.4 61,716
Cellular Telecommunications2,914 America Movil S.A.B. de C.V. (ADR) . . . . . . . 1.8 75,9406,000 China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . 1.5 65,945
3.3 141,885
Coal10,000 China Shenhua Energy Co., Ltd. . . . . . . . . . 0.8 35,33217,000 Sakari Resources, Ltd.. . . . . . . . . . . . . . . . . . 0.4 18,666
1.2 53,998
Commercial Banks – Non U.S.8,750 Banco Bilbao Vizcaya Argentaria S.A. . . . . . . . 1.4 61,8633,000 Banco do Brasil S.A. . . . . . . . . . . . . . . . . . . . 0.7 29,0567,920 Banco do Brasil S.A. (ADR) . . . . . . . . . . . . . . 1.8 77,695
186,000 Bank of China, Ltd. . . . . . . . . . . . . . . . . . . . 1.6 71,1732,161 Commercial Bank of Qatar QSC . . . . . . . . . . 0.9 40,570
15,592 First Gulf Bank PJSC . . . . . . . . . . . . . . . . . . 0.8 34,0441,824 ICICI Bank, Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.3 59,1164,785 Itau Unibanco Holding S.A. (ADR) . . . . . . . . 1.5 66,6072,676 Sberbank of Russia . . . . . . . . . . . . . . . . . . . . 0.6 28,9547,884 Sberbank of Russia (ADR) . . . . . . . . . . . . . . 2.0 85,7581,428 State Bank of India . . . . . . . . . . . . . . . . . . . . 1.2 55,748
13.8 610,584
Computers3,000 Asustek Computer, Inc. . . . . . . . . . . . . . . . . 0.6 27,764
Consumer Products – Miscellaneous28,200 Samsonite International S.A.. . . . . . . . . . . . . 1.1 47,741
Distribution/Wholesale9,671 Adani Enterprises, Ltd. . . . . . . . . . . . . . . . . . 0.9 38,893
Diversifi ed Financial Services1,403 Shinhan Financial Group Co., Ltd. . . . . . . . . 1.1 48,837
Diversifi ed Minerals333 Anglo American PLC . . . . . . . . . . . . . . . . . . 0.2 11,136
4,100 Verde Potash PLC . . . . . . . . . . . . . . . . . . . . . 0.4 16,1940.6 27,330
Diversifi ed Operations135,600 Alliance Global Group, Inc. . . . . . . . . . . . . . 0.8 37,539
44,000 Melco International Development, Ltd. . . . . . . . . . . . . . . . . . . 0.8 35,464
2,001 Orascom Development Holding A.G. . . . . . . . 0.7 31,838 2.3 104,841
Diversifi ed Operations – Commercial Services25,300 John Keells Holdings PLC. . . . . . . . . . . . . . . 0.8 34,641
E-Commerce/Services1,420 Ctrip.com International, Ltd. (ADR) . . . . . . . 0.5 23,799
Electric – Generation105,235 Indiabulls Infrastructure and
Power, Ltd*. . . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 4,015
Electronic Components – Semiconductors129 Samsung Electronics Co., Ltd. . . . . . . . . . . . 3.1 136,787
Electronic Measuring Instruments16,000 Chroma ATE, Inc. . . . . . . . . . . . . . . . . . . . . . 0.8 36,435
Electronic Parts Distributors50,465 WPG Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 1.3 59,55113,000 WT Microelectronics Co., Ltd. . . . . . . . . . . . 0.4 17,609
1.7 77,160
Food – Baking51,000 Nippon Indosari Corpindo Tbk PT. . . . . . . . 0.5 22,457
Food – Miscellaneous/Diversifi ed23,580 Universal Robina Corp. . . . . . . . . . . . . . . . . 0.8 35,496
Food – Retail1,642 X5 Retail Group N.V. (GDR) . . . . . . . . . . . . . 0.8 37,624
Food – Wholesale/Distribution36,136 Olam International, Ltd. . . . . . . . . . . . . . . . . 1.2 52,600
Hotels and Motels4,996 7 Days Group Holdings, Ltd. . . . . . . . . . . . . 1.2 52,758
26,000 Shangri-La Asia, Ltd. . . . . . . . . . . . . . . . . . . 1.1 49,866 2.3 102,624
Industrial Automation and Robotics300 FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1 49,298
Insurance Brokers5,368 CNinsure, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 36,717
Internet Content – Entertainment1,080 Youku.com, Inc. (ADR) . . . . . . . . . . . . . . . . 0.5 23,414
Medical – Generic Drugs4,086 Pharmstandard OJSC (GDR). . . . . . . . . . . . . 1.3 58,291
Medical – Hospitals8,248 NMC Health PLC . . . . . . . . . . . . . . . . . . . . . 0.6 24,696
Metal – Diversifi ed7,289 Ivanhoe Mines, Ltd. . . . . . . . . . . . . . . . . . . . 1.6 71,902
— Ivanhoe Mines, Ltd. – Rights . . . . . . . . . . . . 0.2 7,5081,300 Rio Tinto PLC . . . . . . . . . . . . . . . . . . . . . . . . 1.4 62,077
3.2 141,487
Metal – Iron8,939 Fortescue Metals Group, Ltd. . . . . . . . . . . . . 1.0 45,676
49,969 Gindalbie Metals, Ltd. . . . . . . . . . . . . . . . . . 0.5 22,871583 Kumba Iron Ore, Ltd. . . . . . . . . . . . . . . . . . . 0.9 39,376
11,522 London Mining PLC . . . . . . . . . . . . . . . . . . . 0.8 35,46947,542 Sundance Resources, Ltd. . . . . . . . . . . . . . . . 0.4 16,158
5,512 Vale S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 109,413 6.0 268,963
Oil Companies – Exploration and Production132,267 Aminex PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 8,859
22,600 CGX Energy, Inc. . . . . . . . . . . . . . . . . . . . . . 0.2 10,8806,684 Chariot Oil & Gas, Ltd. . . . . . . . . . . . . . . . . 0.2 10,7532,108 Cobalt International Energy, Inc. . . . . . . . . . 1.2 49,5381,900 HRT Participacoes em Petroleo S.A. . . . . . . . 0.1 5,9708,394 Karoon Gas Australia, Ltd. . . . . . . . . . . . . . . 0.8 35,2273,681 Kosmos Energy, Ltd. . . . . . . . . . . . . . . . . . . . 0.9 40,6751,062 Niko Resources, Ltd. . . . . . . . . . . . . . . . . . . 0.3 14,003
14,393 OGX Petroleo e Gas Participacoes S.A. . . . . . . . . . . . . . . . . . . . 0.9 39,005
2,384 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . . 0.5 21,678 5.3 236,588
Oil Companies – Integrated876 Pacifi c Rubiales Energy Corp. . . . . . . . . . . . . 0.4 18,556
10,467 Petroleo Brasileiro S.A. (ADR) . . . . . . . . . . . . 4.4 196,466 4.8 215,022
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
* Security valued at fair value as detailed in Note 1.
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 5 3
Property and Casualty Insurance359 Samsung Fire & Marine Insurance
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6% $ 71,090
Real Estate Operating/Development30,822 Emaar Properties PJSC . . . . . . . . . . . . . . . . . 0.5 23,751
8,000 Hang Lung Properties, Ltd. . . . . . . . . . . . . . . 0.6 27,23366,095 Indiabulls Real Estate, Ltd. . . . . . . . . . . . . . . 1.7 73,202
9,300 PDG Realty S.A. Empreendimentos e Participacoes . . . . . . . . . . . . . . . . . . . . . 0.4 16,347
6,898 PDG Realty S.A. Empreendimentos e Participacoes (ADR) . . . . . . . . . . . . . . . . 0.5 23,798
190,250 Shun Tak Holdings, Ltd. . . . . . . . . . . . . . . . . 1.5 66,13285,171 Sorouh Real Estate Co. . . . . . . . . . . . . . . . . . 0.5 24,201
5.7 254,664
REIT – Diversifi ed16,700 Fibra Uno Administracion S.A.
de C.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 34,307
Retail – Apparel and Shoe52,000 Anta Sports Products, Ltd. . . . . . . . . . . . . . . 0.7 31,702
Retail – Automobile19,500 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . . 0.3 11,249
Retail – Major Department Stores360 Hyundai Department Store Co., Ltd. . . . . . . . 1.0 44,994
Retail – Restaurants1,683 Arcos Dorados Holdings, Inc. –
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 24,875
Rubber/Plastic Products1,286 Jain Irrigation Systems, Ltd. . . . . . . . . . . . . . 0.0 1,931
36,441 Jain Irrigation Systems, Ltd. (EDR) . . . . . . . . 0.7 27,258 0.7 29,189
Schools1,900 Anhanguera Educacional
Participacoes S.A. . . . . . . . . . . . . . . . . . . . 0.5 24,107
Semiconductor Components/Integrated Circuits48,000 Advanced Semiconductor
Engineering, Inc.. . . . . . . . . . . . . . . . . . . . 0.9 39,16510,157 Taiwan Semiconductor
Manufacturing Co., Ltd. (ADR) . . . . . . . . . 3.1 141,791 4.0 180,956
Shipbuilding21,518 Pipavav Defence & Offshore
Engineering Co., Ltd. . . . . . . . . . . . . . . . . 0.7 32,433
Telecommunication Services519 China Telecom Corp., Ltd. . . . . . . . . . . . . . . 0.5 22,846
118,500 Tower Bersama Infrastructure Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 41,570
8,228 VimpelCom, Ltd. . . . . . . . . . . . . . . . . . . . . . 1.5 66,729 2.9 131,145
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88.4 3,944,109
Exchange Traded Funds 2.1
Emerging Market – Equity26,800 BOCI-Prudential – W.I.S.E. – CSI
China Tracker Fund (ETF) . . . . . . . . . . . . 2.1 95,928
Total Exchange Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 95,928
Repurchase Agreement 4.5$200,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $200,003 collateralised by $195,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $206,582 . . . . . . . . . . . . . 4.5 200,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 200,000
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Schedule of Purchased Options – Calls
J P Morgan Chase & Co.12,289 Karoon Gas Australia, Ltd., expires
18/10/12, 12,289 contracts, exercise price 4.10 AUD . . . . . . . . . . . . . . 0.1% $ 5,528
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 5,528
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 95.1 4,245,565
Adjustments from last traded to bid market prices . . . . . . . . . (0.8) (36,492)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.3 $ 4,209,073
Contract Amount
Percentage of Net Assets
Fair Value
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 704,495 USD 880,459 $ 891,628 31-Jul-12 $ 11,169 EUR 15,636 USD 19,541 19,789 31-Jul-12 248 EUR 558,908 USD 698,509 707,370 31-Jul-12 8,861
Credit Suisse Securities (USA) LLCUSD 72,974 JPY 5,760,000 72,094 19-Jul-12 880
Total $ 21,158
Total Financial Assets at fair value through profi t or loss $ 4,230,231
CounterpartyNotional Amount
Return Paid
by the Fund
Return Received
by the Fund Termination
DateUnrealised
(Depreciation)
Credit Suisse Securities (USA) LLC 853
1-month USD LIBOR plus 100 basis points
Samba Financial Group 17-Dec-12 $ (294)
Morgan Stanley & Co., Inc. 1,259
1-month USD LIBOR plus 100 basis points
Armada OAO 30-Apr-14 (629)
Morgan Stanley & Co., Inc. 133,110
1-month USD LIBOR plus 100 basis points
Baoshan Iron & Steel Co., Ltd. 3-Oct-12 (27,426)
Morgan Stanley & Co., Inc. 206,963
1-month USD LIBOR plus 100 basis points
China Construc-tion Bank Corp. 3-Oct-12 (16,904)
UBS Financial Services, Inc. 5,990
1-month USD LIBOR plus 125 basis points
Viet Nam Dairy Products JSC 31-Dec-13 (129)
Total $ (45,382)
Total Return Swaps Outstanding at 30 June 2012
Janus Emerging Markets Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
5 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 5,214 EUR 4,146 $ 5,248 31-Jul-12 $ (34)USD 116 EUR 92 117 31-Jul-12 (1)USD 2,884 EUR 2,293 2,903 31-Jul-12 (19)USD 7,181 EUR 5,779 7,314 31-Jul-12 (133)USD 160 EUR 129 163 31-Jul-12 (3)
Credit Suisse Securities (USA) LLCJPY 330,000 USD 4,157 4,131 19-Jul-12 (26)
Total $ (216)
Total Financial Liabilities at fair value through profi t or loss $ (45,598)
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 5 5
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Europe Fund
Financial Assets at fair value through profi t or loss
Common Stock 94.3%
Advertising Agencies5,814 WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 € 55,839
Agricultural Chemicals173 Syngenta A.G.. . . . . . . . . . . . . . . . . . . . . . . . 2.4 46,693
Beverages – Wine and Spirits269 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . 1.2 22,739
Brewery319 Anheuser-Busch InBev N.V. . . . . . . . . . . . . . 1.0 19,597675 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 1.1 21,425
2.1 41,022
Cable/Satellite Television1,324 Kabel Deutschland Holding A.G. . . . . . . . . . 3.3 65,109
Cellular Telecommunications9,641 Vodafone Group PLC (ADR) . . . . . . . . . . . . . 1.1 21,405
Chemicals – Diversifi ed1,049 K+S A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 37,821
Commercial Banks – Non U.S.5,845 Banco Bilbao Vizcaya Argentaria S.A. . . . . . . 1.7 33,2893,416 Standard Chartered PLC . . . . . . . . . . . . . . . . 3.0 58,847
4.7 92,136
Cosmetics and Toiletries331 Beiersdorf A.G. . . . . . . . . . . . . . . . . . . . . . . . 0.9 16,971
Diversifi ed Banking Institutions1,370 BNP Paribas S.A. . . . . . . . . . . . . . . . . . . . . . 2.2 41,792
633 Deutsche Bank A.G. . . . . . . . . . . . . . . . . . . . 0.9 18,179625 Societe Generale S.A. . . . . . . . . . . . . . . . . . . 0.6 11,644
3.7 71,615
Diversifi ed Operations1,450 Orascom Development Holding A.G. . . . . . . . 0.9 18,234
Electronic Components – Semiconductors6,141 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 2.0 38,643
Food – Miscellaneous/Diversifi ed862 Danone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 42,287742 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . 1.0 19,706
3.2 61,993
Food – Retail6,463 Tesco PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 24,825
Hotels and Motels694 Accor S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 17,266406 Whitbread PLC . . . . . . . . . . . . . . . . . . . . . . 0.5 10,238
1.4 27,504
Internet Gambling9,356 Bwin.Party Digital
Entertainment PLC . . . . . . . . . . . . . . . . . . 0.7 12,759
Life and Health Insurance6,230 ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . 1.7 33,2147,371 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 3.5 67,486
5.2 100,700
Machine Tools and Related Products1,067 KUKA A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 18,962
Machinery – General Industrial1,878 Hexagon A.B. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 25,605
Machinery – Pumps2,324 Weir Group PLC . . . . . . . . . . . . . . . . . . . . . . 2.3 44,292
Medical – Drugs1,665 GlaxoSmithKline PLC . . . . . . . . . . . . . . . . . . 1.5 29,834
383 Novo Nordisk A/S . . . . . . . . . . . . . . . . . . . . 2.3 43,800257 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 1.8 35,076443 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 26,545868 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 1.0 19,713
8.0 154,968
Medical Instruments495 Elekta A.B. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9% € 17,848
Medical Products1,117 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . 2.4 47,230
Metal – Diversifi ed1,079 Rio Tinto PLC . . . . . . . . . . . . . . . . . . . . . . . . 2.1 40,721
Oil – Field Services4,078 AMEC PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 50,8602,819 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2.5 48,698
5.1 99,558
Oil Companies – Exploration and Production4,979 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . . 1.8 35,7813,191 Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . . 3.0 58,208
4.8 93,989
Oil Companies – Integrated4,773 BG Group PLC . . . . . . . . . . . . . . . . . . . . . . . 4.0 77,1973,163 Royal Dutch Shell PLC . . . . . . . . . . . . . . . . . 4.4 84,1961,418 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 50,567
11.0 211,960
Real Estate Management/Services2,624 Atrium European Real Estate, Ltd. . . . . . . . . 0.5 9,740
Retail – Jewellery668 Cie Financiere Richemont S.A. . . . . . . . . . . . 1.5 28,984
Retail – Restaurants25,177 Punch Taverns PLC . . . . . . . . . . . . . . . . . . . 0.1 1,974
Semiconductor Equipment1,134 ASML Holding N.V. . . . . . . . . . . . . . . . . . . . 2.3 45,663
Soap and Cleaning Preparations884 Reckitt Benckiser Group PLC . . . . . . . . . . . . 1.9 36,842
Steel – Producers1,185 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . 0.8 15,255
Telecommunication Services1,886 Virgin Media, Inc. . . . . . . . . . . . . . . . . . . . . . 1.9 36,521
Tobacco1,308 Imperial Tobacco Group PLC . . . . . . . . . . . . 2.0 39,769
Transportation – Marine6 AP Moeller – Maersk A/S . . . . . . . . . . . . . . . 1.6 31,213
Transportation – Services395 Koninklijke Vopak N.V. . . . . . . . . . . . . . . . . 1.0 20,016455 Kuehne + Nagel International A.G. . . . . . . . . 1.9 38,075
2.9 58,091
Wireless Equipment2,652 Telefonaktiebolaget L.M. Ericsson –
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 19,133
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.3 1,834,326
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 94.3 1,834,326
Adjustments from last traded to bid market prices . . . . . . . . . (0.5) (9,625)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.8 1,824,701
Total Financial Assets at fair value through profi t or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — € 1,824,701
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
5 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus Global Life Sciences Fund
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Financial Assets at fair value through profi t or loss
Common Stock 97.4%
Diagnostic Equipment3,600 Gen-Probe, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.5 $ 295,920
Diagnostic Kits32,231 Quidel Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 505,382
Dialysis Centres12,439 DaVita, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 1,221,634
Heart Monitors11,899 HeartWare International, Inc. . . . . . . . . . . . . 1.7 1,056,631
Instruments – Controls3,130 Mettler-Toledo International, Inc. . . . . . . . . . 0.8 487,811
Instruments – Scientifi c16,128 Thermo Fisher Scientifi c, Inc. . . . . . . . . . . . . 1.4 837,204
Life and Health Insurance120,870 Odontoprev S.A.. . . . . . . . . . . . . . . . . . . . . . 1.0 609,706
Medical – Biomedical and Genetic15,031 Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . 2.5 1,492,57810,825 Amylin Pharmaceuticals, Inc. . . . . . . . . . . . . 0.5 305,59046,595 Ariad Pharmaceuticals, Inc. . . . . . . . . . . . . . 1.3 801,900
7,655 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.8 1,105,22936,073 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 3.7 2,314,44366,870 Chelsea Therapeutics
International, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 98,96835,494 Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . 3.0 1,820,13243,476 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 1.6 986,90530,940 InterMune, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6 369,73314,080 Life Technologies Corp. . . . . . . . . . . . . . . . . 1.0 633,459
7,898 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 1.5 902,11028,030 Seattle Genetics, Inc. . . . . . . . . . . . . . . . . . . 1.2 711,682
3,115 United Therapeutics Corp. . . . . . . . . . . . . . . 0.3 153,81918,327 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 1.7 1,024,846
20.9 12,721,394
Medical – Drugs14,325 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 1.5 923,53364,579 Achillion Pharmaceuticals, Inc.. . . . . . . . . . . 0.7 400,39038,325 Alkermes PLC. . . . . . . . . . . . . . . . . . . . . . . . 1.1 650,37511,455 Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.7 1,060,388
152,875 Aurobindo Pharma, Ltd. . . . . . . . . . . . . . . . . 0.5 303,87618,736 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 1.1 673,55924,975 Endo Pharmaceuticals
Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.3 773,72619,418 Forest Laboratories, Inc. . . . . . . . . . . . . . . . . 1.1 679,43645,457 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 1.0 626,39722,210 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 1.6 999,67211,540 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.7 1,054,75622,200 Mitsubishi Tanabe Pharma Corp. . . . . . . . . . 0.5 319,04910,620 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 592,602
4,370 Novo Nordisk A/S . . . . . . . . . . . . . . . . . . . . 1.0 632,34034,279 Pfi zer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 788,417
5,172 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 1.5 893,15917,815 Salix Pharmaceuticals, Ltd. . . . . . . . . . . . . . . 1.6 969,84912,402 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 940,30914,566 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 2.1 1,258,35638,297 Valeant Pharmaceuticals
International, Inc. . . . . . . . . . . . . . . . . . . . 2.9 1,715,32226.7 16,255,511
Medical – Generic Drugs35,819 Impax Laboratories, Inc. . . . . . . . . . . . . . . . . 1.2 726,05172,820 Mylan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 1,556,16327,500 Pharmstandard OJSC (GDR). . . . . . . . . . . . . 0.6 392,31722,366 Teva Pharmaceutical Industries,
Ltd. (ADR) . . . . . . . . . . . . . . . . . . . . . . . . 1.5 882,11514,750 Watson Pharmaceuticals, Inc. . . . . . . . . . . . . 1.8 1,091,353
7.6 4,647,999
Medical – HMO45,185 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9% $ 1,751,82214,550 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.9 1,126,75210,540 UnitedHealth Group, Inc. . . . . . . . . . . . . . . . 1.0 616,590
5.8 3,495,164
Medical – Hospitals139,680 NMC Health PLC . . . . . . . . . . . . . . . . . . . . . 0.7 418,225
Medical – Wholesale Drug Distributors29,910 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 2.0 1,176,958
135,200 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 0.6 374,3702.6 1,551,328
Medical Information Systems8,070 athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . 1.1 638,902
Medical Instruments22,497 St. Jude Medical, Inc. . . . . . . . . . . . . . . . . . . 1.5 897,85520,860 Volcano Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0 597,639
2.5 1,495,494
Medical Products19,671 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . 1.7 1,052,39811,190 Henry Schein, Inc. . . . . . . . . . . . . . . . . . . . . 1.4 878,30332,475 PSS World Medical, Inc. . . . . . . . . . . . . . . . . 1.1 681,65014,927 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.4 822,47814,950 Varian Medical Systems, Inc. . . . . . . . . . . . . 1.5 908,512
7.1 4,343,341
Patient Monitoring Equipment26,973 Masimo Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0 603,656
Pharmacy Services62,800 Brazil Pharma S.A. . . . . . . . . . . . . . . . . . . . . 0.6 337,11044,997 Express Scripts Holding Co. . . . . . . . . . . . . . 4.1 2,512,18342,415 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 2.2 1,324,620
6.9 4,173,913
Physical Practice Management8,472 Mednax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 580,671
Retail – Drug Store43,400 Raia Drogasil S.A. . . . . . . . . . . . . . . . . . . . . . 0.7 434,389
Soap and Cleaning Preparations10,915 Reckitt Benckiser Group PLC . . . . . . . . . . . . 1.0 575,584
Therapeutics37,430 BioMarin Pharmaceutical, Inc. . . . . . . . . . . . 2.5 1,481,479
5,970 Pharmacyclics, Inc. . . . . . . . . . . . . . . . . . . . . 0.5 326,02210,260 Synageva BioPharma Corp. . . . . . . . . . . . . . . 0.7 416,146
3.7 2,223,647
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.5 59,173,506
Repurchase Agreement 1.2$700,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $700,011 collateralised by $675,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $715,090 . . . . . . . . . . . . . 1.2 700,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 700,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.7 59,873,506
Adjustments from last traded to bid market prices . . . . . . . . . (0.1) (51,765)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.6 $ 59,821,741
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 5 7
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 17,452,332 USD 21,811,469 $ 22,088,142 31-Jul-12 $ 276,673 EUR 241,785 USD 302,176 306,009 31-Jul-12 3,833 EUR 100,517 USD 125,604 127,218 31-Jul-12 1,614 EUR 2,396 USD 2,978 3,033 31-Jul-12 55
Credit Suisse Securities (USA) LLCUSD 112,375 JPY 8,870,000 111,020 19-Jul-12 1,355 USD 5,038 JPY 400,000 5,006 19-Jul-12 32
HSBC Securities (USA), Inc.USD 124,619 JPY 9,900,000 123,899 12-Jul-12 720
JPMorgan Chase & Co.USD 105,517 JPY 8,400,000 105,159 2-Aug-12 358
Total $ 284,640
Total Financial Assets at fair value through profi t or loss $ 60,106,381
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 146,492 EUR 116,491 $ 147,434 31-Jul-12 $ (942)USD 3,124 EUR 2,484 3,144 31-Jul-12 (20)
Credit Suisse Securities (USA) LLCUSD 188,976 CHF 180,000 189,807 19-Jul-12 (831)USD 68,025 EUR 54,000 68,336 19-Jul-12 (311)
HSBC Securities (USA), Inc.JPY 4,500,001 USD 57,420 56,318 12-Jul-12 (1,102)USD 143,353 EUR 114,000 144,258 12-Jul-12 (905)USD 526,007 CHF 502,000 529,258 12-Jul-12 (3,251)RBC Capital Markets Corp.USD 222,186 EUR 177,000 224,005 26-Jul-12 (1,819)
Total $ (9,181)
Total Financial Liabilities at fair value through profi t or loss $ (9,181)
Janus Global Research Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
5 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Financial Assets at fair value through profi t or loss
Common Stock 98.5%
Agricultural Chemicals259 Syngenta A.G.. . . . . . . . . . . . . . . . . . . . . . . . 1.0 $ 88,451
Airlines2,853 United Continental Holdings, Inc. . . . . . . . . 0.8 69,413
Apparel Manufacturers1,061 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 62,047
15,100 Prada SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 102,6241.9 164,671
Applications Software564 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 33,473
2,925 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 1.1 89,4761.5 122,949
Athletic Footwear714 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 0.8 62,675
Automotive – Cars and Light Trucks5,151 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . 0.6 49,398
18,000 Isuzu Motors, Ltd. . . . . . . . . . . . . . . . . . . . . 1.2 96,2521.8 145,650
Automotive – Truck Parts and Equipment – Original404 Mando Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 60,184892 WABCO Holdings, Inc. . . . . . . . . . . . . . . . . 0.6 47,214
1.3 107,398
Beverages – Non-Alcoholic709 Monster Beverage Corp. . . . . . . . . . . . . . . . . 0.6 50,481
Beverages – Wine and Spirits1,071 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . 1.4 114,554
Brewery2,769 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 1.3 111,206
Cable/Satellite Television 1,795 Comcast Corp. – Class A . . . . . . . . . . . . . . . 0.7 57,386
799 Kabel Deutschland Holding A.G. . . . . . . . . . 0.6 49,716698 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.7 57,306
2.0 164,408
Casino Hotels6,219 MGM Resorts International . . . . . . . . . . . . . 0.8 69,404
Cellular Telecommunications1,913 America Movil S.A.B. de C.V. (ADR) . . . . . . . 0.6 49,853
Chemicals – Diversifi ed1,297 LyondellBasell Industries
N.V. – Class A . . . . . . . . . . . . . . . . . . . . . . 0.6 52,230
Commercial Banks – Non U.S.3,800 Banco do Brasil S.A. . . . . . . . . . . . . . . . . . . . 0.4 36,804
64,000 China Construction Bank Corp. . . . . . . . . . . 0.5 44,1281,727 Sberbank of Russia (ADR) . . . . . . . . . . . . . . 0.2 18,7852,510 Standard Chartered PLC . . . . . . . . . . . . . . . . 0.8 54,711
1.9 154,428
Commercial Services – Finance100 MasterCard, Inc. – Class A . . . . . . . . . . . . . . 0.5 43,011
Computer Aided Design1,732 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7 60,603
Computers358 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 209,072
Computers – Memory Devices1,080 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 34,366
Consulting Services1,689 Gartner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 72,711
419 Verisk Analytics, Inc. – Class A . . . . . . . . . . . 0.2 20,6401.1 93,351
Consumer Products – Miscellaneous29,400 Samsonite International S.A.. . . . . . . . . . . . . 0.6 49,773
Containers – Metal and Glass1,698 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.7% $ 58,564
Cosmetics and Toiletries1,038 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 1.3 108,056
Decision Support Software791 MSCI, Inc. – Class A . . . . . . . . . . . . . . . . . . . 0.3 26,910
Dialysis Centres484 DaVita, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 47,534
Distribution/Wholesale7,181 Adani Enterprises, Ltd. . . . . . . . . . . . . . . . . . 0.3 28,880
978 Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 39,42334,000 Li & Fung, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.8 65,977
1.6 134,280
Diversifi ed Banking Institutions804 Deutsche Bank A.G. . . . . . . . . . . . . . . . . . . . 0.4 29,216728 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . 0.3 26,011
0.7 55,227
Diversifi ed Manufacturing Operations1,185 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.7 61,7141,060 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 56,827
1.4 118,541
E-Commerce/Products247 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.7 56,402
2,029 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 85,2391.7 141,641
Electronic Components – Miscellaneous1,834 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 0.7 58,523
Electronic Components – Semiconductors6,585 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 0.6 52,4311,795 International Rectifi er Corp. . . . . . . . . . . . . . 0.4 35,8827,773 ON Semiconductor Corp. . . . . . . . . . . . . . . . 0.7 55,188
1.7 143,501
Electronic Connectors914 Amphenol Corp. – Class A . . . . . . . . . . . . . . 0.6 50,197
Electronic Measuring Instruments540 Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.6 133,577
Enterprise Software/Services2,614 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.9 77,636
Entertainment Software2,900 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.7 56,744
Finance – Credit Card521 American Express Co. . . . . . . . . . . . . . . . . . 0.4 30,327
Food – Miscellaneous/Diversifi ed1,603 Danone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 99,502
Food – Retail562 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.7 53,569
1,608 X5 Retail Group N.V. (GDR) . . . . . . . . . . . . . 0.4 36,8451.1 90,414
Hotels and Motels1,891 Marriott International,
Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . 0.9 74,12718,000 Shangri-La Asia, Ltd. . . . . . . . . . . . . . . . . . . 0.4 34,523
1.3 108,650
Industrial Automation and Robotics1,000 FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.0 164,328
Instruments – Controls1,772 Sensata Technologies Holding N.V. . . . . . . . . 0.6 47,454
Insurance Brokers656 AON PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 30,688
Internet Content – Entertainment5,149 Zynga, Inc. – Class A . . . . . . . . . . . . . . . . . . 0.3 28,011
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 5 9
Internet Gambling42,015 Bwin.Party Digital
Entertainment PLC . . . . . . . . . . . . . . . . . . 0.9% $ 72,497
Investment Management and Advisory Services398 T. Rowe Price Group, Inc. . . . . . . . . . . . . . . . 0.3 25,058
Life and Health Insurance26,600 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.0 91,718
5,834 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 0.8 67,5841.8 159,302
Machinery – General Industrial2,800 Nabtesco Corp. . . . . . . . . . . . . . . . . . . . . . . 0.8 62,266
Machinery – Pumps1,962 Weir Group PLC . . . . . . . . . . . . . . . . . . . . . . 0.6 47,314
Medical – Biomedical and Genetic877 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.7 56,267
1,016 Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . 0.6 52,1001,637 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.4 37,160
407 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 0.6 46,488817 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 0.6 45,687
2.9 237,702
Medical – Drugs468 Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 43,323928 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 0.5 41,769755 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 57,242
1,979 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.7 56,8691,042 Valeant Pharmaceuticals
International, Inc. . . . . . . . . . . . . . . . . . . . 0.6 46,6712.9 245,874
Medical – HMO1,267 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 49,122
526 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 40,7331.1 89,855
Medical – Wholesale Drug Distributors1,063 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 0.5 41,829
Medical Products647 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . 0.4 34,615
Metal – Diversifi ed6,796 Ivanhoe Mines, Ltd. . . . . . . . . . . . . . . . . . . . 0.8 67,039
— Ivanhoe Mines, Ltd. – Rights . . . . . . . . . . . . 0.1 6,1430.9 73,182
Metal – Iron13,922 Fortescue Metals Group, Ltd. . . . . . . . . . . . . 0.9 71,137
Metal Processors and Fabricators369 Precision Castparts Corp. . . . . . . . . . . . . . . . 0.7 60,697
Multimedia4,295 News Corp. – Class A . . . . . . . . . . . . . . . . . . 1.1 95,7351,165 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.7 56,502
1.8 152,237
Networking Products3,298 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.7 56,627
Oil – Field Services3,001 AMEC PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 47,358
767 Schlumberger, Ltd. (U.S. Shares) . . . . . . . . . 0.6 49,7861.2 97,144
Oil and Gas Drilling549 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.3 23,871
Oil Companies – Exploration and Production1,876 Canadian Natural Resources, Ltd. . . . . . . . . . 0.6 50,338
338 Continental Resources, Inc. . . . . . . . . . . . . . 0.3 22,518655 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.7 55,557479 Occidental Petroleum Corp. . . . . . . . . . . . . . 0.5 41,084
5,400 OGX Petroleo e Gas Participacoes S.A. . . . . . . . . . . . . . . . . . . . 0.2 14,789
5,752 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . . 0.6 52,302
Shares or Principal Amount
Percentage of Net Assets
Fair Value
3,355 Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . . 0.8% $ 77,435845 Whiting Petroleum Corp. . . . . . . . . . . . . . . . 0.4 34,746
4.1 348,769Oil Companies – Integrated
3,357 BG Group PLC . . . . . . . . . . . . . . . . . . . . . . . 0.9 68,7002,133 Petroleo Brasileiro S.A. (ADR) . . . . . . . . . . . . 0.5 40,036
908 Royal Dutch Shell PLC (ADR). . . . . . . . . . . . 0.7 61,2262.1 169,962
Oil Field Machinery and Equipment386 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.3 24,874
Pharmacy Services1,107 Express Scripts Holding Co. . . . . . . . . . . . . . 0.8 61,8041,139 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4 35,571
1.2 97,375
Printing – Commercial1,112 VistaPrint N.V. (U.S. Shares) . . . . . . . . . . . . . 0.4 35,918
Real Estate Management/Services422 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . 0.4 29,697
1,000 Mitsubishi Estate Co., Ltd. . . . . . . . . . . . . . . 0.2 17,9420.6 47,639
Real Estate Operating/Development14,995 Hang Lung Properties, Ltd. . . . . . . . . . . . . . . 0.6 51,04512,969 PDG Realty S.A. Empreendimentos
e Participacoes . . . . . . . . . . . . . . . . . . . . . 0.3 22,7970.9 73,842
Retail – Apparel and Shoe200 Fast Retailing Co., Ltd. . . . . . . . . . . . . . . . . . 0.5 40,157
1,805 Limited Brands, Inc. . . . . . . . . . . . . . . . . . . . 0.9 76,7671.4 116,924
Retail – Discount783 Family Dollar Stores, Inc. . . . . . . . . . . . . . . . 0.6 52,054
Retail – Jewellery1,306 Cie Financiere Richemont S.A. . . . . . . . . . . . 0.9 71,700
Retail – Major Department Stores1,046 J.C. Penney Co., Inc. . . . . . . . . . . . . . . . . . . 0.3 24,3821,462 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9 72,647
1.2 97,029
Retail – Restaurants2,596 Arcos Dorados Holdings,
Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . 0.5 38,369
Rubber/Plastic Products28,634 Jain Irrigation Systems, Ltd. . . . . . . . . . . . . . 0.5 43,002
Semiconductor Components/Integrated Circuits9,742 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 65,271
33,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . 1.1 90,370
1.9 155,641
Semiconductor Equipment1,792 ASML Holding N.V. . . . . . . . . . . . . . . . . . . . 1.1 92,145
Soap and Cleaning Preparations1,248 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.8 65,811
Software Tools337 VMware, Inc. – Class A . . . . . . . . . . . . . . . . 0.4 30,680
Steel – Producers2,010 ArcelorMittal . . . . . . . . . . . . . . . . . . . . . . . . 0.4 31,0462,693 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . 0.5 43,865
0.9 74,911
Telecommunication Services2,989 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . . 1.1 88,8331,645 Virgin Media, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5 40,122
1.6 128,955
Television1,961 CBS Corp. – Class B . . . . . . . . . . . . . . . . . . . 0.8 64,282
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Global Research Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
6 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 543 EUR 432 $ 546 31-Jul-12 $ (3)
USD 1,178 EUR 937 1,186 31-Jul-12 (8)
Total $ (11)
Total Financial Liabilities at fair value through profi t or loss $ (11)
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 1,181,430 USD 1,476,520 $ 1,495,249 31-Jul-12 $ 18,729
EUR 2,001 USD 2,501 2,533 31-Jul-12 32
EUR 1,414,810 USD 1,768,192 1,790,621 31-Jul-12 22,429
USD 1 EUR 1 1 31-Jul-12 —
Total $ 41,190
Total Financial Assets at fair value through profi t or loss $ 8,162,951
Therapeutics1,598 BioMarin Pharmaceutical, Inc. . . . . . . . . . . . 0.8% $ 63,249
Tobacco3,200 Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . 1.1 94,8451,361 Philip Morris International, Inc. . . . . . . . . . . 1.5 118,761
2.6 213,606
Toys2,535 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 82,2351,628 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.3 23,639
1.3 105,874
Transactional Software724 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.4 30,256
Transportation – Railroad2,125 Canadian Pacifi c Railway, Ltd. . . . . . . . . . . . 1.9 156,003
Transportation – Services962 Koninklijke Vopak N.V. . . . . . . . . . . . . . . . . 0.7 61,680863 Kuehne + Nagel International A.G. . . . . . . . . 1.2 91,378549 United Parcel Service, Inc. – Class B . . . . . . . 0.5 43,239
2.4 196,297
Wireless Equipment1,127 Crown Castle International Corp. . . . . . . . . . 0.9 66,1091,111 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.6 53,4506,462 Telefonaktiebolaget L.M.
Ericsson – Class B . . . . . . . . . . . . . . . . . . . 0.7 58,9892.2 178,548
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.5 8,153,174
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.5 8,153,174
Adjustments from last traded to bid market prices . . . . . . . . . (0.4) (31,413)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.1 $ 8,121,761
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 6 1
Janus Global Technology Fund
Financial Assets at fair value through profi t or loss
Common Stock 98.1%
Applications Software7,445 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 $ 441,861
45,710 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 4.5 1,398,2684,815 Parametric Technology Corp. . . . . . . . . . . . . 0.3 100,922
16,475 RealPage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.2 381,5611,235 Salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 0.5 170,751
7.9 2,493,363
Cable/Satellite Television4,375 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 1.1 359,188
Commercial Services11,470 Iron Mountain, Inc. . . . . . . . . . . . . . . . . . . . 1.2 378,05220,685 Live Nation Entertainment, Inc. . . . . . . . . . . 0.6 189,888
1.8 567,940
Commercial Services – Finance1,555 MasterCard, Inc. – Class A . . . . . . . . . . . . . . 2.1 668,821
Computer Aided Design10,510 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 663,28614,685 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.6 513,828
3.7 1,177,114
Computer Services4,080 Cognizant Technology Solutions Corp.
– Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 244,800
Computer Software10,555 Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9 270,94716,485 Cornerstone OnDemand, Inc. . . . . . . . . . . . 1.2 392,508
4,440 SS&C Technologies Holdings, Inc. . . . . . . . . 0.4 111,0002.5 774,455
Computers3,805 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 2,222,120
Computers – Integrated Systems9,195 Jack Henry & Associates, Inc. . . . . . . . . . . . . 1.0 317,4115,370 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.2 386,694
2.2 704,105
Computers – Memory Devices21,550 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 2.2 685,721
Consulting Services11,153 Gartner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 480,136
6,635 Verisk Analytics, Inc. – Class A . . . . . . . . . . . 1.0 326,8407,030 Zillow, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 271,569
3.4 1,078,545
Decision Support Software4,955 MSCI, Inc. – Class A . . . . . . . . . . . . . . . . . . . 0.5 168,569
E-Commerce/Products3,675 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 2.7 839,186
41,190 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 1,730,3922,440 MercadoLibre, Inc. . . . . . . . . . . . . . . . . . . . . 0.6 184,9521,600 Netfl ix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 109,552
9.2 2,864,082
E-Commerce/Services6,390 Ctrip.com International, Ltd.
(ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 107,0965,605 OpenTable, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8 252,281
1.1 359,377
Electronic Components – Miscellaneous31,140 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 3.1 993,676
Electronic Components – Semiconductors22,907 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 0.6 182,38811,105 Ceva, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 195,55985,674 ON Semiconductor Corp. . . . . . . . . . . . . . . . 1.9 608,286
179 Samsung Electronics Co., Ltd. . . . . . . . . . . . 0.6 189,80510,135 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 340,232
4.8 1,516,270
Electronic Connectors17,180 Amphenol Corp. – Class A . . . . . . . . . . . . . . 2.9% $ 943,526
Electronic Measuring Instruments3,645 Agilent Technologies, Inc. . . . . . . . . . . . . . . . 0.5 143,030
Electronic Parts Distributors19,000 WT Microelectronics
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 25,736
Electronics – Military12,427 Ultra Electronics
Holdings PLC . . . . . . . . . . . . . . . . . . . . . . 1.0 309,316
Enterprise Software/Services10,107 Aveva Group PLC . . . . . . . . . . . . . . . . . . . . . 0.8 258,398
5,295 Informatica Corp. . . . . . . . . . . . . . . . . . . . . . 0.7 224,29642,395 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 4.0 1,259,132
5.5 1,741,826
Entertainment Software17,500 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.1 342,423
Finance – Credit Card4,115 American Express Co. . . . . . . . . . . . . . . . . . 0.8 239,534
Industrial Automation and Robotics4,000 FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.1 657,312
Internet Applications Software7,700 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 0.7 227,392
Internet Content – Entertainment4,986 Facebook, Inc. – Class A . . . . . . . . . . . . . . . 0.5 155,164
10,865 Youku.com, Inc. (ADR) . . . . . . . . . . . . . . . . 0.7 235,55392,037 Zynga, Inc. – Class A . . . . . . . . . . . . . . . . . . 1.6 500,682
2.8 891,399
Internet Content – Information/News6,655 Bankrate, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 122,3852,670 LinkedIn Corp. – Class A . . . . . . . . . . . . . . . 0.9 283,7418,298 Yelp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 188,614
1.9 594,740
Internet Gambling171,846 Bwin.Party Digital
Entertainment PLC . . . . . . . . . . . . . . . . . . 0.9 296,523
Medical – Biomedical and Genetic4,395 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.9 281,983
Medical Information Systems6,140 athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . 1.5 486,104
Multimedia16,725 News Corp. – Class A . . . . . . . . . . . . . . . . . . 1.2 372,800
5,500 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.8 266,7502.0 639,550
Networking Products25,670 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 1.4 440,754
Printing – Commercial9,509 VistaPrint N.V. (U.S. Shares) . . . . . . . . . . . . . 1.0 307,141
Semiconductor Components/Integrated Circuits130,897 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 877,010214,000 Taiwan Semiconductor Manufacturing
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 586,034 4.7 1,463,044
Semiconductor Equipment11,804 ASML Holding N.V. . . . . . . . . . . . . . . . . . . . 1.9 601,405
Software Tools3,105 VMware, Inc. – Class A . . . . . . . . . . . . . . . . 0.9 282,679
Telecommunication Equipment Fiber Optics11,930 Corning, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 154,255
Telecommunication Services24,345 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . . 2.3 723,533
Television8,025 CBS Corp. – Class B . . . . . . . . . . . . . . . . . . . 0.8 263,060
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Global Technology Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
6 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Toys2,650 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 1.0% $ 309,271
Transactional Software8,810 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.2 368,170
Wireless Equipment8,290 Crown Castle International Corp. . . . . . . . . . 1.5 486,2916,180 SBA Communications Corp. –
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 352,56954,595 Telefonaktiebolaget L.M.
Ericsson – Class B . . . . . . . . . . . . . . . . . . . 1.7 498,3724.3 1,337,232
Total Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98. 2 30,949,084
Repurchase Agreement 1.0$300,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $300,005 collateralised by $290,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $307,224 . . . . . . . . . . . . . 1.0 300,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 300,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.2 31,249,084
Adjustments from last traded to bid market prices . . . . . . . . . . (0.1) (37,592)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.1 $ 31,211,492
Schedule of Written Options – Calls
Morgan Stanley & Co., Inc.(130) Corning, Inc., expires 18/1/13,
(130) contracts, exercise price $15.00. . . . . . . . . . . . . . . . . . . . . . . 0.0% $ (5,329)
Schedule of Written Options – Puts
Morgan Stanley & Co., Inc.(225) Atmel Corp., expires 17/8/12,
(225) contracts, exercise price $8.00. . . . . . . . . . . . . . . . . . . . . . . (0.2) (31,020)
(130) Corning, Inc., expires 18/1/13, (130) contracts, exercise price $12.50. . . . . . . . . 0.0 (14,222)
UBS Financial Services, Inc.(125) Oracle Corp., expires 21/9/12, (125)
contracts, exercise price $28.00 . . . . . . . . 0.0 (10,896)(0.2) (61,467)
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2) $ (61,467)
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 86,248 USD 107,790 $ 109,157 31-Jul-12 $ 1,367 EUR 7,336,904 USD 9,169,473 9,285,786 31-Jul-12 116,313
Credit Suisse Securities (USA) LLCUSD 236,913 JPY 18,700,000 234,057 19-Jul-12 2,856 USD 81,433 GBP 52,000 81,423 19-Jul-12 10
HSBC Securities (USA), Inc.USD 315,954 JPY 25,100,000 314,128 12-Jul-12 1,826 USD 46,995 GBP 30,000 46,975 12-Jul-12 20
JPMorgan Chase & Co.USD 337,906 JPY 26,900,000 336,760 2-Aug-12 1,146
RBC Capital Markets Corp.USD 125,824 JPY 10,000,000 125,177 26-Jul-12 647
Total $ 124,185
Total Financial Assets at fair value through profi t or loss $ 31,335,677
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 675 EUR 537 $ 679 31-Jul-12 $ (4)USD 31,821 EUR 25,304 32,026 31-Jul-12 (205)
Credit Suisse Securities (USA) LLC GBP 19,000 USD 29,797 29,751 19-Jul-12 (46)
HSBC Securities (USA), Inc.JPY 2,999,999 USD 37,912 37,545 12-Jul-12 (367)
JPMorgan Chase & Co. USD 168,003 GBP 108,000 169,102 2-Aug-12 (1,099)
RBC Capital Markets Corp.JPY 2,800,000 USD 35,296 35,050 26-Jul-12 (246)
Total $ (1,967)
Total Financial Liabilities at fair value through profi t or loss $ (63,434)
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Contract Amount
Percentageof NetAssets
FairValue
Financial Liabilities at fair value through profi t or loss
PORTFOLIO INVESTMENTS
Janus US Fund
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 6 3
Financial Assets at fair value through profi t or loss
Common Stock 87.3%
Apparel Manufacturers46 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 $ 2,690
1,700 Prada SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 11,5541.2 14,244
Applications Software116 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 6,885557 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 1.4 17,038
2.0 23,923
Athletic Footwear171 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 1.3 15,010
Beverages – Wine and Spirits146 Pernod-Ricard S.A. . . . . . . . . . . . . . . .. . . . . 1.3 15,616
Brewery200 Anheuser-Busch InBev N.V. . . . . . . . . . . . . . 1.3 15,546316 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 1.1 12,691
2.4 28,237
Building – Residential and Commercial11 NVR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 9,350
Cable/Satellite Television235 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 1.6 19,294
Commercial Banks – Non U.S.300 Banco do Brasil S.A. . . . . . . . . . . . . . . . . . . . 0.2 2,906348 Standard Chartered PLC . . . . . . . . . . . . . . . . 0.7 7,585
0.9 10,491
Commercial Services – Finance18 MasterCard, Inc. – Class A . . . . . . . . . . . . . . 0.7 7,742
Computer Aided Design55 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,471
336 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.0 11,7571.3 15,228
Computers171 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4 99,863
Computers – Integrated Systems48 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,456
Computers – Memory Devices585 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 14,994
Consulting Services258 Verisk Analytics, Inc. – Class A . . . . . . . . . . . 1.1 12,709
Containers – Metal and Glass539 Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 22,126
Cosmetics and Toiletries131 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 1.1 13,637
Distribution/Wholesale98 Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,95032 W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . 0.5 6,120
0.8 10,070
Diversifi ed Manufacturing Operations342 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.5 17,811
E-Commerce/Products62 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.2 14,158
803 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 33,7334.1 47,891
Electronic Components – Miscellaneous524 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 1.4 16,721
Electronic Components – Semiconductors1,351 ON Semiconductor Corp. . . . . . . . . . . . . . . . 0.8 9,592
Electronic Connectors228 Amphenol Corp. – Class A . . . . . . . . . . . . . . 1.1 12,522
Electronic Security Devices123 Tyco International, Ltd. . . . . . . . . . . . . . . . . 0.5% $ 6,501
Enterprise Software/Services1,006 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 2.5 29,878
Food – Retail13 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.1 1,239
Industrial Automation and Robotics100 FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.4 16,433
Industrial Gases181 Praxair, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 19,680
Instruments – Controls604 Sensata Technologies
Holding N.V. . . . . . . . . . . . . . . . . . . . . . . . 1.4 16,175
Internet Content – Entertainment160 Facebook, Inc. – Class A . . . . . . . . . . . . . . . 0.4 4,979612 Zynga, Inc. – Class A . . . . . . . . . . . . . . . . . . 0.3 3,329
0.7 8,308
Internet Content – Information/News25 LinkedIn Corp. – Class A . . . . . . . . . . . . . . . 0.2 2,657
Investment Management and Advisory Services169 T. Rowe Price Group, Inc. . . . . . . . . . . . . . . . 0.9 10,641
Life and Health Insurance384 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,448
Medical – Biomedical and Genetic370 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.0 23,738205 Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . 0.9 10,512289 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 1.4 16,161
4.3 50,411
Medical – Drugs67 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.5 5,788
234 Valeant Pharmaceuticals International, Inc. . . . . . . . . . . . . . . . . . . . 0.9 10,481
1.4 16,269
Medical – Generic Drugs207 Perrigo Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 24,412
Medical – HMO135 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 5,234
Medical – Wholesale Drug Distributors255 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 0.8 10,034
Medical Products248 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . 1.1 13,268119 Varian Medical Systems, Inc. . . . . . . . . . . . . 0.6 7,232
1.7 20,500
Metal Processors and Fabricators172 Precision Castparts Corp. . . . . . . . . . . . . . . . 2.3 28,292
Multimedia189 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.8 9,167
Oil – Field Services36 Schlumberger, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2 2,337
Oil and Gas Drilling183 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.7 7,957
Oil Companies – Exploration and Production82 EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . 0.6 7,38993 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.7 7,88858 Occidental Petroleum Corp. . . . . . . . . . . . . . 0.4 4,975
700 OGX Petroleo e Gas Participacoes S.A. . . . . . . . . . . . . . . . . . . . 0.2 1,917
1.9 22,169
Oil Companies – Integrated212 Petroleo Brasileiro S.A. (ADR) . . . . . . . . . . . . 0.3 3,979
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus US Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
6 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Oil Field Machinery and Equipment207 Dresser-Rand Group, Inc. . . . . . . . . . . . . . . . 0.7% $ 9,219
47 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.3 3,0291.0 12,248
Pharmacy Services367 Express Scripts Holding Co. . . . . . . . . . . . . . 1.7 20,490
Pipelines162 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . 0.4 5,220
REIT – Health Care41 Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,588
Retail – Apparel and Shoe920 Limited Brands, Inc. . . . . . . . . . . . . . . . . . . . 3.3 39,129
Retail – Auto Parts37 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.1 13,585
Retail – Discount347 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 2.8 32,965
Retail – Major Department Stores336 J.C. Penney Co., Inc. . . . . . . . . . . . . . . . . . . 0.7 7,832399 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.6 19,826
2.3 27,658
Retail – Restaurants113 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . 0.5 6,025
Semiconductor Components/Integrated Circuits1,098 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 7,357
Soap and Cleaning Preparations153 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.7 8,068
Telecommunication Services182 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . . 0.5 5,409
Television561 CBS Corp. – Class B . . . . . . . . . . . . . . . . . . . 1.5 18,390
Tobacco273 Philip Morris International, Inc. . . . . . . . . . . 2.0 23,822
Toys471 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 15,279
Transportation – Railroad80 Canadian Pacifi c Railway, Ltd. . . . . . . . . . . . 0.5 5,86034 Union Pacifi c Corp. . . . . . . . . . . . . . . . . . . . 0.3 4,057
0.8 9,917
Transportation – Services135 C.H. Robinson Worldwide, Inc. . . . . . . . . . . 0.7 7,902
Wireless Equipment216 Crown Castle International Corp. . . . . . . . . . 1.1 12,670206 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.8 9,911
1.9 22,581
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.3 1,035,881
Repurchase Agreement 8.4$100,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $100,002 collateralised by $100,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $105,939 . . . . . . . . . . . . . 8.4 100,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4 100,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 95.7 1,135,881
Adjustments from last traded to bid market prices . . . . . . . . . (0.1) (927)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.6 $ 1,134,954
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 156,912 USD 196,104 $ 198,592 31-Jul-12 $ 2,488 EUR 168,628 USD 210,747 213,421 31-Jul-12 2,674
Credit Suisse Securities (USA) LLCJPY 35,000 USD 437 438 19-Jul-12 1 USD 7,120 JPY 562,000 7,034 19-Jul-12 86
HSBC Securities (USA), Inc.USD 6,734 JPY 535,000 6,695 12-Jul-12 39 USD 23,811 GBP 15,200 23,801 12-Jul-12 10 USD 1,568 GBP 1,000 1,566 12-Jul-12 2
JPMorgan Chase & Co.USD 2,148 JPY 171,000 2,141 2-Aug-12 7
Total $ 5,307
Total Financial Assets at fair value through profi t or loss $ 1,140,261
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 855 EUR 680 $ 861 31-Jul-12 $ (6)USD 779 EUR 619 784 31-Jul-12 (5)
Credit Suisse Securities (USA) LLCJPY 30,000 USD 377 376 19-Jul-12 (1)
HSBC Securities (USA), Inc.USD 21,251 EUR 16,900 21,385 12-Jul-12 (134)USD 3,106 GBP 2,000 3,132 12-Jul-12 (26)
Total $ (172)
Total Financial Liabilities at fair value through profi t or loss $ (172)
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 6 5
Janus US All Cap Growth Fund
Financial Assets at fair value through profi t or loss
Common Stock 91.2%
Airlines1,355,980 United Continental Holdings, Inc. . . . . . . . . 4.6 $ 32,990,993
Apparel Manufacturers5,598,009 Quiksilver, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.8 13,043,361
Casino Hotels1,045,095 MGM Resorts International . . . . . . . . . . . . . 1.6 11,663,260
Coatings and Paint Products558,115 Valspar Corp. . . . . . . . . . . . . . . . . . . . . . . . . 4.1 29,295,456
Computer Aided Design131,220 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 8,281,294886,720 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . 4.3 31,026,332
5.5 39,307,626
Computer Services36,550 International Business
Machines Corp.. . . . . . . . . . . . . . . . . . . . . 1.0 7,148,449
Computers – Memory Devices977,010 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 4.3 31,088,459212,381 Spansion, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,331,943
4.6 33,420,402
Consulting Services921,825 Verisk Analytics, Inc. – Class A . . . . . . . . . . . 6.3 45,409,100
Consumer Products – Miscellaneous246,735 SodaStream International, Ltd. . . . . . . . . . . . 1.4 10,108,733
Diversifi ed Banking Institutions371,380 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.4 10,179,526
E-Commerce/Products283,845 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 11,924,328
Electronic Components – Semiconductors2,907,417 Applied Micro Circuits Corp. . . . . . . . . . . . . 2.3 16,630,425
989,196 ON Semiconductor Corp. . . . . . . . . . . . . . . . 1.0 7,023,2923.3 23,653,717
Filtration and Separation Products446,249 Polypore International, Inc. . . . . . . . . . . . . . 2.5 18,023,997
Internet Infrastructure Software1,023,800 AsiaInfo-Linkage, Inc. . . . . . . . . . . . . . . . . . 1.7 12,070,602
Medical – Biomedical and Genetic237,505 Cubist Pharmaceuticals, Inc. . . . . . . . . . . . . 1.3 9,003,815596,240 Myriad Genetics, Inc. . . . . . . . . . . . . . . . . . . 1.9 14,172,625534,775 Seattle Genetics, Inc. . . . . . . . . . . . . . . . . . . 1.9 13,577,937
5.1 36,754,377
Medical – Drugs395,235 Elan Corp. PLC . . . . . . . . . . . . . . . . . . . . . . 0.8 5,766,479518,986 Endo Health Solutions, Inc. . . . . . . . . . . . . . 2.2 16,078,186709,510 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 4.5 31,935,044
7.5 53,779,709
Medical – Generic Drugs316,765 Impax Laboratories, Inc. . . . . . . . . . . . . . . . . 0.9 6,420,827
Medical – HMO581,657 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 22,550,842
Metal – Copper5,516,965 Copper Mountain Mining Corp. . . . . . . . . . . 2.5 18,104,399
Metal – Diversifi ed2,908,973 Ivanhoe Mines, Ltd. . . . . . . . . . . . . . . . . . . . 4.0 28,695,304
– Ivanhoe Mines, Ltd. – Rights . . . . . . . . . . . . 0.4 2,662,7534.4 31,358,057
Oil Companies – Exploration and Production1,600,813 Cobalt International Energy, Inc. . . . . . . . . . 5.3 37,619,1061,579,620 Midstates Petroleum Co., Inc. . . . . . . . . . . . . 2.1 15,338,110
7.4 52,957,216
Pharmacy Services360,207 Express Scripts Holding Co. . . . . . . . . . . . . . 2.8% $ 20,110,357714,280 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 3.1 22,306,964
5.9 42,417,321
Retail – Auto Parts58,210 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 3.0 21,372,966
Retail – Discount224,950 Family Dollar Stores, Inc. . . . . . . . . . . . . . . . 2.1 14,954,676
Semiconductor Components/Integrated Circuits641,735 Aerofl ex Holding Corp. . . . . . . . . . . . . . . . . 0.5 3,882,497
1,040,093 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 6,968,6231.5 10,851,120
Telecommunication Equipment5,797,929 Tellabs, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 19,307,104
Toys787,465 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 26,671,440
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.2 655,739,604
Contract Amount
Schedule of Purchased Options – Calls
Credit Suisse Securities (USA) LLC5,800 Cobalt International Energy, Inc.,
expires 20/7/12, 5,800 contracts, exercise price $25 . . . . . . . . . . . . . . . . . . . 0.1 799,316
Morgan Stanley & Co., Inc.12,175 iShares Russell 2000 Index Fund,
expires 31/12/12, 12,175 contracts, exercise price $95.16 . . . . . . . . . . . . . . . . 0.1 671,719
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,471,035
Repurchase Agreement 8.3$59,800,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $59,800,947 collateralised by $60,025,000 in Fannie Mae 3.00%, due 1/1/27 with a value of $60,998,218 . . . . . . . . . . . 8.3 59,800,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 59,800,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.7 717,010,639
Adjustments from last traded to bid market prices . . . . . . . . . (0.2) (1,301,902)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.5 $ 715,708,737
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
6 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus US All Cap Growth Fund
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 97,844 EUR 78,302 $ 99,101 31-Jul-12 $ (1,257)USD 43 EUR 34 44 31-Jul-12 (1)USD 33,267 EUR 26,623 33,694 31-Jul-12 (427)USD 399,383 EUR 317,591 401,951 31-Jul-12 (2,568)USD 34,824 EUR 27,692 35,048 31-Jul-12 (224)USD 82 EUR 65 83 31-Jul-12 (1)
Total $ (4,478)
Total Financial Liabilities at fair value through profi t or loss $ (689,045)
Schedule of Written Options – Puts
Credit Suisse Securities (USA) LLC(2,900) Cobalt International Energy, Inc.,
expires 19/10/12, (2,900) contracts, exercise price $15 . . . . . . . . . . . . . . . . . . . 0.0% $ (319,121)
Schedule of Written Options – Calls
Credit Suisse Securities (USA) LLC (11,600) Cobalt International Energy, Inc.,
expires 20/7/12, (11,600) contracts, exercise price $32.50 . . . . . . . (0.1) (365,446)
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1) $ (684,567)
Contract Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 33,223,676 USD 41,522,086 $ 42,048,782 31-Jul-12 $ 526,696 EUR 18,281 USD 22,847 23,137 31-Jul-12 290 EUR 9,433,484 USD 11,789,723 11,939,272 31-Jul-12 149,549
Total $ 676,535
Total Financial Assets at fair value through profi t or loss $ 716,385,272
Financial Liabilities at fair value through profi t or loss
PORTFOLIO INVESTMENTS
Janus US Research Fund
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 6 7
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Financial Assets at fair value through profi t or loss
Common Stock 96.4%
Airlines3,987 United Continental Holdings, Inc. . . . . . . . . 1.2 $ 97,004
Apparel Manufacturers974 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 56,960
Applications Software420 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 24,927
3,905 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 1.4 119,4541.7 144,381
Athletic Footwear645 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 0.7 56,618
Automotive – Cars and Light Trucks8,223 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . 0.9 78,859
Automotive – Truck Parts and Equipment – Original1,359 WABCO Holdings, Inc. . . . . . . . . . . . . . . . . 0.9 71,932
Beverages – Non-Alcoholic935 Monster Beverage Corp. . . . . . . . . . . . . . . . . 0.8 66,572
Cable/Satellite Television1,014 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 1.0 83,2492,608 Comcast Corp. – Class A . . . . . . . . . . . . . . . 1.0 83,378
2.0 166,627
Casino Hotels5,716 MGM Resorts International . . . . . . . . . . . . . 0.8 63,791
Chemicals – Diversifi ed1,848 LyondellBasell Industries
N.V. – Class A . . . . . . . . . . . . . . . . . . . . . . 0.9 74,419
Computer Aided Design1,670 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7 58,433
Computers362 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 211,408
Computers – Memory Devices800 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 25,456
Consulting Services2,017 Gartner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 86,8322,432 Verisk Analytics, Inc. – Class A . . . . . . . . . . . 1.4 119,800
2.4 206,632
Containers – Metal and Glass3,048 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.3 105,126
Cosmetics and Toiletries751 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 0.9 78,179744 Estee Lauder Cos., Inc. – Class A . . . . . . . . . 0.5 40,265
1.4 118,444
Decision Support Software3,227 MSCI, Inc. – Class A . . . . . . . . . . . . . . . . . . . 1.3 109,783
Dialysis Centres664 DaVita, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 65,211
Distribution/Wholesale1,129 Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 45,510
Diversifi ed Banking Institutions2,498 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 68,4703,250 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . 1.4 116,123
2.2 184,593
Diversifi ed Manufacturing Operations2,444 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.6 127,2841,608 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 86,205
2.6 213,489
E-Commerce/Products341 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.9 77,867
3,162 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 132,8362.5 210,703
Electronic Components – Miscellaneous4,329 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 1.6% $ 138,138
Electronic Components – Semiconductors933 International Rectifi er Corp. . . . . . . . . . . . . . 0.2 18,651
5,999 ON Semiconductor Corp. . . . . . . . . . . . . . . . 0.5 42,593 0.7 61,244
Electronic Connectors1,738 Amphenol Corp. – Class A . . . . . . . . . . . . . . 1.1 95,451
Enterprise Software/Services4,450 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.6 132,165
Finance – Credit Card1,602 American Express Co. . . . . . . . . . . . . . . . . . 1.1 93,2522,829 Discover Financial Services. . . . . . . . . . . . . . 1.2 97,827
867 Visa, Inc. – Class A . . . . . . . . . . . . . . . . . . . . 1.2 107,1883.5 298,267
Food – Confectionery1,017 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 73,255
Food – Retail573 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.7 54,618
Hotels and Motels1,514 Marriott International, Inc. – Class A . . . . . . 0.7 59,349
Instruments – Controls3,035 Sensata Technologies Holding N.V. . . . . . . . . 1.0 81,277
Insurance Brokers2,299 AON PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 107,547
Internet Content – Entertainment2,180 Zynga, Inc. – Class A . . . . . . . . . . . . . . . . . . 0.1 11,859
Investment Management and Advisory Services1,478 T. Rowe Price Group, Inc. . . . . . . . . . . . . . . . 1.1 93,055
Life and Health Insurance1,515 Prudential Financial, Inc. . . . . . . . . . . . . . . . 0.9 73,371
Machinery – General Industrial956 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . 1.1 94,242
Medical – Biomedical and Genetic1,203 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.9 77,183
981 Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . 0.6 50,3062,564 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.7 58,203
618 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 0.8 70,588949 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 0.6 53,068
3.6 309,348
Medical – Drugs1,153 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 0.8 74,334
644 Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 59,6151,093 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 0.6 49,196
2.1 183,145
Medical – HMO1,397 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 54,162
677 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 52,4271.3 106,589
Medical – Wholesale Drug Distributors1,394 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 0.7 54,854
Medical Products952 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . 0.6 50,932
Metal Processors and Fabricators522 Precision Castparts Corp. . . . . . . . . . . . . . . . 1.0 85,864
Multimedia6,083 News Corp. – Class A . . . . . . . . . . . . . . . . . . 1.7 135,5901,862 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.1 90,307
2.8 225,897
Networking Products8,265 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 1.7 141,910
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
6 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus US Research Fund
Oil – Field Services1,613 Schlumberger, Ltd. (U.S. Shares) . . . . . . . . . 1.3% $ 104,700
Oil and Gas Drilling1,604 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.8 69,742
Oil Companies – Exploration and Production1,349 Continental Resources, Inc. . . . . . . . . . . . . . 1.1 89,8701,593 EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . 1.7 143,5451,517 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 1.5 128,6721,820 Occidental Petroleum Corp. . . . . . . . . . . . . . 1.9 156,1022,107 Whiting Petroleum Corp. . . . . . . . . . . . . . . . 1.0 86,640
7.2 604,829
Oil Companies – Integrated1,731 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 1.8 148,122
Oil Field Machinery and Equipment1,103 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.8 71,077
Oil Refi ning and Marketing5,480 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . 1.6 132,342
Pharmacy Services1,736 Express Scripts Holding Co. . . . . . . . . . . . . . 1.2 96,9211,995 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7 62,304
1.9 159,225
Real Estate Management/Services1,458 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . 1.2 102,599
REIT – Health Care1,675 Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 105,726
Retail – Apparel and Shoe1,731 Limited Brands, Inc. . . . . . . . . . . . . . . . . . . . 0.9 73,619
Retail – Auto Parts135 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6 49,568
Retail – Bedding496 Bed Bath & Beyond, Inc. . . . . . . . . . . . . . . . 0.4 30,653
Retail – Discount696 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 0.8 66,119483 Family Dollar Stores, Inc. . . . . . . . . . . . . . . . 0.4 32,110
1.2 98,229
Retail – Gardening Products547 Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . 0.5 45,434
Retail – Major Department Stores1,190 J.C. Penney Co., Inc. . . . . . . . . . . . . . . . . . . 0.3 27,7391,527 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8 75,876
753 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 32,3261.5 135,941
Retail – Regional Department Stores1,834 Macy’s, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 62,998
Retail – Restaurants583 McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . 0.6 51,613
Semiconductor Components/Integrated Circuits12,066 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 80,842
Software Tools251 VMware, Inc. – Class A . . . . . . . . . . . . . . . . 0.3 22,851
Super – Regional Banks2,775 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 1.1 89,244
Telecommunication Services2,923 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . . 1.0 86,872
Television3,703 CBS Corp. – Class B . . . . . . . . . . . . . . . . . . . 1.4 121,384
Therapeutics1,822 BioMarin Pharmaceutical, Inc. . . . . . . . . . . . 0.9 72,115
Tobacco849 Philip Morris International, Inc. . . . . . . . . . . 0.9 74,084
Toys2,441 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 79,186
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Transactional Software584 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.3% $ 24,405
Transportation – Railroad865 Union Pacifi c Corp. . . . . . . . . . . . . . . . . . . . 1.2 103,203
Transportation – Services1,139 C.H. Robinson Worldwide, Inc. . . . . . . . . . . 0.8 66,6661,085 United Parcel Service, Inc. – Class B . . . . . . . 1.1 85,454
1.9 152,120
Wireless Equipment1,420 Crown Castle International Corp. . . . . . . . . . 1.0 83,2981,559 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.9 75,003
1.9 158,301
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.4 8,075,352
Repurchase Agreement 3.6$300,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $300,005 collateralised by $290,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $307,224 . . . . . . . . . . . . . 3.6 300,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 300,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . 100.0 8,375,352
Adjustments from last traded to bid market prices . . . . . . . . . . . — (1,309)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 $ 8,374,043
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 9,443 EUR 7,509 $ 9,504 31-Jul-12 $ (61)
USD 173 EUR 138 174 31-Jul-12 (1)
Total $ (62)
Total Financial Liabilities at fair value through profi t or loss $ (62)
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 1,634,328 USD 2,042,541 $ 2,068,450 31-Jul-12 $ 25,909
EUR 30,503 USD 38,122 38,606 31-Jul-12 484
EUR 9,589 USD 11,982 12,136 31-Jul-12 154
EUR 180 USD 225 228 31-Jul-12 3
Total $ 26,550
Total Financial Assets at fair value through profi t or loss $ 8,400,593
Janus US Twenty Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 6 9
Financial Assets at fair value through profi t or loss
Common Stock 98.3%
Apparel Manufacturers606,600 Prada SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 $ 4,122,600
Applications Software309,795 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 2.6 9,476,629
Athletic Footwear93,190 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 2.2 8,180,218
Automotive – Cars and Light Trucks690,365 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . 1.8 6,620,600
Beverages – Wine and Spirits38,953 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . 1.1 4,166,398
Brewery314,989 Anheuser-Busch InBev
N.V. – VVPR Strip . . . . . . . . . . . . . . . . . . . 0.0 399
Casino Hotels624,107 MGM Resorts International . . . . . . . . . . . . . 1.9 6,965,034
Commercial Banks – Non U.S.327,823 Standard Chartered PLC . . . . . . . . . . . . . . . . 2.0 7,145,672
Commercial Services237,625 Iron Mountain, Inc. . . . . . . . . . . . . . . . . . . . 2.1 7,832,120
Commercial Services – Finance9,390 MasterCard, Inc. – Class A . . . . . . . . . . . . . . 1.1 4,038,733
Computers60,152 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 35,128,767
Computers – Memory Devices598,650 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 15,343,400
E-Commerce/Products15,185 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.0 3,467,495
816,855 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3 34,316,07910.3 37,783,574
Electronic Components – Miscellaneous289,405 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 2.5 9,234,914
Electronic Connectors107,225 Amphenol Corp. – Class A . . . . . . . . . . . . . . 1.6 5,888,797
Enterprise Software/Services384,825 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 3.1 11,429,303
Internet Content – Entertainment71,251 Facebook, Inc. – Class A . . . . . . . . . . . . . . . 0.6 2,217,331
Life and Health Insurance2,131,400 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 2.0 7,349,179
816,117 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 2.6 9,454,3284.6 16,803,507
Medical – Biomedical and Genetic345,970 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 6.2 22,197,434132,977 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 2.0 7,436,074
8.2 29,633,508
Metal – Diversifi ed— Ivanhoe Mines, Ltd. – Rights . . . . . . . . . . . . 0.2 599,017
649,693 Ivanhoe Mines, Ltd. (U.S. Shares) . . . . . . . . . 1.7 6,289,0281.9 6,888,045
Metal Processors and Fabricators16,493 Precision Castparts Corp. . . . . . . . . . . . . . . . 0.7 2,712,934
Multimedia924,290 News Corp. – Class A . . . . . . . . . . . . . . . . . . 5.6 20,602,425
Oil Companies – Exploration and Production1,010,700 OGX Petroleo e Gas
Participacoes S.A. . . . . . . . . . . . . . . . . . . . 0.8 2,768,074
Pharmacy Services503,872 Express Scripts Holding Co. . . . . . . . . . . . . . 7.7 28,131,174
Retail – Apparel and Shoe397,575 Limited Brands, Inc. . . . . . . . . . . . . . . . . . . . 4.7% $ 16,908,865
Retail – Jewellery179,224 Cie Financiere Richemont S.A. . . . . . . . . . . . 2.7 9,839,538
Television350,945 CBS Corp. – Class B . . . . . . . . . . . . . . . . . . . 3.2 11,503,977
Transportation – Services124,675 C.H. Robinson Worldwide, Inc. . . . . . . . . . . 2.0 7,297,228197,500 United Parcel Service, Inc. – Class B . . . . . . . 4.4 15,555,099
6.4 22,852,327
Wireless Equipment245,890 Crown Castle International Corp. . . . . . . . . . 3.9 14,423,907
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.3 358,642,770
Repurchase Agreement 1.0$3,500,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $3,500,055 collateralised by $3,370,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $3,570,153 . . . . . . . . . . . . 1.0 3,500,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 3,500,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.3 362,142,770
Adjustments from last traded to bid market prices . . . . . . . . . (0.1) (339,228)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.2 $ 361,803,542
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 24 USD 30 $ 30 31-Jul-12 $ — EUR 43,218,494 USD 54,013,351 54,698,493 31-Jul-12 685,142 EUR 4,258 USD 5,321 5,389 31-Jul-12 68 EUR 870,846 USD 1,088,187 1,102,166 31-Jul-12 13,979 EUR 379,256 USD 473,984 479,996 31-Jul-12 6,012 EUR 2,196 USD 2,745 2,780 31-Jul-12 35 USD 5 EUR 4 5 31-Jul-12 — USD 38 EUR 30 38 31-Jul-12 —
Total $ 705,236
Total Financial Assets at fair value through profi t or loss $ 362,508,778
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 6,571 EUR 5,225 $ 6,613 31-Jul-12 $ (42)USD 766,348 EUR 609,402 771,275 31-Jul-12 (4,927)USD 710 EUR 571 723 31-Jul-12 (13)USD 158,961 EUR 127,921 161,899 31-Jul-12 (2,938)
Total $ (7,920)
Total Financial Liabilities at fair value through profi t or loss $ (7,920)
Janus US Venture Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
7 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Assets at fair value through profi t or loss
Common Stock 94.5%
Aerospace and Defence – Equipment20,778 HEICO Corp. – Class A. . . . . . . . . . . . . . . . . 2.3 $ 670,298
Agricultural Chemicals11,630 Intrepid Potash, Inc.. . . . . . . . . . . . . . . . . . . 0.9 264,699
Apparel Manufacturers5,830 Carter’s, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 306,658
15,265 Maidenform Brands, Inc.. . . . . . . . . . . . . . . . 1.1 304,07998,945 Quiksilver, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.8 230,542
2.9 841,279
Applications Software24,452 RealPage, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 1.9 566,308
Auction House – Art Dealer16,836 Ritchie Bros Auctioneers, Inc.
(U.S. Shares). . . . . . . . . . . . . . . . . . . . . . . 1.2 357,765
Audio and Video Products14,859 DTS, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 387,522
8,990 Skullcandy, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.4 127,2091.8 514,731
Auto Repair Centers7,057 Monro Muffl er Brake, Inc.. . . . . . . . . . . . . . . 0.8 234,575
Commercial Services6,396 CoStar Group, Inc.. . . . . . . . . . . . . . . . . . . . 1.8 519,355
19,832 Standard Parking Corp.. . . . . . . . . . . . . . . . . 1.5 426,7853.3 946,140
Commercial Services – Finance4,990 Cardtronics, Inc.. . . . . . . . . . . . . . . . . . . . . . 0.5 150,748
17,288 Euronet Worldwide, Inc.. . . . . . . . . . . . . . . . 1.0 295,9701.5 446,718
Computer Services16,003 LivePerson, Inc.. . . . . . . . . . . . . . . . . . . . . . . 1.1 305,017
Computer Software14,195 Blackbaud, Inc.. . . . . . . . . . . . . . . . . . . . . . . 1.3 364,38610,035 Cornerstone OnDemand, Inc.. . . . . . . . . . . . 0.8 238,93319,209 Envestnet, Inc... . . . . . . . . . . . . . . . . . . . . . . 0.8 230,50822,918 SS&C Technologies Holdings, Inc.. . . . . . . . 1.9 572,950
4.8 1,406,777
Computers – Integrated Systems6,197 Stratasys, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 1.1 307,061
Consulting Services9,343 Gartner, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 1.4 402,216
Consumer Products – Miscellaneous9,565 SodaStream International, Ltd.. . . . . . . . . . . 1.4 391,878
Data Processing and Management14,425 Broadridge Financial Solutions, Inc.. . . . . . . 1.1 306,820
Decision Support Software7,800 MSCI, Inc. – Class A. . . . . . . . . . . . . . . . . . . 0.9 265,356
Diagnostic Equipment3,400 Gen-Probe, Inc.. . . . . . . . . . . . . . . . . . . . . . . 1.0 279,480
Diagnostic Kits26,265 Quidel Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.4 411,835
Distribution/Wholesale8,650 WESCO International, Inc.. . . . . . . . . . . . . . 1.7 497,808
E-Commerce/Products10,000 CafePress, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 0.6 148,799
Electronic Components – Semiconductors10,744 Ceva, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 189,20214,110 International Rectifi er Corp.. . . . . . . . . . . . . 0.9 282,059
1.6 471,261
Electronic Measuring Instruments12,172 Measurement Specialties, Inc.. . . . . . . . . . . . 1.4% $ 395,712
Enterprise Software/Services8,225 Opnet Technologies, Inc.. . . . . . . . . . . . . . . . 0.8 218,7037,195 Tyler Technologies, Inc.. . . . . . . . . . . . . . . . . 1.0 290,318
1.8 509,021
Filtration and Separation Products16,070 Polypore International, Inc.. . . . . . . . . . . . . . 2.3 649,067
Finance – Auto Loans1,692 Credit Acceptance Corp.. . . . . . . . . . . . . . . . 0.5 142,856
Finance – Consumer Loans14,825 Cash Store Financial Services, Inc... . . . . . . . 0.3 89,098
Finance – Other Services638 FX Alliance, Inc.. . . . . . . . . . . . . . . . . . . . . . 0.0 10,023
18,389 Higher One Holdings, Inc.. . . . . . . . . . . . . . 0.8 224,7149,728 MarketAxess Holdings, Inc.. . . . . . . . . . . . . . 1.0 259,153
13,726 Netspend Holdings, Inc.. . . . . . . . . . . . . . . . 0.4 126,1422.2 620,032
Food – Miscellaneous/Diversifi ed3,059 Snyders-Lance, Inc.. . . . . . . . . . . . . . . . . . . . 0.3 77,179
Footwear and Related Apparel8,780 Deckers Outdoor Corp.. . . . . . . . . . . . . . . . . 1.3 386,408
15,057 Wolverine World Wide, Inc.. . . . . . . . . . . . . 2.0 583,9103.3 970,318
Hazardous Waste Disposal16,840 Heritage-Crystal Clean, Inc... . . . . . . . . . . . . 1.0 275,334
Health Care Cost Containment25,130 ExamWorks Group, Inc.. . . . . . . . . . . . . . . . 1.2 332,470
Heart Monitors1,574 HeartWare International, Inc.. . . . . . . . . . . . 0.5 139,771
Human Resources28,051 Resources Connection, Inc.. . . . . . . . . . . . . . 1.2 345,027
Industrial Automation and Robotics6,320 Nordson Corp.. . . . . . . . . . . . . . . . . . . . . . . 1.1 324,153
Internet Applications Software995 Splunk, Inc... . . . . . . . . . . . . . . . . . . . . . . . . 0.1 27,960
Internet Content – Information/News5,689 Yelp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 129,311
Investment Management and Advisory Services16,441 Epoch Holding Corp.. . . . . . . . . . . . . . . . . . 1.2 374,526
6,689 Financial Engines, Inc.. . . . . . . . . . . . . . . . . 0.5 143,47910,193 Gluskin Sheff + Associates, Inc.. . . . . . . . . . . 0.5 132,49531,784 WisdomTree Investments, Inc.. . . . . . . . . . . 0.7 208,821
2.9 859,321
Machinery – General Industrial5,349 Wabtec Corp.. . . . . . . . . . . . . . . . . . . . . . . . 1.4 417,275
Medical – Biomedical and Genetic10,626 Ariad Pharmaceuticals, Inc.. . . . . . . . . . . . . . 0.6 182,87311,908 Immunogen, Inc.. . . . . . . . . . . . . . . . . . . . . . 0.7 199,816
8,470 Incyte Corp., Ltd.. . . . . . . . . . . . . . . . . . . . . 0.7 192,2698,015 Seattle Genetics, Inc.. . . . . . . . . . . . . . . . . . . 0.7 203,502
2.7 778,460
Medical – Drugs17,657 Achillion Pharmaceuticals, Inc.. . . . . . . . . . . 0.4 109,473
Medical – Generic Drugs7,350 Impax Laboratories, Inc.. . . . . . . . . . . . . . . . 0.5 148,985
Medical Imaging Systems16,602 Novadaq Technologies, Inc.. . . . . . . . . . . . . . 0.4 110,735
Medical Information Systems3,329 athenahealth, Inc.. . . . . . . . . . . . . . . . . . . . . 0.9 263,557
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 7 1
Medical Instruments8,510 Conceptus, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.6% $ 168,668
15,659 Endologix, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.8 241,7755,430 Techne Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.4 402,906
16,305 Volcano Corp.. . . . . . . . . . . . . . . . . . . . . . . . 1.5 467,1384.3 1,280,487
Medical Products20,110 PSS World Medical, Inc.. . . . . . . . . . . . . . . . 1.5 422,109
Motion Pictures and Services84,390 Digital Domain – Private Placement*. . . . . . . 0.4 108,170
Oil – Field Services20,110 PAA Natural Gas Storage L.P.. . . . . . . . . . . . . 1.2 359,365
8,105 Targa Resources Corp.. . . . . . . . . . . . . . . . . . 1.2 346,0842.4 705,449
Oil Field Machinery and Equipment10,530 Dresser-Rand Group, Inc.. . . . . . . . . . . . . . . 1.6 469,006
7,415 Dril-Quip, Inc.. . . . . . . . . . . . . . . . . . . . . . . 1.8 486,3503.4 955,356
Patient Monitoring Equipment24,505 Masimo Corp.. . . . . . . . . . . . . . . . . . . . . . . . 1.9 548,422
Pipelines11,025 Copano Energy LLC. . . . . . . . . . . . . . . . . . . 1.1 306,495
7,925 DCP Midstream Partners L.P.. . . . . . . . . . . . . 1.1 334,0392.2 640,534
Printing – Commercial16,849 VistaPrint N.V. (U.S. Shares). . . . . . . . . . . . . 1.9 544,223
Retail – Apparel and Shoe3,600 Tilly’s, Inc. – Class A. . . . . . . . . . . . . . . . . . . 0.2 57,780
Retail – Automobile10,575 Rush Enterprises, Inc. – Class B.. . . . . . . . . . 0.5 141,917
Retail – Convenience Stores4,670 Casey’s General Stores, Inc.. . . . . . . . . . . . . . 1.0 275,483
Retail – Discount16,907 Gordmans Stores, Inc.. . . . . . . . . . . . . . . . . . 1.0 278,966
Retail – Petroleum Products12,845 World Fuel Services Corp.. . . . . . . . . . . . . . . 1.7 488,495
Retail – Sporting Goods5,120 Hibbett Sports, Inc.. . . . . . . . . . . . . . . . . . . . 1.0 295,475
Schools11,825 K12, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 275,523
Theatres42,440 National CineMedia, Inc.. . . . . . . . . . . . . . . . 2.2 643,815
Therapeutics3,445 Pharmacyclics, Inc.. . . . . . . . . . . . . . . . . . . . 0.7 188,131
Transportation – Services14,195 HUB Group, Inc. – Class A. . . . . . . . . . . . . . 1.8 513,859
Transportation – Truck6,795 Landstar System, Inc.. . . . . . . . . . . . . . . . . . 1.2 351,4387,380 Old Dominion Freight Line, Inc.. . . . . . . . . . 1.1 319,480
2.3 670,918
Virtual Reality Products30,521 RealD, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 456,594
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.4 27,243,642
Repurchase Agreement 4.2%$1,200,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $1,200,019 collateralised by $1,160,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $1,228,895 . . . . . . . . . . . . 4.2 $ 1,200,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 1,200,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.6 28,443,642
Adjustments from last traded to bid market prices . . . . . . . . . (0.1) (22,311)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.5 $ 28,421,331
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 192 USD 239 $ 243 31-Jul-12 $ 4
EUR 114,472 USD 142,249 144,879 31-Jul-12 2,630
EUR 22,387 USD 27,979 28,334 31-Jul-12 355
EUR 7,963,612 USD 9,952,714 10,078,962 31-Jul-12 126,248
USD 58 EUR 46 58 31-Jul-12 —
Total $ 129,237
Total Financial Assets at fair value through profi t or loss $ 28,550,568
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 60,452 EUR 48,072 $ 60,841 31-Jul-12 $ (389)
Total $ (389)
Total Financial Liabilities at fair value through profi t or loss $ (389)
* Security valued at fair value as detailed in Note 1.
Perkins Global Value Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
7 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Assets at fair value through profi t or loss
Common Stock 91.8%
Aerospace and Defence390 General Dynamics Corp. . . . . . . . . . . . . . . . 0.7 $ 25,724
Agricultural Chemicals245 Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 13,416
4,300 NITTO FC Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.7 28,0591.1 41,475
Applications Software3,105 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 2.6 94,982
Beverages – Non-Alcoholic1,185 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2.3 83,732
Brewery1,735 Molson Coors Brewing Co. –
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.972,193
Broadcast Services and Programming2,585 Grupo Televisa S.A.B. (ADR) . . . . . . . . . . . . 1.5 55,526
Casino Hotels850 Kangwon Land, Inc. . . . . . . . . . . . . . . . . . . . 0.5 18,112
Cellular Telecommunications63,747 America Movil S.A.B. de C.V. . . . . . . . . . . . . 2.2 83,352
795 Rogers Communications, Inc. – Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 28,830
815 SK Telecom Co., Ltd. . . . . . . . . . . . . . . . . . . 2.4 88,90135,769 Vodafone Group PLC (ADR) . . . . . . . . . . . . . 2.7 100,481
8.1 301,564
Chemicals – Specialty1,900 Nippon Fine Chemical Co., Ltd. . . . . . . . . . . 0.3 12,887
Commercial Banks – Eastern U.S.2,010 Fulton Financial Corp. . . . . . . . . . . . . . . . . . 0.5 20,080
Commercial Banks – Southern U.S.245 Hancock Holding Co. . . . . . . . . . . . . . . . . . . 0.2 7,458
Commercial Services – Finance3,325 Western Union Co. . . . . . . . . . . . . . . . . . . . . 1.5 55,993
Computers600 Hewlett-Packard Co. . . . . . . . . . . . . . . . . . . 0.3 12,066
Cosmetics and Toiletries2,100 Kose Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 49,6961,300 Pola Orbis Holdings, Inc. . . . . . . . . . . . . . . . 1.1 40,2311,080 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 1.8 66,150
4.2 156,077
Dental Supplies and Equipment400 Nakanishi, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.1 40,658
Diversifi ed Manufacturing Operations5,335 Orkla A.S.A . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 38,743
Electric – Integrated245 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 16,633295 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 11,098
2,669 GDF Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 63,6691,175 PPL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 32,677
3.4 124,077
Electric Products – Miscellaneous1,200 Icom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 29,501
Electronic Connectors500 Hirose Electric Co., Ltd. . . . . . . . . . . . . . . . . 1.4 49,446
Electronic Measuring Instruments2,500 Cosel Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.0 35,239
Food – Miscellaneous/Diversifi ed423 Danone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 26,257
1,088 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 64,9251,510 Unilever N.V. . . . . . . . . . . . . . . . . . . . . . . . . 1.4 50,532
3.8 141,714
Food – Retail394 Carrefour S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 7,279
20,502 Tesco PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 99,6412.9 106,920
Internet Security3,255 Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . 1.3 47,556
Leisure and Recreational Products1,900 Sansei Yusoki Co., Ltd. . . . . . . . . . . . . . . . . . 0.2 9,107
Machinery – Pumps2,000 Tsurumi Manufacturing Co., Ltd. . . . . . . . . . 0.4 15,587
Medical – Biomedical and Genetic375 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 27,390
Medical – Drugs690 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 1.2 44,484
1,891 GlaxoSmithKline PLC . . . . . . . . . . . . . . . . . . 1.2 42,8731,435 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 2.6 96,9491,807 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 2.8 100,8321,600 Pfi zer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 36,800
362 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 1.7 62,514839 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 63,612
12.2 448,064
Medical – HMO265 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 10,274920 WellPoint, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.6 58,687
1.9 68,961
Medical Instruments1,800 As One Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 35,992
900 Fukuda Denshi Co., Ltd. . . . . . . . . . . . . . . . 0.8 28,28320 Medikit Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2 6,287
1,510 Medtronic, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.5 58,4823.5 129,044
Medical Products220 Becton Dickinson and Co. . . . . . . . . . . . . . . 0.4 16,445495 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 27,275
1.2 43,720
Metal Products – Distributors1,900 Furusato Industries, Ltd. . . . . . . . . . . . . . . . 0.5 18,897
Metal Products – Fasteners2,000 Kitagawa Industries Co., Ltd. . . . . . . . . . . . . 0.5 18,625
Miscellaneous Manufacturing700 Mirai Industry Co., Ltd. . . . . . . . . . . . . . . . . 0.2 7,842
Multi-Line Insurance1,045 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 36,6691,295 Kemper Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1 39,821
2.1 76,490
Networking Products1,655 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.8 28,416
Non-Hazardous Waste Disposal485 Republic Services, Inc. . . . . . . . . . . . . . . . . . 0.3 12,833
Oil Companies – Exploration and Production570 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 0.9 33,054750 QEP Resources, Inc. . . . . . . . . . . . . . . . . . . . 0.6 22,478
1.5 55,532
Oil Companies – Integrated1,040 BP PLC (ADR) . . . . . . . . . . . . . . . . . . . . . . . 1.1 42,1621,340 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 60,463
2.8 102,625
Property and Casualty Insurance2,250 NKSJ Holdings, Inc. . . . . . . . . . . . . . . . . . . . 1.3 47,964
710 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 1.2 45,3262.5 93,290
Protection – Safety1,100 Secom Joshinetsu Co., Ltd. . . . . . . . . . . . . . . 0.8 31,226
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Perkins Global Value Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 7 3
Publishing – Books1,130 Daekyo Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1% $ 5,538
Publishing – Periodicals6,511 Reed Elsevier PLC . . . . . . . . . . . . . . . . . . . . 1.4 52,2261,610 UBM PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 14,764
1.8 66,990
Real Estate Operating/Development950 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 15,020
REIT – Diversifi ed680 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . 0.4 15,205
REIT – Mortgage745 Annaly Capital Management, Inc. . . . . . . . . . 0.3 12,501680 Hatteras Financial Corp. . . . . . . . . . . . . . . . . 0.5 19,448
5,285 Two Harbors Investment Corp. . . . . . . . . . . . 1.5 54,7522.3 86,701
Retail – Discount895 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 1.8 62,399
Retail – Drug Store1,925 Walgreen Co. . . . . . . . . . . . . . . . . . . . . . . . . 1.5 56,942
Savings/Loans/Thrifts – Eastern U.S.505 Berkshire Hills Bancorp, Inc. . . . . . . . . . . . . 0.3 11,110
7,593 First Niagara Financial Group, Inc. . . . . . . . . 1.6 58,087735 Investors Bancorp, Inc. . . . . . . . . . . . . . . . . . 0.3 11,091
2.2 80,288
Savings/Loans/Thrifts – Western U.S.1,722 Washington Federal, Inc. . . . . . . . . . . . . . . . 0.8 29,085
Schools2,500 Shingakukai Co., Ltd. . . . . . . . . . . . . . . . . . . 0.2 8,957
Security Services600 Secom Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.7 27,547
Seismic Data Collection3,475 Pulse Seismic, Inc. . . . . . . . . . . . . . . . . . . . . 0.2 7,170
Steel – Producers66 POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 21,077
Telecommunication Services1,380 Telenor A.S.A . . . . . . . . . . . . . . . . . . . . . . . . 0.6 23,0263,890 Vivendi S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 72,307
2.6 95,333
Telephone – Integrated770 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 27,458
Tobacco210 KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 14,896
Transportation – Services368 PostNL N.V. (ADR) . . . . . . . . . . . . . . . . . . . . 0.0 1,523
Water1,202 Suez Environnement Co. . . . . . . . . . . . . . . . 0.3 12,937
Wire and Cable Products3,000 Nichia Steel Works, Ltd. . . . . . . . . . . . . . . . . 0.2 7,894
Total Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.8 3,402,332
Repurchase Agreement 8.1$300,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $300,005 collateralised by $290,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $307,224 . . . . . . . . . . . . . . 8.1 300,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 300,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.9 3,702,332
Adjustments from last traded to bid market prices . . . . . . . . . . (0.2) (8,005)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.7 $ 3,694,327
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 909,058 USD 1,136,118 $ 1,150,530 31-Jul-12 $ 14,412 EUR 315,375 USD 394,147 399,147 31-Jul-12 5,000 EUR 1,887 USD 2,345 2,388 31-Jul-12 43
Credit Suisse Securities (USA) LLCUSD 183,069 JPY 14,450,000 180,862 19-Jul-12 2,207
HSBC Securities (USA), Inc. USD 65,457 JPY 5,200,000 65,079 12-Jul-12 378 USD 69,078 JPY 5,500,000 68,833 12-Jul-12 245
JPMorgan Chase & Co.USD 7,604 EUR 6,000 7,594 2-Aug-12 10
Total $ 22,295
Total Financial Assets at fair value through profi t or loss $ 3,716,622
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
JPMorgan Chase & Co. USD 139,927 EUR 112,000 $ 141,753 2-Aug-12 $ (1,826)USD 24,991 EUR 20,000 25,313 2-Aug-12 (322)
Total $ (2,148)
Total Financial Liabilities at fair value through profi t or loss $ (2,148)
Perkins US Strategic Value Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
7 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Assets at fair value through profi t or loss
Common Stock 89.8%
Aerospace and Defence75,000 Rockwell Collins, Inc.. . . . . . . . . . . . . . . . . . 0.6 $ 3,701,250
Agricultural Chemicals90,000 Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 4,928,400
Applications Software325,000 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 1.6 9,941,750100,000 Progress Software Corp. . . . . . . . . . . . . . . . . 0.3 2,087,000
1.9 12,028,750
Automotive – Truck Parts and Equipment – Original95,000 Lear Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 3,584,350
Beverages – Non-Alcoholic140,000 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.5 9,892,400
Brewery150,000 Molson Coors Brewing Co. –
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 6,241,500
Building – Heavy Construction140,000 Granite Construction, Inc. . . . . . . . . . . . . . . 0.6 3,655,400
Building – Residential and Commercial80,000 M.D.C. Holdings, Inc. . . . . . . . . . . . . . . . . . 0.4 2,613,600
Cellular Telecommunications360,000 Vodafone Group PLC (ADR) . . . . . . . . . . . . . 1.6 10,144,800
Circuit Boards350,000 TTM Technologies, Inc. . . . . . . . . . . . . . . . . 0.5 3,293,500
Commercial Banks – Eastern U.S.450,000 Fulton Financial Corp. . . . . . . . . . . . . . . . . . 0.7 4,495,500
Commercial Banks – Southern U.S.60,000 Hancock Holding Co. . . . . . . . . . . . . . . . . . . 0.3 1,826,400
Commercial Banks – Western U.S.147,495 Glacier Bancorp, Inc. . . . . . . . . . . . . . . . . . . 0.4 2,284,698
Commercial Services – Finance125,000 Global Payments, Inc. . . . . . . . . . . . . . . . . . . 0.8 5,403,750525,000 Western Union Co. . . . . . . . . . . . . . . . . . . . . 1.4 8,841,000
2.2 14,244,750
Computers – Memory Devices80,000 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,545,600
Direct Marketing400,000 Harte-Hanks, Inc. . . . . . . . . . . . . . . . . . . . . . 0.6 3,656,000
Electric – Integrated85,000 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.9 5,770,65080,000 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 3,009,600
100,037 PPL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,782,0291.8 11,562,279
Electronic Components – Miscellaneous100,600 Gentex Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,099,522
Electronic Components – Semiconductors160,000 QLogic Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,190,400150,000 Semtech Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.6 3,648,000
0.9 5,838,400
Electronic Security Devices180,000 Tyco International, Ltd.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 1.5 9,513,000
Engineering – Research and Development Services150,000 Jacobs Engineering Group, Inc. . . . . . . . . . . 0.9 5,679,000125,000 KBR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 3,088,750110,000 URS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 3,836,800
2.0 12,604,550
Engines – Internal Combustion165,600 Briggs & Stratton Corp. . . . . . . . . . . . . . . . . 0.5 2,896,344
Enterprise Software/Services120,000 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 3,564,000
Fiduciary Banks105,000 State Street Corp. . . . . . . . . . . . . . . . . . . . . . 0.7% $ 4,687,200
Finance – Credit Card184,500 Discover Financial Services. . . . . . . . . . . . . . 1.0 6,380,010
Finance – Investment Bankers/Brokers81,500 Lazard, Ltd. – Class A . . . . . . . . . . . . . . . . . . 0.3 2,118,185
Food – Miscellaneous/Diversifi ed285,000 Unilever PLC (ADR) . . . . . . . . . . . . . . . . . . . 1.5 9,613,050
Food – Retail290,000 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 6,725,100
Footwear and Related Apparel35,000 Deckers Outdoor Corp. . . . . . . . . . . . . . . . . 0.2 1,540,350
Gold Mining280,000 Goldcorp, Inc. (U.S. Shares) . . . . . . . . . . . . . 1.6 10,522,400
Golf600,000 Callaway Golf Co.. . . . . . . . . . . . . . . . . . . . . 0.6 3,546,000
Instruments – Scientifi c80,000 PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 2,064,000
160,000 Thermo Fisher Scientifi c, Inc. . . . . . . . . . . . . 1.3 8,305,6001.6 10,369,600
Internet Security540,000 Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . 1.2 7,889,400
Intimate Apparel85,000 Warnaco Group, Inc. . . . . . . . . . . . . . . . . . . 0.6 3,619,300
Investment Management and Advisory Services125,000 Ameriprise Financial, Inc.. . . . . . . . . . . . . . . 1.0 6,532,500
30,000 Franklin Resources, Inc. . . . . . . . . . . . . . . . . 0.5 3,329,7001.5 9,862,200
Leisure and Recreational Products19,339 WMS Industries, Inc. . . . . . . . . . . . . . . . . . . 0.1 385,813
Machinery – Farm30,000 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,426,100
Medical – Biomedical and Genetic55,000 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 4,017,200
100,000 Charles River Laboratories International, Inc. . . . . . . . . . . . . . . . . . . . 0.5 3,276,000
135,000 Life Technologies Corp. . . . . . . . . . . . . . . . . 1.0 6,073,6502.1 13,366,850
Medical – Drugs125,000 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 1.3 8,058,750115,000 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 1.2 7,769,400260,000 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 1.7 10,854,999160,000 Novartis A.G. (ADR) . . . . . . . . . . . . . . . . . . . 1.4 8,944,000400,000 Pfi zer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 9,200,000
7.0 44,827,149
Medical – Generic Drugs180,000 Teva Pharmaceutical Industries,
Ltd. (ADR) . . . . . . . . . . . . . . . . . . . . . . . . 1.1 7,099,200
Medical Instruments125,000 Medtronic, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 4,841,250
Medical Labs and Testing Services70,000 Covance, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 3,349,50060,000 Laboratory Corp. of America
Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 5,556,6001.4 8,906,100
Medical Products45,000 Baxter International, Inc. . . . . . . . . . . . . . . . 0.4 2,391,75080,000 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . . 0.8 5,148,800
1.2 7,540,550
Medical Sterilisation Products90,000 STERIS Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,823,300
Metal – Aluminum500,000 Alcoa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 4,375,000
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 7 5
Metal – Copper115,000 Freeport-McMoRan Copper & Gold,
Inc. – Class B . . . . . . . . . . . . . . . . . . . . . . 0.6% $ 3,918,050
Metal Processors and Fabrication129,436 Kaydon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,768,636
Multi-Line Insurance210,000 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.1 7,368,900200,000 Kemper Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0 6,150,000
2.1 13,518,900
Multimedia70,000 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.5 3,395,000
Networking Products310,000 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.8 5,322,700335,000 Polycom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 3,524,200
1.4 8,846,900
Non-Hazardous Waste Disposal100,000 Republic Services, Inc. . . . . . . . . . . . . . . . . . 0.4 2,646,000
Oil – Field Services25,000 CARBO Ceramics, Inc. . . . . . . . . . . . . . . . . . 0.3 1,918,250
180,000 PAA Natural Gas Storage L.P. . . . . . . . . . . . . 0.5 3,216,6000.8 5,134,850
Oil and Gas Drilling40,000 Ensco PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.3 1,878,800
Oil Companies – Exploration and Production50,000 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 0.5 3,310,000
140,000 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 1.3 8,118,600125,000 EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 6,703,750300,000 EXCO Resources, Inc. . . . . . . . . . . . . . . . . . 0.4 2,277,000375,000 Lone Pine Resources, Inc. . . . . . . . . . . . . . . . 0.2 1,031,250
80,000 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 1.1 6,785,60035,000 Occidental Petroleum Corp. . . . . . . . . . . . . . 0.5 3,001,95060,000 Plains Exploration & Production Co. . . . . . . 0.3 2,110,800
310,000 QEP Resources, Inc. . . . . . . . . . . . . . . . . . . . 1.4 9,290,70090,000 Southwestern Energy Co. . . . . . . . . . . . . . . . 0.4 2,873,700
210,000 Talisman Energy, Inc. . . . . . . . . . . . . . . . . . . 0.4 2,406,60070,000 Whiting Petroleum Corp. . . . . . . . . . . . . . . . 0.5 2,878,400
210,000 WPX Energy, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5 3,397,8008.5 54,186,150
Oil Companies – Integrated45,000 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.7 4,747,500
190,000 Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 8,255,5002.0 13,003,000
Oil Field Machinery and Equipment30,000 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.3 1,933,200
Pipelines95,000 Plains All American Pipeline L.P.. . . . . . . . . . 1.2 7,676,950
Property and Casualty Insurance80,000 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.8 5,107,200
Publishing – Periodicals500,000 Reed Elsevier PLC . . . . . . . . . . . . . . . . . . . . 0.6 4,010,596
Real Estate Operating/Development192,095 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 3,037,022
Reinsurance90,000 Berkshire Hathaway, Inc. – Class B . . . . . . . . 1.2 7,499,70045,000 Everest Re Group, Ltd. . . . . . . . . . . . . . . . . . 0.7 4,657,050
1.9 12,156,750
REIT – Diversifi ed190,000 Potlatch Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0 6,068,600105,000 Rayonier, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 4,714,500190,000 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . 0.7 4,248,400
2.4 15,031,500
REIT – Manufactured Homes29,300 Equity Lifestyle Properties, Inc. . . . . . . . . . . 0.3 2,020,821
REIT – Offi ce Property160,000 Mack-Cali Realty Corp. . . . . . . . . . . . . . . . . 0.7% $ 4,651,200
Retail – Consumer Electronics250,000 RadioShack Corp. . . . . . . . . . . . . . . . . . . . . . 0.2 960,000
Retail – Discount65,000 Big Lots, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,651,35050,000 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 0.6 3,486,000
1.0 6,137,350
Retail – Drug Store75,000 Walgreen Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,218,500
Retail – Offi ce Supplies400,000 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 5,220,000
Retail – Regional Department Stores170,000 Kohl’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 7,733,300
Retail – Restaurants14,300 McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . 0.2 1,265,979
Savings/Loans/Thrifts – Eastern U.S.800,000 First Niagara Financial Group, Inc. . . . . . . . . 1.0 6,120,000
Savings/Loans/Thrifts – Western U.S.460,000 Washington Federal, Inc. . . . . . . . . . . . . . . . 1.2 7,769,400
Semiconductor Components/Integrated Circuits160,000 Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . 0.9 6,027,200
Semiconductor Equipment590,000 Applied Materials, Inc. . . . . . . . . . . . . . . . . . 1.0 6,761,400170,000 MKS Instruments, Inc. . . . . . . . . . . . . . . . . . 0.8 4,918,100
1.8 11,679,500
Super – Regional Banks570,000 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . 1.3 7,638,000120,000 PNC Financial Services Group, Inc. . . . . . . . 1.1 7,333,200125,000 SunTrust Banks, Inc. . . . . . . . . . . . . . . . . . . . 0.5 3,028,750160,000 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 0.8 5,350,400
3.7 23,350,350
Telephone – Integrated310,000 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 11,054,600110,000 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7 4,343,900
2.4 15,398,500
Transportation – Marine42,800 Kirby Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,015,024
Transportation – Railroad40,000 Norfolk Southern Corp. . . . . . . . . . . . . . . . . 0.4 2,870,800
Total Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.8 574,366,528
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Perkins US Strategic Value Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
7 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Schedule of Purchased Options – Puts
Credit Suisse Securities (USA) LLC415 SPDR S&P MidCap 400 ETF Trust,
expires 21/9/12, 415 contracts, exercise price $148 . . . . . . . . . . . . . . . . . . 0.0% $ 189,043
425 SPDR S&P MidCap 400 ETF Trust, expires 21/9/12, 700 contracts, exercise price $152 . . . . . . . . . . . . . . . . . . 0.0 170,235
2,550 SPDR S&P MidCap 400 ETF Trust, expires 21/9/12, 400 contracts, exercise price $155 . . . . . . . . . . . . . . . . . . 0.1 349,486
Morgan Stanley & Co., Inc.700 iShares Russell 2000 Index Fund,
expires 17/8/12, 2,550 contracts, exercise price $75 . . . . . . . . . . . . . . . . . . . 0.1 410,570
25 iShares Russell 2000 Index Fund, expires 20/7/12, 25 contracts, exercise price $77 . . . . . . . . . . . . . . . . . . . 0.0 3,691
1,900 iShares Russell 2000 Index Fund, expires 17/8/12, 1,990 contracts , exercise price $77 . . . . . . . . . . . . . . . . . . . 0.1 359,283
UBS Financial Services, Inc.400 SPDR S&P MidCap 400 ETF Trust,
expires 21/9/12, 425 contracts, exercise price $163 . . . . . . . . . . . . . . . . . . 0.0 283,170
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,765,478
Repurchase Agreement 12.9$82,800,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $82,801,311 collateralised by $107,323,000 in Fannie Mae 4.50%, due 1/2/40 with a value of $84,457,368 . . . . . . . . . . 12.9 82,800,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 82,800,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . . 103.0 658,932,006
Adjustments from last traded to bid market prices . . . . . . . . . . . — (312,008)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103.0 $ 658,619,998
Contract Amount
Percentage of Net Assets
Fair Value
Schedule of Written Options – Puts
Credit Suisse Securities (USA) LLC (415) SPDR S&P MidCap 400 ETF Trust,
expires 21/9/12, (415) contracts, exercise price $165 . . . . . . . . . . . . . . . . . . 0.0% $ (62,139)
(425) SPDR S&P MidCap 400 ETF Trust, expires 21/9/12, (425) contracts, exercise price $169 . . . . . . . . . . . . . . . . . . 0.0 (59,389)
(2,550) SPDR S&P MidCap 400 ETF Trust, expires 21/9/12, (2,550) contracts, exercise price $172 . . . . . . . . . . . . . . . . . . 0.0 (106,823)
Morgan Stanley & Co., Inc.(25) iShares Russell 2000 Index Fund,
expires 20/7/12, (25) contracts, exercise price $67 . . . . . . . . . . . . . . . . . . . 0.0 (98)
(700) iShares Russell 2000 Index Fund, expires 17/8/12, (700) contracts, exercise price $68 . . . . . . . . . . . . . . . . . . . 0.0 (136,494)
(1,900) iShares Russell 2000 Index Fund, expires 17/8/12, (1,900) contracts, exercise price $69 . . . . . . . . . . . . . . . . . . . 0.0 (94,913)
UBS Financial Services, Inc.(400) SPDR S&P MidCap 400 ETF Trust,
expires 21/9/12, (400) contracts, exercise price $147 . . . . . . . . . . . . . . . . . . 0.0 (95,078)
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 $ (554,934)
Contract Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 25,454,264 USD 31,812,077 $ 32,215,603 31-Jul-12 $ 403,526 EUR 375,905 USD 467,118 475,755 31-Jul-12 8,637 EUR 5,521 USD 6,861 6,988 31-Jul-12 127 EUR 301,601 USD 374,784 381,714 31-Jul-12 6,930 EUR 47,953,360 USD 59,930,863 60,691,067 31-Jul-12 760,204 EUR 8,989 USD 11,234 11,377 31-Jul-12 143
Total $ 1,179,567
Total Financial Assets at fair value through profi t or loss $ 659,799,565
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 22,136 EUR 17,715 $ 22,420 31-Jul-12 $ (284)USD 5,022 EUR 3,994 5,054 31-Jul-12 (32)
Total $ (316)
Total Financial Liabilities at fair value through profi t or loss $ (555,250)
Financial Liabilities at fair value through profi t or loss
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 7 7
INTECH US Core Fund
Shares or Principal Amount
Percentage of Net Assets
FairValue
Financial Assets at fair value through profi t or loss
Common Stock 99.3%
Advertising Agencies10,100 Interpublic Group of Cos., Inc.. . . . . . . . . . . 0.1 $ 109,585
Aerospace and Defence500 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 0.0 43,540800 Northrop Grumman Corp. . . . . . . . . . . . . . . 0.0 51,032400 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.0 22,636
3,400 Rockwell Collins, Inc.. . . . . . . . . . . . . . . . . . 0.2 167,7900.2 284,998
Aerospace and Defence – Equipment6,300 Goodrich Corp. . . . . . . . . . . . . . . . . . . . . . . 0.5 799,470
Agricultural Chemicals200 CF Industries Holdings, Inc.. . . . . . . . . . . . . 0.0 38,748
Apparel Manufacturers11,700 VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 1,561,365
Appliances4,000 Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . 0.1 244,640
Applications Software16,700 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 991,14522,100 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 0.4 676,039
1,000 Red Hat, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.0 56,4801.0 1,723,664
Athletic Footwear4,100 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 0.2 359,898
Audio and Video Products2,200 Harman International Industries, Inc. . . . . . . . 0.0 87,120
Automotive – Cars and Light Trucks11,800 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . 0.1 113,162
Beverages – Non-Alcoholic8,400 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . 0.3 656,7962,600 Dr. Pepper Snapple Group, Inc. . . . . . . . . . . 0.1 113,750
0.4 770,546
Beverages – Wine and Spirits16,500 Beam, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,031,085
5,200 Brown-Forman Corp. – Class B . . . . . . . . . . 0.3 503,6200.9 1,534,705
Building – Residential and Commercial33,400 D.R. Horton, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 613,89223,600 Lennar Corp. – Class A . . . . . . . . . . . . . . . . . 0.5 729,47648,700 PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3 521,090
1.1 1,864,458
Building Products – Wood32,700 Masco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 453,549
Cable/Satellite Television38,000 Comcast Corp. – Class A . . . . . . . . . . . . . . . 0.7 1,214,86035,700 DIRECTV – Class A . . . . . . . . . . . . . . . . . . . 1.0 1,742,874
4,000 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.2 328,400 1.9 3,286,134
Cellular Telecommunications33,800 MetroPCS Communications, Inc. . . . . . . . . . 0.1 204,490
Chemicals – Diversifi ed1,700 Dow Chemical Co. . . . . . . . . . . . . . . . . . . . . 0.0 53,550
15,400 E.I. du Pont de Nemours & Co. . . . . . . . . . . 0.4 778,77811,600 FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 620,368
0.8 1,452,696
Chemicals – Specialty34,400 Eastman Chemical Co. . . . . . . . . . . . . . . . . . 1.1 1,732,728
Coatings and Paint Products7,700 Sherwin-Williams Co. . . . . . . . . . . . . . . . . . 0.6 1,019,095
Coffee74,800 DE Master Blenders 1753 N.V. . . . . . . . . . . . 0.5% $ 843,282
Commercial Banks – Eastern U.S.1,400 M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . 0.1 115,598
Commercial Banks – Southern U.S.39,800 BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,227,83038,700 First Horizon National Corp. . . . . . . . . . . . . 0.2 334,755
100,700 Regions Financial Corp. . . . . . . . . . . . . . . . . 0.4 679,7251.3 2,242,310
Commercial Services – Finance1,600 Automatic Data Processing, Inc. . . . . . . . . . . 0.1 89,056
22,200 Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,034,5209,000 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 143,8201,900 MasterCard, Inc. – Class A . . . . . . . . . . . . . . 0.5 817,209
26,800 Moody's Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.6 979,5405,200 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 163,3321,600 Total System Services, Inc. . . . . . . . . . . . . . . 0.0 38,288
2.0 3,265,765
Computer Services14,300 Accenture PLC – Class A
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 0.5 859,28727,000 Cognizant Technology Solutions
Corp. – Class A . . . . . . . . . . . . . . . . . . . . . 0.9 1,620,00011,000 International Business
Machines Corp.. . . . . . . . . . . . . . . . . . . . . 1.2 2,151,3802.6 4,630,667
Computer Software9,100 Akamai Technologies, Inc. . . . . . . . . . . . . . . 0.2 288,925
Computers8,900 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 5,197,6004,800 Dell, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 60,096
3.1 5,257,696
Computers – Integrated Systems700 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.0 50,407
Computers – Memory Devices2,600 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 66,6384,000 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 127,280
11,500 Western Digital Corp. . . . . . . . . . . . . . . . . . . 0.2 350,5200.3 544,438
Computers – Peripheral Equipment6,800 Lexmark International,
Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . 0.1 180,744
Consumer Products – Miscellaneous1,000 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 72,4605,300 Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . 0.3 443,981
0.3 516,441
Cosmetics and Toiletries8,700 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 0.5 905,670
36,700 Estee Lauder Cos., Inc. – Class A . . . . . . . . . 1.1 1,986,2042,900 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 0.1 177,625
1.7 3,069,499
Data Processing and Management9,500 Dun & Bradstreet Corp. . . . . . . . . . . . . . . . . 0.4 676,115
14,200 Fidelity National Information Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 483,936
0.7 1,160,051
Distribution/Wholesale71,400 Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 2,878,134
300 Fossil, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 22,96214,400 Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . 0.5 867,60011,200 W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . 1.2 2,141,888
3.4 5,910,584
Diversifi ed Banking Institutions8,300 Bank of America Corp. . . . . . . . . . . . . . . . . . 0.0 67,8946,000 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1 164,460
Shares or Principal Amount
Percentage of Net Assets
FairValue
INTECH US Core Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
7 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
8,316 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . 0.2% $ 297,13131,500 Morgan Stanley. . . . . . . . . . . . . . . . . . . . . . . 0.3 459,585
0.6 989,070Diversifi ed Manufacturing Operations
31,500 Eaton Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,248,34526,100 General Electric Co. . . . . . . . . . . . . . . . . . . . 0.3 543,92428,600 Textron, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 711,282
1.3 2,503,551
Diversifi ed Operations21,200 Leucadia National Corp. . . . . . . . . . . . . . . . . 0.3 450,924
E-Commerce/Products12,100 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 508,321
3,600 Netfl ix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 246,4920.4 754,813
E-Commerce/Services1,900 Expedia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 91,3331,100 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.4 730,9721,800 TripAdvisor, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.0 80,442
0.5 902,747
Electric – Integrated14,500 Ameren Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 486,330
2,200 American Electric Power Co., Inc. . . . . . . . . 0.0 87,78049,400 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.7 1,160,90016,300 Consolidated Edison, Inc.. . . . . . . . . . . . . . . 0.6 1,013,69715,800 Dominion Resources, Inc. . . . . . . . . . . . . . . . 0.5 853,200
4,700 DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . 0.2 278,85153,400 Duke Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.7 1,231,404
900 Edison International . . . . . . . . . . . . . . . . . . . 0.0 41,58010,700 FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . 0.3 526,333
1,500 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . 0.1 103,21520,100 Pinnacle West Capital Corp. . . . . . . . . . . . . . 0.6 1,039,974
1,700 PPL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 47,27724,000 Progress Energy, Inc. . . . . . . . . . . . . . . . . . . . 0.8 1,444,080
4,600 SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 220,06419,500 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 902,850
9,600 Wisconsin Energy Corp. . . . . . . . . . . . . . . . . 0.2 379,8724,800 Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 136,368
5.7 9,953,775
Electronic Components – Miscellaneous46,700 Jabil Circuit, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5 949,411
3,200 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 0.1 102,1120.6 1,051,523
Electronic Components – Semiconductors9,900 Advanced Micro Devices, Inc.. . . . . . . . . . . . 0.0 56,727
31,100 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 828,81579,400 LSI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 505,77863,700 Micron Technology, Inc. . . . . . . . . . . . . . . . . 0.2 401,94735,200 Texas Instruments, Inc.. . . . . . . . . . . . . . . . . 0.6 1,009,888
1.6 2,803,155
Electronic Connectors6,500 Amphenol Corp. – Class A . . . . . . . . . . . . . . 0.2 356,980
Electronic Forms1,300 Adobe Systems, Inc. . . . . . . . . . . . . . . . . . . . 0.0 42,081
Electronic Measuring Instruments4,300 Agilent Technologies, Inc. . . . . . . . . . . . . . . . 0.1 168,732
Engines – Internal Combustion1,400 Cummins, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1 135,674
Enterprise Software/Services47,700 CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,292,193
Fiduciary Banks700 Northern Trust Corp. . . . . . . . . . . . . . . . . . . 0.0 32,214
2,100 State Street Corp. . . . . . . . . . . . . . . . . . . . . . 0.1 93,7440.1 125,958
Filtration and Separation Products22,100 Pall Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,211,301
Finance – Consumer Loans2,200 SLM Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0% $ 34,562
Finance – Credit Card18,400 Discover Financial Services. . . . . . . . . . . . . . 0.4 636,272
5,500 Visa, Inc. – Class A . . . . . . . . . . . . . . . . . . . . 0.3 679,9650.7 1,316,237
Finance – Other Services400 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 107,244
2,400 NASDAQ OMX Group, Inc. . . . . . . . . . . . . . 0.0 54,4084,700 NYSE Euronext. . . . . . . . . . . . . . . . . . . . . . . 0.1 120,226
0.2 281,878
Food – Confectionery13,800 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 994,01417,600 J.M. Smucker Co. . . . . . . . . . . . . . . . . . . . . . 0.7 1,329,152
1.3 2,323,166
Food – Meat Products14,960 Hillshire Brands Co. . . . . . . . . . . . . . . . . . . . 0.3 433,690
1,600 Hormel Foods Corp. . . . . . . . . . . . . . . . . . . 0.0 48,6720.3 482,362
Food – Miscellaneous/Diversifi ed12,200 ConAgra Foods, Inc.. . . . . . . . . . . . . . . . . . . 0.2 316,346
6,600 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . 0.1 254,3643,400 H.J. Heinz Co. . . . . . . . . . . . . . . . . . . . . . . . 0.1 184,892
26,900 Kraft Foods, Inc. – Class A . . . . . . . . . . . . . . 0.6 1,038,8781.0 1,794,480
Food – Retail12,100 Safeway, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 219,615
900 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.0 85,7880.2 305,403
Food – Wholesale/Distribution1,700 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 50,677
Gas – Distribution2,100 CenterPoint Energy, Inc. . . . . . . . . . . . . . . . . 0.0 43,407
68,800 NiSource, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.0 1,702,8001.0 1,746,207
Home Decoration Products33,200 Newell Rubbermaid, Inc. . . . . . . . . . . . . . . . 0.3 602,248
Hotels and Motels16,700 Marriott International,
Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . 0.4 654,64036,800 Wyndham Worldwide Corp. . . . . . . . . . . . . 1.1 1,940,832
1.5 2,595,472
Human Resources10,300 Robert Half International, Inc. . . . . . . . . . . . 0.2 294,271
Industrial Automation and Robotics12,000 Rockwell Automation, Inc. . . . . . . . . . . . . . . 0.5 792,720
Industrial Gases7,200 Airgas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 604,872
Instruments – Controls4,700 Honeywell International, Inc. . . . . . . . . . . . . 0.1 262,448
Instruments – Scientifi c15,600 PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . 0.2 402,480
Insurance Brokers29,000 AON PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1,356,620
Internet Infrastructure Software3,600 F5 Networks, Inc.. . . . . . . . . . . . . . . . . . . . . 0.2 358,416
Investment Management and Advisory Services6,700 Ameriprise Financial, Inc.. . . . . . . . . . . . . . . 0.1 350,142
600 BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 101,8925,100 Federated Investors, Inc. – Class B . . . . . . . . 0.1 111,435
12,800 InvesCo., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 289,2800.5 852,749
Shares or Principal Amount
Percentage of Net Assets
FairValueShares or Principal Amount
Percentage of Net Assets
FairValue
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 7 9
Life and Health Insurance11,700 AFLAC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3% $ 498,303
3,400 Lincoln National Corp. . . . . . . . . . . . . . . . . . 0.0 74,3582,700 Principal Financial Group, Inc. . . . . . . . . . . . 0.0 70,8213,400 Prudential Financial, Inc. . . . . . . . . . . . . . . . 0.1 164,662
10,250 Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . 0.4 518,1380.8 1,326,282
Linen Supply and Related Items18,700 Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 722,007
Machinery – Construction and Mining18,400 Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9 1,562,344
Machinery – General Industrial6,100 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . 0.3 601,338
Machinery – Pumps4,800 Flowserve Corp. . . . . . . . . . . . . . . . . . . . . . . 0.3 550,800
Medical – Biomedical and Genetic5,800 Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . 0.3 575,9401,000 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 73,040
11,700 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.1 1,689,2463,800 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 243,8081,400 Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . 0.0 71,7921,400 Life Technologies Corp. . . . . . . . . . . . . . . . . 0.0 62,986
1.5 2,716,812
Medical – Drugs2,000 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 0.1 128,9408,400 Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 777,588
42,100 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 0.9 1,513,49515,600 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 0.4 669,396
4,591 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 0.1 191,6744,200 Pfi zer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 96,600
2.0 3,377,693
Medical – HMO2,700 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 104,6796,600 Coventry Health Care, Inc. . . . . . . . . . . . . . . 0.1 209,814
10,300 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 797,63212,200 UnitedHealth Group, Inc. . . . . . . . . . . . . . . . 0.4 713,700
1.0 1,825,825
Medical – Wholesale Drug Distributors6,400 McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . 0.3 600,000
Medical Information Systems10,400 Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 859,664
Medical Instruments2,000 Intuitive Surgical, Inc. . . . . . . . . . . . . . . . . . 0.6 1,107,580
Medical Products700 Baxter International, Inc. . . . . . . . . . . . . . . . 0.0 37,205
1,700 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . 0.1 90,9501,400 Varian Medical Systems, Inc. . . . . . . . . . . . . 0.0 85,078
700 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . . 0.0 45,0520.1 258,285
Metal – Copper800 Freeport-McMoRan Copper & Gold,
Inc. – Class B . . . . . . . . . . . . . . . . . . . . . . 0.0 27,256
Metal Processors and Fabricators1,100 Precision Castparts Corp. . . . . . . . . . . . . . . . 0.1 180,939
Motorcycle and Motor Scooter Manufacturing6,800 Harley-Davidson, Inc.. . . . . . . . . . . . . . . . . . 0.2 310,964
Multi-Line Insurance1,100 ACE, Ltd. (U.S. Shares) . . . . . . . . . . . . . . . . 0.0 81,5437,500 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 263,175
500 American International Group, Inc. . . . . . . . 0.0 16,0458,800 Assurant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 306,592
41,100 Cincinnati Financial Corp. . . . . . . . . . . . . . . 1.0 1,564,67672,000 Genworth Financial, Inc. – Class A . . . . . . . . 0.3 407,520
700 Hartford Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.0% $ 12,341
1.6 2,651,892Multimedia
16,500 Time Warner, Inc.. . . . . . . . . . . . . . . . . . . . . 0.4 635,25013,500 Viacom, Inc. – Class B . . . . . . . . . . . . . . . . . 0.4 634,77015,200 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.3 737,200
1.1 2,007,220
Networking Products27,400 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.3 470,458
Non-Hazardous Waste Disposal700 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.0 23,380
Oil – Field Services6,529 Schlumberger, Ltd. (U.S. Shares) . . . . . . . . . 0.2 423,797
Oil and Gas Drilling700 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.0 30,436
13,900 Nabors Industries, Ltd. . . . . . . . . . . . . . . . . . 0.1 200,1600.1 230,596
Oil Companies – Exploration and Production800 Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . 0.0 31,520
12,100 Denbury Resources, Inc. . . . . . . . . . . . . . . . . 0.1 182,8311,000 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 0.0 57,9904,300 EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . 0.2 387,4731,900 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.1 161,1587,300 Pioneer Natural Resources Co. . . . . . . . . . . . 0.4 643,933
0.8 1,464,905
Oil Companies – Integrated5,562 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3 586,7915,400 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . 0.2 301,752
21,800 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 1.0 1,865,42632,700 Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . 0.5 836,13911,550 Marathon Petroleum Corp. . . . . . . . . . . . . . . 0.3 518,826
2,700 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 89,7482.4 4,198,682
Oil Field Machinery and Equipment2,900 FMC Technologies, Inc. . . . . . . . . . . . . . . . . 0.1 113,767
22,500 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.8 1,449,9000.9 1,563,667
Oil Refi ning and Marketing9,000 Sunoco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 427,5003,600 Tesoro Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 89,856
0.3 517,356
Paper and Related Products9,300 International Paper Co. . . . . . . . . . . . . . . . . 0.2 268,863
800 MeadWestvaco Corp. . . . . . . . . . . . . . . . . . . 0.0 23,0000.2 291,863
Pharmacy Services4,029 Express Scripts Holding Co. . . . . . . . . . . . . . 0.1 224,939
Pipelines19,843 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . 0.4 639,34163,200 ONEOK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.6 2,673,99346,300 Spectra Energy Corp. . . . . . . . . . . . . . . . . . . 0.8 1,345,47843,900 Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.7 1,265,198
3.5 5,924,010
Property and Casualty Insurance10,100 Chubb Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 735,482
6,600 Progressive Corp. . . . . . . . . . . . . . . . . . . . . . 0.1 137,4789,400 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.3 600,096
0.8 1,473,056
Publishing – Books2,900 McGraw-Hill Cos., Inc.. . . . . . . . . . . . . . . . . 0.1 130,500
Publishing – Newspapers74,800 Gannett Co., Inc. . . . . . . . . . . . . . . . . . . . . . 0.7 1,101,804
200 Washington Post Co. – Class B . . . . . . . . . . . 0.0 74,7640.7 1,176,568
Shares or Principal Amount
Percentage of Net Assets
FairValue Shares or Principal Amount
Percentage of Net Assets
FairValue
INTECH US Core Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
8 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Quarrying14,700 Vulcan Materials Co.. . . . . . . . . . . . . . . . . . . 0.3% $ 583,737
REIT – Apartments6,600 AvalonBay Communities, Inc. . . . . . . . . . . . . 0.5 933,7684,300 Equity Residential. . . . . . . . . . . . . . . . . . . . . 0.2 268,148
0.7 1,201,916
REIT – Diversifi ed16,500 American Tower Corp. . . . . . . . . . . . . . . . . . 0.6 1,153,51511,900 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . 0.2 266,084
0.8 1,419,599
REIT – Hotels15,500 Host Hotels & Resorts, Inc. . . . . . . . . . . . . . 0.1 245,210
REIT – Offi ce Property7,200 Boston Properties, Inc. . . . . . . . . . . . . . . . . . 0.4 780,264
REIT – Regional Malls2,800 Simon Property Group, Inc. . . . . . . . . . . . . . 0.2 435,848
REIT – Storage10,000 Public Storage . . . . . . . . . . . . . . . . . . . . . . . 0.8 1,444,100
Retail – Apparel and Shoe44,600 Gap, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,220,25624,300 Limited Brands, Inc. . . . . . . . . . . . . . . . . . . . 0.6 1,033,47925,000 Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9 1,561,750
1,400 Urban Outfi tters, Inc. . . . . . . . . . . . . . . . . . . 0.0 38,6262.2 3,854,111
Retail – Auto Parts5,900 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.2 2,166,303
10,300 O'Reilly Automotive, Inc. . . . . . . . . . . . . . . . 0.5 862,8311.7 3,029,134
Retail – Automobile1,700 CarMax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.0 44,098
Retail – Bedding3,800 Bed Bath & Beyond, Inc. . . . . . . . . . . . . . . . 0.1 234,840
Retail – Building Products84,600 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . 2.5 4,482,95370,100 Lowe's Cos., Inc. . . . . . . . . . . . . . . . . . . . . . 1.1 1,993,644
3.6 6,476,597
Retail – Discount4,000 Big Lots, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 163,1601,000 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 0.1 95,0005,600 Dollar Tree, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 301,2801,100 Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 64,0091,400 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 0.1 97,608
0.4 721,057
Retail – Drug Store2,800 CVS Caremark Corp. . . . . . . . . . . . . . . . . . . 0.1 130,844
Retail – Major Department Stores12,700 J.C. Penney Co., Inc. . . . . . . . . . . . . . . . . . . 0.2 296,037
4,400 Sears Holdings Corp. . . . . . . . . . . . . . . . . . . 0.1 262,68075,900 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.9 3,258,387
2.2 3,817,104
Retail – Offi ce Supplies11,300 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 147,465
Retail – Regional Department Stores29,500 Macy’s, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,013,325
Retail – Restaurants200 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . . 0.0 75,990
22,000 McDonald's Corp. . . . . . . . . . . . . . . . . . . . . 1.2 1,947,66033,500 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . 1.0 1,786,22014,300 Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5 921,206
2.7 4,731,076
Savings/Loans/Thrifts – Eastern U.S.12,800 Hudson City Bancorp, Inc. . . . . . . . . . . . . . . 0.0 81,536
Semiconductor Components/Integrated Circuits1,000 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 0.0% $ 55,680
Semiconductor Equipment17,100 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . 0.5 842,17524,075 Lam Research Corp. . . . . . . . . . . . . . . . . . . . 0.5 908,59125,200 Teradyne, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 0.2 354,312
1.2 2,105,078
Steel – Producers20,700 Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 784,530
2,700 United States Steel Corp. . . . . . . . . . . . . . . . 0.0 55,6200.5 840,150
Super – Regional Banks59,500 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . 0.5 797,300
2,200 SunTrust Banks, Inc. . . . . . . . . . . . . . . . . . . . 0.0 53,30611,900 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 0.2 382,70416,272 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 0.3 544,136
1.0 1,777,446
Telecommunication Equipment1,100 Harris Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 46,035
Telephone – Integrated2,503 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 89,257
24,131 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5 952,9330.6 1,042,190
Television33,200 CBS Corp. – Class B . . . . . . . . . . . . . . . . . . . 0.6 1,088,296
Tobacco35,600 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7 1,229,980
8,300 Lorillard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,095,18521,600 Philip Morris International, Inc. . . . . . . . . . . 1.2 1,884,81741,100 Reynolds American, Inc. . . . . . . . . . . . . . . . . 1.0 1,844,157
3.5 6,054,139
Tools – Hand Held14,735 Stanley Black & Decker, Inc. . . . . . . . . . . . . 0.5 948,345
Toys8,000 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 259,520
Transportation – Railroad2,500 Union Pacifi c Corp. . . . . . . . . . . . . . . . . . . . 0.2 298,275
Transportation – Services6,800 FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 622,948
Vitamins and Nutrition Products12,000 Mead Johnson Nutrition Co. . . . . . . . . . . . . 0.5 966,120
Web Portals/Internet Service Providers4,000 Google, Inc. – Class A . . . . . . . . . . . . . . . . . 1.3 2,320,280
Wireless Equipment11,000 Crown Castle International Corp. . . . . . . . . . 0.3 645,260
9,157 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.3 440,5430.6 1,085,803
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.9 173,620,047
Repurchase Agreement 0.7
$1,300,000 JPMorgan Chase & Co., 0.19%, dated 29/6/12 maturing 2/7/12 to be repurchased at $1,300,021 collateralised by $1,255,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $1,329,538 . . . . . . . . . . . . 0.7 1,300,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,300,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.6 174,920,047
Adjustments from last traded to bid market prices . . . . . . . . . . . — (48,211)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.6 $ 174,871,836
Shares or Principal Amount
Percentage of Net Assets
FairValue Shares or Principal Amount
Percentage of Net Assets
FairValue
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 8 1
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 28,141,280 USD 35,170,239 $ 35,616,362 31-Jul-12 $ 446,123 EUR 7,004,230 USD 8,753,705 8,864,743 31-Jul-12 111,038 EUR 146,220 USD 182,713 185,060 31-Jul-12 2,347
Total $ 559,508
Total Financial Assets at fair value through profi t or loss $ 175,431,344
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 14,675 EUR 11,670 $ 14,769 31-Jul-12 $ (94)USD 65,554 EUR 52,129 65,975 31-Jul-12 (421)USD 25,735 EUR 20,595 26,066 31-Jul-12 (331)USD 55,742 EUR 44,857 56,772 31-Jul-12 (1,030)USD 47,828 EUR 38,489 48,712 31-Jul-12 (884)
Total $ (2,760)
Total Financial Liabilities at fair value through profi t or loss $ (2,760)
Janus Global Real Estate Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
8 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Financial Assets at fair value through profi t or loss
Common Stock 9 4. 9%
Building – Residential and Commercial29,200 Hajime Construction Co., Ltd. . . . . . . . . . . . 0.6 $ 846,148
129,100 MRV Engenharia e Participacoes S.A. . . . . . . . 0.5 594,649 1.1 1,440,797
Building and Construction – Miscellaneous19,500 Multiplan Empreendimentos
Imobiliarios S.A. . . . . . . . . . . . . . . . . . . . . 0.4 475,799
Casino Hotels134,066 Crown, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 1,170,851
Diversifi ed Operations252,000 Wharf Holdings, Ltd. . . . . . . . . . . . . . . . . . . 1.1 1,401,054
Electric – Distribution1,070,942 Spark Infrastructure Group . . . . . . . . . . . . . 1.2 1,673,972
Electric – Generation1,905,351 Indiabulls Infrastructure and
Power, Ltd*. . . . . . . . . . . . . . . . . . . . . . . . 0.1 72,694
Forestry 35,200 Sino-Forest Corp.* . . . . . . . . . . . . . . . . . . . . . — —
Hotels and Motels820,000 Overseas Union Enterprise, Ltd. . . . . . . . . . . 1.1 1,392,290
41,603 Whitbread PLC . . . . . . . . . . . . . . . . . . . . . . 1.0 1,327,382 2.1 2,719,672
Metal – Copper251,520 Copper Mountain Mining Corp. . . . . . . . . . . 0.6 825,385
Real Estate Management/Services1,164,000 AIMS AMP Capital Industrial REIT . . . . . . . . 0.9 1,106,684
538,976 Atrium European Real Estate, Ltd. . . . . . . . . 2.0 2,531,450107,100 BR Malls Participacoes S.A. . . . . . . . . . . . . . . 0.9 1,213,287
21,315 Castellum A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.2 258,36140,430 CBRE Group, Inc. – Class A . . . . . . . . . . . . . 0.5 661,43589,669 First Capital Realty, Inc. . . . . . . . . . . . . . . . . 1.2 1,616,649
128,670 Gazit-Globe, Ltd. . . . . . . . . . . . . . . . . . . . . . 1.0 1,262,25315,115 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . 0.8 1,063,643
214,694 Kennedy-Wilson Holdings, Inc. . . . . . . . . . . 2.4 3,007,86278,200 LPS Brasil Consultoria de
Imoveis S.A. . . . . . . . . . . . . . . . . . . . . . . . 1.0 1,335,653141,000 Mitsubishi Estate Co., Ltd. . . . . . . . . . . . . . . 1.9 2,529,891407,916 Songbird Estates PLC . . . . . . . . . . . . . . . . . . 0.5 703,676
13.3 17,290,844
Real Estate Operating/Development202,800 BR Properties S.A.. . . . . . . . . . . . . . . . . . . . . 1.8 2,373,168120,345 Brookfi eld Asset Management, Inc.
– Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 3,983,4201,921,000 CapitaLand, Ltd.. . . . . . . . . . . . . . . . . . . . . . 3.2 4,148,044
263,200 Cyrela Brazil Realty S.A. . . . . . . . . . . . . . . . . 2.4 3,145,50174,223 DB Realty, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.1 108,77773,700 First Juken Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.5 673,62516,304 GAGFAH S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 155,535
804,715 Global Logistic Properties, Ltd. . . . . . . . . . . . 1.0 1,340,9641,030,000 Hang Lung Properties, Ltd. . . . . . . . . . . . . . . 2.7 3,506,262
204,000 Hysan Development Co., Ltd.. . . . . . . . . . . . 0.6 775,959645,882 Indiabulls Real Estate, Ltd. . . . . . . . . . . . . . . 0.6 715,333
71,000 Mitsui Fudosan Co., Ltd. . . . . . . . . . . . . . . . 1.1 1,377,571839,600 PDG Realty S.A. Empreendimentos
e Participacoes . . . . . . . . . . . . . . . . . . . . . 1.1 1,475,842368,172 Phoenix Mills, Ltd. . . . . . . . . . . . . . . . . . . . . 0.9 1,181,412203,000 Shanghai Industrial Holdings, Ltd. . . . . . . . . 0.4 539,068
3,690,000 Shui On Land, Ltd. . . . . . . . . . . . . . . . . . . . . 1.2 1,507,42588,905 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 1,405,588
106,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 1.0 1,257,867 22.9 29,671,361
Percentage of Net Assets
Fair Value
Percentage of Net Assets
Fair Value
REIT – Apartments106,650 Associated Estates Realty Corp. . . . . . . . . . . 1.2% $ 1,594,418
49,305 Education Realty Trust, Inc. . . . . . . . . . . . . . 0.4 546,29947,860 UDR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 1,236,702
2.6 3,377,419
REIT – Diversifi ed96,438 American Assets Trust, Inc.. . . . . . . . . . . . . . 1.8 2,338,622
714,816 Charter Hall Group . . . . . . . . . . . . . . . . . . . 1.3 1,669,41093,067 Coresite Realty Corp. . . . . . . . . . . . . . . . . . . 1.8 2,402,99022,455 Digital Realty Trust, Inc. . . . . . . . . . . . . . . . . 1.3 1,685,69761,100 DuPont Fabros Technology, Inc. . . . . . . . . . . 1.3 1,745,01630,560 Entertainment Properties Trust . . . . . . . . . . . 1.0 1,256,32229,632 Eurocommercial Properties N.V. . . . . . . . . . . 0.8 1,026,715
842,600 Fibra Uno Administracion S.A. de C.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1,730,943
119,545 Land Securities Group PLC . . . . . . . . . . . . . 1.1 1,386,178334,136 Lexington Realty Trust . . . . . . . . . . . . . . . . . 2.2 2,830,131
3,155,600 Mapletree Logistics Trust . . . . . . . . . . . . . . . 1.9 2,449,88077,711 Shaftesbury PLC . . . . . . . . . . . . . . . . . . . . . . 0.5 628,204
8,395 Unibail-Rodamco S.E. . . . . . . . . . . . . . . . . . 1.2 1,548,600 17.5 22,698,708
REIT – Health Care31,125 Health Care REIT, Inc. . . . . . . . . . . . . . . . . . 1.4 1,814,58820,690 LTC Properties, Inc. . . . . . . . . . . . . . . . . . . . 0.6 750,63336,132 Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 2,280,652
3.7 4,845,873
REIT – Hotels684,000 Ascott Residence Trust . . . . . . . . . . . . . . . . . 0.5 588,007204,660 Chatham Lodging Trust . . . . . . . . . . . . . . . . 2.2 2,922,545
74,310 Pebblebrook Hotel Trust . . . . . . . . . . . . . . . . 1.3 1,732,166 4.0 5,242,718
REIT – Mortgage162,085 Colony Financial, Inc. . . . . . . . . . . . . . . . . . 2.1 2,804,071129,585 CYS Investments, Inc.. . . . . . . . . . . . . . . . . . 1.4 1,784,385
3.5 4,588,456
REIT – Offi ce Property35,373 Alexandria Real Estate Equities, Inc. . . . . . . . 1.9 2,572,324
208,308 Great Portland Estates PLC . . . . . . . . . . . . . . 1.0 1,289,13688,058 Parkway Properties, Inc. . . . . . . . . . . . . . . . . 0.8 1,007,384
3.7 4,868,844
REIT – Regional Malls57,962 Macerich Co. . . . . . . . . . . . . . . . . . . . . . . . . 2.7 3,422,65617,732 Simon Property Group, Inc. . . . . . . . . . . . . . 2.1 2,760,163
4.8 6,182,819
REIT – Shopping Centres68,711 Acadia Realty Trust . . . . . . . . . . . . . . . . . . . . 1.2 1,592,721
100,190 DDR Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 1,466,782138,540 Kite Realty Group Trust . . . . . . . . . . . . . . . . 0.5 691,315345,357 Westfi eld Group . . . . . . . . . . . . . . . . . . . . . . 2.7 3,364,047
5.5 7,114,865
REIT – Warehouse and Industrial65,007 ProLogis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.7 2,160,183
118,085 STAG Industrial, Inc. . . . . . . . . . . . . . . . . . . 1.3 1,721,679 3.0 3,881,862
Resorts and Theme Parks30,020 Vail Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.1 1,503,402
Retirement / Aged Care70,548 Capital Senior Living Corp. . . . . . . . . . . . . . 0.6 747,809
Transportation – Marine12,829 Alexander & Baldwin, Inc. . . . . . . . . . . . . . . 0.5 683,144
Wireless Equipment15,904 Crown Castle International Corp. . . . . . . . . . 0.7 932,929
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.9 123,411,277
* Security valued at fair value as detailed in Note 1.
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 8 3
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 6,412 EUR 5,099 $ 6,453 31-Jul-12 $ (41)USD 4,529 EUR 3,645 4,613 31-Jul-12 (84)
Total $ (125)
Total Financial Liabilities at fair value through profi t or loss $ (73,107)
Percentage of Net Assets
Fair Value
Preferred Stock 0.3%
REIT – Hotels13,100 FelCor Lodging Trust, Inc., 1.9500% . . . . . . . . 0.3 $ 342,69625,250 Innkeepers USA Trust, 8.0000% . . . . . . . . . . 0.0 3,788
0.3 346,484
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 346,484
Repurchase Agreement 4.5$5,900,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $5,900,093 collateralised by $5,685,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $6,022,646 . . . . . . . . . . . . 4.5 5,900,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 5,900,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.7 129,657,761
Adjustments from last traded to bid market prices . . . . . . . . . (0.4) (565,895)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.3 $ 129,091,866
Contract Amount
Percentage of Net Assets
Fair Value
Schedule of Written Options – Puts —%J.P. Morgan Securities, Inc.
(1,155) St. Joe Co., expires 21/9/12, (1,155) contracts, exercise price $13 . . . . . . . .. . . . (0.1) $ (41,587)
(1,305) CBRE Group, Inc., expires 21/9/12, (1,305) contracts, exercise price $12 . . . . . . . . . . . . . . . . . . . . . . .. . . . . 0.0 (31,343)
(755) Iron Mountain, Inc., expires 20/7/12, (755) contracts, exercise price $25 . . .. . . . . 0.0 (52)
(0.1) (72,982)
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1) $ (72,982)
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 17,221 USD 21,522 $ 21,795 31-Jul-12 $ 273 EUR 42,269 USD 52,818 53,497 31-Jul-12 679 EUR 113 USD 142 143 31-Jul-12 1 EUR 3,304,207 USD 4,129,512 4,181,893 31-Jul-12 52,381
Total $ 53,334
Total Financial Assets at fair value through profi t or loss $ 129,145,200
Janus Flexible Income Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
8 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Assets at fair value through profi t or loss
Asset-Backed/Commercial Mortgage-Backed Securities 3.2%9,000,000 Arkle Master Issuer PLC, 2.1659%,
due 17/5/60 (144A) . . . . . . . . . . . . . . . . . 0.7 $ 9,093,772 1,665,000 Bear Stearns Commercial
Mortgage Securities, 5.5370%, due 12/10/41 . . . . . . . . . . . . . . . . . . . . . . 0.2 1,913,288
1,671,510 CLI Funding LLC, 4.9400%, due 18/10/26 (144A) . . . . . . . . . . . . . . . . . . . . 0.1 1,738,377
1,673,000 Commercial Mortgage Pass Through Certifi cates, 2.3646%, due 10/2/29 (144A) . . . . . . . . . . . . . . . . . 0.1 1,722,633
1,091,000 Fontainebleau Miami Beach Trust, 2.8870%, due 5/5/27 . . . . . . . . . . . . . . . . 0.1 1,116,000
1,490,000 FREMF Mortgage Trust, 5.0996%, due 25/8/44 (144A) . . . . . . . . . . . . . . . . . 0.1 1,516,126
841,000 FREMF Mortgage Trust, 4.7507%, due 25/11/46 (144A) . . . . . . . . . . . . . . . . 0.1 829,212
843,000 FREMF Mortgage Trust, 5.3323%, due 25/2/47 (144A) . . . . . . . . . . . . . . . . . 0.1 870,040
1,374,000 FREMF Mortgage Trust, 4.7269%, due 25/1/48 (144A) . . . . . . . . . . . . . . . . . 0.1 1,365,002
5,444,000 GS Mortgage Securities Corp II, 3.5510%, due 10/4/34 (144A) . . . . . . . . . 0.5 5,665,462
2,690,000 GS Mortgage Securities Corp II, 4.0490%, due 10/4/34 (144A) . . . . . . . . . 0.2 2,798,794
962,000 JP Morgan Chase Commercial Mortgage Securities Corp., 5.8706%, due 15/4/45 . . . . . . . . . . . . . . . 0.1 1,102,618
1,000,000 Oxbow Resources LLC, 4.9690%, due 1/5/36 (144A) . . . . . . . . . . . . . . . . . . 0.1 1,078,950
2,716,000 Saecure B.V., 1.9798%, due 30/7/92 . . . . . . . 0.2 2,738,2171,500,000 Silverstone Master Issuer PLC,
2.0157%, due 21/1/55 (144A) . . . . . . . . . 0.1 1,513,3881,770,000 Textainer Marine Containers, Ltd.,
4.2100%, due 15/4/27 (144A) . . . . . . . . . 0.2 1,785,8682,170,000 WFDB Commercial Mortgage Trust,
3.6620%, due 5/7/24 (144A) . . . . . . . . . . 0.2 2,241,435 3.2 39,089,182
Total Asset-Backed/Commercial Mortgage-Backed Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 39,089,182
Corporate Bonds 56.2Advertising Services
1,297,000 WPP Finance UK, 4.7500%, company guaranteed notes, due 21/11/21 . . . . . . . . 0.1 1,363,580
Aerospace and Defence – Equipment2,852,000 Exelis, Inc., 4.2500%,
company guaranteed notes, due 1/10/16 (144A) . . . . . . . . . . . . . . . . . 0.2 2,926,854
2,316,000 Exelis, Inc., 5.5500%, company guaranteed notes, due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.2 2,489,837
2,703,000 United Technologies Corp., 1.8000%, senior unsecured notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,763,645
9,870,000 United Technologies Corp., 3.1000%, senior unsecured notes, due 1/6/22 . . . . . . . . . . . . . . . . . . . . . . . . 1.0 10,364,486
5,154,000 United Technologies Corp., 4.5000%, senior unsecured notes, due 1/6/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,685,320
2.1 24,230,142
Agricultural Chemicals4,726,000 CF Industries, Inc., 6.8750%,
company guaranteed notes, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 5,618,033
2,814,000 CF Industries, Inc., 7.1250%, company guaranteed notes, due 1/5/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.3% $ 3,433,080
0.7 9,051,113
Airlines870,000 Southwest Airlines Co., 5.2500%,
senior unsecured notes, due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 942,128
2,390,000 Southwest Airlines Co., 5.1250%, senior unsecured notes, due 1/3/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,625,838
0.3 3,567,966
Beverages – Wine and Spirits4,076,000 Pernod-Ricard S.A., 5.7500%,
senior unsecured notes, due 7/4/21 (144A) . . . . . . . . . . . . . . . . . . 0.4 4,609,507
3,998,000 Pernod-Ricard S.A., 4.4500%, senior unsecured notes, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.3 4,150,572
0.7 8,760,079
Brewery3,212,000 SABMiller Holdings, Inc., 2.4500%,
company guaranteed notes, due 15/1/17 (144A) . . . . . . . . . . . . . . . . . 0.3 3,314,277
7,614,000 SABMiller Holdings, Inc., 3.7500%, company guaranteed notes, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.6 8,113,409
0.9 11,427,686
Building – Residential and Commercial1,535,000 DR Horton, Inc., 4.7500%, company
guaranteed notes, due 15/5/17 . . . . . . . . . 0.1 1,585,8471,129,000 M.D.C. Holdings, Inc., 5.3750%,
company guaranteed notes, due 15/12/14 . . . . . . . . . . . . . . . . . . . . . . 0.1 1,188,151
1,075,000 Toll Brothers Finance Corp., 5.8750%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.1 1,132,708
0.3 3,906,706
Building Products – Cement and Aggregate2,717,000 Hanson, Ltd., 6.1250%, company
guaranteed notes, due 15/8/16 . . . . . . . . . 0.2 2,907,190
Cable/Satellite Television6,065,000 Comcast Corp., 3.1250%, company
guaranteed notes, due 15/7/22 . . . . . . . . . 0.5 6,106,594
Chemicals – Diversifi ed7,518,000 LyondellBasell Industries N.V.,
5.0000%, senior unsecured notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.7 7,922,093
Chemicals – Specialty2,235,000 Ashland, Inc., 9.1250%, senior
secured notes, due 1/6/17 . . . . . . . . . . . . . 0.2 2,469,6754,819,000 Ecolab, Inc., 3.0000%, senior
unsecured notes, due 8/12/16 . . . . . . . . . . 0.5 5,085,7603,134,000 Ecolab, Inc., 4.3500%, senior
unsecured notes, due 8/12/21 . . . . . . . . . . 0.3 3,480,407 1.0 11,035,842
Coatings and Paint Products2,340,000 RPM International, Inc., 6.1250%,
senior unsecured notes, due 15/10/19 . . . . . . . . . . . . . . . . . . . . . . 0.2 2,682,127
4,882,000 Valspar Corp., 4.2000%, senior unsecured notes, due 15/1/22 . . . . . . . . . . 0.4 5,129,122
0.6 7,811,249
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 8 5
Commercial Banks – Eastern U.S.3,457,000 CIT Group, Inc., 5.2500%,
senior unsecured notes, due 1/4/14 (144A) . . . . . . . . . . . . . . . . . . 0.3 % $ 3,595,280
8,542,000 CIT Group, Inc., 5.5000%, senior unsecured notes, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.8 8,798,260
2,801,000 HSBC Bank USA NA, 4.8750%, subordinated notes, due 24/8/20 . . . . . . . 0.2 2,886,190
1.3 15,279,730Commercial Banks – Non U.S.
3,350,000 Standard Chartered PLC, 3.2000%, senior unsecured notes, due 12/5/16 (144A) . . . . . . . . . . . . . . . . . 0.3 3,427,486
Commercial Banks – Western U.S.2,335,000 American Express Bank FSB,
5.5000%, senior unsecured notes, due 16/4/13 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,422,612
3,812,000 SVB Financial Group, 5.3750%, senior unsecured notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3 4,125,080
5,200,000 Zions Bancorp., 7.7500%, senior unsecured notes, due 23/9/14 . . . . . . . . . . 0.5 5,642,540
2,440,000 Zions Bancorp., 4.5000%, senior unsecured notes, due 27/3/17 . . . . . . . . . . 0.2 2,455,792
1.2 14,646,024
Computers – Memory Devices2,477,000 Seagate Technology,
10.0000%, secured notes, due 1/5/14 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,761,855
Consulting Services2,392,000 Verisk Analytics, Inc., 4.8750%,
company guaranteed notes, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,564,387
9,518,000 Verisk Analytics, Inc., 5.8000%, company guaranteed notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.9 10,641,590
1.1 13,205,977
Containers – Metal and Glass788,000 Ball Corp., 7.1250%, company
guaranteed notes, due 1/9/16 . . . . . . . . . . 0.1 861,875
Containers – Paper and Plastic1,478,000 Packaging Corp of America,
3.9000%, senior unsecured notes, due 15/6/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,485,767
985,000 Rock-Tenn Co., 4.4500%, unsecured notes, due 1/3/19 (144A) . . . . . . . . . . . . . 0.1 1,013,235
5,316,000 Rock-Tenn Co., 4.9000%, unsecured notes, due 1/3/22 (144A) . . . . . . . . . . . . . 0.5 5,487,005
0.7 7,986,007
Data Processing and Management2,545,000 Fiserv, Inc., 3.1250%, company
guaranteed notes, due 1/10/15 . . . . . . . . . 0.2 2,640,079953,000 Fiserv, Inc., 3.1250%, company
guaranteed notes, due 15/6/16 . . . . . . . . . 0.1 983,350 0.3 3,623,429
Diversifi ed Banking Institutions3,184,000 Bank of America Corp.,
4.5000%, senior unsecured notes, due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,284,058
671,000 Bank of America Corp., 3.6250%, senior unsecured notes, due 17/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 674,650
2,744,000 Bank of America Corp., 5.7000%, senior unsecured notes, due 24/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,027,581
1,649,000 Citigroup, Inc., 5.0000%, subordinated notes, due 15/9/14 . . . . . . . 0.1% $ 1,691,209
1,403,000 Citigroup, Inc., 4.8750%, subordinated notes, due 7/5/15. . . . . . . . . 0.1 1,440,151
2,042,000 Citigroup, Inc., 4.4500%, senior unsecured notes, due 10/1/17 . . . . . . . . . . 0.2 2,142,699
754,000 Goldman Sachs Group, Inc., 3.3000%, senior notes, due 3/5/15 . . . . . . . . . . . . . . 0.1 754,401
2,388,000 Goldman Sachs Group, Inc., 3.6250%, senior unsecured notes, due 7/2/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,390,257
2,838,000 Goldman Sachs Group, Inc., 5.7500%, senior unsecured notes, due 24/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,001,324
8,542,000 JPMorgan Chase & Co., 4.5000%, senior unsecured notes, due 24/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.8 9,219,578
2,394,000 Morgan Stanley, 4.0000%, senior unsecured notes, due 24/7/15 . . . . . . . . . . 0.2 2,381,791
1,764,000 Morgan Stanley, 3.4500%, senior unsecured notes, due 2/11/15 . . . . . . . . . . 0.1 1,709,482
1,478,000 Morgan Stanley, 5.5000%, senior unsecured notes, due 28/7/21 . . . . . . . . . . 0.1 1,458,777
1,198,000 Royal Bank of Scotland PLC, 3.9500%, bank guaranteed notes, due 21/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,221,166
2,799,000 Royal Bank of Scotland PLC, 4.3750%, bank guaranteed notes, due 16/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,870,800
20,000 Royal Bank of Scotland PLC, 5.6250%, company guaranteed notes, due 24/8/20 . . . . . . . . . . . . . . . . . . 0.0 21,258
3.0 37,289,182
Diversifi ed Financial Services911,000 General Electric Capital Corp.,
4.8000%, senior unsecured notes, due 1/5/13 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 941,959
1,279,000 General Electric Capital Corp., 5.9000%, senior unsecured notes, due 13/5/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,389,925
731,000 General Electric Capital Corp., 6.0000%, senior unsecured notes, due 7/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 856,587
5,085,000 General Electric Capital Corp., 5.5000%, senior unsecured notes, due 8/1/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,829,068
45,000 General Electric Capital Corp., 4.3750%, senior unsecured notes, due 16/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.0 48,767
7,400,000 General Electric Capital Corp., 7.1250%, junior subordinated notes, due 15/12/49 . . . . . . . . . . . . . . . . . 0.6 7,846,782
1.4 16,913,088
Diversifi ed Manufacturing Operations1,816,000 GE Capital Trust I, 6.3750%, company
guaranteed notes, due 15/11/67 . . . . . . . . 0.2 1,872,7503,558,000 Tyco Electronics Group S.A., 6.0000%,
company guaranteed notes, due 1/10/12 . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,603,891
0.4 5,476,641
Diversifi ed Minerals5,271,000 FMG Resources August 2006 Pty, Ltd.,
7.0000%, company guaranteed notes, due 1/11/15 (144A) . . . . . . . . . . . . 0.4 5,402,775
866,000 Teck Resources, Ltd., 7.0000%, senior unsecured notes, due 15/9/12 . . . . . . . . . . 0.1 875,762
2,000 Teck Resources, Ltd., 10.7500%, senior secured notes, due 15/5/19 . . . . . . . 0.0 2,408
0.5 6,280,945
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Flexible Income Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
8 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Electric – Generation551,000 AES Corp., 7.7500%, senior
unsecured notes, due 15/10/15 . . . . . . . . . 0.1% $ 621,253
Electric – Integrated1,773,000 Calpine Construction Finance Co.,
L.P., 8.0000%, senior secured notes, due 1/6/16 (144A) . . . . . . . . . . . . . . . . . . 0.2 1,923,705
1,458,000 CMS Energy Corp., 1.4051%, senior unsecured notes, due 15/1/13 . . . . . . . . . . 0.1 1,461,660
3,130,000 CMS Energy Corp., 4.2500%, senior unsecured notes, due 30/9/15 . . . . . . . . . . 0.3 3,269,848
2,330,000 CMS Energy Corp., 5.0500%, senior unsecured notes, due 15/2/18 . . . . . . . . . . 0.2 2,502,182
2,221,000 Great Plains Energy, Inc., 4.8500%, senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,389,636
1,518,000 Monongahela Power Co, Inc., 6.7000%, fi rst mortgage, due 15/6/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,668,973
3,985,000 PPL Energy Supply LLC, 4.6000%, senior unsecured notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.3 4,097,165
2,016,000 PPL WEM Holdings PLC, 3.9000%, senior unsecured notes, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,114,764
1.6 19,427,933
Electronic Components – Semiconductors2,405,000 National Semiconductor Corp.,
3.9500%, senior unsecured notes, due 15/4/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,607,210
3,104,000 National Semiconductor Corp., 6.6000%, senior unsecured notes, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,841,281
10,117,000 Samsung Electronics America, Inc., 1.7500%, company guaranteed notes, due 10/4/17 (144A) . . . . . . . . . . . . 0.9 10,102,280
1.4 16,550,771
Electronic Connectors3,657,000 Amphenol Corp., 4.7500%, senior
unsecured notes, due 15/11/14 . . . . . . . . . 0.3 3,936,8591,952,000 Amphenol Corp., 4.0000%, senior
unsecured notes, due 1/2/22 . . . . . . . . . . . 0.2 1,992,424 0.5 5,929,283
Electronic Measuring Instruments1,013,000 Agilent Technologies, Inc.,
2.5000%, senior unsecured notes, due 15/7/13 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,027,091
3,237,000 FLIR Systems, Inc., 3.7500%, senior unsecured notes, due 1/9/16 . . . . . . . . . . . 0.3 3,321,401
0.4 4,348,492
Electronics – Military3,855,000 L-3 Communications Corp.,
6.3750%, company guaranteed notes, due 15/10/15 . . . . . . . . . . . . . . . . . 0.3 3,948,966
Engineering – Research and Development Services2,891,000 URS Corp., 3.8500%,
senior unsecured notes, due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.3 2,858,008
2,778,000 URS Corp., 5.0000%, senior unsecured notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,749,245
0.5 5,607,253
Finance – Auto Loans1,202,000 Ford Motor Credit Co. LLC,
7.5000%, senior unsecured notes, due 1/8/12 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,206,828
8,441,000 Ford Motor Credit Co. LLC, 3.8750%, senior unsecured notes, due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.8% $ 8,697,886
5,486,000 Ford Motor Credit Co. LLC, 3.0000%, senior unsecured notes, due 12/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,461,993
2,419,000 Ford Motor Credit Co. LLC, 6.6250%, senior unsecured notes, due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,754,573
2,631,000 Ford Motor Credit Co. LLC, 5.0000%, senior unsecured notes, due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,800,389
2,590,000 Ford Motor Credit Co. LLC, 5.8750%, senior unsecured notes, due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,886,534
2.0 23,808,203
Finance – Consumer Loans4,349,000 SLM Corp., 6.2500%, senior notes,
due 25/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,588,195
Finance – Credit Card3,086,000 American Express Co., 6.8000%,
subordinated notes, due 1/9/66. . . . . . . . . 0.3 3,199,4102,369,000 American Express Credit Co.,
1.7500%, senior unsecured notes, due 12/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,397,618
0.5 5,597,028
Finance – Investment Bankers/Brokers2,395,000 Charles Schwab Corp., 7.0000%,
junior subordinated notes, due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,573,356
1,994,000 Jefferies Group, Inc., 3.8750%, senior unsecured notes, due 9/11/15 . . . . . . . . . . 0.2 1,969,075
3,466,000 Jefferies Group, Inc., 5.1250%, senior unsecured notes, due 13/4/18 . . . . . . . . . . 0.3 3,396,680
1,795,000 Jefferies Group, Inc., 8.5000%, senior unsecured notes, due 15/7/19 . . . . . . . . . . 0.2 1,956,550
3,521,000 Lazard Group LLC, 7.1250%, senior unsecured notes, due 15/5/15 . . . . . . . . . . 0.3 3,847,432
548,000 Lazard Group LLC, 6.8500%, senior unsecured notes, due 15/6/17 . . . . . . . . . . 0.0 602,059
9,820,000 Raymond James Financial, Inc., 5.6250%, senior unsecured notes, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 10,507,841
3,853,000 TD Ameritrade Holding Corp., 4.1500%, company guaranteed notes, due 1/12/14 . . . . . . . . . . . . . . . . . . 0.3 4,075,372
1,341,000 TD Ameritrade Holding Corp., 5.6000%, company guaranteed notes, due 1/12/19 . . . . . . . . . . . . . . . . . . 0.1 1,526,550
2.4 30,454,915
Finance – Mortgage Loan Banker4,470,000 Northern Rock Asset Management
PLC, 5.6250%, covered, due 22/6/17 (144A) . . . . . . . . . . . . . . . . . 0.4 4,886,626
Food – Meat Products294,000 Smithfi eld Foods, Inc., 7.7500%,
senior unsecured notes, due 15/5/13 . . . . . . . . . . . . . . . . . . . . . . . 0.0 307,230
50,000 Smithfi eld Foods, Inc., 10.0000%, senior secured notes, due 15/7/14 . . . . . . . . 0.0 57,313
8,370,000 Tyson Foods, Inc., 6.8500%, company guaranteed notes, due 1/4/16 . . . . . . . . . . 0.8 9,615,037
3,584,000 Tyson Foods, Inc., 4.5000%, company guaranteed notes, due 15/6/22 . . . . . . . . . 0.3 3,709,440
1.1 13,689,020
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 8 7
Food – Miscellaneous/Diversifi ed1,885,000 ARAMARK Corp., 8.5000%, company
guaranteed notes, due 1/2/15 . . . . . . . . . . 0.2% $ 1,932,144498,000 Dole Food Co, Inc., 13.8750%,
secured notes, due 15/3/14 . . . . . . . . . . . . 0.0 565,85311,861,000 Kraft Foods Group, Inc., 2.2500%,
company guaranteed notes, due 5/6/17 (144A) . . . . . . . . . . . . . . . . . . 1.1 12,158,331
8,996,000 Kraft Foods Group, Inc., 3.5000%, company guaranteed notes, due 6/6/22 (144A) . . . . . . . . . . . . . . . . . . 0.8 9,250,658
8,347,000 Kraft Foods Group, Inc., 5.0000%, company guaranteed notes, due 4/6/42 (144A) . . . . . . . . . . . . . . . . . . 0.7 8,869,364
2.8 32,776,350
Gas – Distribution438,000 Southern Star Central Gas Pipeline,
Inc., 6.0000%, senior unsecured notes, due 1/6/16 (144A) . . . . . . . . . . . . . 0.0 484,656
Hazardous Waste Disposal980,000 Clean Harbors, Inc., 7.6250%, senior
secured notes, due 15/8/16 . . . . . . . . . . . . 0.1 1,027,775Hotels and Motels
1,633,000 Hyatt Hotels Corp., 5.7500%, senior unsecured notes, due 15/8/15 (144A) . . . . . . . . . . . . . . . . . 0.1 1,791,938
525,000 Hyatt Hotels Corp., 6.8750%, senior unsecured notes, due 15/8/19 (144A) . . . . . . . . . . . . . . . . . 0.1 620,618
1,195,000 Marriott International, Inc., 3.0000%, senior unsecured notes, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,209,976
457,000 Starwood Hotels & Resorts Worldwide, Inc., 7.8750%, senior unsecured notes, due 15/10/14 . . . . . . . . . 0.0 518,766
597,000 Starwood Hotels & Resorts Worldwide, Inc., 6.7500%, senior unsecured notes, due 15/5/18 . . . . . . . . . . 0.1 694,306
2,451,000 Starwood Hotels & Resorts Worldwide, Inc., 7.1500%, senior unsecured notes, due 1/12/19 . . . . . . . . . . 0.3 2,892,446
0.7 7,728,050
Investment Management and Advisory Services3,016,000 Ameriprise Financial, Inc., 7.5180%,
junior subordinated notes, due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,280,201
1,764,000 FMR LLC, 6.4500%, senior unsecured notes, due 15/11/39 (144A) . . . . . . . . . . . 0.2 2,023,691
1,884,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.6250%, senior unsecured notes, due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.2 1,973,490
1,016,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, senior unsecured notes, due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.1 1,066,800
0.7 8,344,182
Life and Health Insurance75,000 Prudential Financial, Inc., 3.6250%,
senior unsecured notes, due 17/9/12 . . . . . . . . . . . . . . . . . . . . . . . 0.0 75,437
Linen Supply and Related Items1,360,000 Cintas Corp. No 2, 2.8500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,413,819
1,450,000 Cintas Corp. No 2, 4.3000%, company guaranteed notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 1,581,520
0.2 2,995,339
Medical – Biomedical and Genetic1,521,000 Bio-Rad Laboratories, Inc., 8.0000%,
senior subordinated notes, due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,688,310
Medical Instruments1,440,000 Boston Scientifi c Corp., 4.5000%,
senior unsecured notes, due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,535,318
Medical Products1,515,000 CareFusion Corp., 4.1250%, senior
unsecured notes, due 1/8/12 . . . . . . . . . . . 0.1 1,519,077
Metal Processors and Fabrication525,000 Timken Co., 6.0000%, senior
unsecured notes, due 15/9/14 . . . . . . . . . . 0.0 569,955
Money Center Banks5,144,000 Lloyds TSB Bank PLC, 4.8750%, bank
guaranteed notes, due 21/1/16 . . . . . . . . . 0.4 5,404,744
Multi-Line Insurance4,344,000 American International Group, Inc.,
4.2500%, senior unsecured notes, due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,506,535
2,411,000 American International Group, Inc., 5.4500%, senior unsecured notes, due 18/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,622,973
1,679,000 American International Group, Inc., 6.4000%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.2 1,902,901
1,001,000 American International Group, Inc., 4.8750%, senior unsecured notes, due 1/6/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,026,250
3,820,000 American International Group, Inc., 8.1750%, junior subordinated debentures, due 15/5/58 . . . . . . . . . . . . . . 0.3 4,163,800
1.2 14,222,459
Offi ce Automation and Equipment75,000 Xerox Corp., 5.6500%, senior
unsecured notes, due 15/5/13 . . . . . . . . . . 0.0 77,723
Oil – Field Services2,585,000 Korea National Oil Corp., 4.0000%,
senior unsecured notes, due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.2 2,752,237
3,897,000 Schlumberger Investment S.A., 1.9500%, company guaranteed notes, due 14/9/16 (144A) . . . . . . . . . . . . 0.4 3,997,410
1,682,000 Weatherford International, Ltd., 4.5000%, company guaranteed notes, due 15/4/22 . . . . . . . . . . . . . . . . . . 0.1 1,727,219
0.7 8,476,866
Oil and Gas Drilling5,510,000 Nabors Industries, Inc., 5.0000%,
company guaranteed notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,889,451
1,988,000 Rowan Cos., Inc., 5.0000%, company guaranteed notes, due 1/9/17 . . . . . . . . . . 0.2 2,142,438
0.7 8,031,889
Oil Companies – Exploration and Production5,060,000 Anadarko Petroleum Corp., 6.4500%,
senior unsecured notes, due 15/9/36 . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,869,100
909,000 Apache Corp., 3.2500%, senior unsecured notes, due 15/4/22 . . . . . . . . . . 0.1 951,135
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Flexible Income Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
8 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair Value
3,026,000 Apache Corp., 4.7500%, senior unsecured notes, due 15/4/43 . . . . . . . . . . 0.3% $ 3,375,300
1,282,000 Forest Oil Corp., 8.5000%, company guaranteed notes, due 15/2/14 . . . . . . . . . 0.1 1,339,690
2,459,000 Petrohawk Energy Corp., 10.5000%, company guaranteed notes, due 1/8/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,725,698
499,000 Petrohawk Energy Corp., 7.2500%, company guaranteed notes, due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.0 561,864
2,744,000 Petrohawk Energy Corp., 6.2500%, company guaranteed notes, due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,074,808
986,000 Pioneer Natural Resources Co., 3.9500%, senior unsecured notes, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 990,377
349,000 Whiting Petroleum Corp., 6.5000%, company guaranteed notes, due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.0 373,430
1.6 19,261,402
Oil Companies – Integrated3,291,000 BP Capital Markets PLC, 2.2480%,
company guaranteed notes, due 1/11/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,392,781
2,337,000 BP Capital Markets PLC, 3.5610%, company guaranteed notes, due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,479,010
8,195,000 Phillips 66, 2.9500%, company guaranteed notes, due 1/5/17 (144A) . . . . . . . . . . . . . . . . . . 0.7 8,430,369
8,328,000 Phillips 66, 4.3000%, company guaranteed notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.7 8,778,253
8,347,000 Phillips 66, 5.8750%, company guaranteed notes, due 1/5/42 (144A) . . . . . . . . . . . . . . . . . . 0.7 9,018,207
2.6 32,098,620
Oil Refi ning and Marketing753,000 Frontier Oil Corp., 8.5000%,
company guaranteed notes, due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 792,533
1,772,000 Motiva Enterprises LLC, 5.7500%, notes, due 15/1/20 (144A) . . . . . . . . . . . . 0.1 2,074,079
0.2 2,866,612
Paper and Related Products825,000 International Paper Co., 6.0000%,
senior unsecured notes, due 15/11/41 . . . . . . . . . . . . . . . . . . . . . . 0.1 933,502
Pharmacy Services6,297,000 Aristotle Holding, Inc., 4.7500%,
company guaranteed notes, due 15/11/21 (144A) . . . . . . . . . . . . . . . . . . . . 0.6 6,981,446
3,422,000 Express Scripts Holding Co., 2.1000%, company guaranteed notes, due 12/2/15 (144A) . . . . . . . . . . . . 0.3 3,457,640
11,898,000 Express Scripts Holding Co., 2.6500%, company guaranteed notes, due 15/2/17 (144A) . . . . . . . . . . . . 0.9 12,117,756
5,444,000 Express Scripts Holding Co., 3.9000%, company guaranteed notes, due 15/2/22 (144A) . . . . . . . . . . . . 0.5 5,654,084
2,507,000 Express Scripts, Inc., 3.1250%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,612,590
1,090,000 Medco Health Solutions, Inc., 4.1250%, senior unsecured notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,157,685
2.6 31,981,201
Pipelines1,219,000 Colorado Interstate Gas Co. LLC,
6.8500%, senior unsecured notes, due 15/6/37 . . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 1,348,605
2,526,000 DCP Midstream Operating L.P., 3.2500%, company guaranteed notes, due 1/10/15 . . . . . . . . . . . . . . . . . . 0.2 2,566,461
3,064,000 DCP Midstream Operating L.P., 4.9500%, company guaranteed notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.3 3,150,763
449,000 El Paso Pipeline Partners Operating Co. LLC, 6.5000%, company guaranteed notes, due 1/4/20 . . . . . . . . . . 0.0 523,344
1,927,000 El Paso Pipeline Partners Operating Co. LLC, 5.0000%, company guaranteed notes, due 1/10/21 . . . . . . . . . 0.2 2,094,510
875,000 Energy Transfer Partners L.P., 5.9500%, company guaranteed notes, due 1/2/15 . . . . . . . . . . . . . . . . . . . 0.1 953,642
1,861,000 Energy Transfer Partners L.P., 4.6500%, senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,926,116
4,624,000 Kinder Morgan Finance Co. ULC, 5.7000%, company guaranteed notes, due 5/1/16 . . . . . . . . . . . . . . . . . . . 0.4 4,889,881
3,625,000 Magellan Midstream Partners L.P., 4.2500%, senior unsecured notes, due 1/2/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,909,727
3,328,000 Plains All American Pipeline L.P., 3.9500%, company guaranteed notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.3 3,567,426
1,180,000 Sunoco Logistics Partners Operations L.P., 4.6500%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.1 1,216,405
1,771,000 TC Pipelines L.P., 4.6500%, senior unsecured notes, due 15/6/21 . . . . . . . . . . 0.2 1,871,526
9,292,000 Western Gas Partners L.P., 5.3750%, senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 10,303,630
3,629,000 Western Gas Partners L.P., 4.0000%, senior unsecured notes, due 1/7/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,636,421
3.4 41,958,457
Publishing – Newspapers400,000 Gannett Co., Inc., 6.3750%, company
guaranteed notes, due 1/9/15 . . . . . . . . . . 0.0 428,000
Publishing – Periodicals3,811,000 UBM PLC, 5.7500%, notes,
due 3/11/20 (144A) . . . . . . . . . . . . . . . . . 0.3 3,928,825
Real Estate Management/Services1,371,000 CBRE Services, Inc., 6.6250%,
company guaranteed notes, due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.1 1,460,115
Real Estate Operating/Development2,531,000 Post Apartment Homes L.P.,
4.7500%, senior unsecured notes, due 15/10/17 . . . . . . . . . . . . . . . . . . . . . . 0.2 2,746,120
REIT – Diversifi ed2,440,000 Goodman Funding Pty, Ltd., 6.3750%,
company guaranteed notes, due 12/11/20 (144A) . . . . . . . . . . . . . . . . . . . . 0.2 2,558,765
5,772,000 Goodman Funding Pty, Ltd., 6.3750%, company guaranteed notes, due 15/4/21 (144A) . . . . . . . . . . . . . . . . . . . . . 0.5 6,023,364
0.7 8,582,129
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 8 9
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
REIT – Health Care5,000 HCP, Inc., 2.7000%, senior unsecured
notes, due 1/2/14 . . . . . . . . . . . . . . . . . . . 0.0% $ 5,0821,389,000 Senior Housing Properties Trust,
6.7500%, senior unsecured notes, due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,508,039
1,933,000 Senior Housing Properties Trust, 6.7500%, senior unsecured notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.2 2,105,386
0.3 3,618,507
REIT – Hotels3,676,000 Host Hotels & Resorts L.P., 6.7500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,786,280
REIT – Offi ce Property5,070,000 Alexandria Real Estate Equities, Inc.,
4.6000%, company guaranteed notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.4 5,201,100
899,000 Reckson Operating Partnership L.P., 6.0000%, senior unsecured notes, due 31/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 956,170
2,470,000 Reckson Operating Partnership L.P., 5.0000%, senior unsecured notes, due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,508,552
4,307,000 Reckson Operating Partnership L.P., 7.7500%, senior unsecured notes, due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,920,868
1.1 13,586,690
REIT – Regional Malls75,000 Rouse Co. L.P., 7.2000%, senior
unsecured notes, due 15/9/12 . . . . . . . . . . 0.0 75,3759,895,000 Rouse Co. L.P., 6.7500%, senior
unsecured notes, due 1/5/13 (144A) . . . . . . . . 0.8 10,191,8505,697,000 Rouse Co. L.P., 6.7500%, senior
unsecured notes, due 9/11/15 . . . . . . . . . . 0.5 5,981,850 1.3 16,249,075
REIT – Shopping Centres962,000 DDR Corp., 4.7500%, senior
unsecured notes, due 15/4/18 . . . . . . . . . . 0.1 999,039
Retail – Regional Department Stores1,182,000 Macy's Retail Holdings, Inc.,
5.7500%, company guaranteed notes, due 15/7/14 . . . . . . . . . . . . . . . . . . 0.1 1,283,419
2,552,000 Macy's Retail Holdings, Inc., 5.9000%, company guaranteed notes, due 1/12/16 . . . . . . . . . . . . . . . . . . 0.3 2,944,485
982,000 Macy's Retail Holdings, Inc., 3.8750%, company guaranteed notes, due 15/1/22 . . . . . . . . . . . . . . . . . . 0.1 1,034,463
1,269,000 Macy's Retail Holdings, Inc., 6.9000%, company guaranteed notes, due 1/4/29 . . . . . . . . . . . . . . . . . . . 0.1 1,504,575
0.6 6,766,942
Retail – Restaurants2,529,000 Brinker International, Inc.,
5.7500%, senior unsecured notes, due 1/6/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,703,382
Steel – Producers3,432,000 ArcelorMittal, 4.5000%, senior
unsecured notes, due 25/2/17 . . . . . . . . . . 0.2 3,383,0153,162,000 Steel Dynamics, Inc., 6.7500%,
company guaranteed notes, due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,225,240
0.5 6,608,255
Telecommunication Services4,195,000 Qwest Corp., 6.7500%, senior
unsecured notes, due 1/12/21 . . . . . . . . . . 0.4 4,728,508
Telephone – Integrated8,369,000 Qwest Communications International,
Inc., 7.1250%, company guaranteed notes, due 1/4/18 . . . . . . . . . . . . . . . . . . . 0.8% $ 8,860,678
Transportation – Railroad835,281 CSX Transportation, Inc., 8.3750%,
company guaranteed notes, due 15/10/14 . . . . . . . . . . . . . . . . . . . . . . 0.1 949,129
3,760,000 Kansas City Southern de Mexico S.A. de C.V., 8.0000%, senior unsecured notes, due 1/2/18 . . . . . . . . . . . . . . . . . . . 0.3 4,225,488
1,292,000 Kansas City Southern de Mexico S.A. de C.V., 6.6250%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . 0.1 1,443,810
0.5 6,618,427
Transportation – Services528,000 Asciano Finance, Ltd., 3.1250%,
company guaranteed notes, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . . . . . 0.0 525,884
Transportation – Truck3,809,000 JB Hunt Transport Services, Inc.,
3.3750%, company guaranteed notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.3 3,936,830
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.2 685,492,027
Government Securities 20.9
U.S. Treasury Notes/Bonds9,025,000 1.1250%, due 15/6/13 . . . . . . . . . . . . . . . . . 0.7 9,101,1539,128,000 1.0000%, due 15/7/13 . . . . . . . . . . . . . . . . . 0.8 9,198,961
61,125,000 0.2500%, due 31/3/14 . . . . . . . . . . . . . . . . . 4.9 61,062,9571,990,000 0.2500%, due 30/4/14 . . . . . . . . . . . . . . . . . 0.2 1,987,903
14,183,000 0.2500%, due 31/5/14 . . . . . . . . . . . . . . . . . 1.2 14,167,4841,847,000 0.2500%, due 15/1/15 . . . . . . . . . . . . . . . . . 0.2 1,841,9507,050,000 2.1250%, due 31/5/15 . . . . . . . . . . . . . . . . . 0.6 7,396,9941,937,000 1.0000%, due 31/8/16 . . . . . . . . . . . . . . . . . 0.2 1,967,7212,254,000 1.0000%, due 30/9/16 . . . . . . . . . . . . . . . . . 0.2 2,289,3952,035,000 1.0000%, due 31/10/16 . . . . . . . . . . . . . . . . 0.2 2,066,321
241,000 0.8750%, due 30/11/16 . . . . . . . . . . . . . . . . 0.0 243,42922,776,000 0.8750%, due 31/1/17 . . . . . . . . . . . . . . . . . 1.9 22,977,067
3,614,000 0.8750%, due 28/2/17 . . . . . . . . . . . . . . . . . 0.3 3,645,9043,485,000 2.3750%, due 31/5/18 . . . . . . . . . . . . . . . . . 0.3 3,776,325
788,000 1.7500%, due 31/10/18 . . . . . . . . . . . . . . . . 0.1 824,63019,681,000 3.1250%, due 15/5/21 . . . . . . . . . . . . . . . . . 1.8 22,408,66923,481,000 2.1250%, due 15/8/21 . . . . . . . . . . . . . . . . . 1.9 24,684,401
5,810,000 2.0000%, due 15/11/21 . . . . . . . . . . . . . . . . 0.5 6,024,69730,243,000 2.0000%, due 15/2/22 . . . . . . . . . . . . . . . . . 2.5 31,266,060
1,123,000 1.7500%, due 15/5/22 . . . . . . . . . . . . . . . . . 0.1 1,132,3002,180,000 3.1250%, due 15/11/41 . . . . . . . . . . . . . . . . 0.2 2,343,840
11,979,000 3.1250%, due 15/2/42 . . . . . . . . . . . . . . . . . 1.1 12,868,06911,446,000 3.0000%, due 15/5/42 . . . . . . . . . . . . . . . . . 1.0 11,989,685
20.9 255,265,915
Total Government Securities . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9 255,265,915
Mortgage-Backed Securities 16.3
Fannie Mae:740,348 5.0000%, due 1/2/23 . . . . . . . . . . . . . . . . . . 0.1 801,718
1,377,438 5.5000%, due 1/1/25 . . . . . . . . . . . . . . . . . . 0.1 1,506,523764,943 5.5000%, due 1/1/33 . . . . . . . . . . . . . . . . . . 0.1 844,429
2,512,822 5.0000%, due 1/9/33 . . . . . . . . . . . . . . . . . . 0.2 2,813,291614,412 5.0000%, due 1/11/33 . . . . . . . . . . . . . . . . . 0.1 668,680
1,156,887 5.0000%, due 1/12/33 . . . . . . . . . . . . . . . . . 0.1 1,259,069650,808 5.0000%, due 1/2/34 . . . . . . . . . . . . . . . . . . 0.1 708,291
3,414,516 5.5000%, due 1/4/34 . . . . . . . . . . . . . . . . . . 0.3 3,754,3864,294,693 5.5000%, due 1/9/34 . . . . . . . . . . . . . . . . . . 0.4 4,719,4871,344,468 5.5000%, due 1/5/35 . . . . . . . . . . . . . . . . . . 0.1 1,474,931
10,177,879 5.5000%, due 1/7/35 . . . . . . . . . . . . . . . . . . 0.9 11,184,5892,400,675 5.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . 0.2 2,611,151
Janus Flexible Income Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
9 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
5,505,112 6.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . 0.5% $ 6,091,5724,169,749 6.0000%, due 1/12/35 . . . . . . . . . . . . . . . . . 0.4 4,697,1942,476,809 5.5000%, due 1/1/36 . . . . . . . . . . . . . . . . . . 0.2 2,717,150
10,763,987 5.5000%, due 1/4/36 . . . . . . . . . . . . . . . . . . 1.0 11,808,4874,493,116 5.5000%, due 1/7/36 . . . . . . . . . . . . . . . . . . 0.4 4,937,5373,337,720 6.0000%, due 1/3/37 . . . . . . . . . . . . . . . . . . 0.3 3,693,2885,639,040 5.5000%, due 1/5/37 . . . . . . . . . . . . . . . . . . 0.5 6,225,0021,199,877 6.0000%, due 1/5/37 . . . . . . . . . . . . . . . . . . 0.1 1,322,4511,128,597 5.5000%, due 1/7/37 . . . . . . . . . . . . . . . . . . 0.1 1,231,764
960,573 5.5000%, due 1/3/38 . . . . . . . . . . . . . . . . . . 0.1 1,060,3883,144,282 6.0000%, due 1/11/38 . . . . . . . . . . . . . . . . . 0.3 3,474,4281,617,006 6.0000%, due 1/11/38 . . . . . . . . . . . . . . . . . 0.1 1,782,1916,793,734 6.0000%, due 1/10/39 . . . . . . . . . . . . . . . . . 0.6 7,637,1941,871,287 5.0000%, due 1/6/40 . . . . . . . . . . . . . . . . . . 0.2 2,065,222
869,521 4.5000%, due 1/10/40 . . . . . . . . . . . . . . . . . 0.1 948,696806,413 4.0000%, due 1/12/40 . . . . . . . . . . . . . . . . . 0.1 871,721808,167 5.0000%, due 1/3/41 . . . . . . . . . . . . . . . . . . 0.1 891,923
2,341,447 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.2 2,569,7502,033,374 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.2 2,257,7941,594,836 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.1 1,754,8822,488,721 4.5000%, due 1/10/41 . . . . . . . . . . . . . . . . . 0.2 2,725,6481,723,447 5.0000%, due 1/10/41 . . . . . . . . . . . . . . . . . 0.2 1,895,062
8.7 105,005,889
Freddie Mac:1,125,466 5.0000%, due 1/1/19 . . . . . . . . . . . . . . . . . . 0.1 1,208,780
895,187 5.0000%, due 1/2/19 . . . . . . . . . . . . . . . . . . 0.1 961,4541,214,771 5.5000%, due 1/8/19 . . . . . . . . . . . . . . . . . . 0.1 1,317,7736,123,819 5.0000%, due 1/1/36 . . . . . . . . . . . . . . . . . . 0.5 6,784,7703,505,939 5.5000%, due 1/10/36 . . . . . . . . . . . . . . . . . 0.3 3,881,2032,381,526 5.0000%, due 1/11/36 . . . . . . . . . . . . . . . . . 0.2 2,567,4942,546,732 6.0000%, due 1/1/38 . . . . . . . . . . . . . . . . . . 0.2 2,799,333
761,234 5.5000%, due 1/5/38 . . . . . . . . . . . . . . . . . . 0.1 837,7186,394,661 5.0000%, due 1/5/39 . . . . . . . . . . . . . . . . . . 0.5 7,012,9041,985,230 5.5000%, due 1/10/39 . . . . . . . . . . . . . . . . . 0.2 2,184,6951,863,133 4.5000%, due 1/1/41 . . . . . . . . . . . . . . . . . . 0.2 2,024,0432,388,480 4.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.2 2,611,6674,084,662 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.4 4,505,5751,779,974 4.5000%, due 1/9/41 . . . . . . . . . . . . . . . . . . 0.2 1,942,352
3.3 40,639,761
Ginnie Mae:2,024,405 4.0000%, due 15/8/24 . . . . . . . . . . . . . . . . . 0.2 2,183,9581,781,184 6.0000%, due 20/11/34 . . . . . . . . . . . . . . . . 0.2 2,009,8487,638,635 5.5000%, due 20/3/35 . . . . . . . . . . . . . . . . . 0.6 8,476,6502,189,821 5.5000%, due 15/3/36 . . . . . . . . . . . . . . . . . 0.2 2,444,0902,537,257 5.5000%, due 20/3/36 . . . . . . . . . . . . . . . . . 0.2 2,828,2351,486,652 5.0000%, due 15/4/39 . . . . . . . . . . . . . . . . . 0.1 1,641,0606,084,708 5.0000%, due 15/9/39 . . . . . . . . . . . . . . . . . 0.5 6,785,3082,910,583 5.0000%, due 15/9/39 . . . . . . . . . . . . . . . . . 0.3 3,245,7731,746,705 5.0000%, due 15/10/39 . . . . . . . . . . . . . . . . 0.2 1,947,7744,707,250 5.0000%, due 15/11/39 . . . . . . . . . . . . . . . . 0.4 5,249,304
972,054 5.0000%, due 15/1/40 . . . . . . . . . . . . . . . . . 0.1 1,076,6011,188,824 5.0000%, due 15/4/40 . . . . . . . . . . . . . . . . . 0.1 1,318,986
704,231 5.0000%, due 15/4/40 . . . . . . . . . . . . . . . . . 0.1 779,9361,214,164 5.0000%, due 15/5/40 . . . . . . . . . . . . . . . . . 0.1 1,347,1003,025,902 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . 0.3 3,358,6301,170,118 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . 0.1 1,295,9992,854,791 5.0000%, due 15/2/41 . . . . . . . . . . . . . . . . . 0.3 3,186,0121,233,197 5.0000%, due 15/5/41 . . . . . . . . . . . . . . . . . 0.1 1,373,254
700,129 4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . . 0.1 773,2011,281,046 3.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.1 1,371,506
4.3 52,693,225
Total Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . 16.3 198,338,875
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 25,921 EUR 20,744 $ 26,254 31-Jul-12 $ (333)USD 50,148 EUR 40,356 51,075 31-Jul-12 (927)USD 8,354 EUR 6,723 8,508 31-Jul-12 (154)USD 1,130,176 EUR 909,489 1,151,068 31-Jul-12 (20,892)
Total $ (22,306)
Total Financial Liabilities at fair value through profi t or loss $ (22,306)
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 248,845,092 USD 311,000,125 $ 314,945,067 31-Jul-12 $ 3,944,942 EUR 1,591,527 USD 1,989,049 2,014,279 31-Jul-12 25,230 EUR 5,611,512 USD 7,013,122 7,102,081 31-Jul-12 88,959 EUR 7,484,829 USD 9,354,345 9,473,002 31-Jul-12 118,657 EUR 81,848,845 USD 102,292,559 103,590,109 31-Jul-12 1,297,550 EUR 5,793,094 USD 7,238,906 7,331,897 31-Jul-12 92,991 EUR 86,545 USD 108,144 109,533 31-Jul-12 1,389 EUR 120,499 USD 150,572 152,506 31-Jul-12 1,934 EUR 79,561 USD 98,866 100,694 31-Jul-12 1,828 EUR 117,048 USD 147,192 148,139 31-Jul-12 947 EUR 138,788 USD 174,532 175,654 31-Jul-12 1,122
Total $ 5,575,549
Total Financial Assets at fair value through profi t or loss $ 1,212,909,080
Financial Liabilities at fair value through profi t or loss
Tranche Loan* 0.1%Electric – Generation
1,364,220 AES Corp., 4.2500%, due 6/1/18 . . . . . . . . . 0.1 $ 1,362,733
Total Tranche Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,362,733
Repurchase Agreement 2.4$28,700,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $28,700,454 collateralised by $45,910,266 in Fannie Mae 6.00%, due 1/3/47 with a value of $29,278,852 . . . . . . . . . . . 2.4 28,700,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 28,700,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.1 1,208,248,732
Adjustments from last traded to bid market prices . . . . . . . . . (0.1) (915,201)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.0 $ 1,207,333,531
Shares or Principal Amount
Percentage of Net Assets
Fair Value
* Each of the Tranche Loans are held either by Bank of America, Barclays Capital Services, Credit Suisse, Deutsche Bank, JPMorgan Chase Bank or Morgan Stanley.
PORTFOLIO INVESTMENTS
Janus Global High Yield Fund
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 9 1
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Financial Assets at fair value through profi t or loss
Convertible Bonds 0.6%
Medical – Hospitals83,000 Universal Health Services, Inc.,
7.0000%, company guaranteed notes, due 1/10/18 . . . . . . . . . . . . . . . . . . 0.2 $ 89,640
Oil Refi ning and Marketing117,000 Cheniere Energy, Inc., 2.2500%,
senior unsecured notes, due 1/8/12 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 117,000
Total Convertible Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 206,640
Corporate Bonds 92.1
Advertising Services168,000 Visant Corp., 10.0000%, company
guaranteed notes, due 1/10/17 . . . . . . . . . 0.5 167,580
Aerospace and Defence745,000 ADS Tactical, Inc., 11.0000%, senior
secured notes, due 1/4/18 (144A) . . . . . . . 2.0 763,624
Aerospace and Defence – Equipment118,000 TransDigm, Inc., 7.7500%, company
guaranteed notes, due 15/12/18 . . . . . . . . 0.4 130,0953,450 United Technologies Corp., 7.5000%,
new money, due 1/8/15 . . . . . . . . . . . . . . . 0.0 1,818 0.4 131,913
Agricultural Chemicals17,000 CF Industries, Inc., 6.8750%,
company guaranteed notes, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 20,209
249,000 CF Industries, Inc., 7.1250%, company guaranteed notes, due 1/5/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 303,780
0.9 323,989
Apparel Manufacturers100,000 Boardriders S.A., 8.8750%,
company guaranteed notes, due 15/12/17 (144A) . . . . . . . . . . . . . . . . 0.3 125,581
280,000 Boardriders S.A., 8.8750%, company guaranteed notes, due 15/12/17 . . . . . . . . 1.0 351,627
281,000 Quiksilver, Inc., 6.8750%, company guaranteed notes, due 15/4/15 . . . . . . . . . 0.7 272,570
2.0 749,778
Automotive – Cars and Light Trucks224,000 Ford Motor Co., 7.4500%, senior
unsecured notes, due 16/7/31 . . . . . . . . . . 0.8 281,680235,000 Jaguar Land Rover PLC, 8.1250%,
company guaranteed notes, due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 1.0 379,670
1.8 661,350
Automotive – Truck Parts and Equipment – Original148,000 American Axle & Manufacturing
Holdings, Inc., 9.2500%, senior secured notes, due 15/1/17 (144A) . . . . . . . . . . . . . . . . . 0.4 166,130
35,000 International Automotive Components Group S.L., 9.1250%, secured notes, due 1/6/18 (144A) . . . . . . . 0.1 32,113
224,000 Tenneco, Inc., 7.7500%, company guaranteed notes, due 15/8/18 . . . . . . . . . 0.7 244,160
285,000 Tomkins LLC / Tomkins, Inc., 9.0000%, secured notes, due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.9 318,487
2.1 760,890
Broadcast Services and Programming203,000 Crown Media Holdings, Inc.,
10.5000%, company guaranteed notes, due 15/7/19 . . . . . . . . . . . . . . . . . . 0.6% $ 220,255
Building – Residential and Commercial94,000 M/I Homes, Inc., 8.6250%,
company guaranteed notes, due 15/11/18 (144A) . . . . . . . . . . . . . . . . 0.3 95,645
176,000 Meritage Homes Corp., 7.0000%, company guaranteed notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . . . . . 0.5 181,720
84,000 Taylor Morrison Communities, Inc., 7.7500%, company guaranteed notes, due 15/4/20 (144A) . . . . . . . . . . . . 0.2 87,990
1.0 365,355
Building and Construction Products – Miscellaneous133,000 Ply Gem Industries, Inc., 13.1250%,
company guaranteed notes, due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . 0.4 135,328
36,000 USG Corp., 6.3000%, senior unsecured notes, due 15/11/16 . . . . . . . . . 0.1 34,650
87,000 USG Corp., 7.8750%, company guaranteed notes, due 30/3/20 (144A) . . . . . . . . . . . . . . . . . 0.2 90,480
0.7 260,458
Cable/Satellite Television205,000 Block Communications, Inc.,
7.2500%, senior unsecured notes, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.6 209,100
166,000 CCO Holdings LLC / CCO Holdings Capital Corp., 6.6250%, company guaranteed notes, due 31/1/22 . . . . . . . . . 0.5 178,450
105,000 Harron Communications L.P. / Harron Finance Corp., 9.1250%, senior notes, due 1/4/20 (144A) . . . . . . . . . . . . . 0.3 109,200
121,000 Mediacom LLC / Mediacom Capital Corp., 7.2500%, senior unsecured notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.3 123,723
285,000 Nara Cable Funding, Ltd., 8.8750%, senior secured notes, due 1/12/18 (144A) . . . . . . . . . . . . . . . . . 0.7 246,525
120,000 Nara Cable Funding, Ltd., 8.8750%, senior secured notes, due 1/12/18 . . . . . . . 0.4 133,616
125,000 Ono Finance II PLC, 11.1250%, company guaranteed notes, due 15/7/19 (144A) . . . . . . . . . . . . . . . . . 0.3 124,948
200,000 Unitymedia GmbH, 9.6250%, senior notes, due 1/12/19 . . . . . . . . . . . . . . . . . . 0.7 276,467
148,000 Unitymedia Hessen / Unitymedia NRW, 8.1250%, senior secured notes, due 1/12/17 (144A) . . . . . . . . . . . . 0.4 159,840
184,000 Ziggo Bond Co., B.V., 8.0000%, senior unsecured notes, due 15/5/18 . . . . . . . . . . 0.7 253,768
4.9 1,815,637
Casino Hotels348,000 Ameristar Casinos, Inc., 7.5000%,
company guaranteed notes, due 15/4/21 . . . . . . . . . . . . . . . . . . . . . . . 1.1 374,099
46,000 Caesars Entertainment Operating Co., Inc., 11.2500%, senior secured notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . 0.1 50,428
119,000 Caesars Entertainment Operating Co., Inc., 10.0000%, secured notes, due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.2 81,961
122,000 Caesars Entertainment Operating Co., Inc., 8.5000%, senior secured notes, due 15/2/20 (144A) . . . . . . . . . . . . 0.3 123,220
Janus Global High Yield Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
9 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair Value
27,000 Chester Downs & Marina LLC, 9.2500%, senior secured notes, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.1 % $ 28,215
17,000 CityCenter Holdings LLC / CityCenter Finance Corp., 7.6250%, senior secured notes, due 15/1/16 . . . . . . . . . . . . 0.0 18,020
103,000 MGM Mirage Resorts International, 6.6250%, company guaranteed notes, due 15/7/15 . . . . . . . . . . . . . . . . . . 0.3 106,605
239,000 MGM Mirage Resorts International, 7.5000%, company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . 0.7 248,560
130,000 MGM Mirage Resorts International, 11.3750%, company guaranteed notes, due 1/3/18 . . . . . . . . . . . . . . . . . . . 0.4 153,725
113,000 MGM Mirage Resorts International, 8.6250%, company guaranteed notes, due 1/2/19 (144A) . . . . . . . . . . . . . 0.3 121,475
116,000 MGM Mirage Resorts International, 9.0000%, senior secured notes, due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4 129,340
3.9 1,435,648
Casino Services255,000 CCM Merger, Inc., 9.1250%,
company guaranteed notes, due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.7 258,506
Cellular Telecommunications121,000 Sprint Nextel Corp., 6.0000%, senior
unsecured notes, due 1/12/16 . . . . . . . . . . 0.3 116,463
Chemicals – Diversifi ed70,000 Ineos Finance PLC, 7.5000%, senior
secured notes, due 1/5/20 (144A) . . . . . . . 0.2 70,875187,000 Ineos Group Holdings PLC, 8.5000%,
secured notes, due 15/2/16 (144A) . . . . . . 0.5 172,508200,000 LyondellBasell Industries N.V.,
5.0000%, senior unsecured notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.6 210,750
538,000 LyondellBasell Industries N.V., 6.0000%, senior unsecured notes, due 15/11/21 (144A) . . . . . . . . . . . . . . . . 1.5 593,145
2.8 1,047,278
Commercial Banks – Eastern U.S.72,000 CIT Group, Inc., 5.2500%, senior
unsecured notes, due 1/4/14 (144A) . . . . . 0.2 74,880170,000 CIT Group, Inc., 5.0000%, senior
unsecured notes, due 15/5/17 . . . . . . . . . . 0.5 175,206140,000 CIT Group, Inc., 5.2500%, senior
unsecured notes, due 15/3/18 . . . . . . . . . . 0.4 144,72595,000 CIT Group, Inc., 6.6250%, senior
unsecured notes, due 1/4/18 (144A) . . . . . 0.3 103,075275,000 CIT Group, Inc., 5.5000%,
senior unsecured notes, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.7 283,249
118,000 CIT Group, Inc., 5.3750%, senior unsecured notes, due 15/5/20 . . . . . . . . . . 0.3 120,434
2.4 901,569
Commercial Services121,000 Iron Mountain, Inc., 8.3750%, senior
subordinated notes, due 15/8/21 . . . . . . . 0.4 131,890
Commercial Services – Finance406,000 Cardtronics, Inc., 8.2500%, company
guaranteed notes, due 1/9/18 . . . . . . . . . . 1.2 448,630123,000 TransUnion Holding Co., Inc.,
9.6250%, senior unsecured notes, due 15/6/18 (144A) . . . . . . . . . . . . . . . . . 0.4 133,455
1.6 582,085
Consulting Services157,000 Verisk Analytics, Inc., 4.8750%,
company guaranteed notes, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5% $ 168,315
Consumer Products – Miscellaneous150,000 Jarden Corp., 7.5000%, company
guaranteed notes, due 15/1/20 . . . . . . . . . 0.5 195,222147,000 Reynolds Group Issuer, Inc.,
7.1250%, senior secured notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.4 154,718
140,000 Reynolds Group Issuer, Inc., 9.7500%, company guaranteed notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.4 140,350
140,000 Reynolds Group Issuer, Inc., 9.8750%, company guaranteed notes, due 15/8/19 (144A) . . . . . . . . . . . . 0.4 145,425
1.7 635,715
Containers – Metal and Glass135,000 Ardagh Packaging Finance PLC,
9.2500%, senior secured notes, due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.5 172,737
Containers – Paper and Plastic160,000 Beverage Packaging Holdings
Luxembourg II S.A., 9.5000%, company guaranteed notes, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5 190,301
203,000 Graphic Packaging International, Inc., 7.8750%, company guaranteed notes, due 1/10/18 . . . . . . . . . . . . . . . . . . 0.6 224,315
48,000 Sealed Air Corp., 8.1250%, company guaranteed notes, due 15/9/19 (144A) . . . . . . . . . . . . . . . . . 0.1 53,760
1.2 468,376
Cruise Lines22,000 NCL Corp., Ltd., 9.5000%, senior
unsecured notes, due 15/11/18 . . . . . . . . . 0.1 23,980
Data Processing and Management50,000 First Data Corp., 11.2500%, company
guaranteed notes, due 31/3/16 . . . . . . . . . 0.1 47,375
Direct Marketing140,000 Affi nion Group Holdings, Inc.,
11.6250%, senior unsecured notes, due 15/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.3 111,300
130,000 Affi nion Group, Inc., 11.5000%, company guaranteed notes, due 15/10/15 . . . . . . . . . . . . . . . . . . . . . . 0.3 111,475
0.6 222,775
Diversifi ed Banking Institutions50,000 Morgan Stanley, 5.3750%, senior
notes, due 10/8/20 . . . . . . . . . . . . . . . . . . 0.2 62,621
Diversifi ed Manufacturing Operations133,000 Park-Ohio Industries, Inc., 8.1250%,
company guaranteed notes, due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 136,658
Diversifi ed Minerals369,000 FMG Resources August 2006 Pty, Ltd.,
7.0000%, company guaranteed notes, due 1/11/15 (144A) . . . . . . . . . . . . 0.9 378,225
94,000 FMG Resources August 2006 Pty, Ltd., 6.0000%, senior unsecured notes, due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.3 94,705
135,000 FMG Resources August 2006 Pty, Ltd., 8.2500%, company guaranteed notes, due 1/11/19 (144A) . . . . . . . . . . . . 0.4 143,775
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 9 3
Shares or Principal Amount
Percentage of Net Assets
Fair Value
96,000 FMG Resources August 2006 Pty, Ltd., 6.8750%, senior unsecured notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.3 % $ 96,960
1.9 713,665
Electric – Generation133,000 AES Corp., 8.0000%, senior
unsecured notes, due 15/10/17 . . . . . . . . . 0.4 151,953
Electric – Integrated171,000 Calpine Construction Finance Co.,
L.P., 8.0000%, senior secured notes, due 1/6/16 (144A) . . . . . . . . . . . . . . . . . . 0.5 185,535
106,000 Ipalco Enterprises, Inc., 5.0000%, senior secured notes, due 1/5/18 . . . . . . . . 0.3 107,855
0.8 293,390
Electronic Components – Semiconductors179,000 STATS ChipPAC, Ltd., 7.5000%,
company guaranteed notes, due 12/8/15 (144A) . . . . . . . . . . . . . . . . . 0.5 192,425
Engines – Internal Combustion18,000 Briggs & Stratton Corp., 6.8750%,
company guaranteed notes, due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1 19,350
Enterprise Software/Services100,000 Lawson Software, Inc., 10.0000%,
unsecured notes, due 1/4/19 . . . . . . . . . . . 0.4 130,642
Finance – Auto Loans140,000 Ford Motor Credit Co. LLC, 8.1250%,
senior unsecured notes, due 15/1/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5 171,524
200,000 Ford Motor Credit Co. LLC, 5.8750%, senior unsecured notes, due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 222,898
1.1 394,422
Finance – Investment Bankers/Brokers120,000 E*TRADE Financial Corp., 6.7500%,
senior unsecured notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 122,700
Food – Dairy Products334,000 Dean Foods Co., 9.7500%, company
guaranteed notes, due 15/12/18 . . . . . . . . 1.0 374,080
Food – Meat Products360,000 Campofrio Food Group S.A.,
8.2500%, company guaranteed notes, due 31/10/16 (144A) . . . . . . . . . . . 1.2 450,952
43,000 JBS USA LLC / JBS USA Finance, Inc., 8.2500%, senior unsecured notes, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.1 41,925
275,000 JBS USA LLC / JBS USA Finance, Inc., 7.2500%, senior unsecured notes, due 1/6/21 (144A) . . . . . . . . . . . . . . . . . . 0.7 257,125
2.0 750,002
Food – Miscellaneous/Diversifi ed171,000 ARAMARK Corp., 8.5000%, company
guaranteed notes, due 1/2/15 . . . . . . . . . . 0.5 175,277287,000 Dole Food Co, Inc., 8.0000%, secured
notes, due 1/10/16 (144A) . . . . . . . . . . . . 0.8 300,991 1.3 476,268
Food – Retail283,000 Stater Brothers Holdings, Inc.,
7.3750%, company guaranteed notes, due 15/11/18 . . . . . . . . . . . . . . . . . 0.8 308,116
Gambling – Non-Hotel79,000 Pinnacle Entertainment, Inc.,
8.7500%, company guaranteed notes, due 15/5/20 . . . . . . . . . . . . . . . . . . 0.2 86,900
Independent Power Producer87,000 Calpine Corp., 7.8750%, senior
secured notes, due 31/7/20 (144A) . . . . . . 0.3 % $ 96,353283,000 NRG Energy, Inc., 7.3750%, company
guaranteed notes, due 15/1/17 . . . . . . . . . 0.8 295,027 1.1 391,380
Internet Connectivity Services32,000 Zayo Escrow Corp., 8.1250%, senior
secured notes, due 1/1/20 (144A) . . . . . . . 0.1 33,600
Investment Management and Advisory Services121,000 Neuberger Berman Group LLC /
Neuberger Berman Finance Corp., 5.6250%, senior unsecured notes, due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.4 126,748
73,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, senior unsecured notes, due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.2 76,650
0.6 203,398
Medical – Drugs305,000 Capsugel FinanceCo SCA, 9.8750%,
company guaranteed notes, due 1/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.1 416,790
Medical – Hospitals174,000 HCA, Inc., 6.5000%, senior secured
notes, due 15/2/20 . . . . . . . . . . . . . . . . . . 0.5 189,008
Medical – Outpatient and Home Medical Care8,000 Res-Care, Inc., 10.7500%, company
guaranteed notes, due 15/1/19 . . . . . . . . . 0.0 8,900
Medical Instruments105,000 Physio-Control International, Inc.,
9.8750%, senior secured notes, due 15/1/19 (144A) . . . . . . . . . . . . . . . . . 0.3 112,350
Medical Labs and Testing Services27,000 Aurora Diagnostics Holdings / Aurora
Diagnostics Financing, Inc., 10.7500%, company guaranteed notes, due 15/1/18 . . . . . . . . . . . . . . . . . . 0.1 27,000
Multi-Line Insurance100,000 American International Group, Inc.,
8.0000%, junior subordinated notes, due 22/5/38 . . . . . . . . . . . . . . . . . . 0.3 122,608
484,000 American International Group, Inc., 8.1750%, junior subordinated debentures, due 15/5/58 . . . . . . . . . . . . . . 1.5 527,559
1.8 650,167
Multimedia144,000 Truven Health Analytics, Inc.,
10.6250%, senior unsecured notes, due 1/6/20 (144A) . . . . . . . . . . . . . . . . . . 0.4 150,480
Offi ce Supplies and Forms40,000 Mead Products LLC / ACCO
Brands Corp., 6.7500%, company guaranteed notes, due 30/4/20 (144A) . . . . . . . . . . . . . . . . . 0.1 42,400
Oil – Field Services102,000 Basic Energy Services, Inc., 7.1250%,
company guaranteed notes, due 15/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 101,235
64,000 Basic Energy Services, Inc., 7.7500%, company guaranteed notes, due 15/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 61,760
11,000 Calfrac Holdings L.P., 7.5000%, company guaranteed notes, due 1/12/20 (144A) . . . . . . . . . . . . . . . . . 0.0 10,560
0.5 173,555
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Global High Yield Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
9 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Oil and Gas Drilling39,000 Atwood Oceanics, Inc., 6.5000%,
senior unsecured notes, due 1/2/20 . . . . . . 0.1% $ 40,95019,000 Precision Drilling Corp., 6.5000%,
company guaranteed notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.1 19,475
0.2 60,425
Oil Companies – Exploration and Production186,000 Antero Resources Finance Corp.,
7.2500%, company guaranteed notes, due 1/8/19 . . . . . . . . . . . . . . . . . . . 0.5 193,440
238,000 Aurora USA Oil & Gas, Inc., 9.8750%, company guaranteed notes, due 15/2/17 (144A) . . . . . . . . . . . . . . . . . 0.7 245,140
381,000 Chaparral Energy, Inc., 8.2500%, company guaranteed notes, due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.1 404,812
87,000 Cimarex Energy Co., 5.8750%, company guaranteed notes, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 90,589
140,000 Continental Resources, Inc., 8.2500%, company guaranteed notes, due 1/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4 157,150
303,000 Continental Resources, Inc., 5.0000%, company guaranteed notes, due 15/9/22 (144A) . . . . . . . . . . . . . . . . . 0.8 307,923
17,000 Denbury Resources, Inc., 6.3750%, company guaranteed notes, due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.0 17,765
89,000 EP Energy LLC / EP Energy Finance, Inc., 9.3750%, senior unsecured notes, due 1/5/20 (144A) . . . . . . . . . . . . . 0.2 92,338
171,000 EV Energy Partners L.P. / EV Energy Finance Corp., 8.0000%, company guaranteed notes, due 15/4/19 . . . . . . . . . 0.5 170,573
20,000 Harvest Operations Corp., 6.8750%, company guaranteed notes, due 1/10/17 (144A) . . . . . . . . . . . . . . . . . 0.1 21,350
67,000 Kodiak Oil & Gas Corp., 8.1250%, company guaranteed notes, due 1/12/19 (144A) . . . . . . . . . . . . . . . . . 0.2 69,094
66,000 Laredo Petroleum, Inc., 7.3750%, company guaranteed notes, due 1/5/22 (144A) . . . . . . . . . . . . . . . . . . 0.2 68,805
188,000 Linn Energy LLC / Linn Energy Finance Corp., 6.5000%, company guaranteed notes, due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.5 187,060
464,000 Linn Energy LLC / Linn Energy Finance Corp., 6.2500%, company guaranteed notes, due 1/11/19 (144A) . . . . . . . . . . . . . . . . . 1.3 455,299
114,000 Newfi eld Exploration Co., 5.7500%, senior unsecured notes, due 30/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3 119,700
64,000 Oasis Petroleum, Inc., 6.5000%, company guaranteed notes, due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 63,680
18,000 Pioneer Natural Resources Co., 5.8750%, company guaranteed notes, due 15/7/16 . . . . . . . . . . . . . . . . . . 0.1 20,025
29,000 Pioneer Natural Resources Co., 6.6500%, senior unsecured notes, due 15/3/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 33,717
12,000 Range Resources Corp., 7.2500%, company guaranteed notes, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.0 12,780
132,000 Range Resources Corp., 5.0000%, company guaranteed notes, due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4% $ 130,515
320,000 Samson Investment Co., 9.7500%, senior unsecured notes, due 15/2/20 (144A) . . . . . . . . . . . . . . . . . 0.9 318,799
70,000 SandRidge Energy, Inc., 9.8750%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 77,000
175,000 SandRidge Energy, Inc., 8.1250%, company guaranteed notes, due 15/10/22 (144A) . . . . . . . . . . . . . . . . 0.5 176,969
15,000 SM Energy Co., 6.6250%, senior unsecured notes, due 15/2/19 . . . . . . . . . . 0.0 15,450
87,000 SM Energy Co., 6.5000%, senior unsecured notes, due 15/11/21 . . . . . . . . . 0.2 88,958
43,000 SM Energy Co., 6.5000%, senior notes, due 1/1/23 (144A) . . . . . . . . . . . . . 0.1 43,376
129,000 Stone Energy Corp., 6.7500%, senior subordinated notes, due 15/12/14 . . . . . . 0.3 129,000
168,000 Venoco, Inc., 8.8750%, company guaranteed notes, due 15/2/19 . . . . . . . . . 0.4 153,720
53,000 W&T Offshore, Inc., 8.5000%, company guaranteed notes, due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1 54,988
10.5 3,920,015
Oil Field Machinery and Equipment301,000 Dresser-Rand Group, Inc., 6.5000%,
company guaranteed notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 313,793
Oil Refi ning and Marketing15,000 Frontier Oil Corp., 6.8750%,
company guaranteed notes, due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.0 15,675
Pharmacy Services150,000 Omnicare, Inc., 7.7500%, company
guaranteed notes, due 1/6/20 . . . . . . . . . . 0.4 164,250
Physical Therapy/Rehabilitation Centres33,000 HealthSouth Corp., 7.2500%,
company guaranteed notes, due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 35,310
Pipelines265,000 Crestwood Midstream Partners L.P. /
Crestwood Midstream Finance Corp., 7.7500%, company guaranteed notes, due 1/4/19 . . . . . . . . . . 0.8 264,338
291,000 Crosstex Energy L.P. / Crosstex Energy Finance Corp., 8.8750%, company guaranteed notes, due 15/2/18 . . . . . . . . . 0.9 307,914
151,000 El Paso Pipeline Partners Operating Co. LLC, 5.0000%, company guaranteed notes, due 1/10/21 . . . . . . . . . 0.4 164,126
136,000 Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.5000%, company guaranteed notes, due 1/3/20 (144A) . . . . . . . . . . . . . . . . . . 0.4 137,360
156,000 MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.2500%, company guaranteed notes, due 15/6/22 . . . . . . . . . . . . . . . . . . 0.4 161,460
220,000 Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.8750%, company guaranteed notes, due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.6 232,650
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 9 5
Shares or Principal Amount
Percentage of Net Assets
Fair Value
164,000 Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.3750%, company guaranteed notes, due 1/8/22 (144A) . . . . . . . . . . . . . 0.4 % $ 164,410
3.9 1,432,258
Poultry358,000 Pilgrim's Pride Corp., 7.8750%,
company guaranteed notes, due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 1.0 364,713
Printing – Commercial113,000 American Reprographics Co.,
10.5000%, company guaranteed notes, due 15/12/16 . . . . . . . . . . . . . . . . . 0.3 114,130
264,000 Cenveo Corp., 8.8750%, secured notes, due 1/2/18 . . . . . . . . . . . . . . . . . . . 0.7 237,600
1.0 351,730
Publishing – Books164,000 Cengage Learning Acquisitions, Inc.,
13.2500%, company guaranteed notes, due 15/7/15 (144A) . . . . . . . . . . . . 0.3 118,900
18,000 Cengage Learning Acquisitions, Inc., 11.5000%, senior secured notes, due 15/4/20 (144A) . . . . . . . . . . . . . . . . . 0.1 18,720
0.4 137,620
Publishing – Newspapers147,000 Gannett Co., Inc., 6.3750%, company
guaranteed notes, due 1/9/15 . . . . . . . . . . 0.4 157,290
Publishing – Periodicals104,000 Nielsen Finance LLC / Nielsen
Finance Co., 7.7500%, company guaranteed notes, due 15/10/18 . . . . . . . . 0.3 115,700
Quarrying73,000 Vulcan Materials Co., 7.0000%,
senior unsecured notes, due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2 78,110
Radio252,000 Entercom Radio LLC, 10.5000%,
company guaranteed notes, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8 272,160
157,000 Townsquare Radio LLC / Townsquare Radio, Inc., 9.0000%, company guaranteed notes, due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 0.4 164,850
1.2 437,010
Real Estate Management/Services334,000 Kennedy-Wilson, Inc., 8.7500%,
company guaranteed notes, due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.9 345,690
REIT – Hotels45,000 Host Hotels & Resorts L.P., 6.7500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 46,350
95,000 Host Hotels & Resorts L.P., 6.0000%, senior unsecured notes, due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3 104,738
0.4 151,088
REIT – Regional Malls140,000 Rouse Co. L.P., 6.7500%, senior
unsecured notes, due 9/11/15 . . . . . . . . . . 0.4 147,000
Rental – Auto/Equipment119,000 Avis Budget Car Rental LLC / Avis
Budget Finance, Inc., 7.7500%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 122,719
122,000 Hertz Corp., 7.5000%, company guaranteed notes, due 15/10/18 . . . . . . . . 0.4% $ 131,455
28,000 UR Financing Escrow Corp., 7.6250%, company guaranteed notes, due 15/4/22 (144A) . . . . . . . . . . . . 0.1 29,400
0.8 283,574
Research and Development67,000 Jaguar Holding Co., 9.5000%,
senior unsecured notes, due 1/12/19 (144A) . . . . . . . . . . . . . . . . . 0.2 73,616
Retail – Apparel and Shoe14,000 J. Crew Group, Inc., 8.1250%,
company guaranteed notes, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.0 14,525
Retail – Arts and Crafts270,000 Michaels Stores, Inc., 11.3750%,
company guaranteed notes, due 1/11/16 . . . . . . . . . . . . . . . . . . . . . . . 0.8 288,228
Retail – Drug Store144,000 Rite Aid Corp., 9.5000%, company
guaranteed notes, due 15/6/17 . . . . . . . . . 0.4 147,96062,000 Rite Aid Corp., 10.2500%, secured
notes, due 15/10/19 . . . . . . . . . . . . . . . . . 0.2 70,060255,000 Rite Aid Corp., 9.2500%,
company guaranteed notes, due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.7 256,275
198,000 Rite Aid Corp., 7.7000%, senior unsecured notes, due 15/2/27 . . . . . . . . . . 0.4 165,330
1.7 639,625
Retail – Leisure Products196,000 Steinway Musical Instruments,
7.0000%, company guaranteed notes, due 1/3/14 (144A) . . . . . . . . . . . . . 0.5 196,737
Retail – Perfume and Cosmetics95,000 Sally Holdings LLC / Sally Capital,
Inc., 5.7500%, company guaranteed notes, due 1/6/22 . . . . . . . . . . . . . . . . . . . 0.3 99,869
Retail – Propane Distribution204,000 AmeriGas Finance LLC / AmeriGas
Finance Corp., 7.0000%, company guaranteed notes, due 20/5/22 . . . . . . . . . 0.6 210,630
290,000 Ferrellgas L.P. / Ferrellgas Finance Corp., 9.1250%, senior unsecured notes, due 1/10/17 . . . . . . . . . . . . . . . . . . 0.8 304,500
71,000 Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.6250%, senior unsecured notes, due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 63,545
145,000 Inergy L.P. / Inergy Finance Corp., 6.8750%, company guaranteed notes, due 1/8/21 . . . . . . . . . . . . . . . . . . . 0.4 145,725
2.0 724,400
Retail – Regional Department Stores130,000 Macy's Retail Holdings, Inc.,
7.4500%, company guaranteed notes, due 15/7/17 . . . . . . . . . . . . . . . . . . 0.4 158,466
140,000 Neiman Marcus Group, Inc., 10.3750%, company guaranteed notes, due 15/10/15 . . . . . . . . . . . . . . . . . 0.4 145,601
0.8 304,067
Retail – Restaurants71,000 DineEquity, Inc., 9.5000%, company
guaranteed notes, due 30/10/18 . . . . . . . . 0.2 78,100265,000 Landry's, Inc., 9.3750%, senior notes,
due 1/5/20 (144A) . . . . . . . . . . . . . . . . . . 0.7 270,631
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Global High Yield Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
9 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair Value
130,000 OSI Restaurant Partners, Inc., 10.0000%, company guaranteed notes, due 15/6/15 . . . . . . . . . . . . . . . . . . 0.4% $ 134,064
173,000 Wok Acquisition Corp., 10.2500%, senior unsecured notes, due 30/6/20 (144A) . . . . . . . . . . . . . . . . . 0.5 179,055
1.8 661,850
Retail – Sporting Goods11,000 Academy, Ltd. / Academy
Finance Corp., 9.2500%, company guaranteed notes, due 1/8/19 (144A) . . . . . . . . . . . . . . . . . . 0.0 11,990
Retail – Toy Store122,000 Toys R Us Property Co. II LLC,
8.5000%, senior secured notes, due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3 127,643
Satellite Telecommunications20,000 Intelsat Jackson Holdings S.A.,
7.2500%, company guaranteed notes, due 1/4/19 . . . . . . . . . . . . . . . . . . . 0.1 21,100
22,000 Intelsat Jackson Holdings S.A., 7.5000%, company guaranteed notes, due 1/4/21 . . . . . . . . . . . . . . . . . . . 0.0 23,375
0.1 44,475
Semiconductor Equipment99,000 Sensata Technologies Holdings N.V.,
6.5000%, company guaranteed notes, due 15/5/19 (144A) . . . . . . . . . . . . 0.3 102,713
Shipbuilding45,000 Huntington Ingalls Industries, Inc.,
6.8750%, company guaranteed notes, due 15/3/18 . . . . . . . . . . . . . . . . . . 0.1 47,138
Special Purpose Entity128,000 Numericable Finance & Co., SCA,
12.3750%, senior secured notes, due 15/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4 156,695
Steel – Producers184,000 ArcelorMittal, 6.2500%, senior
unsecured notes, due 25/2/22 . . . . . . . . . . 0.5 180,532
Telecommunication Services68,000 Level 3 Communications, Inc.,
11.8750%, senior unsecured notes, due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 75,650
Telephone – Integrated116,000 Level 3 Financing, Inc., 10.0000%,
company guaranteed notes, due 1/2/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 126,150
220,000 Level 3 Financing, Inc., 9.3750%, company guaranteed notes, due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 238,700
49,000 Level 3 Financing, Inc., 8.1250%, company guaranteed notes, due 1/7/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 50,531
39,000 Level 3 Financing, Inc., 8.6250%, company guaranteed notes, due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 41,145
224,000 Qwest Communications International, Inc., 7.1250%, company guaranteed notes, due 1/4/18 . . . . . . . . . . . . . . . . . . . . 0.6 237,160
285,000 Virgin Media Finance PLC, 5.2500%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.9 292,838
188,000 Windstream Corp., 7.7500%, company guaranteed notes, due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.5 200,220
3.2 1,186,744
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Theatres97,000 National CineMedia LLC, 7.8750%,
senior unsecured notes, due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3% $ 103,305
Transportation – Air Freight33,000 AMGH Merger Sub, Inc., 9.2500%,
senior secured notes, due 1/11/18 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 34,485
Transportation – Railroad153,000 Florida East Coast Railway Corp.,
8.1250%, senior secured notes, due 1/2/17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 160,650
81,000 Kansas City Southern de Mexico S.A. de C.V., 8.0000%, senior unsecured notes, due 1/2/18 . . . . . . . . . . . . . . . . . . . 0.2 91,028
122,000 Kansas City Southern de Mexico S.A. de C.V., 6.6250%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . 0.4 136,335
238,000 Kansas City Southern de Mexico S.A. de C.V., 6.1250%, senior unsecured notes, due 15/6/21 . . . . . . . . . . . . . . . . . . 0.7 262,989
1.7 651,002
Transportation – Truck131,000 Swift Services Holdings, Inc.,
10.0000%, secured notes, due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.4 142,790
Travel Services152,000 Carlson Wagonlit B.V., 7.5000%,
company guaranteed notes, due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5 190,883
Water Treatment Systems302,000 Heckmann Corp., 9.8750%,
company guaranteed notes, due 15/4/18 (144A) . . . . . . . . . . . . . . . . . 0.8 287,655
Wire and Cable Products133,000 Norcell Sweden Holding 2 A.B.,
10.7500%, secured notes, due 29/9/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5 174,596
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.1 34,078,225
Tranche Loan* 1.8
Bicycle Manufacturing20,000 SRAM Corp., 8.5000%, due 7/12/18 . . . . . . 0.1 20,100
Broadcast Services and Programming75,000 Hubbard Broadcasting, Inc., 8.7500%,
due 30/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2 74,906
Casino Hotels117,000 Caesars Entertainment Corp.,
9.2500%, due 25/4/17 . . . . . . . . . . . . . . . 0.3 114,660
Chemicals – Diversifi ed45,000 Ineos Group Holdings PLC, 6.5000%,
due 4/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 44,000
Educational Software438,000 Blackboard, Inc., 11.5000%,
due 4/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.1 402,960
Total Tranche Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 656,626
* Each of the Tranche Loans are held either by Bank of America, Barclays Capital Services, Credit Suisse, Deutsche Bank, JPMorgan Chase Bank or Morgan Stanley.
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 9 7
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankAUD 70 USD 70 $ 71 31-Jul-12 $ 1 AUD 70 USD 70 71 31-Jul-12 1 AUD 3,146 USD 3,154 3,210 31-Jul-12 56 AUD 3,163 USD 3,171 3,227 31-Jul-12 56 EUR 710,264 USD 887,670 898,930 31-Jul-12 11,260 EUR 12,266 USD 15,330 15,524 31-Jul-12 194 EUR 625,703 USD 781,987 791,906 31-Jul-12 9,919 EUR 709,283 USD 886,444 897,688 31-Jul-12 11,244 EUR 687,799 USD 859,593 870,497 31-Jul-12 10,904 EUR 12,107,308 USD 15,131,399 15,323,337 31-Jul-12 191,938 EUR 7,716,030 USD 9,643,294 9,765,616 31-Jul-12 122,322 USD 8 EUR 6 8 31-Jul-12 — USD 2 AUD 2 2 31-Jul-12 — USD 2 AUD 2 2 31-Jul-12 —
J.P. Morgan Securities, Inc. EUR 927,000 USD 1,158,147 1,173,262 2-Aug-12 15,115 GBP 306,000 USD 476,007 479,122 2-Aug-12 3,115
Total $ 376,125
Total Financial Assets at fair value through profi t or loss $ 36,013,121
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 2,807 EUR 2,259 $ 2,859 31-Jul-12 $ (52)USD 46 EUR 37 47 31-Jul-12 (1)USD 3,774 EUR 3,037 3,844 31-Jul-12 (70)USD 65,612 EUR 52,800 66,825 31-Jul-12 (1,213)USD 41,886 EUR 33,707 42,660 31-Jul-12 (774)USD 430 EUR 342 433 31-Jul-12 (3)USD 80 EUR 64 81 31-Jul-12 (1)USD 409 EUR 325 412 31-Jul-12 (3)USD 3,757 EUR 3,023 3,826 31-Jul-12 (69)USD 7,716 EUR 6,136 7,766 31-Jul-12 (50)USD 462 EUR 367 465 31-Jul-12 (3)
Total $ (2,239)
Total Financial Liabilities at fair value through profi t or loss $ (2,239)
Repurchase Agreement 2.2%$800,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $800,013 collateralised by $775,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $821,029 . . . . . . . . . . . . . 2.2 $ 800,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 800,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 96.7 35,741,491
Adjustments from last traded to bid market prices . . . . . . . . . (0.3) (104,495)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.4 $ 35,636,996
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
9 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus Global Investment Grade Bond Fund
Financial Assets at fair value through profi t or loss
Corporate Bonds 95.1%
Advertising Services15,000 WPP Finance UK, 4.7500%,
company guaranteed notes, due 21/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 $ 15,770
Aerospace and Defence – Equipment47,000 Exelis, Inc., 4.2500%,
company guaranteed notes, due 1/10/16 (144A) . . . . . . . . . . . . . . . . . . 0.2 48,234
39,000 Exelis, Inc., 5.5500%, company guaranteed notes, due 1/10/21 (144A) . . . . . . . . . . . . . . . . . . 0.2 41,927
49,000 United Technologies Corp., 1.8000%, senior unsecured notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 50,099
179,000 United Technologies Corp., 3.1000%, senior unsecured notes, due 1/6/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 187,967
94,000 United Technologies Corp., 4.5000%, senior unsecured notes, due 1/6/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 103,690
1.9 431,917
Agricultural Chemicals170,000 CF Industries, Inc., 6.8750%,
company guaranteed notes, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.9 202,088
95,000 CF Industries, Inc., 7.1250%, company guaranteed notes, due 1/5/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 115,900
1.4 317,988
Airlines109,000 Southwest Airlines Co., 5.2500%,
senior unsecured notes, due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.5 118,037
37,000 Southwest Airlines Co., 5.1250%, senior unsecured notes, due 1/3/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 40,651
0.7 158,688
Automotive – Cars and Light Trucks50,000 BMW Finance N.V., 3.3750%,
company guaranteed notes, due 14/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.4 81,414
Beverages – Wine and Spirits100,000 Pernod-Ricard S.A., 4.8750%,
senior unsecured notes, due 18/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.6 137,315
103,000 Pernod-Ricard S.A., 4.4500%, senior unsecured notes, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.5 106,931
1.1 244,246
Brewery64,000 Anheuser-Busch InBev N.V.,
6.5700%, company guaranteed notes, due 27/2/14 . . . . . . . . . . . . . . . . . . 0.4 88,269
155,000 Molson Coors Capital Finance ULC, 5.0000%, company guaranteed notes, due 22/9/15 . . . . . . . . . . . . . . . . . . 0.7 164,463
270,000 SABMiller Holdings, Inc., 3.7500%, company guaranteed notes, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . . . . . 1.3 287,710
2.4 540,442
Building – Residential and Commercial27,000 DR Horton, Inc., 4.7500%,
company guaranteed notes, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 27,895
18,000 Toll Brothers Finance Corp., 5.8750%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 18,966
0.2 46,861
Cable/Satellite Television109,000 Comcast Corp., 3.1250%,
company guaranteed notes, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5 109,748
107,000 Comcast Corp., 5.5000%, company guaranteed notes, due 23/11/29 . . . . . . . . . . . . . . . . . . . . . . 0.9 194,215
1.4 303,963
Cellular Telecommunications200,000 America Movil S.A.B. de C.V.,
2.3750%, company guaranteed notes, due 8/9/16 . . . . . . . . . . . . . . . . . . . 0.9 206,180
Chemicals – Diversifi ed65,000 Evonik Industries A.G., 7.0000%,
senior unsecured notes, due 14/10/14 . . . . . . . . . . . . . . . . . . . . . . 0.4 91,709
230,000 LyondellBasell Industries N.V., 5.0000%, senior unsecured notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 1.1 242,362
1.5 334,071
Chemicals – Specialty127,000 Ecolab, Inc., 3.0000%,
senior unsecured notes, due 8/12/16 . . . . . . . . . . . . . . . . . . . . . . . 0.7 134,030
49,000 Ecolab, Inc., 4.3500%, senior unsecured notes, due 8/12/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 54,416
0.9 188,446
Coatings and Paint Products82,000 RPM International, Inc., 6.2500%,
senior unsecured notes, due 15/12/13 . . . . . . . . . . . . . . . . . . . . . . 0.4 86,826
144,000 RPM International, Inc., 6.1250%, senior unsecured notes, due 15/10/19 . . . . . . . . . . . . . . . . . . . . . . 0.7 165,054
79,000 Valspar Corp., 4.2000%, senior unsecured notes, due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4 82,999
1.5 334,879
Commercial Banks – Eastern U.S.105,000 CIT Group, Inc., 5.2500%,
senior unsecured notes, due 1/4/14 (144A) . . . . . . . . . . . . . . . . . . 0.5 109,200
138,000 CIT Group, Inc., 5.5000%, senior unsecured notes, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.6 142,140
1.1 251,340
Commercial Banks – Non U.S.100,000 Nordea Bank A.B., 4.5000%,
senior unsecured notes, due 12/5/14 . . . . . . . . . . . . . . . . . . . . . . . 0.6 134,014
210,000 Standard Chartered PLC, 3.2000%, senior unsecured notes, due 12/5/16 (144A) . . . . . . . . . . . . . . . . . 1.0 214,857
125,000 Standard Chartered PLC, 4.1250%, senior unsecured notes, due 18/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8 173,090
125,000 Svenska Handelsbanken A.B., 4.3750%, senior unsecured notes, due 20/10/21 . . . . . . . . . . . . . . . . . . . . . . 0.8 176,798
3.2 698,759
Shares or Principal Amount
Percentage of Net Assets
FairValue Shares or Principal Amount
Percentage of Net Assets
FairValue
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 9 9
Commercial Banks – Southern U.S.209,000 Regions Financial Corp., 4.8750%,
senior unsecured notes, due 26/4/13 . . . . . . . . . . . . . . . . . . . . . . . 1.0% $ 212,658
Commercial Banks – Western U.S.107,000 SVB Financial Group, 5.3750%,
senior unsecured notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5 115,788
158,000 Zions Bancorp., 7.7500%, senior unsecured notes, due 23/9/14 . . . . . . . . . . 0.8 171,446
42,000 Zions Bancorp., 4.5000%, senior unsecured notes, due 27/3/17 . . . . . . . . . . 0.2 42,272
1.5 329,506Computers – Memory Devices
43,000 Seagate Technology, 10.0000%, secured notes, due 1/5/14 (144A) . . . . . . . 0.2 47,945
Consulting Services39,000 Verisk Analytics, Inc., 4.8750%,
company guaranteed notes, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 41,811
161,000 Verisk Analytics, Inc., 5.8000%, company guaranteed notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 180,006
140,000 WPP PLC, 6.0000%, company guaranteed notes, due 4/4/17 . . . . . . . . . . 1.1 247,806
2.1 469,623
Containers – Paper and Plastic27,000 Packaging Corp of America, 3.9000%,
senior unsecured notes, due 15/6/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 27,142
17,000 Rock-Tenn Co., 4.4500%, unsecured notes, due 1/3/19 (144A) . . . . . . . . . . . . . 0.1 17,487
97,000 Rock-Tenn Co., 4.9000%, unsecured notes, due 1/3/22 (144A) . . . . . . . . . . . . . 0.4 100,121
0.6 144,750
Data Processing and Management119,000 Fiserv, Inc., 3.1250%, company
guaranteed notes, due 1/10/15 . . . . . . . . . 0.6 123,44646,000 Fiserv, Inc., 3.1250%, company
guaranteed notes, due 15/6/16 . . . . . . . . . 0.2 47,4650.8 170,911
Diversifi ed Banking Institutions174,000 Bank of America Corp., 4.5000%,
senior unsecured notes, due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 179,468
35,000 Bank of America Corp., 3.6250%, senior unsecured notes, due 17/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 35,190
50,000 Bank of America Corp., 5.7000%, senior unsecured notes, due 24/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 55,167
125,000 Citigroup, Inc., 5.0000%, subordinated notes, due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 0.6 128,200
104,000 Citigroup, Inc., 4.8750%, subordinated notes, due 7/5/15. . . . . . . . . 0.5 106,754
33,000 Citigroup, Inc., 4.4500%, senior unsecured notes, due 10/1/17 . . . . . . . . . . 0.2 34,627
72,000 Goldman Sachs Group, Inc., 3.6250%, senior unsecured notes, due 7/2/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 72,068
150,000 Goldman Sachs Group, Inc., 5.1250%, senior unsecured notes, due 23/10/19 . . . . . . . . . . . . . . . . . . . . . . 0.9 198,437
51,000 Goldman Sachs Group, Inc., 5.7500%, senior unsecured notes, due 24/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 53,935
100,000 HSBC Holdings PLC, 3.8750%, senior unsecured notes, due 16/3/16 . . . . . . . . . . 0.6 135,846
155,000 JPMorgan Chase & Co., 4.5000%, senior unsecured notes, due 24/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.8 167,295
100,000 Morgan Stanley, 3.4500%, senior unsecured notes, due 2/11/15 . . . . . . . . . . 0.4 96,909
70,000 Morgan Stanley, 4.5000%, senior notes, due 23/2/16 . . . . . . . . . . . . . . . . . . 0.4 88,660
50,000 Morgan Stanley, 5.3750%, senior notes, due 10/8/20 . . . . . . . . . . . . . . . . . . 0.3 62,621
27,000 Morgan Stanley, 5.5000%, senior unsecured notes, due 28/7/21 . . . . . . . . . . 0.1 26,649
24,000 Royal Bank of Scotland PLC, 3.9500%, bank guaranteed notes, due 21/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 24,464
145,000 Royal Bank of Scotland PLC, 5.5000%, senior unsecured notes, due 23/3/20 . . . . . . . . . . . . . . . . . . . . . . . 1.0 198,822
65,000 UBS A.G., 3.1250%, subordinated notes, due 28/6/16 . . . . . . . . . . . . . . . . . . 0.3 70,415
7.9 1,735,527Diversifi ed Financial Services
135,000 GE Capital European Funding, 3.7500%, company guaranteed notes, due 4/4/16 . . . . . . . . . . . . . . . . . . . 0.8 180,873
95,000 GE Capital European Funding, 5.3750%, company guaranteed notes, due 23/1/20 . . . . . . . . . . . . . . . . . . 0.6 139,054
95,000 General Electric Capital Corp., 5.5000%, senior unsecured notes, due 8/1/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 108,901
185,000 General Electric Capital Corp., 4.3750%, senior unsecured notes, due 16/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.9 200,487
100,000 General Electric Capital Corp., 7.1250%, junior subordinated notes, due 15/12/49 . . . . . . . . . . . . . . . . . 0.5 106,038
3.3 735,353
Diversifi ed Manufacturing Operations33,000 GE Capital Trust I, 6.3750%, company
guaranteed notes, due 15/11/67 . . . . . . . . 0.2 34,031
Diversifi ed Minerals100,000 BHP Billiton Finance, Ltd., 2.1250%,
company guaranteed notes, due 29/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.6 125,971
89,000 FMG Resources August 2006 Pty, Ltd., 7.0000%, company guaranteed notes, due 1/11/15 (144A) . . . . . . . . . . . . 0.4 91,225
1.0 217,196
Electric – Integrated75,000 CMS Energy Corp., 4.2500%, senior
unsecured notes, due 30/9/15 . . . . . . . . . . 0.4 78,35150,000 CMS Energy Corp., 5.0500%, senior
unsecured notes, due 15/2/18 . . . . . . . . . . 0.2 53,69565,000 GDF Suez, 2.7500%, senior unsecured
notes, due 18/10/17 . . . . . . . . . . . . . . . . . 0.4 86,13473,000 Great Plains Energy, Inc., 4.8500%,
senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 78,543
63,000 PPL Energy Supply LLC, 4.6000%, senior unsecured notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.3 64,773
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus Global Investment Grade Bond Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 0 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
64,000 PPL WEM Holdings PLC, 3.9000%, senior unsecured notes, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.3 % $ 67,135
69,000 PPL WEM Holdings PLC, 5.3750%, senior unsecured notes, due 1/5/21 (144A) . . . . . . . . . . . . . . . . . . 0.3 74,473
85,000 Southern Co., 1.9500%, senior unsecured notes, due 1/9/16 . . . . . . . . . . . 0.4 87,137
2.7 590,241
Electric – Transmission105,000 SPI Australia Assets Pty, Ltd.,
5.1250%, company guaranteed notes, due 11/2/21 . . . . . . . . . . . . . . . . . . 0.8 183,084
Electronic Components – Semiconductors25,000 Altera Corp., 1.7500%, senior
unsecured notes, due 15/5/17 . . . . . . . . . . 0.1 25,21420,000 National Semiconductor Corp.,
3.9500%, senior unsecured notes, due 15/4/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 21,682
17,000 National Semiconductor Corp., 6.6000%, senior unsecured notes, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 21,038
200,000 Samsung Electronics America, Inc., 1.7500%, company guaranteed notes, due 10/4/17 (144A) . . . . . . . . . . . . 0.9 199,708
1.2 267,642Electronic Connectors
75,000 Amphenol Corp., 4.7500%, senior unsecured notes, due 15/11/14 . . . . . . . . . 0.4 80,740
31,000 Amphenol Corp., 4.0000%, senior unsecured notes, due 1/2/22 . . . . . . . . . . . 0.1 31,642
0.5 112,382
Electronic Measuring Instruments86,000 FLIR Systems, Inc., 3.7500%, senior
unsecured notes, due 1/9/16 . . . . . . . . . . . 0.4 88,242
Electronics – Military100,000 L-3 Communications Corp., 6.3750%,
company guaranteed notes, due 15/10/15 . . . . . . . . . . . . . . . . . . . . . . 0.5 102,438
Engineering – Research and Development Services49,000 URS Corp., 3.8500%,
senior unsecured notes, due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.2 48,440
47,000 URS Corp., 5.0000%, senior unsecured notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.2 46,514
0.4 94,954
Finance – Auto Loans100,000 FCE Bank PLC, 7.1250%, senior
unsecured notes, due 15/1/13 . . . . . . . . . . 0.6 130,642200,000 Ford Motor Credit Co. LLC, 3.8750%,
senior unsecured notes, due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.9 206,087
100,000 Ford Motor Credit Co. LLC, 6.6250%, senior unsecured notes, due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5 113,872
2.0 450,601
Finance – Consumer Loans76,000 SLM Corp., 6.2500%, senior notes,
due 25/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.4 80,180
Finance – Credit Card105,000 American Express Co., 6.8000%,
subordinated notes, due 1/9/66. . . . . . . . . 0.5 108,859
43,000 American Express Credit Co., 1.7500%, senior unsecured notes, due 12/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 43,519
0.7 152,378
Finance – Investment Bankers/Brokers95,000 Charles Schwab Corp., 4.4500%,
senior unsecured notes, due 22/7/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4 105,536
38,000 Charles Schwab Corp., 7.0000%, junior subordinated notes, due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.2 40,830
80,000 Jefferies Group, Inc., 3.8750%, senior unsecured notes, due 9/11/15 . . . . . . . . . . 0.4 79,000
106,000 Jefferies Group, Inc., 5.1250%, senior unsecured notes, due 13/4/18 . . . . . . . . . . 0.5 103,880
51,000 Lazard Group LLC, 7.1250%, senior unsecured notes, due 15/5/15 . . . . . . . . . . 0.3 55,728
52,000 Lazard Group LLC, 6.8500%, senior unsecured notes, due 15/6/17 . . . . . . . . . . 0.3 57,130
167,000 Raymond James Financial, Inc., 5.6250%, senior unsecured notes, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 178,697
78,000 TD Ameritrade Holding Corp., 5.6000%, company guaranteed notes, due 1/12/19 . . . . . . . . . . . . . . . . . . 0.4 88,793
3.2 709,594
Food – Meat Products212,000 BRF – Brasil Foods S.A., 5.8750%,
company guaranteed notes, due 6/6/22 (144A) . . . . . . . . . . . . . . . . . . 1.0 218,891
16,000 Smithfi eld Foods, Inc., 7.7500%, senior unsecured notes,due 15/5/13 . . . . . . . . . . . . . . . . . . . . . . . 0.1 16,720
57,000 Smithfi eld Foods, Inc., 10.0000%, senior secured notes, due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3 65,336
123,000 Tyson Foods, Inc., 6.8500%, company guaranteed notes, due 1/4/16 . . . . . . . . . . 0.6 141,296
64,000 Tyson Foods, Inc., 4.5000%, company guaranteed notes, due 15/6/22 . . . . . . . . . 0.3 66,240
2.3 508,483
Food – Miscellaneous/Diversifi ed100,000 Danone, 2.5000%, notes,
due 29/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.6 132,341211,000 Kraft Foods Group, Inc., 2.2500%,
company guaranteed notes, due 5/6/17 (144A) . . . . . . . . . . . . . . . . . . 1.1 216,290
161,000 Kraft Foods Group, Inc., 3.5000%, company guaranteed notes, due 6/6/22 (144A) . . . . . . . . . . . . . . . . . . 0.7 165,558
148,000 Kraft Foods Group, Inc., 5.0000%, company guaranteed notes, due 4/6/42 (144A) . . . . . . . . . . . . . . . . . . 0.7 157,262
3.1 671,451
Gas – Distribution110,000 National Grid PLC, 5.0000%, senior
unsecured notes, due 2/7/18 . . . . . . . . . . . 0.7 161,210
Hotels and Motels22,000 Marriott International, Inc., 3.0000%,
senior unsecured notes, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 22,276
Investment Management and Advisory Services46,000 Ameriprise Financial, Inc., 7.5180%,
junior subordinated notes, due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 50,030
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 0 1
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
30,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.6250%, senior unsecured notes, due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.1 % $ 31,425
17,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, senior unsecured notes, due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.1 17,850
0.4 99,305
Linen Supply and Related Items80,000 Cintas Corp. No 2, 2.8500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 83,165
62,000 Cintas Corp. No 2, 4.3000%, company guaranteed notes,due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 67,624
0.7 150,789
Lottery Services50,000 Lottomatica SpA, 5.3750%, company
guaranteed notes, due 2/2/18 . . . . . . . . . . 0.3 63,877
Medical – Generic Drugs100,000 Teva Pharmaceutical Finance IV B.V.,
2.8750%, company guaranteed notes, due 15/4/19 . . . . . . . . . . . . . . . . . . 0.6 130,637
Money Center Banks100,000 Intesa Sanpaolo Bank Ireland PLC,
4.0000%, bank guaranteed notes, due 8/8/13 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 126,065
200,000 Lloyds TSB Bank PLC, 4.6250%, senior unsecured notes, due 2/2/17 . . . . . . . . . . . . . . . . . . . . . . . . 1.2 268,060
187,000 Lloyds TSB Bank PLC, 6.5000%, subordinated notes, due 24/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.9 207,182
2.7 601,307
Mortgage Banks372,000 EBS Mortgage Finance, 3.8750%,
covered, due 23/11/12 . . . . . . . . . . . . . . . 2.1 463,068
Multi – Line Insurance124,000 American International Group, Inc.,
4.2500%, senior unsecured notes, due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 0.6 128,639
62,000 American International Group, Inc., 5.4500%, senior unsecured notes, due 18/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3 67,451
64,000 American International Group, Inc., 6.4000%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.3 72,535
18,000 American International Group, Inc., 4.8750%, senior unsecured notes, due 1/6/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 18,454
74,000 American International Group, Inc., 8.1750%, junior subordinated debentures, due 15/5/58 . . . . . . . . . . . . . . 0.4 80,660
1.7 367,739
Oil – Field Services200,000 Korea National Oil Corp., 4.0000%,
senior unsecured notes, due 27/10/16 (144A) . . . . . . . . . . . . . . . . 1.0 212,939
105,000 Schlumberger Investment S.A., 1.9500%, company guaranteed notes, due 14/9/16 (144A) . . . . . . . . . . . . 0.5 107,705
29,000 Weatherford International, Ltd., 4.5000%, company guaranteed notes, due 15/4/22 . . . . . . . . . . . . . . . . . . 0.1 29,780
1.6 350,424
Oil and Gas Drilling54,000 Nabors Industries, Inc., 5.0000%,
company guaranteed notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 57,719
32,000 Rowan Cos., Inc., 5.0000%, company guaranteed notes, due 1/9/17 . . . . . . . . . . 0.2 34,486
0.4 92,205
Oil Companies – Exploration and Production143,000 Anadarko Petroleum Corp., 6.4500%,
senior unsecured notes, due 15/9/36 . . . . . . . . . . . . . . . . . . . . . . . 0.8 165,866
17,000 Apache Corp., 3.2500%, senior unsecured notes, due 15/4/22 . . . . . . . . . . 0.1 17,788
52,000 Apache Corp., 4.7500%, senior unsecured notes, due 15/4/43 . . . . . . . . . . 0.3 58,003
200,000 CNOOC Finance 2012, Ltd., 3.8750%, company guaranteed notes, due 2/5/22 (144A) . . . . . . . . . . . . . 0.8 207,278
42,000 Petrohawk Energy Corp., 10.5000%, company guaranteed notes, due 1/8/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 46,555
119,000 Petrohawk Energy Corp., 7.8750%, company guaranteed notes, due 1/6/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 123,788
45,000 Petrohawk Energy Corp., 7.2500%, company guaranteed notes, due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2 50,669
18,000 Pioneer Natural Resources Co., 3.9500%, senior unsecured notes, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 18,080
3.1 688,027
Oil Companies – Integrated50,000 BP Capital Markets PLC, 3.8300%,
company guaranteed notes, due 6/10/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3 68,955
50,000 BP Capital Markets PLC, 3.5610%, company guaranteed notes, due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 53,038
85,000 Husky Energy, Inc., 5.0000%, senior unsecured notes, due 12/3/20 . . . . . . . . . . 0.4 94,125
213,000 Phillips 66, 2.9500%, company guaranteed notes, due 1/5/17 (144A) . . . . . . . . . . . . . . . . . . 1.1 219,118
192,000 Phillips 66, 4.3000%, company guaranteed notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.9 202,380
140,000 Phillips 66, 5.8750%, company guaranteed notes, due 1/5/42 (144A) . . . . . . . . . . . . . . . . . . 0.7 151,258
85,000 Total Capital S.A., 3.1250%, company guaranteed notes, due 29/9/15 . . . . . . . . . 0.4 97,542
4.0 886,416
Paper and Related Products13,000 International Paper Co., 6.0000%,
senior unsecured notes, due 15/11/41 . . . . . . . . . . . . . . . . . . . . . . 0.1 14,710
Pharmacy Services75,000 Aristotle Holding, Inc., 2.7500%,
company guaranteed notes, due 21/11/14 (144A) . . . . . . . . . . . . . . . . 0.3 76,649
99,000 Aristotle Holding, Inc., 4.7500%, company guaranteed notes, due 15/11/21 (144A) . . . . . . . . . . . . . . . . 0.5 109,760
55,000 Express Scripts Holding Co., 2.1000%, company guaranteed notes, due 12/2/15 (144A) . . . . . . . . . . . . 0.3 55,573
Janus Global Investment Grade Bond Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 0 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Shares or Principal Amount
Percentage of Net Assets
Fair Value
193,000 Express Scripts Holding Co., 2.6500%, company guaranteed notes, due 15/2/17 (144A) . . . . . . . . . . . 0.9% $ 196,564
89,000 Express Scripts Holding Co., 3.9000%, company guaranteed notes, due 15/2/22 (144A) . . . . . . . . . . . . 0.4 92,435
79,000 Express Scripts, Inc., 3.1250%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.4 82,327
17,000 Medco Health Solutions, Inc., 4.1250%, senior unsecured notes, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 18,056
2.9 631,364
Pipelines19,000 Colorado Interstate Gas Co. LLC,
6.8500%, senior unsecured notes, due 15/6/37 . . . . . . . . . . . . . . . . . . . . . . . 0.1 21,020
52,000 DCP Midstream Operating L.P., 4.9500%, company guaranteed notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.2 53,472
30,000 El Paso Pipeline Partners Operating Co. LLC, 5.0000%, company guaranteed notes, due 1/10/21 . . . . . . . . . 0.1 32,608
119,000 Energy Transfer Partners L.P., 4.6500%, senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 123,164
201,000 Kinder Morgan Finance Co. ULC, 5.7000%, company guaranteed notes, due 5/1/16 . . . . . . . . . . . . . . . . . . . 1.0 212,558
205,000 Magellan Midstream Partners L.P., 4.2500%, senior unsecured notes, due 1/2/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.1 221,101
104,000 Plains All American Pipeline L.P., 3.9500%, company guaranteed notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.5 111,482
199,000 Sunoco Logistics Partners Operations L.P., 4.6500%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.9 205,140
28,000 TC Pipelines L.P., 4.6500%, senior unsecured notes, due 15/6/21 . . . . . . . . . . 0.1 29,589
150,000 Western Gas Partners L.P., 5.3750%, senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 166,331
67,000 Western Gas Partners L.P., 4.0000%, senior unsecured notes, due 1/7/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 67,137
5.7 1,243,602Property Trust
197,000 Prologis International Funding S.A., 5.8750%, company guaranteed notes, due 23/10/14 . . . . . . . . . . . . . . . . . 1.2 262,475
REIT – Diversifi ed50,000 Corio N.V., 4.6250%, company
guaranteed notes, due 22/1/18 . . . . . . . . . 0.3 66,086250,000 Goodman Funding Pty, Ltd., 6.3750%,
company guaranteed notes, due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 1.2 260,888
50,000 Unibail-Rodamco S.E., 4.6250%, senior unsecured notes, due 23/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 69,465
1.8 396,439
REIT – Health Care176,000 Senior Housing Properties Trust,
6.7500%, senior unsecured notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.9 191,696
REIT – Hotels45,000 Host Hotels & Resorts L.P., 6.7500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 46,350
REIT – Offi ce Property143,000 Alexandria Real Estate Equities, Inc.,
4.6000%, company guaranteed notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.7 146,697
43,000 Reckson Operating Partnership L.P., 5.0000%, senior unsecured notes, due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2 43,671
75,000 Reckson Operating Partnership L.P., 7.7500%, senior unsecured notes, due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4 85,690
1.3 276,058
REIT – Regional Malls84,000 Rouse Co. L.P., 7.2000%, senior
unsecured notes, due 15/9/12 . . . . . . . . . . 0.4 84,42068,000 Rouse Co. L.P., 6.7500%,
senior unsecured notes, due 1/5/13 (144A) . . . . . . . . . . . . . . . . . . 0.3 70,040
89,000 Rouse Co. L.P., 6.7500%, senior unsecured notes, due 9/11/15 . . . . . . . . . . 0.4 93,450
1.1 247,910
REIT – Shopping Centres10,000 DDR Corp., 4.7500%, senior
unsecured notes, due 15/4/18 . . . . . . . . . . 0.0 10,385
Retail – Apparel and Shoe100,000 Next PLC, 5.3750%, senior unsecured
notes, due 26/10/21 . . . . . . . . . . . . . . . . . 0.7 168,301
Retail – Regional Department Stores120,000 Macy’s Retail Holdings, Inc., 5.9000%,
company guaranteed notes, due 1/12/16 . . . . . . . . . . . . . . . . . . . . . . . 0.6 138,455
16,000 Macy’s Retail Holdings, Inc., 3.8750%, company guaranteed notes, due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 16,855
0.7 155,310
Steel – Producers62,000 ArcelorMittal, 4.5000%, senior
unsecured notes, due 25/2/17 . . . . . . . . . . 0.2 61,11555,000 Steel Dynamics, Inc., 6.7500%,
company guaranteed notes, due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 56,100
0.5 117,215
Telecommunication Services68,000 Qwest Corp., 6.7500%, senior
unsecured notes, due 1/12/21 . . . . . . . . . . 0.3 76,648110,000 Virgin Media Secured Finance PLC,
7.0000%, senior secured notes, due 15/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.9 185,598
1.2 262,246
Telephone – Integrated310,000 Qwest Communications International,
Inc., 7.1250%, company guaranteed notes, due 1/4/18 . . . . . . . . . . . . . . . . . . . 1.4 328,213
100,000 Telecom Italia SpA, 6.1250%, notes, due 14/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.6 125,449
2.0 453,662
Transportation – Railroad12,000 Kansas City Southern de Mexico S.A.
de C.V., 6.6250%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . 0.1 13,410
Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 0 3
Transportation – Services62,000 Asciano Finance, Ltd., 3.1250%,
company guaranteed notes, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.3 % $ 61,752
Transportation – Truck103,000 JB Hunt Transport Services, Inc.,
3.3750%, company guaranteed notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.5 106,457
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.1 21,000,756
Government Security 0.4Kommunalbanken AS
490,000 3.0000%, due 2/9/16 . . . . . . . . . . . . . . . . . . 0.4 83,979
Total Government Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 83,979
Repurchase Agreement 2.7$600,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $600,009 collateralised by $580,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $614,448 . . . . . . . . . . . . . 2.7 600,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 600,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.2 21,684,735
Adjustments from last traded to bid market prices . . . . . . . . . (0.2) (35,919)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.0 $ 21,648,816
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankEUR 702,752 USD 878,281 $ 889,422 31-Jul-12 $ 11,141 EUR 28,198 USD 35,235 35,688 31-Jul-12 453 EUR 29,857 USD 37,102 37,788 31-Jul-12 686 EUR 3,121,795 USD 3,901,538 3,951,027 31-Jul-12 49,489 EUR 3,978,809 USD 4,972,611 5,035,686 31-Jul-12 63,075 EUR 678,382 USD 847,824 858,578 31-Jul-12 10,754 EUR 64,834 USD 81,028 82,056 31-Jul-12 1,028 EUR 549,295 USD 686,495 695,203 31-Jul-12 8,708 EUR 2,247,054 USD 2,808,310 2,843,933 31-Jul-12 35,623
JPMorgan Chase & Co.AUD 127,000 USD 126,521 129,526 2-Aug-12 3,005 CAD 424,000 USD 411,355 416,268 2-Aug-12 4,913 EUR 50,000 USD 62,468 63,283 2-Aug-12 815 GBP 338,000 USD 525,786 529,227 2-Aug-12 3,441
Total $ 193,131
Total Financial Assets at fair value through profi t or loss $ 21,841,947
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 100,726 EUR 80,608 $ 102,020 31-Jul-12 $ (1,294)USD 21,658 EUR 17,429 22,058 31-Jul-12 (400)USD 3,913 EUR 3,149 3,985 31-Jul-12 (72)USD 4,031 EUR 3,244 4,106 31-Jul-12 (75)USD 331 EUR 266 337 31-Jul-12 (6)USD 2,250 EUR 1,811 2,292 31-Jul-12 (42)USD 17,816 EUR 14,337 18,145 31-Jul-12 (329)
JPMorgan Chase & Co.JPY 83,000,000 USD 1,042,609 1,039,071 2-Aug-12 (3,538)USD 33,567 EUR 27,000 34,173 2-Aug-12 (606)USD 1,243 EUR 1,000 1,265 2-Aug-12 (22)USD 75,559 NOK 454,000 76,265 2-Aug-12 (706)USD 28,744 EUR 23,000 29,110 2-Aug-12 (366)
Total $ (7,456)
Total Financial Liabilities at fair value through profi t or loss $ (7,456)
Janus High Yield Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 0 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Assets at fair value through profi t or loss
Corporate Bonds 89.2%
Advertising Services6,576,000 Visant Corp., 10.0000%, company
guaranteed notes, due 1/10/17 . . . . . . . . . . 0.6 $ 6,559,560
Aerospace and Defence22,481,000 ADS Tactical, Inc., 11.0000%,
senior secured notes, due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . . 1.9 23,043,024
Aerospace and Defence – Equipment4,836,000 TransDigm, Inc., 7.7500%, company
guaranteed notes, due 15/12/18 . . . . . . . . . 0.5 5,331,690
Agricultural Chemicals1,722,000 CF Industries, Inc., 6.8750%,
company guaranteed notes, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,047,028
6,998,000 CF Industries, Inc., 7.1250%, company guaranteed notes, due 1/5/20 . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 8,537,560
1,776,000 Phibro Animal Health Corp., 9.2500%, company guaranteed notes, due 1/7/18 (144A) . . . . . . . . . . . . . . 0.1 1,749,360
1.0 12,333,948
Airlines562,000 Delta Air Lines, Inc., 9.5000%,
senior secured notes, due 15/9/14 (144A) . . . . . . . . . . . . . . . . . . 0.1 596,423
2,272,000 United Air Lines, Inc., 9.8750%, senior secured notes, due 1/8/13 (144A) . . . . . . . . . . . . . . . . . . . 0.2 2,354,360
2,480,000 United Air Lines, Inc., 12.0000%, secured notes, due 1/11/13 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,597,800
0.5 5,548,583
Apparel Manufacturers7,051,000 Quiksilver, Inc., 6.8750%, company
guaranteed notes, due 15/4/15 . . . . . . . . . . 0.6 6,839,470
Automotive – Cars and Light Trucks8,063,000 Ford Motor Co., 7.4500%, senior
unsecured notes, due 16/7/31 . . . . . . . . . . . 0.9 10,139,223
Automotive – Truck Parts and Equipment – Original1,771,000 Accuride Corp., 9.5000%, senior
secured notes, due 1/8/18 . . . . . . . . . . . . . . 0.2 1,832,9856,224,000 American Axle & Manufacturing
Holdings, Inc., 9.2500%, senior secured notes, due 15/1/17 (144A) . . . . . . . . . . . . . . . . . . 0.6 6,986,439
2,113,000 International Automotive Components Group S.L., 9.1250%, secured notes, due 1/6/18 (144A) . . . . . . . . . . . . . . 0.2 1,938,678
2,668,000 Tenneco, Inc., 7.7500%, company guaranteed notes, due 15/8/18 . . . . . . . . . . 0.2 2,908,120
2,388,000 Tomkins LLC / Tomkins, Inc., 9.0000%, secured notes, due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,668,590
1.4 16,334,812
Beverages – Wine and Spirits709,000 Constellation Brands, Inc., 8.3750%,
company guaranteed notes, due 15/12/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 808,260
4,894,000 Pernod-Ricard S.A., 5.7500%, senior unsecured notes, due 7/4/21 (144A) . . . . . . . . . . . . . . . . . . . 0.4 5,534,576
0.5 6,342,836
Broadcast Services and Programming8,302,000 Crown Media Holdings, Inc.,
10.5000%, company guaranteed notes, due 15/7/19 . . . . . . . . . . . . . . . . . . . 0.8% $ 9,007,670
Building – Maintenance & Service2,834,000 American Residential Services LLC,
12.0000%, secured notes, due 15/4/15 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,911,935
Building – Residential and Commercial3,543,000 Lennar Corp., 5.6000%, company
guaranteed notes, due 31/5/15 . . . . . . . . . . 0.3 3,737,8652,918,000 M/I Homes, Inc., 8.6250%,
company guaranteed notes, due 15/11/18 (144A) . . . . . . . . . . . . . . . . . 0.3 2,969,065
4,251,000 M/I Homes, Inc., 8.6250%, company guaranteed notes, due 15/11/18 . . . . . . . . . 0.4 4,410,412
5,503,000 Meritage Homes Corp., 7.0000%, company guaranteed notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . . 0.5 5,681,847
2,650,000 Taylor Morrison Communities, Inc., 7.7500%, company guaranteed notes, due 15/4/20 (144A) . . . . . . . . . . . . . 0.2 2,775,875
1.7 19,575,064
Building and Construction Products – Miscellaneous5,674,000 Ply Gem Industries, Inc., 13.1250%,
company guaranteed notes, due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,773,295
1,179,000 USG Corp., 6.3000%, senior unsecured notes, due 15/11/16 . . . . . . . . . . 0.1 1,134,788
2,746,000 USG Corp., 7.8750%, company guaranteed notes, due 30/3/20 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,855,840
0.8 9,763,923
Building Products – Cement and Aggregate2,781,000 Cemex Espana Luxembourg,
9.2500%, senior secured notes, due 12/5/20 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,367,326
Building Products – Wood5,374,000 Boise Cascade LLC, 7.1250%,
company guaranteed notes, due 15/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,421,023
Cable/Satellite Television7,156,000 Block Communications, Inc.,
7.2500%, senior unsecured notes, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . . 0.5 7,299,120
5,725,000 CCO Holdings LLC / CCO Holdings Capital Corp., 6.6250%, company guaranteed notes, due 31/1/22 . . . . . . . . . . 0.5 6,154,375
3,295,000 Harron Communications L.P. / Harron Finance Corp., 9.1250%, senior notes, due 1/4/20 (144A) . . . . . . . . . . . . . . 0.3 3,426,800
4,218,000 Mediacom LLC / Mediacom Capital Corp., 7.2500%, senior unsecured notes, due 15/2/22 . . . . . . . . . . . . . . . . . . . 0.4 4,312,905
4,173,000 Nara Cable Funding, Ltd., 8.8750%, senior secured notes, due 1/12/18 (144A) . . . . . . . . . . . . . . . . . . 0.3 3,609,645
9,211,000 Ono Finance II PLC, 10.8750%, . . . . company guaranteed notes, due 15/7/19 (144A) . . . . . . . . . . . . . . . . . . 0.6 7,184,580
6,147,000 Unitymedia Hessen / Unitymedia NRW, 8.1250%, senior secured notes, due 1/12/17 (144A) . . . . . . . . . . . . . 0.6 6,638,760
3.2 38,626,185
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 0 5
Casino Hotels8,586,000 Ameristar Casinos, Inc., 7.5000%,
company guaranteed notes, due 15/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.7% $ 9,229,949
1,063,000 Caesars Entertainment Operating Co, Inc., 12.7500%, secured notes, due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 839,770
1,419,000 Caesars Entertainment Operating Co., Inc., 11.2500%, senior secured notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . . 0.1 1,555,579
10,848,000 Caesars Entertainment Operating Co., Inc., 10.0000%, secured notes, due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.6 7,471,560
4,188,000 Caesars Entertainment Operating Co., Inc., 8.5000%, senior secured notes, due 15/2/20 (144A) . . . . . . . . . . . . . . . . . . . 0.4 4,229,880
849,000 Chester Downs & Marina LLC, 9.2500%, senior secured notes, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . . 0.1 887,205
1,765,000 CityCenter Holdings LLC / CityCenter Finance Corp., 7.6250%, senior secured notes, due 15/1/16 . . . . . . . . . . . . . 0.2 1,870,900
4,569,000 MGM Resorts International, 6.6250%, company guaranteed notes, due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,728,915
6,025,000 MGM Resorts International, 7.5000%, company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 6,266,000
1,954,000 MGM Resorts International, 11.3750%, company guaranteed notes, due 1/3/18 . . . . . . . . . . . . . . . . . . . . 0.2 2,310,605
4,268,000 MGM Resorts International, 8.6250%, company guaranteed notes, due 1/2/19 (144A) . . . . . . . . . . . . . . . . . . 0.4 4,588,100
3,548,000 MGM Resorts International, 9.0000%, senior secured notes, due 15/3/20 . . . . . . . 0.3 3,956,020
3,543,000 MGM Resorts International, 7.7500%, company guaranteed notes, due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,667,005
4.3 51,601,488
Casino Services7,427,000 CCM Merger, Inc., 9.1250%,
company guaranteed notes, due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.6 7,529,121
Cellular Telecommunications4,414,000 Sprint Nextel Corp., 6.0000%, senior
unsecured notes, due 1/12/16 . . . . . . . . . . 0.4 4,248,475
Chemicals – Diversifi ed1,674,000 Ineos Finance PLC, 8.3750%,
senior secured notes, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.1 1,736,775
1,392,000 Ineos Finance PLC, 7.5000%, senior secured notes, due 1/5/20 (144A) . . . . . . . 0.1 1,409,400
7,070,000 Ineos Group Holdings PLC, 8.5000%, secured notes, due 15/2/16 (144A) . . . . . . . . . . . . . . . . . 0.6 6,522,075
5,617,000 LyondellBasell Industries N.V., 5.0000%, senior unsecured notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.5 5,918,914
18,060,000 LyondellBasell Industries N.V., 6.0000%, senior unsecured notes, due 15/11/21 (144A) . . . . . . . . . . . . . . . . 1.8 19,911,150
3.1 35,498,314
Commercial Banks – Eastern U.S.5,247,000 CIT Group, Inc., 5.0000%, senior
unsecured notes, due 15/5/17 . . . . . . . . . . 0.5 5,407,6894,129,000 CIT Group, Inc., 5.2500%, senior
unsecured notes, due 15/3/18 . . . . . . . . . . 0.4 4,268,354
3,714,000 CIT Group, Inc., 6.6250%, senior unsecured notes, due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.3 % $ 4,029,690
9,564,000 CIT Group, Inc., 5.5000%, senior unsecured notes, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.9 9,850,920
3,644,000 CIT Group, Inc., 5.3750%, senior unsecured notes, due 15/5/20 . . . . . . . . . . 0.3 3,719,158
2.4 27,275,811
Commercial Services4,141,000 Iron Mountain, Inc., 8.3750%, senior
subordinated notes, due 15/8/21 . . . . . . . 0.4 4,513,690
Commercial Services – Finance7,105,000 Cardtronics, Inc., 8.2500%, company
guaranteed notes, due 1/9/18 . . . . . . . . . . 0.7 7,851,0245,823,000 TransUnion Holding Co., Inc.,
9.6250%, senior unsecured notes, due 15/6/18 (144A) . . . . . . . . . . . . . . . . . 0.5 6,317,955
1.2 14,168,979
Consulting Services3,930,000 Verisk Analytics, Inc., 4.8750%,
company guaranteed notes, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,213,227
Consumer Products – Miscellaneous3,372,000 Reynolds Group Issuer, Inc. /
Reynolds Group Issuer LLC, 7.1250%, senior secured notes, due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.3 3,549,030
1,757,000 Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC, 9.7500%, company guaranteed notes, due 15/4/19 (144A) . . . . . . . . . . . . 0.1 1,761,393
1,240,000 Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC, 7.8750%, senior secured notes, due 15/8/19 (144A) . . . . . . . . . . . . . . . . . 0.1 1,348,500
4,627,000 Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC, 9.8750%, company guaranteed notes, due 15/8/19 (144A) . . . . . . . . . . . . 0.5 4,806,296
1.0 11,465,219
Containers – Metal and Glass1,417,000 Ardagh Packaging Finance PLC,
7.3750%, senior secured notes, due 15/10/17 (144A) . . . . . . . . . . . . . . . . 0.1 1,512,648
2,407,000 Ardagh Packaging Finance PLC, 9.1250%, company guaranteed notes, due 15/10/20 (144A) . . . . . . . . . . . 0.2 2,563,455
0.3 4,076,103
Containers – Paper and Plastic3,552,000 Graphic Packaging International, Inc.,
7.8750%, company guaranteed notes, due 1/10/18 . . . . . . . . . . . . . . . . . . . 0.3 3,924,960
1,619,000 Sealed Air Corp., 8.1250%, company guaranteed notes, due 15/9/19 (144A) . . . . . . . . . . . . . . . . . 0.2 1,813,280
0.5 5,738,240
Cosmetics and Toiletries1,059,000 Elizabeth Arden, Inc., 7.3750%,
senior unsecured notes, due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,167,548
Cruise Lines
2,295,000 NCL Corp., Ltd., 9.5000%, senior unsecured notes, due 15/11/18 . . . . . . . . . 0.2 2,501,550
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus High Yield Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 0 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Data Processing and Management2,705,000 First Data Corp., 11.2500%, company
guaranteed notes, due 31/3/16 . . . . . . . . . 0.2% $ 2,562,988
Direct Marketing4,052,000 Affi nion Group Holdings, Inc.,
11.5000%, company guaranteed notes, due 15/10/15 . . . . . . . . . . . . . . . . . 0.3 3,474,590
5,675,000 Affi nion Group Holdings, Inc., 11.6250%, senior unsecured notes, due 15/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.4 4,511,625
0.7 7,986,215
Diversifi ed Manufacturing Operations4,240,000 Park-Ohio Industries, Inc., 8.1250%,
company guaranteed notes, due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,356,600
Diversifi ed Minerals12,913,000 FMG Resources August 2006 Pty, Ltd.,
7.0000%, company guaranteed notes, due 1/11/15 (144A) . . . . . . . . . . . . . 1.1 13,235,825
3,652,000 FMG Resources August 2006 Pty, Ltd., 6.0000%, senior unsecured notes, due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . . 0.3 3,679,390
4,869,000 FMG Resources August 2006 Pty, Ltd., 8.2500%, company guaranteed notes, due 1/11/19 (144A) . . . . . . . . . . . . . 0.4 5,185,485
3,032,000 FMG Resources August 2006 Pty, Ltd., 6.8750%, senior unsecured notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . . 0.3 3,062,320
2.1 25,163,020
Electric – Generation4,031,000 AES Corp., 8.0000%, senior
unsecured notes, due 15/10/17 . . . . . . . . . 0.4 4,605,418
Electric – Integrated3,551,000 Calpine Construction Finance Co.
L.P. / CCFC Finance Corp., 8.0000%, senior secured notes, due 1/6/16 (144A) . . . . . . . . . . . . . . . . . . 0.3 3,852,835
6,162,000 Ipalco Enterprises, Inc., 5.0000%, senior secured notes, due 1/5/18 . . . . . . . . 0.6 6,269,834
0.9 10,122,669
Electronic Components – Semiconductors3,904,000 STATS ChipPAC, Ltd., 7.5000%,
company guaranteed notes, due 12/8/15 (144A) . . . . . . . . . . . . . . . . . 0.4 4,196,800
Engines – Internal Combustion3,215,000 Briggs & Stratton Corp., 6.8750%,
company guaranteed notes, due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.3 3,456,125
Enterprise Software/Services4,251,000 Lawson Software, Inc., 9.3750%,
unsecured notes, due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 0.4 4,559,198
Finance – Auto Loans3,366,000 Ford Motor Credit Co. LLC, 8.0000%,
senior unsecured notes, due 1/6/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 3,735,560
1,417,000 Ford Motor Credit Co. LLC, 8.7000%, senior unsecured notes, due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,616,720
5,300,000 Ford Motor Credit Co. LLC, 8.1250%, senior unsecured notes, due 15/1/20 . . . . . . . . . . . . . . . . . . . . . . . 0.6 6,493,391
2,557,000 Ford Motor Credit Co. LLC, 5.8750%, senior unsecured notes, due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,849,756
1.3 14,695,427
Finance – Investment Bankers/Brokers4,892,000 E*TRADE Financial Corp., 6.7500%,
senior unsecured notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.4% $ 5,002,070
Food – Dairy Products10,604,000 Dean Foods Co., 9.7500%, company
guaranteed notes, due 15/12/18 . . . . . . . . 1.0 11,876,480
Food – Meat Products2,557,000 JBS USA LLC / JBS USA Finance, Inc.,
8.2500%, senior unsecured notes, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,493,075
9,269,000 JBS USA LLC / JBS USA Finance, Inc., 7.2500%, senior unsecured notes, due 1/6/21 (144A) . . . . . . . . . . . . . . . . . . 0.7 8,666,515
1,891,000 Smithfi eld Foods, Inc., 10.0000%, senior secured notes, due 15/7/14 . . . . . . . 0.2 2,167,559
1.1 13,327,149
Food – Miscellaneous/Diversifi ed3,782,000 ARAMARK Corp., 8.5000%, company
guaranteed notes, due 1/2/15 . . . . . . . . . . 0.3 3,876,5873,144,000 Dole Food Co, Inc., 8.7500%,
company guaranteed notes, due 15/7/13 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,324,780
3,302,000 Dole Food Co, Inc., 13.8750%, secured notes, due 15/3/14 . . . . . . . . . . . . 0.3 3,751,897
3,025,000 Dole Food Co, Inc., 8.0000%, secured notes, due 1/10/16 (144A) . . . . . . . 0.3 3,172,469
1.2 14,125,733
Food – Retail1,878,000 Stater Brothers Holdings, Inc.,
7.7500%, company guaranteed notes, due 15/4/15 . . . . . . . . . . . . . . . . . . 0.2 1,924,950
1,425,000 Stater Brothers Holdings, Inc., 7.3750%, company guaranteed notes, due 15/11/18 . . . . . . . . . . . . . . . . . 0.1 1,551,469
0.3 3,476,419
Gambling – Non-Hotel3,398,000 Jacobs Entertainment, Inc., 9.7500%,
company guaranteed notes, due 15/6/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,389,505
2,688,000 Pinnacle Entertainment, Inc., 8.7500%, company guaranteed notes, due 15/5/20 . . . . . . . . . . . . . . . . . . 0.2 2,956,800
0.5 6,346,305
Home Furnishings4,783,000 Norcraft Cos. L.P. / Norcraft Finance
Corp., 10.5000%, secured notes, due 15/12/15 . . . . . . . . . . . . . . . . . . . . . . 0.4 4,759,085
Hotels and Motels1,349,000 Starwood Hotels & Resorts
Worldwide, Inc., 6.7500%, senior unsecured notes, due 15/5/18 . . . . . . . . . . 0.1 1,568,875
Independent Power Producer4,430,000 Calpine Corp., 7.8750%, senior
secured notes, due 31/7/20 (144A) . . . . . . . . 0.4 4,906,2253,733,000 NRG Energy, Inc., 7.3750%, company
guaranteed notes, due 15/1/17 . . . . . . . . . 0.3 3,891,653 0.7 8,797,878
Internet Connectivity Services1,038,000 Zayo Escrow Corp., 8.1250%, senior
secured notes, due 1/1/20 (144A) . . . . . . . 0.1 1,089,900
Investment Management and Advisory Services3,912,000 Neuberger Berman Group LLC /
Neuberger Berman Finance Corp., 5.6250%, senior unsecured notes, due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.3 4,097,820
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 0 7
2,195,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, senior unsecured notes, due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.2 % $ 2,304,750
0.5 6,402,570
Machinery – Farm1,063,000 Case New Holland, Inc., 7.8750%,
company guaranteed notes, due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,233,080
Medical – Hospitals5,930,000 HCA, Inc., 6.5000%, senior secured
notes, due 15/2/20 . . . . . . . . . . . . . . . . . . 0.5 6,441,4636,181,000 Universal Health Services, Inc.,
7.0000%, company guaranteed notes, due 1/10/18 . . . . . . . . . . . . . . . . . . 0.6 6,675,480
1.1 13,116,943
Medical – Outpatient and Home Medical Care351,000 Res-Care, Inc., 10.7500%, company
guaranteed notes, due 15/1/19 . . . . . . . . . 0.0 390,488
Medical Instruments3,723,000 Physio-Control International, Inc.,
9.8750%, senior secured notes, due 15/1/19 (144A) . . . . . . . . . . . . . . . . . 0.3 3,983,610
Medical Labs and Testing Services2,470,000 Aurora Diagnostics Holdings /
Aurora Diagnostics Financing, Inc., 10.7500%, company guaranteed notes, due 15/1/18 . . . . . . . . . . . . . . . . . . 0.2 2,470,000
Multi-Line Insurance11,786,000 American International Group, Inc.,
8.1750%, junior subordinated debentures, due 15/5/58 . . . . . . . . . . . . . . 1.1 12,846,740
Multimedia4,420,000 Truven Health Analytics, Inc.,
10.6250%, senior unsecured notes, due 1/6/20 (144A) . . . . . . . . . . . . . . . . . . 0.4 4,618,900
Offi ce Furnishings – Original3,226,000 Interface, Inc., 7.6250%, company
guaranteed notes, due 1/12/18 . . . . . . . . . 0.3 3,451,820
Offi ce Supplies and Forms1,248,000 Mead Products LLC / ACCO Brands
Corp., 6.7500%, company guaranteed notes, due 30/4/20 (144A) . . . . . . . . . . . . . . . . . 0.1 1,322,880
Oil – Field Services3,477,000 Basic Energy Services, Inc., 7.1250%,
company guaranteed notes, due 15/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,450,923
3,833,000 Basic Energy Services, Inc., 7.7500%, company guaranteed notes, due 15/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,698,845
882,000 Calfrac Holdings L.P., 7.5000%, company guaranteed notes, due 1/12/20 (144A) . . . . . . . . . . . . . . . . . 0.1 846,720
0.7 7,996,488
Oil and Gas Drilling1,433,000 Atwood Oceanics, Inc., 6.5000%,
senior unsecured notes, due 1/2/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,504,650
879,000 Precision Drilling Corp., 6.5000%, company guaranteed notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.1 900,975
0.2 2,405,625
Oil Companies – Exploration and Production1,764,000 Antero Resources Finance Corp.,
7.2500%, company guaranteed notes, due 1/8/19 . . . . . . . . . . . . . . . . . . . 0.2% $ 1,834,560
7,825,000 Aurora USA Oil & Gas, Inc., 9.8750%, company guaranteed notes, due 15/2/17 (144A) . . . . . . . . . . . . . . . . . 0.7 8,059,749
3,181,000 Chaparral Energy, Inc., 9.8750%, company guaranteed notes, due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,550,791
4,253,000 Chaparral Energy, Inc., 8.2500%, company guaranteed notes, due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,518,813
2,763,000 Cimarex Energy Co., 5.8750%, company guaranteed notes, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,876,974
2,841,000 Continental Resources, Inc., 8.2500%, company guaranteed notes, due 1/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,189,023
1,771,000 Continental Resources, Inc., 7.1250%, company guaranteed notes, due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,983,520
7,899,000 Continental Resources, Inc., 5.0000%, company guaranteed notes, due 15/9/22 (144A) . . . . . . . . . . . . . . . . . 0.7 8,027,359
1,765,000 Denbury Resources, Inc., 6.3750%, company guaranteed notes, due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,844,425
2,777,000 EP Energy LLC / EP Energy Finance, Inc., 9.3750%, senior unsecured notes, due 1/5/20 (144A) . . . . . . . . . . . . . 0.2 2,881,138
7,874,000 EV Energy Partners L.P. / EV Energy Finance Corp., 8.0000%, company guaranteed notes, due 15/4/19 . . . . . . . . . 0.7 7,854,315
3,630,000 Harvest Operations Corp., 6.8750%, company guaranteed notes, due 1/10/17 (144A) . . . . . . . . . . . . . . . . . 0.3 3,875,025
1,771,000 Hilcorp Energy I L.P. / Hilcorp Finance Co., 7.6250%, senior notes, due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.2 1,894,970
2,372,000 Kodiak Oil & Gas Corp., 8.1250%, company guaranteed notes, due 1/12/19 (144A) . . . . . . . . . . . . . . . . . 0.2 2,446,125
2,037,000 Laredo Petroleum, Inc., 7.3750%, company guaranteed notes, due 1/5/22 (144A) . . . . . . . . . . . . . . . . . . 0.2 2,123,573
2,603,000 Linn Energy LLC / Linn Energy Finance Corp., 6.5000%, company guaranteed notes, due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.2 2,589,985
14,457,000 Linn Energy LLC / Linn Energy Finance Corp., 6.2500%, company guaranteed notes, due 1/11/19 (144A) . . . . . . . . . . . . . . . . . 1.1 14,185,930
3,879,000 Newfi eld Exploration Co., 5.7500%, senior unsecured notes, due 30/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3 4,072,950
2,256,000 Oasis Petroleum, Inc., 6.5000%, company guaranteed notes, due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,244,720
1,727,000 OGX Austria GmbH, 8.3750%, company guaranteed notes, due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.1 1,493,855
637,000 Pioneer Natural Resources Co., 5.8750%, company guaranteed notes, due 15/7/16 . . . . . . . . . . . . . . . . . . 0.1 708,648
929,000 Pioneer Natural Resources Co., 6.6500%, senior unsecured notes, due 15/3/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,080,112
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus High Yield Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 0 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
306,000 Range Resources Corp., 7.2500%, company guaranteed notes, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.0% $ 325,890
4,155,000 Range Resources Corp., 5.0000%, company guaranteed notes, due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3 4,108,256
11,756,000 Samson Investment Co., 9.7500%, senior unsecured notes, due 15/2/20 (144A) . . . . . . . . . . . . . . . . . 0.9 11,711,914
3,192,000 SandRidge Energy, Inc., 9.8750%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,511,200
5,495,000 SandRidge Energy, Inc., 8.1250%, company guaranteed notes, due 15/10/22 (144A) . . . . . . . . . . . . . . . . 0.5 5,556,819
1,412,000 SM Energy Co., 6.6250%, senior unsecured notes, due 15/2/19 . . . . . . . . . . 0.1 1,454,360
2,234,000 SM Energy Co., 6.5000%, senior unsecured notes, due 15/11/21 . . . . . . . . . 0.2 2,284,265
1,394,000 SM Energy Co., 6.5000%, senior notes, due 1/1/23 (144A) . . . . . . . . . . . . . 0.1 1,406,198
6,850,000 Stone Energy Corp., 6.7500%, senior subordinated notes, due 15/12/14 . . . . . . . . 0.6 6,850,000
6,507,000 Venoco, Inc., 8.8750%, company guaranteed notes, due 15/2/19 . . . . . . . . . 0.5 5,953,905
2,047,000 W&T Offshore, Inc., 8.5000%, company guaranteed notes, due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,123,763
10.8 128,623,130
Oil Field Machinery and Equipment5,466,000 Dresser-Rand Group, Inc., 6.5000%,
company guaranteed notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,698,305
Oil Refi ning and Marketing2,906,000 Cheniere Energy, Inc., 2.2500%,
senior unsecured notes, due 1/8/12 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,906,000
1,412,000 Frontier Oil Corp., 6.8750%, company guaranteed notes, due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.1 1,475,540
0.4 4,381,540
Pharmacy Services5,358,000 Omnicare, Inc., 7.7500%, company
guaranteed notes, due 1/6/20 . . . . . . . . . . 0.5 5,867,010
Physical Therapy/Rehabilitation Centres3,531,000 HealthSouth Corp., 7.2500%,
company guaranteed notes, due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,778,170
Pipelines1,776,000 Crestwood Midstream Partners L.P. /
Crestwood Midstream Finance Corp., 7.7500%, company guaranteed notes, due 1/4/19 . . . . . . . . . . 0.1 1,771,560
9,969,000 Crosstex Energy L.P. / Crosstex Energy Finance Corp., 8.8750%, company guaranteed notes, due 15/2/18 . . . . . . . . . 0.8 10,548,448
5,261,000 El Paso Pipeline Partners Operating Co. LLC, 5.0000%, company guaranteed notes, due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,718,328
4,272,000 Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.5000%, company guaranteed notes, due 1/3/20 (144A) . . . . . . . . . . . . . . . . . . 0.4 4,314,720
5,666,000 MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.2500%, company guaranteed notes, due 15/6/22 . . . . . . . . . . . . . . . . . . 0.5 5,864,310
2,136,000 Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.8750%, company guaranteed notes, due 1/12/18. . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 2,258,820
5,362,000 Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.3750%, company guaranteed notes, due 1/8/22 (144A) . . . . . . . . . . . . . 0.5 5,375,405
3.0 35,851,591
Poultry12,007,000 Pilgrim’s Pride Corp., 7.8750%,
company guaranteed notes, due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 1.0 12,232,131
Printing – Commercial7,679,000 American Reprographics Co.,
10.5000%, company guaranteed notes, due 15/12/16 . . . . . . . . . . . . . . . . . 0.7 7,755,790
11,893,000 Cenveo Corp., 8.8750%, secured notes, due 1/2/18 . . . . . . . . . . . . . . . . . . . 1.0 10,703,699
1.7 18,459,489
Publishing – Books6,925,000 Cengage Learning Acquisitions, Inc.,
13.2500%, company guaranteed notes, due 15/7/15 (144A) . . . . . . . . . . . . 0.5 5,020,625
549,000 Cengage Learning Acquisitions, Inc., 11.5000%, senior secured notes, due 15/4/20 (144A) . . . . . . . . . . . . . . . . . 0.0 570,960
0.5 5,591,585
Publishing – Newspapers2,132,000 Gannett Co., Inc., 6.3750%, company
guaranteed notes, due 1/9/15 . . . . . . . . . . . 0.2 2,281,240
Publishing – Periodicals1,151,000 Nielsen Finance LLC / Nielsen
Finance Co., 11.5000%, company guaranteed notes, due 1/5/16 . . . . . . . . . . 0.1 1,315,018
4,257,000 Nielsen Finance LLC / Nielsen Finance Co., 7.7500%, company guaranteed notes, due 15/10/18 . . . . . . . . 0.4 4,735,912
0.5 6,050,930
Quarrying2,371,000 Vulcan Materials Co., 7.0000%, senior
unsecured notes, due 15/6/18 . . . . . . . . . . 0.2 2,536,970
Radio8,895,000 Entercom Radio LLC, 10.5000%,
company guaranteed notes, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8 9,606,600
4,944,000 Townsquare Radio LLC / Townsquare Radio, Inc., 9.0000%, company guaranteed notes, due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 0.4 5,191,200
1.2 14,797,800
Real Estate Management/Services12,101,000 Kennedy-Wilson, Inc., 8.7500%,
company guaranteed notes, due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.1 12,524,535
REIT – Hotels1,521,000 Host Hotels & Resorts L.P., 6.7500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,566,630
3,272,000 Host Hotels & Resorts L.P., 6.0000%, senior unsecured notes, due 1/10/21 . . . . . . . 0.3 3,607,380
0.4 5,174,010
REIT – Offi ce Property9,565,000 Reckson Operating Partnership L.P.,
7.7500%, senior unsecured notes, due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.9 10,928,280
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
Janus US High Yield Fund
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 0 9
REIT – Regional Malls5,026,000 Rouse Co. L.P., 6.7500%, senior
unsecured notes, due 9/11/15 . . . . . . . . . . 0.4% $ 5,277,300
Rental – Auto/Equipment1,954,000 Avis Budget Car Rental LLC / Avis
Budget Finance, Inc., 7.7500%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,015,063
2,309,000 Hertz Corp., 7.5000%, company guaranteed notes, due 15/10/18 . . . . . . . . 0.2 2,487,947
830,000 UR Financing Escrow Corp., 7.6250%, company guaranteed notes, due 15/4/22 (144A) . . . . . . . . . . . . 0.1 871,500
0.5 5,374,510
Research and Development2,378,000 Jaguar Holding Co., 9.5000%,
senior unsecured notes, due 1/12/19 (144A) . . . . . . . . . . . . . . . . . 0.2 2,612,828
Retail – Apparel and Shoe1,412,000 J. Crew Group, Inc., 8.1250%,
company guaranteed notes, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,464,950
Retail – Arts and Crafts5,149,000 Michaels Stores, Inc., 11.3750%,
company guaranteed notes, due 1/11/16 . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,496,609
Retail – Building Products2,834,000 McJunkin Red Man Corp., 9.5000%,
senior secured notes, due 15/12/16 . . . . . . . 0.3 3,074,890
Retail – Drug Store5,209,000 Rite Aid Corp., 9.5000%, company
guaranteed notes, due 15/6/17 . . . . . . . . . 0.5 5,352,2481,985,000 Rite Aid Corp., 10.2500%, secured
notes, due 15/10/19 . . . . . . . . . . . . . . . . . 0.2 2,243,0508,367,000 Rite Aid Corp., 9.2500%, company
guaranteed notes, due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.6 8,408,834
6,448,000 Rite Aid Corp., 7.7000%, senior unsecured notes, due 15/2/27 . . . . . . . . . . 0.5 5,384,080
1.8 21,388,212
Retail – Leisure Products2,286,000 Steinway Musical Instruments,
7.0000%, company guaranteed notes, due 1/3/14 (144A) . . . . . . . . . . . . . 0.2 2,294,595
Retail – Perfume and Cosmetics5,996,000 Sally Holdings LLC / Sally Capital,
Inc., 6.8750%, company guaranteed notes, due 15/11/19 . . . . . . . . 0.5 6,550,630
2,939,000 Sally Holdings LLC / Sally Capital, Inc., 5.7500%, company guaranteed notes, due 1/6/22 . . . . . . . . . . 0.3 3,089,624
0.8 9,640,254
Retail – Propane Distribution7,137,000 AmeriGas Finance LLC / AmeriGas
Finance Corp., 7.0000%, company guaranteed notes, due 20/5/22 . . . . . . . . . 0.6 7,368,953
1,077,000 Ferrellgas L.P. / Ferrellgas Finance Corp., 9.1250%, senior unsecured notes, due 1/10/17 . . . . . . . . . . . . . . . . . . 0.1 1,130,850
2,798,000 Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.6250%, senior unsecured notes, due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,504,210
4,516,000 Inergy L.P. / Inergy Finance Corp., 6.8750%, company guaranteed notes, due 1/8/21 . . . . . . . . . . . . . . . . . . . 0.4% $ 4,538,580
1.3 15,542,593
Retail – Regional Department Stores3,017,000 Macy’s Retail Holdings, Inc.,
7.4500%, company guaranteed notes, due 15/7/17 . . . . . . . . . . . . . . . . . . 0.3 3,677,621
3,427,000 Neiman Marcus Group, Inc., 10.3750%, company guaranteed notes, due 15/10/15 . . . . . . . . . . . . . . . . . 0.3 3,564,114
0.6 7,241,735
Retail – Restaurants4,416,000 DineEquity, Inc., 9.5000%, company
guaranteed notes, due 30/10/18 . . . . . . . . 0.4 4,857,6008,184,000 Landry’s, Inc., 9.3750%, senior notes,
due 1/5/20 (144A) . . . . . . . . . . . . . . . . . . 0.6 8,357,9094,257,000 OSI Restaurant Partners, Inc.,
10.0000%, company guaranteed notes, due 15/6/15 . . . . . . . . . . . . . . . . . . 0.4 4,390,074
5,627,000 Wok Acquisition Corp., 10.2500%, senior unsecured notes, due 30/6/20 (144A) . . . . . . . . . . . . . . . . . 0.5 5,823,945
1.9 23,429,528
Retail – Sporting Goods350,000 Academy, Ltd. / Academy Finance
Corp., 9.2500%, company guaranteed notes, due 1/8/19 (144A) . . . . . . . . . . . . . . . . . . 0.0 381,500
Retail – Toy Store1,778,000 Toys R Us Property Co. II LLC,
8.5000%, senior secured notes, due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,860,233
Satellite Telecommunications3,176,000 Intelsat Jackson Holdings S.A.,
7.2500%, company guaranteed notes, due 1/4/19 . . . . . . . . . . . . . . . . . . . 0.3 3,350,680
2,834,000 Intelsat Jackson Holdings S.A., 7.2500%, company guaranteed notes, due 15/10/20 (144A) . . . . . . . . . . . 0.3 2,989,870
3,295,000 Intelsat Jackson Holdings S.A., 7.2500%, company guaranteed notes, due 15/10/20 . . . . . . . . . . . . . . . . . 0.3 3,476,225
2,472,000 Intelsat Jackson Holdings S.A., 7.5000%, company guaranteed notes, due 1/4/21 . . . . . . . . . . . . . . . . . . . 0.2 2,626,500
1.1 12,443,275
Semiconductor Equipment6,709,000 Sensata Technologies Holdings N.V.,
6.5000%, company guaranteed notes, due 15/5/19 (144A) . . . . . . . . . . . . 0.5 6,960,587
Shipbuilding4,800,000 Huntington Ingalls Industries, Inc.,
6.8750%, company guaranteed notes, due 15/3/18 . . . . . . . . . . . . . . . . . . 0.4 5,028,000
Steel – Producers5,827,000 ArcelorMittal, 6.2500%, senior
unsecured notes, due 25/2/22 . . . . . . . . . . 0.5 5,717,184
Telecommunication Services5,324,000 Level 3 Communications, Inc.,
11.8750%, senior unsecured notes, due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,922,950
Telephone – Integrated4,788,000 Level 3 Financing, Inc., 10.0000%,
company guaranteed notes, due 1/2/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 5,206,950
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Janus High Yield Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 1 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
7,070,000 Level 3 Financing, Inc., 9.3750%, company guaranteed notes, due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.6% $ 7,670,950
2,358,000 Level 3 Financing, Inc., 8.1250%, company guaranteed notes, due 1/7/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,431,688
1,433,000 Level 3 Financing, Inc., 8.6250%, company guaranteed notes, due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,511,815
10,570,000 Qwest Communications International, Inc., 7.1250%, company guaranteed notes, due 1/4/18 . . . . . . . . . . 1.0 11,190,987
2,515,000 Virgin Media Finance PLC, 8.3750%, company guaranteed notes, due 15/10/19 . . . . . . . . . . . . . . . . . . . . . . 0.2 2,838,806
746,000 Virgin Media Finance PLC, 5.2500%, company guaranteed notes, due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 766,515
2,486,000 Windstream Corp., 7.7500%, company guaranteed notes, due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.2 2,647,590
2.8 34,265,301
Theatres4,217,000 National CineMedia LLC, 7.8750%,
senior unsecured notes, due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,491,105
Transportation – Air Freight3,885,000 AMGH Merger Sub, Inc., 9.2500%,
senior secured notes, due 1/11/18 (144A) . . . . . . . . . . . . . . . . . 0.3 4,059,825
Transportation – Railroad5,431,000 Florida East Coast Railway Corp.,
8.1250%, senior secured notes, due 1/2/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 5,702,550
1,518,000 Kansas City Southern de Mexico S.A. de C.V., 8.0000%, senior unsecured notes, due 1/2/18 . . . . . . . . . . . 0.1 1,705,928
4,186,000 Kansas City Southern de Mexico S.A. de C.V., 6.6250%, senior unsecured notes, due 15/12/20 . . . . . . . . . . . . . . . . . 0.4 4,677,855
1.0 12,086,333
Transportation – Truck8,357,000 Swift Services Holdings, Inc.,
10.0000%, secured notes, due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.8 9,109,130
Water Treatment Systems9,469,000 Heckmann Corp., 9.8750%,
company guaranteed notes, due 15/4/18 (144A) . . . . . . . . . . . . . . . . . 0.8 9,019,223
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.2 1,055,416,901
Preferred Stock 0.2Aerospace and Defence – Equipment
111,850 United Technologies Corp., 7.5000% . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 58,934
Special Purpose Entity278,785 2009 Dole Food Automatic
Common Exchange Security Trust, 7.0000%, (144A) . . . . . . . . . . . . . . . . . . . 0.2 2,465,519
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,524,453
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Tranche Loan* 3.8%Advertising Services
1,036,068 Visant Corp., 5.2500%, due 22/12/16 . . . . . . . . . . . . . . . . . . . . . . 0.1 $ 1,002,395
Bicycle Manufacturing995,000 SRAM Corp., 8.5000%,
due 7/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 999,975
Broadcast Services and Programming7,240,000 Hubbard Broadcasting, Inc.,
8.7500%, due 30/4/18 . . . . . . . . . . . . . . . 0.6 7,230,950
Building – Residential and Commercial1,183,050 Orleans Homebuilders, Inc.,
10.5000%, due 14/2/16 . . . . . . . . . . . . . . 0.1 1,147,559
Building Products – Air and Heating1,410,818 Goodman Global, Inc., 9.0000%,
due 28/10/17 . . . . . . . . . . . . . . . . . . . . . . 0.1 1,426,337938,280 Goodman Global, Inc., 5.7500%,
due 28/10/16 . . . . . . . . . . . . . . . . . . . . . . 0.1 936,6760.2 2,363,013
Casino Hotels9,626,000 Caesars Entertainment Corp.,
9.2500%, due 25/4/17 . . . . . . . . . . . . . . . 0.8 9,433,480
Chemicals – Diversifi ed1,432,000 Ineos Group Holdings PLC, 6.5000%,
due 4/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,400,181
Educational Software16,889,000 Blackboard, Inc., 11.5000%,
due 4/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.3 15,537,880
Special Purpose Entity3,480,344 FoxCo Acquisition LLC, 4.7500%,
due 21/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,462,907
Toys2,234,567 Oriental Trading, Inc., 7.0000%,
due 14/2/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,228,980
Total Tranche Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 44,807,320
Repurchase Agreement 5.0$59,400,000 JPMorgan Chase & Co., 0.19%,
dated 29/6/12 maturing 2/7/12 to be repurchased at $59,400,940 collateralised by $113,544,304 in Fannie Mae 6.00%, due 1/3/47 with a value of $60,588,744 . . . . . . . . . . . 5.0 59,400,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 59,400,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.2 1,162,148,674
Adjustments from last traded to bid market prices . . . . . . . . (0.3) (3,171,237)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.9 $ 1,158,977,437
Shares or Principal Amount
Percentage of Net Assets
Fair Value
* Each of the Tranche Loans are held either by Bank of America, Barclays Capital Services, Credit Suisse, Deutsche Bank, JPMorgan Chase Bank or Morgan Stanley.
PORTFOLIO INVESTMENTS
Janus US High Yield Fund
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 1 1
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankAUD 3,188 USD 3,196 $ 3,252 31-Jul-12 $ 56 AUD 224,250 USD 224,799 228,755 31-Jul-12 3,956 AUD 73 USD 73 74 31-Jul-12 1 AUD 4,754 USD 4,767 4,850 31-Jul-12 83 CNH 12 USD 2 2 31-Jul-12 — CNH 18,946 USD 2,973 2,974 31-Jul-12 1 CNH 18,996 USD 2,981 2,982 31-Jul-12 1 CNH 15 USD 2 2 31-Jul-12 — CNH 14 USD 2 2 31-Jul-12 — CNH 12 USD 2 2 31-Jul-12 — EUR 7,215,145 USD 9,017,300 9,131,682 31-Jul-12 114,382 EUR 85,696,421 USD 107,101,159 108,459,704 31-Jul-12 1,358,545 EUR 58,956,428 USD 73,682,211 74,616,847 31-Jul-12 934,636 EUR 305,042 USD 381,234 386,070 31-Jul-12 4,836 EUR 21,196,549 USD 26,490,896 26,826,925 31-Jul-12 336,029 USD 46 AUD 45 46 31-Jul-12 — USD 54 EUR 43 54 31-Jul-12 —
Total $ 2,752,526
Total Financial Assets at fair value through profi t or loss $ 1,161,729,963
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 1,264 EUR 1,005 $ 1,272 31-Jul-12 $ (8)USD 343,353 EUR 273,035 345,560 31-Jul-12 (2,207)USD 70,355 EUR 56,617 71,656 31-Jul-12 (1,301)USD 183,300 EUR 147,507 186,688 31-Jul-12 (3,388)USD 1,168 EUR 940 1,190 31-Jul-12 (22)USD 32,971 EUR 26,533 33,580 31-Jul-12 (609)USD 468,723 EUR 377,196 477,388 31-Jul-12 (8,665)USD 3,176 EUR 2,526 3,196 31-Jul-12 (20)USD 14,684 EUR 11,677 14,778 31-Jul-12 (94)USD 22,900 EUR 18,326 23,194 31-Jul-12 (294)USD 51,519 EUR 41,229 52,181 31-Jul-12 (662)
Total $ (17,270)
Total Financial Liabilities at fair value through profi t or loss $ (17,270)
Janus US Short-Term Bond Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 1 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Financial Assets at fair value through profi t or loss
Asset-Backed/Commercial Mortgage-Backed Securities 1.4%
940,000 Gracechurch Card Funding PLC, 1.0511%, due 15/6/17 (144A) . . . . . . . . . 0.2 $ 940,000
3,577,000 Permanent Master Issuer PLC, 2.0167%, due 15/7/42 (144A) . . . . . . . . . 0.9 3,599,016
1,530,000 SMART Trust, 1.5400%, due 14/3/15 (144A) . . . . . . . . . . . . . . . . . 0.3 1,538,824
1.4 6,077,840
Total Asset-Backed/Commercial Mortgage-Backed Securities. . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 6,077,840
Convertible Bonds 0.3
Electronic Components – Semiconductors1,186,000 Advanced Micro Devices, Inc.,
5.7500%, senior unsecured notes, due 15/8/12 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,194,895
Total Convertible Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,194,895
Corporate Bonds 64.2
Advertising Services232,000 WPP Finance UK, 5.8750%, company
guaranteed notes, due 15/6/14 . . . . . . . . . 0.1 250,488
Aerospace and Defence – Equipment1,428,000 Exelis, Inc., 4.2500%,
company guaranteed notes, due 1/10/16 (144A) . . . . . . . . . . . . . . . . . 0.3 1,465,479
876,000 United Technologies Corp., 1.2000%, senior unsecured notes, due 1/6/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 886,826
4,055,000 United Technologies Corp., 1.8000%, senior unsecured notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.9 4,145,978
1.4 6,498,283
Airlines1,324,000 Southwest Airlines Co., 5.2500%,
senior unsecured notes, due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,433,768
Brewery1,250,000 Anheuser-Busch InBev Worldwide,
Inc., 3.0000%, company guaranteed notes, due 15/10/12. . . . . . . . . . . . . . . . . . . 0.3 1,258,548
2,875,000 Anheuser-Busch InBev Worldwide, Inc., 2.5000%, company guaranteed notes, due 26/3/13 . . . . . . . . . . . . . . . . . . . . 0.6 2,915,687
0.9 4,174,235
Building Products – Cement and Aggregate750,000 CRH America, Inc., 5.3000%,
company guaranteed notes, due 15/10/13 . . . . . . . . . . . . . . . . . . . . . . 0.2 780,650
Cable/Satellite Television188,000 COX Communications, Inc.,
7.1250%, senior unsecured notes, due 1/10/12 . . . . . . . . . . . . . . . . . . . . . . . 0.0 190,831
438,000 Time Warner Cable, Inc., 5.4000%, company guaranteed notes, due 2/7/12 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 437,999
150,000 Time Warner Cable, Inc., 6.2000%, company guaranteed notes, due 1/7/13 . . . . . . . . . . . . . . . . . . . . . . . . 0.0 157,655
0.2 786,485
Casino Hotels903,000 MGM Resorts International,
10.3750%, senior secured notes, due 15/5/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,022,647
870,000 MGM Resorts International, 11.1250%, senior secured notes, due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 980,925
0.5 2,003,572
Cellular Telecommunications231,000 Cellco Partnership / Verizon Wireless
Capital LLC, 7.3750%, senior unsecured notes, due 15/11/13 . . . . . . . . . 0.1 250,884
238,000 Cellco Partnership / Verizon Wireless Capital LLC, 5.5500%, senior unsecured notes, due 1/2/14 . . . . . . . . . . . 0.0 254,884
0.1 505,768
Chemicals – Diversifi ed384,000 Dow Chemical Co., 7.6000%, senior
unsecured notes, due 15/5/14 . . . . . . . . . . 0.1 427,644
Chemicals – Plastics979,000 Rohm & Haas Co., 5.6000%, senior
unsecured notes, due 15/3/13 . . . . . . . . . . 0.2 1,010,483
Chemicals – Specialty563,000 Ashland, Inc., 9.1250%, senior
secured notes, due 1/6/17 . . . . . . . . . . . . . 0.1 622,1152,057,000 Ecolab, Inc., 2.3750%, senior
unsecured notes, due 8/12/14 . . . . . . . . . . 0.5 2,126,0430.6 2,748,158
Coatings and Paint Products2,007,000 RPM International, Inc., 6.2500%,
senior unsecured notes, due 15/12/13 . . . . . . . . . . . . . . . . . . . . . . 0.5 2,125,128
Commercial Banks – Eastern U.S.1,740,000 CIT Group, Inc., 5.2500%,
senior unsecured notes, due 1/4/14 (144A) . . . . . . . . . . . . . . . . . . 0.4 1,809,600
4,012,000 CIT Group, Inc., 4.7500%, senior unsecured notes, due 15/2/15 (144A) . . . . . . . . . . . . . . . . . 0.9 4,122,330
1,194,000 CIT Group, Inc., 5.0000%, senior unsecured notes, due 15/5/17 . . . . . . . . . . 0.3 1,230,566
1.6 7,162,496
Commercial Banks – Non U.S.1,175,000 Banco Santander Chile, 2.8750%,
senior unsecured notes, due 13/11/12 (144A) . . . . . . . . . . . . . . . . 0.3 1,177,938
2,500,000 Canadian Imperial Bank of Commerce, 1.4500%, senior unsecured notes, due 13/9/13 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,525,397
2,040,000 HSBC Bank PLC, 1.6250%, senior notes, due 12/8/13 (144A) . . . . . . . . . . . . 0.5 2,050,110
1,085,000 National Bank of Canada, 1.6500%, covered, due 30/1/14 (144A) . . . . . . . . . . 0.2 1,103,930
2,500,000 Nordea Bank A.B., 1.7500%, senior unsecured notes, due 4/10/13 (144A) . . . . . . . . . . . . . . . . . 0.6 2,498,718
1,399,000 Svenska Handelsbanken A.B., 2.8750%, senior unsecured notes, due 14/9/12 (144A) . . . . . . . . . . . . . . . . . 0.3 1,404,902
570,000 Westpac Securities NZ, Ltd., 2.6250%, company guaranteed notes, due 28/1/13 (144A) . . . . . . . . . . . . . . . . . 0.1 576,497
2.5 11,337,492
Commercial Banks – Western U.S.1,963,000 American Express Bank FSB,
5.5500%, senior unsecured notes, due 17/10/12 . . . . . . . . . . . . . . . . . . . . . . 0.4 1,990,641
Commercial Services – Finance3,302,000 Experian Finance PLC, 2.3750%,
company guaranteed notes, due 15/6/17 (144A) . . . . . . . . . . . . . . . . . 0.7 3,309,535
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 1 3
Computers – Memory Devices1,632,000 Seagate Technology, 10.0000%,
secured notes, due 1/5/14 (144A) . . . . . . . 0.4 % $ 1,819,680
Data Processing and Management2,685,000 Fiserv, Inc., 3.1250%, company
guaranteed notes, due 1/10/15 . . . . . . . . . 0.6 2,785,309
Diversifi ed Banking Institutions3,587,000 Bank of America Corp., 4.5000%,
senior unsecured notes, due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 3,699,721
1,847,000 Citigroup, Inc., 5.6250%, subordinated notes, due 27/8/12 . . . . . . . 0.4 1,858,134
3,838,000 Citigroup, Inc., 1.3169%, senior unsecured notes, due 15/2/13 . . . . . . . . . . 0.9 3,838,740
1,484,000 Citigroup, Inc., 5.0000%, subordinated notes, due 15/9/14 . . . . . . . 0.3 1,521,986
772,000 Citigroup, Inc., 4.8750%, subordinated notes, due 7/5/15. . . . . . . . . 0.2 792,443
635,000 Citigroup, Inc., 4.7500%, senior unsecured notes, due 19/5/15 . . . . . . . . . . 0.1 666,970
2,500,000 Goldman Sachs Group, Inc., 4.7500%, senior unsecured notes, due 15/7/13 . . . . . . . . . . . . . . . . . . . . . . . 0.6 2,571,105
1,388,000 Goldman Sachs Group, Inc., 3.3000%, senior notes, due 3/5/15 . . . . . . . . . . . . . . 0.3 1,388,738
2,590,000 JPMorgan Chase & Co., 4.8750%, subordinated notes, due 15/3/14 . . . . . . . 0.6 2,726,224
1,002,000 JPMorgan Chase & Co., 3.7000%, senior unsecured notes, due 20/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,045,802
2,706,000 JPMorgan Chase & Co., 1.8750%, unsecured notes, due 20/3/15 . . . . . . . . . . 0.6 2,705,686
2,005,000 JPMorgan Chase & Co., 5.1500%, subordinated notes, due 1/10/15 . . . . . . . 0.5 2,153,121
2,469,000 Morgan Stanley, 5.3000%, senior unsecured notes, due 1/3/13 . . . . . . . . . . . 0.6 2,517,034
1,563,000 Morgan Stanley, 2.9669%, senior unsecured notes, due 14/5/13 . . . . . . . . . . 0.4 1,561,256
875,000 Morgan Stanley, 6.7500%, Debentures, due 15/10/13 . . . . . . . . . . . . . . . . . . . . . . 0.2 909,381
1,003,000 Morgan Stanley, 4.2000%, senior unsecured notes, due 20/11/14 . . . . . . . . . 0.2 1,002,039
2,277,000 Royal Bank of Scotland PLC, 3.4000%, company guaranteed notes, due 23/8/13 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,301,218
3,803,000 UBS A.G., 2.2500%, senior unsecured notes, due 12/8/13 . . . . . . . . . . . . . . . . . . 0.9 3,815,725
8.3 37,075,323
Diversifi ed Financial Services3,725,000 General Electric Capital Corp.,
1.8750%, senior unsecured notes, due 16/9/13 . . . . . . . . . . . . . . . . . . . . . . . 0.8 3,764,965
486,000 General Electric Capital Corp., 5.9000%, senior unsecured notes, due 13/5/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 528,150
1,539,000 General Electric Capital Corp., 2.1500%, senior unsecured notes, due 9/1/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,565,891
1,998,000 General Electric Capital Corp., 2.3750%, senior unsecured notes, due 30/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,045,387
1,788,000 General Electric Capital Corp., 2.9500%, senior unsecured notes, due 9/5/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,846,768
2.2 9,751,161
Diversifi ed Manufacturing Operations1,624,000 Danaher Corp., 1.3000%, senior
unsecured notes, due 23/6/14 . . . . . . . . . . 0.3% $ 1,641,690136,000 Eaton Corp., 4.9000%, senior
unsecured notes, due 15/5/13 . . . . . . . . . . 0.0 140,8451,582,000 Tyco Electronics Group S.A., 6.0000%,
company guaranteed notes, due 1/10/12 . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,602,405
0.7 3,384,940
Diversifi ed Minerals1,125,000 Anglo American Capital PLC,
2.1500%, company guaranteed notes, due 27/9/13 (144A) . . . . . . . . . . . . 0.3 1,133,701
890,000 Teck Resources, Ltd., 7.0000%, senior unsecured notes, due 15/9/12 . . . . . . . . . . 0.2 900,032
0.5 2,033,733
Diversifi ed Operations3,500,000 LVMH Moet Hennessy Louis Vuitton
S.A., 1.6250%, senior unsecured notes, due 29/6/17 (144A) . . . . . . . . . . . . 0.8 3,503,168
Electric – Distribution756,000 SP PowerAssets, Ltd., 5.0000%,
senior unsecured notes, due 22/10/13 (144A) . . . . . . . . . . . . . . . . 0.2 790,613
Electric – Generation324,000 AES Corp., 7.7500%, senior
unsecured notes, due 15/10/15 . . . . . . . . . 0.1 365,310
Electric – Integrated842,000 CMS Energy Corp., 2.7500%, senior
unsecured notes, due 15/5/14 . . . . . . . . . . 0.2 850,566206,000 Duke Energy Corp., 6.3000%, senior
unsecured notes, due 1/2/14 . . . . . . . . . . . 0.1 223,018125,000 Georgia Power Co., 6.0000%, senior
unsecured notes, due 1/11/13 . . . . . . . . . . 0.0 133,632188,000 Monongahela Power Co.,
7.9500%, fi rst mortgage, due 15/12/13 (144A) . . . . . . . . . . . . . . . . 0.0 205,713
625,000 NiSource Finance Corp., 5.4000%, company guaranteed notes, due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . 0.2 673,879
2,173,000 PPL WEM Holdings PLC, 3.9000%, senior unsecured notes, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.5 2,279,455
2,344,000 Southern Co., 1.9500%, senior unsecured notes, due 1/9/16 . . . . . . . . . . . 0.5 2,402,931
625,000 Union Electric Co., 4.6500%, senior secured notes, due 1/10/13 . . . . . . . . . . . . 0.1 649,526
1.6 7,418,720
Electronic Components – Semiconductors531,000 Altera Corp., 1.7500%, senior
unsecured notes, due 15/5/17 . . . . . . . . . . 0.1 535,5513,836,000 Samsung Electronics America, Inc.,
1.7500%, company guaranteed notes, due 10/4/17 (144A) . . . . . . . . . . . . 1.0 3,830,419
1.1 4,365,970
Electronic Measuring Instruments576,000 Agilent Technologies, Inc., 2.5000%,
senior unsecured notes, due 15/7/13 . . . . . . . . . . . . . . . . . . . . . . . 0.1 584,012
1,644,000 FLIR Systems, Inc., 3.7500%, senior unsecured notes, due 1/9/16 . . . . . . . . . . . 0.4 1,686,866
0.5 2,270,878
Electronics – Military2,367,000 L-3 Communications Corp., 6.3750%,
company guaranteed notes, due 15/10/15 . . . . . . . . . . . . . . . . . . . . . . 0.5 2,424,696
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
Janus US Short-Term Bond Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 1 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Engineering – Research and Development Services2,162,000 URS Corp., 3.8500%, senior
unsecured notes, due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.5 % $ 2,137,327
Fiduciary Banks250,000 Northern Trust Corp., 5.5000%,
senior unsecured notes, due 15/8/13 . . . . . . . . . . . . . . . . . . . . . . . 0.1 263,397
Finance – Auto Loans2,789,000 Ford Motor Credit Co. LLC,
8.0000%, senior unsecured notes, due 1/6/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 3,095,210
1,375,000 Ford Motor Credit Co. LLC, 3.8750%, senior unsecured notes, due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,416,845
4,045,000 Ford Motor Credit Co. LLC, 2.7500%, senior unsecured notes, due 15/5/15 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 4,080,612
982,000 PACCAR Financial Corp., 1.9500%, senior unsecured notes, due 17/12/12 . . . . . . . . . . . . . . . . . . . . . . 0.2 988,000
2.1 9,580,667
Finance – Credit Card851,000 American Express Credit Co.,
1.7500%, senior unsecured notes, due 12/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 861,280
Finance – Investment Bankers/Brokers449,000 Charles Schwab Corp.,
4.9500%, senior unsecured notes, due 1/6/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 481,761
850,000 Merrill Lynch & Co, Inc., 5.4500%, senior unsecured notes, due 5/2/13 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 867,218
1,250,000 Merrill Lynch & Co, Inc., 6.1500%, senior unsecured notes, due 25/4/13 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,294,013
1,967,000 Raymond James Financial, Inc., 4.2500%, senior unsecured notes, due 15/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,047,210
1,179,000 TD Ameritrade Holding Corp., 2.9500%, company guaranteed notes, due 1/12/12 . . . . . . . . . . . . . . . . . . 0.3 1,188,249
1.3 5,878,451
Finance – Other Services250,000 National Rural Utilities Cooperative
Finance Corp., 2.6250%, collateral trust, due 16/9/12 . . . . . . . . . . . . . . . . . . . 0.1 250,998
359,000 National Rural Utilities Cooperative Finance Corp., 5.5000%, collateral trust, due 1/7/13 . . . . . . . . . . . . . . . . . . . . 0.0 376,816
0.1 627,814
Food – Confectionery1,625,000 WM Wrigley Jr. Co., 3.0500%,
senior secured notes, due 28/6/13 (144A) . . . . . . . . . . . . . . . . . 0.4 1,644,306
1,250,000 WM Wrigley Jr. Co., 3.7000%, senior secured notes, due 30/6/14 (144A) . . . . . . . . . . . . . . . . . 0.3 1,292,138
0.7 2,936,444
Food – Meat Products728,000 JBS USA LLC / JBS USA Finance, Inc.,
11.6250%, company guaranteed notes, due 1/5/14 . . . . . . . . . . . . . . . . . . . 0.2 829,920
1,854,000 Smithfi eld Foods, Inc., 7.7500%, senior unsecured notes, due 15/5/13 . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,937,430
0.6 2,767,350
Food – Miscellaneous/Diversifi ed1,415,000 ARAMARK Corp., 8.5000%, company
guaranteed notes, due 1/2/15 . . . . . . . . . . 0.3% $ 1,450,3892,000,000 Dole Food Co, Inc., 8.7500%,
company guaranteed notes, due 15/7/13 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,115,000
1,229,000 General Mills, Inc., 1.5500%, senior unsecured notes, due 16/5/14 . . . . . . . . . . 0.3 1,247,367
411,000 Kellogg Co., 5.1250%, senior unsecured notes, due 3/12/12 . . . . . . . . . . 0.1 418,724
1,052,000 Kraft Foods Group, Inc., 1.6250%, company guaranteed notes, due 4/6/15 (144A) . . . . . . . . . . . . . . . . . . 0.2 1,063,884
5,446,000 Kraft Foods Group, Inc., 2.2500%, company guaranteed notes, due 5/6/17 (144A) . . . . . . . . . . . . . . . . . . 1.3 5,582,520
4,332,000 Kraft Foods, Inc., 2.6250%, senior unsecured notes, due 8/5/13 . . . . . . . . . . . 1.0 4,397,023
68,000 Kraft Foods, Inc., 6.7500%, senior unsecured notes, due 19/2/14 . . . . . . . . . . 0.0 74,518
3.7 16,349,425
Food – Retail47,000 Delhaize Group, 5.8750%, company
guaranteed notes, due 1/2/14 . . . . . . . . . . 0.0 49,511
Hotels and Motels551,000 Starwood Hotels & Resorts
Worldwide, Inc., 7.8750%, senior unsecured notes, due 15/10/14 . . . . . . . . . 0.1 625,471
Industrial Gases2,250,000 Praxair, Inc., 2.1250%, senior
unsecured notes, due 14/6/13 . . . . . . . . . . 0.5 2,280,8032,592,000 Praxair, Inc., 4.6250%, senior
unsecured notes, due 30/3/15 . . . . . . . . . . 0.6 2,857,6071.1 5,138,410
Investment Management and Advisory Services1,294,000 Franklin Resources, Inc., 2.0000%,
senior unsecured notes, due 20/5/13 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,310,768
Life and Health Insurance4,679,000 Prudential Financial, Inc., 3.6250%,
senior unsecured notes, due 17/9/12 . . . . . . . . . . . . . . . . . . . . . . . 1.1 4,706,269
Linen Supply and Related Items722,000 Cintas Corp. No 2, 2.8500%,
company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 750,572
Machinery – Construction and Mining881,000 Caterpillar, Inc., 0.9500%, senior
notes, due 26/6/15 . . . . . . . . . . . . . . . . . . 0.2 884,9031,204,000 Caterpillar, Inc., 1.5000%, senior
notes, due 26/6/17 . . . . . . . . . . . . . . . . . . 0.3 1,207,1090.5 2,092,012
Machinery – General Industrial808,000 Wabtec Corp., 6.8750%, company
guaranteed notes, due 31/7/13 . . . . . . . . . 0.2 848,400
Medical – Drugs2,334,000 GlaxoSmithKline Capital PLC,
0.7500%, company guaranteed notes, due 8/5/15 . . . . . . . . . . . . . . . . . . . 0.5 2,335,372
2,374,000 GlaxoSmithKline Capital PLC, 1.5000%, company guaranteed notes, due 8/5/17 . . . . . . . . . . . . . . . . . . . 0.6 2,381,068
1.1 4,716,440
Medical Products379,000 CareFusion Corp., 4.1250%, senior
unsecured notes, due 1/8/12 . . . . . . . . . . . 0.1 380,020
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 1 5
2,613,000 Express Scripts Holding Co., 2.1000%, company guaranteed notes, due 12/2/15 (144A) . . . . . . . . . . . . 0.6 % $ 2,640,214
1,202,000 Express Scripts, Inc., 3.1250%, company guaranteed notes, due 15/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,252,626
1.8 8,232,172
Pipelines251,000 El Paso Corp., 7.3750%, senior
unsecured notes, due 15/12/12 . . . . . . . . . 0.1 257,3601,915,000 Enterprise Products Operating LLC,
4.6000%, company guaranteed notes, due 1/8/12 . . . . . . . . . . . . . . . . . . . 0.4 1,920,582
349,000 Kinder Morgan Energy Partners L.P., 5.8500%, senior unsecured notes, due 15/9/12 . . . . . . . . . . . . . . . . . . . . . . . 0.1 352,408
404,000 Kinder Morgan Energy Partners L.P., 5.0000%, senior unsecured notes, due 15/12/13 . . . . . . . . . . . . . . . . . . . . . . 0.1 423,764
689,000 Kinder Morgan Finance Co. ULC, 5.7000%, company guaranteed notes, due 5/1/16 . . . . . . . . . . . . . . . . . . . 0.2 728,618
1,857,000 Kinder Morgan Kansas, Inc., 6.5000%, senior unsecured notes, due 1/9/12 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,868,235
246,000 Kinder Morgan Kansas, Inc., 5.1500%, senior unsecured notes, due 1/3/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 258,915
3,512,000 Plains All American Pipeline L.P., 4.2500%, company guaranteed notes, due 1/9/12 . . . . . . . . . . . . . . . . . . . 0.7 3,528,140
2,620,000 Plains All American Pipeline L.P., 3.9500%, company guaranteed notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.6 2,808,491
879,000 TransCanada PipeLines, Ltd., 0.8750%, senior unsecured notes, due 2/3/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 877,985
2.9 13,024,498
Property and Casualty Insurance224,000 Chubb Corp., 5.2000%, senior
unsecured notes, due 1/4/13 . . . . . . . . . . . 0.1 231,162
Property Trust1,500,000 WCI Finance LLC / WEA Finance
LLC, 5.4000%, company guaranteed notes, due 1/10/12 (144A) . . . . . . . . . . . . . . . . . 0.3 1,514,991
1,228,000 WT Finance Aust Pty, Ltd. / Westfi eld Capital / WEA Finance LLC, 5.1250%, company guaranteed notes, due 15/11/14 (144A) . . . . . . . . . . . 0.3 1,299,944
0.6 2,814,935
Publishing – Books1,599,000 Scholastic Corp., 5.0000%, senior
unsecured notes, due 15/4/13 . . . . . . . . . . 0.4 1,626,983
Publishing – Newspapers1,750,000 Gannett Co., Inc., 6.3750%, company
guaranteed notes, due 1/9/15 . . . . . . . . . . 0.4 1,872,500
Real Estate Management/Services1,250,000 CBRE Services, Inc., 11.6250%,
company guaranteed notes, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,425,000
659,000 ProLogis L.P., 7.6250%, company guaranteed notes, due 15/8/14 . . . . . . . . . 0.2 725,268
0.5 2,150,268
Multi-Line Insurance1,223,000 American International Group, Inc.,
3.6500%, senior unsecured notes, due 15/1/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3% $ 1,249,808
4,840,000 American International Group, Inc., 4.2500%, senior unsecured notes, due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 1.1 5,021,094
1.4 6,270,902
Multimedia2,500,000 NBCUniversal Media LLC,
2.1000%, senior unsecured notes, due 1/4/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,545,487
2,033,000 Time Warner, Inc., 3.1500%, company guaranteed notes, due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,145,610
1.0 4,691,097
Offi ce Automation and Equipment139,000 Xerox Corp., 8.2500%, senior
unsecured notes, due 15/5/14 . . . . . . . . . . 0.0 155,057
Oil – Field Services1,176,000 Korea National Oil Corp., 4.0000%,
senior unsecured notes, due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.3 1,252,081
2,193,000 Schlumberger Investment S.A., 1.9500%, company guaranteed notes, due 14/9/16 (144A) . . . . . . . . . . . . 0.5 2,249,505
0.8 3,501,586
Oil Companies – Exploration and Production1,066,000 Apache Corp., 1.7500%, senior
unsecured notes, due 15/4/17 . . . . . . . . . . 0.2 1,088,3422,204,000 Canadian Natural Resources, Ltd.,
1.4500%, senior unsecured notes, due 14/11/14 . . . . . . . . . . . . . . . . . . . . . . 0.5 2,232,165
1,830,000 Petrohawk Energy Corp., 10.5000%, company guaranteed notes, due 1/8/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,028,478
2,862,000 Petrohawk Energy Corp., 7.8750%, company guaranteed notes, due 1/6/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 2,977,150
1,215,000 Whiting Petroleum Corp., 7.0000%, company guaranteed notes, due 1/2/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,293,975
2.2 9,620,110
Oil Companies – Integrated1,473,000 BP Capital Markets PLC, 2.2480%,
company guaranteed notes, due 1/11/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,518,555
313,000 ConocoPhillips, 4.7500%, company guaranteed notes, due 1/2/14 . . . . . . . . . . 0.1 332,576
554,000 ConocoPhillips Australia Funding Co., 5.5000%, company guaranteed notes, due 15/4/13 . . . . . . . . . . . . . . . . . . 0.1 574,845
1,201,000 Phillips 66, 1.9500%, company guaranteed notes, due 5/3/15 (144A) . . . . . . . . . . . . . . . . . . 0.3 1,210,383
3,170,000 Shell International Finance B.V., 1.8750%, company guaranteed notes, due 25/3/13 . . . . . . . . . . . . . . . . . . 0.7 3,204,659
1.5 6,841,018
Oil Refi ning and Marketing600,000 Sunoco, Inc., 4.8750%, senior
unsecured notes, due 15/10/14 . . . . . . . . . 0.1 634,198
Pharmacy Services4,246,000 Aristotle Holding, Inc., 2.7500%,
company guaranteed notes, due 21/11/14 (144A) . . . . . . . . . . . . . . . . 0.9 4,339,332
Shares or Principal Amount
Percentage of Net Assets
Fair Value Shares or Principal Amount
Percentage of Net Assets
Fair Value
Janus US Short-Term Bond Fund
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
1 1 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Reinsurance413,000 Berkshire Hathaway Finance Corp.,
4.6000%, company guaranteed notes, due 15/5/13 . . . . . . . . . . . . . . . . . . 0.1% $ 427,426
147,000 Berkshire Hathaway Finance Corp., 5.0000%, company guaranteed notes, due 15/8/13 . . . . . . . . . . . . . . . . . . 0.0 154,149
0.1 581,575
REIT – Health Care1,790,000 HCP, Inc., 5.6250%, senior unsecured
notes, due 28/2/13 . . . . . . . . . . . . . . . . . . 0.4 1,833,2161,984,000 HCP, Inc., 5.6500%, senior unsecured
notes, due 15/12/13 . . . . . . . . . . . . . . . . . 0.5 2,096,180602,000 HCP, Inc., 2.7000%, senior unsecured
notes, due 1/2/14 . . . . . . . . . . . . . . . . . . . 0.1 611,851716,000 Healthcare Realty Trust, Inc.,
5.1250%, senior unsecured notes, due 1/4/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 741,669
841,000 Ventas Realty L.P. / Ventas Capital Corp., 3.1250%, company guaranteed notes, due 30/11/15 . . . . . . . . 0.2 856,901
1.4 6,139,817
REIT – Hotels2,866,000 Host Hotels & Resorts L.P., 6.3750%,
company guaranteed notes, due 15/3/15 . . . . . . . . . . . . . . . . . . . . . . . 0.7 2,916,155
REIT – Offi ce Property2,026,000 Reckson Operating Partnership L.P.,
6.0000%, senior unsecured notes, due 31/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,154,839
REIT – Regional Malls4,154,000 Rouse Co. L.P., 7.2000%, senior
unsecured notes, due 15/9/12 . . . . . . . . . . 0.9 4,174,7703,694,000 Rouse Co. L.P., 6.7500%,
senior unsecured notes, due 1/5/13 (144A) . . . . . . . . . . . . . . . . . . 0.9 3,804,820
497,000 Simon Property Group L.P., 4.9000%, senior unsecured notes, due 30/1/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 525,173
1.9 8,504,763
REIT – Shopping Centres625,000 DDR Corp., 5.3750%, senior
unsecured notes, due 15/10/12 . . . . . . . . . 0.1 625,754625,000 Equity One, Inc., 6.2500%, company
guaranteed notes, due 15/12/14 . . . . . . . . 0.2 669,7550.3 1,295,509
Retail – Discount131,000 Wal-Mart Stores, Inc., 3.2000%,
senior unsecured notes, due 15/5/14 . . . . . . . . . . . . . . . . . . . . . . . 0.0 137,566
Retail – Drug Store213,000 Walgreen Co., 4.8750%, senior
unsecured notes, due 1/8/13 . . . . . . . . . . . 0.0 222,503
Retail – Regional Department Stores569,000 Macy's Retail Holdings, Inc., 5.8750%,
company guaranteed notes, due 15/1/13 . . . . . . . . . . . . . . . . . . . . . . . 0.1 582,917
851,000 Macy's Retail Holdings, Inc., 5.7500%, company guaranteed notes, due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . 0.2 924,019
0.3 1,506,936
Retail – Restaurants1,541,000 Brinker International, Inc., 5.7500%,
senior unsecured notes, due 1/6/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1,647,256
629,000 Darden Restaurants, Inc., 5.6250%, senior unsecured notes, due 15/10/12 . . . . . . . . . . . . . . . . . . . . . . 0.1% $ 636,856
0.6 2,284,112
Semiconductor Components/Integrated Circuits2,240,000 Maxim Integrated Products, Inc.,
3.4500%, senior unsecured notes, due 14/6/13 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,296,045
Steel – Producers1,554,000 ArcelorMittal, 3.7500%, senior
unsecured notes, due 25/2/15 . . . . . . . . . . 0.4 1,576,2471,004,000 ArcelorMittal, 3.7500%, senior
unsecured notes, due 5/8/15 . . . . . . . . . . . 0.2 1,010,294387,000 Steel Dynamics, Inc., 7.7500%,
company guaranteed notes, due 15/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 400,545
0.7 2,987,086
Super – Regional Banks463,000 PNC Funding Corp., 5.2500%, bank
guaranteed notes, due 15/11/15 . . . . . . . . 0.1 510,412
Telephone – Integrated3,207,000 British Telecommunications PLC,
2.0000%, senior unsecured notes, due 22/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.7 3,253,402
Transportation – Railroad350,000 Union Pacifi c Corp., 5.4500%, senior
unsecured notes, due 31/1/13 . . . . . . . . . . 0.1 359,597
Transportation – Services2,912,000 Asciano Finance, Ltd., 3.1250%,
company guaranteed notes, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . . . . . 0.7 2,900,328
125,000 FedEx Corp., 7.3750%, company guaranteed notes, due 15/1/14 . . . . . . . . . 0.0 136,889
314,000 United Parcel Service, Inc., 3.8750%, senior unsecured notes, due 1/4/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 331,433
0.8 3,368,650
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64.2 286,739,808
Government Security 27.9
U.S. Treasury Notes/Bonds3,940,000 0.6250%, due 30/6/12 . . . . . . . . . . . . . . . . . 0.9 3,940,0004,195,000 0.6250%, due 31/12/12 . . . . . . . . . . . . . . . . 0.9 4,204,8336,510,000 1.3750%, due 15/1/13 . . . . . . . . . . . . . . . . . 1.5 6,552,471
13,079,000 0.6250%, due 28/2/13 . . . . . . . . . . . . . . . . . 2.9 13,118,8519,377,000 1.7500%, due 15/4/13 . . . . . . . . . . . . . . . . . 2.1 9,490,9213,103,000 0.6250%, due 30/4/13 . . . . . . . . . . . . . . . . . 0.7 3,113,547
593,000 1.1250%, due 15/6/13 . . . . . . . . . . . . . . . . . 0.1 598,0042,807,000 0.1250%, due 30/9/13 . . . . . . . . . . . . . . . . . 0.6 2,802,0651,460,000 0.2500%, due 31/1/14 . . . . . . . . . . . . . . . . . 0.3 1,458,9171,842,000 1.2500%, due 15/2/14 . . . . . . . . . . . . . . . . . 0.4 1,869,846
28,487,000 0.2500%, due 28/2/14 . . . . . . . . . . . . . . . . . 6.4 28,462,5292,014,000 1.2500%, due 15/3/14 . . . . . . . . . . . . . . . . . 0.5 2,046,0211,600,000 0.2500%, due 31/3/14 . . . . . . . . . . . . . . . . . 0.4 1,598,3764,500,000 0.2500%, due 30/4/14 . . . . . . . . . . . . . . . . . 1.0 4,495,257
235,000 0.5000%, due 15/8/14 . . . . . . . . . . . . . . . . . 0.1 235,8261,196,000 0.2500%, due 15/9/14 . . . . . . . . . . . . . . . . . 0.3 1,193,5711,465,000 0.2500%, due 15/1/15 . . . . . . . . . . . . . . . . . 0.3 1,460,9952,525,000 0.2500%, due 15/2/15 . . . . . . . . . . . . . . . . . 0.6 2,516,5197,924,000 0.3750%, due 15/3/15 . . . . . . . . . . . . . . . . . 1.8 7,920,2843,214,000 0.3750%, due 15/4/15 . . . . . . . . . . . . . . . . . 0.7 3,212,242
940,000 1.0000%, due 30/9/16 . . . . . . . . . . . . . . . . . 0.2 954,7616,397,000 1.0000%, due 31/10/16 . . . . . . . . . . . . . . . . 1.5 6,495,4562,849,000 0.8750%, due 28/2/17 . . . . . . . . . . . . . . . . . 0.6 2,874,151
Shares or Principal Amount
Percentage of Net Assets
Fair ValueShares or Principal Amount
Percentage of Net Assets
Fair Value
PORTFOLIO INVESTMENTS
The accompanying notes are an integral part of the fi nancial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 1 7
11,233,000 1.0000%, due 31/3/17 . . . . . . . . . . . . . . . . . 2.6% $ 11,389,2062,298,000 0.8750%, due 30/4/17 . . . . . . . . . . . . . . . . . 0.5 2,315,775
27.9 124,320,424
Total Government Security . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.9 124,320,424
Tranche Loan* 0.5Advertising Services
1,127,430 Visant Corp., 5.2500%, due 22/12/16 . . . . . . . . . . . . . . . . . . . . . . 0.2 1,090,789
Broadcast Services and Programming369,146 Sinclair Broadcast Group, Inc.,
4.0000%, due 29/10/15 . . . . . . . . . . . . . . 0.1 369,146
Medical – Hospitals872,098 HCA, Inc., 1.4953%, due 17/11/12 . . . . . . . . 0.2 868,967
Total Tranche Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,328,902
Repurchase Agreement 3.9
$17,200,000 JPMorgan Chase & Co., 0.19%, dated 29/6/12 maturing 2/7/12 to be repurchased at $17,200,272 collateralised by $16,565,000 in Fannie Mae 3.50%, due 1/7/42 with a value of $17,548,836 . . . . . . . . . . . 3.9 17,200,000
Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 17,200,000
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.2 437,861,869
Adjustments from last traded to bid market prices . . . . . . . . . . . — (220,842)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.2 $ 437,641,027
Shares or Principal Amount
Percentage of Net Assets
Fair Value
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised Appreciation
CitibankCHF 686,027 USD 714,216 $ 723,631 31-Jul-12 $ 9,415 CHF 2,780 USD 2,894 2,932 31-Jul-12 38 EUR 793,380 USD 991,388 1,004,123 31-Jul-12 12,735 EUR 15,801,815 USD 19,748,697 19,999,203 31-Jul-12 250,506 EUR 937,711 USD 1,171,927 1,186,793 31-Jul-12 14,866 EUR 576,909 USD 721,006 730,152 31-Jul-12 9,146 EUR 508,711 USD 639,724 643,838 31-Jul-12 4,114 EUR 474,388 USD 596,562 600,398 31-Jul-12 3,836 EUR 625,924 USD 777,805 792,187 31-Jul-12 14,382 EUR 72,341,367 USD 90,410,359 91,557,187 31-Jul-12 1,146,828 USD 7 CHF 7 7 31-Jul-12 —
Total $ 1,465,866
Total Financial Assets at fair value through profi t or loss $ 439,106,893
Financial Liabilities at fair value through profi t or loss
Forward Currency Contracts, Open as at 30 June 2012
Currency Purchased
Currency Sold
Currency Market
Value $U.S.Settle Date
Unrealised (Depreciation)
CitibankUSD 4,866 EUR 3,916 $ 4,956 31-Jul-12 $ (90)
USD 3,630 EUR 2,921 3,697 31-Jul-12 (67)
USD 10,297 EUR 8,240 10,429 31-Jul-12 (132)
USD 76,883 EUR 61,870 78,304 31-Jul-12 (1,421)
USD 10,895 CHF 10,527 11,104 31-Jul-12 (209)
Total $ (1,919)
Total Financial Liabilities at fair value through profi t or loss $ (1,919)
* Each of the Tranche Loans are held either by Bank of America, Barclays Capital Services, Credit Suisse, Deutsche Bank, JPMorgan Chase Bank or Morgan Stanley.
1 1 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Balance Sheets
Janus Asia Fund
Janus Balanced Fund
Janus Emerging Markets Fund
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
Assets:
Financial assets at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . $4,173,129 $4,254,475 $162,207,543 $149,535,682 $4,230,231 $4,214,568
Cash and foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,027 20,725 300,864 318,282 — 55,910
Margin and collateral cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 487,196 187,196
Collateral receivable from broker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Receivables:
Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 69,875 3,943 —
Spot foreign exchange contracts awaiting settlement . . . . . . . . . . . . . . . . . 1,226 — — — 3,777 40
Funds shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 157,853 319,648 6,183 —
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,247 1,656 84,476 78,656 29,157 2,090
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 637,598 627,936 — —
Receivable from Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 28,888 — — 3,562 25,809
Other debtors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 5,209 545 663 441
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,272,629 4,305,744 163,393,543 150,950,624 4,764,712 4,486,054
Liabilities (amounts falling due within one year):
Payables:
Financial liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . 493 14,254 8,885 594,554 45,598 52,339
Bank overdraft and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 220,583 —
Collateral payable to broker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Investments purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,227 — 352,859 — 8,701 9,922
Spot foreign exchange contracts awaiting settlement.. . . . . . . . . . . . . . . . . 1,226 — — — 3,943 —
Fund shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 254,231 299,553 — —
Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532 — 112,015 111,779 — —
Shareholder Service fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,938 3,821 141,413 139,353 6,143 5,835
Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 9,834 11,096 616 678
Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . . . . . 373 662 15,385 24,623 450 738
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,443 27,393 18,483 65,531 51,561 50,672
Total Liabilities (excluding net assets attributable to holders of
redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,232 46,130 913,105 1,246,489 337,595 120,184
Net Assets attributable to holders of redeemable ordinary shares
(at bid market prices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,210,397 4,259,614 162,480,438 149,704,135 4,427,117 4,365,870
Adjustment from bid market prices to last traded prices. . . . . . . . . . . . . . 40,277 12,220 73,286 6,742 36,492 24,370
Net Assets attributable to holders of redeemable participating shares
(at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . . $4,250,674 $4,271,834 $162,553,724 $149,710,877 $4,463,609 $4,390,240
The accompanying notes are an integral part of the financial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 1 9
Janus Europe Fund
Janus Global Life Sciences Fund
Janus Global Research Fund
Janus Global Technology Fund
Janus US Fund
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
€1,824,701 €2,033,875 $60,106,381 $55,355,914 $8,162,951 $8,963,517 $31,335,677 $35,159,453 $1,140,261 $1,063,941
103,858 51,104 348,576 506,648 103,112 41,550 270,851 277,706 31,028 74,987
— — — — — — — — — —
— — — — — — — — — —
— 20,521 709,896 5,019 — 31,306 28,777 118,759 9,063 2,959
— — — 121 — — — — — —
— 14,400 113,887 223,801 — — 103,871 3,762 — —
4,360 2,969 14,732 25,420 9,528 4,886 7,109 14,154 543 584
— — — — — — — — — —
6,659 1,654 — — 3,181 16,984 — — 9,116 4,858
3,896 2,600 14,292 8,391 2,445 1,319 2,780 653 42 5
1,943,474 2,127,123 61,307,764 56,125,314 8,281,217 9,059,562 31,749,065 35,574,487 1,190,053 1,147,334
— — 9,181 251,191 11 34,902 63,434 127,548 172 4,582
— — — — — — — — — —
— — — — — — — — — —
— 4,115 397,187 532,016 — — 2,696 — — 181
— 190 — — — 17 — 188 — —
— 7,200 35,697 59,405 — — 114,303 60,086 — —
— — 80,871 56,337 — — 31,505 39,439 — —
2,241 2,238 106,171 94,790 10,697 10,513 43,468 51,405 1,435 1,261
— — 10,323 11,352 288 290 6,574 7,281 169 164
171 344 8,385 11,211 1,027 1,752 4,474 7,620 109 174
6,417 27,361 19,379 46,996 22,604 45,759 1,955 42,056 1,293 25,386
8,829 41,448 667,194 1,063,298 34,627 93,233 268,409 335,623 3,178 31,748
1,934,645 2,085,675 60,640,570 55,062,016 8,246,590 8,966,329 31,480,656 35,238,864 1,186,875 1,115,586
9,625 2,744 51,765 40,845 31,413 7,572 37,592 21,004 927 283
€1,944,270 €2,088,419 $60,692,335 $55,102,861 $8,278,003 $8,973,901 $31,518,248 $35,259,868 $1,187,802 $1,115,869
1 2 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Balance Sheets
The accompanying notes are an integral part of the financial statements.
Janus US All Cap Growth Fund
Janus US Research Fund
Janus US Twenty Fund
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
Assets:
Financial assets at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . $716,385,272 $775,914,989 $8,400,593 $8,482,818 $362,508,778 $435,253,652
Cash and foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,621 — 8,931 84,711 280,250 263,255
Margin and collateral cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,885,160 3,887,928 — — — 228,397
Collateral receivable from broker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 500,000 — — — —
Receivables:
Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,435,272 — — 5,023 2,239,131 323,140
Spot foreign exchange contracts awaiting settlement . . . . . . . . . . . . . . . . . 662,651 — — — — —
Funds shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,483 239,083 10,008 — 127,004 1,891,624
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,823 35,523 4,422 5,160 166,052 156,034
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Receivable from Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 15,960 — —
Other debtors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 18,454 19,592
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 724,001,282 780,577,523 8,423,954 8,593,672 365,339,669 438,135,694
Liabilities (amounts falling due within one year):
Payables:
Financial liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . 689,045 1,204,411 62 30,585 7,920 718,090
Bank overdraft and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,497,968 — — — —
Collateral payable to broker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 500,000 — — — —
Investments purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,651,789 — — 44,756 — —
Spot foreign exchange contracts awaiting settlement.. . . . . . . . . . . . . . . . . 672,873 — — — — 149
Fund shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,439,849 2,879,658 17,911 — 365,243 552,356
Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,485 757,139 5,948 — 317,823 427,217
Shareholder Service fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904,107 917,913 1,414 14,416 398,420 478,808
Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,689 8,539 459 467 16,166 17,288
Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . . . . . 68,099 129,732 1,211 1,818 36,965 74,864
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,768 182,691 24,570 27,753 16,424 138,855
Total Liabilities (excluding net assets attributable to holders of
redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,186,704 8,078,051 51,575 119,795 1,158,961 2,407,627
Net Assets attributable to holders of redeemable ordinary shares
(at bid market prices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 717,814,578 772,499,472 8,372,379 8,473,877 364,180,708 435,728,067
Adjustment from bid market prices to last traded prices. . . . . . . . . . . . . . 1,301,902 685,746 1,309 1,989 339,228 195,026
Net Assets attributable to holders of redeemable participating shares
(at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . . $719,116,480 $773,185,218 $8,373,688 $8,475,866 $364,519,936 $435,923,093
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 2 1
Janus US Venture Fund
Perkins Global Value Fund
Perkins US Strategic Value Fund
INTECH US Core Fund
Janus Global Real Estate Fund
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
$28,550,568 $22,831,782 $3,716,622 $2,468,221 $659,799,565 $908,774,751 $175,431,344 $183,524,466 $129,145,200 $103,997,638
336,734 326,126 6,254 46,176 23,098 58,597 124,358 83,712 82,074 47,289
— — — — — 1,589,148 — — — 20,036
— — — — — — — — — —
29,600 20,570 26,141 — 2,248,621 719,124 — — — —
9,196 — 14,491 193 — — — — — —
91,392 1,759 — — 234,700 450,160 64,289 419,729 20,964 48,619
3,218 10,040 9,382 5,753 729,816 1,261,430 319,966 190,391 509,269 372,312
— — — — — — — — — —
— — 3,143 9,842 — — — — — —
— — 3,785 1,350 — — 44,592 627 45,213 30,937
29,020,708 23,190,277 3,779,818 2,531,535 663,035,800 912,853,210 175,984,549 184,218,925 129,802,720 104,516,831
389 97,404 2,148 11,737 555,250 4,214,475 2,760 597,668 73,107 42,284
— — — — — — — — — —
— — — — — — — — — —
30,263 — 27,775 65,603 946,593 504,996 — — — —
9,293 — 14,448 — — — — — — —
46,874 17,100 — — 20,774,173 1,021,247 97,290 198,016 114,482 88,645
38,037 19,096 — — 769,359 1,133,082 131,790 142,335 96,629 78,099
43,582 33,444 4,429 2,750 566,071 888,766 59,503 68,355 17,670 14,826
2,472 3,037 333 340 1,353 1,618 696 796 1,109 1,130
3,761 4,748 300 383 59,118 151,345 16,318 28,900 12,070 17,503
31,463 29,571 30,681 33,569 45,443 265,182 50,251 69,015 22,734 50,940
206,134 204,400 80,114 114,382 23,717,360 8,180,711 358,608 1,105,085 337,801 293,427
28,814,574 22,985,877 3,699,704 2,417,153 639,318,440 904,672,499 175,625,941 183,113,840 129,464,919 104,223,404
22,311 21,529 8,005 3,287 312,008 274,389 48,211 32,255 565,895 310,604
$28,836,885 $23,007,406 $3,707,709 $2,420,440 $639,630,448 $904,946,888 $175,674,152 $183,146,095 $130,030,814 $104,534,008
1 2 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Balance Sheets
The accompanying notes are an integral part of the financial statements.
Janus Flexible Income Fund
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
Assets:
Financial assets at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . $1,212,909,080 $864,203,004 $36,013,121 $30,668,320 $21,841,947 $16,386,520
Cash and foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,839 — 155,000 161,707 32,230 94,863
Margin and collateral cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Collateral receivable from broker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Receivables:
Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,092,463 293,848 — — —
Spot foreign exchange contracts awaiting settlement.. . . . . . . . . . . . . . . . . — — — — — —
Funds shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,062,576 2,187,453 16,880 19,500 61,752 96,911
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,475,639 7,770,458 660,637 560,751 278,588 221,746
Receivable from Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Other debtors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,074 6,705 — — — —
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,229,460,208 875,260,083 37,139,486 31,410,278 22,214,517 16,800,040
Liabilities (amounts falling due within one year):
Payables:
Financial liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . 22,306 2,463,455 2,239 257,820 7,456 114,712
Bank overdraft and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 139,867 — — — —
Collateral payable to broker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Investments purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,076,291 — 144,681 165,602 109,199 704,781
Spot foreign exchange contracts awaiting settlement.. . . . . . . . . . . . . . . . . — — — — — —
Fund shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,958,928 2,138,449 — — — —
Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 757,875 478,080 23,442 16,257 5,658 2,915
Shareholder Service fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 716,457 352,754 72,727 60,146 38,441 29,632
Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,079 17,574 2,188 2,197 2,157 2,172
Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . . . . . 110,206 133,815 3,349 5,055 2,032 2,581
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,228 223,528 45,775 40,571 2,700 35,197
Total Liabilities (excluding net assets attributable to holders of
redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,748,370 5,947,522 294,401 547,648 167,643 891,990
Net Assets attributable to holders of redeemable ordinary shares
(at bid market prices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,217,711,838 869,312,561 36,845,085 30,862,630 22,046,874 15,908,050
Adjustment from bid market prices to last traded prices. . . . . . . . . . . . . . 915,201 1,876,120 104,495 59,983 35,919 21,681
Net Assets attributable to holders of redeemable participating shares
(at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . . $1,218,627,039 $871,188,681 $36,949,580 $30,922,613 $22,082,793 $15,929,731
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 2 3
Janus High Yield Fund
Janus US Short-Term Bond Fund
Company Total in US Dollar
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
As of30 June2012
(unaudited)
As of31 December
2011(audited)
$1,161,729,963 $1,173,296,527 $439,106,893 $345,454,559 $5,229,203,913 $5,132,436,835
1,498,544 1,092,503 38,045 88,118 4,173,848 3,708,999
— — — — 5,372,356 5,912,705
— — — — — 500,000
9,490,072 1,582,505 — — 16,514,364 3,997,299
— — — — 691,341 354
492,540 4,250,120 8,460,192 454,078 17,252,574 10,624,882
— — — — 2,005,257 2,167,931
21,124,913 20,611,687 2,941,223 2,934,674 35,118,598 32,727,252
— — — — 27,428 104,481
— — — — 143,479 73,930
1,194,336,032 1,200,833,342 450,546,353 348,931,429 5,310, 503, 158 5,192,254,668
17,270 2,323,493 1,919 1,076,783 1,509,645 14,232,287
— — — — 2 20,583 1,637,835
— — — — — 500,000
11,525,021 6,585,440 3,296,255 — 24,570,537 8,618,622
— — — — 701,783 600
795,133 885,597 760,947 108,625 28,775,061 8,318,055
757,512 754,493 252,244 204,633 4,056,725 4,220,901
727,175 704,724 438,571 411,214 4,304,668 4,287,622
133,638 161,556 5,534 5,015 215,677 252,590
128,032 211,222 38,876 55,872 510,756 865,063
97,694 298,774 24,045 97,093 739,613 1,831,940
14,181,475 11,925,299 4,818,391 1,959,235 65,605,048 44,765,515
1,180,154,557 1,188,908,043 445,727,962 346,972,194 5,244,898,110 5,147,489,153
3,171,237 3,587,758 220,842 228,371 7,330,494 7,415,325
$1,183,325,794 $1,192,495,801 $445,948,804 $347,200,565 $5,252,228,604 $5,154,904,478
1 2 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Income Statements
Janus AsiaFund
Janus BalancedFund
Janus Emerging Markets Fund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
For the 6 months ended 30 June 2012 and 30 June 2011 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $328 $— $ 1,443,699 $1,162,035 $246 $138
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,014 — 993,752 842,695 83,996 71,617
Withholding tax on dividends and other investment income . . . . . . . . . . . . . . . . . (5,220) — (235,297) (178,236) (4,562) (8,853)
Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,938 — 21,830 7,078 569 —
Net gain/(loss) on financial assets and liabilities
at fair value through profit or loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,592 — 6,373,811 8,371,615 (274,378) 45,534
Total Investment Income/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,652 — 8,597,795 10,205,187 (194,129) 108,436
Expenses:
Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,901 — 745,473 607,592 31,015 34,133
Shareholder Service fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,331 — 325,503 280,980 12,319 13,287
Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 66,748 81,743 4,393 5,349
Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . 2,454 — 94,795 78,313 2,670 2,951
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,542 — 34,175 35,677 51,077 56,347
Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,003 — 2,955 2,524 2,943 1,363
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,031 — 10,282 7,046 10,953 8,807
Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,780 — 13,013 5,765 3,899 226
Legal and other professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,383 — 28,767 15,796 8,084 2,244
Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,194 — 16,235 23,073 15,993 2,301
Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,619 — 1,337,946 1,138,509 143,346 127,008
Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (79,188) — (92) (73) (84,438) (67,085)
Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,431 — 1,337,854 1,138,436 58,908 59,923
Net Operating Profit/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,221 — 7,259,941 9,066,751 (253,037) 48,513
Finance Costs:
Distributions to holders of redeemable ordinary shares from:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Income equalisation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (70) — (2,018) 1,247,285 4,067 —
Total distributions to holders of redeemable ordinary shares. . . . . . . . . . . . . . . . . (70) — (2,018) 1,247,285 4,067 —
Movement in adjustment from bid prices to last traded prices . . . . . . . . . . . . . . . 28,057 — 66,544 84,318 12,122 3,819
Net Increase/(Decrease) in net assets attributable
to holders of redeemable shares resulting from operations. . . . . . . . . . . . . . . . . $237,208 $— $7,324,467 $10,398,354 $(236,848) $52,332
The accompanying notes are an integral part of the financial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 2 5
Janus EuropeFund
Janus Global Life Sciences Fund
Janus GlobalResearch Fund
Janus Global Technology Fund
Janus US Fund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
€34 €242 $1,067 $2,133 $472 $682 $173 $4,963 $31 $7
34,166 77,518 268,271 476,364 69,375 128,014 130,374 245,628 6,168 8,211
(3,507) (9,769) (62,905) (111,284) (11,797) (19,453) (24,704) (46,700) (1,259) (2,022)
— — 1,206 — 64 — 73,175 — — —
116,977 (204,841) 7,384,392 9,871,935 497,235 1,100,993 4,287,321 4,000,407 97,726 75,757
147,670 (136,850) 7,592,031 10,239,148 555,349 1,210,236 4,466,339 4,204,298 102,666 81,953
11,519 25,822 440,937 520,163 48,161 83,685 258,571 521,038 6,774 6,306
3,909 5,028 214,465 233,325 12,020 13,873 119,942 216,394 2,825 2,508
— — 69,128 84,883 1,917 2,054 45,380 59,358 1,092 1,096
1,089 2,390 53,315 59,978 6,463 11,152 28,895 49,763 674 598
10,588 39,923 40,914 27,515 45,045 34,693 29,292 29,204 17,180 11,161
793 1,076 2,747 2,108 3,276 2,417 2,747 2,055 2,943 1,341
8,454 5,408 10,522 4,637 10,977 8,807 10,313 4,637 10,067 7,893
1,020 142 6,346 2,662 3,003 596 4,509 2,023 2,910 43
239 306 10,674 7,483 1,686 1,634 584 5,762 116 117
614 2,565 3,571 14,785 2,122 33,786 936 11,205 411 800
38,225 82,660 852,619 957,539 134,670 192,697 501,169 901,439 44,992 31,863
(18,181) (42,422) 16,959 (1,149) (57,527) (68,696) (3,474) (2,252) (32,811) (20,555)
20,044 40,238 869,578 956,390 77,143 124,001 497,695 899,187 12,181 11,308
127,626 (177,088) 6,722,453 9,282,758 478,206 1,086,235 3,968,644 3,305,111 90,485 70,645
— — — — — (40) — — — —
322 (277) (6,177) — (846) — (23,042) — 452 —
322 (277) (6,177) — (846) (40) (23,042) — 452 —
6,881 3,538 10,920 17,920 23,841 6,039 16,588 18,258 644 134
€134,829 €(173,827) $6,727,196 $9,300,678 $501,201 $1,092,234 $3,962,190 $3,323,369 $91,581 $70,779
1 2 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Income Statements
Janus US All Cap Growth Fund
Janus US Research Fund
Janus US TwentyFund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
For the 6 months ended 30 June 2012 and 30 June 2011 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $35,424 $305,866 $58 $318 $2,677 $34,789
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,363,332 3,687,456 45,320 41,583 1,901,604 4,888,464
Withholding tax on dividends and other investment income . . . . . . . . . . . . . . . . . (382,563) (1,305,266) (11,799) (11,352) (377,860) (1,516,883)
Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,610 — 675 — 72,461 —
Net gain/(loss) on financial assets and liabilities
at fair value through profit or loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,802,243 97,066,379 801,727 751,694 57,498,247 27,556,212
Total Investment Income/(Loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,024,046 99,754,435 835,981 782,243 59,097,129 30,962,582
Expenses:
Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,949,558 6,182,113 63,608 61,018 2,317,159 4,384,383
Shareholder Service fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,014,589 1,771,556 30,540 23,611 875,116 1,682,382
Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,914 71,143 3,045 3,544 109,173 147,417
Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . 463,464 610,038 7,564 9,093 241,450 442,348
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,277 117,648 19,379 27,312 47,916 99,424
Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,955 6,937 2,747 1,118 2,955 4,604
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,659 7,046 10,144 7,927 11,539 7,046
Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,872 45,427 4,445 357 24,652 23,695
Legal and other professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,511 124,473 12,670 979 59,596 64,926
Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,976 164,258 6,519 6,734 64,985 222,542
Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,806,775 9,100,639 160,661 141,693 3,754,541 7,078,767
Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,867 — (42,443) (34,268) (9,317) (631)
Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,893,642 9,100,639 118,218 107,425 3,745,224 7,078,136
Net Operating Profit/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,869,596) 90,653,796 717,763 674,818 55,351,905 23,884,446
Finance Costs:
Distributions to holders of redeemable ordinary shares from:
Net investment income — . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Income equalisation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (639,487) — (1,892) — (213,492) —
Total distributions to holders of redeemable ordinary shares. . . . . . . . . . . . . . . . . (639,487) — (1,892) — (213,492) —
Movement in adjustment from bid prices to last traded prices . . . . . . . . . . . . . . . 616,156 (370,839) (680) 562 144,202 112,152
Net Increase/(Decrease) in net assets attributable
to holders of redeemable shares resulting from operations. . . . . . . . . . . . . . . . . $(3,892,927) $90,282,957 $715,191 $675,380 $55,282,615 $23,996,598
The accompanying notes are an integral part of the financial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 2 7
Janus US VentureFund
Perkins Global Value Fund
Perkins US Strategic Value Fund
INTECH US Core Fund
Janus Global Real Estate Fund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
$1,198 $3,943 $238 $508 $51,605 $119,407 $694 $2 $4,186 $7,090
94,123 61,715 66,842 54,043 9,817,317 13,294,712 2,087,187 1,849,719 2,839,738 2,708,698
(24,545) (16,536) (12,346) (7,744) (2,437,478) (3,445,026) (558,960) (530,013) (179,972) (164,215)
5,833 — 18 — 87,429 — 7,077 — 4,472 —
2,725,453 4,866,414 51,765 159,651 37,616,058 70,150,873 12,206,708 19,921,932 15,686,050 1,397,524
2,802,062 4,915,536 106,517 206,458 45,134,931 80,119,966 13,742,706 21,241,640 18,354,474 3,949,097
209,315 272,147 17,888 12,766 5,900,498 10,746,493 889,104 1,028,819 622,777 800,155
101,461 123,941 8,166 5,023 1,344,636 3,141,588 207,463 274,077 33,293 43,449
17,750 22,298 2,145 2,154 9,187 12,052 4,541 4,581 1,228 1,690
23,172 26,572 1,772 1,159 402,390 740,914 102,701 115,503 72,651 83,522
23,319 18,326 16,521 13,442 60,943 107,834 25,875 28,246 32,751 43,053
2,747 1,926 2,943 1,346 2,979 8,324 3,562 2,055 3,107 2,432
9,448 4,104 10,083 7,893 14,848 8,807 11,226 7,927 10,242 8,807
5,667 1,136 3,051 86 62,746 53,877 13,970 7,705 11,553 5,419
19,712 3,348 9,734 235 125,624 147,625 41,216 21,113 19,023 14,936
12,325 6,133 12,777 5,397 119,826 259,513 35,660 71,457 17,894 43,999
424,916 479,931 85,080 49,501 8,043,677 15,227,027 1,335,318 1,561,483 824,519 1,047,462
(27,695) (128) (53,090) (26,786) (11,830) — (18,760) (50,886) (13,254) —
397,221 479,803 31,990 22,715 8,031,847 15,227,027 1,316,558 1,510,597 811,265 1,047,462
2,404,841 4,435,733 74,527 183,743 37,103,084 64,892,939 12,426,148 19,731,043 17,543,209 2,901,635
— — — — — — — (195) (1,616,664) (2,242,105)
(4,130) — (5,768) 1,134 (49,265) — 273 (150,349) 9,005 (87,904)
(4,130) — (5,768) 1,134 (49,265) — 273 (150,544) (1,607,659) (2,330,009)
782 9,535 4,718 2,482 37,619 340,086 15,956 47,513 255,291 151,235
$2,401,493 $4,445,268 $73,477 $187,359 $37,091,438 $65,233,025 $12,442,377 $19,628,012 $16,190,841 $722,861
1 2 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Income Statements
Janus Flexible Income Fund
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
For the 6 months ended 30 June 2012 and 30 June 2011 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,748,816 $15,881,190 $1,330,008 $529,216 $425,503 $221,702
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,779 72,681 2,210 2,708 — 443
Withholding tax on dividends and other investment income . . . . . . . . . . . . . . . . . — (39,741) (132) (874) (738) 158
Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,261 — 705 — 20 —
Net gain/(loss) on financial assets and liabilities
at fair value through profit or loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,409,279 21,280,490 (13,070) 606,940 295,264 894,402
Total Investment Income/(Loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,170,135 37,194,620 1,319,721 1,137,990 720,049 1,116,705
Expenses:
Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,611,074 2,592,847 172,833 71,812 86,019 46,673
Shareholder Service fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,315,925 740,952 116,173 40,210 55,222 24,952
Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,209 136,471 13,951 14,087 13,624 13,428
Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . 626,484 412,616 20,110 8,081 11,599 5,649
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,694 60,145 18,935 15,779 12,724 12,569
Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,096 4,887 2,430 1,441 2,430 1,397
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 8,807 11,737 8,807 11,646 8,807
Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,954 28,090 10,578 907 6,639 522
Legal and other professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,653 76,967 26,210 2,484 941 1,430
Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,943 170,243 16,567 14,069 1,073 12,473
Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,009,232 4,232,025 409,524 177,677 201,917 127,900
Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,008 — (61,886) (34,606) (22,994) (28,942)
Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,193,240 4,232,025 347,638 143,071 178,923 98,958
Net Operating Profit/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,976,895 32,962,595 972,083 994,919 541,126 1,017,747
Finance Costs:
Distributions to holders of redeemable ordinary shares from:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,568,133) (9,458,537) (569,320) (149,113) (109,247) (56,595)
Income equalisation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,813 (54,022) 25,637 6,860 1,634 4,644
Total distributions to holders of redeemable ordinary shares. . . . . . . . . . . . . . . . . (9,530,320) (9,512,559) (543,683) (142,253) (107,613) (51,951)
Movement in adjustment from bid prices to last traded prices . . . . . . . . . . . . . . . (960,919) 305,943 44,512 — 14,238 —
Net Increase/(Decrease) in net assets attributable
to holders of redeemable shares resulting from operations. . . . . . . . . . . . . . . . . $23,485,656 $23,755,979 $472,912 $852,666 $447,751 $965,796
The accompanying notes are an integral part of the financial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 2 9
Janus High Yield Fund
Janus US Short-Term Bond Fund
Company Total in US Dollar
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
$45,558,417 $44,789,706 $5,925,257 $3,611,772 $75,530,140 $66,675,811
191,065 586,794 — — 20,084,822 29,131,734
(10,625) (220,663) (608) (37,278) (4,347,923) (7,675,867)
135,618 — 3,346 — 624,307 7,078
27,212,423 24,608,273 778,376 8,831,203 195,773,082 301,267,054
73,086,898 69,764,110 6,706,371 12,405,697 287,664,428 389,405,810
4,691,134 4,711,835 1,207,933 995,383 26,309,686 33,716,066
1,576,958 1,847,144 877,650 699,171 9,257,672 11,185,570
923,320 1,327,061 32,740 34,411 1,471,485 2,024,820
797,977 815,221 224,409 163,852 3,186,423 3,640,720
93,141 84,574 35,842 37,134 795,287 916,832
2,859 7,677 2,855 3,548 57,308 61,029
11,957 8,807 12,312 7,114 231,161 151,413
77,929 46,940 31,324 12,914 410,164 238,592
144,280 128,619 40,616 35,385 762,390 655,991
126,653 222,972 25,684 44,553 698,141 1,333,939
8,446,208 9,200,850 2,491,365 2,033,465 43,179,717 53,924,972
149,783 — 85,095 (2,597) (19,690) (398,955)
8,595,991 9,200,850 2,576,460 2,030,868 43,160,027 53,526,017
64,490,907 60,563,260 4,129,911 10,374,829 244,504,401 335,879,793
(26,482,812) (24,140,569) (198,395) (134,560) (38,544,571) (36,181,714)
(81,088) 18,577 15,107 12,707 (932,869) 998,538
(26,563,900) (24,121,992) (183,288) (121,853) (39,477,440) (35,183,176)
(416,521) 89,691 (7,529) 17,158 (84,526) 841,035
$37,510,486 $36,530,959 $3,939,094 $10,270,134 $204,942,435 $301,537,652
1 3 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Statements of Changes in Net Assets
Janus Asia Fund
Janus Balanced Fund
Janus Emerging Markets Fund
For the 6 months ended 30 June 2012 and 30 June 2011
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Increase/(Decrease) in net assets attributable to holders
of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . $237,208 $— $7,324,467 $10,398,354 $(236,848) $52,332
Capital Share Transactions of redeemable ordinary shares:
Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . . . . . . 35,391 — 34,771,518 53,794,877 1,191,190 663,022
Redemption of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . (293,759) — (29,253,138) (16,772,125) (880,973) (179,969)
Net (Decrease)/Increase from Capital Share Transactions
of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (258,368) — 5,518,380 37,022,752 310,217 483,053
Net (Decrease)/Increase in Net Assets attributable to holders
of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,160) — 12,842,847 47,421,106 73,369 535,385
Net Assets attributable to holders
of redeemable shares at 1 January.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,271,834 — 149,710,877 117,439,901 4,390,240 5,419,383
Notional FX (Loss)/Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net Assets attributable to holders
of redeemable ordinary shares at 30 June . . . . . . . . . . . . . . . . . . . . $4,250,674 $— $162,553,724 $164,861,007 $4,463,609 $5,954,768
The accompanying notes are an integral part of the financial statements.
Janus US All Cap Growth Fund
Janus US Research Fund
Janus US Twenty Fund
For the 6 months ended 30 June 2012 and 30 June 2011
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Increase/(Decrease) in net assets attributable to holders
of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . $(3,892,927) $90,282,957 $715,191 $675,380 $55,282,615 $23,996,598
Capital Share Transactions of redeemable ordinary shares:
Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . . . . . . 298,442,974 702,642,886 863,617 4,421,041 42,388,286 161,223,338
Redemption of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . (348,618,785) (464,555,411) (1,680,986) (4,112,744) (169,074,058) (408,378,427)
Net (Decrease)/Increase from Capital Share Transactions
of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,175,811) 238,087,475 (817,369) 308,297 (126,685,772) (247,155,089)
Net (Decrease)/Increase in Net Assets attributable to holders
of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (54,068,738) 328,370,432 (102,178) 983,677 (71,403,157) (223,158,491)
Net Assets attributable to holders
of redeemable shares at 1 January.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 773,185,218 929,675,302 8,475,866 8,604,842 435,923,093 864,071,080
Notional FX (Loss)/Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net Assets attributable to holders
of redeemable ordinary shares at 30 June . . . . . . . . . . . . . . . . . . . . $719,116,480 $1,258,045,734 $8,373,688 $9,588,519 $364,519,936 $640,912,589
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 3 1
Janus Europe Fund
Janus Global Life Sciences Fund
Janus Global Research Fund
Janus Global Technology Fund
Janus US Fund
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
€134,829 €(173,827) $6,727,196 $9,300,678 $501,201 $1,092,234 $3,962,190 $3,323,369 $91,581 $70,779
83,844 4,347,507 21,159,535 18,362,342 189,297 795,319 3,992,207 9,206,546 82,921 32,512
(362,822) (4,222,152) (22,297,257) (21,815,745) (1,386,396) (528,209) (11,696,017) (26,440,311) (102,569) —
(278,978) 125,355 (1,137,722) (3,453,403) (1,197,099) 267,110 (7,703,810) (17,233,765) (19,648) 32,512
(144,149) (48,472) 5,589,474 5,847,275 (695,898) 1,359,344 (3,741,620) (13,910,396) 71,933 103,291
2,088,419 3,909,452 55,102,861 62,665,091 8,973,901 15,289,584 35,259,868 68,093,469 1,115,869 1,075,551
— — — — — — — — — —
€1,944,270 €3,860,980 $60,692,335 $68,512,366 $8,278,003 $16,648,928 $31,518,248 $54,183,073 $1,187,802 $1,178,842
Janus US Venture Fund
Perkins Global Value Fund
Perkins US Strategic Value Fund
INTECH US Core Fund
Janus Global Real Estate Fund
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
$2,401,493 $4,445,268 $73,477 $187,359 $37,091,438 $65,233,025 $12,442,377 $19,628,012 $16,190,841 $722,861
12,346,415 679,226 1,289,533 181,939 113,764,587 576,895,088 43,335,019 42,327,621 20,377,477 19,162,427
(8,918,429) (10,495,792) (75,741) (4,444) (416,172,465) (449,817,760) (63,249,339) (64,319,181) (11,071,512) (54,859,490)
3,427,986 (9,816,566) 1,213,792 177,495 (302,407,878) 127,077,328 (19,914,320) (21,991,560) 9,305,965 (35,697,063)
5,829,479 (5,371,298) 1,287,269 364,854 (265,316,440) 192,310,353 (7,471,943) (2,363,548) 25,496,806 (34,974,202)
23,007,406 36,782,710 2,420,440 2,096,860 904,946,888 1,269,385,967 183,146,095 207,306,542 104,534,008 179,339,126
— — — — — — — — — —
$28,836,885 $31,411,412 $3,707,709 $2,461,714 $639,630,448 $1,461,696,320 $175,674,152 $204,942,994 $130,030,814 $144,364,924
1 3 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Statements of Changes in Net Assets
Janus Flexible Income Fund
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
For the 6 months ended 30 June 2012 and 30 June 2011
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Increase/(Decrease) in net assets attributable to holders
of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . $23,485,656 $23,755,979 $472,912 $852,666 $447,751 $965,796
Capital Share Transactions of redeemable ordinary shares:
Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . . . . . . 476,162,875 109,942,346 16,747,038 17,552,685 8,921,239 11,242,051
Redemption of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . (152,210,173) (176,936,621) (11,192,983) (66,291) (3,215,928) (9,716)
Net (Decrease)/Increase from Capital Share Transactions
of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323,952,702 (66,994,275) 5,554,055 17,486,394 5,705,311 11,232,335
Net (Decrease)/Increase in Net Assets attributable to holders
of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347,438,358 (43,238,296) 6,026,967 18,339,060 6,153,062 12,198,131
Net Assets attributable to holders
of redeemable shares at 1 January.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 871,188,681 769,383,957 30,922,613 9,811,056 15,929,731 9,469,410
Notional FX (Loss)/Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net Assets attributable to holders
of redeemable ordinary shares at 30 June . . . . . . . . . . . . . . . . . . . . $1,218,627,039 $726,145,661 $36,949,580 $28,150,116 $22,082,793 $21,667,541
The accompanying notes are an integral part of the financial statements.
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 3 3
Janus High YieldFund
Janus US Short-Term Bond Fund
Company Totalin US Dollar
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
Period Ended30 June2012
(unaudited)
Period Ended30 June2011
(unaudited)
$37,510,486 $36,530,959 $3,939,094 $10,270,134 $204,942,435 $301,537,652
171,879,961 351,847,462 222,704,103 178,393,601 1,490,754,029 2,265,546,154
(218,560,454) (231,663,899) (127,894,958) (98,989,660) (1,598,316,936) (2,035,947,433)
(46,680,493) 120,183,563 94,809,145 79,403,941 (107,562,907) 229,598,721
(9,170,007) 156,714,522 98,748,239 89,674,075 97,379,528 531,136,373
1,192,495,801 1,065,454,881 347,200,565 260,131,845 5,154,904,478 5,887,053,703
— — — — (55,402) 110,176
$1,183,325,794 $1,222,169,403 $445,948,804 $349,805,920 $5,252,228,604 $6,418,300,252
Notes to the Financial Statements
1 3 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
1. ACCOUNTING POLICIES
The significant accounting policies and estimation techniques adopted by the Company are as follows:
BASIS OF PRESENTATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with accounting standards generally accepted in Ireland, the Companies Acts and the UCITS Regulations. Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board.
The format and certain wordings of the financial statements have been adapted from those contained in the Companies (Amendment) Act, 2009 and FRS 3 “Reporting Financial Performance” so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment fund. The Company has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare a cash flow statement.
Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.
The Company has not applied the disclosure requirements of FRS 29: Financial Instruments Disclosures as according to paragraph 56 of the “Statement on Half Yearly Reports” issued by the Accounting Standards Board (“ASB”) in July 2007, disclosures demanded by financial Reporting Standards are not generally required for semi-annual reports.
HISTORICAL COST CONVENTION
The financial statements are prepared under the historical cost convention as modified to include financial assets held at fair value through profit or loss.
INVESTMENT VALUATION
Financial assets held at fair value through profit or loss are valued at bid market price in the financial statements. Gains and losses arising from changes in their fair value are included in the Income Statement in the year in which they arise.
All the Company’s assets and liabilities are held for the purpose of being traded.
The following table presents the position that were fair valued by Janus Global Pricing Committee at 30 June 2012. 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
(USD) at
30 June 2012
Fair Value as a %
of Net Assets
Janus Emerging Markets Fund IndiaBulls Infrastructure and Power, Ltd. 4,015 0.1Janus US Venture Fund Digital Domain - Private Placement 108,170 0.4
Janus Global Real Estate Fund Sino-Forst Corp. – –
Janus Global Real Estate Fund IndiaBulls Infrastructure and Power, Ltd. 72,694 0.1
As at 31 December 2011, the Janus Balanced Fund and the Janus Flexible Income Fund held FREMF Mortgage Trust, 4.7507% due 25/11/46 which represented 0.0% and 0.2% of their respective net assets and was fair valued at cost ($51,811) and ($1,824,433) respectively.
The following table presents the position that were fair valued by Janus Global Pricing Committee at 31 December 2011. 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
(USD) at
31 December 2011
Fair Value as a %
of Net Assets
Janus Emerging Markets Fund IndiaBulls Infrastructure and Power, Ltd. – –
Janus US Venture Fund Digital Domain – Private Placement $105,020 0.5
Janus Global Real Estate Fund Sino-Forest Corp. – –
Janus Global Real Estate Fund IndiaBulls Infrastructure and Power, Ltd. – –
Janus Global Research Fund FU JI Food and Catering Services Holdings, Ltd. – –
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 3 5
Listed Securities
Securities listed on a recognised stock exchange or traded on any other organised market are valued at the last quoted bid price as at the close of the regular trading session of the New York Stock Exchange (“NYSE”) on the relevant Business Day (normally 4:00 p.m., New York time, Monday through Friday) or, if unavailable or, in the opinion of the Administrator unrepresentative of fair value, the last available bid price on the principal exchange. This is a departure from the Prospectus, where the last quoted trade price or, if unavailable or, in the opinion of the Administrator unrepresentative of fair market value, the mid price is used. If for specific assets the latest available prices do not, in the opinion of the Administrator, reflect their fair value or if prices are unavailable, the value shall be calculated by the Administrator in consultation with the Investment Adviser or the relevant Sub-Investment Adviser on the basis of the probable realisation value for such assets as at the close of the regular trading session of the NYSE on the relevant Business Day. The Administrator may use a systematic fair valuation model provided by an independent third party to value equity securities in order to adjust for stale pricing which may occur between the close of foreign exchanges and the relevant Valuation Point.
Cash and Other Liquid AssetsCash and other liquid assets will be valued at their fair value with interest accrued, where applicable, at the close of the regular trading session of the New York Stock Exchange (“NYSE”) on the relevant Business Day (normally 4:00 p.m., New York time, Monday through Friday).
Collective Investment SchemesUnits or shares in collective investment schemes will be valued at the bid quotation or if unavailable the latest available unaudited net asset value or, if listed or traded on a Regulated Market, at the latest quoted trade price or a mid-quotation or, if unavailable or unrepresentative, the latest available net asset value as deemed relevant to the collective investment scheme. This is a departure from the Prospectus where the bid quotation is not used and, in the first instance, the latest available net asset value is used.
Exchange Traded Derivative InstrumentsExchange traded derivative instruments will be valued at the close of the regular trading session of the NYSE on the relevant Business Day at the settlement price for such instruments on such market. If the settlement price of an exchange traded derivative instrument is not available, the value of such instrument shall be the probable realisation value estimated with care and in good faith by the Administrator or other competent person approved for the purpose by the Custodian. All derivatives are carried as assets when the fair value is positive, and as a liability when the fair value is negative.
Short-Term InvestmentsAmortised cost calculated using the effective yield method, which approximates fair value, is used to value discounted
debt obligations with 60 days or less remaining to maturity, unless the Company’s Directors determine that this does not represent fair value. All other short-term investments, including time deposits, are valued at cost, which approximates their fair value. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses.
REPURCHASE AGREEMENTS
Securities purchased under agreements to resell are valued at amortised cost, which approximates fair value, and are adjusted for any movements in foreign exchange rates. Interest rates vary for each repurchase agreement and are set at the initiation of the agreement. It is the Company’s policy to take custody of securities purchased under repurchase agreements and to value the securities on a daily basis to protect the Company in the event the securities are not repurchased by the counterparty. The Company will generally obtain additional collateral if the market value of the underlying securities is less than the face value of the purchase agreement plus any accrued interest. In the event of default on the obligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings.
FUTURES CONTRACTS ON SECURITIES
Futures are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date of an instrument, at a specified price or yield. Initial margin deposits are made upon entering into future contracts and are generally made in cash or cash equivalents. Futures contracts are fair valued based upon their daily quoted daily settlement price. For open futures contracts, changes in the fair value of the contract are recognised as unrealised gains or losses by “marking-to-market” the value of the contract at the Balance Sheet date. When the contract is closed, the difference between the proceeds from (or cost of ) the closing transactions and the original transaction is recorded as a realised gain or loss. Futures contracts are held at fair value through profit or loss. The Variation margin receivable or payable at the period end date is reported as an asset or liability, as applicable, in the Balance Sheet, gains and losses arising from changes in the fair value of the futures contracts are included in the Income Statement in the year which they arise.
OPTIONS
Options are rights to buy or sell an underlying asset or instrument for a specified price (the exercise price) during, or at the end of, a specified year. The seller (or writer) of the option receives a payment, or premium, from the buyer, which the writer keeps regardless of whether the buyer uses (or exercises) the option. The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised
Notes to the Financial Statements
1 3 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
is added to the cost of the securities or foreign currencies purchased. Premiums paid from the purchase of options, which expire unexercised are treated as realised losses. The premium on written call options exercised is added to the proceeds from the sale of the underlying security of foreign currency in determining the realised gain or loss. The premium on written put options exercised is subtracted from the cost of the securities or foreign currencies purchased. Premiums received from written options, which expire unexercised are treated as realised gains. A call option gives the holder (buyer) the right to buy the underlying asset from the seller (writer) of the option. A put option gives the holder the right to sell the underlying asset to the writer of the option. Options can trade on exchanges or in the OTC market and may be bought or sold on a wide variety of underlying assets or instruments, including financial indices, individual securities, and other derivative instruments, such as futures contracts, foreign currencies, forward contracts, structured investments (derivative securities which are specifically designed to combine the characteristics of one or more underlying securities in a single note) and yield curve options. Options that are written on futures contracts will be subject to margin requirements similar to those applied to futures contracts.
Options, held at fair value though profit or loss, are fair valued daily based upon the quotation provided by counterparty on the principal exchange on which the option is traded. Realised and unrealised gains and losses arising from option contracts are included in the Income Statement in the year in which they arise.
Options held by the Janus Emerging Markets Fund, Janus Global Technology Fund, Janus US All Cap Growth Fund, Janus US Twenty Fund, Perkins US Strategic Value Fund and Janus Global Real Estate Fund with Credit Suisse First Boston, Goldman Sachs, Morgan Stanley or UBS as at 30 June 2012 are detailed in the Portfolio Statements.
SWAPS
A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The Company may utilise swap agreements as a means to gain exposure to certain common stocks and/or to “hedge” or protect their portfolios from adverse movements in securities prices or interest rates. The Company is subject to equity risk and interest rate risk in the normal course of pursuing their investment objectives through investments in swap contracts. Swap agreements entail the risk that a party will default on its payment obligation to a Fund. If the other party to a swap defaults, a Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If a Fund utilises a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return. Swap contracts of the Company are reported as an asset or liability on the Balance Sheet (if applicable). Realised gains and losses of the Funds are reported in “Net gain/(loss) on financial assets
and liabilities at fair value through profit or loss” on the Income Statement (if applicable).
Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. The Funds’ maximum risk of loss for total return swaps from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral to the Funds to cover the Funds’ exposure to the counterparty.
TRANCHE LOANS
The Company may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan.
When investing in a tranche loan, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. Tranche loans are fair valued based on valuations provided by the pricing vendor Markit. Fees earned or paid and the receipt of payments of principal are recorded as a component of Net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Income Statement.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME
Investment transactions are accounted for as of the date purchased or sold. Gains and losses arising from changes in the fair value of the financial assets at fair value through profit or loss are included in the Income Statement in the period in which they arise. Investment transactions are calculated using the weighted average cost method. The Weighted Average Cost basis is compliant with FRS 18 and gives a true and fair view of the realised gains and losses on the sale of investments.
Dividends are credited to the Income Statement on the dates on which the relevant securities are listed as “ex-dividend.” Interest
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 3 7
income is accrued on a daily effective yield basis. Income is shown gross of non-recoverable withholding tax. Withholding tax is shown net of any reclaim receivable.
TRANSACTION COSTS
Transaction costs include fees and commissions paid to agents (including employees acting as selling agents), advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs
do not include debt premiums or discounts, financing costs or internal administrative costs.
DISTRIBUTIONS PAYABLE TO HOLDERS OF REDEEMABLE ORDINARY SHARES
Distributions paid to holders of redeemable ordinary Shares are classified as finance costs in the Income Statement.
The following table presents the distribution policy applicable to each Class of Shares:
Accumulating (acc) Share ClassesThe Company will not declare or make dividend payments on any accumulating (acc) Class of Shares. All net income and net realised capital gains will not be distributed and will be reflected in the net asset value per Share.
Distributing (dis or inc) Share ClassesThe distributing (dis or inc) Share Classes intend to declare and distribute dividends, which are comprised of net investment income as disclosed below. Any net capital gains realised (i.e. net capital gains less realised and unrealised losses) by the above Classes of Shares on sales of portfolio assets are declared and distributed periodically. Prior to the day that the distributions are declared, the undistributed net investment income and undistributed net realised capital gains will be retained and reflected in the net asset value of each Share Class.
Where the above Share Classes operate equalisation d istributions made by such Share Classes will include an amount of income equalisation. This amount corresponds to the equalisation income included in the net asset value per Share of such Share Class.
Certification as a “reporting fund” has been obtained for accounting periods beginning on or after 1 January 2012 in respect of the $acc Classes of all Equity Investing Funds, except the Janus Asia Fund, $acc and $inc Classes of the Fixed Income Funds and the €acc Classes of the Janus Europe Fund (to the extent such Classes were in issue at such date). Certification has also been obtained for the active distributing Share Classes. It is the current intention of the Directors to seek to maintain such approvals and to seek reporting fund status in respect of any new Classes falling within such descriptions with effect from the date on which such Classes become available to investors in the United Kingdom, although no guarantees can be given that such status will be obtained or maintained. The Directors reserve the right to seek approval as a “reporting fund” in respect of any other Class. A full list of approved reporting funds is published on the website of HM Revenue & Customs.
INCOME EQUALISATION
All Funds operating an income or distributing Share Class intend to operate income equalisation. This is an accounting practice by which a portion of the issue and redemption price of the Fund’s Shares, representing accumulated distributable
Class of Share
Frequency of
Dividend Declaration
Net Investment
Income
Net Realised
Capital Gains
Distribution
Frequency
Accumulating (acc) Share Classes
A$acc, A€acc, AHK$acc, B$acc, E€acc, I$acc, I€acc, Not applicable Not applicable Not applicable Not applicable
Distributing (dis or inc) Share Classes
Janus Asia Fund, Janus Emerging Markets Fund, Janus Europe Fund, Janus Global Life Sciences Fund, Janus Global Research Fund, Janus Global Technology Fund, Janus US Fund, Janus US Research Fund, Janus US Venture Fund, Perkins Global Value Fund – A$dis, I$dis
Annually or more frequently at the discretion of the
Directors
Annually or more frequently at the discretion of the
Directors
Included† Annually or more frequently at the discretion of the
Directors
Janus Balanced Fund – AHK$inc Monthly Monthly Included Monthly
Janus US All Cap Growth Fund, Janus US Twenty Fund, Perkins US Strategic Value Fund and INTECH US Core Fund – A$dis, I$dis
Annually or more frequently at the discretion of the
Directors
Annually or more frequently at the discretion of the
Directors
Included† Annually or more frequently at the discretion of the
Directors
Janus Global Real Estate Fund – A$inc, B$inc, I$inc Quarterly Quarterly Included† Quarterly
Fixed Income Funds with the exception of Janus Global High Yield Fund and Janus High Yield Fund – A$inc, A€inc, B$inc, B€inc, E€inc, I$inc, I€inc,
Monthly Monthly Included† Monthly
Janus Global High Yield Fund – A$inc, A€inc, AAUD$inc, B$inc, B€inc, E€inc, I$inc, I€inc, IAUD$inc,
Monthly Monthly Included† Monthly
Janus High Yield Fund – A$inc, AAUD$inc, AHK$inc, ARMB(CNH)inc, B$inc, B€inc, E€inc, I$inc, IAUD$inc, IRMB(CNH)inc
Monthly Monthly Included† Monthly
† 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.
Notes to the Financial Statements
1 3 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
profit on the date of the Share transaction, is credited or charged respectively to distributable profit.
FOREIGN EXCHANGE TRANSLATION
Functional and Presentation CurrencyItems included in the Company’s financial statements are measured using the currency of the primary economic environment in which the Company operates (the “functional currency”), which is the US Dollar. All amounts disclosed in the financial statements are in USD (the “presentational currency”), with the exception of the Janus Europe Fund, the functional currency of which is the Euro.
Transactions and BalancesAssets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the Balance Sheet date. Transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Income Statement in determining the result for the period.
FOREIGN FORWARD CURRENCY CONTRACTS
The Company may, without limitation, enter into three types of forward foreign exchange currency contracts: Australian Dollar and Euro Class level hedging, foreign security hedging and security transaction level hedging.
The unrealised appreciation or depreciation on open forward exchange contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts, which have been settled or offset by other contracts. For foreign security hedges and security transaction level hedges, realised and unrealised gains and losses are allocated at Fund level. For AUD$ and Euro Class level hedge the realised and unrealised gains and losses are allocated solely to the relevant Class. While the Company will attempt to hedge against currency exposure in the AUD$ and Euro Classes, there can be no guarantee that the value of the AUD$ and Euro Classes will not be affected by the value of these currencies relative to the US Dollar as applicable.
2. SHARE CAPITAL
AUTHORISED
The paid up share capital of the Company shall at all times equal the combined net asset value of the Funds. The Directors are authorised to issue up to 500 billion Shares of no par value each. For accounting purposes, these are deemed to be either subscriber shares or redeemable ordinary Shares (“Ordinary Shares”).
SUBSCRIBER SHARES
There are currently 30,000 subscriber Shares in issue of no par value, held by three subscriber Shareholders. The subscriber Shares do not form part of the net asset value of the Company and are thus not disclosed in the financial statements except by way of this note only. The subscriber Shares entitle the
Shareholders holding them to attend and vote at all meetings of the Company, but do not entitle the holders to participate in the dividends or net asset value of any Fund or of the Company.
REDEEMABLE ORDINARY SHARES
The Company issues redeemable Shares, which are redeemable at the holder’s option and are classified as financial liabilities. Redeemable Shares can be put back to the Company at any time for cash equal to a proportionate share of the net asset value per Share of the relevant Fund. The redeemable Share is carried at the redemption amount that is payable at the Balance Sheet date if the holder exercises the right to put the share back to the Company at that date. Holders of redeemable ordinary Shares are entitled to attend and vote at meetings of the Company and of the Fund represented by those Shares.
Redeemable Shares are issued and redeemed at the holder’s option at prices based on the net asset value per Share of the relevant Fund at the time of issue or redemption. The net asset value per Share of the relevant Fund is calculated by dividing the net assets attributable to the holders of redeemable Shares in that Class by the total number of outstanding redeemable Shares in that Class (adjusted to the nearest whole unit of the Base Currency). In accordance with the provisions of the Company’s Articles of Association and Prospectus, investment positions which are listed or traded on a Regulated Market for which market quotations are readily available are valued based on the last quoted trade price for the purpose of determining the net asset value per Share for subscriptions and redemptions.
Distributions on these Ordinary Shares are recognised in the Income Statement as finance costs.
3. RELATED PARTY TRANSACTIONS
Janus Capital International Limited (“JCIL”), acts as Investment Adviser and Distributor to the Company. JCIL is a company incorporated under the laws of England and Wales, authorised and regulated by the Financial Services Authority (“FSA”) in the UK.
JCIL has appointed Janus Capital Management LLC (“JCM”) and Janus Capital Singapore Pte. Limited (“JCSL”) as Sub-Investment Advisers with responsibility for investing and managing the cash and other assets of the Equity & Balanced Funds (except for the Perkins Global Value Fund and Perkins US Strategic Value Fund), the Janus Global Real Estate Fund and the Fixed Income Funds on a discretionary basis and for providing related advisory and administrative services. JCM is a limited liability company organised under the laws of the state of Delaware and is registered as an investment adviser with the US Securities and Exchange Commission. JCM, which indirectly owns JCIL, is owned by Janus Capital Group Inc.
JCIL has delegated to JCSL responsibility for providing discretionary investment management and advisory services the whole or part of the assets of the Janus Asia Fund, pursuant to an Investment Management Delegation Agreement. JCSL has been in the fund management and investment management
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 3 9
Funds
Annual Percentage of a Fund’s Net Asset Value for Class A, B and E Shares *
Annual Percentage of a Fund’s Net Asset Value
for Class I Shares *
Janus Asia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 1.00%Janus Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 0.80%
Janus Emerging Markets Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 1.10%
Janus Europe Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 1.00%
Janus Global Life Sciences Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50% 1.50%
Janus Global Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 1.00%
Janus Global Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50% 1.50%
Janus US Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 0.95%
Janus US All Cap Growth Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 0.95%
Janus US Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50% 0.95%
Janus US Twenty Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 0.95%
Janus US Venture Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50% 1.50%
Perkins Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 1.00%
Perkins US Strategic Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50% 1.50%
INTECH US Core Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 0.95%
Janus Global Real Estate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 1.00%
Janus Flexible Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 0.55%
Janus Global High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 0.80%
Janus Global Investment Grade Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 0.60%
Janus High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 0.65%Janus US Short-Term Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65% 0.65%
*Calculated as a percentage of the Fund’s average daily net asset value attributed to the relevant class
business since 2007 and acts as the securities trader and execution agent of JCM. JCSL is registered with the Securities and Exchange Commission as an investment adviser and has been granted a licence by the Monetary Authority of Singapore to deal in securities and to manage funds.
JCIL has also appointed INTECH as Sub-Investment Adviser with responsibility for investing and managing the cash and other assets of the Risk Managed Equity Funds on a discretionary basis and for providing related advisory and administrative services. INTECH is a limited liability company organised under the laws of the state of Delaware and is registered as an investment adviser with the US Securities and Exchange Commission. As of 30 June 2012, approximately 94.5% (31 December 2011: 94.5%) of the outstanding voting shares of INTECH was ultimately owned by Janus Capital Group Inc.
JCIL has also appointed Perkins Investment Management LLC (“Perkins”) as a Sub-Investment Adviser with responsibility for investing and managing the cash and other assets of the Perkins
Global Value Fund and the Perkins US Strategic Value Fund on a discretionary basis and for providing related advisory and administrative services. Perkins is a limited liability company organised under the laws of the state of Delaware and is registered as an investment adviser with the US Securities and Exchange Commission. As of 30 June 2012, JCM owned approximately 77.8% (31 December 2011: 77.8%) of Perkins. Perkins is ultimately owned by Janus Capital Group, Inc.
Mr. Augustus Cheh is an officer of Janus Capital Group Inc., which indirectly owns JCIL. Mr. Cheh did not receive Directors’ fees from the Company. Carl O’Sullivan is a partner in the firm of Arthur Cox who acts as legal adviser to the Company. All transactions with related parties, Directors or any party in which they have a material interest are entered into in the ordinary course of business and on normal commercial terms. During the period ended 30 June 2012, Arthur Cox invoiced fees of € 135,352 (2011 € 84,210) for services to the Company, all of which were paid during the period.
INVESTMENT MANAGEMENT FEES
The Investment Adviser was entitled to receive an investment management fee in respect of Class A, B, E and I each Fund for the period ended 30 June 2012 calculated daily and paid monthly in arrears, as set out in the schedule above.
SHAREHOLDER SERVICE FEES
A shareholder service fee with respect to Class A and Class B 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
US Core Fund and Janus US Short-Term Bond Fund) of the Fund’s average daily net asset value attributable to each such Class.
A shareholder service fee with respect to Class E Shares is payable out of the assets of each Fund at the rate of 1.25% for each of the Equity & Balanced Funds, Risk Managed Equity Funds and Alternative Investment Funds, 1.00% for each of the Fixed Income Funds per annum of the relevant Fund’s average daily net asset value attributable to Class E Shares.
Notes to the Financial Statements
1 4 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
DISTRIBUTION FEES
A distribution fee with respect to Class B Shares is payable to the Distributor out of the assets of each Fund at the rate of up to 1.00% per annum of the Fund’s average daily net asset value attributable to each such Class. To date this has been limited to a maximum of 0.80% on Janus US Short-Term Bond Fund. This is a voluntary cap which may be raised at any time.
Fees charged in relation to Investment Management, Shareholder Service and Distribution Fees are shown as separate line items in the Income Statement.
FUND EXPENSE LIMITS
The Investment Adviser has agreed to waive all or a portion of its investment management fees to the extent necessary to ensure that the total fees and out-of-pocket expenses, excluding transaction costs and trade commissions, of each Class do not exceed the Maximum Expense Limits which are set out in the “Fees and Expenses” section of the Company’s Prospectus and are also set out on page 5 in the Fund Expense Limits and Total Expense Ratios.
The Prospectus provides that where the total fees (including all fees of the Administrator, the Custodian and any Company representative in any jurisdiction) and out-of-pocket expenses, excluding transaction costs and trade commissions, allocated to a Fund in any fiscal year exceed the total expense limits set out in the Prospectus, the amount of such excess may be carried forward to succeeding fiscal years provided that such carry forward will be subject to the expense caps applicable to the relevant fiscal year. The resulting contingent liability has not been disclosed, as it cannot be calculated with any reasonable accuracy. This provision does not apply to the Janus Asia Fund, Janus Europe Fund, Janus Global Research Fund, INTECH US Core Fund, Janus Emerging Markets Fund, Janus US Fund, Perkins Global Value Fund, Janus Global High Yield Fund, Janus Global Investment Grade Bond Fund, and Janus Global Real Estate Fund; any fees and expenses incurred by these Funds in excess of the Maximum Expense Limits, may not be carried forward to succeeding fiscal years and the Investment Adviser will waive such portion of its investment management fee in respect of such Funds to the extent necessary to ensure that the total expense limits for those Funds are not exceeded.
Fees charged by the Administrator and Custodian are shown as separate line items in the Income Statement.
4. TAXATION
The Directors have been advised that under current Irish law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997 (of Ireland) (as amended). On that basis it is not generally chargeable to Irish tax on its income and gains.
Tax may however arise on the happening of a chargeable event in the Company. A chargeable event includes any payments
of distributions to Shareholders, any encashment, repurchase, redemption, cancellation or transfer of Shares and any deemed disposal of Shares as described in the Company’s Prospectus. No Irish tax will arise on the Company in respect of chargeable events in respect of:
(i) a Shareholder who is neither resident nor ordinarily resident in Ireland at the time of the chargeable event and has made the necessary signed statutory declarations to that effect which are held by the Company; and
(ii) certain exempted Irish resident investors as defined in the Prospectus and who have provided the Company with the necessary signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its Shareholders.
5. CASH AT BANK
All cash balances, for the periods ended 30 June 2012 and 30 June 2011, were held by the Company under the control of Brown Brothers Harriman Trustee Services (Ireland) Ltd., with the exception of cash held as collateral. As at the 30 June 2012, Credit Suisse First Boston, Goldman Sachs, Morgan Stanley and BBH held cash as collateral for financial derivatives on Janus Emerging Markets Fund, Janus US All Cap Growth Fund and Janus US Twenty Fund.
6. OTHER INCOME
Included in other income are amounts relating to a commission recapture program.
The Company has entered into a commission recapture agreement with Russell Investment Group enabling the Company to benefit from brokerage discounts. Income from the Frank Russell Securities, Inc. commission recapture program for the period ended 30 June 2012 amounted to $254,817 (30 June 2011: $640,841).
7. SECURITIES LENDING
As at 30 June 2012 and 31 December 2011 the Company had no securities on loan.
8. SOFT COMMISSION ARRANGEMENTS
The Company commenced a soft commission arrangement in July 2007 where the Investment Adviser and connected persons have entered into arrangements with brokers in respect of which certain goods and services used to support the investment decision process were received. The Investment Adviser and connected persons do not make direct payment
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 4 1
for these services but do transact an agreed amount of business with the brokers on behalf of the Company and commission is paid on these transactions. The goods and services utilised for the Company include computer hardware and software used for economic and political analysis, portfolio analysis including valuation and performance measurement, market analysis, data and quotation services and investment related publications. The Investment Adviser considers these arrangements are to the benefit of the Company and has satisfied itself that it obtains best execution on behalf of the Company.
9. CROSS LIABILITY
The Company has segregated liability between Funds. This ensures that the liabilities incurred on behalf of a Fund will generally be discharged solely out of the assets of that Fund and there generally can be no recourse to the other Funds to satisfy those liabilities. Notwithstanding the foregoing, there can be no assurance that, should an action be brought against the Company in the courts of another jurisdiction, the segregated nature of the Funds would necessarily be upheld. In addition, whether or not there is a cross-liability between Funds, proceedings involving the Fund could involve the Company as a whole which could potentially affect the operation of all Funds.
10. EFFICIENT PORTFOLIO MANAGEMENT
The Company may, for the purposes of efficient portfolio management and hedging of currency risks, enter into futures contracts or write call options and purchase put options on currencies provided that these transactions may only concern contracts which are traded on a Regulated Market operating regularly, being organised and open to the public. The Company may also enter into forward purchases or sales of currencies or exchange currencies on the basis of “over the counter” arrangements with highly rated financial institutions specialising in this type of transaction. During the period, the Company entered into futures contracts and forward currency transactions for the purpose of hedging currency risk on investment and cash holdings, to hedge benchmark risk and also to attempt to hedge the value of certain Classes of Australian Dollar and Euro denominated Shares. Contracts outstanding at 30 June 2012 are disclosed in the relevant Funds’ portfolio investments.
11. EXCHANGE RATES
The functional and presentational currency of the Company is US Dollar. All amounts disclosed in the financial statements are in US Dollar, with the exception of the Janus Europe Fund, which is Euro. The average foreign exchange rate of Euro/USD: 0.7703 (31 December 2011: 0.7192) was used in the aggregation of the financial statements.
The following exchange rates have been used to translate assets and liabilities in currencies other than US Dollar:
As at 30 June 2012: As at 31 December 2011:
AED 3.6729 AED 3.6729AUD 0.9772 AUD 0.9779
As at 30 June 2012: As at 31 December 2011:
BRL 2.0082 BRL 1.8645CAD 1.0178 CAD 1.0185CHF 0.9488 CHF 0.9390CNH 6.3570 CNH 6.4640DKK 5.8737 DKK 5.7422EUR 0.7903 EUR 0.7727GBP 0.6386 GBP 0.6440HKD 7.7577 HKD 7.7663IDR 93.8527 IDR 90.6000ILS 3.9055 ILS 3.8100INR 55.8285 INR 53.1011JPY 79.3920 JPY 76.9500KES 84.0972 KES 84.9473KRW 1145.1999 KRW 1151.7022LKR 133.7077 LKR 109.4500MXN 13.3380 MXN 13.9480MYR 3.1730 MYR 3.1690NOK 5.9457 NOK 5.9781PHP 42.1195 PHP 43.8404QAR 3.6410 QAR 3.6409SEK 6.9147 SEK 6.8782SGD 1.2664 SGD 1.2967THB 31.7501 THB 31.5199TWD 29.8704 TWD 30.2682ZAR 8.1649 ZAR 8.0625
The following exchange rates have been used to translate assets and liabilities in the Janus Europe Fund in currencies other than Euro:
As at 30 June 2012: As at 31 December 2011:
CHF 1.2005 CHF 1 .2152DKK 7.4320 DKK 7 .4310GBP 1.2376 GBP 1 .1998NOK 7.5231 NOK 7 .7363SEK 8.7492 SEK 8 .9011USD 1.2653 USD 1 .2941
12. TRANSACTION COSTS
The following table details the transaction costs for the periods ended 30 June 2012 and 30 June 2012.
Period Ended Period Ended
Fund Name 30 June 2012 30 June 2011
Janus Asia Fund $5,353 N/AJanus Balanced Fund $28,122 $62,784Janus Emerging Markets Fund $16,222 $10,752Janus Europe Fund €7,037 €9,458Janus Global Life Sciences Fund $42,280 $35,185Janus Global Research Fund $11,023 $12,538Janus Global Technology Fund $30,839 $72,042Janus US Fund $457 $950Janus US All Cap Growth Fund $1,296,584 $2,720,374Janus US Research Fund $4,864 $7,883Janus US Twenty Fund $64,199 $661,928Janus US Venture Fund $17,015 $18,497Perkins Global Value Fund $2,622 $1,276Perkins US Strategic Value Fund $507,431 $722,597INTECH US Core Fund $73,278 $91,803Janus Global Real Estate Fund $47,432 $101,338Janus Flexible Income Fund $11 –Janus Global High Yield Fund $121 $1,331Janus Global Investment Grade Bond Fund – –Janus High Yield Fund $4,055 $101,484Janus Short-Term Bond Fund – $77
Notes to the Financial Statements
1 4 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
13. NET ASSET COMPARISON
30 June 2012 31 December 2011 31 December 2010
Net Assets NAV Per
Share Net Assets NAV Per
Share Net Assets NAV Per
Share
Janus Asia Fund Class A$acc $ 2,125,765 $ 9.12 $ 2,278,727 $ 8.63 $ — $ —Class E€acc 2,617 € 9.19 — — — —Class I$acc 2,119,664 $ 9.21 1,993,107 $ 8.66 — —Class I€acc 2,628 € 9.23 — — — —
Janus Balanced FundClass A$acc $ 34,659,006 $ 17.98 $ 30,189,784 $ 17.03 $ 16,497,431 $ 17.08Class A€acc 35,949,277 € 19.43 39,153,910 € 18.45 30,940,966 € 18.66Class A HK$acc 3,206 HK$ 10.65 3,036 HK$ 10.09 — —Class B$acc 12,559,292 $ 15.75 13,413,684 $ 14.99 16,464,739 $ 15.19Class E€acc 383,112 € 10.54 5,979 € 10.05 — —Class I$acc 55,389,953 $ 19.96 49,749,501 $ 18.81 53,506,378 $ 18.69Class I€acc 23,609,878 € 11.85 17,194,983 € 11.18 30,387 € 11.20
Janus Emerging Markets FundClass A$acc $ 1,205,820 $ 7.96 $ 1,056,738 $ 8.14 $ 1,096,388 $ 10.96Class A€acc 913,790 € 7.74 942,419 € 7.94 1,064,037 € 10.85Class B$acc 782,487 $ 7.82 803,548 $ 8.04 1,093,631 $ 10.94Class E€acc 20,280 € 8.24 2,271 € 8.41 — —Class I$acc 808,921 $ 8.09 822,862 $ 8.23 1,098,875 $ 10.99Class I€acc 732,311 € 7.88 762,402 € 8.03 1,066,452 € 10.87
Janus Europe FundClass A€acc € 1,014,396 € 16.62 € 1,000,871 € 15.72 € 1,779,515 € 17.39Class E€acc 2,304 € 11.04 2,184 € 10.47 — —Class I€acc 927,570 € 17.45 1,085,364 € 16.39 2,129,937 € 17.86
Janus Global Life Sciences FundClass A$acc $ 21,754,978 $ 12.51 $ 17,841,686 $ 10.99 $ 19,225,916 $ 10.36Class A€acc 22,525,068 € 12.77 22,328,342 € 11.24 23,566,146 € 10.72Class B$acc 13,319,903 $ 11.02 13,880,707 $ 9.73 17,104,254 $ 9.26Class I$acc 2,780,143 $ 13.94 81,651 $ 12.18 947,801 $ 11.38Class I€acc 312,243 € 11.72 970,475 € 10.18 1,820,974 € 9.61
Janus Global Research FundClass A$acc $ 796,885 $ 11.04 $ 758,242 $ 10.43 $ 801,443 $ 11.56Class A$dis 27,033 $ 9.01 25,540 $ 8.51 28,317 $ 9.44Class A€acc 1,843,346 € 9.99 1,799,481 € 9.47 2,278,171 € 10.65Class B$acc 370,620 $ 10.38 351,898 $ 9.85 403,946 $ 11.03Class E€acc 2,608 € 9.88 2,536 € 9.39 — —Class I$acc 3,669,355 $ 11.80 4,515,551 $ 11.08 10,044,675 $ 12.13Class I$dis 28,373 $ 9.43 26,640 $ 8.86 29,170 $ 9.71Class I€acc 1,539,783 € 10.66 1,494,013 € 10.04 1,703,862 € 11.16
Janus Global Technology FundClass A$acc $ 11,336,686 $ 4.59 $ 12,200,587 $ 4.11 $ 19,974,040 $ 4.65Class A€acc 9,564,488 € 4.74 10,948,422 € 4.25 29,854,899 € 4.87Class B$acc 8,415,438 $ 4.07 8,711,256 $ 3.66 13,027,358 $ 4.18Class I$acc 2,089,512 $ 5.11 3,072,381 $ 4.55 3,645,411 $ 5.10Class I€acc 112,124 € 12.08 327,222 € 10.70 1,591,761 € 12.13
Janus US FundClass A$acc $ 327,320 $ 10.99 $ 278,514 $ 10.11 $ 217,446 $ 10.87Class A€acc 217,797 € 10.73 242,365 € 9.89 211,311 € 10.77Class B$acc 216,059 $ 10.80 199,766 $ 9.99 216,900 $ 10.85Class I$acc 223,940 $ 11.20 204,949 $ 10.25 218,023 $ 10.90Class I€acc 202,686 € 10.92 190,275 € 10.02 211,871 € 10.80
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 4 3
30 June 2012 31 December 2011 31 December 2010
Net Assets NAV Per
Share Net Assets NAV Per
Share Net Assets NAV Per
Share
Janus US All Cap Growth FundClass A$acc $ 396,843,943 $ 12.86 $ 413,554,236 $ 12.86 $ 220,347,279 $ 14.74Class A$dis 1,059,102 $ 9.96 4,667,046 $ 9.95 4,486,398 $ 11.41Class A€acc 42,701,556 € 13.24 58,704,396 € 13.28 69,697,472 € 15.47Class B$acc 8,406,793 $ 11.25 10,372,285 $ 11.31 14,357,328 $ 13.10Class E€acc 23,650 € 9.45 5,725 € 9.47 — —Class I$acc 219,880,773 $ 14.27 246,824,652 $ 14.19 559,827,190 $ 16.11Class I$dis 38,000,110 $ 10.39 34,543,851 $ 10.34 32,708,925 $ 11.73Class I€acc 12,200,553 € 9.66 4,513,027 € 9.66 28,250,710 € 11.14
Janus US Research FundClass A$acc $ 4,765,400 $ 13.97 $ 4,347,151 $ 12.87 $ 1,773,558 $ 13.87Class A$dis 283,807 $ 9.49 261,345 $ 8.74 28,264 $ 9.42Class A€acc 2,126,906 € 12.65 2,833,674 € 11.67 3,925,421 € 12.64Class B$acc 589,271 $ 12.55 568,914 $ 11.61 734,104 $ 12.64Class I$acc 538,546 $ 15.61 400,148 $ 14.27 2,073,393 $ 15.15Class I$dis 30,055 $ 10.02 27,463 $ 9.15 29,144 $ 9.71Class I€acc 39,703 € 9.55 37,171 € 8.74 40,958 € 9.33
Janus US Twenty FundClass A$acc $ 132,831,704 $ 13.46 $ 166,147,941 $ 11.92 $ 369,058,603 $ 13.08Class A$dis 67,965 $ 9.41 302,478 $ 8.33 3,110,871 $ 9.14Class A€acc 56,348,870 € 13.92 58,270,416 € 12.36 92,997,825 € 13.75Class B$acc 20,532,460 $ 11.76 20,997,669 $ 10.47 30,903,268 $ 11.60Class E€acc 2,842 € 10.76 2,607 € 9.65 — —Class I$acc 154,178,957 $ 14.73 189,462,069 $ 12.98 349,296,995 $ 14.09Class I$dis 66,167 $ 9.79 108,079 $ 8.63 12,130,672 $ 9.36Class I€acc 490,971 € 16.03 631,834 € 14.21 6,572,846 € 15.65
Janus US Venture FundClass A$acc $ 12,785,997 $ 12.95 $ 10,056,343 $ 11.54 $ 18,237,763 $ 11.51Class A$dis 45,185 $ 11.50 30,748 $ 10.25 30,636 $ 10.21Class A€acc 10,455,942 € 13.94 9,085,504 € 12.46 13,832,450 € 12.59Class B$acc 3,213,074 $ 11.46 3,679,106 $ 10.27 4,434,368 $ 10.34Class I$acc 2,271,337 $ 14.32 97,055 $ 12.70 188,357 $ 12.54Class I$dis 36,007 $ 12.00 31,939 $ 10.65 31,525 $ 10.51Class I€acc 29,343 € 11.48 26,711 € 10.22 27,611 € 10.22
Perkins Global Value FundClass A$acc $ 1,242,462 $ 11.03 $ 616,182 $ 10.60 $ 423,900 $ 10.60Class A€acc 1,173,771 € 10.82 554,760 € 10.43 412,060 € 10.50Class B$acc 433,598 $ 10.84 418,881 $ 10.47 422,833 $ 10.57Class I$acc 449,022 $ 11.23 429,478 $ 10.74 424,968 $ 10.62Class I€acc 408,856 € 11.01 401,139 € 10.56 413,099 € 10.53
Perkins US Strategic Value FundClass A$acc $ 215,745,744 $ 14.94 $ 335,518,488 $ 14.47 $ 628,462,068 $ 15.19Class A$dis 17,083,519 $ 10.28 21,652,656 $ 9.96 14,221,686 $ 10.46Class A€acc 62,481,508 € 13.39 71,919,186 € 13.02 73,411,399 € 13.83Class B$acc 1,759,576 $ 13.23 1,879,654 $ 12.89 2,421,909 $ 13.66Class E€acc 18,788 € 10.19 2,682 € 9.93 — —Class I$acc 308,439,474 $ 16.40 426,480,325 $ 15.83 489,377,065 $ 16.49Class I$dis 754,258 $ 10.66 9,347,891 $ 10.29 4,920,693 $ 10.72Class I€acc 33,347,581 € 10.18 38,146,006 € 9.88 56,571,147 € 10.42
Notes to the Financial Statements
1 4 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
30 June 2012 31 December 2011 31 December 2010
Net Assets NAV Per
Share Net Assets NAV Per
Share Net Assets NAV Per
Share
INTECH US Core FundClass A$acc $ 39,582,539 $ 17.71 $ 51,693,803 $ 16.50 $ 59,286,804 $ 16.02Class A$dis 55,119 $ 10.29 87,625 $ 9.59 74,663 $ 9.31Class A€acc 36,574,969 € 16.20 36,655,151 € 15.14 45,565,039 € 14.88Class B$acc 885,978 $ 16.18 978,066 $ 15.15 894,810 $ 14.86Class I$acc 89,328,749 $ 18.56 73,995,761 $ 17.25 88,769,082 $ 16.66Class I$dis 251,027 $ 10.49 233,286 $ 9.75 158,405 $ 9.42Class I€acc 8,995,771 € 10.08 19,502,403 € 9.33 12,557,739 € 9.12
Janus Global Real Estate FundClass A$acc $ 5,031,764 $ 12.14 $ 2,888,816 $ 10.40 $ 4,759,174 $ 12.38Class A$inc 486,776 $ 10.34 421,968 $ 8.94 277,033 $ 10.77Class A€acc 4,341,791 € 10.64 3,780,798 € 9.15 3,089,905 € 11.04Class B$acc 129,306 $ 11.13 141,180 $ 9.59 169,688 $ 11.52Class B$inc 82,642 $ 10.33 90,757 $ 8.94 181,472 $ 10.79Class I$inc 119,935,986 $ 10.31 97,190,750 $ 8.92 170,837,490 $ 10.74Class I€acc 22,549 € 8.82 19,739 € 7.55 24,364 € 9.02
Janus Flexible Income FundClass A$acc $ 114,951,972 $ 19.31 $ 32,864,890 $ 18.58 $ 48,317,090 $ 17.65Class A$inc 18,643,732 $ 12.35 9,913,006 $ 11.99 10,082,437 $ 11.66Class A€acc 322,890,284 € 21.86 173,733,001 € 21.04 118,796,407 € 19.88Class B$acc 5,042,036 $ 17.05 5,033,836 $ 16.49 5,924,153 $ 15.82Class B$inc 12,351,667 $ 12.34 13,803,196 $ 11.99 20,329,025 $ 11.66Class B€inc 1,978,641 € 11.48 2,316,230 € 11.16 3,754,896 € 10.78Class E€acc 7,344,309 € 10.47 9,214 € 10.09 — —Class E€inc 9,881,079 € 10.34 112,766 € 10.06 — —Class I$acc 4,233,559 $ 10.08 — — — —Class I$inc 618,854,599 $ 12.39 573,243,342 $ 12.04 550,387,348 $ 11.70Class I€acc 102,455,161 € 22.02 60,159,200 € 21.09 11,792,601 € 19.69
Janus Global High Yield FundClass A$acc $ 1,789,631 $ 10.74 $ 1,188,005 $ 10.18 $ 907,695 $ 9.98Class A$inc 2,663,638 $ 9.85 1,680,718 $ 9.60 907,686 $ 9.92Class A€acc 9,775,380 € 10.71 9,607,856 € 10.17 872,753 € 10.00Class A€inc 15,328,944 € 9.80 12,129,033 € 9.59 872,753 € 9.93Class AAUD $inc 3,296 AUD$ 10.59 3,064 AUD$ 10.26 — —Class B$acc 960,323 $ 10.56 915,054 $ 10.07 906,169 $ 9.97Class B$inc 960,324 $ 9.84 915,052 $ 9.59 906,170 $ 9.91Class B€inc 870,721 € 9.82 849,467 € 9.58 871,295 € 9.93Class E€acc 15,552 € 10.55 2,716 € 10.06 — —Class E€inc 792,775 € 10.21 19,008 € 9.94 — —Class I$acc 991,969 $ 10.91 936,067 $ 10.30 909,127 $ 10.00Class I$inc 991,961 $ 9.85 936,059 $ 9.60 909,127 $ 9.92Class I€acc 902,353 € 10.93 868,470 € 10.28 874,140 € 10.02Class I€inc 899,399 € 9.82 868,978 € 9.59 874,141 € 9.94Class IAUD $inc 3,314 AUD$ 10.59 3,066 AUD$ 10.27 — —
Janus Global Investment Grade Bond FundClass A$acc $ 2,223,496 $ 10.52 $ 1,183,967 $ 10.02 $ 876,091 $ 9.64Class A$inc 1,687,575 $ 10.18 910,640 $ 9.80 876,082 $ 9.62Class A€acc 4,009,996 € 10.56 3,437,054 € 10.07 842,125 € 9.65Class A€inc 5,070,615 € 10.21 4,078,049 € 9.85 842,126 € 9.63Class B$acc 940,522 $ 10.35 900,099 $ 9.90 874,618 $ 9.62Class B$inc 940,522 $ 10.18 900,099 $ 9.80 874,618 $ 9.61Class B€inc 858,032 € 10.22 841,111 € 9.85 840,718 € 9.63Class E€acc 82,061 € 10.17 2,637 € 9.76 — —Class E€inc 695,814 € 10.10 35,133 € 9.74 — —Class I$acc 974,751 $ 10.72 922,916 $ 10.15 877,768 $ 9.66Class I$inc 974,749 $ 10.18 922,913 $ 9.80 877,768 $ 9.62Class I€acc 2,735,433 € 10.77 932,768 € 10.23 843,748 € 9.67Class I€inc 889,227 € 10.22 862,345 € 9.86 843,748 € 9.64
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 4 5
30 June 2012 31 December 2011 31 December 2010
Net Assets NAV Per
Share Net Assets NAV Per
Share Net Assets NAV Per
Share
Janus High Yield FundClass A$acc $ 75,543,609 $ 21.23 $ 56,910,025 $ 20.12 $ 62,927,234 $ 19.73Class A$inc 71,560,537 $ 9.11 68,347,409 $ 8.89 81,158,746 $ 9.25Class A€acc 74,742,231 € 23.85 85,623,141 € 22.62 49,019,406 € 22.14Class AAUD $inc 234,186 AUD$ 10.68 3,078 AUD$ 10.31 — —Class A HK$acc 3,227 HK$ 10.72 3,059 HK$ 10.17 — —Class A HK$inc 3,227 HK$ 10.24 3,059 HK$ 10.00 — —Class A RMB (CNH) inc 2,991 CNH 9.91 — — — —Class B$acc 1,983,986 $ 18.78 2,259,712 $ 17.88 2,774,334 $ 17.71Class B$inc 138,956,946 $ 9.14 159,358,112 $ 8.91 221,461,654 $ 9.27Class B€inc 26,673,005 € 9.44 32,562,425 € 9.22 51,632,468 € 9.57Class E€acc 385,858 € 10.64 9,209 € 10.16 — —Class E€inc 9,121,204 € 10.24 171,844 € 10.06 — —Class I$acc 113,526,586 $ 13.02 106,821,671 $ 12.27 97,697,078 $ 11.90Class I$inc 562,705,123 $ 9.14 573,618,338 $ 8.92 412,458,248 $ 9.27Class I€acc 107,876,743 € 19.70 106,801,638 € 18.57 86,325,713 € 17.98Class IAUD$inc 3,336 AUD$ 10.66 3,081 AUD$ 10.32 — —Class I RMB (CNH) inc 2,999 CNH 9.92 — — — —
Janus US Short-Term Bond FundClass A$acc $ 274,785,150 $ 16.26 $ 217,318,925 $ 15.98 $ 143,497,937 $ 15.87Class A$inc 16,282,501 $ 11.25 14,232,151 $ 11.12 14,603,139 $ 11.16Class A€acc 93,947,143 € 18.36 98,379,371 € 18.07 84,331,133 € 17.89Class ACHFinc 712,789 CHF 10.06 — — — —Class B$acc 1,935,695 $ 14.67 1,734,106 $ 14.47 2,382,180 $ 14.47Class B$inc 6,815,462 $ 11.26 5,902,845 $ 11.14 6,628,099 $ 11.17Class E€acc 726,689 € 10.16 2,694 € 9.98 — —Class E€inc 1,182,215 € 10.05 12,849 € 9.96 — —Class I$inc 29,005,114 $ 11.28 5,616,822 € 11.16 3,960,421 $ 11.20Class I€acc 20,553,120 € 12.24 4,000,802 $ 11.99 4,728,936 € 11.79Class ICHFinc 2,926 CHF 10.04 — — — —
Notes to the Financial Statements
1 4 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
14. CAPITAL SHARE TRANSACTIONS
For the period ended 30 June 2012
Janus Asia Fund
Class A$acc Class E€acc Class I$acc Class I€acc
Shares Shares Shares Shares
At beginning of period . . . . . . 264,063 — 230,063 —
Shares issued. . . . . . . . . . . . . . 2,928 225 — 225
Shares redeemed . . . . . . . . . . . (34,000) — — —
At end of period . . . . . . . . . . . 232,991 225 230,063 225
Janus Balanced Fund
Class A$acc Class A€acc Class A HK$acc Class B$acc Class E€acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 1,772,999 1,639,702 2,336 895,003 460 2,644,399 1,188,265
Shares issued. . . . . . . . . . . . . . 502,931 340,816 — — 28,261 239,240 764,379
Shares redeemed . . . . . . . . . . . (348,427) (518,165) — (97,469) — (108,653) (377,993)
At end of period . . . . . . . . . . . 1,927,503 1,462,353 2,336 797,534 28,721 2,774,986 1,574,651
Janus Emerging Markets Fund
Class A$acc Class A€acc Class B$acc Class E€acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 129,867 91,717 100,000 209 100,000 73,368
Shares issued. . . . . . . . . . . . . . 21,553 14,616 — 4,486 — 68,120
Shares redeemed . . . . . . . . . . . — (12,974) — (2,750) — (68,013)
At end of period . . . . . . . . . . . 151,420 93,359 100,000 1,945 100,000 73,475
Janus Europe Fund
Class A€acc Class E€acc Class I€acc
Shares Shares Shares
At beginning of period . . . . . . 63,652 209 66,201
Shares issued. . . . . . . . . . . . . . 4,113 — 952
Shares redeemed . . . . . . . . . . . (6,722) — (13,997)
At end of period . . . . . . . . . . . 61,043 209 53,156
Janus Global Life Sciences Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of period . . . . . . 1,623,683 1,534,714 1,427,192 6,703 73,659
Shares issued. . . . . . . . . . . . . . 1,122,708 210,216 20,125 194,782 74,782
Shares redeemed . . . . . . . . . . . (1,007,527) (350,357) (238,230) (2,000) (127,391)
At end of period . . . . . . . . . . . 1,738,864 1,394,573 1,209,087 199,485 21,050
Janus Global Research Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 72,693 3,000 146,854 35,714 209 407,569 3,008 114,951
Shares issued. . . . . . . . . . . . . . 3,339 — 11,026 — — — — —
Shares redeemed . . . . . . . . . . . (3,855) — (11,986) — — (96,623) — (745)
At end of period . . . . . . . . . . . 72,177 3,000 145,894 35,714 209 310,946 3,008 114,206
Janus Global Technology Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of period . . . . . . 2,970,269 1,989,263 2,379,940 675,071 23,632
Shares issued. . . . . . . . . . . . . . 369,612 341,300 8,014 818 195
Shares redeemed . . . . . . . . . . . (872,543) (735,584) (322,096) (267,304) (16,494)
At end of period . . . . . . . . . . . 2,467,338 1,594,979 2,065,858 408,585 7,333
Janus US Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of period . . . . . . 27,540 18,938 20,000 20,000 14,674
Shares issued. . . . . . . . . . . . . . 7,741 — — — —
Shares redeemed . . . . . . . . . . . (5,502) (2,901) — — —
At end of period . . . . . . . . . . . 29,779 16,037 20,000 20,000 14,674
Janus US All Cap Growth Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 32,167,546 468,883 3,415,443 917,179 467 17,391,477 3,342,132 361,052
Shares issued. . . . . . . . . . . . . . 7,748,191 15,201 1,533,015 8,858 1,869 7,997,149 1,108,691 1,224,574
Shares redeemed . . . . . . . . . . . (9,054,564) (377,700) (2,399,740) (179,080) (358) (9,975,522) (794,476) (587,638)
At end of period . . . . . . . . . . . 30,861,173 106,384 2,548,718 746,957 1,978 15,413,104 3,656,347 997,988
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 4 7
Janus US Research Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 337,798 29,912 187,596 48,984 28,046 3,000 3,285
Shares issued. . . . . . . . . . . . . . 51,580 — 646 — 6,443 — 1,507
Shares redeemed . . . . . . . . . . . (48,377) — (55,328) (2,029) — — (1,507)
At end of period . . . . . . . . . . . 341,001 29,912 132,914 46,955 34,489 3,000 3,285
Janus US Twenty Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 13,939,113 36,322 3,641,989 2,005,692 209 14,601,263 12,529 34,356
Shares issued. . . . . . . . . . . . . . 1,375,127 — 887,583 14,923 4,597 396,406 291 37,273
Shares redeemed . . . . . . . . . . . (5,444,530) (29,097) (1,331,350) (275,025) (4,597) (4,529,580) (6,064) (47,421)
At end of period . . . . . . . . . . . 9,869,710 7,225 3,198,222 1,745,590 209 10,468,089 6,756 24,208
Janus US Venture Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 871,065 3,000 563,580 358,250 7,639 3,000 2,021
Shares issued. . . . . . . . . . . . . . 338,537 2,329 312,585 2,795 150,979 — —
Shares redeemed . . . . . . . . . . . (222,302) (1,400) (283,187) (80,729) — — —
At end of period . . . . . . . . . . . 987,300 3,929 592,978 280,316 158,618 3,000 2,021
Perkins Global Value Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of period . . . . . . 58,105 41,096 40,000 40,000 29,347
Shares issued. . . . . . . . . . . . . . 59,329 46,295 — — —
Shares redeemed . . . . . . . . . . . (4,805) (1,626) — — —
At end of period . . . . . . . . . . . 112,629 85,765 40,000 40,000 29,347
Perkins US Strategic Value Fund Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 23,180,250 2,174,435 4,268,378 145,869 209 26,933,890 908,338 2,982,957
Shares issued. . . . . . . . . . . . . . 2,083,150 78,781 588,807 9,652 1,248 2,883,082 17,650 1,650,059
Shares redeemed . . . . . . . . . . . (10,818,804) (590,716) (1,170,178) (22,531) — (11,011,738) (855,231) (2,043,102)
At end of period . . . . . . . . . . . 14,444,596 1,662,500 3,687,007 132,990 1,457 18,805,234 70,757 2,589,914
INTECH US Core Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 3,132,291 9,142 1,871,014 64,544 4,289,425 23,921 1,615,533
Shares issued. . . . . . . . . . . . . . 755,187 — 207,726 2,992 1,250,746 — 201,040
Shares redeemed . . . . . . . . . . . (1,652,435) (3,785) (294,037) (12,777) (727,772) — (1,111,035)
At end of period . . . . . . . . . . . 2,235,043 5,357 1,784,703 54,759 4,812,399 23,921 705,538
Janus Global Real Estate Fund
Class A$acc Class A$inc Class A€acc Class B$acc Class B$inc Class I$inc Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 277,680 47,183 319,379 14,723 10,152 10,896,087 2,021
Shares issued. . . . . . . . . . . . . . 188,378 7,785 49,414 — 15 1,695,794 —
Shares redeemed . . . . . . . . . . . (51,449) (7,884) (46,185) (3,105) (2,163) (961,665) —
At end of period . . . . . . . . . . . 414,609 47,084 322,608 11,618 8,004 11,630,216 2,021
Janus Flexible Income Fund
Class A$acc Class A$inc Class A€acc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 1,769,189 826,552 6,380,526 305,338 1,151,069 160,402 706 8,663 — 47,628,845 2,204,496
Shares issued. . . . . . . . . . . . . . 4,906,502 1,022,993 6,888,517 7,590 114,455 21 556,214 756,537 419,863 5,826,899 3,020,242
Shares redeemed . . . . . . . . . . . (722,510) (339,896) (1,595,132) (17,230) (264,903) (24,230) (2,662) (10,160) — (3,500,307) (1,548,234)
At end of period . . . . . . . . . . . 5,953,181 1,509,649 11,673,911 295,698 1,000,621 136,193 554,258 755,040 419,863 49,955,437 3,676,504
Janus Global High Yield Fund
Class A$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 Class I€inc Class IAUD$inc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 116,664 175,134 730,058 977,569 292 90,909 95,393 68,497 209 1,477 90,909 97,511 65,261 70,027 292
Shares issued. . . . . . . . . . . . . . 67,548 97,462 62,997 913,143 16 — 2,185 1,586 956 59,887 — 3,223 97,493 2,338 19
Shares redeemed . . . . . . . . . . . (17,591) (2,073) (71,926) (654,923) (4) — — — — — — — (97,493) — (5)
At end of period . . . . . . . . . . . 166,621 270,523 721,129 1,235,789 304 90,909 97,578 70,083 1,165 61,364 90,909 100,734 65,261 72,365 306
Notes to the Financial Statements
1 4 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus Global Investment Grade Bond Fund
Class A$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$inc Class I€acc Class I€inc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 118,191 92,925 263,751 319,998 90,909 91,884 65,964 209 2,788 90,909 94,136 70,490 67,591
Shares issued. . . . . . . . . . . . . . 93,163 81,250 79,733 145,413 — 533 397 6,170 51,664 — 1,583 240,808 1,150
Shares redeemed . . . . . . . . . . . — (8,416) (43,308) (72,987) — — — — — — — (110,639) —
At end of period . . . . . . . . . . . 211,354 165,759 300,176 392,424 90,909 92,417 66,361 6,379 54,452 90,909 95,719 200,659 68,741
Janus High Yield Fund
Class A$acc Class A$inc Class A€acc Class AAUD$inc Class A HK$acc Class A HK$inc Class A RMB (CNH) inc Class B$acc Class B€inc Class B€inc Class E€acc Class E€inc Class I$acc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 2,828,563 7,689,405 2,925,516 292 2,336 2,375 — 126,390 17,882,894 2,729,702 701 13,203 8,707,544
Shares issued. . . . . . . . . . . . . . 2,992,468 1,331,272 426,553 21,753 — 69 1,919 13,895 355,153 21,709 28,189 726,058 924,950
Shares redeemed . . . . . . . . . . . (2,263,134) (1,169,243) (875,356) (614) — — — (34,614) (3,031,645) (518,892) (236) (35,246) (912,069)
At end of period . . . . . . . . . . . 3,557,897 7,851,434 2,476,713 21,431 2,336 2,444 1,919 105,671 15,206,402 2,232,519 28,654 704,015 8,720,425
Janus High Yield Fund
Class I$inc Class I€acc Class IAUD$inc Class I RMB (CNH) inc
Shares Shares Shares Shares
At beginning of period . . . . . . 64,341,779 4,445,332 292 —
Shares issued. . . . . . . . . . . . . . 2,817,374 1,278,239 16 1,923
Shares redeemed . . . . . . . . . . . (5,597,151) (1,394,860) (2) —
At end of period . . . . . . . . . . . 61,562,002 4,328,711 306 1,923
Janus US Short-Term Bond Fund
Class A$acc Class A$inc Class A€acc Class ACHFinc Class B$acc Class B$inc Class E€acc Class E€inc Class I$inc Class I€acc Class ICHFinc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of period . . . . . . 13,595,524 1,279,325 4,206,165 — 119,856 530,040 209 996 503,450 257,913 —
Shares issued. . . . . . . . . . . . . . 6,797,788 949,057 2,319,809 67,219 28,112 129,897 56,293 91,984 2,118,419 1,187,748 277
Shares redeemed . . . . . . . . . . . (3,492,007) (780,690) (2,481,458) — (15,978) (54,642) — — (51,456) (118,511) —
At end of period . . . . . . . . . . . 16,901,305 1,447,692 4,044,515 67,219 131,990 605,295 56,502 92,980 2,570,413 1,327,150 277
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 4 9
For the year ended 31 December 2011
Janus Asia Fund Class A$acc Class I$acc
Shares Shares
At beginning of year . . . . . . . . — —
Shares issued. . . . . . . . . . . . . . 264,063 230,063
Shares redeemed . . . . . . . . . . . — —
At end of year . . . . . . . . . . . . . 264,063 230,063
Janus Balanced Fund Class A$acc Class A€acc Class A HK$acc Class B$acc Class E€acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 965,696 1,240,186 — 1,083,776 — 2,862,070 2,030
Shares issued. . . . . . . . . . . . . . 1,545,602 1,261,422 2,337 4,637 46 0 162,205 1,523,757
Shares redeemed . . . . . . . . . . . (738,299) (861,907) — (193,409) — (379,876) (337,521)
At end of year . . . . . . . . . . . . . 1,772,999 1,639,701 2,337 895,004 460 2,644,399 1,188,266
Janus Emerging Markets Fund
Class A$acc Class A€acc Class B$acc Class E€acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 100,000 73,368 100,000 — 100,000 73,368
Shares issued. . . . . . . . . . . . . . 29,867 60,514 — 2 09 — 8,786
Shares redeemed . . . . . . . . . . . — (42,164) — — — (8,786)
At end of year . . . . . . . . . . . . . 129,867 91,718 100,000 209 100,000 73,368
Janus Europe Fund
Class A€acc Class E€acc Class I€acc
Shares Shares Shares
At beginning of year . . . . . . . . 102,313 — 119,261
Shares issued. . . . . . . . . . . . . . 86,839 2 09 174,540
Shares redeemed . . . . . . . . . . . (125,500) — (227,600)
At end of year . . . . . . . . . . . . . 63,652 209 66,201
Janus Global Life Sciences Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 1,855,274 1,644,824 1,846,256 83,322 141,727
Shares issued. . . . . . . . . . . . . . 813,533 1,073,951 42,839 — 229,407
Shares redeemed . . . . . . . . . . . (1,045,124) (1,184,061) (461,903) (76,620) (297,475)
At end of year . . . . . . . . . . . . . 1,623,683 1,534,714 1,427,192 6,702 73,659
Janus Global Research Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 69,304 3,000 159,978 36,616 — 828,148 3,004 114,206
Shares issued. . . . . . . . . . . . . . 24,054 — 76,262 — 2 09 — 4 6,483
Shares redeemed . . . . . . . . . . . (20,666) — (89,384) (902) — (420,579) — (5,738)
At end of year . . . . . . . . . . . . . 72,692 3,000 146,856 35,714 209 407,569 3,008 114,951
Janus Global Technology Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 4,295,975 4,583,743 3,113,388 714,792 98,136
Shares issued. . . . . . . . . . . . . . 1,282,283 944,288 50,659 111,756 15,782
Shares redeemed . . . . . . . . . . . (2,607,989) (3,538,768) (784,107) (151,477) (90,287)
At end of year . . . . . . . . . . . . . 2,970,269 1,989,263 2,379,940 675,071 23,631
Janus US Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 20,000 14,674 20,000 20,000 14,674
Shares issued. . . . . . . . . . . . . . 7,540 4,535 — — —
Shares redeemed . . . . . . . . . . . — (270) — — —
At end of year . . . . . . . . . . . . . 27,540 18,939 20,000 20,000 14,674
Janus US All Cap Growth Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 14,945,395 393,061 3,370,506 1,096,061 — 34,750,916 2,788,733 1,896,650
Shares issued. . . . . . . . . . . . . . 42,053,680 233,119 6,585,884 132,624 46 7 20,688,382 4,062,590 3,105,071
Shares redeemed . . . . . . . . . . . (24,831,524) (157,297) (6,540,948) (311,506) — (38,047,821) (3,509,191) (4,640,670)
At end of year . . . . . . . . . . . . . 32,167,551 468,883 3,415,442 917,179 467 17,391,477 3,342,132 361,051
Notes to the Financial Statements
1 5 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus US Research Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 127,882 3,000 232,204 58,065 136,878 3,000 3,285
Shares issued. . . . . . . . . . . . . . 269,358 55,336 99,483 — 53,653 — 247,616
Shares redeemed . . . . . . . . . . . (59,442) (28,424) (144,092) (9,081) (162,485) — (247,616)
At end of year . . . . . . . . . . . . . 337,798 29,912 187,595 48,984 28,046 3,000 3,285
Janus US Twenty Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 28,223,156 340,422 5,057,399 2,663,919 — 24,789,430 1,296,390 314,080
Shares issued. . . . . . . . . . . . . . 3,509,971 115,081 1,052,279 93,625 2 09 7,586,604 — 330,825
Shares redeemed . . . . . . . . . . . (17,794,015) (419,181) (2,467,689) (751,852) — (17,774,772) (1,283,861) (610,549)
At end of year . . . . . . . . . . . . . 13,939,112 36,322 3,641,989 2,005,692 209 14,601,262 12,529 34,356
Janus US Venture Fund Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 1,584,867 3,000 821,784 428,775 15,023 3,000 2,020
Shares issued. . . . . . . . . . . . . . 79,318 — 39,132 13,828 — — —
Shares redeemed . . . . . . . . . . . (793,120) — (297,336) (84,353) (7,384) — —
At end of year . . . . . . . . . . . . . 871,065 3,000 563,580 358,250 7,639 3,000 2,020
Perkins Global Value Fund
Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc
Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 40,000 29,347 40,000 40,000 29,347
Shares issued. . . . . . . . . . . . . . 40,884 12,029 — — —
Shares redeemed . . . . . . . . . . . (22,779) (280) — — —
At end of year . . . . . . . . . . . . . 58,105 41,096 40,000 40,000 29,347
Janus US Strategic Value Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 41,379,039 1,360,155 3,969,753 177,324 — 29,672,416 459,090 4,060,579
Shares issued. . . . . . . . . . . . . . 8,734,085 11,631,879 3,076,723 24,104 2 09 18,038,778 609,668 5,545,302
Shares redeemed . . . . . . . . . . . (26,932,874) (10,817,597) (2,778,098) (55,559) — (20,777,305) (160,420) (6,622,926)
At end of year . . . . . . . . . . . . . 23,180,250 2,174,437 4,268,378 145,869 209 26,933,889 908,338 2,982,955
INTECH US Core Fund
Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 3,700,545 8,022 2,291,064 60,226 5,327,641 16,813 1,030,139
Shares issued. . . . . . . . . . . . . . 1,332,809 1,120 560,175 13,891 2,767,085 7,109 1,532,716
Shares redeemed . . . . . . . . . . . (1,901,064) — (980,224) (9,573) (3,805,301) — (947,322)
At end of year . . . . . . . . . . . . . 3,132,290 9,142 1,871,015 64,544 4,289,425 23,922 1,615,533
Janus Global Real Estate Fund
Class A$acc Class A$inc Class A€acc Class B$acc Class B$inc Class I$inc Class I€acc
Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 384,389 25,723 209,295 14,723 16,813 15,906,161 2,021
Shares issued. . . . . . . . . . . . . . 241,373 26,848 244,716 — 8,022 1,687,883 —
Shares redeemed . . . . . . . . . . . (348,083) (5,387) (134,631) — (14,682) (6,697,957) —
At end of year . . . . . . . . . . . . . 277,679 47,184 319,380 14,723 10,153 10,896,087 2,021
Janus Flexible Income Fund
Class A$acc Class A$inc Class A€acc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Class I$inc Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 2,738,027 864,579 4,469,767 374,355 1,743,471 260,433 — — 47,032,835 447,995
Shares issued. . . . . . . . . . . . . . 2,535,925 533,288 5,153,486 66,136 132,498 4,208 1,206 8,663 7,679,492 2,890,385
Shares redeemed . . . . . . . . . . . (3,504,763) (571,316) (3,242,727) (135,153) (724,901) (104,239) (500) — (7,083,483) (1,133,883)
At end of year . . . . . . . . . . . . . 1,769,189 826,551 6,380,526 305,338 1,151,068 160,402 706 8,663 47,628,844 2,204,497
Janus Global High Yield Fund
Class A$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 Class I€inc Class IAUD $inc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 90,910 91,543 65,261 65,722 — 90,909 91,430 65,640 — — 90,909 91,651 65,261 65,801 —
Shares issued. . . . . . . . . . . . . . 25,754 83,591 709,820 920,590 292 — 3,963 2,857 2 09 1,47 7 — 5,860 255,958 4,226 292
Shares redeemed . . . . . . . . . . . — — (45,023) (8,744) — — — — — — — — (255,958) — —
At end of year . . . . . . . . . . . . . 116,664 175,134 730,058 977,568 292 90,909 95,393 68,497 209 1,477 90,909 97,511 65,261 70,027 292
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 5 1
Janus Global Investment Grade Bond Fund
Class A$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$inc Class I€acc Class I€inc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 90,910 91,079 65,261 65,385 90,909 90,964 65,302 — — 90,909 91,211 65,261 65,482
Shares issued. . . . . . . . . . . . . . 28,040 1,846 238,704 781,281 — 919 663 2 09 2,78 8 — 2,925 252,946 2,109
Shares redeemed . . . . . . . . . . . (759) — (40,214) (526,669) — — — — — — — (247,717) —
At end of year . . . . . . . . . . . . . 118,191 92,925 263,751 319,997 90,909 91,883 65,965 209 2,788 90,909 94,136 70,490 67,591
Janus High Yield Fund Class A$acc Class A$inc Class A€acc Class AAUD $inc Class A HK$acc Class A HK$inc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class IAUD $inc
Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 3,188,811 8,778,446 1,655,670 — — — 156,638 23,893,623 4,035,667 — — 8,206,623 44,470,205 3,590,936 —
Shares issued. . . . . . . . . . . . . . 3,308,798 1,806,169 2,235,959 292 2,33 6 2,37 5 71,179 412,083 19,429 1,196 13,204 4,814,280 34,274,064 4,275,020 292
Shares redeemed . . . . . . . . . . . (3,669,047) (2,895,205) (966,113) — — — (101,428) (6,422,811) (1,325,394) (495) — (4,313,359) (14,402,490) (3,420,625) —
At end of year . . . . . . . . . . . . . 2,828,562 7,689,410 2,925,516 292 2,336 2,375 126,389 17,882,895 2,729,702 701 13,204 8,707,544 64,341,779 4,445,331 292
Janus US Short-Term Bond Fund
Class A$acc Class A$inc Class A€acc Class B$acc Class B$inc Class E€acc Class E€inc Class I$inc Class I€acc
Shares Shares Shares Shares Shares Shares Shares Shares Shares
At beginning of year . . . . . . . . 9,040,911 1,307,942 3,526,406 164,676 593,143 — — 353,745 299,919
Shares issued. . . . . . . . . . . . . . 10,261,069 797,213 3,683,847 22,394 111,997 997 208 504,192 650,536
Shares redeemed . . . . . . . . . . . (5,706,457) (825,830) (3,004,088) (67,214) (175,099) — — (354,488) (692,541)
At end of year . . . . . . . . . . . . . 13,595,523 1,279,325 4,206,165 119,856 530,041 997 208 503,449 257,914
Notes to the Financial Statements
1 5 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Janus Flexible Income Fund
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
For the periods ended 30 June 2012 and 30 June 2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Net realised gain/(loss)
Net realised gain/(loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,554,115 $17,222,867 $(331,532) $59,588 $208,348 $53,396
Net realised (loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net realised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net realised gain/(loss) on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (4,036) — — —
Net realised (loss)/gain on Forward Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . (18,398,536) — (1,380,149) 30,646 (646,714) (6,802)
Net realised (loss)/gain on Foreign Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (64,482) — (27,811) (34,853) (998) (5,912)
Net unrealised gain
Net unrealised gain/(loss) on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,302,134 664,635 1,121,929 24,485 474,432 480,302
Net unrealised (loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net unrealised (loss)/gain on Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net unrealised gain/(loss) on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net unrealised gain on Forward Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,016,048 3,392,988 608,528 527,074 260,196 373,418
Net unrealised gain on Foreign Exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net gain/(loss) on financial assets and liabilities at fair value through profit or loss . . . . . . $19,409,279 $21,280,490 $(13,071) $606,940 $295,264 $894,402
Janus US All Cap Growth Fund
Janus US Research Fund
Janus US TwentyFund
For the periods ended 30 June 2012 and 30 June 2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Net realised gain/(loss)
Net realised gain/(loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(19,492,255) $99,435,652 $235,518 $1,217,662 $17,978,940 $60,651,199
Net realised (loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,680,252) 4,728,941 — — — —
Net realised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,501,429 1,215,348 — — 556,800 1,572,645
Net realised gain/(loss) on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net realised (loss)/gain on Forward Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . (3,063,360) 14,636 (102,238) (1) (2,886,691) 21,553
Net realised (loss)/gain on Foreign Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (76,059) (34,285) (240) — (4,522) (18,322)
Net unrealised gain
Net unrealised gain/(loss) on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,204,377 (12,980,513) 611,655 (595,909) 41,001,942 (36,225,571)
Net unrealised (loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (104,215) — — — — —
Net unrealised (loss)/gain on Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,837,761) (439,076) — — (457,728) (828,519)
Net unrealised gain/(loss) on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net unrealised gain on Forward Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,350,339 5,125,676 57,032 129,942 1,309,506 2,383,227
Net unrealised gain on Foreign Exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net gain/(loss) on financial assets and liabilities at fair value through profit or loss . . . . . . $2,802,243 $97,066,379 $801,727 $751,694 $57,498,247 $27,556,212
1 5. 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 s ended 30 June 2012 and 30 June 2011.
Janus AsiaFund
Janus BalancedFund
Janus Emerging Markets Fund
For the periods ended 30 June 2012 and 30 June 2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Net realised gain/(loss)
Net realised gain/(loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,613 $— $2,455,097 $5,009,521 $(253,557) $363,648
Net realised (loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (328) —
Net realised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (17,576) 6,830
Net realised gain/(loss) on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,194 — — — (2,545) —
Net realised (loss)/gain on Forward Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . (128) — (2,946,775) (1,160) (88,063) 5,075
Net realised (loss)/gain on Foreign Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (883) — (15,165) 1,294 1,562 (4,784)
Net unrealised gain
Net unrealised gain/(loss) on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,150 — 5,563,752 1,847,151 61,292 (369,692)
Net unrealised (loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net unrealised (loss)/gain on Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (2,023) (553)
Net unrealised gain/(loss) on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,558 — — — (12,241) (16,089)
Net unrealised gain on Forward Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 — 1,316,902 1,514,809 39,101 61,099
Net unrealised gain on Foreign Exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Net gain/(loss) on financial assets and liabilities at fair value through profit or loss . . . . . . $184,592 $— $6,373,811 $8,371,615 $(274,378) $45,534
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 5 3
Janus High Yield Fund
Janus US Short-Term Bond Fund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
$(2,430,614) $44,467,234 $502,194 $5,471,030
— — — (13,685)
— — — —
(479,604) — — —
(10,624,341) (40,016) (4,609,430) —
(20,544) (11,270) (16,688) —
35,712,326 (27,587,053) 2,380,775 1,162,796
— — — —
— — — —
— — — —
5,055,200 7,779,378 2,521,525 2,211,062
— — — —
$27,212,423 $24,608,273 $778,376 $8,831,203
Janus US VentureFund
Perkins Global Value Fund
Perkins US Strategic Value Fund
INTECH US Core Fund
Janus Global Real Estate Fund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
$3,229,100 $5,338,284 $46,240 $128,151 $27,061,323 $88,821,913 $8,780,035 $21,071,832 $987,895 $2,195,548
— — — — — — — — — —
— — — — (9,411,416) (12,006,583) — — 107,239 (714)
— — — — — — — — — —
(577,742) (44) (48,559) 317 (4,756,171) (34,237) (2,150,488) (19) (217,827) 19,804
(512) 51 177 (177) (52,225) 34,746 (9,593) — 14,931 (19,931)
(151,645) (786,881) 24,822 3,647 16,441,997 (13,930,691) 4,432,338 (2,546,296) 14,693,808 (233,252)
— — — — — — — — — —
— — — — 5,981,420 3,059,462 — — 6,469 (724,783)
— — — — — — — — — —
226,252 315,004 29,085 27,713 2,351,130 4,206,263 1,154,416 1,396,415 93,535 160,852
— — — — — — — — — —
$2,725,453 $4,866,414 $51,765 $159,651 $37,616,058 $70,150,873 $12,206,708 $19,921,932 $15,686,050 $1,397,524
Janus EuropeFund
Janus Global Life Sciences Fund
Janus GlobalResearch Fund
Janus Global Technology Fund
Janus US Fund
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
Period Ended30 June2012
Period Ended30 June2011
€ (3,993) €225,588 $4,877,591 $7,095,797 $(126,095) $1,105,565 $864,700 $9,642,748 $16,118 $40,725
— — — — — — — — — —
— — 68,300 — — — 7,500 — — —
— — — — — — — — — —
2,041 (1,633) (1,089,231) 13,582 (167,257) (4,365) (460,996) (30,630) (19,065) 32
(1,869) 2,305 (2,144) (13,215) 966 4,408 (1,507) 13,615 121 (7)
120,798 (430,764) 3,028,412 1,917,485 713,522 (114,934) 3,634,014 (6,127,430) 90,834 23,168
— — — — — — — — — —
— — — — — — (1,960) — — —
— — — — — — — — — —
— (337) 501,464 858,286 76,099 110,319 245,570 502,104 9,718 11,839
— — — — — — — — — —
€116,977 €(204,841) $7,384,392 $9,871,935 $497,235 $1,100,993 $4,287,321 $4,000,407 $97,726 $75,757
Notes to the Financial Statements
1 5 4 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
1 7. 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 2012 were $ 102,556 (approximately € 81,000). Directors’ fees paid up to 30 June 2011 were $ 99,043 (approximately € 81,000).
1 8. SIGNIFICANT EVENTS DURING THE PERIOD
There were not significant events during the period ended 30 June 2012.
19. SUBSEQUENT EVENTS
On 3 August 2012 the below changes to portfolio managers were noted:
1. Brian Demain will assume portfolio management responsibilities for Janus US All Cap Growth Fund.
2. Janus Europe Fund will be solely managed by existing manager Wahid Chammas.
3. Hiroshi Yoh will be co-portfolio manager of the Janus Emerging Markets Fund. In addition, Janus Capital Singapore Pte. Limited (“Janus Singapore”), a wholly named subsidiary of Janus Capital, will be the investment subadviser for the Fund. Janus Capital will pay Janus Singapore a subadvisery fee from its investment advisory fee for the Fund.
1 6. PORTFOLIO ANALYSIS
As at 30 June 2012
As at 31 December 2011
Janus Asia
Fund
Janus Balanced
Fund
Janus Emerging
Markets Fund
Janus Europe
Fund
Janus Global Life
Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund
Janus US
Fund
Janus US All Cap
Growth Fund
Janus US
Research Fund
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value Euro
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market ValueUSD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Transferable securities
admitted to an official
stock exchange listing . . . . 1,780,208 41.88%
110,915,599 68.23% 2,691,949 60.31% 1,425,157 73.30% 24,201,129 39.88% 5,373,646 64.91%
12,753,879 40.47% 585,651 49.31% 317,931,081 44.21% 5,601,439 66.89%
Transferable securities
dealt in on another
regulated market . . . . . 2,025,864 47.66% 49,819,976 30.65% 1,353,616 30.33% 409,169 21.04% 34,972,377 57.62% 2,779,528 33.58% 18,195,205 57.73% 450,230 37.90% 339,279,558 47.18% 2,473,913 29.54%
Ancillary liquid assets . . . . . 400,000 9.41% 800,000 0.49% 200,000 4.48% — 0.00% 700,000 1.15% — 0.00% 300,000 0.95% 100,000 8.42% 59,800,000 8.32% 300,000 3.58%
4,206,072 98.95% 161,535,575 99.37% 4,245,565 95.12% 1,834,326 94.35% 59,873,506 98.65% 8,153,174 98.49% 31,249,084 99.15% 1,135,881 95.63% 717,010,639 99.71% 8,375,352 100.02%
Janus Asia
Fund Janus Balanced
Fund Janus Emerging
Markets Fund
Janus Europe
Fund
Janus Global Life
Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund
Janus US
Fund
Janus US All Cap
Growth Fund
Janus US
Research Fund
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value Euro
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
MarketValueUSD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Transferable securities
admitted to an official
stock exchange listing . . . . 1,615,975 37.83% 108,248,344 72.30% 2,423,027 55.19% 1,583,872 75.84% 21,296,423 38.65% 6,214,412 69.25% 16,566,005 46.98% 585,967 52.51% 368,418,505 47. 65% 5,963,554 70.36%
Transferable securities
dealt in on another
regulated market . . . . . 2,049,296 47.97% 40,070,419 26.77% 1,614,853 36.78% 452,747 21.68% 32,175,116 58.39% 2,756,677 30.72% 18,610,256 52.78% 378,257 33.90% 38 3, 977, 666 49.6 6% 2,521,213 29.75%
Ancillary liquid assets . . . . . 600,000 14.05% 1,209,608 0.81% 200,000 4.56% — 0.00% 1,900,000 3.45% — 0.00% — 0.00% 100,000 8.96% 24,100,000 3.12% — 0.00%
4,265,271 99.85% 149,528,371 99.88% 4,237,880 96.53% 2,036,619 97.52% 55,371,539 100.49% 8,971,089 99.97% 35,176,261 99.76% 1,064,224 95.37% 776, 496, 171 100. 43% 8,484,767 100.11%
Notes to the Financial Statements
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 5 5
Janus US Twenty
Fund
Janus US
Venture Fund
Perkins Global
Value Fund
Perkins US Strategic
Value Fund
INTECH US Core
Fund
Janus Global Real
Estate Fund
Janus Flexible
Income Fund
Janus Global High
Yield Fund
Janus Global
Investment
Grade Bond Fund
Janus High
Yield Fund
Janus US
Short-Term Bond Fund
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
152,863,441 41.94% 10,361,460 35.93% 2,737,114 73.82% 447,355,159 69.94% 129,721,065 73.84% 101,132,666 77.78% 822,439,409 67.49% 9,154,894 24.78% 13,360,294 60.50% 241,357,779 20.40% 305,134,640 68.42%
205,779,329 56.45% 16,882,182 58.54% 665,218 17.94% 128,776,847 20.13% 43,898,982 24.99% 22,625,095 17.40% 357,109,323 29.30% 25,786,597 69.79% 7,724,441 34.98% 861,390,895 72.79% 115,527,229 25.91%
3,500,000 0.96% 1,200,000 4.16% 300,000 8.09% 82,800,000 12.94% 1,300,000 0.74% 5,900,000 4.54% 28,700,000 2.36% 800,000 2.17% 600,000 2.72% 59,400,000 5.02% 17,200,000 3.86%
362,142,770 99.35% 28,443,642 98.64% 3,702,332 99.85% 658,932,006 103.02% 174,920,047 99.57% 129,657,761 99.71% 1,208,248,732 99.15% 35,741,491 96.73% 21,684,735 98.20% 1,162,148,674 98.21% 437,861,869 98.19%
Janus US Twenty
Fund
Janus US
Venture Fund Perkins Global
Value Fund
Perkins US Strategic
Value Fund
INTECH US Core
Fund Janus Global Real
Estate Fund
Janus Flexible
Income Fund Janus Global High
Yield Fund
Janus Global
Investment
Grade Bond Fund
Janus High
Yield Fund Janus US
Short-Term Bond Fund
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
Market Value USD
% of Net Asset Value
217,384,394 49.87% 8,207,330 35.67% 1,632,264 67.44% 662,039,032 73.16% 145,071,535 79.21% 81,342,612 77.81% 587,872,011 67.48% 8,813,285 28.50% 10,139,249 63.65% 290,467,202 24.36% 239,594,048 69.01%
214,457,126 49.20% 14,145,981 61.48% 536,431 22.16% 171,808,736 18.99% 36,885,186 20.14% 20,365,630 19.48% 238,542,115 27.38% 20,891,076 67.56% 4,928,761 30.94% 785,318,405 65.86% 88,178,810 25.40%
3,600,000 0.83% 500,000 2.17% 300,000 12.39% 75,200,000 8.31% 1,600,000 0.87% 2,600,000 2.49% 39,664,348 4.55% 1,000,763 3.24% 1,300,000 8.16% 101, 095, 186 8. 48% 1 7, 909, 579 5. 15%
435,441,520 99.89% 22,853,311 99.33% 2,468,695 101.99% 909,047,768 100.45% 183,556,721 100.22% 104,308,242 99.78% 866,078,474 99.41% 30,705,124 99.30% 16,368,010 102.75% 1,17 6, 880, 793 98. 69% 34 5, 682, 437 99. 56%
1 5 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
1. PORTFOLIO INVESTMENTS
These schedules report the industry concentrations and types of financial assets at fair value through profit or loss held in each Fund’s portfolio on the last day of the reporting year. Financial assets are usually listed by type (Common Stock, Corporate Bonds, U.S. Government Obligations, etc.) and by industry classification (Banking, Communications, Insurance, etc.).
The fair value of each financial asset is presented at the bid price as of the last business day of the reporting period. The value of financial asset denominated in currencies other than the base currency of the Fund are translated into the reporting currency of the Fund.
2. BALANCE SHEET
This is often referred to as the “Statement of Assets and Liabilities.” It lists the assets and liabilities of the Funds on the last day of the reporting period. The Funds’ assets are calculated by adding the value of the financial assets at fair value through profit or loss owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on stocks owned and the receivable for Fund Shares sold to investors but not yet settled. The Funds’ liabilities include payables for securities purchased but not yet settled, Fund Shares redeemed but not yet paid and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as forward currency contracts. Net assets attributable to holders of redeemable ordinary Shares are 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.
4. STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE ORDINARY SHARES
This statement reports the increase or decrease in the Funds’ net assets attributable to holders of redeemable ordinary Shares during the reporting period. Changes in the Funds’ net assets are attributable to investment operations, dividends, distributions and capital Share transactions. This is important to investors because it shows exactly what caused the Funds’ net assets size to change during the period.
The first section refers to the opening net asset value for the Funds. “Capital Shares” refers to the money investors contribute to the Funds through purchases or withdraw via redemptions. The Funds’ net assets will increase and decrease in value as investors purchase and redeem Shares from the Fund.
The next section summarises the information from the income statement regarding changes in net assets because of the Funds’ investment performance.
The reinvestment of dividends is included under “Capital Share Transactions”.
5. STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO
This statement details all aggregate purchases or sales in excess of 1% of total purchases or sales. At a minimum the top twenty purchases and sales are disclosed.
Explanation of Charts and Tables
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 5 7
Statements of Changes in Composition of Portfolio
JANUS ASIA FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
EVA Precision Industrial Holdings, Ltd. 500,000 $96,976 Mando Corp. 620 92,600Shanghai Pharmaceuticals Holding Co., Ltd. 50,000 73,116AIA Group, Ltd. 16,400 57,560Youku.com, Inc. (ADR) 2,800 52,696SK Telecom Co., Ltd. 400 51,259BHP Billiton, Ltd. 1,258 47,715Nexon Co., Ltd. 3,000 46,145Yulon Motor Co., Ltd. 28,000 45,303China Coal Energy Co., Ltd. 48,000 43,802TCL Communication Technology Holdings, Ltd. 100,000 43,508LG Chem, Ltd. 159 42,748Hyundai Department Store Co., Ltd. 250 37,992Indofood Sukses Makmur Tbk PT 60,000 31,432Tower Bersama Infrastructure Tbk PT 97,000 30,915Ajisen China Holdings, Ltd. 30,000 30,912Bumitama Agri, Ltd. 49,000 29,393Swire Properties, Ltd. 11,083 28,117China Resources Power Holdings Co., Ltd. 16,000 28,107Sitoy Group Holdings, Ltd. 70,000 26,372
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
DBS Group Holdings, Ltd. 9,000 $95,580 Changsha Zoomlion Heavy Industry Science and
Technology Development Co., Ltd. 50,800 70,670China Railway Construction Corp., Ltd. 82,000 59,372Swire Pacific, Ltd. 4,500 47,550Rio Tinto, Ltd. 660 47,408L’Occitane International S.A. 18,250 46,912CIMB Group Holdings Berhad 18,100 46,171King Yuan Electronics Co., Ltd. 112,000 45,626Shenzhou International Group Holdings, Ltd. 28,000 42,247Air China, Ltd. 56,000 42,208Shangri-La Asia, Ltd. 18,000 41,513Ascott Residence Trust 48,000 39,662Tencent Holdings, Ltd. 1,700 39,641Bumitama Agri, Ltd. 49,000 38,359International Taifeng Holdings, Ltd. 86,000 37,642Korean Air Lines Co., Ltd. 791 37,403China Mobile, Ltd. 3,500 35,786Lotte Shopping Co., Ltd. 112 35,405CSI Properties, Ltd. 900,000 33,398Shanghai Pharmaceuticals Holding Co., Ltd. 25,000 33,207
JANUS BALANCED FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
U.S. Treasury Note/Bond, 2.0000%, due 15/2/22 5,099,000 $5,087,146 U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 3,208,000 3,215,189U.S. Treasury Note/Bond, 3.1250%, due 15/11/41 1,796,000 1,818,644U.S. Treasury Note/Bond, 3.0000%, due 15/5/42 1,720,000 1,804,175U.S. Treasury Note/Bond, 0.2500%, due 31/3/14 1,766,000 1,763,154U.S. Treasury Note/Bond, 0.3750%, due 15/3/15 1,769,000 1,762,950U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 1,709,000 1,720,572U.S. Treasury Note/Bond, 0.8750%, due 31/1/17 1,252,000 1,255,618Facebook, Inc. – Class A 31,525 1,197,950Ventas, Inc. 18,270 1,012,587Motorola Solutions, Inc. 19,870 1,009,554priceline.com, Inc. 1,925 985,517Morgan Stanley, 5.5000%, senior unsecured notes,
due 28/7/21 919,000 909,339U.S. Treasury Note/Bond, 1.7500%, due 15/5/22 888,000 891,362Intuit, Inc. 15,290 876,229Aetna, Inc. 19,115 876,098LyondellBasell Industries N.V., 5.0000%, senior unsecured
notes, due 15/4/19 (144A) 863,000 863,000U.S. Treasury Note/Bond, 0.2500%, due 31/5/14 770,000 769,877Express Scripts Holding Co., 2.6500%, company
guaranteed notes, due 15/2/17 (144A) 769,000 761,502
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
U.S. Treasury Note/Bond, 2.0000%, due 15/2/22 3,255,000 $3,292,698 U.S. Treasury Note/Bond, 3.1250%, due 15/11/41 2,453,000 2,488,769U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 2,297,000 2,392,955Oracle Corp. 73,440 2,135,504U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 1,885,000 1,879,710U.S. Treasury Note/Bond, 0.3750%, due 15/3/15 1,769,000 1,768,003U.S. Treasury Note/Bond, 0.2500%, due 31/3/14 1,766,000 1,765,060Pfizer, Inc. 72,450 1,585,176Fannie Mae, 4.0000%, due 1/2/41 1,389,869 1,404,455U.S. Treasury Note/Bond, 2.0000%, due 15/11/21 1,337,000 1,330,893U.S. Treasury Note/Bond, 0.8750%, due 31/1/17 1,252,000 1,261,871Occidental Petroleum Corp. 13,569 1,182,118U.S. Treasury Note/Bond, 3.7500%, due 15/8/14 985,000 1,137,413U.S. Treasury Note/Bond, 3.0000%, due 15/5/42 1,070,000 1,134,907Pernod-Ricard S.A., 5.7500%, senior unsecured notes,
due 7/4/21 (144A) 954,000 1,099,295eBay, Inc. 25,520 1,045,308U.S. Treasury Note/Bond, 2.1250%, due 15/8/21 1,016,000 1,014,509Gilead Sciences, Inc. 21,066 993,199Union Pacific Corp. 8,575 948,109Morgan Stanley 63,570 914,442
1 5 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Statements of Changes in Composition of Portfolio
JANUS EMERGING MARKETS FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Petroleo Brasileiro S.A. (ADR) 5,873 $123,917 Chariot Oil & Gas, Ltd. 33,792 96,493Urbi Desarrollos Urbanos S.A.B. de C.V. 74,500 89,249Ivanhoe Mines, Ltd. 6,302 75,575Samsung Electronics Co., Ltd. 69 75,566Hyundai Department Store Co., Ltd. 485 74,485OGX Petroleo e Gas Participacoes S.A. 10,836 72,198Mando Corp. 458 69,356Rio Tinto PLC 1,428 65,994Cobalt International Energy, Inc. 2,402 63,427Samsonite International S.A. 34,500 63,293Kosmos Energy, Ltd. 4,624 62,663Fibra Uno Administracion S.A. de C.V. 33,600 62,6527 Days Group Holdings, Ltd. 5,693 62,522Sundance Resources, Ltd. 138,026 61,373Vale S.A. 2,687 61,190Genting Bhd 16,500 58,557BOCI-Prudential – W.I.S.E. – CSI China Tracker Fund
(ETF) 15,000 58,253Kimberly-Clark Corp. 12,285 58,177Haitong Securities Co., Ltd. 41,200 56,842
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
BOCI-Prudential - W.I.S.E. – CSI China Tracker Fund (ETF) 31,800 $118,285
Samsung Electronics Co., Ltd. 88 91,789CNOOC, Ltd. 400 83,134Rio Tinto PLC 1,419 81,396Cobalt International Energy, Inc. 2,469 77,899Vanguard MSCI Emerging Markets (ETF) 1,690 70,789China Yurun Food Group, Ltd. 41,000 69,998Urbi Desarrollos Urbanos S.A.B. de C.V. 74,500 66,078Sakari Resources, Ltd. 37,000 62,630UNICASA Industria de Moveis S.A. 7,600 61,470Karoon Gas Australia, Ltd. 10,850 59,784Haitong Securities Co., Ltd. 41,200 59,257Sorouh Real Estate Co. 177,145 57,749Kimberly-Clark Corp. 30,255 55,959Pacific Rubiales Energy Corp. 2,208 55,735MTN Group, Ltd. 3,348 55,541Banco Bilbao Vizcaya Argentaria S.A. 7,225 55,415ArcelorMittal 2,457 52,211Thai Beverage PCL 196,000 51,989China Coal Energy Co., Ltd. 47,000 51,843
JANUS EUROPE FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
BG Group PLC 1,865 €32,774 Ophir Energy PLC 4,979 26,711Tullow Oil PLC 1,263 21,840Elekta A.B. 495 18,605Koninklijke Vopak N.V. 395 18,598Danone 375 18,587ThyssenKrupp A.G. 1,185 18,272Beiersdorf A.G. 331 15,768ARM Holdings PLC 2,066 12,793SABMiller PLC 436 12,301Roche Holding A.G. 66 8,963Reckitt Benckiser Group PLC 128 5,287Pernod-Ricard S.A. 71 5,237Orascom Development Holding A.G. 420 4,740Unilever PLC 167 4,157Tesco PLC 1,014 4,143
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
GlaxoSmithKline PLC 2,987 €51,554 Intercontinental Hotels Group PLC 2,646 46,505Total S.A. 947 38,187KUKA A.G. 1,630 27,967TGS Nopec Geophysical Co., A.S.A. 1,286 26,959Gategroup Holding A.G. 989 21,577Imperial Tobacco Group PLC 719 21,016Temenos Group A.G. 1,447 20,995Cairn Energy PLC 6,439 20,854Reckitt Benckiser Group PLC 468 18,950Deutsche Bank A.G. 609 18,941BNP Paribas S.A. 576 17,612ASML Holding N.V. 461 16,695Erste Group Bank A.G. 1,012 15,378Shire PLC (ADR) 393 10,288Anheuser-Busch InBev N.V. 211 10,095BG Group PLC 509 9,225Royal Dutch Shell PLC 337 9,159Cie Financiere Richemont S.A. 167 7,711Standard Chartered PLC 364 6,903
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 5 9
JANUS GLOBAL LIFE SCIENCES FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Aetna, Inc. 48,545 $2,146,457 Jazz Pharmaceuticals PLC 23,655 1,130,410Medivation, Inc. 12,420 883,889Abbott Laboratories 15,620 867,069IntraBiotics Pharmaceuticals, Inc. 44,200 795,398Humana, Inc. 8,805 720,198Alkermes PLC 41,510 693,382Regeneron Pharmaceuticals, Inc. 7,170 685,809Gilead Sciences, Inc. 13,665 660,773Celgene Corp. 9,115 651,742Volcano Corp. 24,100 638,467Novo Nordisk A/S 4,422 632,559Seattle Genetics, Inc. 34,320 610,764AmerisourceBergen Corp. 15,485 590,992Shire PLC (ADR) 6,185 569,430Valeant Pharmaceuticals International, Inc. 10,600 535,806Mettler-Toledo International, Inc. 3,225 515,730Vertex Pharmaceuticals, Inc. 10,320 501,950NMC Health PLC 145,961 488,780Watson Pharmaceuticals, Inc. 7,430 465,379
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Regeneron Pharmaceuticals, Inc. 15,445 $1,673,069 IntraBiotics Pharmaceuticals, Inc. 44,200 1,382,915C&C Group PLC 55,080 1,129,077GlaxoSmithKline PLC 25,362 1,114,305Alexion Pharmaceuticals, Inc. 9,920 871,117Celgene Corp. 11,285 836,393Idenix Pharmaceuticals, Inc. 57,645 742,956Incyte Corp., Ltd. 36,840 732,449Vertex Pharmaceuticals, Inc. 14,341 728,246Express Scripts Holding, Co. 12,370 692,620Pfizer, Inc. 30,515 681,616Walgreen Co. 18,445 618,770Gen-Probe, Inc. 7,775 613,757United Therapeutics Corp. 12,720 608,778Medco Health Solutions, Inc. 10,545 608,459Gilead Sciences, Inc. 12,755 608,243UnitedHealth Group, Inc. 9,485 544,355CareFusion Corp. 20,790 537,837Express Scripts Holding Co. 9,845 506,374BioMarin Pharmaceutical, Inc. 12,695 460,024
JANUS GLOBAL RESEARCH FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Canadian Pacific Railway, Ltd. 2,414 $186,775 Kuehne + Nagel International A.G. 1,093 123,955Syngenta A.G. 285 99,435BG Group PLC 4,347 99,373Fortescue Metals Group, Ltd. 17,090 93,557ThyssenKrupp A.G. 3,231 85,648Whiting Petroleum Corp. 1,565 79,715Noble Energy, Inc. 777 75,370Shire PLC (ADR) 2,153 72,458Aetna, Inc. 1,551 68,300Koninklijke Vopak N.V. 1,065 67,322Mando Corp. 438 67,238Motorola Solutions, Inc. 1,326 66,296PDG Realty S.A. Empreendimentos e Participacoes 15,169 65,092Sanofi 822 62,465Nabtesco Corp. 2,800 61,536Continental Resources, Inc. 800 59,782Fastenal Co. 1,291 57,245Philip Morris International, Inc. 700 56,479Allergan, Inc. 634 56,390
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Fastenal Co. 2,389 $114,256 MRV Engenharia e Participacoes S.A. 13,340 108,260C.H. Robinson Worldwide, Inc. 1,667 104,320Isuzu Motors, Ltd. 19,000 104,100EMC Corp. 4,202 103,201First Quantum Minerals, Ltd. 4,517 92,083Bed Bath & Beyond, Inc. 1,260 88,140FANUC Corp. 500 87,626Waste Management, Inc. 2,417 81,031QLIK Technologies, Inc. 2,571 80,511AMEC PLC 4,729 74,804Unilever N.V. 2,273 74,596Olam International, Ltd. 37,839 72,950Hess Corp. 1,249 72,727Mylan, Inc. 3,388 72,057Crown Holdings, Inc. 1,961 71,049Watson Pharmaceuticals, Inc. 994 70,679Union Pacific Corp. 643 69,969Pfizer, Inc. 3,130 69,633Sensata Technologies Holding N.V. 2,074 66,277
1 6 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Statements of Changes in Composition of Portfolio
JANUS GLOBAL TECHNOLOGY FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Apple, Inc. 1,495 $921,916 Zynga, Inc. – Class A 82,447 673,780Intuit, Inc. 7,785 441,741MasterCard, Inc. – Class A 1,030 380,043Blackbaud, Inc. 11,655 363,644Oracle Corp. 11,720 313,687Nexon Co., Ltd. 19,700 301,275Ceva, Inc. 12,465 290,632Cognizant Technology Solutions Corp. – Class A 4,415 285,811Telefonaktiebolaget L.M. Ericsson – Class B 28,959 258,917Autodesk, Inc. 6,870 255,207Atmel Corp. 32,975 247,584Facebook, Inc. – Class A 6,076 230,888American Express Co. 4,115 221,621Nintendo Co., Ltd. 1,600 216,392TE Connectivity, Ltd. (U.S. Shares) 6,670 210,125MSCI, Inc. – Class A 5,220 195,328Agilent Technologies, Inc. 4,345 190,030Yelp, Inc. 9,018 189,280Corning, Inc. 13,265 188,634
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
EMC Corp. 54,785 $1,364,860 QLIK Technologies, Inc. 31,360 961,101Microsoft Corp. 25,315 749,164Taiwan Semiconductor Manufacturing Co., Ltd. 249,000 683,032ON Semiconductor Corp. 83,558 681,610Teradata Corp. 8,365 569,714ASML Holding N.V. 10,727 498,435eBay, Inc. 13,555 494,663Iron Mountain, Inc. 16,680 493,896TE Connectivity, Ltd. (U.S. Shares) 13,255 460,257Walt Disney Co. 10,565 444,854athenahealth, Inc. 5,815 420,101Crown Castle International Corp. 7,135 377,557Amphenol Corp. – Class A 6,720 370,282STR Holdings, Inc. 50,865 359,005Temenos Group A.G. 18,757 343,100Celgene Corp. 4,880 340,533Apple, Inc. 640 338,412Time Warner Cable, Inc. 4,245 332,588CBS Corp. – Class B 10,045 315,657
JANUS US FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
AutoZone, Inc. 40 $15,051 Costco Wholesale Corp. 165 13,864Noble Energy, Inc. 135 13,451Perrigo Co. 131 12,999Precision Castparts Corp. 72 12,278J.C. Penney Co., Inc. 306 12,115Gilead Sciences, Inc. 211 10,714Mattel, Inc. 321 10,549Motorola Solutions, Inc. 212 10,347Facebook, Inc. – Class A 214 8,132Danaher Corp. 163 8,110Celgene Corp. 117 7,955Time Warner Cable, Inc. 107 7,639TE Connectivity, Ltd. (U.S. Shares) 225 7,311Helmerich & Payne, Inc. 119 7,021Crown Castle International Corp. 151 6,798Express Scripts Holding Co. 132 6,734Intuit, Inc. 116 6,645CBS Corp. – Class B 200 6,150Canadian Pacific Railway, Ltd. 82 6,057
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
eBay, Inc. 429 $16,169 EMC Corp. 589 15,249Oracle Corp. 493 14,541EOG Resources, Inc. 144 14,135Apache Corp. 144 13,527Mylan, Inc. 573 12,223Unilever N.V. 357 11,930Celgene Corp. 169 11,788Endo Health Solutions, Inc. 328 11,451Apple, Inc. 20 11,071Walt Disney Co. 250 10,862Baker Hughes, Inc. 219 10,497Expeditors International of Washington, Inc. 237 9,338C.H. Robinson Worldwide, Inc. 142 8,820McDonald’s Corp. 95 8,628Occidental Petroleum Corp. 97 8,346Crown Castle International Corp. 143 7,823Teradata Corp. 105 7,417Halliburton Co. 178 6,140TE Connectivity, Ltd. (U.S. Shares) 177 5,976
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 6 1
JANUS US ALL CAP GROWTH FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Hasbro, Inc. 871,985 $32,178,776 Valspar Corp. 618,020 30,751,706Aetna, Inc. 631,207 29,554,114Medco Health Solutions, Inc. 463,305 28,186,132Ctrip.com International, Ltd. (ADR) 1,094,645 26,701,703Ivanhoe Mines, Ltd. 1,366,433 23,966,174NetApp, Inc. 666,295 22,891,542Midstates Petroleum Co., Inc. 1,725,015 22,065,554AutoZone, Inc. 62,455 21,947,161Jazz Pharmaceuticals PLC 415,485 19,538,369Polypore International, Inc. 460,049 17,257,484Family Dollar Stores, Inc. 224,950 15,836,018Autodesk, Inc. 400,525 15,806,030Citigroup, Inc. 411,240 11,781,114eBay, Inc. 283,845 11,465,470MGM Resorts International 1,045,095 11,309,876J.C. Penney Co., Inc. 258,950 10,090,089Pall Corp. 167,510 9,941,587Atmel Corp. 1,192,173 9,474,254Aeroflex Holding Corp. 710,615 9,364,670
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Cobalt International Energy, Inc. 1,742,550 $44,770,689 QLIK Technologies, Inc. 1,060,860 32,917,547ON Semiconductor Corp. 4,006,100 29,324,080Morgan Stanley 1,942,845 27,085,320Atmel Corp. 3,772,725 26,794,958Ctrip.com International, Ltd. (ADR) 1,094,645 25,661,546Omnicare, Inc. 774,040 24,290,941J.C. Penney Co., Inc. 545,395 21,555,015NRG Energy, Inc. 1,336,270 21,391,228Avago Technologies, Ltd. 677,855 21,372,539Endo Health Solutions, Inc. 579,520 19,798,318NetApp, Inc. 621,315 19,637,985AutoZone, Inc. 49,760 19,005,407Spansion, Inc. 1,438,134 16,027,812MGM Resorts International 1,132,420 15,875,147Pfizer, Inc. 563,440 12,297,276Tellabs, Inc. 3,074,721 11,716,922Kosmos Energy, Ltd. 841,500 11,389,680Medco Health Solutions, Inc. 150,000 9,974,805Pall Corp. 167,510 9,947,860
JANUS US RESEARCH FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Occidental Petroleum Corp. 1,896 $181,654 Continental Resources, Inc. 2,318 172,334Noble Energy, Inc. 1,702 163,125Exxon Mobil Corp. 1,803 155,463Valero Energy Corp. 5,714 149,325ITC Holdings Corp. 1,841 141,163EOG Resources, Inc. 1,258 126,351Ventas, Inc. 1,879 109,923American Express Co. 1,678 101,716Schlumberger, Ltd. (U.S. Shares) 1,416 99,419Citigroup, Inc. 2,847 86,093AmerisourceBergen Corp. 2,122 81,832Motorola Solutions, Inc. 1,597 79,816Aetna, Inc. 1,765 78,670Abbott Laboratories 1,289 77,137Regeneron Pharmaceuticals, Inc. 755 66,265Autodesk, Inc. 1,795 64,469Costco Wholesale Corp. 705 61,700Humana, Inc. 740 55,655Whiting Petroleum Corp. 1,119 53,777
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Kinder Morgan Management LLC 2,390 $186,917 National Oilwell Varco, Inc. 2,068 162,271Schlumberger, Ltd. (U.S. Shares) 2,101 154,144ITC Holdings Corp. 1,841 128,687Halliburton Co. 3,583 126,893Baker Hughes, Inc. 2,613 122,191Pfizer, Inc. 5,538 121,408Charles Schwab Corp. 9,452 114,809EOG Resources, Inc. 1,026 114,398Morgan Stanley 6,459 109,891Fastenal Co. 2,170 106,559Whiting Petroleum Corp. 1,844 102,334EMC Corp. 4,034 98,640Helmerich & Payne, Inc. 1,640 94,312Dick’s Sporting Goods, Inc. 1,920 89,701Waste Management, Inc. 2,630 87,512Mylan, Inc. 4,049 86,615Continental Resources, Inc. 969 83,609Devon Energy Corp. 1,039 67,358Apple, Inc. 115 65,845
1 6 2 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Statements of Changes in Composition of Portfolio
JANUS US TWENTY FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
MasterCard, Inc. – Class A 11,420 $4,456,744 Facebook, Inc. – Class A 72,566 2,757,508Ivanhoe Mines, Ltd. 148,698 2,487,065Vertex Pharmaceuticals, Inc. 14,655 810,908NetApp, Inc. 4,155 108,123
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Apple, Inc. 27,260 $15,680,403 eBay, Inc. 305,820 11,040,891Charles Schwab Corp. 694,352 8,255,680Celgene Corp. 113,130 8,195,323News Corp. – Class A 341,625 6,556,990Limited Brands, Inc. 114,350 5,124,469Microsoft Corp. 170,180 4,982,848Ford Motor Co. 417,795 4,831,674Baker Hughes, Inc. 96,235 4,528,838EMC Corp. 172,185 4,482,236United Parcel Service, Inc. – Class B 56,800 4,331,211Vertex Pharmaceuticals, Inc. 89,915 4,211,342Crown Castle International Corp. 70,715 3,585,924Cie Financiere Richemont S.A. 57,831 3,394,277Express Scripts Holding Co. 57,550 3,137,894Medco Health Solutions, Inc. 48,767 3,136,956Oracle Corp. 110,685 3,104,767CBS Corp. – Class B 100,945 3,048,977Prudential PLC 263,340 2,969,264TE Connectivity, Ltd. (U.S. Shares) 83,245 2,883,995
JANUS US VENTURE FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Polypore International, Inc. 16,310 $615,574 Blackbaud, Inc. 14,287 447,015Deckers Outdoor Corp. 8,780 418,117Stratasys, Inc. 5,700 260,987K12, Inc. 12,005 251,662HUB Group, Inc. – Class A 6,700 231,724Wolverine World Wide, Inc. 5,925 226,587Dril-Quip, Inc. 3,430 225,271Opnet Technologies, Inc. 8,225 217,043RealPage, Inc. 11,176 210,898SS&C Technologies Holdings, Inc. 9,758 210,625HEICO Corp. – Class A 5,239 209,133WisdomTree Investments, Inc. 32,259 200,881Gen-Probe, Inc. 3,075 200,039Heritage-Crystal Clean, Inc. 9,470 195,181Dresser-Rand Group, Inc. 3,940 188,577CafePress, Inc. 10,200 184,318CoStar Group, Inc. 2,760 181,838National CineMedia, Inc. 12,225 180,457Quidel Corp. 10,650 176,561
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
SXC Health Solutions Corp. 7,212 $628,721 Gen-Probe, Inc. 5,815 476,601Catalyst Health Solutions, Inc. 5,210 432,885Polaris Industries, Inc. 6,195 432,473SBA Communications Corp. 8,640 397,698athenahealth, Inc. 4,929 363,378Convio, Inc. 21,550 342,484MWI Veterinary Supply, Inc. 3,559 333,929Lumber Liquidators Holdings, Inc. 10,050 277,456Cardtronics, Inc. 9,785 274,849CoStar Group, Inc. 3,650 271,352Euronet Worldwide, Inc. 13,388 248,173Dresser-Rand Group, Inc. 4,695 242,724TransDigm Group, Inc. 2,430 237,367Stratasys, Inc. 4,523 216,210Hibbett Sports, Inc. 3,605 198,679RealD, Inc. 14,110 193,153Pharmacyclics, Inc. 5,395 179,972Targa Resources Corp. 3,741 169,341Omnicell, Inc. 9,320 152,198
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PERKINS GLOBAL VALUE FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
America Movil S.A.B. de C.V. 63,747 $76,355 Vivendi S.A. 3,055 59,761Grupo Televisa S.A.B. (ADR) 2,585 53,219Tesco PLC 10,030 50,967Western Union Co. 2,870 50,470Kose Corp. 2,100 47,934Symantec Corp. 2,905 46,836Fulton Financial Corp. 4,895 46,816GDF Suez 1,794 46,538Walgreen Co. 1,440 46,250SK Telecom Co., Ltd. 389 46,224WellPoint, Inc. 670 44,612Travelers Cos., Inc. 710 42,504Novartis A.G. 743 40,800Procter & Gamble Co. 645 40,454Two Harbors Investment Corp. 4,150 40,218PepsiCo, Inc. 605 39,503Vodafone Group PLC (ADR) 12,342 33,945Johnson & Johnson 490 32,189Molson Coors Brewing Co. – Class B 725 29,632
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
AT&T, Inc. 1,670 $55,191 Glacier Bancorp, Inc. 2,795 40,040FirstMerit Corp. 2,035 32,833Wal-Mart Stores, Inc. 455 29,838Fulton Financial Corp. 2,885 29,626TCF Financial Corp. 2,250 25,526Diageo PLC 1,102 24,876Imperial Tobacco Group PLC 656 24,584Washington Federal, Inc. 1,390 23,425Abbott Laboratories 305 18,965Annaly Capital Management, Inc. 1,110 18,563Comcast Corp. 695 18,407PepsiCo, Inc. 235 16,222GlaxoSmithKline PLC 615 13,786Raytheon Co. 260 13,766Amgen, Inc. 190 13,203TNT Express N.V. (ADR) 1,032 13,180British American Tobacco PLC 272 12,469Kemper Corp. 365 11,023Hancock Holding Co. 279 9,909
JANUS US STRATEGIC VALUE FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Polycom, Inc. 335,000 $5,882,413 Covance, Inc. 105,000 4,821,607Travelers Cos., Inc. 80,000 4,767,385Lear Corp. 95,000 4,313,888WPX Energy, Inc. 210,000 3,844,331NetApp, Inc. 100,000 3,481,689Kohl's Corp. 70,000 3,467,284Franklin Resources, Inc. 32,994 3,323,369Exelon Corp. 80,000 3,183,112CARBO Ceramics, Inc. 35,000 3,100,300Analog Devices, Inc. 80,000 3,100,060Norfolk Southern Corp. 40,000 2,917,942Briggs & Stratton Corp. 165,600 2,864,148Novartis A.G. (ADR) 50,000 2,799,383Dr. Pepper Snapple Group, Inc. 70,000 2,779,035PPL Corp. 100,037 2,778,861CME Group, Inc. 10,000 2,726,502Talisman Energy, Inc. 210,000 2,541,033Baxter International, Inc. 45,000 2,480,128State Street Corp. 60,000 2,439,462
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Becton Dickinson and Co. 145,000 $10,928,961 Ameriprise Financial, Inc. 195,000 10,649,313URS Corp. 240,000 9,662,679Everest Re Group, Ltd. 95,000 9,219,835Hologic, Inc. 430,000 8,439,861Allstate Corp. 260,000 8,223,586TCF Financial Corp. 700,000 8,125,658Berkshire Hathaway, Inc. – Class B 95,000 7,479,482Ensco PLC (ADR) 130,000 7,258,887InvesCo., Ltd. 270,000 6,748,021Covidien PLC (U.S. Shares) 125,000 6,699,404WMS Industries, Inc. 280,661 6,474,938Molson Coors Brewing Co. – Class B 140,000 6,068,048Raytheon Co. 115,000 6,046,146St. Jude Medical, Inc. 150,000 6,025,900State Street Corp. 135,000 5,923,221American Eagle Outfitters, Inc. 330,000 5,895,960Garmin, Ltd. 125,000 5,842,245Abbott Laboratories 95,000 5,759,441CenturyLink, Inc. 150,000 5,732,165
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Statements of Changes in Composition of Portfolio
INTECH US CORE FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Home Depot, Inc. 83,400 $4,117,723 Fastenal Co. 65,800 3,287,441Lowe's Cos., Inc. 70,100 2,139,647Wyndham Worldwide Corp. 36,800 1,801,476W.W. Grainger, Inc. 8,300 1,634,011Cincinnati Financial Corp. 41,100 1,474,695Spectra Energy Corp. 46,300 1,436,011CA, Inc. 47,700 1,233,155Gap, Inc. 44,600 1,179,118Jabil Circuit, Inc. 43,700 971,519Gannett Co., Inc. 69,600 961,876Novellus Systems, Inc . 21,400 958,583Equifax, Inc. 22,200 956,281VF Corp. 6,700 926,333Eastman Chemical Co. 19,200 908,651Bristol-Myers Squibb Co. 28,000 903,506Nucor Corp. 20,700 878,999Macy's, Inc. 23,200 877,884BB&T Corp. 27,000 851,466
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Apple, Inc. 5,200 $2,727,218 CenterPoint Energy, Inc. 132,900 2,654,408DIRECTV – Class A 42,600 1,955,335AmerisourceBergen Corp. 51,100 1,894,349Exelon Corp. 46,032 1,748,573Cardinal Health, Inc. 40,700 1,734,723Eastman Chemical Co. 33,400 1,496,415Watson Pharmaceuticals, Inc. 23,700 1,466,764FirstEnergy Corp. 28,300 1,308,222priceline.com, Inc. 2,200 1,298,467Schlumberger, Ltd. (U.S. Shares) 17,200 1,255,759C.H. Robinson Worldwide, Inc. 18,500 1,194,084Agilent Technologies, Inc. 30,500 1,176,525Leucadia National Corp. 44,200 1,176,112Chevron Corp. 10,700 1,118,430Caterpillar, Inc. 9,700 1,073,043Estee Lauder Cos., Inc. – Class A 17,100 1,018,259E.I. du Pont de Nemours & Co. 19,900 1,014,922CSX Corp. 44,500 987,455
JANUS GLOBAL REAL ESTATE FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Simon Property Group, Inc. 26,259 $3,597,483 Ventas, Inc. 36,132 1,985,960CYS Investments, Inc. 129,585 1,720,889UDR, Inc. 66,060 1,697,742PDG Realty S.A. Empreendimentos e Participacoes 598,200 1,539,572ProShares UltraShort Real Estate 55,065 1,531,143STAG Industrial, Inc. 118,085 1,520,935DDR Corp. 100,190 1,407,043Equity Residential 21,758 1,324,124Colony Financial, Inc. 60,275 1,017,649Parkway Properties, Inc. 88,058 908,783Atrium European Real Estate, Ltd. 190,732 879,712Associated Estates Realty Corp. 51,725 802,592Fibra Uno Administracion S.A. de C.V. 414,900 770,061Capital Senior Living Corp. 70,548 567,312Health Care REIT, Inc. 10,550 564,425Lexington Realty Trust 61,226 520,250Pebblebrook Hotel Trust 21,690 479,349Entertainment Properties Trust 10,975 465,502Overseas Union Enterprise, Ltd. 245,000 452,420
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Kilroy Realty Corp. 65,221 $2,924,474 ProShares UltraShort Real Estate 55,065 1,570,902Plum Creek Timber Co, Inc. 34,665 1,380,693Equity Residential 21,758 1,342,406Simon Property Group, Inc. 8,527 1,302,359Lexington Realty Trust 139,900 1,200,784Renhe Commercial Holdings Co., Ltd. 9,510,000 1,123,991Glimcher Realty Trust 42,157 1,052,426First Potomac Realty Trust 84,981 1,045,863American Campus Communities, Inc. 22,075 951,204Vail Resorts, Inc. 17,220 829,973Dundee Real Estate Investment Trust 20,166 659,944Boston Properties, Inc. 5,335 573,934Fibra Uno Administracion S.A. de C.V. 294,600 546,248UDR, Inc. 18,200 472,056ProLogis, Inc. 13,735 462,582Health Care REIT, Inc. 8,145 451,896Mitsubishi Estate Co., Ltd. 22,000 397,168MRV Engenharia e Participacoes S.A. 52,700 347,664First Capital Realty, Inc. 17,499 306,172
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JANUS FLEXIBLE INCOME FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
U.S. Treasury Note/Bond, 2.0000%, due 15/2/22 78,944,000 $78,810,473 U.S. Treasury Note/Bond, 0.2500%, due 31/3/14 66,500,000 66,397,002U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 48,251,000 48,395,214U.S. Treasury Note/Bond, 3.0000%, due 15/5/42 30,575,000 32,095,448U.S. Treasury Note/Bond, 3.1250%, due 15/11/41 26,672,000 26,993,965U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 24,471,000 24,637,306U.S. Treasury Note/Bond, 0.8750%, due 31/1/17 22,776,000 22,861,149U.S. Treasury Note/Bond, 0.2500%, due 31/5/14 14,183,000 14,180,749U.S. Treasury Note/Bond, 1.7500%, due 15/5/22 13,346,000 13,396,272LyondellBasell Industries N.V., 5.0000%, senior unsecured
notes, due 15/4/19 (144A) 13,245,000 13,259,404Morgan Stanley, 5.5000%, senior unsecured notes, due
28/7/21 13,332,000 13,200,695Kraft Foods Group, Inc., 2.2500%, company guaranteed
notes, due 5/6/17 (144A) 11,861,000 12,097,581Express Scripts Holding Co., 2.6500%, company
guaranteed notes, due 15/2/17 (144A) 11,898,000 11,816,364Bank of America Corp., 5.7000%, senior unsecured notes,
due 24/1/22 10,724,000 11,271,539Goldman Sachs Group, Inc., 5.7500%, senior unsecured
notes, due 24/1/22 10,216,000 10,652,491United Technologies Corp., 4.5000%, senior unsecured
notes, due 1/6/42 10,308,000 10,235,661Samsung Electronics America, Inc., 1.7500%, company
guaranteed notes, due 10/4/17 (144A) 10,117,000 10,080,490United Technologies Corp., 3.1000%, senior unsecured
notes, due 1/6/22 9,870,000 9,927,599Raymond James Financial, Inc., 5.6250%, senior
unsecured notes, due 1/4/24 9,820,000 9,821,340Ginnie Mae, 5.0000%, 20/1/35 26,470,900 9,624,546
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
U.S. Treasury Note/Bond, 2.0000%, due 15/2/22 48,701,000 $49,560,081 U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 38,831,000 40,650,195U.S. Treasury Note/Bond, 3.1250%, due 15/11/41 34,813,000 35,233,821U.S. Treasury Note/Bond, 3.1250%, due 15/2/42 26,961,000 26,884,322U.S. Treasury Note/Bond, 3.0000%, due 15/5/42 19,129,000 20,299,842Fannie Mae, 4.0000%, due 1/2/41 17,072,308 17,251,478U.S. Treasury Note/Bond, 3.7500%, due 15/8/41 14,532,000 16,766,307U.S. Treasury Note/Bond, 1.7500%, due 15/5/22 12,223,000 12,329,818Morgan Stanley, 5.5000%, senior unsecured notes,
due 28/7/21 11,854,000 11,711,631U.S. Treasury Note/Bond, 2.0000%, due 15/11/21 11,274,000 11,316,239Ginnie Mae, 5.0000%, 20/1/35 26,470,900 8,553,415Bank of America Corp., 5.7000%, senior unsecured
notes, due 24/1/22 7,980,000 8,402,210Pernod-Ricard S.A., 5.7500%, senior unsecured notes,
due 7/4/21 (144A) 6,926,000 7,929,462Goldman Sachs Group, Inc., 5.7500%, senior unsecured
notes, due 24/1/22 7,378,000 7,635,564American International Group, Inc., 6.4000%, senior
unsecured notes, due 15/12/20 6,416,000 7,413,573Bank of Montreal, 2.6250%, due 25/1/16 6,841,000 7,205,488General Electric Capital Corp., 6.0000%, senior
unsecured notes, due 7/8/19 5,266,000 6,251,226LyondellBasell Industries N.V., 6.0000%, senior
unsecured notes, due 15/11/21 (144A) 5,386,000 5,980,375LyondellBasell Industries N.V., 5.0000%, senior
unsecured notes, due 15/4/19 (144A) 5,727,000 5,935,399
JANUS GLOBAL HIGH YIELD FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Linn Energy LLC / Linn Energy Finance Corp., 6.2500%, company guaranteed notes, due 1/11/19 (144A) 618,000 $615,139
Unicredit SpA, 4.8750%, due 7/3/17 395,000 524,290Samson Investment Co., 9.7500%, senior unsecured
notes, due 15/2/20 (144A) 407,000 415,391Caesars Entertainment Operating Co., Inc., 10.0000%,
secured notes, due 15/12/18 510,000 408,677ADS Tactical, Inc., 11.0000%, senior secured notes,
due 1/4/18 (144A) 375,000 404,235Ardagh Packaging Finance PLC, 9.2500%, senior secured
notes, due 15/10/20 270,000 377,044CIT Group, Inc., 5.5000%, senior unsecured notes,
due 15/2/19 (144A) 366,000 369,108Rite Aid Corp., 9.2500%, company guaranteed notes,
due 15/3/20 (144A) 325,000 328,256Continental Resources, Inc., 5.0000%, company
guaranteed notes, due 15/9/22 (144A) 303,000 302,700Heckmann Corp., 9.8750%, company guaranteed notes,
due 15/4/18 (144A) 302,000 300,030Aurora USA Oil & Gas, Inc., 9.8750%, company
guaranteed notes, due 15/2/17 (144A) 294,000 296,355Dean Foods Co., 9.7500%, company guaranteed notes,
due 15/12/18 259,000 292,175Rite Aid Corp., 7.7000%, senior unsecured notes,
due 15/2/27 336,000 288,682Virgin Media Finance PLC, 5.2500%, company
guaranteed notes, due 15/2/22 285,000 285,087JBS USA LLC / JBS USA Finance, Inc., 8.2500%, senior
unsecured notes, due 1/2/20 (144A) 278,000 280,882Nara Cable Funding, Ltd., 8.8750%, senior secured notes,
due 1/12/18 (144A) 285,000 277,324Landry's, Inc., 9.3750%, senior notes, due 1/5/20 (144A) 265,000 266,550MGM Resorts International, 8.6250%, company
guaranteed notes, due 1/2/19 (144A) 261,000 265,956AmeriGas Finance LLC / AmeriGas Finance Corp.,
7.0000%, company guaranteed notes, due 20/5/22 260,000 263,015Block Communications, Inc., 7.2500%, senior unsecured
notes, due 1/2/20 (144A) 261,000 262,690
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Pernod-Ricard S.A., 4.8750%, senior unsecured notes, due 18/3/16 450,000 $628,019
Caesars Entertainment Operating Co., Inc., 10.0000%, secured notes, due 15/12/18 757,000 566,478
Landry’s Acquisition Co., 11.6250%, secured notes, due 1/12/15 477,000 548,250
Unicredit SpA, 4.8750%, due 7/3/17 395,000 524,587CIT Group, Inc., 7.0000%, due 5/1/17 354,000 360,068LifePoint Hospitals, Inc., 6.6250%, company guaranteed
notes, due 1/10/20 337,000 358,652Plains Exploration & Production Co., 6.6250%,
company guaranteed notes, due 1/5/21 349,000 351,033Del Monte Corp., 7.6250%, company guaranteed notes,
due 15/2/19 315,000 319,836CCM Merger, Inc., 8.0000%, notes, due 1/8/13 279,000 280,045Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,
7.7500%, first mortgage, due 15/8/20 246,000 278,391Inergy L.P./Inergy Finance Corp., 7.0000%, company
guaranteed notes, due 1/10/18 275,000 272,600Chesapeake Energy Corp., 6.1250%, company
guaranteed notes, due 15/2/21 259,000 254,993JBS USA LLC / JBS USA Finance, Inc., 8.2500%, senior
unsecured notes, due 1/2/20 (144A) 235,000 243,899Exide Technologies, 8.6250%, senior secured notes,
due 1/2/18 299,000 239,658MGM Mirage Resorts International, 4.2500%, company
guaranteed notes, due 15/4/15 211,000 226,191ADS Tactical, Inc., 11.0000%, senior secured notes,
due 1/4/18 (144A) 203,000 219,719Lions Gate Entertainment, Inc., 10.2500%, secured
notes, due 1/11/16 197,000 215,526Ineos Finance PLC, 8.3750%, senior secured notes,
due 15/2/19 (144A) 200,000 212,349Omnicare, Inc., 7.7500%, company guaranteed notes,
due 1/6/20 185,000 204,537
1 6 6 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Statements of Changes in Composition of Portfolio
JANUS GLOBAL INVESTMENT GRADE BOND FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
EBS Mortgage Finance, 3.8750%, covered, due 23/11/12 372,000 $477,232 Unicredit SpA, 4.8750%, due 7/3/17 213,000 282,949SABMiller Holdings, Inc., 3.7500%, company guaranteed
notes, due 15/1/22 (144A) 270,000 278,796Lloyds TSB Bank PLC, 4.6250%, senior unsecured notes,
due 2/2/17 200,000 261,242Morgan Stanley, 5.5000%, senior unsecured notes,
due 28/7/21 241,000 238,636LyondellBasell Industries N.V., 5.0000%, senior unsecured
notes, due 15/4/19 (144A) 230,000 230,000Kraft Foods Group, Inc., 2.2500%, company guaranteed
notes, due 5/6/17 (144A) 211,000 215,192Regions Financial Corp., 4.8750%, senior unsecured
notes, due 26/4/13 209,000 214,107SLM Corp., 7.2500%, due 25/1/22 206,000 212,814BRF - Brasil Foods S.A., 5.8750%, company guaranteed
notes, due 6/6/22 (144A) 212,000 210,028Ford Motor Credit Co. LLC, 3.8750%, senior unsecured
notes, due 15/1/15 200,000 209,196Phillips 66, 2.9500%, company guaranteed notes,
due 1/5/17 (144A) 205,000 208,565CNOOC Finance 2012, Ltd., 3.8750%, company
guaranteed notes, due 2/5/22 (144A) 200,000 199,738Sunoco Logistics Partners Operations L.P., 4.6500%,
company guaranteed notes, due 15/2/22 188,000 199,473Samsung Electronics America, Inc., 1.7500%, company
guaranteed notes, due 10/4/17 (144A) 200,000 199,268Royal Bank of Scotland PLC, 5.5000%, senior unsecured
notes, due 23/3/20 145,000 198,975Bank of America Corp., 5.7000%, senior unsecured notes,
due 24/1/22 188,000 197,695Phillips 66, 4.3000%, company guaranteed notes,
due 1/4/22 (144A) 192,000 196,063Express Scripts Holding Co., 2.6500%, company
guaranteed notes, due 15/2/17 (144A) 193,000 191,118Goldman Sachs Group, Inc., 5.7500%, senior unsecured
notes, due 24/1/22 183,000 190,837
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Royal Bank of Scotland PLC, 4.6250%, subordinated notes, due 22/9/21 280,000 $295,092
Unicredit SpA, 4.8750%, due 7/3/17 213,000 282,879MetLife, Inc., 5.2500%, senior unsecured notes,
due 29/6/20 145,000 263,572Intesa Sanpaolo SpA, 4.0000%, senior unsecured notes,
due 8/11/18 200,000 247,280Comcast Corp., 5.1500%, company guaranteed notes,
due 1/3/20 207,000 242,150LyondellBasell Industries N.V., 6.0000%, senior
unsecured notes, due 15/11/21 (144A) 200,000 223,625Morgan Stanley, 5.5000%, senior unsecured notes,
due 28/7/21 214,000 211,409SLM Corp., 7.2500%, due 25/1/22 206,000 211,316Standard Chartered PLC, 3.8750%, senior unsecured
notes, due 20/10/16 150,000 194,325American International Group, Inc., 6.4000%, senior
unsecured notes, due 15/12/20 153,000 175,422Pernod-Ricard S.A., 5.7500%, senior unsecured notes,
due 7/4/21 (144A) 150,000 172,833Corn Products International, Inc., 3.2000%, senior
unsecured notes, due 1/11/15 151,000 159,035Lloyds TSB Bank PLC, 5.2800%, senior unsecured
notes, due 19/4/16 150,000 152,145Pernod-Ricard S.A., 5.5000%, 15/1/42 150,000 150,021Weatherford International, Ltd., 5.1250%, company
guaranteed notes, due 15/9/20 131,000 147,316Bank of America Corp., 5.7000%, senior unsecured
notes, due 24/1/22 138,000 145,193Goldman Sachs Group, Inc., 5.7500%, senior unsecured
notes, due 24/1/22 132,000 136,626Telecom Italia SpA, 7.0000%, senior unsecured notes,
due 20/1/17 100,000 135,770DNB Bank ASA, 4.5000%, senior unsecured notes,
due 29/5/14 95,000 135,697ArcelorMittal, 5.5000%, 1/3/21 138,000 130,765
JANUS HIGH YIELD FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
Linn Energy LLC / Linn Energy Finance Corp., 6.2500%, company guaranteed notes, due 1/11/19 (144A) 16,133,000 $16,131,225
Caesars Entertainment Operating Co., Inc., 10.0000%, secured notes, due 15/12/18 16,306,000 13,052,862
Samson Investment Co., 9.7500%, senior unsecured notes, due 15/2/20 (144A) 12,434,000 12,590,055
CIT Group, Inc., 5.5000%, senior unsecured notes, due 15/2/19 (144A) 10,682,000 10,682,000
Heckmann Corp., 9.8750%, company guaranteed notes, due 15/4/18 (144A) 9,685,000 9,621,990
JBS USA LLC / JBS USA Finance, Inc., 8.2500%, senior unsecured notes, due 1/2/20 (144A) 9,450,000 9,491,858
Rite Aid Corp., 9.2500%, company guaranteed notes, due 15/3/20 (144A) 8,944,000 8,944,000
Nara Cable Funding, Ltd., 8.8750%, senior secured notes, due 1/12/18 (144A) 9,201,000 8,918,897
Landry's, Inc., 9.3750%, senior notes, due 1/5/20 (144A) 8,395,000 8,444,294Ineos Group Holdings PLC, 8.5000%, secured notes,
due 15/2/16 (144A) 8,758,000 8,381,275Aurora USA Oil & Gas, Inc., 9.8750%, company
guaranteed notes, due 15/2/17 (144A) 8,408,000 8,377,542Continental Resources, Inc., 5.0000%, company
guaranteed notes, due 15/9/22 (144A) 8,332,000 8,366,793Rite Aid Corp., 7.7000%, senior unsecured notes,
due 15/2/27 9,624,000 8,087,051CCM Merger, Inc., 9.1250%, company guaranteed notes,
due 1/5/19 (144A) 7,851,000 7,851,000AmeriGas Finance LLC / AmeriGas Finance Corp.,
7.0000%, company guaranteed notes, due 20/5/22 7,720,000 7,771,029Block Communications, Inc., 7.2500%, senior unsecured
notes, due 1/2/20 (144A) 7,755,000 7,755,000MGM Resorts International, 8.6250%, company
guaranteed notes, due 1/2/19 (144A) 7,746,000 7,746,000ArcelorMittal, 6.2500%, senior unsecured notes,
due 25/2/22 6,196,000 6,284,741CCO Holdings LLC / CCO Holdings Capital Corp.,
6.6250%, company guaranteed notes, due 31/1/22 6,196,000 6,180,510Targa Resources Partners L.P. / Targa Resources Partners
Finance Corp., 6.3750%, company guaranteed notes, due 1/8/22 (144A) 5,730,000 5,954,216
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
Caesars Entertainment Operating Co., Inc., 10.0000%, secured notes, due 15/12/18 25,464,000 $19,061,246
CIT Group, Inc., 7.0000%, due 5/1/17 17,325,000 17,624,819MGM Mirage Resorts International, 4.2500%, company
guaranteed notes, due 15/4/15 10,511,000 11,210,180Chesapeake Energy Corp., 6.1250%, company
guaranteed notes, due 15/2/21 10,429,000 10,214,406CCM Merger, Inc., 8.0000%, notes, due 1/8/13 10,113,000 10,174,203Del Monte Corp., 7.6250%, company guaranteed notes,
due 15/2/19 9,579,000 9,748,560Morgan Stanley, 5.5000%, senior unsecured notes,
due 28/7/21 8,786,000 8,891,866Bank of America Corp., 5.0000%, senior unsecured
notes, due 13/5/21 8,807,000 8,728,386Goldman Sachs Group, Inc., 5.2500%, senior unsecured
notes, due 27/7/21 8,431,000 8,465,926Ally Financial, Inc., 7.5000%, company guaranteed
notes, due 15/9/20 7,794,000 8,344,355Lions Gate Entertainment, Inc., 10.2500%, secured
notes, due 1/11/16 7,587,000 8,300,562Lawson Software, Inc., 11.5000%, senior notes,
due 15/7/18 7,539,000 7,897,062Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,
7.7500%, first mortgage, due 15/8/20 6,672,000 7,550,416Plains Exploration & Production Co., 6.6250%,
company guaranteed notes, due 1/5/21 7,585,000 7,466,552Sirius XM Radio, Inc., 8.7500%, company guaranteed
notes, due 1/4/15 6,467,000 7,282,600JBS USA LLC / JBS USA Finance, Inc., 8.2500%, senior
unsecured notes, due 1/2/20 (144A) 6,893,000 7,151,102Advanced Micro Devices, Inc., 8.1250%, senior
unsecured notes, due 15/12/17 6,049,000 6,719,326Omnicare, Inc., 7.7500%, company guaranteed notes,
due 1/6/20 5,919,000 6,510,844Lyondell Chemical Co., 8.0000%, senior secured notes,
due 1/11/17 5,602,000 6,494,805Block Communications, Inc., 8.2500%, senior notes,
due 15/12/15 6,089,000 6,312,010
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 6 7
JANUS US SHORT-TERM BOND FUND
Major Purchases for the period ended 30 June 2012
Shares or Principal Amount Cost
U.S. Treasury Note/Bond, 0.2500%, due 28/2/14 28,487,000 $28,452,201 U.S. Treasury Note/Bond, 1.0000%, due 31/3/17 17,769,000 17,920,556U.S. Treasury Note/Bond, 0.3750%, due 15/3/15 7,924,000 7,905,244U.S. Treasury Note/Bond, 1.3750%, due 15/1/13 6,510,000 6,588,445U.S. Treasury Note/Bond, 0.8750%, due 28/2/17 6,492,000 6,476,817Kraft Foods Group, Inc., 2.2500%, company guaranteed
notes, due 5/6/17 (144A) 5,446,000 5,531,252U.S. Treasury Note/Bond, 0.6250%, due 30/6/12 5,040,000 5,055,014U.S. Treasury Note/Bond, 0.2500%, due 1/6/17 4,500,000 4,497,140United Technologies Corp., 1.8000%, senior unsecured
notes, due 1/6/17 4,055,000 4,079,620Ford Motor Credit Co. LLC, 2.7500%, senior unsecured
notes, due 15/5/15 4,045,000 4,050,171CIT Group, Inc., 4.7500%, senior unsecured notes,
due 15/2/15 (144A) 4,012,000 4,023,632Pernod-Ricard S.A., 2.9500%, due 15/1/17 3,995,000 3,991,162Samsung Electronics America, Inc., 1.7500%, company
guaranteed notes, due 10/4/17 (144A) 3,836,000 3,822,718LVMH Moet Hennessy Louis Vuitton S.A., 1.6250%,
senior unsecured notes, due 29/6/17 (144A) 3,500,000 3,489,955Experian Finance PLC, 2.3750%, company guaranteed
notes, due 15/6/17 (144A) 3,302,000 3,296,255General Electric Capital Corp., 2.1500%, senior
unsecured notes, due 9/1/15 3,249,000 3,251,459British Telecommunications PLC, 2.0000%, senior
unsecured notes, due 22/6/15 3,207,000 3,213,359U.S. Treasury Note/Bond, 0.3750%, due 15/4/15 3,214,000 3,211,583JPMorgan Chase & Co., 1.8750%, unsecured notes,
due 20/3/15 2,706,000 2,704,465Express Scripts Holding Co., 2.1000%, company
guaranteed notes, due 12/2/15 (144A) 2,613,000 2,610,288
Major Sales for the period ended 30 June 2012
Shares or Principal Amount Proceeds
U.S. Treasury Note/Bond, 1.0000%, due 31/10/16 6,906,000 $7,022,098 U.S. Treasury Note/Bond, 1.0000%, due 31/3/17 6,536,000 6,609,904U.S. Treasury Note/Bond, 0.6250%, due 30/6/12 5,782,000 5,797,673Pernod-Ricard S.A., 2.9500%, due 15/1/17 3,995,000 4,079,415Ford Motor Credit Co. LLC, 3.8750%, senior unsecured
notes, due 15/1/15 3,655,000 3,833,473Berkshire Hathaway, Inc., 2.1250%, senior unsecured
notes, due 11/2/13 3,689,000 3,753,365U.S. Treasury Note/Bond, 0.8750%, due 28/2/17 3,643,000 3,606,731SLM Corp., 5.0000%, senior unsecured notes,
due 1/10/13 3,488,000 3,566,760U.S. Treasury Note/Bond, 0.8750%, due 30/11/16 3,525,000 3,531,344JPMorgan Chase & Co., 5.7500%, subordinated notes,
due 2/1/13 3,241,000 3,400,311HCP, Inc., 6.4500%, senior unsecured notes,
due 25/6/12 3,172,000 3,172,000Morgan Stanley, 2.8750%, senior unsecured notes,
due 24/1/14 2,615,000 2,609,901Host Hotels & Resorts L.P., 6.8750%, company
guaranteed notes, due 1/11/14 2,297,000 2,375,817Allegheny Energy Supply Co. LLC, 8.2500%, senior
unsecured notes, due 15/4/12 2,276,000 2,276,000BB&T Corp., 2.0500%, senior unsecured notes,
due 28/4/14 2,165,000 2,228,228MetLife, Inc., 2.3750%, senior unsecured notes,
due 6/2/14 2,148,000 2,208,320Amgen, Inc., 2.3000%, senior unsecured notes,
due 15/6/16 2,162,000 2,175,415Exelis, Inc., 4.2500%, company guaranteed notes,
due 1/10/16 (144A) 2,064,000 2,139,199UBS A.G., 2.2500%, notes, due 28/1/14 2,056,000 2,072,335Senior Housing Properties Trust, 8.6250%, senior
unsecured notes, due 15/1/12 2,002,000 2,002,000
1 6 8 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Fund Name PortfolioTurnover
Rate
Janus Asia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.85%
Janus Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121.28%
Janus Emerging Markets Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263.18%
Janus Europe Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.74%
Janus Global Life Sciences Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.72%
Janus Global Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139.26%
Janus Global Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.88%
Janus US Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103.20%
Janus US All Cap Growth Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155.32%
Janus US Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.93%
Janus US Twenty Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.92%
Janus US Venture Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.97%
Perkins Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.10%
Perkins US Strategic Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.58%
INTECH US Core Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.88%
Janus Global Real Estate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75.13%
Janus Flexible Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231.84%
Janus Global High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.67%
Janus Global Investment Grade Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120.26%
Janus High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.81%
Janus Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.58%
The following table provides the portfolio turnover rate (“PTR”) for each Fund which has been launched. The PTR provides and indication of the level of transactions carried out by each Fund during the fiscal year. It is calculated using the following formula:
[(Total 1 – Total 2)/ M multiplied by 100]
Purchase of securities + Sale of securities = Total 1
Subscriptions of Shares + Redemptions of Shares = Total 2
Monthly average assets (i.e., average of daily net asset values) = M
Portfolio Turnover Rates
J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2 1 6 9
Directors and Other Information
BOARD OF DIRECTORS Augustus ChehDennis MullenCarl O’SullivanPeter SandysHans Vogel
INDEPENDENT AUDITORS PricewaterhouseCoopersChartered Accountants andStatutory Audit FirmOne Spencer DockNorth Wall QuayDublin 1Ireland
INVESTMENT ADVISER Janus CapitalInternational Limited26th Floor, CityPoint1 Ropemaker StreetLondon EC2Y 9HTUnited Kingdom
SUB-INVESTMENT ADVISER Janus Capital Management LLC151 Detroit StreetDenver, Colorado80206United States of America
Janus Capital Singapore Pte. Limited8 Shenton Way#36-02 AXA TowerSingapore 068811
Perkins InvestmentManagement LLC311 S. Wacker DriveSuite 6000Chicago, Illinois 60606United States of America
INTECH InvestmentManagement LLCCityplace Tower525 Okeechobee BoulevardSuite 1800West Palm BeachFlorida 33401United States of America
ADMINISTRATOR,SHAREHOLDER SERVICING AGENT AND SECRETARY
Citibank Europe plc1 North Wall QuayDublin 1Ireland
CUSTODIAN Brown BrothersHarriman TrusteeServices (Ireland)LimitedStyne HouseUpper Hatch StreetDublin 2Ireland
REGISTERED OFFICE 1 North Wall QuayDublin 1Ireland
REGISTERED NO 296610
VAT NO IE 8296610E
LEGAL ADVISERS Arthur CoxEarlsfort CentreEarlsfort TerraceDublin 2Ireland
DISTRIBUTOR AND PROMOTER
Janus CapitalInternational Limited26th Floor, CityPoint1 Ropemaker StreetLondon EC2Y 9HTUnited Kingdom
SPONSORING BROKER J & E DavyDavy House49 Dawson StreetDublin 2Ireland
1 7 0 J a n u s C a p i t a l F u n d s P l c / 3 0 J u n e 2 0 1 2
Directors and Other Information
Country Representative/Paying Agent
Austria Unicredit Bank Austria AGSchottengasse 6-81010 WienAustria
Belgium Citibank Belgium NV S.A.263g Boulevard General Jacques1050 BrusselsBelgium
France BNP-ParibasSecurities Services3 Rue d’Antin75002 ParisFrance
Germany State Street Bank GmbHSolmsstrasse 8360486 FrankfurtGermany
Hong Kong Janus Capital Asia Limited2506-11 ICBC TowerCitibank Plaza3 Garden Road CentralHong Kong
Italy 1. State Street Bank SpAVia Col Moschin 1620136 MilanItaly
2. BNP ParibasSecurities ServicesMilan BranchVia Ansperto 520123 MilanItaly
3. Allfunds Bank S.A. operatingthrough its Milan branchVia. Santa Margherita 720121 MilanItaly
Country Representative/Paying Agent
4. Société Générale SecuritiesServices SpA,Via S. Chiara 1910122 TurinoItaly
Luxembourg BGL BNP Paribas S.A.50 Avenue J.F. KennedyL-2951Luxembourg
Switzerland Swiss RepresentativeCarnegie Fund Services S.A. (CFS)11, rue du Général-Dufour1204 GenèveSwitzerland
Swiss Paying AgentBanque Cantonale de Genève17 quai de I’lle1204 GenèveSwitzerland
Taiwan ING Securities InvestmentManagement (Taiwan) Ltd,101 Tower 31/F No. 7 Sec. 5Xinyi Road TaipeiTaiwan, R.O.C.
UK Janus Capital International LimitedCitipoint, 26th Floor1 Ropemaker StreetLondon EC2Y 9HTUnited Kingdom
Below is a list of the Funds’ Representatives/Paying Agents as of 30 June 2012.
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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
Munich Branch
Tel.: +49 89 2421 8135
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 Pte. Limited
Singapore
Tel.: +65 65 11 8490
Email: [email protected]
Janus Capital Funds plc