· janus capital funds plc 30 june 2012 equity & balanced funds janus asia fund janus balanced...

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




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%



(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.


TOTAL RETURNS(I)

As at 30 June 2012




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


TOTAL RETURNS(I)

As at 30 June 2012




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%



(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.


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



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%


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


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:


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


(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


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.



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


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


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





JANUS US ALL CAP GROWTH FUND


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





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


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



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.


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



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


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.



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


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




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.



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.


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.


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.


your investment in the Janus Europe Fund. We appreciate you




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.



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.


for your investment in the Janus Global Life Sciences Fund. We




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


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



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.


for your investment in the Janus Global Research Fund. We




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


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.


for your investment in the Janus Global Technology Fund. We



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



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.


for your investment in the Janus US Fund. We appreciate you




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.


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.


for your investment in the Janus All Cap Growth Fund. We




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



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




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


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.


you for your investment in the Janus US Twenty Fund. We






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.


you for your investment in the Janus US Venture Fund. We




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,


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



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.


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


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



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.


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.


you for your investment in the INTECH US Core Fund. We



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.


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,


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.


for your investment in the Janus Global Real Estate Fund. We



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.


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 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.


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”).


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.












However, optimism began to fade by the second quarter. US

payroll growth in March, April and May failed to match the





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



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


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.









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.












Meanwhile, we have modestly increased our allocation to

Treasury securities and MBS 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. 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.










for your investment in the Janus Flexible Income Fund. We



Janus Global High Yield Bond Fund


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



of relief in June. Overall, high yield corporate credit spreads

narrowed during the period.










high yield corporate credit markets rallied strongly in the first

quarter of the year.












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,






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


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



at record lows, further driving demand for higher-yielding debt.


year-end we may see a market selloff that presents us with an






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.










your investment in the Janus Global High Yield Bond Fund. We





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.




of relief in June. Overall, investment grade credit spreads



January. U.S. economic data reflected a recovery that appeared








investment grade corporate credit markets rallied in the first

quarter of the year.





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.




calmed fears that Greece might abruptly leave the euro zone –

aided a moderate rebound in investment grade credit. Meanwhile,






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.


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.












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.











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.



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.




of relief in June. Overall, high yield corporate credit spreads

























calmed fears that Greece might abruptly leave the euro zone

– aided a moderate rebound in high yield credit. Meanwhile,






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).


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



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



near record lows, further driving demand for higher-yielding debt.


year-end we will see a market selloff that presents us with an


























for your investment in the Janus HighYield Bond Fund. We





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.




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.












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.









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.


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.












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.










for your investment in the Janus Short-Term Bond Fund. We




PORTFOLIO INVESTMENTS

The accompanying notes are an integral part of the fi nancial statements.


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



Fair Value




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



Reliance Industries, Ltd. 11-Oct-12 1,054



Housing Development Finance Corp., Ltd. 15-Oct-12 1,317



JSW Steel, Ltd. 17-Oct-12 815



Adani Power, Ltd. 18-Oct-12 989

Goldman Sachs & Co. 1,600


ICICI Bank, Ltd. 14-May-13 2,011

Total $ 7,270

Total Return Swaps Outstanding at 30 June 2012



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



Glenmark Pharmaceuticals, Ltd. 14-Oct-12 $ (164)

Credit Suisse Securities (USA) LLC 600


Infosys Technologies,Ltd. 16-Oct-12 (96)

UBS Financial Services, Inc. 10,800


Viet Nam Dairy Products JSC 11-Jun-13 (233)

Total $ (493)

Total Financial Liabilities at fair value through profi t or loss $ (493)


Return Paid

by the Fund

Return Received


DateUnrealised

(Depreciation)







Fair Value

Janus Balanced Fund


Fair Value


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


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



Fair Value




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


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


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


Cable/Satellite Television320,000 Comcast Corp., 3.1250%, company


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



Fair Value Shares or Principal Amount


Fair Value

Janus Balanced Fund




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


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


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



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.,


82,000 General Electric Capital Corp., 6.0000%, senior unsecured notes, due 7/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 96,088


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%,


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



Fair ValueShares or Principal Amount


Fair Value




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 15/2/18 . . . . . . . . . . 0.1 182,563151,000 Great Plains Energy, Inc., 4.8500%,


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.,


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%,


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


264,000 Ford Motor Credit Co. LLC, 5.0000%, senior unsecured notes, due 15/5/18. . . . . . . . . . . . . . . . . . . . . . . . 0.2 280,997


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.,


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



169,000 Lazard Group LLC, 7.1250%, senior unsecured notes, due 15/5/15 . . . . . . . . . . 0.1 184,668


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


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





Fair Value

Janus Balanced Fund




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%,


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.,


65,000 Apache Corp., 3.2500%, senior unsecured notes, due 15/4/22 . . . . . . . . . . 0.0 68,013


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


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%,


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



1.3 2,039,597

Oil Refi ning and Marketing15,000 Frontier Oil Corp., 8.5000%,


169,000 Motiva Enterprises LLC, 5.7500%, notes, due 15/1/20 (144A) . . . . . . . . . . . . 0.1 197,810

0.1 213,598





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


1.1 1,826,116

Hotels and Motels108,000 Hyatt Hotels Corp., 5.7500%,


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


0.4 663,602

Linen Supply and Related Items104,000 Cintas Corp. No 2, 2.8500%,


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%,


Medical Products152,000 CareFusion Corp., 4.1250%, senior


Money Center Banks331,000 Lloyds TSB Bank PLC, 4.8750%, bank


Multi–Line Insurance286,000 American International Group, Inc.,


156,000 American International Group, Inc., 5.4500%, senior unsecured notes, due 18/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 169,715




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



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,


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


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%,


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%,


REIT – Diversifi ed681,000 Goodman Funding Pty, Ltd., 6.3750%,


REIT – Health Care90,000 Senior Housing Properties Trust,


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%,


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



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%,


282,000 Macy’s Retail Holdings, Inc., 5.7500%, company guaranteed notes, due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . 0.2 306,196






Fair Value

Janus Balanced Fund






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%,


Steel – Producers220,000 ArcelorMittal, 4.5000%, senior


Telecommunication Services267,000 Qwest Corp., 6.7500%, senior


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%,


Transportation – Truck229,000 JB Hunt Transport Services, Inc.,


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



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.






Fair Value


Fair Value


Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market


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 Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99. 3 161,535,575

Adjustments from last traded to bid market prices . . . . . . . . . . . — (73,286)







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


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





Fair Value

* Security valued at fair value as detailed in Note 1.




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


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






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




Contract Amount


Fair Value



Currency Purchased

Currency Sold

Currency Market



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



Return Paid

by the Fund

Return Received


DateUnrealised

(Depreciation)

Credit Suisse Securities (USA) LLC 853


Samba Financial Group 17-Dec-12 $ (294)

Morgan Stanley & Co., Inc. 1,259


Armada OAO 30-Apr-14 (629)



Baoshan Iron & Steel Co., Ltd. 3-Oct-12 (27,426)



China Construc-tion Bank Corp. 3-Oct-12 (16,904)

UBS Financial Services, Inc. 5,990


Viet Nam Dairy Products JSC 31-Dec-13 (129)

Total $ (45,382)







Currency Purchased

Currency Sold

Currency Market



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)









Fair Value

Janus Europe Fund


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 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.8 1,824,701

Total Financial Assets at fair value through profi t or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — € 1,824,701







Fair Value


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










Fair Value





Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market



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)










Fair Value


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


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


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





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


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



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


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



Fair Value







Currency Purchased

Currency Sold

Currency Market



CitibankUSD 543 EUR 432 $ 546 31-Jul-12 $ (3)

USD 1,178 EUR 937 1,186 31-Jul-12 (8)

Total $ (11)



Currency Purchased

Currency Sold

Currency Market



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


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







Fair Value






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


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


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


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


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


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






Fair Value





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



Total Repurchase Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 300,000


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)


Currency Purchased

Currency Sold

Currency Market



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



Currency Purchased

Currency Sold

Currency Market



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)




Fair Value

Contract Amount

Percentageof NetAssets

FairValue



Janus US Fund




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


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


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


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



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


Multimedia189 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.8 9,167

Oil – Field Services36 Schlumberger, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2 2,337


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





Fair Value

Janus US Fund




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


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






Adjustments from last traded to bid market prices . . . . . . . . . (0.1) (927)




Fair Value


Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market



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)







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 – 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


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


Adjustments from last traded to bid market prices . . . . . . . . . (0.2) (1,301,902)






Fair Value






Currency Purchased

Currency Sold

Currency Market



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)



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


Fair Value


Currency Purchased

Currency Sold

Currency Market



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











Fair Value


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



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


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


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


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


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


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


Multimedia6,083 News Corp. – Class A . . . . . . . . . . . . . . . . . . 1.7 135,5901,862 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.1 90,307

2.8 225,897






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


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


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



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 Investments at last traded prices . . . . . . . . . . . . . . . . . . 100.0 8,375,352


Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 $ 8,374,043



Currency Purchased

Currency Sold

Currency Market



CitibankUSD 9,443 EUR 7,509 $ 9,504 31-Jul-12 $ (61)

USD 173 EUR 138 174 31-Jul-12 (1)

Total $ (62)




Fair Value


Currency Purchased

Currency Sold

Currency Market



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







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


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


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


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



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









Fair Value


Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market



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)







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





Fair Value




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









Fair Value


Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market




Total $ (389)








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


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





Fair Value





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


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


Adjustments from last traded to bid market prices . . . . . . . . . . (0.2) (8,005)




Fair Value


Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market



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)







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


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





Fair Value




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





Fair Value





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


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



Contract Amount


Fair Value


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


Fair Value


Currency Purchased

Currency Sold

Currency Market



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



Currency Purchased

Currency Sold

Currency Market




Total $ (316)






INTECH US Core Fund



FairValue


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


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



FairValue

INTECH US Core Fund




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



FairValueShares or Principal Amount


FairValue




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


Non-Hazardous Waste Disposal700 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.0 23,380

Oil – Field Services6,529 Schlumberger, Ltd. (U.S. Shares) . . . . . . . . . 0.2 423,797


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



FairValue Shares or Principal Amount


FairValue

INTECH US Core Fund




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


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


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


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









FairValue





Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market



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)










Fair Value


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


Fair Value


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








Fair Value


Currency Purchased

Currency Sold

Currency Market




Total $ (125)



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


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





Contract Amount


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)



Currency Purchased

Currency Sold

Currency Market



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







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


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



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



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%,


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


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





Fair Value




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


Containers – Paper and Plastic1,478,000 Packaging Corp of America,


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


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



1,198,000 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.,


1,279,000 General Electric Capital Corp., 5.9000%, senior unsecured notes, due 13/5/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,389,925


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%,


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





Fair Value







Fair Value


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



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.,


3,104,000 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.,


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%,


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,


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



2,590,000 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.,


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



3,521,000 Lazard Group LLC, 7.1250%, senior unsecured notes, due 15/5/15 . . . . . . . . . . 0.3 3,847,432


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


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%,


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



Fair Value




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


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%,


Linen Supply and Related Items1,360,000 Cintas Corp. No 2, 2.8500%,


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


Money Center Banks5,144,000 Lloyds TSB Bank PLC, 4.8750%, bank


Multi-Line Insurance4,344,000 American International Group, Inc.,


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


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%,


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%,







Fair Value







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




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%,


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



2.6 32,098,620



1,772,000 Motiva Enterprises LLC, 5.7500%, notes, due 15/1/20 (144A) . . . . . . . . . . . . 0.1 2,074,079

0.2 2,866,612


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



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 – 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%,


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



Fair Value








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,


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%,


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


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


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



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.,


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%,


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%,


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


company guaranteed notes, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . . . . . 0.0 525,884

Transportation – Truck3,809,000 JB Hunt Transport Services, Inc.,


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





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



Fair Value


Currency Purchased

Currency Sold

Currency Market



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)



Currency Purchased

Currency Sold

Currency Market



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


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




Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.1 1,208,248,732


Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.0 $ 1,207,333,531



Fair Value










Fair Value


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%,


Total Convertible Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 206,640


Advertising Services168,000 Visant Corp., 10.0000%, company


Aerospace and Defence745,000 ADS Tactical, Inc., 11.0000%, senior


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




0.9 323,989

Apparel Manufacturers100,000 Boardriders S.A., 8.8750%,


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%,


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%,


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%,


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%,


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







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


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.,


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%,


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.,


1.6 582,085


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


Data Processing and Management50,000 First Data Corp., 11.2500%, company


Direct Marketing140,000 Affi nion Group Holdings, Inc.,


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%,


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



Fair Value






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 – 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%,


Engines – Internal Combustion18,000 Briggs & Stratton Corp., 6.8750%,


Enterprise Software/Services100,000 Lawson Software, Inc., 10.0000%,


Finance – Auto Loans140,000 Ford Motor Credit Co. LLC, 8.1250%,



1.1 394,422

Finance – Investment Bankers/Brokers120,000 E*TRADE Financial Corp., 6.7500%,


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.,


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


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


0.6 203,398

Medical – Drugs305,000 Capsugel FinanceCo SCA, 9.8750%,


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


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


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%,


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



Fair Value









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%,


0.2 60,425

Oil Companies – Exploration and Production186,000 Antero Resources Finance Corp.,


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


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%,




Pharmacy Services150,000 Omnicare, Inc., 7.7500%, company


Physical Therapy/Rehabilitation Centres33,000 HealthSouth Corp., 7.2500%,


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


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






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%,


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.,


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 – 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%,


Radio252,000 Entercom Radio LLC, 10.5000%,


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%,




95,000 Host Hotels & Resorts L.P., 6.0000%, senior unsecured notes, due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3 104,738

0.4 151,088



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%,


Retail – Apparel and Shoe14,000 J. Crew Group, Inc., 8.1250%,


Retail – Arts and Crafts270,000 Michaels Stores, Inc., 11.3750%,


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%,


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,


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.,


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



Fair Value







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.,


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.,


Shipbuilding45,000 Huntington Ingalls Industries, Inc.,


Special Purpose Entity128,000 Numericable Finance & Co., SCA,




Telecommunication Services68,000 Level 3 Communications, Inc.,


Telephone – Integrated116,000 Level 3 Financing, Inc., 10.0000%,


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



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%,


Water Treatment Systems302,000 Heckmann Corp., 9.8750%,


Wire and Cable Products133,000 Norcell Sweden Holding 2 A.B.,

10.7500%, secured notes, due 29/9/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5 174,596


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






Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market



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)


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







Fair Value






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%,


39,000 Exelis, Inc., 5.5500%, company guaranteed notes, due 1/10/21 (144A) . . . . . . . . . . . . . . . . . . 0.2 41,927




1.9 431,917




1.4 317,988



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%,


Beverages – Wine and Spirits100,000 Pernod-Ricard S.A., 4.8750%,


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.,


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%,


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%,


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.,


Chemicals – Diversifi ed65,000 Evonik Industries A.G., 7.0000%,


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%,


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%,


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%,


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%,


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





FairValue




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%,




1.5 329,506Computers – Memory Devices

43,000 Seagate Technology, 10.0000%, secured notes, due 1/5/14 (144A) . . . . . . . 0.2 47,945



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%,




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%,




125,000 Citigroup, Inc., 5.0000%, subordinated notes, due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 0.6 128,200



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


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


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



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


Diversifi ed Minerals100,000 BHP Billiton Finance, Ltd., 2.1250%,


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



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%,


63,000 PPL Energy Supply LLC, 4.6000%, senior unsecured notes, due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.3 64,773





Fair Value




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





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.,


Electronic Components – Semiconductors25,000 Altera Corp., 1.7500%, senior

unsecured notes, due 15/5/17 . . . . . . . . . . 0.1 25,21420,000 National Semiconductor Corp.,


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


Electronics – Military100,000 L-3 Communications Corp., 6.3750%,


Engineering – Research and Development Services49,000 URS Corp., 3.8500%,


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%,



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%,


38,000 Charles Schwab Corp., 7.0000%, junior subordinated notes, due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.2 40,830





167,000 Raymond James Financial, Inc., 5.6250%, senior unsecured notes, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 178,697


3.2 709,594

Food – Meat Products212,000 BRF – Brasil Foods S.A., 5.8750%,


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%,




3.1 671,451

Gas – Distribution110,000 National Grid PLC, 5.0000%, senior


Hotels and Motels22,000 Marriott International, Inc., 3.0000%,


Investment Management and Advisory Services46,000 Ameriprise Financial, Inc., 7.5180%,

junior subordinated notes, due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 50,030



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





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


0.4 99,305



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


Medical – Generic Drugs100,000 Teva Pharmaceutical Finance IV B.V.,


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.,


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


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%,




200,000 CNOOC Finance 2012, Ltd., 3.8750%, company guaranteed notes, due 2/5/22 (144A) . . . . . . . . . . . . . 0.8 207,278





3.1 688,027

Oil Companies – Integrated50,000 BP Capital Markets PLC, 3.8300%,


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




85,000 Total Capital S.A., 3.1250%, company guaranteed notes, due 29/9/15 . . . . . . . . . 0.4 97,542

4.0 886,416



Pharmacy Services75,000 Aristotle Holding, Inc., 2.7500%,


99,000 Aristotle Holding, Inc., 4.7500%, company guaranteed notes, due 15/11/21 (144A) . . . . . . . . . . . . . . . . 0.5 109,760








Fair Value

193,000 Express Scripts Holding Co., 2.6500%, company guaranteed notes, due 15/2/17 (144A) . . . . . . . . . . . 0.9% $ 196,564


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,


52,000 DCP Midstream Operating L.P., 4.9500%, company guaranteed notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.2 53,472


119,000 Energy Transfer Partners L.P., 4.6500%, senior unsecured notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 123,164


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%,


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,



company guaranteed notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2% $ 46,350

REIT – Offi ce Property143,000 Alexandria Real Estate Equities, Inc.,




1.3 276,058


unsecured notes, due 15/9/12 . . . . . . . . . . 0.4 84,42068,000 Rouse Co. L.P., 6.7500%,


89,000 Rouse Co. L.P., 6.7500%, senior unsecured notes, due 9/11/15 . . . . . . . . . . 0.4 93,450

1.1 247,910



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%,



0.7 155,310


unsecured notes, due 25/2/17 . . . . . . . . . . 0.2 61,11555,000 Steel Dynamics, Inc., 6.7500%,


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,


1.2 262,246

Telephone – Integrated310,000 Qwest Communications International,


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



Fair Value





company guaranteed notes, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.3 % $ 61,752

Transportation – Truck103,000 JB Hunt Transport Services, Inc.,



Government Security 0.4Kommunalbanken AS

490,000 3.0000%, due 2/9/16 . . . . . . . . . . . . . . . . . . 0.4 83,979

Total Government Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 83,979









Fair Value


Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market



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)







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


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%,


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%,


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%,


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%,


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





Fair Value




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


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


3,714,000 CIT Group, Inc., 6.6250%, senior unsecured notes, due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.3 % $ 4,029,690


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%,


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.,


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%,


Cruise Lines

2,295,000 NCL Corp., Ltd., 9.5000%, senior unsecured notes, due 15/11/18 . . . . . . . . . 0.2 2,501,550





Fair Value





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.,


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%,


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%,


Engines – Internal Combustion3,215,000 Briggs & Stratton Corp., 6.8750%,


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



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


guaranteed notes, due 1/2/15 . . . . . . . . . . 0.3 3,876,5873,144,000 Dole Food Co, Inc., 8.7500%,


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.,


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%,


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





Fair Value




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%,


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.,


1.1 13,116,943

Medical – Outpatient and Home Medical Care351,000 Res-Care, Inc., 10.7500%, company


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


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


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%,


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%,


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





Fair Value





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%,


Oil Refi ning and Marketing2,906,000 Cheniere Energy, Inc., 2.2500%,


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


Physical Therapy/Rehabilitation Centres3,531,000 HealthSouth Corp., 7.2500%,


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%,


Printing – Commercial7,679,000 American Reprographics Co.,


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.,


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


Radio8,895,000 Entercom Radio LLC, 10.5000%,


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%,




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.,






Fair Value


Janus US High Yield Fund



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%,


Retail – Arts and Crafts5,149,000 Michaels Stores, Inc., 11.3750%,


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.,


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.,


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.,


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.,


Shipbuilding4,800,000 Huntington Ingalls Industries, Inc.,




Telecommunication Services5,324,000 Level 3 Communications, Inc.,


Telephone – Integrated4,788,000 Level 3 Financing, Inc., 10.0000%,






Fair Value





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%,


Transportation – Air Freight3,885,000 AMGH Merger Sub, Inc., 9.2500%,


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%,


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



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 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



Fair Value



Janus US High Yield Fund




Currency Purchased

Currency Sold

Currency Market



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



Currency Purchased

Currency Sold

Currency Market



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)







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.,


Total Convertible Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,194,895


Advertising Services232,000 WPP Finance UK, 5.8750%, company


Aerospace and Defence – Equipment1,428,000 Exelis, Inc., 4.2500%,




1.4 6,498,283

Airlines1,324,000 Southwest Airlines Co., 5.2500%,


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%,


Cable/Satellite Television188,000 COX Communications, Inc.,


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


Chemicals – Plastics979,000 Rohm & Haas Co., 5.6000%, senior


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%,



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%,


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,


Commercial Services – Finance3,302,000 Experian Finance PLC, 2.3750%,






Fair Value




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


Diversifi ed Banking Institutions3,587,000 Bank of America Corp., 4.5000%,


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



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


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.,




1,998,000 General Electric Capital Corp., 2.3750%, senior unsecured notes, due 30/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,045,387


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%,


0.7 3,384,940

Diversifi ed Minerals1,125,000 Anglo American Capital PLC,


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




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.,


1.1 4,365,970

Electronic Measuring Instruments576,000 Agilent Technologies, Inc., 2.5000%,


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%,






Fair Value





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%,


Finance – Auto Loans2,789,000 Ford Motor Credit Co. LLC,



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.,


Finance – Investment Bankers/Brokers449,000 Charles Schwab Corp.,


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


1.3 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%,


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.,


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


guaranteed notes, due 1/2/15 . . . . . . . . . . 0.3% $ 1,450,3892,000,000 Dole Food Co, Inc., 8.7500%,


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



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


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%,


Life and Health Insurance4,679,000 Prudential Financial, Inc., 3.6250%,




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


Medical – Drugs2,334,000 GlaxoSmithKline Capital PLC,


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






Fair Value




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,


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


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


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


Publishing – Newspapers1,750,000 Gannett Co., Inc., 6.3750%, company


Real Estate Management/Services1,250,000 CBRE Services, Inc., 11.6250%,


659,000 ProLogis L.P., 7.6250%, company guaranteed notes, due 15/8/14 . . . . . . . . . 0.2 725,268

0.5 2,150,268


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,


2,033,000 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


Oil – Field Services1,176,000 Korea National Oil Corp., 4.0000%,


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.,




1,215,000 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%,


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


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


Pharmacy Services4,246,000 Aristotle Holding, Inc., 2.7500%,

company guaranteed notes, due 21/11/14 (144A) . . . . . . . . . . . . . . . . 0.9 4,339,332





Fair Value





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.,


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 – Offi ce Property2,026,000 Reckson Operating Partnership L.P.,


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%,


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


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%,


Retail – Drug Store213,000 Walgreen Co., 4.8750%, senior


Retail – Regional Department Stores569,000 Macy's Retail Holdings, Inc., 5.8750%,


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%,


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.,



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%,


0.7 2,987,086

Super – Regional Banks463,000 PNC Funding Corp., 5.2500%, bank


Telephone – Integrated3,207,000 British Telecommunications PLC,


Transportation – Railroad350,000 Union Pacifi c Corp., 5.4500%, senior


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


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





Fair Value




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


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







Fair Value


Currency Purchased

Currency Sold

Currency Market



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




Currency Purchased

Currency Sold

Currency Market




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)




Balance Sheets

Janus Asia Fund

Janus Balanced 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.


Janus Europe 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


Balance Sheets





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


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


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



redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,186,704 8,078,051 51,575 119,795 1,158,961 2,407,627


(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


(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





INTECH US Core 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


Balance Sheets





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


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


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



redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,748,370 5,947,522 294,401 547,648 167,643 891,990


(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


(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




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


Income Statements

Janus AsiaFund

Janus BalancedFund


Period Ended30 June2012






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



Janus EuropeFund


Janus GlobalResearch Fund


Janus US Fund











(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


Income Statements



Janus US TwentyFund








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 —


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:


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


to holders of redeemable shares resulting from operations. . . . . . . . . . . . . . . . . $(3,892,927) $90,282,957 $715,191 $675,380 $55,282,615 $23,996,598



Janus US VentureFund



INTECH US Core Fund












(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


Income Statements











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 —


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:


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 —


to holders of redeemable shares resulting from operations. . . . . . . . . . . . . . . . . $23,485,656 $23,755,979 $472,912 $852,666 $447,751 $965,796





Company Total in US Dollar







(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


Statements of Changes in Net Assets

Janus Asia Fund

Janus Balanced Fund


For the 6 months ended 30 June 2012 and 30 June 2011


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — —


of redeemable ordinary shares at 30 June . . . . . . . . . . . . . . . . . . . . $4,250,674 $— $162,553,724 $164,861,007 $4,463,609 $5,954,768







(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . $(3,892,927) $90,282,957 $715,191 $675,380 $55,282,615 $23,996,598


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)


of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,175,811) 238,087,475 (817,369) 308,297 (126,685,772) (247,155,089)


of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (54,068,738) 328,370,432 (102,178) 983,677 (71,403,157) (223,158,491)


of redeemable shares at 1 January.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 773,185,218 929,675,302 8,475,866 8,604,842 435,923,093 864,071,080



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


Janus Europe Fund




Janus US Fund


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(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




INTECH US Core Fund



(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(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


Statements of Changes in Net Assets






(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . $23,485,656 $23,755,979 $472,912 $852,666 $447,751 $965,796


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)


of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323,952,702 (66,994,275) 5,554,055 17,486,394 5,705,311 11,232,335


of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347,438,358 (43,238,296) 6,026,967 18,339,060 6,153,062 12,198,131


of redeemable shares at 1 January.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 871,188,681 769,383,957 30,922,613 9,811,056 15,929,731 9,469,410



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



Janus High YieldFund


Company Totalin US Dollar


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(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. 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. – –



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



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



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


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


Directors


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,


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


† 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.



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



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.



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



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


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:


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



13. NET ASSET COMPARISON

30 June 2012 31 December 2011 31 December 2010

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




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




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




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 — — — —



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


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


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


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




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



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




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




Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc


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




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




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




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


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



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


Class A$acc Class A$inc Class A€acc Class B$acc Class B$inc Class I$inc Class I€acc


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


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


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




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


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


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


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


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



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


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


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




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




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




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



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




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






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




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


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




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



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



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


Class A$acc Class A$inc Class A€acc Class B$acc Class B$inc Class I$inc Class I€acc


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


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


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


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




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


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


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


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






For the periods ended 30 June 2012 and 30 June 2011







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 TwentyFund









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 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










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 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









$(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



INTECH US Core Fund












$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 GlobalResearch Fund


Janus US Fund











€ (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



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


Market Value USD


Market Value Euro


Market Value USD


Market Value USD


Market ValueUSD


Market Value USD


Market Value USD


Market Value USD


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%


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


Market Value USD


Market Value USD


Market Value Euro


Market Value USD


Market Value USD


MarketValueUSD


Market Value USD


Market Value USD


Market Value USD



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%


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%



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


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


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


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


Market Value USD


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. 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


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



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



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



JANUS EMERGING MARKETS FUND



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



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



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



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


JANUS GLOBAL LIFE SCIENCES FUND



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



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



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



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



JANUS GLOBAL TECHNOLOGY FUND



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



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



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



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


JANUS US ALL CAP GROWTH FUND



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



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



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



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



JANUS US TWENTY FUND



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



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



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



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


PERKINS GLOBAL VALUE FUND



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



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



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



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



INTECH US CORE FUND



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



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



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



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


JANUS FLEXIBLE INCOME FUND



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



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



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



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



JANUS GLOBAL INVESTMENT GRADE BOND FUND



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



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



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



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


JANUS US SHORT-TERM BOND FUND



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



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


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


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


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]


The Hague Branch

Tel.: +31 703 53 8122



Milan Branch

Tel.: +39 02 863233



Munich Branch

Tel.: +49 89 2421 8135



Paris Branch

Tel.: +33 1 534 55439



Tokyo Branch

Tel.: +81 3 6250 9820


Janus Capital Asia Limited

Hong Kong

Tel.: +852 3121 7000


Janus Capital Singapore Pte. Limited

Singapore

Tel.: +65 65 11 8490


Janus Capital Funds plc