Semi Annual Report

Janus Capital Funds Plc
30 June 2014
Semi-Annual Report (unaudited)

EQUITY & ALLOCATION 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 Opportunistic Alpha Fund
(formerly known as the 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
INTECH SUB-ADVISED FUNDS

INTECH European Core Fund (a)
INTECH Global Dividend Fund
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 Diversified Alternatives Fund
Janus Global Real Estate Fund
FIXED INCOME FUNDS
Janus Flexible Income Fund
Janus Global 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)
(a)
This fund commenced operations on 31 January 2014. The information from this Fund is from the date of commencement of operations to 30 June 2014.
The above footnote is consistently applied throughout the document.
Table of Contents
Fund Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Fund Expense Limits and Total Expense Ratios. . . . . . . . . 9
Background of the Company. . . . . . . . . . . . . . . . . . . . . . 12
Fund Overviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Portfolio Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
Statements of Changes in Net Assets . . . . . . . . . . . . . . . 158
Notes to the Financial Statements . . . . . . . . . . . . . . . . . 162
Explanation of Charts and Tables . . . . . . . . . . . . . . . . . 188
Statements of Changes in Composition of Portfolio . . . 189
Portfolio Turnover Rates . . . . . . . . . . . . . . . . . . . . . . . . 203
Directors and Other Information. . . . . . . . . . . . . . . . . . 204
Fund Performance
TOTAL RETURNS(1)
As at 30 June 2014
Inception
Date
Janus Asia Fund

A$acc Shares.
Eacc Shares.
I$acc Shares .
Iacc Shares .
Uacc Shares
Z$inc Shares .
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Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
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31
30
31
30
2
26
August
March
August
March
January
June
2011
2012
2011
2012
2013
2013
15.51%
14.89%
17.17%
16.93%
4.25%
18.50%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4.47%
5.12%
5.83%
7.10%
(1.21)%
21.73%
13.20%
11.90%
17.40%
16.70%
(1.80)%
21.99%
Janus Balanced Fund

A$acc Shares. . . . . .
A$inc Shares. . . . . .
AAUD$acc Shares . . .
AAUD$inc Shares . . .
ACAD$inc Shares . . .
ARMB(CNH)inc Shares
Aacc Shares. . . . . .
Ainc Shares. . . . . .
AHKD$acc Shares . . .
AHKD$inc Shares . . .
B$acc Shares. . . . . .
Eacc Shares. . . . . .
Einc Shares . . . . . .
I$acc Shares . . . . . .
I$inc Shares . . . . . .
Iacc Shares . . . . . .
Iinc Shares . . . . . .
V$inc Shares. . . . . .
VAUD$inc Shares . . .
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24
1
1
1
4
4
31
1
31
4
24
31
4
31
1
31
1
4
4
December 1998
October 2013
October 2013
October 2013
October 2013
October 2013
December 1999
October 2013
August 2011
October 2013
December 1998
August 2011
October 2013
December 1999
October 2013
January 2008
October 2013
October 2013
October 2013
12.77%
N/A
N/A
N/A
N/A
N/A
12.54%
N/A
12.70%
N/A
11.67%
12.02%
N/A
13.85%
N/A
13.45%
N/A
N/A
N/A
8.61%
N/A
N/A
N/A
N/A
N/A
7.95%
N/A
N/A
N/A
7.51%
N/A
N/A
9.66%
N/A
9.19%
N/A
N/A
N/A
10.46%
N/A
N/A
N/A
N/A
N/A
9.83%
N/A
N/A
N/A
9.34%
N/A
N/A
11.52%
N/A
11.02%
N/A
N/A
N/A
5.50%
N/A
N/A
N/A
N/A
N/A
4.99%
N/A
11.41%
N/A
4.47%
10.39%
N/A
5.37%
N/A
6.91%
N/A
N/A
N/A
129.60%
8.50%
10.70%
10.04%
9.30%
9.40%
102.55%
7.98%
35.80%
8.38%
97.10%
32.30%
7.64%
113.48%
9.11%
53.50%
8.50%
8.37%
10.51%

A$acc Shares. . . . . . . .
Aacc Shares. . . . . . . .
B$acc Shares. . . . . . . .
Eacc Shares. . . . . . . .
I$acc Shares . . . . . . . .
Iacc Shares . . . . . . . .
Uacc Shares . . . . . . .
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30 September 2010
30 September 2010
30 September 2010
31 August 2011
30 September 2010
30 September 2010
2 January 2013
18.87%
18.42%
17.61%
18.00%
19.95%
19.68%
6.82%
(3.22)%
(4.14)%
(4.16)%
N/A
(2.34)%
(3.17)%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
(0.81)%
(1.86)%
(1.78)%
(2.49)%
0.11%
(0.89)%
(0.87)%
(3.00)%
(6.80)%
(6.50)%
(6.90)%
0.40%
(3.30)%
(1.30)%
Janus Europe Fund

A$acc Shares. . .
Aacc Shares. . .
ASEKacc Shares .
Eacc Shares. . .
Iacc Shares . . .
ISEKacc Shares .
U$acc Shares . .
Uacc Shares . .
Zacc Shares. . .
Zinc Shares . . .
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18 September 2013
28 November 2008
31 October 2013
31 August 2011
28 November 2008
16 January 2014
31 October 2013
31 October 2013
1 October 2013
25 June 2014
N/A
23.52%
N/A
22.96%
24.74%
N/A
N/A
N/A
N/A
N/A
N/A
12.50%
N/A
N/A
13.90%
N/A
N/A
N/A
N/A
N/A
N/A
15.35%
N/A
N/A
16.86%
N/A
N/A
N/A
N/A
N/A
N/A
16.78%
N/A
17.23%
18.29%
N/A
N/A
N/A
N/A
N/A
8.90%
137.90%
8.10%
56.90%
155.60%
5.00%
7.60%
8.40%
11.86%
0.10%
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2014
One Year
Annualised
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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.
Janus Capital Funds Plc / 30 June 2014
Fund Performance
TOTAL RETURNS(1)
As at 30 June 2014
Inception
Date
2014
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative

A$acc Shares. . . . . . . . .
AAUD$acc Shares . . . . . .
Aacc Shares. . . . . . . . .
B$acc Shares. . . . . . . . .
E$acc Shares. . . . . . . . .
Eacc Shares. . . . . . . . .
I$acc Shares . . . . . . . . .
Iacc Shares . . . . . . . . .
U$acc Shares . . . . . . . .
Uacc Shares . . . . . . . .
Uacc Shares . . . . . . . .
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31
4
31
31
1
1
31
31
31
31
2
March
October
March
March
October
October
March
January
October
October
January
2000
2013
2000
2000
2013
2013
2000
2008
2013
2013
2013
44.07%
N/A
43.75%
42.59%
N/A
N/A
45.19%
44.15%
N/A
N/A
29.97%
25.87%
N/A
24.94%
24.60%
N/A
N/A
27.03%
26.49%
N/A
N/A
N/A
23.06%
N/A
22.27%
21.85%
N/A
N/A
24.25%
23.70%
N/A
N/A
N/A
6.12%
N/A
6.20%
5.03%
N/A
N/A
7.06%
13.11%
N/A
N/A
39.82%
133.10%
25.80%
135.60%
101.20%
22.50%
21.30%
164.40%
120.40%
25.50%
26.20%
64.80%

A$acc Shares. . . . . . .
A$dis Shares . . . . . . .
Aacc Shares. . . . . . .
B$acc Shares. . . . . . .
Eacc Shares. . . . . . .
I$acc Shares . . . . . . .
I$dis Shares . . . . . . .
Iacc Shares . . . . . . .
Uacc Shares . . . . . .
Z$inc Shares . . . . . . .
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24
31
24
24
31
24
31
24
2
11
April
January
April
April
August
April
January
April
January
January
2006
2008
2006
2006
2011
2006
2008
2006
2013
2013
21.45%
21.55%
21.37%
20.34%
20.75%
23.10%
23.06%
23.27%
9.69%
24.65%
8.46%
8.50%
7.56%
7.41%
N/A
9.86%
9.87%
8.91%
N/A
N/A
13.63%
13.67%
12.82%
12.53%
N/A
15.02%
15.01%
14.15%
N/A
N/A
5.42%
3.64%
4.01%
4.38%
11.18%
6.61%
4.83%
5.16%
14.40%
19.42%
54.00%
25.80%
38.00%
42.00%
35.00%
68.90%
35.35%
51.00%
22.20%
29.71%

A$acc Shares. . . . . . . . .
AAUD$acc Shares . . . . . .
ARMB(CNH)acc Shares . . .
Aacc Shares. . . . . . . . .
AHKD$acc Shares . . . . . .
B$acc Shares. . . . . . . . .
I$acc Shares . . . . . . . . .
Iacc Shares . . . . . . . . .
U$acc Shares . . . . . . . .
Uacc Shares . . . . . . . .
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31
30
30
31
30
31
31
31
31
31
March
May
May
March
May
March
March
January
October
October
2000
2014
2014
2000
2014
2000
2000
2008
2013
2013
26.55%
N/A
N/A
26.52%
N/A
25.32%
28.02%
27.99%
N/A
N/A
12.50%
N/A
N/A
11.62%
N/A
11.44%
13.63%
13.47%
N/A
N/A
17.12%
N/A
N/A
16.22%
N/A
15.92%
18.25%
17.83%
N/A
N/A
(2.75)%
N/A
N/A
(2.60)%
N/A
(3.70)%
(1.88)%
9.65%
N/A
N/A
(32.80)%
4.90%
4.20%
(31.30)%
3.90%
(41.60)%
(23.70)%
80.60%
13.00%
13.60%
Janus US Fund
A$acc Shares.
Aacc Shares.
B$acc Shares.
I$acc Shares .
Iacc Shares .
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30 September 2010
30 September 2010
30 September 2010
30 September 2010
30 September 2010
21.78%
21.60%
20.60%
23.08%
22.84%
11.24%
10.43%
10.17%
12.44%
11.51%
N/A
N/A
N/A
N/A
N/A
12.27%
11.27%
11.17%
13.45%
12.38%
54.30%
49.20%
48.70%
60.50%
54.90%
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(1)
TOTAL RETURNS(1)
As at 30 June 2014
Inception
Date
2014
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
33.01%
33.14%
32.73%
31.85%
32.27%
34.57%
34.51%
33.40%
N/A
N/A
19.80%
4.10%
4.12%
3.19%
3.09%
N/A
5.29%
5.31%
4.02%
N/A
N/A
N/A
16.02%
16.10%
14.83%
14.90%
N/A
17.25%
17.30%
15.84%
N/A
N/A
N/A
3.82%
5.22%
(0.41)%
2.80%
9.20%
0.31%
6.31%
4.84%
N/A
N/A
21.15%
78.90%
38.60%
(5.83)%
53.60%
28.30%
4.63%
48.10%
35.40%
20.30%
20.90%
33.10%
Janus Opportunistic Alpha Fund (formerly known as

the Janus US All Cap Growth Fund)
A$acc Shares. . . . . . . . . . . . . . . . . . . .
A$dis Shares . . . . . . . . . . . . . . . . . . . .
Aacc Shares. . . . . . . . . . . . . . . . . . . .
B$acc Shares. . . . . . . . . . . . . . . . . . . .
Eacc Shares. . . . . . . . . . . . . . . . . . . .
I$acc Shares . . . . . . . . . . . . . . . . . . . .
I$dis Shares . . . . . . . . . . . . . . . . . . . .
Iacc Shares . . . . . . . . . . . . . . . . . . . .
U$acc Shares . . . . . . . . . . . . . . . . . . .
Uacc Shares . . . . . . . . . . . . . . . . . . .
Uacc Shares . . . . . . . . . . . . . . . . . . .
24
31
31
24
31
31
31
31
31
31
2

A$acc Shares. . . . .
A$dis Shares . . . . .
Aacc Shares. . . . .
B$acc Shares. . . . .
I$acc Shares . . . . .
I$dis Shares . . . . .
Iacc Shares . . . . .
Z$inc Shares . . . . .
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11
31
11
11
11
31
31
21
2002
2008
2002
2002
2002
2008
2008
2013
23.85%
23.79%
23.59%
22.59%
25.79%
25.75%
28.17%
27.29%
13.31%
13.30%
12.82%
12.20%
15.05%
15.05%
14.98%
N/A
16.37%
16.35%
15.65%
15.22%
17.99%
18.00%
17.55%
N/A
6.16%
5.75%
5.24%
5.09%
7.38%
7.16%
6.39%
24.60%
110.80%
43.10%
89.10%
85.60%
142.90%
55.80%
48.80%
32.42%

A$acc Shares. . . .
A$dis Shares . . . .
AAUD$acc Shares .
Aacc Shares. . . .
B$acc Shares. . . .
Eacc Shares. . . .
I$acc Shares . . . .
I$dis Shares . . . .
Iacc Shares . . . .
U$acc Shares . . .
Uacc Shares . . .
Uacc Shares . . .
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24 December 1998
31 January 2008
4 October 2013
31 December 1999
24 Decemeber 1998
31 August 2011
31 December 1999
31 January 2008
31 Decemeber 1999
31 October 2013
31 October 2013
2 January 2013
25.20%
25.20%
N/A
24.89%
23.99%
24.58%
26.53%
26.43%
25.54%
N/A
N/A
12.61%
14.54%
14.58%
N/A
13.64%
13.41%
N/A
15.76%
15.76%
14.50%
N/A
N/A
N/A
14.07%
14.06%
N/A
13.12%
12.94%
N/A
15.18%
15.20%
13.99%
N/A
N/A
N/A
4.56%
5.34%
N/A
1.29%
3.52%
17.29%
1.88%
6.34%
2.39%
N/A
N/A
18.94%
99.70%
39.60%
13.10%
20.34%
71.10%
57.10%
30.91%
48.30%
40.74%
9.60%
10.20%
29.50%

AAUD$acc Shares . .
U$acc Shares . . . .
Uacc Shares . . . .
Uacc Shares . . . .
Z$acc Shares. . . . .
Zacc Shares. . . . .
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.
.
31
31
4
31
31
31
31
31
31
31
2
3
6
25.38%
25.58%
N/A
25.03%
24.16%
26.59%
26.64%
20.62%
N/A
N/A
13.25%
28.79%
N/A
15.52%
15.54%
N/A
14.53%
14.34%
16.61%
16.65%
13.67%
N/A
N/A
N/A
N/A
N/A
21.26%
21.33%
N/A
20.32%
20.06%
22.43%
22.47%
20.32%
N/A
N/A
N/A
N/A
N/A
4.75%
9.05%
N/A
5.21%
3.73%
5.62%
10.10%
8.29%
N/A
N/A
23.88%
30.78%
N/A
96.10%
74.30%
12.80%
108.80%
70.10%
120.90%
85.40%
66.70%
11.60%
12.20%
37.60%
39.52%
11.52%
December 1998
January 2008
December 1999
December 1998
August 2011
December 1999
January 2008
January 2008
October 2013
October 2013
January 2013
January
January
January
January
January
January
January
March
December 1999
January 2008
October 2013
December 1999
December 1999
December 1999
January 2008
January 2008
October 2013
October 2013
January 2013
April 2013
May
2014
Fund Performance
TOTAL RETURNS(1)
As at 30 June 2014

I$acc Shares . . . . . . .
U$acc Shares . . . . . .
Z$inc Shares . . . . . . .
.
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.
.
Inception
Date
2014
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
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30 September 2010
30 September 2010
30 September 2010
31 October 2013
30 September 2010
30 September 2010
31 October 2013
31 October 2013
26 June 2013
17.75%
17.60%
15.96%
N/A
19.21%
59.40%
N/A
N/A
20.34%
11.44%
10.58%
10.14%
N/A
12.61%
23.38%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
12.19%
11.23%
10.93%
N/A
13.38%
21.66%
N/A
N/A
21.66%
53.90%
49.00%
47.50%
10.70%
60.10%
108.50%
11.50%
12.20%
21.92%

A$acc Shares. . . . . . . . .
A$dis Shares . . . . . . . . .
Aacc Shares. . . . . . . . .
B$acc Shares. . . . . . . . .
Eacc Shares. . . . . . . . .
I$acc Shares . . . . . . . . .
I$dis Shares . . . . . . . . .
Iacc Shares . . . . . . . . .
Iacc Shares . . . . . . . . .
U$acc Shares . . . . . . . .
Uacc Shares . . . . . . . .
Uacc Shares . . . . . . . .
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30 November 2000
31 January 2008
30 November 2000
30 November 2000
31 August 2011
30 November 2000
31 January 2008
31 January 2008
28 September 2012
31 October 2013
31 October 2013
2 January 2013
17.41%
17.43%
17.28%
16.20%
16.61%
18.32%
18.33%
18.20%
12.48%
N/A
N/A
5.85%
9.19%
9.15%
8.31%
8.10%
N/A
10.02%
10.04%
9.07%
N/A
N/A
N/A
N/A
12.81%
12.80%
11.89%
11.68%
N/A
13.66%
13.66%
12.70%
N/A
N/A
N/A
N/A
5.45%
5.62%
4.53%
4.36%
11.93%
6.30%
6.43%
5.49%
13.26%
N/A
N/A
16.09%
105.70%
41.97%
82.60%
78.60%
37.60%
129.30%
49.16%
40.90%
24.40%
10.30%
10.80%
24.90%
INTECH European Core Fund(a)

Aacc Shares. . . . . . . . . . . . . . . . . . . .
Zacc Shares. . . . . . . . . . . . . . . . . . . .
28 February 2014
31 January 2014
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
(0.10)%
5.93%

A$acc Shares. . . . . . . . .
A$inc Shares. . . . . . . . .
Aacc Shares. . . . . . . . .
Ainc Shares. . . . . . . . .
Eacc Shares. . . . . . . . .
Einc Shares . . . . . . . . .
I$acc Shares . . . . . . . . .
I$inc Shares . . . . . . . . .
Iacc Shares . . . . . . . . .
Iinc Shares . . . . . . . . .
U$acc Shares . . . . . . . .
Uacc Shares . . . . . . . .
Uinc Shares. . . . . . . . .
Zacc Shares. . . . . . . . .
28
28
28
28
28
28
28
28
28
28
31
31
28
28
21.41%
20.87%
19.10%
19.64%
19.45%
19.19%
22.10%
21.94%
21.63%
21.56%
N/A
N/A
8.40%
17.22%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
14.91%
14.46%
12.99%
13.35%
13.07%
12.84%
15.53%
15.46%
14.99%
14.98%
N/A
N/A
5.09%
12.88%
19.10%
18.51%
16.60%
17.07%
16.70%
16.40%
19.90%
19.81%
19.20%
19.20%
9.70%
10.30%
6.44%
17.54%
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.
March
March
March
March
March
March
March
March
March
March
October
October
March
February
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
(1)
TOTAL RETURNS(1)
As at 30 June 2014
Inception
Date
INTECH US Core Fund

U$acc Shares . . . .
Uacc Shares . . . .
Uacc Shares . . . .
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.
25
31
25
25
25
31
24
31
31
2
April
January
April
April
April
January
April
October
October
January

A$acc Shares. . . . . . . . . . . . . . .
ACHFacc Shares . . . . . . . . . . . . .
Aacc Shares. . . . . . . . . . . . . . .
ASEKacc Shares . . . . . . . . . . . . .
Eacc Shares. . . . . . . . . . . . . . .
I$acc Shares . . . . . . . . . . . . . . .
ICHFacc Shares . . . . . . . . . . . . .
Iacc Shares . . . . . . . . . . . . . . .
ISEKacc Shares . . . . . . . . . . . . .
U$acc Shares . . . . . . . . . . . . . .
Uacc Shares . . . . . . . . . . . . . .
Uacc Shares . . . . . . . . . . . . . .
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6
31
6
31
6
31
31
6
31
6
31
6
January 2014
January 2014
January 2014
January 2014
January 2014
December 2013
January 2014
January 2014
January 2014
January 2014
January 2014
January 2014

A$acc Shares. . . . . . . .
A$inc Shares. . . . . . . .
AAUD$inc Shares . . . . .
Aacc Shares. . . . . . . .
B$acc Shares. . . . . . . .
B$inc Shares . . . . . . . .
Eacc Shares. . . . . . . .
Einc Shares . . . . . . . .
I$inc Shares . . . . . . . .
Iacc Shares . . . . . . . .
UaccH Shares. . . . . . .
UaccUH Shares. . . . . .
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29 September 2003
29 September 2003
4 October 2013
29 September 2003
29 September 2003
29 September 2003
28 March 2013
28 March 2013
29 September 2003
31 January 2008
27 June 2014
27 June 2014
.
.
.
.
.
.
.
.
.
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.
2003
2008
2003
2003
2003
2008
2006
2013
2013
2013
2014
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
23.92%
23.94%
23.61%
22.67%
24.58%
24.64%
24.46%
N/A
N/A
10.98%
14.86%
14.90%
13.87%
13.71%
15.50%
15.48%
14.94%
N/A
N/A
N/A
17.48%
17.48%
16.50%
16.30%
18.09%
18.09%
17.38%
N/A
N/A
N/A
8.96%
6.93%
7.99%
7.89%
9.53%
7.48%
5.00%
N/A
N/A
20.11%
161.10%
53.65%
136.10%
133.80%
176.70%
58.83%
49.10%
12.50%
13.20%
31.40%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.90%
4.30%
1.80%
4.70%
1.50%
2.40%
4.70%
2.20%
5.10%
2.40%
5.70%
2.30%
17.08%
17.12%
N/A
16.71%
15.93%
15.92%
16.39%
16.17%
18.28%
17.75%
N/A
N/A
9.65%
9.67%
N/A
8.73%
8.58%
8.54%
N/A
N/A
10.80%
18.41%
N/A
N/A
16.55%
16.58%
N/A
15.46%
15.39%
15.37%
N/A
N/A
17.71%
22.04%
N/A
N/A
4.78%
4.76%
N/A
3.40%
3.75%
3.73%
8.50%
8.34%
5.72%
6.74%
N/A
N/A
65.20%
64.88%
18.06%
43.20%
48.50%
48.29%
10.80%
10.60%
81.86%
51.90%
N/A
N/A
Fund Performance
TOTAL RETURNS(1)
As at 30 June 2014

A$inc Shares. . . . . . .
AAUD$acc Shares . . . .
AAUD$inc Shares . . . .
ARMB(CNH)inc Shares .
AHKD$acc Shares . . . .
AHKD$inc Shares . . . .
B$inc Shares . . . . . . .
Binc Shares . . . . . . .
Einc Shares . . . . . . .
I$acc Shares . . . . . . .
I$inc Shares . . . . . . .
U$acc Shares . . . . . .
Uinc Shares. . . . . . .
V$inc Shares. . . . . . .
VAUD$inc Shares . . . .
Z$acc Shares. . . . . . .
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Inception
Date
2014
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
.
.
.
.
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.
.
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.
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.
.
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.
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.
.
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.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
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.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
24 December 1998
24 December 1998
1 October 2013
28 March 2013
28 March 2013
31 December 1999
28 March 2013
28 March 2013
24 December 1998
24 December 1998
31 December 1999
31 August 2011
31 August 2011
9
May
2012
31 December 1999
31 December 1999
31 October 2013
31 October 2013
2 January 2013
2 January 2013
28 September 2012
28 March 2013
19 March 2014
4.30%
4.33%
N/A
5.26%
6.09%
4.13%
4.30%
3.80%
3.26%
3.30%
3.05%
3.84%
3.86%
5.58%
5.58%
5.27%
N/A
N/A
5.76%
5.51%
4.29%
6.88%
N/A
3.64%
3.65%
N/A
N/A
N/A
3.51%
N/A
N/A
2.59%
2.62%
2.49%
N/A
N/A
N/A
4.88%
4.67%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5.36%
5.36%
N/A
N/A
N/A
5.32%
N/A
N/A
4.31%
4.34%
4.31%
N/A
N/A
N/A
6.51%
6.43%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4.62%
4.70%
N/A
2.66%
3.16%
5.62%
1.43%
1.05%
3.65%
3.72%
4.72%
2.79%
2.79%
3.57%
5.80%
6.86%
N/A
N/A
3.13%
2.97%
1.00%
3.89%
N/A
101.50%
104.06%
6.30%
3.36%
3.99%
120.84%
1.80%
1.33%
74.40%
76.36%
95.30%
8.10%
8.10%
7.80%
126.37%
161.86%
3.80%
4.50%
4.70%
4.47%
1.75%
4.92%
2.52%

A$acc Shares. . . . . . . . . . .
Aacc Shares. . . . . . . . . . .
Eacc Shares. . . . . . . . . . .
Einc Shares . . . . . . . . . . .
I$inc Shares . . . . . . . . . . .
Iacc Shares . . . . . . . . . . .
U$acc Shares . . . . . . . . . .
Uacc Shares . . . . . . . . . .
Uacc Shares . . . . . . . . . .
Uinc Shares. . . . . . . . . . .
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
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.
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.
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.
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.
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.
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.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
28 September 2012
28 September 2012
31 October 2012
31 October 2012
28 September 2012
28 September 2012
31 October 2013
31 October 2013
2 January 2013
2 January 2013
9.46%
9.24%
8.55%
9.06%
10.70%
10.45%
N/A
N/A
10.88%
10.79%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.70%
0.97%
0.96%
1.28%
2.80%
2.04%
N/A
N/A
3.99%
3.94%
3.00%
1.70%
1.60%
2.14%
4.96%
3.60%
7.40%
8.00%
6.00%
5.92%
(1)
TOTAL RETURNS(1)
As at 30 June 2014

A$acc Shares. . . . . . . .
A$inc Shares. . . . . . . .
AAUD$inc Shares . . . . .
Aacc Shares. . . . . . . .
Ainc Shares. . . . . . . .
B$acc Shares. . . . . . . .
B$inc Shares . . . . . . . .
Binc Shares . . . . . . . .
Eacc Shares. . . . . . . .
Einc Shares . . . . . . . .
I$acc Shares . . . . . . . .
I$inc Shares . . . . . . . .
IAUD$inc Shares . . . . .
Iacc Shares . . . . . . . .
Iinc Shares . . . . . . . .
Uacc Shares . . . . . . .
Uinc Shares. . . . . . . .
Z$inc Shares . . . . . . . .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
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.
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.
.
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.
.
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.
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.
.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Inception
Date
2014
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
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.
.
.
.
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.
.
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.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
29 October 2010
29 October 2010
30 November 2011
29 October 2010
29 October 2010
29 October 2010
29 October 2010
29 October 2010
31 August 2011
31 August 2011
29 October 2010
29 October 2010
30 November 2011
29 October 2010
29 October 2010
2 January 2013
2 January 2013
7 October 2013
13.21%
13.27%
15.96%
12.93%
13.11%
11.98%
12.06%
16.02%
13.10%
12.46%
14.31%
14.35%
17.12%
16.04%
17.48%
14.57%
14.72%
N/A
7.89%
7.90%
N/A
7.44%
7.52%
6.78%
6.80%
7.81%
N/A
N/A
8.89%
8.90%
N/A
9.38%
9.68%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
7.86%
7.89%
14.77%
7.44%
7.51%
6.76%
6.78%
7.57%
9.29%
9.13%
8.87%
8.88%
15.90%
9.22%
9.49%
10.22%
10.28%
N/A
32.00%
32.11%
42.76%
30.10%
30.45%
27.10%
27.20%
30.71%
28.60%
28.07%
36.60%
36.62%
46.39%
38.20%
39.47%
15.60%
15.70%
10.23%

A$acc Shares. . . . . . . . . . . . . . .
A$inc Shares. . . . . . . . . . . . . . .
Aacc Shares. . . . . . . . . . . . . . .
Ainc Shares. . . . . . . . . . . . . . .
B$acc Shares. . . . . . . . . . . . . . .
B$inc Shares . . . . . . . . . . . . . . .
Binc Shares . . . . . . . . . . . . . . .
Eacc Shares. . . . . . . . . . . . . . .
Einc Shares . . . . . . . . . . . . . . .
I$acc Shares . . . . . . . . . . . . . . .
I$inc Shares . . . . . . . . . . . . . . .
Iacc Shares . . . . . . . . . . . . . . .
Iinc Shares . . . . . . . . . . . . . . .
Z$inc Shares . . . . . . . . . . . . . . .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
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.
.
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.
.
.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
29
29
29
29
29
29
29
31
31
29
29
29
29
26
10.28%
10.34%
9.93%
10.04%
9.23%
9.18%
8.91%
9.50%
9.29%
11.59%
11.54%
11.02%
11.26%
12.54%
5.41%
5.40%
5.26%
5.29%
4.36%
4.34%
4.23%
N/A
N/A
6.61%
6.60%
6.27%
6.49%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4.88%
4.88%
4.74%
4.76%
3.83%
3.83%
3.72%
4.41%
4.56%
6.09%
6.09%
5.78%
5.97%
12.75%
19.10%
19.09%
18.50%
18.59%
14.80%
14.80%
14.32%
13.00%
13.48%
24.20%
24.22%
22.90%
23.70%
12.90%
October
October
October
October
October
October
October
August
August
October
October
October
October
June
2010
2010
2010
2010
2010
2010
2010
2011
2011
2010
2010
2010
2010
2013
Fund Performance
TOTAL RETURNS(1)
As at 30 June 2014

A$acc Shares. . . . . .
A$inc Shares. . . . . .
AAUD$acc Shares . . .
AAUD$inc Shares . . .
ARMB(CNH)inc Shares
Aacc Shares. . . . . .
AHKD$acc Shares . . .
AHKD$inc Shares . . .
B$acc Shares. . . . . .
B$inc Shares . . . . . .
Binc Shares . . . . . .
Eacc Shares. . . . . .
Einc Shares . . . . . .
I$acc Shares . . . . . .
I$inc Shares . . . . . .
IAUD$inc Shares . . .
IRMB(CNH)inc Shares.
Iacc Shares . . . . . .
Uacc Shares . . . . .
Uinc Shares. . . . . .
V$inc Shares. . . . . .
VAUD$inc Shares . . .
Z$acc Shares. . . . . .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Inception
Date
2014
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
24 December 1998
24 December 1998
1 October 2013
30 November 2011
30 March 2012
31 December 1999
31 August 2011
31 August 2011
24 December 1998
24 December 1998
31 December 1999
31 August 2011
31 August 2011
30 November 2009
31 December 1999
30 November 2011
30 March 2012
31 December 1999
2 January 2013
2 January 2013
28 September 2012
28 September 2012
21 September 2012
10.99%
11.03%
N/A
13.14%
12.87%
10.82%
10.93%
10.90%
9.90%
9.95%
9.67%
10.48%
10.70%
12.23%
12.14%
59.50%
13.94%
12.06%
12.45%
12.38%
11.04%
13.72%
13.21%
7.47%
7.47%
N/A
N/A
N/A
7.20%
N/A
N/A
6.42%
6.42%
6.19%
N/A
N/A
8.65%
8.62%
N/A
N/A
8.43%
N/A
N/A
N/A
N/A
N/A
11.64%
11.63%
N/A
N/A
N/A
11.41%
N/A
N/A
10.54%
10.53%
10.34%
N/A
N/A
N/A
12.76%
N/A
N/A
12.57%
N/A
N/A
N/A
N/A
N/A
6.18%
6.29%
N/A
13.50%
10.27%
6.84%
9.07%
9.03%
5.20%
5.31%
6.00%
8.32%
8.41%
10.62%
7.13%
30.60%
11.42%
7.56%
9.06%
9.04%
7.80%
10.40%
9.82%
153.50%
157.53%
10.90%
38.69%
24.62%
161.03%
27.90%
27.74%
119.70%
123.09%
132.89%
25.40%
25.69%
58.80%
171.46%
99.32%
27.57%
187.85%
13.80%
13.77%
14.08%
18.95%
18.07%

A$acc Shares. . . . . . . . . .
A$inc Shares. . . . . . . . . .
AAUD$inc Shares . . . . . . .
ACHFinc Shares . . . . . . . .
Aacc Shares. . . . . . . . . .
B$acc Shares. . . . . . . . . .
B$inc Shares . . . . . . . . . .
Eacc Shares. . . . . . . . . .
Einc Shares . . . . . . . . . .
I$acc Shares . . . . . . . . . .
I$inc Shares . . . . . . . . . .
ICHFinc Shares . . . . . . . .
Iacc Shares . . . . . . . . . .
Iacc Shares . . . . . . . . . .
Iinc Shares . . . . . . . . . .
U$acc Shares . . . . . . . . .
U$inc Shares. . . . . . . . . .
Uacc Shares . . . . . . . . .
Uinc Shares. . . . . . . . . .
Z$acc Shares. . . . . . . . . .
.
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.
24 December 1998
24 December 1998
1 October 2013
1 February 2012
31 Decemeber 1999
24 December 1998
24 December 1998
31 August 2011
31 August 2011
29 June 2012
31 December 1999
1 February 2012
31 January 2008
28 September 2012
28 September 2012
31 October 2013
31 October 2013
2 January 2013
2 January 2013
31 October 2013
1.84%
1.84%
N/A
1.59%
1.74%
1.09%
1.04%
1.28%
1.23%
2.28%
2.35%
2.15%
2.03%
2.20%
2.43%
N/A
N/A
2.49%
(0.33)%
N/A
1.23%
1.22%
N/A
N/A
1.06%
0.50%
0.51%
N/A
N/A
N/A
1.75%
N/A
1.64%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.26%
2.25%
N/A
N/A
2.18%
1.56%
1.56%
N/A
N/A
N/A
2.79%
N/A
2.74%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.34%
3.31%
N/A
1.04%
4.19%
2.55%
2.59%
0.94%
0.66%
1.63%
3.91%
1.85%
3.63%
1.36%
1.31%
N/A
N/A
1.94%
0.00%
N/A
66.40%
65.75%
3.42%
2.53%
81.36%
47.90%
48.67%
2.70%
1.88%
3.30%
74.36%
4.52%
25.70%
2.40%
2.30%
1.00%
1.14%
2.90%
0.00%
1.63%
(1)
Fund Expense Limits and Total Expense Ratios

The Maximum Expense Limits table shows the total fees and out-of-pocket expenses allocated to a Fund in any fiscal year, excluding
transactions costs and trade commissions, expressed as a percentage of the average daily net assets, for each Share Class (Maximum Expense
Limits) under the terms of the Prospectus as set out in the Fees and Expenses section. The Average Total Expense Ratio table shows the
actual expenses, excluding transactions costs and trade commissions, incurred by each Class for each Fund during the 12 Month period
expressed as a percentage of the average net assets for the corresponding year, on an annualised basis.
Maximum Expense Limits
US Dollar/Euro/AUD$/HKD$/CHF/RMB(CNH) Share Classes
Class B
Class E
Class I
Class U
Class Z
Funds
Class A
and V
Shares
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 Opportunistic Alpha Fund (formerly known as the 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH European Core Fund(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH Global Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH US Core Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Diversified Alternatives Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Real Estate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Flexible Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Flexible Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global High Yield Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Investment Grade Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.75%
2.50%
2.75%
2.75%
3.00%
2.75%
3.00%
2.75%
2.75%
3.00%
2.75%
3.00%
2.75%
3.00%
2.00%
1.85%
2.00%
2.75%
2.75%
2.50%
2.50%
2.50%
2.50%
2.50%
1.90%
3.75%
3.50%
3.75%
3.75%
4.00%
3.75%
4.00%
3.75%
3.75%
4.00%
3.75%
4.00%
3.75%
4.00%
3.00%
2.85%
3.00%
3.75%
3.75%
3.50%
3.50%
3.50%
3.50%
3.50%
2.90%
3.25%
3.00%
3.25%
3.25%
3.50%
3.25%
3.50%
3.25%
3.25%
3.50%
3.25%
3.50%
3.25%
3.50%
2.75%
2.60%
2.75%
3.25%
3.25%
2.75%
2.75%
2.75%
2.75%
2.75%
2.40%
1.25%
1.05%
1.35%
1.25%
1.75%
1.25%
1.75%
1.20%
1.20%
1.20%
1.20%
1.75%
1.25%
1.75%
1.25%
1.05%
1.20%
1.35%
1.25%
0.80%
0.95%
1.05%
0.85%
0.90%
0.90%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.55%
1.25%
1.25%
1.25%
1.65%
1.55%
1.35%
1.35%
1.35%
1.35%
1.35%
1.35%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Average Total Expense Ratios for the Period Ended 30 June 2014
US Dollar Share Classes
Funds
A acc
A inc
A dis
B acc
B inc
E acc
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 . . . . . . . . . . . . . . . . . . .
Cap Growth Fund) . . . . . . . . . . . . . . . .
Janus US Research Fund . . . . . . . . . . . .
Janus US Twenty Fund . . . . . . . . . . . . .
Janus US Venture Fund . . . . . . . . . . . . .
Perkins Global Value Fund . . . . . . . . . .
Perkins US Strategic Value Fund . . . . . .
INTECH Global Dividend Fund . . . . . .
INTECH US Core Fund . . . . . . . . . . . .
2.50%
1.99%
2.25%
2.25%
2.54%
2.50%
2.65%
2.25%
NA*
1.98%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.48%
NA*
NA*
NA*
3.00%
3.25%
NA*
3.59%
3.45%
3.70%
3.25%
NA* NA* 1.25% NA*

NA* 1.04% 1.05% NA*
NA* NA* 1.35% NA*
NA* NA* NA* NA*
NA* 3.13% 1.74% NA*
NA* NA* 1.25% 1.25%
NA* NA* 1.75% NA*
NA* NA* 1.20% NA*
2.36%
2.75%
2.23%
2.63%
2.19%
2.48%
1.60%
1.75%
NA*
NA*
NA*
NA*
NA*
NA*
1.60%
NA*
2.30%
2.75%
2.23%
2.55%
NA*
2.47%
NA*
1.75%
3.34%
3.75%
3.24%
3.66%
3.12%
3.48%
NA*
2.75%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
I acc
1.20%
1.20%
1.18%
1.75%
1.04%
1.73%
1.05%
1.19%
I dis
1.20%
1.20%
1.18%
1.75%
NA*
1.72%
NA*
1.20%
I inc
U acc
U inc
V inc
Z acc
Z inc
NA* NA* NA* NA* NA* 0.00%

NA* NA* NA* 1.98% NA* NA*
NA* NA* NA* NA* NA* NA*
NA* 1.05% NA* NA* NA* NA*
NA* NA* NA* NA* NA* 0.00%
NA* NA* NA* NA* NA* NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.05%
NA*
1.05%
NA*
1.05%
1.05%
1.05%
1.05%
0.97%
0.98%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA* NA* NA*

NA* NA* 0.00%
NA* NA* NA*
NA* 0.00% NA*
NA* NA* 0.00%
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
Fund Expense Limits and Total Expense Ratios

US Dollar Share Classes
Funds
Janus Global Diversified
Alternatives Fund . . . . . . . . . . . . . . . . .
Janus Global Real Estate Fund. . . . . . . .
Janus Flexible Income Fund . . . . . . . . .
Janus Global Flexible Income Fund . . .
Janus Global High Yield Fund. . . . . . . .
Janus Global Investment
Grade Bond Fund . . . . . . . . . . . . . . . . .
Janus High Yield Fund . . . . . . . . . . . . .
Janus US Short-Term Bond Fund . . . . .
A acc
A inc
A dis
B acc
B inc
E acc
I acc
2.25%
2.26%
1.94%
2.00%
2.00%
NA*
2.26%
1.94%
NA*
2.00%
NA* NA* NA* NA* 1.35%

NA* 3.26% 3.28% NA* NA*
NA* 2.95% 2.95% NA* 0.73%
NA* NA* NA* NA* NA*
NA* 3.00% 3.00% NA* 1.03%
I dis
I inc
U acc
U inc
V inc
Z acc
Z inc
NA*
NA*
NA*
NA*
NA*
NA*
1.25%
0.74%
0.95%
1.05%
1.15%
NA*
0.77%
0.79%
NA*
NA* NA* NA* NA*

NA* NA* NA* NA*
NA* 1.94% 0.00% NA*
NA* NA* NA* NA*
NA* NA* NA* 0.00%
2.00% 2.00% NA* 3.00% 3.00% NA* 0.85% NA* 0.85% NA* NA* NA* NA* 0.00%
1.97% 1.98% NA* 2.98% 2.98% NA* 0.87% NA* 0.89% NA* NA* 1.97% NA* 0.00%
1.37% 1.37% NA* 2.10% 2.10% NA* 0.85% NA* 0.85% 0.82% 0.81% NA* 0.00% NA*
Euro Share Classes
Funds
A acc
A inc
B inc
E acc
NA*
2.15%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
3.00% NA* 1.24% NA*

2.49% 2.60% 1.03% 1.05%
3.00% NA* 1.35% NA*
2.77% NA* 1.24% NA*
3.20% NA* 1.74% NA*
3.00% NA* 1.25% NA*
NA* NA* 1.75% NA*
NA* NA* 1.20% NA*
2.35% NA*
2.75% NA*
2.23% NA*
2.64% NA*
2.21% NA*
2.47% NA*
1.60% 1.60%
1.75% NA*
1.75% NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.80% NA* 1.20% NA* NA* 1.05% NA* NA*

NA* NA* 1.20% NA* NA* NA* NA* NA*
2.72% NA* 1.19% NA* NA* 1.05% NA* NA*
NA* NA* 1.75% NA* NA* 1.05% 0.00% NA*
3.00% NA* 1.10% NA* NA* 1.05% NA* NA*
2.97% NA* 1.73% NA* 1.72% 1.05% NA* NA*
2.53% 2.52% 1.04% 1.04% NA* 0.98% 0.00% NA*
NA* NA* 1.19% NA* NA* 0.98% NA* NA*
NA* NA* NA* NA* NA* NA* NA* 0.00%
Janus Asia Fund . . . . . . . . . . . . . . . . . . . . NA*
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 . . . . . . . . . . . . . . . . . . .
Cap Growth Fund) . . . . . . . . . . . . . . . .
Janus US Research Fund . . . . . . . . . . . .
Perkins Global Value Fund . . . . . . . . . .
INTECH European Core Fund(a) . . . . . .
Grade Bond Fund . . . . . . . . . . . . . . . . .
1.99%
2.25%
2.27%
2.56%
2.50%
2.67%
2.25%
E inc
2.25% NA* NA* 3.00% NA*

2.26% NA* NA* 2.75% 2.78%
1.94% NA* 2.94% 2.20% 2.19%
2.00% NA* NA* 2.25% 2.25%
2.00% 2.00% 3.00% 2.42% 2.41%
I acc
HKD Share Classes
I inc I acc (U) U acc

NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
A acc
A inc
NA* NA* NA*

NA*
NA* NA* NA* 1.99%
NA* NA* NA*
NA*
1.05% 0.00% 0.00% NA*
1.05% NA* NA*
NA*
NA* NA* NA*
NA*
1.05% NA* NA* 2.49%
NA* NA* NA*
NA*
Z acc
Z inc
NA*
1.89%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.35% NA*
1.25% NA*
0.74% NA*
0.95% NA*
1.05% 1.05%
NA*
NA*
NA*
NA*
NA*
1.15%
NA*
0.74%
0.76%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.92%
NA*
NA*
NA*
NA*
1.93%
NA*
NA*
2.00% 2.00% 3.00% 2.43% 2.43% 0.85% 0.85%

1.98% NA* 2.98% 2.22% 2.23% 0.87% NA*
1.38% NA* NA* 1.86% 1.86% 0.86% NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.97%
NA*
NA*
1.97%
NA*
AUD Share Classes
Funds
RMB(CNH) Share Classes
GBP Share Classes
A acc
A inc
I inc
V inc
A acc
A inc
I inc
A inc
I acc
I inc
U acc
U inc
Janus Asia Fund . . . . . . . . . . . . . . . . . . 2.00%

Janus Balanced Fund. . . . . . . . . . . . . . . NA*
Janus Emerging Markets Fund . . . . . . . NA*
Janus Global Life Sciences Fund . . . . . . 2.62%
Janus Global Research Fund . . . . . . . . . NA*
Janus Global Technology Fund . . . . . . . 2.49%
2.00%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.01%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.49%
2.00%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.02%
NA*
1.05%
1.05%
1.05%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
10
AUD Share Classes
Funds
Cap Growth Fund) . . . . . . . . . . . . . . . .
RMB(CNH) Share Classes
GBP Share Classes
A acc
A inc
I inc
V inc
A acc
A inc
I inc
A inc
I acc
I inc
U acc
U inc
NA*
2.23%
2.51%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.05%
1.02%
1.04%
1.02%
NA*
0.99%
NA*
NA*
NA*
NA*
1.00%
NA*
NA*
NA*
1.86%
NA*
NA*
1.95%
NA*
NA*
2.24%
1.95%
NA*
2.00%
1.97%
1.35%
NA*
NA*
NA*
NA*
1.05%
0.82%
NA*
NA*
NA*
1.94%
NA*
NA*
1.98%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.90%
NA*
NA*
1.97%
NA*
NA*
NA*
NA*
NA*
NA*
0.87%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
0.86%
NA*
NA*
NA*
NA*
NA*
NA*
0.85%
1.15%
NA*
0.78%
0.85%
0.85%
0.83%
0.82%
NA*
NA*
0.78%
0.85%
0.85%
0.83%
0.81%
CAD Share Classes
SEK Share Classes
CHF Share Classes
Funds
A inc
A acc
I acc
A inc
I acc
I inc
Janus Asia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Janus Europe Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Diversified Alternatives Fund . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.00%
NA*
NA*
NA*
NA*
2.30%
2.25%
NA*
NA*
1.23%
1.35%
NA*
NA*
NA*
2.25%
1.35%
NA*
NA*
1.35%
NA*
NA*
NA*
NA*
0.86%
NA* Share class not yet launched
11
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, the
Companies (Amendment) Act 2009, the Companies (Amendment)
Act 2012 and the Companies (Miscellaneous Provisions) Act 2013
(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 28 July 2014 (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 established 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, 2013 (as amended) (the
UCITS Regulations).
The Company is organised in the form of an umbrella fund and
currently has forty-six constituent funds (individually a Fund,
collectively the Funds) as follows:
EQUITY & ALLOCATION FUNDS (FORMERLY KNOWN AS EQUITY &

BALANCED FUNDS)
Janus Asia Frontier Markets Fund
Janus Asia Growth Drivers Fund
Janus Asia Fund
Janus Balanced Fund
Janus Europe Allocation Fund
Janus Europe Fund
Janus Global Growth Fund1
Janus Global Research (ex-Japan) Fund1
Janus Global Opportunistic Alpha Fund1
Janus Japan Emerging Opportunities Fund
Janus Japan Fund
Janus US Fund
Janus Opportunistic Alpha Fund (formerly known as the Janus
US All Cap Growth Fund)
INTECH SUB-ADVISED FUNDS

INTECH Emerging Markets Core Fund1
INTECH Emerging Markets Managed Volatility Fund1
INTECH Global All Country Core Fund1
1
Not yet launched.
All Shares in this Fund were mandatorily redeemed on 30 November 2010.
12
INTECH Global All Country Low Volatility Fund1

INTECH Global All Country Managed Volatility Fund1
INTECH Global Core Fund2
INTECH Global Dividend Low Volatility 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)
Janus Extended Alpha Fund1
Janus Global Research 130/30 Fund1
FIXED INCOME FUNDS

Janus Europe Flexible Income Fund
Janus Global Multi Sector Income Fund1
Janus Global Strategic Income Fund1
Janus Unconstrained Bond Fund1
Twenty 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$), Swiss
Francs (CHF), Canadian Dollars (CAD$), Chinese Renminbi
(RMB (CNH)), Swedish Kronor (SEK), New Zealand Dollars
(NZD$), Singapore Dollars (SGD$) or Japanese Yen (JPN).
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
28 July 2014. 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 Funds
total asset value (excluding cash and cash equivalents) will
be invested in investments in the manner described. In the
updated Prospectus dated 28 July 2014 references to Emerging
Markets have been amended to Developing Markets. This
reflects a change of name only; there is no change to the
definition in the Prospectus.
JANUS ASIA FUND

The Funds 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, wellestablished 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 Developing 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 Funds investment objective is long-term capital growth,
consistent with preservation of capital and balanced by current
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 35% 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 Developing Market and the aggregate
amount of the Fund which may be invested in securities traded on
the Developing Markets is 20% of the net asset value of the Fund.
JANUS EMERGING MARKETS FUND

This Funds 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 Developing Markets (including
China) or companies which derive a significant proportion
of their revenues or profits from one or more Developing
Markets or have significant portion of their assets in one or
more Developing Markets. Due to its exposure to Developing
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 invest, without
limit, in equity securities or employ investment techniques and
instruments which have exposure to the Chinese market. The
Fund may invest directly in China B Shares. The Fund may
have exposure to China A shares indirectly via investments
in (i) other collective investment schemes that invest primarily
in China A shares, (ii) other financial instruments such as
structured notes, participation notes, equity linked notes, and
(iii) financial derivative instruments, where the underlying assets
consist of securities issued by companies quoted on Regulated
Markets in China and/or in unlisted securities of Chinese

companies to the extent permitted by the UCITS Regulations,
and/or the performance of which is linked to the performance
of securities issued by companies quoted on Regulated Markets
in China and/or in unlisted securities of Chinese companies to
the extent permitted by the UCITS Regulations. The Fund will
limit its exposure to China A shares and China B shares in
the aggregate to no more than 25% of its net asset value. Only
participation notes and structured notes which are unleveraged,
securitised and capable of free sale and transfer to other investors
and which are purchased through recognised regulated dealers
are deemed to be transferable securities which are traded
on Regulated Markets. The Fund may employ 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

The Funds investment objective is 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 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 Developing Market and
the aggregate amount of the Fund which may be invested in
securities traded on the Developing Markets is 20% of the net
asset value of the Fund.
JANUS GLOBAL LIFE SCIENCES FUND

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
13

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: healthcare; pharmaceuticals;
agriculture; cosmetic/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
Developing Market and the aggregate amount of the Fund which
may be invested in securities traded on the Developing Markets
is 20% of the net asset value of the Fund.
JANUS GLOBAL RESEARCH FUND

The Funds 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 Funds investment objective and policies. The Fund may
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 Developing Market
and the aggregate amount of the Fund which may be invested
in securities traded on the Developing Markets is 20% of the net
JANUS GLOBAL TECHNOLOGY FUND

It pursues its objective by investing primarily in equity securities
14
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
Bank. No more than 10% of the net asset value of the Fund may
in securities traded on the Developing Markets is 20% of the net
JANUS US FUND
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 OPPORTUNISTIC ALPHA FUND (formerly known as JANUS

US ALL CAP GROWTH FUND)
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 effective portfolio management (i.e. reduction
of risks, reduction of costs, generation of additional capital

or revenue for the Fund) or investment purposes, 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 the Funds investment policies.
No more than 10% of the net asset value of the Fund may be
invested in securities traded on any one Developing Market and
the aggregate amount of the Fund which may be invested in
securities traded on the Developing Markets is 20% of the net
JANUS US RESEARCH FUND

This Funds 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
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 Developing Market and the aggregate amount of
the Fund which may be invested in securities traded on the
Developing 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 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 Funds investment
objective and policies.
JANUS US TWENTY FUND

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 Developing Market and the aggregate amount of the Fund
which may be invested in securities traded on the Developing
Markets is 20% of the net asset value of the Fund.
JANUS US VENTURE FUND

This Funds 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 capitalizations
at the time of initial purchase falls within the range of
companies in the Russell 2000 Graph Index. Companies
whose capitalisations grow and thereby fall outside of these
ranges after the Funds 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
other financial derivative instruments,. subject to a limit of up
Bank no more than 10% of the net asset value of the Fund may
in securities traded on the Developing Markets is 20% of the
net asset value of the Fund.
PERKINS GLOBAL VALUE FUND

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 SubInvestment 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 Developing
be appropriate for all investors.
15

PERKINS US STRATEGIC VALUE FUND
capital. It pursues its objective by investing primarily in
common stocks of US Companies with the potential for longterm 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 stocks market price by the
companys earnings per share amount. Price/free cash flow is
the relationship between the price of a stock and the companys
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
INTECH EUROPEAN CORE FUND(a)

The Funds 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 European companies
whose market capitalisation is at least equal to the market
capitalisation of one of the companies listed in the MSCI Europe
Index at the time of purchase.
INTECH GLOBAL DIVIDEND FUND

The Funds investment objective is long-term growth of capital
and equity dividend income. It pursues its objective by investing
at least 80% in equities and equity related securities of companies
located anywhere in the world whose market capitalisation is at
least equal to the market capitalisation of one of the companies
listed in the MSCI World High Dividend Yield Index at the time
of purchase. The Fund pursues its goal by constructing a portfolio
of securities with higher relative stock volatility than the MSCI
World High Dividend Yield Index.
INTECH US CORE FUND

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
16
capitalisation of one of the companies listed in the S&P 500

Index at the time of purchase.
JANUS GLOBAL DIVERSIFIED ALTERNATIVES FUND

The Funds investment objective is to seek to achieve longterm capital appreciation with low correlation to global stocks
and bonds. Under normal circumstances, the Fund seeks to
achieve its investment objective by investing in a number of
asset classes including equities, fixed income, commodities,
interest rates, and currencies, with the investment selection
driven by risk/reward factors within those asset classes.
The risk/reward factors in each underlying asset class that
will drive the portfolios returns might also be referred to as
Market Risk Premia. Understanding these sources of return
has historically been a key focus of academic research. The
process of identifying investments for the fund includes
unique insights from years of market experience combined
with academic research and quantitative models. The relevant
Sub-Investment Adviser may, in its sole discretion, actively
allocate between the various asset classes on the basis of its
assessment of the relevant Market Risk Premia of those asset
classes. To capture these diverse sources of potential return
the Fund may invest in the common stocks of companies of
any size and located anywhere in the world, from larger, wellestablished companies to smaller, emerging growth companies.
Additionally the Fund may invest in income producing
securities of issuers located anywhere in the world. This may
include securities of any maturity and of any credit quality,
and may include exposure to Government Securities and Debt
Securities. The Funds exposure to commodities may include
investment in exchange traded commodities, exchange traded
notes, commodity index futures contracts, options, swaps and
other financial derivative instruments which provide exposure
to the Commodity Indices provided such instruments are in
accordance with the requirement of the Central Bank. The
Fund may also invest in other financial derivative instruments
which provide exposure to the currency carry risk premia.
Currency carry investing seeks to generate returns by investing
in higher yielding currencies versus lower yielding currencies.
In a carry trade, low interest rate currencies may be sold, and
high interest rate currencies may be purchased. The Fund may
also invest in other financial derivative instruments which
provide exposure to various market interest rates. The Fund
may invest in 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 as described in the Types and Description
of Financial Derivative Instruments section herein, subject to
investments contemplated in these investment policies.
The Fund will make significant use of financial derivative
instruments. The market risk of the Fund will be measured
using the VaR methodology. The absolute VaR of the Fund will
not exceed 14.1% of the Funds Net Asset Value. It is expected
that under normal market conditions, the Funds leverage, as
calculated using the sum of the notionals of the derivatives

held by the Fund (the Notionals Approach), will be less than
600% of the Funds Net Asset Value, and is expected to typically
range from 400 to 700% of the Funds Net Asset Value. Under
exceptional circumstances, it is expected that the Fund may be
leveraged up to 1000% (using the Notionals Approach) of the
Funds Net Asset Value. Exceptional circumstances may include
periods characterised by (i) lack of liquidity, particularly in
securities listed, traded or dealt on a Regulated Market, causing the
Sub-Investment Adviser to seek exposure in derivatives markets;
(ii) volatility where the Sub-Investment Adviser seek to hedge
or be opportunistic while respecting the investment policies and
restrictions applicable to the Fund; or (iii) imperfect correlations
and unanticipated market conditions. If the Fund uses a high
amount of leverage, especially the higher amount permitted in
exceptional circumstances, it may have greater losses that would
have occurred absent the high leverage. The leverage figure is
calculated using the Notional Approach as is required by the
UCITS Regulations. The notional value of the investments varies
significantly from their market value which is why the leverage
limits are high. These leverage limits do not take into account
any netting and hedging arrangements that the Fund may have
in place at any time even though these netting and hedging
arrangements are used for risk reduction purposes. The Fund
seeks to achieve its investment objective by investing in the
securities listed above, traded or dealt in Regulated Markets
(including Emerging Markets) or by investing indirectly in such
securities through the use of financial derivative instruments.
Due to its exposure to Emerging Markets and below investment
grade securities, an investment in the Fund should not constitute
a substantial proportion of an investment portfolio and may not
JANUS GLOBAL REAL ESTATE FUND

The Funds 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 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 REITs 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 Developing Market and the aggregate amount
of the Fund which may be invested in securities traded on
Developing 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 Funds 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 Funds
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
17

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 Developing
Market and the aggregate amount of the Fund which may be
invested in securities traded on the Developing Markets is 20%
of the net asset value of the Fund.
JANUS GLOBAL FLEXIBLE INCOME FUND

The Funds investment objective is to seek 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
issuers located in Developing Markets will normally make up
80% of the Net Asset Value of the Fund. 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 convertible securities in which the
Fund may invest will not contain embedded derivatives.) 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, 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 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. Due to its
exposure to below investment grade securities and Developing
JANUS GLOBAL HIGH YIELD FUND

This Funds 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
18
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
purposes as described in the Types and Description of Financial
Derivative Instruments section of the Prospectus, subject to
investments contemplated in these investment policies. Due
to its exposure to investment grade securities and Developing
JANUS GLOBAL INVESTMENT GRADE BOND FUND

This Funds 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 Developing Market
JANUS HIGH YIELD FUND

This Funds 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

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 Developing Market and the aggregate amount of the Fund
which may be invested in securities traded on the Developing
Markets is 20% of the net asset value of the Fund.
JANUS US SHORT-TERM BOND FUND

This Funds 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 Funds dollar-weighted average portfolio effective
maturity will not exceed three years. Although it has no preestablished 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 Developing Market
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 half-yearly 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 Genve, 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 investors in Switzerland, key investor
information documents for Swiss investors, the Companys
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 Gnral-Dufour, 1204 Genve,
Switzerland.
SUMMARY OF CHANGES TO PROSPECTUS OF THE COMPANY DURING

THE PERIOD ENDED 30 JUNE 2014
The following is a summary of the main changes incorporated
in the Companys prospectus dated 26 March 2014 (the
Prospectus). It does not purport to be a complete account of the
changes made (and in particular does not include details relating
to amendments made to share classes which were unlaunched as
at 26 March 2014) and you should refer to the full version of the
Prospectus in case of any uncertainty. Except where the context
otherwise requires, defined terms herein shall bear the meaning
given to them in the Prospectus.
(a) Creation of new Funds:
The following Funds were approved by the Central Bank:
Janus Global Opportunistic Alpha Fund, Janus Unconstrained
Bond Fund, Janus Global Multi-Sector Income Fund and
INTECH Global All Country Managed Volatility Fund.
(b) Change of Name of Fund / Amendments to Investment Policy:
The following Fund name change was effective as of
26 March 2014:
INTECH Global All Country Managed Volatility Fund was
changed to INTECH Global All Country Low Volatility Fund.
The investment policies of the Fund were also amended in light
of the change in name.
(c) Change to Source of Dividends for all Class A Inc and Class E
Inc Shares of the INTECH Global Dividend Fund and Class E
Inc Shares of the Janus Balanced Fund:
Previously in respect of the Class A Inc and Class E Inc
Shares of the INTECH Global Dividend Fund and Class E
Inc Shares of the Janus Balanced Fund dividends could only
be distributed by the relevant Fund out of net distributable
income (comprising all or some portion of net investment
income and net realised capital gains) attributed to those
Shares.
With effect from 26 March 2014 all Class A Inc and Class E Inc
Shares of the INTECH Global Dividend Fund and Class E Inc
Shares of the Janus Balanced Fund may, at the discretion of the
Company, pay dividends out of the capital attributable to those
Shares.
Distributing the capital of the relevant Share Class will lower
the value of those shares by the amount of the distribution. As
distributions may be made out of the capital of the relevant
19

share class, there is a greater risk that capital will be eroded
and income will be achieved by foregoing the potential for
future capital growth of the investment of shareholders in the
relevant share class and the value of future returns may also be
diminished. This cycle may continue until all capital is depleted.
The payment of dividends out of capital amounts to a return or
withdrawal of part of a shareholders original investment or from
any capital gains attributable to that original investment and such
distribution will result in a corresponding immediate decrease of
the net asset value per share for the relevant share class.
(d) Investment Restrictions / Investment Objectives and Policies
of the Funds:
The disclosure relating to the use of financial derivative
instruments was reorganised so that the information included
in the table which previously appeared under the Investment
Restrictions section now appears under the Investment
Objectives and Policies of the Funds section instead. In addition,
the disclosure in relation to the INTECH Sub-Advised Funds
was updated to make it clear that the INTECH Sub-Advised
Funds will not invest in financial derivative instruments other
than in warrants which may be acquired in corporate actions.
(e) Management and Administration:
This section was updated in relation to (i) assets under
management for the Investment Adviser and Sub-Investment
Advisers; (ii) ownership details in relation to Perkins; and
(iii) biography of the Custodian.
(f) Distribution Policy:
(h) Change of Name of Existing Share Classes:

The name of certain of the existing dis share classes
was changed. These share classes had not launched as at
26 March 2014.
(i) Fees and Expenses:
The disclosure relating to the Class V shares was updated to
refer to the existing dealing charge of up to 1.00% of the value
of the subscription, redemption, exchange or transfer (where
permitted) which may be deducted and retained by the relevant
Fund to cover the Companys estimate of the costs of acquiring
or disposing of securities in the case of the Janus Asia Fund and
Janus Emerging Markets Fund.
(j) Taxation:
The section of the Prospectus entitled Taxation was updated in
light of amendments to the Irish tax legislation.
(k) Appendix 1 Investment Techniques and Instruments:
Appendix 1 was updated to remove references to the provisions
applicable during the transitional period under ESMAs
Guidelines on ETFs and other UCITS issues (the transitional
period ended on 17 February 2014).
(l) Appendix 2 Regulated Markets:
The list of Regulated Markets was updated to delete reference to
The Amann Stock Exchange, Jordan.
Restructuring
SUMMARY OF CHANGES TO PROSPECTUS OF THE COMPANY AFTER

30 JUNE 2014
The Distribution Policies section was restructured so that it

lists each of the Funds and their distribution policies (previously
it listed the policy in groupings of Share Classes). The final
column of the table in this section was also updated to include
details of the distribution dates. In light of this, the narrative
section appearing below the table was deleted.
The following is a summary of the main changes incorporated

in the update to the Companys prospectus dated 28 July 2014
(the Prospectus). It does not purport to be a complete
account of the changes proposed and you should refer to
the full version of the Prospectus in case of any uncertainty.
Except where the context otherwise requires, defined
terms herein shall bear the meaning given to them in the
Prospectus.
Change in payment dates for the INTECH European Core Fund

The INTECH European Core Fund previously intended to
declare and distribute dividends annually on or about 15 May,
or on such other date or more frequently at the discretion of the
Directors. While continuing to declare and distribute dividends
annually the date on which it is intended to declare and distribute
dividends changed to on or about 15 October, or on such other
date or more frequently at the discretion of the Directors.
(a) The following new Funds have been approved by the

Central Bank:
(g) Creation of New Share Class:
Janus Asia Frontier Markets Fund

Janus Asia Growth Drivers Fund
Janus Europe Allocation Fund
Janus Japan Emerging Opportunities Fund
Janus Japan Fund
Janus Europe Flexible Income Fund
The Prospectus was updated throughout to reflect the creation

of a new Class S shares class denominated in Swedish Kronor
for the Janus Europe Fund.
Janus Capital Management LLC has been appointed as SubInvestment Adviser of the Janus Europe Allocation Fund and
Janus Europe Flexible Income Fund.
20
DIAM International Ltd has been appointed as Sub-Investment

Adviser of the Janus Asia Frontier Markets Fund, Janus Asia
Growth Drivers Fund, Janus Japan Emerging Opportunities
Fund and Janus Japan Fund.
The Prospectus discloses each Funds investment objective and
policy; base currency; the share classes which have been created;
risk factors; trade cut-off times; the distribution policy and the
fees and expenses applicable to an investment in the relevant
sub-fund.
(b) Change in name of sub-group of Funds:
The following sub-group name change was effective as of
28 July 2014:

(e) Emerging Markets / Developing Markets / Developed
Markets:
All references to Emerging Markets have been amended to refer
to Developing Markets. There has been no change to how this
term is defined.
A definition of Developed Markets, being countries which are
included in either or both of the MSCI World index and the
World Bank definition of high income OECD members, has
been inserted.
(f) Distribution policy:
From
To
Equity & Balanced Funds
Equity & Allocation Funds
i. Change in payment dates for the Janus Europe Fund
This change was proposed in light of the inclusion of the new

Janus Europe Allocation Fund.
(c) Change of name of Funds:
The following Fund name change was effective as of
28 July 2014:
From
To
Janus Opportunistic Alpha Janus Global Opportunistic

Fund
Alpha Fund
The Janus Europe Fund previously intended to declare and

distribute dividends annually on or about 15 May, or on such
other date or more frequently at the discretion of the Directors.
While continuing to declare and distribute dividends annually
the date on which it is intended to declare and distribute
dividends changed to on or about 15 October, or on such other
date or more frequently at the discretion of the Directors.
Change were made in the payment dates and frequency for other
Share Classes and distribution policy for the Class A$inc, B$inc
and I$inc share classes of the Janus Asia Fund. These Share
Classes were not launched as at 28 July 2014.
(g) Creation of new share classes:
Janus US All Cap Growth Janus Opportunistic Alpha

Fund
Fund
This change in name is to more accurately reflect the
investment policies of each Fund. The investment policies
of the Janus Opportunistic Alpha Fund (formerly the Janus
US All Cap Growth Fund) were enhanced to clarify that
opportunistic alpha is achieved by the Fund investing
opportunistically across variety of market capitalisations
predominantly in the US in its attempt to generate alpha for
Shareholders.
(d) Amendment to the investment policy of the Janus Balanced
Fund:
The Janus Balanced Fund was previously permitted to invest
up to 25% of its net asset value in Debt Securities rated below
investment grade. With effect from 28 July 2014 this limit has
been increased so as to permit the Janus Balanced Fund to invest
up to 35% of its net asset value in Debt Securities rated below
investment grade.
Due to its exposure to below investment grade securities, an
investment in the Janus Balanced Fund should not constitute a
The Prospectus was updated throughout to reflect the creation of

a new Class Zacc (Hedged) and Zinc (Hedged) shares classes
in each of the existing Funds.
(h) Change of name of existing share classes / Hedging disclosure:
The names of all existing share classes were changed to make
it clear in the name of the share class the hedging strategy.
Following this change all hedged share classes include either
(Hedged) or (Portfolio Hedged) in their name.
Disclosure under the Currency Conversion and Hedging
section as updated to more clearly set out the hedging strategy
of the Hedged Share Classes, Portfolio Hedged Share Classes,
unhedged share classes, share classes denominated in the Base
Currency and Hong Kong Dollar share classes in US Dollar
Base Currency sub-funds. Additional disclosure on the hedging
strategy was also included in The Offering General section
and Appendix 7 - The Offering.
The Hong Kong dollar denominated share classes offered in
the euro Base Currency Funds changed from unhedged to
hedged.
21

(i) Amendments to the memorandum and articles of association:
The Prospectus was amended throughout, including under the
Determination of Net Asset Value, Temporary Suspension
of Valuation of the Shares and of Sales and Repurchases,
Meetings sections and Appendix 4 Investment Restrictions,
to reflect the amendments to the articles of association approved
by shareholders at the annual general meeting of the Company
held on 30 June 2014.
(j) Appendix 7 The Offering:
The disclosure in relation to the Class U Shares was updated
to reflect that Class U shares may be offered in certain limited
circumstances in certain countries, solely at the discretion of the
Distributor to eligible investors only, i.e. an investor investing
through a Distribution Agent that has a separate fee arrangement
with its clients or where permitted by the Distributor, directly for
its own account. In addition, Class U shares may also be offered
to an investor investing through a Distribution Agent or via
another financial institution at the discretion of the Distributor.
22
Fund Overviews
Janus Asia Fund
Hiroshi Yoh, portfolio manager
Performance Overview
Janus Asia Equity Fund I$acc Shares returned 5.86% for the
six-month period ended 30 June 2014, while its benchmark, the
MSCI All Country Asia ex-Japan Index, returned 6.44%.
Investment Environment
A rebound in emerging markets over the second half of the
period led to gains in Asia ex-Japan equities. The landslide
election victory of the pro-business Bharatiya Janata Party (BJP)
and new Prime Minister Narendra Modi in India was a pivotal
event in the period. Not only did the BJP win the election, which
many expected, but it did so with a solid majority, avoiding the
need for an alliance government of several parties, the kind
that had hindered progress on economic reforms previously.
Stronger investment inflows into emerging markets also helped
equities as well as currencies in the region, reversing a trend
from earlier quarters. While Chinas market return was negative
for the period, its economy showed signs of stabilising over
the second half of the period, particularly with manufacturing
data rebounding from recent lows in March. Overall, Chinas
economy has slowed, but at a controllable pace, in our view.
Among sectors, information technology was easily the top
contributor to the Indexs return based on growing expectations
for Apples iPhone 6 launch among its suppliers in Asia.
Performance Discussion
Our holdings in industrials, led lower by Daqin Railway, weighed
the most on relative performance. Daqin, which transports coal
in northern China, reported a brief decline in its cargo volume in
February. The stock also traded lower after the company paid a
significant dividend in June. Additionally, Daqin reflected some
weakness in Chinese infrastructure-related stocks generally. Earlier
in the period, Daqin was granted a rate increase by the Chinese
government to help bring its pricing more in line with the countrys
other railways. We believe the government will continue to allow
price increases to help ease financial difficulties of the regulatory
agency that oversees the railroads and is the largest owner in Daqin.
The company remains among the cheapest railroad stocks globally.
Investor concerns over demand for coal have weighed on the
shares. We believe those concerns are overdone, as coal shipments
have remained in line with the companys full-year target. Daqins
competitive advantage is that its rail network is the quickest and
cheapest way to send coal from the interior to the coast.
Our overweight and holdings in Hong Kong, led lower by Louis
XIII Holdings, were key detractors on a country basis. Louis XIII,
which is building an ultra-upscale resort and casino in Macau,
China, declined over concerns over the sustainability of growth
in Macau gaming, but we believe Louis XIIIs differentiated
boutique hotel-casino will be successful when it opens. Most of
the markets worries pertained to VIP, or the highest-spending,

gamblers in the wake of a corruption crackdown; however, Louis
XIII is focused on the premium mass market, which we believe
has strong long-term prospects.
Our technology holdings, led to the downside by NCSoft, also
weighed on performance. One of the largest online gaming
developers in South Korea, NCSoft suffered from weaker-thanexpected quarterly earnings. The results reflected slower traffic
at one of its games in China. Earnings were also impacted by the
companys strategic decision to curtail promotions of in-game
items in one of its most profitable game titles in South Korea
until the launch of a large content update in June. We believe
the new game content along with contributions from the start of
its Guild War 2 game in China should drive earnings significant
growth later this year.
Relative contributors included our holdings in India, led by
Strides Acrolab and PC Jeweller. Our Indian holdings generally
benefited from the positive investment environment following
Indias general election. Strides Acrolab, a pharmaceutical
company focused on the development and manufacture of niche
generic drugs, also received a lift from regulatory re-inspections
of its manufacturing plants that prevented import alerts being
imposed on its products to the U.S. This also eased investor
concerns over withholding cash payments from Mylan, which
bought a unit of the company. Additionally, Strides Acrolab
received several product approvals during the period. We
reduced our position on the stocks gains.
PC Jeweller reported strong revenue and earnings growth from
2013. We also believe there was better appreciation for PC
Jewellers stock, given its low valuation. Even with its gain during
the period, the company has one of the cheaper valuations among
consumer stocks in India, (7x forward earnings versus an Indian
market average of 15x). PC Jewellers stock suffered in 2013 from
fears over Indias restrictions on gold imports, but benefited from
greater investor appreciation for its growth prospects.
Taiwan Semiconductor Manufacturing Co. (TSMC), the Funds
largest holding as of period end, was our most significant
individual contributor. The company, the worlds largest contract
manufacturer of semiconductor chips, rose on stronger-thanexpected orders during its normally weaker beginning of the
year period. As a result, the company raised its first-quarter sales
forecast, driven by stronger demand for mobile phones. TSMC
also raised its profitability outlook. We continue to appreciate the
companys dominant market position and consider its valuation
attractive relative to the strong earnings growth we anticipate
this year. Notably, Apple is using TSMCs new technology to
produce core chips for its newest smartphone.
Outlook
With the global economy gradually improving, the Ukraine
crisis seemingly under control and Chinas economy stabilising,
23
Fund Overviews
we have become more positive on the second half of the year.
We are also optimistic that Modi will deliver on significant
structural reforms in India that are needed to remove barriers
to investment across many areas, but particularly in the power
sector. While we are positive over the long term for India, we
will always be mindful of valuations and will sell companies
that meet our targets.
The chief geopolitical risk is conflicts in the Middle East,
particularly the sectarian conflict in Iraq, which could lead to
additional spikes in oil prices. Indonesia and India, which both
have oil subsidies, are among countries in the region that are
particularly susceptible to energy prices.
While we recognize macroeconomic risks in stock selection,
our focus remains on analyzing companies and assessing their
valuations relative to their growth prospects. We continue to
favor consumer-oriented companies, particularly those with
strong brands and cost advantages. Along with our significant
overweight in consumer discretionary, we have a more modest
overweight in information technology, with a focus on companies
that should benefit from the iPhone 6 launch, which we think
will be very successful.
Thank you for your investment in Janus Asia Fund.
Janus Balanced Fund

Marc Pinto and Gibson Smith, portfolio managers
Performance Summary
For the six-month period ending 30 June 2014, the Janus Balanced
Funds Class I$acc Shares returned 4.42%, compared with 5.74%
for its primary benchmark, the Balanced Index, which is an
internally calculated and blended benchmark of the S&P 500
Index (55%) and the Barclays U.S. Aggregate Bond Index (45%).
The S&P 500 Index returned 7.14% during the same time period,
while the Barclays U.S. Aggregate Bond Index returned 3.94%.
The equities market started the year on weak footing amid
concerns about when the Federal Reserve would start to hike
rates as well as anxiety over slowing growth in China. The
market started rebounding on reassurance that the Federal
Reserve (Fed) would continue its accommodative monetary
policies and emerging stability in Chinas growth. The rebound
gathered momentum in the second quarter amid generally
favorable economic developments in the U.S. despite a sharp
downward revision to first quarter gross domestic product and
a hint of inflation near period end.
On the fixed income front, the Treasury 10-year note started
the year at around 3.00%, and it promptly began to decline in
January as emerging market volatility drove safe haven buying.
The decline the yield of the bellwether note continued as the
24
U.S. recovery faltered amid a winter-related slowdown. In the

second quarter, the 10-year dipped briefly below 2.50%; it was
otherwise range bound.
The Fed acknowledged improved economic conditions during
the second quarter and continued to taper its quantitative
easing (QE) program. While inflation moved to the Feds 2%
target, policymakers seem to be looking for improving trends
in economic data to strengthen even further. The central bank
signaled that the first rate hike wont be until 2015. Credit and
mortgage-backed securities spreads dipped to historically tight
levels to Treasuries. Amid low rates, investors continued to seek
higher-yielding securities. This has created stretched valuations
in the fixed income market.
We began the period with a 42.6% weighting to equities and
56.6% to debt. The weightings reflect the Funds shift toward
emphasising income, a shift that was made in the fall of 2013.
This shift continued through the first six months of the year, and
we ended period with a 37.1% weighting to equities and 61.3%
allocated to debt. The fund retains the flexibility to allocate
between 35% and 65% to equities with the remainder in fixed
income. Besides an increased weighting to fixed income, the
current shift in the fund includes a heavier income focus in
equity security selection.
The equity sleeve underperformed the S&P 500 Index during
the period. The relative overweight and stock selection of the
consumer discretionary sector detracted from performance as
did the relative underweight and stock selection of the energy
sector. Relative sector contributors were led by consumer staples
and materials.
The weakest individual stock performers were led by toy maker
Mattel. The companys reported first quarter earnings, which
disappointed and extended a trend of weak quarterly reports.
Mattel is still working on inventory reduction and stabilising
its market share after weak sales during 2013s holiday season.
Aerospace and defense company Boeing also led individual
detractors. At the start of 2014, the Chicago-based industrial
issued a profit warning for the full year due to changes in its
production mix and lower military sales.
Media company CBS was also a detractor. The absence of some
key sports programming from the network hit advertising
revenue during the period.
Individual equity contributors were led by chemicals and
refining company LyondellBasell Industries. The company
benefited from better performance by its refining business and
signs that the restructuring of its European business is paying
off. Moreover, the company announced a share buyback program
and increased its dividend.
Apple was the second biggest contributor. Apple continues to

benefit from the growth possibilities of its mobile devices and
the expanding subscription base for its music and entertainment
platform. We also like the company for its strong cash position
and dividend.
The stock of Enterprise Products Partners also performed well.
The energy services company reported strong quarterly earnings
that affirmed the companys strong cash flow generating ability.
There is also optimism around an ethane export facility that the
company is building.
Meanwhile, our fixed income sleeve outperformed the Barclays
U.S. Aggregate Bond Index, largely on the strength of security
selection in corporate credit, where we have a significant
overweight versus the Index. Within the corporate segment, our
overweight in higher yielding credits was also additive to relative
performance. This overweight also helped boost the contribution
from spread carry versus the Index.
From a sector standpoint, top credit contributors included
banking, health care and independent energy companies. Sector
detractors were led by restaurant, metals and mining and electric
utility companies.
Our Treasuries exposure, where we are slightly underweight
the index, was our largest relative detractor overall. This was
driven mainly by our yield curve positioning, which reflects a
defensive stance amid our view that U.S. rates are headed higher
longer term. Our MBS exposure was a relative detractor as
well. We have a material underweight to the benchmark as we
believe credit offers better risk-adjusted return opportunities
overall.
Outlook
The U.S. economic recovery from the financial crisis is shaping
up to look like a moderate one overall. Within that, however,
the economic rebound that began in the spring after the winter
slowdown is gathering momentum. Job growth trends are
strengthening, and inflation has picked up. While the Federal
Reserve indicated during the quarter that rate hikes will not
come until 2015, its post policy-meeting statements are aimed at
preparing the market for an exit from loose monetary conditions.
All these factors could put upward pressure on rates; thus, we
remain cautious.
Meanwhile, the recovery in Europe and Japan continues to
be tepid, with the risks more toward deflation. An aggressive
monetary stimulus regime that Japan has in place and the
one that the European Central Bank announced in the second
quarter are somewhat offsetting the market impact of the later
economic and monetary cycles of the U.S. Thus, rates in the
developed world remain historically low. This global dynamic
helps create dueling risks of higher and lower rates in the U.S.
that could continue to be with us for the time being.
Given the risks toward an upward rise in rates longer term,

however, we believe that managing duration and yield curve risk
will be important to success in this market. While using the long
end of the Treasury yield curve to provide some protection for
investors is still applicable, we think the new defensive will be
more about being opportunistic as it relates to rates, with a bias
toward being short in duration, particularly in credit.
Meanwhile, the gradual improvement in the economy and the
current accommodative U.S. monetary policy should lead to a
good environment for stocks, particularly given the lack of other
attractive investment alternatives. We believe equity valuations
are reasonable and justifiable, but given the significant moves
higher in equity markets, we are being increasingly selective in
our buying decisions. Moreover, our overall constructive scenario
for equities could change if interest rates move materially higher,
if the economy takes a turn for the worst, or if inflation appears
to be more systemic than it does now.
We would add that many companies are deploying their cash back
into the market through merger and acquisition activity, share
buybacks and dividends. While these actions are shareholder
friendly, it is less so for bondholders as this activity drains cash
and can result in balance sheet leverage. Indeed, we take this as
another reason to be increasingly selective in our fixed income
sleeve. The low-rate environment has prompted a reach for yield
and returns that has in turn resulted in stretched valuations in
the fixed income market.
While we are still bullish on credit in general and tend to
favor high yield, we believe security avoidance may be just as
important as security selection going forward. Both involve a
bottom-up fundamental process and require in-depth research
on the companies with a view toward recognising what is
worth owning and, more importantly, what is not. That said,
we continue to believe that credit will produce some of the best
risk-adjusted returns in the fixed income market during 2014.
Thank you for your investment in Janus Balanced Fund.

Hiroshi Yoh and Wahid Chammas, portfolio managers
Janus Emerging Markets Fund I$acc Shares returned 7.26% for
the six-month period ended 30 June 2014, while its benchmark,
the MSCI Emerging Markets Index, returned 6.14%.
Emerging markets rebounded over the second half of the period
to generate returns in line with developed markets after a lengthy
period of underperformance. The landslide election victory of
the pro-business Bharatiya Janata Party (BJP) and new Prime
Minister Narendra Modi in India was a pivotal event in the
25
Fund Overviews
period. Not only did the BJP win the election, which many
expected, but it did so with a solid majority, avoiding the need
for an alliance government of several parties, the kind that had
hindered progress on economic reforms previously. Stronger
investment inflows into emerging markets also helped equities
as well as currencies, reversing a trend from earlier quarters.
While Chinas market return was negative for the period, its
economy showed signs of stabilising over the second half of the
period, particularly with manufacturing data rebounding from
recent lows in March. Overall, Chinas economy has slowed, but
at a controllable pace, in our view. Russia weighed the most on
the Indexs returns after its annexation of Crimea from Ukraine
heightened geopolitical tensions, which was followed by conflict
between Ukraine and pro-Russian supporters in the country.
Russias market rebounded somewhat over the second half of the
period as tensions eased between Russia and the West, although
sanctions weighed on Russias economy. A sectarian conflict in
Iraq that raised oil prices also impacted sentiment late in the
period. Among sectors, information technology was easily the top
contributor to the Indexs return based on growing expectations
for Apples iPhone 6 launch among its suppliers in Asia.
Our holdings in India and Brazil were the largest relative
contributors on a country basis, while our holdings in Hong
Kong were the most significant detractors. On a sector basis, our
holdings in financials and materials as well as our underweight
in telecommunication services were among top contributors.
Detractors included our holdings in industrials, consumer
discretionary and information technology.
While our consumer discretionary holdings overall detracted, the
sector contained two of our largest individual contributors, PC
Jeweller of India and Anhanguera Educacional Participacoes of
Brazil. PC Jeweller benefited after reporting strong revenue and
earnings growth from 2013. Even after its gain during the period,
the company has one of the cheaper valuations among consumer
stocks and the market overall in India. The stock traded at 7x
forward earnings versus an Indian market average of 15x.
Brazilian for-profit education firm Anhanguera Educacional roe
after Brazils antitrust regulator approved the merger between
Anhanguera and Kroton Educacional to create the worlds largest
for-profit education firm in the world. The all-stock merger
followed a year of negotiations between the regulator and the
companies over which schools they would have to sell and
between the companies themselves over the stock exchange
ratio. Krotons shareholders benefited from a change in the ratio;
however, the market perceived the cost savings from the merger
to be so significant that Anhangueras shares rallied off of what
we considered depressed levels. We maintain our expectations
for strong revenue growth and margin expansion.
Taiwan Semiconductor Manufacturing Co. (TSMC), the Funds
largest holding as of period end, was our most significant individual
26
contributor. The company, the worlds largest contract manufacturer

of semiconductor chips, rose on stronger-than-expected orders
during its normally weaker beginning of the year period. As a result,
the company raised its sales forecast, driven by stronger demand
for mobile phones. TSMC also raised its profitability outlook. We
continue to appreciate the companys dominant market position
and consider its valuation attractive relative to the strong earnings
growth we anticipate this year. Notably, Apple is using TSMCs new
technology to produce core chips for its newest smartphone.
Russian holdings TCS Group Holdings and Sberbank of Russia
weighed the most on performance, reflecting investor concerns
over the Ukraine crisis and the impact of Western sanctions on
the Russian economy. TCS, a credit card issuer, also suffered
from worsening customer credit risks and from potential
regulatory pressures to its online business model. However, the
company reported better-than-expected financial results during
the period. We added to our position based on our appreciation
for TCS low-cost structure and its large addressable market,
which is significantly underpenetrated.
Sberbank, Russias largest bank, demonstrated better-thanexpected growth and profitability early in the period. The banks
quarterly earnings reported in May were modestly lower than
consensus estimates, although its revenue beat expectations due
to strong loan growth. Given the environment, Sberbank traded
at a significant discount to global peers, which we believe will
slowly diminish long term as geopolitical tensions ease. We also
added to our position in Sberbank.
London Mining, another top detractor, suffered from fears falling
iron ore prices would impact the companys ability to refinance
its debt. We added to our position based on our belief in the
competitive positioning of the companys mines in Africa and
the significant progress the company has made in improving its
cost structure and balance sheet.
Outlook
With the global economy gradually improving, the Ukraine
crisis easing somewhat and Chinas economy stabilising, we have
become more positive on the second half of the year. We are also
optimistic that Indias Modi will deliver on significant structural
reforms that are needed to remove barriers to investment across
many areas, but particularly in the power sector. While we are
positive over the long term for India, we will always be mindful
of valuations and will sell companies that meet our targets.
The chief geopolitical risk is turmoil in the Middle East,
particularly the sectarian conflict in Iraq, which could lead to
additional spikes in oil prices. Indonesia and India, which both
have oil subsidies, are among countries that are particularly
susceptible to higher energy prices. We are underweight the
Middle East due to country-specific risks. Qatar has been
negatively impacted by bribery allegations regarding the World
Cup it will host in 2022. The United Arab Emirates, meanwhile,
has been a volatile market and recent valuations have been too
high, in our view. Both countries were added to the Index in May.
Regardless of the outcome of Brazils presidential election in
October, we think there will be pressure to enact economic
reforms to help spur growth. Despite our measured optimism
and our overweight position in Brazil, we are underweight
Brazilian companies exposed to commodities due to reduced
expectations for exports, especially iron ore, to China. Our
concern over weak commodity prices is also reflected in our
underweight in South Africa, where mining companies are being
additionally pressured by unions to pay their workers more.
While we recognize macroeconomic risks in stock selection,
our focus remains on analyzing companies and assessing their
valuations relative to their growth prospects. We continue to
favor consumer-oriented companies, particularly those with
strong brands and cost advantages. Along with our significant
overweight in consumer discretionary, we have a more modest
overweight in information technology, with a focus on companies
that should benefit from the iPhone 6 launch, which we think
will be very successful.
Thank you for your investment in Janus Emerging Markets Fund.
Janus Europe Fund

Wahid Chammas, portfolio manager
For the six months ended 30 June 2014, Janus Europe Fund
Iacc Shares returned 6.06% versus 6.15% for the benchmark
(net of fees). This performance was a little disappointing,
although typical of the Funds behavior in sharp up-markets
given its defensive posture. On a trailing one-year basis, the
Fund returned 24.74% compared to the benchmarks 22.74%
return (net of fees).
Market Environment
After recovering from volatility in early April due to selling
pressure on momentum stocks and geopolitical tensions between
Russia and Ukraine, European equities rebounded to post healthy
gains in the period. Unfortunately, the markets were not focused
on individual corporate fundamental drivers, remaining highly
influenced by macroeconomic factors. This has probably become
more endemic given record low interest rates and markets flush
with excess liquidity and a healthy level of complacency (as
measured by the VIX Index, which is still challenging historic
lows). Among catalysts for the upswing were yet another interest
rate cut by the European Central Bank and its other measures
designed to boost inflation and economic growth in the euro zone.
Stronger investor confidence in European peripheral countries
was reflected in some of their sovereign bond yields dipping below
3%; many once distressed countries are even challenging U.S.
Treasury 10-year bond yields. While remaining truly core in style,
in 2012 we opportunistically sought opportunities in more valueoriented companies versus growth. In the last month, a significant
swing in investor preference for value stocks over growth stocks
created buying opportunities for us in growth stocks sooner than
we had anticipated. Once again, as many investors fixated on
macro-driven factors, we took advantage of volatile trading to
find great bargains, such as online fashion retailer ASOS, which
we bought for the first time after its valuation fell to a considerably
more attractive level. We also used the environment to add to
several of our favored companies. On declines in iron ore and
material prices, we added to positions in miners BHP Billiton,
Rio Tinto, Glencore and London Mining, which we believe will
accrete to our benefit when the commoditys price normalizes,
particularly given the steps these companies have taken to increase
their competitiveness and returns on invested capital as well as to
improve their balance sheets. During times when many investors
trade on macroeconomic or momentum factors, strong entry and
exit points in stocks are created for us.
Our Fund does not typically perform as well in rising momentumled markets. Rather, its signature is downside protection,
reflecting our defensive approach to investing, which includes
being largely sector neutral to our benchmark to mitigate sector
and macroeconomic risks.
Investing in leading European companies that have a sustainable
competitive advantage, high or improving returns on capital and
significant opportunities for long-term growth also highlights
our defensive focus. Our emphasis on these characteristics
somewhat limited our gains during the period, but we believe
they will reward our investors in the long run.
Our holdings in energy, materials and financials weighed the
most on relative performance. Within materials and for the Fund
overall, London Mining was the largest individual detractor.
Fears over falling iron ore prices and the companys ability to
refinance its debt negatively impacted the stock. We remain
constructive based on our belief in the competitive positioning
of the companys mines in Africa and the significant progress the
company has made in improving its cost structure and balance
sheet. That said, it is appropriately positioned as one of our
smallest weightings to capture its risk profile and market cap.
In financials, Deutsche Bank also traded lower following an
equity issuance. Additionally, trading volumes in its best business
segment, fixed income, remained depressed. Despite these
concerns, we believe Deutsche Banks cost-restructuring efforts
will reward shareholders longer term. We also consider the stock
attractively valued at 0.8x price-to-tangible book value, and think
management has positioned the company appropriately.
Ophir Energy, another top detractor, reported disappointing
drilling results offshore Gabon in western Africa. We continue
to believe Ophir is materially undervalued relative to the high
27
Fund Overviews
percentage of cash represented in its market capitalization as
well as its producing natural gas assets in Tanzania. We remain
convinced in the companys attractive prospects for value
creation and the management teams discipline.
Relative contributors were led by our holdings in health care,
consumer staples and information technology. Within health care
and for the Fund overall, Shire led our individual contributors.
The Ireland-based specialty pharmaceutical firm rebuffed
buyout attempts from U.S.-based AbbVie, citing undervaluation,
during the period. After period end, it accepted a higher bid. We
favor Shire for its dominant position in the attention deficit and
hyperactivity (ADHD) market as well as its portfolio of drugs
for rare diseases.
We believe stock picking will drive success in European equities.

Macroeconomics is less important than many investors think.
We spend less time on the outcome of elections or the progress
of politicians and more time on the efforts of the companies.
Today the companies that comprise the MSCI Europe Index
only earn 43% of its revenues from Europe. While elections
may make headlines, local issues are becoming less and less
important.
Thank you for your investment in Janus Europe Fund.

Andy Acker, portfolio manager
Top 10 holding Royal Dutch Shell also aided performance. The

company benefited from strong results in its latest quarter and
gave the market greater confidence on the companys ability to
improve its competitiveness and balance growth with better
returns. Royal Dutch and Total, which is also held in the Fund,
are among major oil majors that have started to focus on returns
on invested capital and rationalising capital expenditures.
Gold miner Randgold Resources, another key individual
contributor, is a stock that rebounded after it was significantly
mispriced during the fourth quarter of 2013 gold rout. The
company benefited from a rebound in prices for the commodity,
but more importantly the company reported better-thanexpected results on reduced costs and continued to focus on
improving returns-on-invested-capital (ROIC). Additionally,
the company said it had boosted production to a record level
in 2013. We consider Randgold among the best-managed gold
mining companies due to its focus on ROIC, consistent with our
investment approach.
Outlook
The backdrop of economies enduring austerity and making tough
decisions ties to strong opportunities for Europe equities; that is,
the chance to invest in the benefits of restructuring. In a modest
growth economy, those companies that can help themselves can
stand out. What is interesting to us is that Europe is trading at
lower P/Es than the U.S. but has more ability to raise margins
and returns on capital. Comparing Europe to the U.S., one finds
more earnings growth but lower valuations in Europe, despite
the current bull market.
We are just under 8% EBIT margins vs. the U.S. at 13% EBIT
margins. If you just cut half the gap, we are talking about 20% to
25% upside catch-up potential. And the good news is that under
the umbrella of austerity, most companies in Europe are actively
looking to boost productivity. We saw this in the first quarter
earnings. Thus, while at best we can grow GDP at 1% to 1.5%
in Europe. Owing to global exposure and margin expansion
potential, we still can grow earnings 10% to 15% nearly 50%
faster than the U.S.
28
The Janus Global Life Sciences Fund had a strong start to the
year, with the Iacc Shares returning 14.01% for the six-month
period ended 30 June 2014. This was significantly ahead of
the 10.79% return for the MSCI World Health Care Index, the
Funds primary benchmark, and the 7.14% for the S&P 500
Index, the Funds secondary benchmark.
Market Environment
Following a significant correction in biotechnology stocks
(small caps in particular) in late March and early April, the
health care sector rebounded to outperform broader global
indices. A reacceleration in merger and acquisition (M&A)
activity in specialty pharmaceuticals, spurred by tax inversions
(re-incorporating a company overseas in order to reduce the tax
burden on income earned abroad) and companies seeking access
to their overseas cash without facing higher U.S. taxes, was also
a key driver of the sectors returns. Additionally, M&A action
spread to large pharmaceutical companies, medical device makers
and biotechnology firms. Biotechnology stocks were also among
key contributors, driven by strong clinical results for Vertex
Pharmaceuticals cystic fibrosis drug and excellent sales for Gilead
Sciences Sovaldi for hepatitis C. Finally, we saw investors take
advantage of the recent technical weakness to add to positions in
the sector where we believe the fundamentals remain strong. As
a result, many of the stocks that sold off in the spring recovered
rapidly. Another sign of the sectors renewal was increased activity
in initial public offerings and secondary issuances.
The Fund seeks to uncover opportunities that span the life
sciences spectrum, including stocks in the biotechnology,
pharmaceutical, health care service and medical technology
arenas. Our bottom-up fundamental approach utilizes extensive
proprietary research in an effort to discover the most compelling
investment ideas across the globe. Our primary focus remains
on companies that are addressing high unmet medical needs
and those that we believe can make the health care system
more efficient.
Our holdings in specialty pharmaceuticals companies, led by

Shire and GW Pharmaceuticals, were among our top relative
contributors during the period. In our view, no stock better
reflected the reacceleration in M&A than Shire did in the quarter.
The Ireland-based firm, which is considered attractive for tax
inversion purposes due to its low tax rates as well as its drug
pipeline, rebuffed a buyout attempt from U.S.-based AbbVie, citing
undervaluation, as of period end. Shire subsequently accepted a
higher bid from AbbVie. We favor Shire for its dominant position
in the attention deficit and hyperactivity disorder (ADHD) market
as well as its portfolio of drugs for rare diseases. The companys
fundamentals remain solid, as reflected in a better-than-expected
quarterly earnings report and raised guidance for the year.
GW Pharmaceuticals, an England-based pharmaceutical
company, also rose significantly after reporting early clinical
success for Epidiolex (a marijuana derivative) in children
suffering from several treatment-resistant epilepsy syndromes.
The drug showed compelling efficacy in patients whose seizures
did not respond to several other medicines. We started a position
based on the drugs potential as well as GW Pharmaceuticals
other pipeline candidates.
Gilead Sciences, the Funds largest holding, rebounded significantly
from the biotechnology sell-off. Questions over pricing of Gileads
Sovaldi from several members of Congress had prompted selling
pressure for the industry in the spring. The controversy did not
impact the products sales. Indeed, not only did Sovaldi become
the largest drug launch in industry history, as we predicted, but
it became the biggest drug in the U.S., growing sales from zero
to $2.3 billion in just one quarter. Sovaldi drove Gileads sales to
double and its earnings to triple, helping the stock rebound. We
anticipate the launch of a combination therapy, including Sovaldi,
in the fourth quarter to be even larger since it will address a bigger
portion of the market with a true once-a-day, oral therapy for the
first time. We continue to see significant sales potential ahead.
Among individual detractors, Aegerion Pharmaceuticals declined
after reporting worse-than-expected earnings and revenue and
lowered sales forecasts for the year. Concerns about future
competition from another class of cholesterol-lowering drugs
as well as the tolerability of its drug, Juxtapid, weighed on the
shares. Due to the drugs increasingly uncertain outlook, we
liquidated our position.
Puma Biotechnology, another detractor, suffered from a
disappointing data release on a competitive drug that raised
questions about one of the approval pathways for its oral breast
cancer drug, neratinib. We added to our position on the decline
due to what we consider an improved risk/reward profile. We
still see significant potential for the drug in breast cancer and
other indications that could drive shareholder value.
Pharmacyclics, which also weighed on performance, received
approval for its cancer drug Imbruvica during the period.
However, concerns over the pace of the drugs launch, future
competition and its potential market size detracted from its

performance. We consider Imbruvica a highly effective and welltolerated oral maintenance treatment for chronic lymphocytic
leukemia (CLL), a relatively common form of leukemia. We
believe the market potential is underappreciated and added to
our position on the stocks weakness.
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 Funds performance. The Fund may also utilize
options and other derivative contracts in an attempt to mitigate
risks and enhance performance.
Outlook
After a recovery from the pullback in late March and early April,
health care stocks may be due for a pause. We own individual
stocks that we consider significantly undervalued, but overall the
sectors valuations appear closer to fair value than they did a year
ago. Longer term, we remain bullish based on the shareholder
value we see companies building over time.
Gilead Sciences is at the forefront of companies we see creating
shareholder value. We think the launch of a Sovaldi combination
pill later this year for hepatitis C could be another bellwether for
the industry. This combination will provide the first true, onepill, once-a-day treatment for the majority of hepatitis C patients.
M&A activity also continues to be a major theme for the
entire health care sector, including more cases in which the
target companies do not wish to be acquired. We see M&A
continuing due to low interest rates, high cash balances, and
excess industry capacity, encouraging companies to rationalize
assets via acquisitions rather than add sales people and build
manufacturing facilities. The tax benefit of re-domiciling a
U.S. corporation into a lower tax structure overseas has also
been a major driver of activity. While there is concern that the
U.S. government could eventually change the rules around tax
inversions, we think comprehensive tax reform is unlikely in
the near term. We also believe tax changes would not affect the
tax status of companies that have already completed inversions.
We continue to focus on companies with significant growth
potential and strong drug pipelines, which would be attractive
to potential acquirers.
Managed care companies and hospitals are likely beneficiaries
from new consumer who have gained access public health care
exchanges or expanded Medicaid benefits as a result of the
Affordable Care Act. More registrants among the previously
uninsured in the second year of the exchanges will further
29
Fund Overviews
increase the number of customers for both health insurers and
hospitals. The latter should also benefit from reduced bad debt
expense, with less free care offered to the uninsured in emergency
rooms. We own two hospital companies that should be key
beneficiaries of this trend. Among managed care companies,
we favor those that are working with health care providers to
encourage lower health care costs. We believe such companies
will be more competitive in the new environment, especially for
the more consumer-driven health care exchanges.
settlement regarding U.S. sanction violations against Sudan, Iran

and other countries. The fact that market expectations for the
settlement rose from $1 billion to $8.9 billion within a month
indicated the fines were difficult to quantify. Deutsche Bank
also traded lower following an unexpected equity issuance.
Additionally, trading volumes in its best business segment,
fixed income, remained depressed. Despite these concerns, we
believe Deutsche Banks cost-restructuring efforts will reward
shareholders longer term.
Thank you for your investment in Janus Global Life Sciences

Fund.
Within our U.S. holdings and for the Fund overall, Whole
Foods Market weighed the most on performance. The natural
and organic foods grocery operator declined on disappointing
long-term guidance due to increased competitive pressures.
We believe Whole Foods will continue to gain market share
and will be aggressive in acquiring store sites and consumers
from competitors to grow long term, but we recognize that
effort will also lead to slower earnings growth over the shortto-intermediate term. We slightly reduced our position, but are
continuing to analyze the competitive environment to assess
whether that will restrict the long-term growth we anticipate
for Whole Foods.

Research Team led by Jim Goff, portfolio manager
Janus Global Research Funds I$acc Shares returned 5.17% for
the six months ended 30 June 2014, while its benchmark, the
MSCI World Index, returned 6.18%.
Market Environment
After recovering from volatility in late March and early April
due to selling pressure on momentum stocks and geopolitical
tensions between Russia and Ukraine, global equities rebounded
to post healthy gains. Among catalysts were an interest rate cut
by the European Central Bank and its other measures designed
to boost inflation and economic growth in the euro zone.
Stronger investor confidence in European peripheral countries
was reflected in some of their sovereign bond yields dipping
below 3%. Emerging markets also showed notable improvement,
led primarily by India, where investors warmed to a pro-business
party winning a national election. A spike in oil prices due to a
sectarian conflict in Iraq weighed on sentiment briefly, but was
later offset by Federal Reserve Chairwoman Janet Yellens positive
outlook for the U.S. economy. Meanwhile, a strengthening yen
and lack of progress on Prime Minister Shinzo Abes economic
reforms weighed on Japanese stocks.
Our financial holdings, led lower by Sberbank of Russia and
Deutsche Bank, were the most significant relative detractors
during the period. Sberbank, Russias largest bank, suffered as
a proxy for the broader Russian market, which sold off over the
Ukraine crisis. We reduced our position, but continue to hold
shares based on its continuing ability to generate high returns
on equity despite the environment and that its stock trades at
significant discount to global peers, which we believe will slowly
diminish long term as geopolitical tensions ease.
Deutsche Bank, another detractor, was seen as being exposed
to higher litigation costs in the U.S. after French bank BNP
Paribas, which is also held in the Fund, agreed to an $8.9 billion
30
Our industrials holdings, led by Canadian Pacific Railway, were

our largest relative contributors. Canadian Pacific, the Funds
largest holding, benefited from increased investor appreciation
for its ongoing cost improvements under new management.
Consistent with our approach, we invested in Canadian Pacific
because of managements focus on improving shareholder
returns. The company reported better-than-expected earnings
in April despite difficult winter weather conditions and began
a stock repurchase program. Management also reaffirmed
guidance regardless of the lower volumes in the first quarter.
Subsequently, freight volumes increased as the economy
recovered from the first quarter slowdown.
Shire led the strong relative performance of our health care holdings.
The Ireland-based specialty pharmaceutical firm rebuffed buyout
attempts from U.S.-based AbbVie, citing undervaluation, during
the period. However, it subsequently accepted a higher bid from
AbbVie. We favor Shire for its dominant position in the attention
deficit and hyperactivity disorder (ADHD) market as well as its
portfolio of drugs for rare diseases.
EOG Resources also aided performance. The exploration and
production oil and gas company benefited from a strong earnings
report and significantly higher-than-expected production
volume. We think the companys intense focus on finding more
oil-directed shale opportunities and ability to recover more oil
from its wells will lead to higher value than peers.
Outlook
In what we consider a not-cheap, not-expensive market, stock
selection is paramount. Overall, its hard to argue for broader
multiple expansions or massive shifts in risk tolerance. What we
can see, however, is a differentiation at the company level. Today,

large-cap multiples are clustered around the average to as great
an extent as seen in at least 20 years. If businesses are priced alike
but perform differently, investors have the opportunity to make
money on the companies that outperform their competitors.
That is why we see stock-picking opportunities.
Risk levels are down. Statistics tell us that, but so do headlines.
While investors ran for cover when Cyprus twitched in 2013,
the conflicts in Iraq and Ukraine hardly slowed the rally. The
quarter started with a shift away from momentum stocks and
saw downward pressure, but the concern was short-lived and
sharpest in the sectors with loftier valuations. With Spanish
sovereign debt trading near the levels of U.S. Treasuries, it is
clear the markets euro-obsession is a thing of the past. The
sharp re-rating in India following a pro-business election result
also shows how a little confidence boosts markets.
As macro concerns in Europe dissipate, the focus turns to
which companies can do more with less. Economic growth
remains slow in Europe, but businesses there have room to
expand margins through efficiency improvements. U.S. margins
have recovered from the global financial crisis while European
margins lag. Naturally, not all businesses have the ability or
determination to drive margin expansion. It is important to pick
those that can.
In the global environment of slow but improving economic
growth, companies with strong competitive advantages and ones
that can create growth internally can do well. Investors are
willing to pay more for these businesses, which encourages us,
as markets do not seem to be differentiating among companies.
The investors we speak of include companies with flush balance
sheets looking for major acquisitions.
To us, little says more about the mix of low growth, risk
tolerance and company differentiation than the flurry of
merger and acquisition transactions this year. Deal levels in
the U.S. are up from recent years. While some transactions,
especially in health care, reflect an effort to lower tax rates,
the buyouts broadly reflect that businesses are more optimistic
and willing to spend money to grow. The market is rewarding
the acquired and the acquirer. We would expect to see more
deals, including more trans-Atlantic acquisitions outside of
health care driven by tax planning. It should be a boon to
equity markets.
Thank you for your investment in Janus Global Research Fund.

Brad Slingerlend, portfolio manager
Performance Summary
Janus Global Technology Funds I$acc Shares returned 4.23%
for the six-month period ended 30 June 2014, while its primary
benchmark, the MSCI World Information Technology Index,

returned 7.30% and its secondary benchmark, the S&P 500
Index, returned 7.15%.
Market Environment
After a sell-off in some of its highly-valued subsectors in late
March and early April, the information technology sector
rebounded to outperform broader global indices. Driven by
sector heavyweight Apple, the hardware, storage and peripherals
subsector was easily the largest contributor in the period. A
well-received earnings report was a key factor in Apples strong
return. Semiconductors were also important contributors, as
they benefited from growing demand, particularly in their auto
and industrial markets. With inventories low, production lead
times lengthened and pricing firmed. System software was also
strong, including gains from giant Microsoft. Data processing,
meanwhile, was one of the few subsectors with negative returns.
Generally, investors moved away from higher valuation midcap and small-cap companies to those with lower valuations,
primarily in legacy IT companies.
Our holdings in hardware weighed the most on relative
performance, followed by our holdings and overweight in
Internet software.
Individually, ARM Holdings was our largest detractor. The UK
semiconductor intellectual property licensing firm suffered
from concerns over the slowing of the high-end smartphone
market, its key market segment. ARM has two other markets
it is pursuing, embedded systems and networking, but those
are small compared to mobile, so its unclear if those areas will
be sufficient to pick up the slack. The company also reported
results that were in line with market expectations, although its
income from royalties was somewhat soft. More importantly,
the companys licensing revenue growth, a leading indicator
of future royalties, remained strong. Additionally, we think its
royalty income will improve later this year based on production
forecasts by semiconductor manufacturers. We believe the
company will continue to benefit from growth in smartphones
and revenue licensing from semiconductor manufacturers.
E-commerce leader Amazon.com also weighed on performance.
The stock declined early in the period after management reported
quarterly profits and revenue below market estimates and
gave relatively modest revenue guidance. Despite the headline
numbers, the company had improved returns on invested capital,
better international profits and lower capital expenditures,
which we think could position it for higher profitability and
strong free-cash-flow generation going forward. Later in the
period, management lowered its profitability guidance based
on continued investment in its various businesses. We added to
our position based on our belief that the companys competitive
advantages (including a low overhead cost structure that enables
31
Fund Overviews
an aggressive pricing structure and faster shipping) will continue
to cause consumers to shift an increasing amount of their general
merchandise spending toward it.
MasterCard also detracted from performance after a strong
2013. The global card payment network operator disappointed
investors with both its quarterly earnings and net revenue
(revenue minus rebates and incentives) coming in below
expectations. Management also guided its 2014 revenue near
the low end of its longer-term target. We sold our position due
to its reduced risk/reward profile.
Our holdings and underweight in IT consulting as well as
our underweight in data processing were the most significant
contributors to relative performance.
Apple, the Funds largest holding, was easily the top contributor
for the period. The computer and mobile device maker reported
good quarterly financial results, with stronger-than-expected
iPhone sales offsetting weaker iPad volumes and driving higher
margins. Sell-through data we track indicates the iPhone has
grown its market share in many key markets, such as the U.S.,
UK, France, Germany, China and Japan. Apples iTunes accounts
have also grown significantly over the past year, indicating
strength in its ecosystem that we feel could be monetized in the
future. Additionally, Apple announced it would significantly
increase its stock buyback program. We continue to appreciate
the computer and mobile device makers growing ecosystem and
likely significant upgrades to its popular iPhone, as well as new
products and services to drive future growth.
companies. However, we think this environment is favorable

for mission-critical software companies, such as Oracle and
Microsoft, two Top 5 holdings in the Fund. We also have
considerable confidence in software-as-a-service, cloud-based
software companies as likely winners over the next five years,
but are awaiting valuations to fall to more attractive levels.
Several of those stocks are starting to near levels in which we
think initiating positions make sense.
In consumer IT, the Internet of Things (IoT) as an investment
theme looks promising longer term, but nearer term its difficult
to identify actionable ideas that would be direct beneficiaries.
Historically, consumer IT has been a hit-driven market. Some
products like Nest and Dropcam have sold 500,000 to 1 million
units, but we would like to see hundreds of those types of
products selling several million units as an indication the
market is taking off. In other areas, smartphones continue to
demonstrate good growth, although tablet computer sales have
continued to disappoint.
While investors are beginning to question the multiyear growth
rate and overall market for tablets, PC sales have improved
somewhat for semiconductor makers. Handset and data center
demand have also been good for the chip stocks. More interesting
has been strong demand in the industrial market, particularly
autos. Industrials are important because they havent had
significant orders for three years; they are just now cleaning out
inventory and starting to order again. We own semiconductor
makers and electronic connector makers that would benefit from
a rebound in the industrials market.
Real estate website operator Zillow was also a top contributor

on strong gains during the period. With more people signing up
to rent, sell or mortgage properties, Zillow reported a surprise
quarterly profit during the period. Because of its network effect,
the operator of the most-visited real estate websites in the U.S.
continues to gain listings and layer on new businesses. We
believe the company has significantly pulled away from its
competition, so its future growth prospects remain bright.
With the pace of disruption accelerating, its more important

than ever to be vigilant and thoughtful about every potential
technology investment. In our effort to always become better
investors, we like to take a cross-disciplinary approach to
thinking.
Microsoft, another top contributor, benefited after management

announced it would launch its Office software on the iPad,
which we think could be a significant growth driver. We
appreciate that Microsoft is moving to a subscription-based
business model and away from licensing its software. We also
like the companys exposure to the cloud through Exchange
and Enterprise Office 365. There remain vulnerable parts to
Microsofts business, but with PCs leveling off we see more
upside opportunity than previously.
There are a couple characteristics that all three disciplines have

in common. To begin with, all of these fields require a passion
for perfection. It requires an enormous amount of dedication and
focus to constantly learn and hone the art of investing, delivering
a knee-slapping, hilarious standup show, or a mesmerizingly,
mind-boggling magic performance. All of these skills require a
near obsession in order to transform a passion into an art form.
The second thing all three art forms require is presence the
ability to step outside ones self-centered world and really focus
on what matters a sort of vigilance that is hard to develop,
and even harder to perfect. In standup comedy, the comedian
must be ever focused on the vibe of the audience, empathically
sensing their emotions and reactions in order to work the crowd
and involve the audience in the narrative. Magicians must also
focus deeply on their subjects and surroundings in order to
create a convincing alternative reality. Similarly, investors must
Outlook
There is a pause in enterprise IT spending because many
architecture decisions are being made as part of the transition
from moving on-premises servers to the cloud. We are
therefore avoiding infrastructure-related hardware and software
32
Here is a question you might not have thought about before:

what does investing have to do with standup comedy and magic?
be vigilantly focused on every piece of available information in

order to construct the proper circumstances for winning long
term investments and portfolio construction. All three require
an intense observational skill in order to achieve successful
performances over and over again.
Standup comedy specifically shares an attribute with investing
that we call nonlinear thinking. Comedians, at their core, observe
human behavior. In fact, many comics consider themselves
observational performers. They are constantly on the hunt
for patterns and correlations that are not obvious to folks as
they go through their everyday life. Then, in pointing out a
non-obvious connection between two things that initially seem
unrelated or glossed over by conventional wisdom, they create a
spark a spark that turns into a big laugh as the audience says
to themselves, Thats so funny because its so true!
Investors likewise are always trying to connect non-obvious dots we use the acronym ABCD for always be connecting dots. We
see the world as a giant puzzle ready to be solved if only we can
discern which pieces fit together. Then, when we connect a few
seemingly disparate pieces of information, we find insight which
informs our investing. The things a standup comedian points out,
and the ideas we connect for investment themes are worlds apart,
but when we draw those connections they start to become obvious.
Magicians also share a specific attribute with investing
leveraging cognitive bias. Cognitive bias is a term for the way
our brains try to trick us. Over time weve been wired for simpler
worlds wake up, hunt and gather, secure shelter, and enjoy
ourselves. But, the world has become increasingly complex,
and our brains have developed impulsive shortcuts that make
us believe one thing is true, when in fact something completely
different explains the situation. Magicians are the kings at
exploiting this misfiring of the brain they take advantage of
vulnerabilities in our ability to accurately perceive the world
around us.
Likewise, as investors we fall victim to many biases of impulsive
or emotional thinking. For example, we anchor on a prior cost
basis, or we over-emphasize recent information above more
relevant data points. All of these shortcuts work against superior
long-term performance. So while magicians exploit bias,
investors must remain vigilant to never be fooled by impulsive
thinking.
This comparison of the three seemingly unrelated fields largely
comes back to the idea of presence the hardest thing we
do every day is to simply be in the moment, 100% focused
with vigilance and attention. This is an obsession that all great
investors, standups and magicians are constantly perfecting.
If a standup isnt paying attention all the time, they will miss
their next great joke opportunity and if they fail to follow cues
from the audience, they will lose the reaction. If a magician
fails to pull off a trick leveraging the brains built-in biases, the
illusion is revealed and the mystery is lost. The standup and the
magician lose their audiences if they lose focus, much like the
investor loses long-term performance if they fail to connect dots,
avoid cognitive bias, and pay attention. Technology investing is a
dynamic environment with a rising pace of change this creates
an even higher burden for presence and the ability to connect
unrelated dots. Using these methods, we are able to focus on
finding the signal in the noise of data points.
Thank you for your investment in Janus Global Technology
Fund.
Janus US Fund
Barney Wilson, portfolio manager
Janus U.S. Fund I$acc Shares returned 4.22% for the six-month
period ended 30 June 2014, while its benchmark, the Russell
1000 Growth Index, returned 6.31%.
Market Environment
U.S. large-cap growth equities continued to climb in the first
half of 2014, lifted in part by confirmation that the economy
was on stable footing and confirmation that the Federal Reserve
would be cautious in unwinding accommodative monetary
policies supporting a stable, but slow-growing economy. The
European Central Banks move to cut interest rates and take
other measures designed to stimulate euro-zone growth was also
a boost to equity markets broadly.
The Fund had positive returns but underperformed both its
primary benchmark, the Russell 1000 Growth Index. We seek
to identify companies with clearly definable and sustainable
long-term growth drivers. These companies often have a high
barrier to entry, a notable edge in an attractive industry with
high growth potential, or a strong management team that has
a clear vision for the future course of their company. We take
a long-term view with the companies we invest in, and believe
a collection of companies with these competitive advantages
should lead to compounded growth in excess of the market
over longer time horizons. As we look across the portfolio we
continue to be encouraged about the competitive advantages of
most companies we own, and believe the potential for long-term
growth for those companies is still in place. However, we also
held several stocks that fell during the period and negatively
impacted our performance.
Our holdings in the consumer discretionary sector were a large
detractor from relative performance. Two stocks within the sector,
Amazon and Limited Brands, were among the largest detractors
from the Funds performance during the period. Amazon fell
in the first quarter after the company reported revenue growth
below consensus expectations. We continue to like the long-term
33
Fund Overviews
outlook for the company, however. We believe the companys size,
scale and efficiency has allowed it to be a disruptive force. The
company has completely rewritten the rules for retail shopping
and we believe it will continue to gain consumers wallet share as
more shopping moves from physical stores to online and mobile
purchases. Meanwhile, the companys cloud business, Amazon
Web Services, has come to market with scale and a disruptive
pricing model for businesses seeking cloud-based services.
Limited Brands fell in the first quarter after the company reported
a disappointing holiday sales season. We sold the position during
the period, due to concerns about how the mall-based retailer
will navigate a transition as more shopping moves from physical
stores to mobile and online channels.
Whole Foods Market was the Funds largest detractor. The
stock fell after the company announced disappointing earnings
results. We are currently reviewing the future growth potential
for the company, which is facing a more competitive landscape
from other natural and organic grocers.
While the aforementioned stocks negatively impacted performance
we were pleased with the results of many of the other companies
we own. Our holdings in the industrial sector were a large
contributor to relative performance. Two stocks within the sector,
Union Pacific and Sensata Technologies, were among the top
contributors to the Funds performance. Union Pacific is a railroad
company. Volumes have improved for the company, and it has
benefited from market share gains, as we believe some of its
competitors have misexecuted. We believe the company has one
of the best management teams in the industry, and like that the
company has continued to increase margins and improve return
on invested capital. Going forward, we think Union Pacific is also
poised to benefit from increased trade activity with Mexico.
Sensata creates sensors and controls that go into a number
of durable goods. We believe the company is poised for longterm growth as sensors continue to be used more heavily in
automobiles. We also think the company will benefit from the
greater penetration of electronic appliances in emerging markets,
as many of these appliances also use Sensata technology. The
stock was up this period due to an anticipated pick-up in demand
for European high-end luxury automobiles, which tend to have
a high level of Sensata content in their vehicles.
Outside of the industrial sector, Apple was a top contributor.
The stock was up in part due to anticipation of a larger formfactor iPhone. The stock has also been driven up in recent
months as the market has gotten confirmation that Apple does,
in fact, have a place in emerging markets such as China, where
smartphones are experiencing the highest growth. The bear case
against Apple had been that the company would experience little
growth in those markets as it faces stiff competition from cheaper
smartphone options. However, the success of Apple phones that
are being offered by some of Chinas largest mobile carriers
has disproved that theory. We maintained our conviction in
34
Apple during a volatile time period for the stock over the last
12 months. Our view is that Apple is a strong brand, and that
as consumers get more familiar with Apple products, they get
more deeply entrenched in the Apple ecosystem, branching out
to buy new Apple products and returning to the brand when it
is time to update existing ones. We see evidence in this trend by
the fact that household spending on Apple products continues
to increase. We also think Apples management team has made
favorable capital allocation decisions by reducing its share count
recently.
Outlook
We expect moderate growth for the U.S. economy in the coming
months and a reasonable backdrop for equity investing. Among
the positives we see are continued, gradual improvement in the
housing market and an improving employment picture. The U.S.
deficit is also much lower, which in our view, diminishes the risk
of policy errors by the government such as extreme taxation. The
reduced threat of policy errors by the government could in turn
encourage more capital spending by companies.
We continue to find investment opportunities among U.S. largecap stocks. On a broad basis, we do not think the market is
overvalued, especially in a low-rate, low-inflation environment.
However, multiples have expanded considerably since 2013.
We have mentioned this in previous commentaries, but after
multiple expansion, we would expect companies to need to
demonstrate earnings growth to experience further stock price
appreciation. We believe this bodes well for our investment
process. If we are correct in identifying competitively advantaged
companies with sustainable, long-term growth drivers in place,
we believe those companies should be able to put up earnings
growth in excess of the market.
Thank you for your investment in Janus US Fund.
Janus Opportunistic Alpha Fund (formerly known as the

Janus US All Cap Growth Fund)
Daniel Kozlowski, portfolio manager
Portfolio Manager and Benchmark Change
Daniel Kozlowski, CFA, was named Portfolio Manager of the
Janus Opportunistic Alpha Fund (formerly known as the Janus
US All Cap Growth Fund) as of 31 March 2014. Mr. Kozlowski is
also Portfolio Manager of the Janus Opportunistic Alpha strategy,
including Janus Contrarian Fund, and all related portfolios,
and the Janus Global Opportunistic Equity strategy. He also
manages a long/short equity hedge fund strategy. Mr. Kozlowski
previously worked for Janus from 2000 to 2008 as both an
equity research analyst covering stocks in the financials, retail
and media sectors globally and as Co-Portfolio Manager of the
Janus Long/Short strategy and all related portfolios. From 2008
to 2011, Mr. Kozlowski founded and managed Plaisance Capital
LLC, which managed a privately-offered investment vehicle,
which Janus acquired upon his return in June 2011. Prior to

originally joining Janus, he founded, managed and sold a startup venture in addition to working at Arthur Andersen, LLP and
Ariel Capital Management. Mr. Kozlowski holds a bachelors
degree in business administration and graduated cum laude from
the University of Miami. He also studied at Sophia Universitys
School of Comparative Culture in Tokyo, Japan, and earned his
MBA from the University of Chicago. He holds the Chartered
Financial Analyst designation and has 15 years of financial
industry experience.
At this time, the benchmark was also changed from the Russell
3000 Growth Index to the S&P 500 Index We believe this is
best representation of the capital appreciation potential inherent
in the U.S. equity market. While this benchmark does not
incorporate small cap equity securities, Dan will still have the
ability to invest across the capitalization spectrum and as such
the fund remains an all cap strategy.
For the six-month period ended 30 June 2014, Janus
Opportunistic Alpha Fund (formerly known as the Janus US
All Cap Growth Fund) I$acc Shares returned 12.76%, while its
benchmark, the S&P 500 Index, returned 7.14%.
Market Environment
U.S. equity markets enjoyed modest gains during the period.
Market sentiment was lifted by confirmation the U.S. economy
remained on stable footing and also confirmation that the
Federal Reserve would be cautious in unwinding accommodative
monetary policies supporting a stable but slow-growing economy.
The European Central Banks move to cut interest rates and take
other measures designed to stimulate euro-zone growth was also
a boost to equity markets.
The Fund had positive gains during the quarter and
outperformed its benchmark, the S&P 500 Index, and also its
secondary benchmark, the MSCI All Country World Index. We
approach U.S. equities with a contrarian investment philosophy.
We typically seek companies in our Fund that are undergoing
a structural change in their business or industry that has gone
unrecognized by the market, but that we believe should positively
reshape the companys destiny, and stock performance, over
time. These stocks are generally out of favor with investors, but
if we correctly identify the changing dynamics at work within
these companies or industries, the stocks in our portfolio have
the potential to move from being out of favor to in favor as the
company executes its turnaround. Our long-term performance
ultimately should be driven by our ability to correctly identify
companies that are early in the process of undergoing dramatic
changes. This quarter we were pleased to see many holdings
in our portfolio continue to drive positive performance as the
market received more indications of long-term improvements

beginning to take shape for the companies.
Some of our top contributors to performance during the period
were specialty pharmaceutical companies, an industry undergoing
material positive change, in our view. After floundering for a
decade due to expensive and often unproductive research and
development (R&D) projects, new, financially minded CEOs
have been brought in to lead a number of these companies.
The new management teams often have incentive structures
well-aligned with shareholder interests and are quickly taking
out costs, improving cash flow and making R&D spending less
risky for their companies. Many of the specialty pharmaceutical
companies in our portfolio are successfully utilising this
approach, and the market has responded well to the changes
the new CEOs are making at their respective companies.
Concordia Healthcare, for example, was our largest contributor
during the period. The company was created roughly a year ago
with a management team that had previously demonstrated a
strong history of acquiring underperforming pharmaceutical
products and improving their profitability. We believe the
management team will operate a similar strategy at Concordia.
We also think that by being domiciled in Barbados, the company
has an advantaged tax structure that will make it easier for its
management team to acquire other companies or products and
make those products more profitable as it pays lower corporate
taxes. We believe the stock rose during the period in part due
to better appreciation by the market for the potential earnings
power of Donnetal, a treatment for irritable bowel syndrome
Concordia acquired during the period.
Mallinckrodt Pharmaceuticals was another specialty
pharmaceutical company that was a top contributor to
performance. The company was spun out from Covidien a year
ago. In our view, Mallinckrodt was never a primary focus of
Covidiens business, but now that it is operating independently,
the management team has more flexibility to dictate the
strategy and incentive structure at the company. Since that
time, costs have been trimmed, resources have been allocated
more productively and the culture of the company has been
energized. Better operating results have followed. The company
has re-examined its pricing policy, improving revenues for
important drugs in its pipeline. The stock was up in the first
quarter after earnings topped consensus estimates and the
market received more clarity on the potential profitability of the
company. The companys implementation of a price increase for
its drug, Ofirmev, also lifted the stock during the period.
St. Joe Corp. was another top contributor during the period. The
real estate operating company is primarily engaged in residential,
commercial and industrial development and rural land sales in
Northwest Florida. We believe the market has failed to appreciate
the value of some of the companys real estate assets, which the
management team is working carefully to create and build value
around. We also believe there are opportunities to create further
35
Fund Overviews
value through the companys port, airport, and proposed active
adult community. The stock was up significantly during the
second quarter as the market realized the company likely would
be returning more capital to shareholders sooner than expected.
The stock had also been heavily shorted. As the company has
steadily improved cash flow, and now amassed roughly a third
of its market cap in cash, we believe short sellers are realising
there is not much of a bear case for St. Joe and are driving the
stock up further as they seek to cover short positions.
enact the type of large, sweeping change it takes to rewrite a

companys destiny and reshape market sentiment around a stock.
Such changes have led to a number of compelling investment
ideas from our analysts, and we expect the companies we
have invested in to continue to making further strides toward
fundamental improvements in the coming months.
While generally pleased with our performance during the

period, we did hold stocks that detracted from our performance.
Some of those positions were sold during the period as part of
our portfolio management transition. While some of these stocks
may be good companies, they did not fit with our contrarian
investment mandate.
Amazon was our top detractor. The stock fell in the first quarter
after Amazon reported revenue growth below consensus
expectations. While Amazon is gaining consumers wallet share
as more shopping moves from physical stores to online purchases,
the factors driving growth at Amazon are well understood by the
market. We sold the stock because it did not fit our contrarian
investment style.
Thank you for your investment in Janus Opportunistic Alpha

Fund (formerly known as the Janus US All Cap Growth Fund).
Research Team led by Jim Goff, portfolio manager

Janus U.S. Research Funds I$acc Shares returned 6.02% for the
Russell 1000 Index, returned 7.27%.
Market Environment
Finally, Solera Holdings was another top detractor that was sold
during the period as part of the change in portfolio management.
After recovering from a sell-off in momentum stocks early in

April, U.S. equities generated strong gains for the period. Data
indicated slow-but-steady improvement for the U.S. economy
while the Federal Reserve (Fed) eased concerns that the
central bank might raise rates much sooner than expected.
Another boost to equity prices came when the May employment
report showed the U.S. remained on a moderate growth path.
Additional accommodative actions by the European Central
Bank also more than offset rising oil prices from a sectarian
conflict in Iraq in June.
Outlook
We continue to see signs that the U.S. economy is strengthening,

albeit slowly. A stronger housing market and a strong energy
sector are both long-term tailwinds for the U.S. economy. Given
current interest rates, and the attractiveness of stocks relative
to fixed income, we do not believe the market is overvalued.
However, we will continue to monitor whether the Federal
Reserve can manage a slow, careful rise in interest rates that
accompanies better economic growth.
Our financial holdings, led lower by IntercontinentalExchange

(ICE) and MasterCard, were the most significant relative
detractors during the period. ICE suffered on potential regulatory
changes in Europe and the increasing focus on high-frequency
trading in the U.S. We added to our position on the stocks
weakness based on our appreciation of the companys strong
competitive advantages and historically high free-cash-flow
generation, which more than offset its near-term challenges.
While a stronger economy and more gradual rise in rates would

be the preferable outcome for equity markets in general, we
expect such macroeconomic events to affect our portfolio less
than it would the benchmark. Our performance is driven less
by general market sentiment, and more by whether we are
correct about the companies we identify that are undergoing
transformative changes to their business or within their industry.
If we are correct, the market should realize those changes, and
that should drive outperformance over time.
After strong gains in 2013, MasterCard encountered profit

taking during the period. Additionally, there were concerns that
regulators in Europe, where the global card payment network
operator has significant exposure, would pressure its interchange
fees. Management also guided its 2014 revenue near the low
end of its longer-term target. Despite these near-term concerns,
we believe the long-term opportunity for MasterCard remains
significant as electronic payments increase, and we continue
to appreciate the companys high free-cash-flow generation and
network business model. We added to our position.
Celgene was another detractor. We eliminated our position in

the biotechnology company because it was also not a fit for our
investment style.
As we look across the companies in our portfolio we are generally

encouraged by what we see. The slow growth-economy of the
last five years has forced many shareholder-friendly boards to
36
For the Fund overall, Whole Foods Market weighed the most on
performance. The natural and organic foods grocery operator
declined on disappointing long-term guidance due to increased

competitive pressures. We believe Whole Foods will continue
to gain market share and will be aggressive in acquiring store
sites and consumers from competitors to grow long term, but we
recognize that effort will also lead to slower earnings growth over
the short-to-intermediate term. We are continuing to analyze the
competitive environment to assess whether that will restrict the
long-term growth we anticipate for Whole Foods.
Our industrials holdings contributed the most to relative
performance, while Apple was our top individual contributor.
The computer and mobile device maker reported good quarterly
financial results, with stronger-than-expected iPhone sales
offsetting weaker iPad volumes and driving higher margins.
Sell-through data we track indicates the iPhone has grown its
market share in many key markets, such as the U.S., UK, France,
Germany, China and Japan. Apples iTunes accounts have also
grown significantly over the past year, indicating strength in
its ecosystem that we feel could be monetized in the future.
Additionally, Apple announced it would significantly increase
its stock buyback program.
Oil and gas exploration and production firms EOG Resources
and Anadarko Petroleum also aided performance. EOG benefited
from a strong earnings report and significantly higher-thanexpected production volume. We think the companys intense
focus on finding more oil-directed shale opportunities and
ability to recover more oil from its wells will lead to higher
value than peers.
Anadarko also recorded strong gains after the company agreed
to a legal settlement that was much lower than the market had
anticipated. The claims were related to the companys purchase
of Kerr-McGee and the bankruptcy of paint materials company
Tronox. We felt a settlement would be likely. We believe that
Anadarko is one of the best-positioned independent exploration
and production companies in the world, given its high-quality
reserves, solid balance sheet, stellar management team and
attractive valuation relative to peers.
Outlook
In what we consider a not-cheap, not-expensive market, stock
selection is paramount. Overall, its hard to argue for broader
multiple expansions or massive shifts in risk tolerance. What we
can see, however, is a differentiation at the company level. Today,
large-cap multiples are clustered around the average to as great
an extent as seen in at least 20 years. If businesses are priced alike
but perform differently, investors have the opportunity to make
money on the companies that outperform their competitors.
That is why we see stock-picking opportunities.
saw downward pressure, but the concern was short-lived and

sharpest in the sectors with loftier valuations. With Spanish
sovereign debt trading near the levels of U.S. Treasuries, it is
clear the markets euro-obsession is a thing of the past. The
sharp re-rating in India following a pro-business election result
also shows how a little confidence boosts markets.
In an environment of slow but improving economic growth,
companies with strong competitive advantages and ones that can
create growth internally can do well. Investors are willing to pay
more for these businesses, which encourages us, as markets do
not seem to be differentiating among companies. The investors
we speak of include companies with flush balance sheets looking
for major acquisitions.
To us, little says more about the mix of low growth, risk tolerance
and company differentiation than the flurry of merger-andacquisition transactions this year. Deal levels in the U.S. are up
from recent years. While some transactions, especially in health
care, reflect an effort to lower tax rates, the buyouts broadly
reflect that businesses are more optimistic and willing to spend
money to grow. The market is rewarding the acquired and the
acquirer. We would expect to see more deals, including more
trans-Atlantic acquisitions outside of health care driven by tax
planning. It should be a boon to equity markets.
Thank you for your investment in Janus US Research Fund.

Marc Pinto, portfolio manager
Janus US Twenty Funds I$acc Shares returned 1.82% for the
Russell 1000 Growth Index, returned 6.31%.
Market Environment
U.S. equities benefited from generally favorable economic
developments despite a sharp downward revision to first quarter
gross domestic product and a hint of inflation near period end.
Higher energy prices resulting from a sectarian conflict in Iraq
contributed to the uptick in inflation, while winter weather
disruptions were blamed for the GDP decline. However, good
employment data and corporate earnings, which were largely
in line with expectations, were consistent with a slow recovery.
Equities also remained attractive relative to fixed income, with
the 10-year Treasury note dipping briefly below 2.5% during the
period and credit spreads at historically tight levels to Treasuries.
Risk levels are down. Statistics tell us that, but so do headlines.
While investors ran for cover when Cyprus twitched in 2013,
the conflicts in Iraq and Ukraine hardly slowed the rally. The
quarter started with a shift away from momentum stocks and
Our strategy focuses on companies across the market

capitalization spectrum that combine revenue growth with
improving returns on invested capital. Over longer periods, we
37
Fund Overviews
believe our approach will allow us to generate strong results, but
over shorter periods it can lag as it did this period.
Our information technology holdings, led lower by MasterCard,
weighed the most on relative performance. After strong gains
in 2013, MasterCard suffered from profit taking. Additionally,
there were concerns that regulators in Europe, where the global
card payment network operator has significant exposure, would
pressure its interchange fees. Management also guided its 2014
revenue near the low end of its longer-term target. Despite these
near-term concerns, we believe the long-term opportunity for
MasterCard remains significant as electronic payments increase,
and we continue to appreciate the companys high free-cashflow generation and network business model. We added to our
position.
Whole Foods Market also led our consumer staples holdings
lower. The natural and organic grocery operator declined on
disappointing long-term guidance due to increased competitive
pressures. We believe the company will continue to gain
market share and will be aggressive in acquiring store sites and
consumers from competitors to grow long term, but we recognize
that effort will also lead to slower earnings growth over the
short-to-intermediate term. We are continuing to analyze the
competitive environment to assess whether that will restrict the
long-term growth we anticipate for Whole Foods.
E-commerce leader Amazon.com also weighed on performance.
The stock declined early in the period after management reported
quarterly profits and revenue below market estimates and
gave relatively modest revenue guidance. Despite the headline
numbers, the company had improved returns on invested capital,
better international profits and lower capital expenditures,
which we think could position it for higher profitability and
strong free-cash-flow generation going forward. Later in the
period, management lowered its profitability guidance based
on continued investment in its various businesses. We added to
our position based on our belief that the companys competitive
advantages (including a low overhead cost structure that enables
an aggressive pricing structure and faster shipping) will continue
to cause consumers to shift an increasing amount of their general
merchandise spending toward it.
We think management is committed to improving shareholder

value by paying out one-time special dividends, buying back
stock and selectively investing in high return on invested capital
projects.
Software giant Microsoft, another top contributor, benefited from
the naming of a new CEO, and subsequently (not coincidentally,
we think) announced it would allow its Office suite to be added
to Apples iPad. Along with the revenue growth possibilities
and a de-emphasis on its own money-losing tablet business, the
announcement indicated to us a new mindset within Microsoft
that it would make practical business decisions, instead of
stubbornly refusing to work with competitors, in our view.
Similarly, the company announced its Nokia phones would be
made to work with Googles Android-based operating systems.
We believe Microsofts stock remains attractive on a risk/reward
basis. It was also a Top 5 holding as of period end.
Heath care holding Medivation also aided performance. The
biotechnology company reported better-than-expected U.S. sales
of its prostate cancer drug Xtandi, which indicates growing
market share following recent positive late-stage clinical data
in pre-chemotherapy patients. The drug is currently approved
for men with metastatic castration-resistant prostate cancer
(after they fail chemotherapy). We believe, based on our market
surveys, the drugs differentiation from existing therapies is
more substantial than is currently perceived by the market
due to its strong safety, efficacy and convenience. All of these
attributes should allow expanded use in the much larger earlierstage prostate cancer market.
Outlook
On a sector basis, our underweight in energy, the top returning

sector within the benchmark, was another detractor. As a result
of sectarian conflict in Iraq, crude oil prices spiked. We view the
increase as temporary and believe strong production from North
American shale and traditional exploration efforts will pressure
natural gas and oil prices lower over time. We prefer companies
such as chemical producer LyondellBasell Industries, which
benefits from lower natural gas prices via lower input costs.
We believe the gradual improvement in the economy and

accommodative Federal Reserve policy should lead to a good
environment for stocks, particularly given the lack of other
attractive investment alternatives. Given the slow growth and
low interest rate environment, this should be a particularly
good time for secular and emerging growth stocks, which the
Portfolio targets. Our constructive scenario could change if
interest rates move materially higher, if the economy takes a
turn for the worst, or if inflation appears to be more systemic
than it does now. Signs of wage growth, which we view as key
in assessing inflation risks, have gone up, but not materially.
Meanwhile, employment and home pricing data continue to
move higher and companies are achieving historically high
operating margins, enabling them to generate more cash.
Many companies are deploying their cash back into the market
through merger and acquisition activity, which is indicative of
an improving economic environment and more confidence by
managements.
LyondellBasell, a Top 5 holding as of period end, was our top

individual contributor. Management reported better-thanexpected full-year results, raised its dividend, announced a
significant share buyback program and increased its dividend.
We believe equity valuations are reasonable and justifiable,

but given the significant moves higher in equity markets, we
are being increasing selective in our buying decisions. The
Portfolio became slightly more concentrated based on selling
38
four holdings, due largely to reduced risk/reward opportunities,

while adding a biotechnology holding.
Our largest sector overweight remains in health care, reflecting
a key theme that novel therapies for high, unmet medical needs
are being approved and are having a meaningful impact in
treating patients. We also remain significantly overweight in
consumer discretionary, given our optimism for increased global
consumption, particularly in emerging markets, global brands
and media/entertainment companies. The Portfolios most
significant underweights include industrials, where we think
valuations are relatively high, and consumer staples, which have
not seen much profit growth.
Thank you for your investment in Janus US Twenty Fund.

Jonathan Coleman and Maneesh Modi, portfolio managers
Janus U.S. Venture Fund I$acc Shares returned 2.84% compared
to its benchmark, the Russell 2000 Growth Index, which
returned 2.22% for the six months ended 30 June 2014.
Market Environment
The Russell 2000 Growth Index notched modest gains during
the six-month period. Early in the year, a risk on environment
spurred better performance by lower-quality companies, and
stocks tied to hyper-growth industries such as cloud computing,
social media and biotechnology continued to climb higher.
Stocks in those select pockets of the market were trading at
exceedingly high valuations, in our view, and had been driven
up largely by momentum, rather than individual fundamentals.
In April and May the trend reversed itself, and stocks in those
industries sold off broadly. After the correction, many of these
stocks rebounded in June and valuations for those select pockets
remain elevated.
around these industries, rather than underlying fundamentals.

We selectively own a few of these companies we feel have the
potential to justify such high valuations, but have largely avoided
those pockets of the market. Many of the momentum-driven
stocks are yet to produce positive earnings, and we believe they
would need truly exceptional multiyear revenue growth with
no hiccups along the way to meet expectations implied in their
current lofty valuations. Investing in companies with such high
valuations, and less proven or durable track records, typically
does not fit our investment process.
Instead, we favor companies that we believe have a much
steadier growth profile. As part of our investment process,
we focus on identifying companies we believe have longduration growth potential, but that also have higher-quality
business models with more predictable, growing revenue
streams. These companies often have sustainable competitive
advantages such as high barriers to entry in their respective
industry, or a differentiated product or service that gives them
pricing power, which should in turn help the company grow in
a variety of economic environments. The companies we invest
in also typically generate a high return on invested capital,
or demonstrate a proven ability to expand profit margins.
We believe this high-quality investment approach should
help our portfolio produce positive results during market
rallies, and outperform the benchmark when the economic
environment is more uncertain, or market sentiment is less
bullish.
Over the six-month period, our Fund outperformed its

benchmark, the Russell 2000 Growth Index. Within the period,
our Fund performed largely as we would expect, notching
positive gains but trailing the benchmark when lower quality
companies were in favor and momentum stocks continued their
climb, then surpassing the benchmark in the second quarter,
when momentum collapsed around select pockets of the market
we had largely avoided. In our view, our performance during
the period underscores the importance of a more high-quality
approach to small-cap investing, and highlights why we believe
such an approach can lead to relative outperformance over
longer time horizons.
Our stock selection in the technology sector was a large reason

for our outperformance. As mentioned, we avoided many of the
cloud and social media companies that traded down in April
and May. Meanwhile, many of the technology companies we
do own continued to put up solid results, and the stability of
their business models was more appreciated by the market in
the second quarter. Many of our technology companies have
predictable or recurring revenue streams from diverse end
markets outside the technology sector, and these companies
were among our top-performing technology stocks during the
quarter. Measurement Specialties, for example, creates sensors
that serve a wide range of end markets including automobiles,
commercial vehicles, and industrial and medical equipment.
We believe the sensor industry has a long runway for growth
as sensor content continues to increase across most industries.
We also like that sensors are typically a mission critical item
but represent a small percentage of the total bill of goods of the
products they are used in. This gives the sensor manufacturer
a more stable source of revenue once the sensor is designed
into a product, and also limits the pricing pressure from its
customers. Measurement Specialties was up significantly in the
second quarter after it was announced it would be acquired by
another company.
For much of the past year, we have warned that cloud

computing, social media and biotech stocks traded at extremely
high valuations, driven largely by momentum and excitement
Cadence Design Systems was another top contributor from the

technology sector. A provider of software technology, design
and consulting services and technology, Cadence licenses its
39
Fund Overviews
electronic design automation software to customers who use
Cadences software to design semiconductors and electronic
systems. We believe the companys semiconductor design
software is becoming increasingly important as semiconductors
grow more complex. As one of only two companies specialising
in this market segment, Cadence should be able to increase
pricing and profits. We also appreciate the companys intellectual
property licensing business, which we believe is a high-margin,
high-growth operation.
Quidel Corp was another detractor during the period. The

company manufactures point-of-care diagnostic tests that can be
used in doctors offices. We think the company has the potential
to grow considerably as equipment placements increase and the
test menu expands. The stock was down during the period due
to a delay in CLIA waiver status for its strep throat test. We think
the causes of the delay will ultimately be resolved and continue
to like the long-term outlook for the company.
Outlook
One of the Funds top contributors to performance outside the
technology sector was Hub Group. The company is the secondlargest intermodal transportation services company. We think
such companies offer more value to their customers because
the ability to take a product from boat to rail to truck is often
much cheaper than being limited to only truck transportation.
The stock performed well as the pricing environment for
transportation services improved and as freight volumes,
which were depressed in the first quarter due to poor weather,
rebounded.
While pleased with the performance of most companies in our
portfolio this quarter, we did have stocks that fell and detracted
from performance during the period. Wolverine Worldwide was
our largest detractor. The company owns a number of shoe
brands, and in our view it has a proven track record of acquiring
and improving management of those brands, then increasing
sales as Wolverine pushes those brands through its global
distribution network. The stock fell in the first quarter due to
concern about a slowdown in its Sperry shoe brand, but sales
were being compared to a period of extremely high sales growth
the year before. We think Sperry has many elements similar to
many other American lifestyle brands that have gained traction
internationally, and as such, the brand will be a key beneficiary
of Wolverines global distribution network. We would expect
revenue from Sperry to increase in 2015. Meanwhile, we are
encouraged by the growth potential of many of Wolverines other
brands as well.
Vistaprint was another large detractor, and was one of few
disappointments among our technology holdings. The stock
was down after the company reported weak quarterly results.
The company uses its scale and high-volume printing presses to
manage and produce small-volume printing orders of marketing
collateral and business cards for a wide range of small businesses
and consumers. The company is in the middle of a transition as
it tries to create more uniform pricing for the products it offers
across different marketing channels. We believe the transition
will result in better pricing, higher margins and more customer
value created by Vistaprint, but in the meantime the move away
from discounting select items has alienated some customers, and
that showed up in the most recent quarterly results. We continue
to think the company is undervalued, and believe its ability to
use large-scale printing techniques to produce a wide range of
small printing orders profitably is a competitive advantage that
would be hard for a competitor to replicate.
40
After rebounding late in the quarter, we continue to believe

there are momentum-driven pockets of the market that are
overvalued. Many of these stocks are tied to hyper-growth
industries, and while we do not completely avoid stocks in
those industries, high valuations make us very selective, and
also caution us to balance the risk in these newer companies
with appropriate position sizes. We hold a few cloud and
social media companies, but are underweight those industries
compared to the index, and hold only a select few companies
we believe will prove disruptive to the large end markets
they serve. We are also carefully monitoring our exposure to
biotech companies. We own a few biotech companies that have
innovative therapies with promising potential, but take smaller
positions with companies whose performance is tied to the
success or failure of a clinical trial for a single drug, and have
larger positions with biotech companies that have already had
innovative therapies approved by the FDA, or have multiple
products in their pipelines.
Outside of those momentum-driven pockets of the market, we
continue to find stocks we believe have upside. On a broad basis,
valuations for small-cap growth stocks are modestly above longterm levels, but do not seem stretched in light of a low interest
rate environment. However, given the multiple expansion that
has taken place over the past year, we think stocks will need
to demonstrate earnings growth to experience further stock
price appreciation. Growing earnings in a slow-growth economic
environment is challenging, but we believe this environment
should ultimately favor our investment process. If we are
correct in identifying companies with a sustainable competitive
advantage, or the ability to take market share from competitors
in a large addressable market, these companies should be able to
steadily grow earnings even without a strong economic tailwind
at their backs.
Thank you for your investment in Janus US Venture Fund.

Gregory Kolb, portfolio manager
Perkins Global Value Fund I$acc Shares outperformed its
benchmark, the MSCI World Index, for the six-month period
ended 30 June 2014, returning 8.62% versus 6.18% for the index.
Market Environment
Stock markets enjoyed a strong first half, even as they were
down more than 5% at one point in February and seemed
poised to take a breather following very strong performance in
2013. Investors appear to be placing great faith in the put they
believe is being underwritten by the U.S. Federal Reserve (Fed)
and other central banks around the world, despite lackluster
economic fundamentals and stock valuations that are well above
levels seen just a few years ago.
In the U.S., the unbridled stock run-up investors have enjoyed
of late has now passed the five-year mark, without a meaningful
decline in more than two years. Equities may continue to
rise in the short term, of course, but these most recent gains
have only escalated what we see as embedded risks in the
current loftier valuations. Helping to fuel the rise in equity
prices has been both multiple expansion and share repurchase
programs. In 2013, most of the return of the S&P 500 was
due to price-to-earnings (P/E) expansion. Coupled with this
was share repurchase activity which totaled $598.1 billion last
year and $188 billion in the first quarter of 2014, the highest
amount in a quarter since 2007, based on data from Birinyi
Associates. In the past, we have observed that strongly rising
share repurchase activity has tended to correlate with market
tops. For example, buybacks were all the rage in 2006-2007,
when stocks were expensive, and then virtually disappeared
in 2008-2009, when stocks were far less expensive. Given
relatively higher valuations than other markets in which we
can invest, as well as compressed risk/rewards, we remain
underweight in the U.S. market.
The big news out of Europe was the European Central Banks
(ECB) decision in June to impose negative interest rates on its
overnight depositors as it seeks to stimulate sluggish economic
growth and fight off the threat of deflation. Euro zone real
GDP grew at 0.9% in the first quarter, an improvement from
the contraction seen in 2013, but still a very discouraging rate
of growth this far removed from the Global Financial Crisis.
Annual inflation in the euro zone was running at 0.5% in
May, well below the ECBs stated objective of 2%. Deflation
makes it more difficult for heavily indebted peripheral euro
zone governments to repay their accumulated debt burdens.
Deflation can also be bad news for stocks as falling prices can
squeeze both profits and shareholders equity. Given all of this,
as well as the persistently strong euro which has strengthened
by more than 10% against the U.S. dollar and by more than 40%
against the yen since mid-2012 pressure appears to be building
for the ECB to consider a more radical program of quantitative
easing, similar to what has been implemented by the Fed. We
question the likely effectiveness of this given already low levels
of government bond yields and the fact that financing in the euro
zone is much more tied to bank lending than in the U.S. (though
with European banks still overleveraged, the bond market has
gained some traction over the last few years). We continue to
believe the better risk/rewards in Europe are the multinationals,
which arent completely dependent on local macro dynamics

playing out in a benign manner.
In Japan, the widely discussed hike in the sales tax in April,
to 8% from 5%, does not seem to have negatively impacted
consumption to the extent some had feared. Also positive was
the Abe administrations release in June of its New Growth
Strategy, which lays out a number of material structural changes
that the government hopes to implement in the coming years,
such as a reduction in the corporate tax rate to more globally
competitive levels and changes to the tax code to encourage more
married women to remain in the workforce. Thus it appears that
the administration is making some progress on the so-called
Third Arrow of Abenomics, which is important as it tries
to create sustainable growth in domestic demand. We have
trimmed our once sizable overweight position in Japan, given
the strong run in many of our holdings. However, we are still
identifying a number of attractive risk/reward opportunities,
particularly at the lower end of the market cap spectrum.
Emerging markets have performed better of late following
material underperformance relative to developed markets in
2011-2013. Some of the capital flight from emerging markets
that occurred last year when the Fed signaled an eventual
tapering of quantitative easing has reversed in recent months,
as Chairwoman Janet Yellen appears to have softened her stance
and Treasury yields have declined year-to-date. The economic
data out of China has also stabilized, easing market fears about
this important driver of emerging market growth. Despite
these apparent cracks of light, we remain cautious on emerging
markets given structural imbalances in many of the countries
(including, but not limited to, a reliance on foreign capital and
persistent current account deficits), rapid credit growth over
the last several years, and uncertainty surrounding Chinas
transition from an investment-driven economy to one powered
more by domestic consumption. We dont believe emerging
market stock valuations, generally, offer very compelling risk/
rewards yet.
Portfolio Comments
Stock selection in industrials and financials were positive
contributors, as was our underweight position in consumer
discretionary. From a country perspective, stock selection in
the U.S., Japan and France aided relative results. Holdings in
the telecom services sector were a notable detractor, as was our
overweight positioning in the sector. Our positions in Mexico
and the UK also contributed negatively. Currency hedges
(investments to reduce the risk of adverse price movements in an
asset) were slightly negative in aggregate as the yen strengthened
against the U.S. dollar. Our cash weighting continued to be
sizeable and held back performance.
New to the portfolio is Coca-Cola, the global beverages concern.
We like the long-term outlook for Coca-Colas brands, the solid
balance sheet and the stability of its cash flow. We also added
41
Fund Overviews
new positions in C&C Group, Matas A/S, UTi Worldwide, Stock
Spirits Group and Lectra, among others. We believe that all are
undervalued relative to long-term earnings power. We exited
positions including Molson Coors and Vivendi, among others.
Contributors to Performance
PPL, an integrated utility, reported strong results driven by higher
sales volumes at its regulated utilities. In line with its long-term
strategic vision, PPL also announced that its merchant business
will be spun off to shareholders and merged with the merchant
power assets of Riverstone Holdings (a private equity firm) to
form a new company, called Talen Energy. The market was very
receptive to the transaction as it unlocks value at both the regulated
utility and the merchant power business, the latter of which should
benefit from improving power prices. Lastly, 10-year Treasury
yields decreased during the period, which led many yield-focused
investors to increase their holdings across the utility sector.
Wells Fargo, the largest bank in the U.S. by market capitalization,
appreciated as the company has met or exceeded estimates
in recent quarters despite a significant decrease in mortgage
origination revenues. Additionally, Wells fared well in the Fed
stress tests, and as a result, the dividend was boosted by 17% to
yield nearly 3%. The bank, one of the Funds largest holdings,
remains one of the highest-quality companies in financials, with
strong earnings power, a robust balance sheet, and significant
leverage to an improving U.S. economy, in our view.
Royal Dutch Shell, the oil and gas super major, also
outperformed. Following a series of operational missteps over
the past few years that allowed us to build a large position
on attractive terms, new CEO Ben van Beurden appears to be
setting the company on a better path by streamlining the asset
base and lowering overall capital intensity. During the period,
the company reported strong operating results driven by higher
production in its upstream segment and increased profitability
in its downstream assets. Further, Shells strategic repositioning
appears to be running ahead of schedule as the company has
already negotiated $11 billion of asset divestitures year-to-date.
Finally, Shell has benefited from a more constructive commodity
price environment given increasing geopolitical tensions in key
oil-producing regions around the world.
Detractors from Performance

America Movil, one of the worlds largest integrated
telecommunications companies, has underperformed this year
in anticipation of the new asymmetric telecommunication
regulations announced by the IFT, Mexicos new telecom and
media regulator, as well as the draft of secondary laws announced
at the end of March. Despite the continuing regulatory overhang
and its likely impact on America Movils Mexican business, we
believe that America Movils unrivaled scale and diversification
of operations, prodigious free cash flow and strong balance sheet
are significant competitive advantages, which offer potential
42
downside protection and position the company to weather this

period of uncertainty.
CIT Group is a diversified specialty finance company with
specialties in commercial lending, aircraft and rail leasing, and
vendor finance. We are attracted to CITs lending capabilities
and strong balance sheet, as it has over $2 billion of excess
capital, more than 20% of its current market capitalization. CIT
is currently under-earning relative to its potential due to the
anemic U.S. economic recovery, an inability to return capital
freely to shareholders due to regulatory supervision, and an
ongoing rationalization of the size and scope of its business postcrisis. While we believe the long-term earnings power is strong,
these issues were on full display in recent quarterly results and
have weighed on stock performance. The stock trades below
economic book value and we believe downside risk is limited.
Tesco was another detractor. This grocery and general
merchandise retailer has been in the process of fixing some longstanding problems in its core UK business, which represents
the majority of its profits. During the period, one of Tescos
main competitors in the UK, William Morrison Supermarkets,
lowered its guidance and announced that it would cut prices
of everyday items to reinvigorate growth. This caused a sell-off
across the sector, as investors fear a possible price war. Despite
this setback, we continue to believe that Tesco has a strong
competitive position and that near-term headwinds are more
than reflected in its stock price.
Outlook
Consider the following: the Shiller P/E ratio for the S&P 500
Index which compares the current index price to average
earnings over the past ten years, adjusted for inflation stands
at roughly 26x earnings. The ratio has only been materially
higher on one occasion, the years surrounding the historic U.S.
market peak in 2000. Professor Robert Shiller, co-recipient of the
2013 Nobel Memorial Prize in Economic Sciences, has gathered
over 100 years of data for this quite reasonable metric of overall
market valuation, and in almost all of the observed history it has
been below the current level. This one fact does not make for a
complete analysis of the current situation, nor does it say what
comes next. But it is, in our view, a very clear warning sign. The
current price-to-value relationship is quite high in the U.S. stock
market, which may very well mean future returns will prove
disappointingly low.
This top-down view dovetails with our bottom-up, companyby-company research (which is identifying many overpriced
stocks but few true bargains) and leads us to a significant
underweight exposure to the U.S., which comprises roughly
half of global market cap. We are now also somewhat
underweight Japan, which is a change for us, as weve trimmed
and exited many of our holdings as theyve rallied dramatically
over the past two years. We have a modest overweight in
Europe, where we favor the multinationals, many of which
are among the highest quality companies in the world, in our

view. The portfolio is overweight staples, telecom, utilities and
health care, all sectors which are generally less economically
sensitive than the overall market. Our cash holdings continue
to be substantial at nearly 8% of the portfolio, and will give
us dry powder in the event turbulence returns to the stock
market (in the meantime, we remember the idea that cash is
a far less risky asset than an overpriced stock). Finally, we
continue to hedge a portion of our yen and euro exposures. We
believe our portfolio is much more defensively positioned than
the overall stock market, which reflects our skeptical view of
the current optimism in financial markets and is in keeping
with our risk-sensitive approach to compounding returns over
the long term.
Thank you for your investment in Perkins Global Value Fund.

Tom Perkins, Todd Perkins and Alec Perkins
portfolio managers
For the six-month period ended 30 June 2014, Perkins U.S.
Strategic Value Fund I$acc Shares returned 5.91% (net of fees)
as compared with 7.95% for its benchmark, the Russell 3000
Value Index.
While first quarter gross domestic product (GDP) declined

a dismal -2.9%, the market has chosen to ignore this data
point and instead focus on the more optimistic estimates for
the remainder of 2014 as its guide for higher equity prices.
At its most recent meeting, the Fed downgraded its view
of GDP growth for the year to 2.1% - 2.3%, implying the
second half must improve significantly to offset the decline
early in the year. Mergers and acquisition (M&A) activity
picked up considerably with additional acceleration probable
given robust cash levels on corporate balance sheets, very
low debt costs, attractive offshore tax rates, and limited top
line growth. Activist involvement has also been a catalyst
for notable share price appreciation although much of the
activity has been very short term in nature. The labor market
is showing more encouraging signs, including small-business
confidence approaching pre-crisis levels and early, but as
yet unsustained signs of wage growth. However, the labor
participation rate remains stuck at a multi-decade low and
pockets of wage growth are being offset by weakness in
other areas. Recent consumer spending weakness and the
past months unexpected rise in consumer prices could also
prove troublesome.
The latest geopolitical flare-up that market participants seemed
to ignore was the outbreak of sectarian violence in Iraq. Given
the repercussions on other fragile governments in the region, it
would seem this violence would be difficult to contain. Higher
oil prices might also result.
Market Commentary
Detractors from Performance
After a good finish to an unusually strong 2013, the market
was choppy early in the period. During the understandable
pause, the market dealt with steady but uninspiring earnings,
international and weather-related economic uncertainties,
simmering geopolitical threats and a change in Federal Reserve
(Fed) leadership. Volatility had some brief spikes, providing
us with several opportunities to initiate positions in what we
consider to be high-quality stocks, but generally remained at
low levels. Most importantly, interest rates as measured by
10-year Treasuries actually declined, which led to strong returns
from rate-sensitive industries, such as utilities and real estate
investment trusts (REITs).
Gains in equities accelerated during the second quarter. The
unbridled stock run-up investors have enjoyed of late has now
passed the five-year mark without a meaningful decline in
more than two years. Equities may continue to rise in the short
term, of course, but these most recent gains have only escalated
what we see as embedded risks in the current loftier valuations.
Helping to fuel the rise in equity prices has been both multiple
expansion and share repurchase programs. In 2013, most of
the return of the S&P 500 was due to price-to-earnings (P/E)
expansion. Coupled with this was share repurchase activity
that totaled $598.1 billion last year and $188 billion in the first
quarter of 2014, the highest amount in a quarter since 2007,
based on data from Birinyi Associates.
Our information technology holdings and our 5.22% average

cash weighting were the largest detractors from performance.
Individually, ADT weighed the most on performance. The
largest provider of residential home security suffered under
threats of increased competition from telecommunication and
cable companies. With over 25% market share, ADT is the
most visible target for increased competition. The companys
quarterly results showed new deterioration in churn rates and
increased subscriber acquisition costs. While we consider the
company to have one of the strongest product offerings and
superior customer service, the risk of increased competition
led us to reconsider the downside risk. As a result, we exited
the stock.
CIT Group was another top detractor. The diversified finance
company has specialties in commercial lending, aircraft and
rail leasing, and vendor finance. CIT funds itself with term
debt, securitized debt and an Internet deposit franchise. We
are attracted to CITs lending capabilities and strong balance
sheet, with over $2 billion of excess capital or approximately
22% of its market cap. However, CIT is under-earning relative
to its potential due to the limited U.S. economic recovery, an
inability to return capital freely to shareholders due to regulatory
supervision, and rationalising the size of the business post crisis.
43
Fund Overviews
While we believe the long-term earnings power is strong, CIT
had a disappointing first quarter that weighed on the stock price.
We decreased our position on our belief the turnaround may
take longer to happen than we anticipated.
Staying in financials, Citigroup also weighed on performance.
The major U.S. bank underperformed due to a several short
term issues. M&A and fixed income trading were worse than
anticipated. Citigroup also has higher exposure to emerging
markets than peers, which increased investor anxiety toward
the name, but we view as a longer term positive for the bank.
Banamex, Citis prized Mexican bank, experienced a $400
million loan fraud. And most importantly, Citi failed the Federal
Reserve stress test for qualitative reasons related to inadequate
risk controls despite scoring very well on the quantitative side
of the test. It appears the decision was made in Washington,
D.C., by a group of Fed officials, including Chairwoman Janet
Yellen, as opposed to the regulators that Citigroup had met
with regularly for much of the past 12 months. Despite this
litany of headwinds, we have confidence that Citigroups board
of directors and CEO are putting processes in place to turn the
bank around in the eyes of the Fed and investors. Although we
reduced our position, we continue to appreciate the companys
strong management team, sturdy balance sheet, long-term
earnings power and cheap valuation.
Contributors to Performance
Contributors to relative performance included our holdings in
energy and utilities. Within energy and for the Fund overall,
oil services firm Schlumberger was our top contributor after
management provided a better-than-expected, long-term
earnings growth forecast of 17% to 20% compounded annual
growth rate and incremental margins greater than 40%.
Additionally, management noted that it remained optimistic
about its clients capital spending in international markets
and it continues to gain market share in the onshore North
American market, where the industry has experienced
tremendous growth from the U.S. shale boom. The company
generates very strong free cash flow and accelerated the timing
of its $10 billion share buyback to 2.5 years from 5 years
previously. While Schlumberger provided a very encouraging
outlook for 2014 and beyond, the shares also benefited from
the constructive commodity price environment, which tends
to drive accelerated industry activity and capital spending.
We believe that Schlumbergers technological leadership and
unmatched global footprint provide sustainable competitive
advantages that will continue to generate shareholder value.
We added to our position.
Wells Fargo, another top contributor, met or exceeded estimates
in recent quarters despite a significant decrease in mortgage
origination revenues. Additionally, the super-regional bank fared
well in the Fed stress tests, and as a result, the dividend was
boosted to yield almost 3%. The bank, the Funds largest holding
as of period end, remains one of the highest quality companies
44
in the financials space with strong earnings power, a robust

balance sheet, and significant leverage to an improving U.S.
economy, in our view.
Oil and gas exploration and production firm Anadarko
Petroleum was also a key contributor. The company reached
a settlement in a legal dispute involving Tronox, a former
subsidiary of Kerr-McGee, for $5.15 billion, which was toward
the low end of the bankruptcy courts $5 billion to $14 billion
judgment. Furthermore, Anadarko reported very solid first
quarter earnings results driven by higher-than-expected oil
and gas production and an increased 2014 production outlook.
The company also sold noncore assets, with the expectation
of investing the proceeds into higher-return assets in the U.S.
Lastly, Anadarko benefited as the commodity environment
remained very constructive during the quarter for producers as
crude oil prices were elevated due to geopolitical unrest in key
oil producing regions. We remain optimistic that Anadarkos
strong asset base is not fully reflected in the current share price
and, therefore, we added to our position.
Market Outlook and Positioning

We believe equities continue to be the most attractive long-term
investment choice compared to other asset classes. However,
given current valuations most reward-to-risk ratios we are finding
in the market appear less favorable than normal, with some
notable exceptions. General investor complacency also remains
high, with extremely light trading volumes and multiyear lows in
the Chicago Board of Options Exchange (CBOE) Volatility Index
(a general measure of market volatility). It would not take much
negative news for equities to quickly reverse course, exposing
investors to what could be some painful losses if an overdue
correction begins to materialize. As such, we believe a more
cautious portfolio of higher-quality stocks remains warranted.
Focus on these types of stocks should allow us to outperform
both our benchmarks and peers over a full market cycle.
As always, our fundamental equity research focuses on evaluating
downside exposure first and foremost, before analyzing
upside potential. We are much more concerned about limiting
downside risk should markets decline rather than maximising
gains in hopes that everything goes well. By striving to minimize
downside losses while participating in upside market gains, we
seek to compound at a higher rate.
Our research typically leads us to high-quality companies with
healthy balance sheets, earnings stability, solid recurring free
cash flows and attractive competitive moats. Higher-quality
companies may not be cheap on an absolute basis at the moment,
but they continue to offer strong relative value, especially in
terms of their solid defensive characteristics. Add in the healthy
dividend yields being generated by many of these stocks, and we
are confident that our portfolios continue to be well positioned
for the current environment, both in terms of minimising loss
potential as well as providing competitive long-term gains.
We continue to be overweight in health care and technology as

well as the industrials sector. We are equal weight in financials
with a bias toward the regional banks and an underweight position
in the money-center banks. While we remain underweight
utilities, we did add to our position in the group. We also remain
underweight the consumer staples and materials. Finally, our
largest underweight position is in consumer discretionary,
where we have found valuations challenging and earnings
estimates overly optimistic. Although the small-cap stocks have
experienced more volatility this year relative to their larger-cap
peers, we continue to believe that valuations in small caps,
particularly at the low end of the market cap spectrum, remain
stretched. Thus, we have continued to reduce our exposure to
this group while finding what we believe are better reward/risk
opportunities in the larger cap equities.
Within specific risk controls, INTECHs disciplined mathematical

process establishes target proportional weightings for stocks in
the portfolio as a result of an optimization routine. Once the
weights are determined and the portfolio is constructed, it is
rebalanced and re-optimized on a periodic basis. Rebalancing
requires buying some of a stock after a negative relative return
and selling some of a stock after a positive relative return. This
produces a buy low sell high trading profit, on average, as
stocks move up and down relative to the benchmark. The
strategy has risk controls embedded in the investment process
to aid in minimising the portfolios tracking error while also
providing potential for excess return from the capture of relative
volatility.
Given the above-average risk we are seeing in the market, we

remain confident in our investment methodology and current
portfolio holdings. We believe our strategies are well positioned
to navigate any potential volatility while still striving to deliver
consistently attractive risk-adjusted performance long term.
While we are well aware of the less-than-optimal relative
returns that our strategy has provided in the recent past, the
absolute returns are very competitive in this near-zero interest
rate environment. This most recent quarter is much more in line
with what we as a firm generally attempt to achieve in terms of
keeping a close pace with the overall market that continues to
rally while maintaining a high-quality, risk-sensitive portfolio.
We continue to believe volatility and a market correction could
occur at any time and our portfolio of what we believe are
high-quality stocks will provide a solid defense in that market
environment.
While we may experience short periods of underperformance,

we seek to exceed the benchmark over a three- to five-year time
horizon. As INTECHs 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.
Performance Review
In INTECHs history, which spans more than 27 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.
Investment Strategy and Outlook
Thank you for your investment in Perkins US Strategic Value

Fund.
Going forward, we will continue building portfolios in a

disciplined and deliberate manner, with risk management
remaining the hallmark of our investment process.
Thank you for your investment in INTECH European Core Fund.
INTECH Investment Management LLC, portfolio manager
Since the Funds inception on 31 January 2014 through

30 June 2014, INTECH European Core Funds Class Zacc Shares
returned 5.93%. This compares to the 8.00% return posted by its
benchmark, the MSCI EMU Index.
Investment Strategy
INTECHs 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 optimization process to build portfolios
with the potential to outperform the index by capturing stocks
natural volatility.
For the six months ended 30 June 2014, INTECH Global

Dividends Class I$acc Shares returned 7.34%. This compares
to the 6.18% return posted by the MSCI World Index, and 8.05%
High Dividend Yield Index, the Funds benchmark.
Investment Strategy
45
Fund Overviews
natural volatility.
process establishes target proportional weightings for stocks
in the portfolio as a result of an optimization routine. Once
the weights are determined and the portfolio is constructed,
it is rebalanced and re-optimized on a periodic basis. By
limiting the distance any one stock position can deviate from
its benchmark weight, INTECHs process attempts to manage
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.
Performance Review


natural volatility.
process establishes target proportional weightings for stocks
in the portfolio as a result of an optimization routine. Once
the weights are determined and the portfolio is constructed,
it is rebalanced and re-optimized on a periodic basis. By
limiting the distance any one stock position can deviate from
its benchmark weight, INTECHs process attempts to manage
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.
Performance Review
Thank you for your investment in INTECH Global Dividend Fund.

INTECH US Core Fund
Thank you for your investment in INTECH US Core Fund.

For the six-month period ended 30 June 2014, U.S. INTECH U.S.
Core Funds Class I$acc Shares returned 6.30%. This compares
to the 7.14% return posted by the S&P 500 Index, the Funds
benchmark.
Investment Strategy
46

John Fujiwara, Richard Lindsay and Andy Weisman,
portfolio managers
Janus Global Diversified Alternatives Fund I$acc Shares returned
2.40% for the six-month period ended 30 June 2014, while its
benchmark, Libor plus 4%, returned 2.10%.
Signs of an improving U.S. economy temporarily gave way to an
unusually cold winter during the first quarter of 2014, which
significantly impacted (albeit briefly) commodities and distorted

manufacturing and purchasing data, among others. The wintry
setback contributed to the 10-year Treasury yield dipping early
in the period, leading to a rally in the fixed income markets
that continued through period end. With the Federal Reserve
(Fed) maintaining its low interest rate policy and the European
Central Bank taking further accommodative measures to combat
deflationary pressures, global equity and fixed income markets
performed well in the second quarter of 2014. In the U.S.,
positive economic data on industrial production, home sales
and employment also supported equities, while multiyear lows
in the CBOE Volatility Index (a measure of market volatility)
reflected sanguine investors. These positives more than offset
concerns over a sectarian conflict in Iraq, which caused oil
prices to spike late in the period. Emerging markets rebounded
somewhat during the second quarter of 2014 after a lengthy
period of underperformance, but still lagged developed markets
for the period. The landslide election victory of a pro-business
party in India and a rebound in emerging market currencies,
which benefited from easing global liquidity, helped fuel the
turnaround.
We invest in a portfolio of 11 traditional and nontraditional
investable risk-premium strategies derived from equity, fixed
income, currency and commodity investments. By targeting a
broad collection of statistically independent sources of return,
we believe we are in a position to create a more robust portfolio
that provides, over time, a generally more stable source of return
with significantly less volatility than stocks and bonds.
As a result of accommodative policies throughout the period,
equity exposure was easily the largest factor driving investment
returns for risk-premia strategies, including ours, in which we
are long global equities. Low volatility, signaling little perceived
risks in the market, was also a prevalent characteristic.
Our credit strategy, another top contributor, benefited from
interest rates drifting lower and from credit spreads narrowing.
Fixed income securities generally benefited from the Feds
reiteration that interest rates would remain low for a prolonged
period, even as it winds down its monthly bond-buying program.
The Funds interest rates momentum strategy, which aims
to capture the persistence in interest rates, also added to
performance. Falling rates in both U.S. Treasuries and German
Bunds during the period enabled the strategy to generate positive
returns.
Detractors were led by our equity value strategy, in which we are
long value stocks and short growth stocks. Value-style indices
outperformed growth during the period, but our volatility
management process, in which we reduce a strategys weighting
during periods of higher volatility and selling pressure, resulted
in a smaller exposure to the strategy during periods of recovery.
Another detractor, our commodity momentum strategy,

which benefits from persistence in pricing trends, suffered
from a sideways trading pattern for the asset class. An early
2014 commodity rally was quickly followed by a period of
consolidation and retracement.
The inability of commodities to sustain an uptrend presented a
challenging environment for momentum investing.
Commodity value also weighed on performance. The strategy
seeks to benefit from identifying relative inventory conditions
between commodities and investing in those that are signaling low
inventories and selling those that are signaling high inventories.
The rare weather pattern during the first quarter affected pricing
for several commodities, particularly natural gas, which are
normally in contango (futures prices higher than spot prices).
The long-term trends in contango reversed during the period.
Outlook
By targeting a broad collection of statistically independent
sources of return, we believe we are in a position to create a
more robust portfolio that provides, over time, a generally more
stable source of return with significantly less volatility than
stocks and bonds.
Since we dont believe anyone is good at forecasting future
returns, we are indifferent to asset class performances; however,
we do develop forecasts of volatility and correlation (similarity
of asset class movements) and build that into our portfolio
construction process. These forecasts represent what we think
the contributions to portfolio risk will be with respect to each
of these relatively independent sources of return. Our goal is to
estimate from a forward-looking standpoint what volatility and
correlation are going to look like over the next quarter and to
weight the portfolio so no one risk factor is allowed to dominate.
Due to the increasing volatility between small caps and large
caps and value and growth stocks, we expect those weightings
will likely decrease during the third quarter in favor of currency
momentum and rates momentum, which have shown lower
correlation and less volatility recently.
Looking forward, we believe as the Fed nears completion of
quantitative easing, a broader collection of risk factor exposures
than just being long equity and fixed income should aid
performance.
Thank you for investing in Janus Global Diversified Alternatives
Fund.

Patrick Brophy, portfolio manager
For the six-month period ended 30 June 2014, the Janus
Global Real Estate Fund I$inc Shares outperformed its primary
47
Fund Overviews
benchmark, the FTSE/EPRA NAREIT Global Index, returning
12.76% versus the indexs 11.42% return.
be eating as well for the balance of the year, and yet, were not
all that concerned that things could deteriorate to a level where
were scrambling for table scraps.
Lets see, recent data suggest any turnaround in China may prove
slow in coming, hints of deflation are spurring talk of negative
rates in Europe, first quarter GDP was revised lower in the U.S.
due largely to a widening trade deficit and weaker consumer
spending, volatility across asset classes is at cyclical lows, and
global stock prices and global bond prices are at, or near, all-time
highs. What to make of that contradictory stew? Were not sure,
but it helps explain, at least to us, why the markets grind higher
in recent months seemed a bit lacking in conviction.
As we mentioned in previous commentaries, we do feel like
weve had more glimpses of blue skies of late. But escape velocity
still seems elusive in those geographies most crucial to the global
economy, and constant meddling by policymakers is now, in
our opinion, having more of a deleterious impact. We think its
distorting effects, and unintended consequences are increasingly
visible. Fortunately, to us at least, the abundant liquidity and
squashing of rates are conspiring to make it a very good time to
be an owner of hard assets and a supplier of yield.
On a relative basis, the Fund had a strong six months,
outperforming its benchmark, the FTSE/EPRA NAREIT Global
Index. Both stock selection and geographic allocation contributed
to relative performance. In terms of geographic allocation,
underweights to China and Japan and an overweight to the U.S.
were the largest contributors to relative performance. While
geographic allocation generally helped the Fund, overweights
to Austria and the UK, and an underweight to France detracted
from relative performance.
As we look forward, we see a classic good news vs. bad

news skirmish unfolding. First the good news: We believe
underlying fundamentals in most of our markets are solid, and,
in many cases, are clearly improving; vacancy rates remain low,
and there are emerging indications that demand is picking
up in most sectors; with a few notable exceptions, like the
multifamily sector in the U.S., there are very few signs of a
significant uptick a new supply; in many markets, low-cost
capital remains widely available, and, if anything, lenders are
becoming more aggressive; the listed real estate space continues
to offer relatively attractive dividend yields, and we see no
signs that the quest for yield is abating; and finally, the wall
of global capital pursuing real estate, particularly core assets
in gateway cities, only seems to be growing. The bad news can
be distilled down to two critical issues: 1) with capitalization
rates at historic lows in several major markets, valuation does
appear a bit full; and 2) we remain in an environment where
it is difficult to envision the future direction of interest rates
being anything but up.
If we had to handicap the contest today, we would call it a
toss-up. We like what we are seeing at the property level, but
we remain cognizant of how fast todays hair-trigger markets
can react often mistakenly, in our opinion to even a modest
change in the outlook for interest rates. What gives us confidence
that we can achieve a desirable outcome even if the battle tilts
in favor of the bad news is our ability to allocate capital across
the globe; for while it has been a strong start to the year for the
sector as a whole, there are several markets where we are active
that have languished. This holds especially true for many of our
now-out-of-favor developing markets. It should be an interesting
second half of the year.
Looking at our stock selection across different geographies, stock

selection in Japan and the UK were the largest contributors to
relative performance. However, stock selection was weak in
Hong Kong and Brazil.
Thank you for your investment in Janus Global Real Estate Fund.
In terms of returns by sector, the top contributors to the Funds

performance were diversified real estate investment trusts
(REITs) and office REITs. Detractors included casino and gaming
companies and health care facilities. Relative to the index, the
Fund got the most outperformance from its diversified real estate
holdings and mortgage REITs. Meanwhile, our holdings in retail
REITs and residential REITs detracted from relative performance.
Performance Summary

Gibson Smith and Darrell Watters, portfolio managers
During the six-month period ended 30 June 2014, Janus U.S.

Flexible Income Funds Class I$inc Shares returned 4.09%,
compared with 3.93% for the Funds benchmark, the Barclays
U.S. Aggregate Bond Index.
Outlook
The very strong start to 2014 for many of our key geographies has
left us with a mild bout of indigestion - we have certainly enjoyed
the meal, but now were a little worried that we overindulged,
or at the very least ate too fast. We suspect that we might not
48
The 10-year Treasury yield fell from 3.00% to 2.53% for the
six-month period. The decline occurred in the face of a second
quarter economic rebound in the U.S. from a winter-related
slowdown in the first quarter. The Federal Reserve (Fed)
acknowledged improved economic conditions and signaled
that it will be exiting its accommodative monetary policy by

continuing to taper its quantitative easing (QE) program. That
said, while inflation moved to the Feds 2% target during the
period, policymakers seemed to be looking for improving trends
signaled that the first rate hike wont be until 2015. This coupled
with safe haven buying of Treasuries due to conflicts in Ukraine
and Iraq drove Treasury yields lower.
Amid low rates globally, investors continued to seek higheryielding securities. Credit spreads for investment-grade and
high-yield corporate bonds tightened to levels not seen since
before the financial crisis. Mortgage-backed securities (MBS)
spreads also remained historically tight.
Our small exposure to preferred securities also contributed to

relative returns.
Outlook
strengthening, and inflation has picked up. While the Fed
indicated during the quarter that rate hikes will not come until
2015, its post policy-meeting statements are aimed at preparing
the market for an exit from loose monetary conditions. All these
factors could put upward pressure on rates; thus, we remain
cautious.
The Fund outperformed its benchmark, the Barclays U.S.
Aggregate Bond Index, largely on the strength of our security
selection in corporate credit, where we have a significant
overweight versus the benchmark. Spread carry, or the excess
yield that holdings generated compared with those in the
benchmark, was also additive. Given our concern about rising
interest rates, we maintained a duration that was shorter than
the benchmarks. Our shorter duration was mainly expressed
within our credit exposure and was a relative detractor as rates
fell during the six-month period.
From an industry sector standpoint, top credit contributors
included banking, life insurance and pharmaceuticals. Sector
detractors were led by electric utilities, media cable and wireline
communications.
Our MBS exposure was a relative detractor. We have a material
underweight to the benchmark as we believe credit offers better
risk-adjusted return opportunities overall. We have also sought
to avoid the type of MBS that may be most affected by the Feds
tapering of its QE program. Still, we believe the shrinking supply
of these securities and consistent demand for them will keep
MBS spread levels tight, and we have kept our MBS exposure
generally steady throughout the period.
Specifically, we believe the higher-yielding, more prepaymentresistant segment should provide more defensive characteristics
against any resultant volatility from Fed tapering. This has
helped give our MBS exposure a more stable cash-flow profile,
which should benefit the overall portfolio should rates enter
a more volatile period. On the other hand, if Treasury yields
are stuck in a tight range, our positioning can work against
us, which was the case in the second quarter. In this way, our
yield curve positioning in particular within the segment was a
relative detractor.
Our Treasuries exposure, where we are underweight the index,
was a relative contributor to returns overall. Our yield curve
positioning within the segment, however, was a relative detractor.

Consequently, we believe that managing duration and yield
curve risk will be important to success in this market. While
using the long end of the Treasury yield curve to provide some
protection for investors is still applicable, we think the new
defensive will be more about being opportunistic as it relates
to rates, with a bias toward being short in duration, particularly
in credit.
Turning to corporate credit, the enduring low rate environment
continues to fuel a reach for yield and returns, stretching
valuations in the investment grade and high yield markets. We
still expect that credit will offer the best risk-adjusted returns
of any fixed-income sector, and we tend to favor high yield.
Moreover, shorter duration credit, especially in high yield,
reduces our interest rate risk while still providing opportunity
to gain in a spread tightening environment, in our view. Given
valuations, however, we believe security avoidance may be just
as important as security selection going forward. Both involve a
bottom-up fundamental process with a view toward recognising
what is worth owning and, more importantly, what is not.
This is particularly true in an environment of shareholderfriendly activity, including dividends and share buybacks. Given
the massive deleveraging following the 2008 financial crisis
and the enormous cash balances that some companies have
accumulated, it makes sense that this activity will continue.
We would also note the resurgence of merger and acquisition
activity as companies take advantage of cheap financing. All
these activities can involve a re-leveraging of capital structures,
and bondholders need to be leery of them.
49
Fund Overviews
Were often asked by our clients: What should we do in this
environment? Where do we go? We always turn back to our
core tenets: Risk-adjusted returns and capital preservation.
While valuations require being increasingly selective, we see
significant opportunities in the second half of 2014, including
those that buck the consensus an area where we have expertise
through our fundamental, bottom-up approach. We intend to
take advantage of these opportunities as we stick to our core
tenets of risk-adjusted returns and capital preservation.
Thank you for your investment in Janus Flexible Income Fund.
higher yielding credit was beneficial and helped make spread

carry additive.
Our currency positioning added to relative returns overall. Our
euro and U.S. dollar exposures were particularly beneficial
amid positive economic developments in their respective
home countries during the period. Our continued relative
underweight in the yen as well as our out-of-index exposure
to the Brazilian real were additive. Generally, however, we
have avoided emerging market (EM) currency exposure as
we believe those countries are vulnerable to volatility amid
evolving monetary policy globally.

Christopher Diaz, Gibson Smith and Darrell Watters,
portfolio managers
Performance Summary
During the six-month period ended 30 June 2014, Janus Global
Flexible Income Funds Class I$inc Shares returned 7.50%,
Global Aggregate Bond Index.
Europes economic growth was tepid overall as checkered growth
across the region was countered by Germanys steadier growth
engine. The U.S. economy bounced back in the second quarter
following a first quarter winter-related slowdown. Asias growth
prospects remained mixed. Concerns that Chinas economy will
see a hard landing following its breakneck growth eased as
the countrys growth appears to have settled into a slower but
steady trajectory. Meanwhile, the jury remained out on Japans
monetary and fiscal policy experiments amid concern that a
consumption tax and structural reform will create economic
headwinds there.
Monetary policies remained accommodative globally in
response to little inflation pressure and uneven growth around
the world. The European Central Bank (ECB) announced
aggressive monetary policy measures in particular to stave
off deflation. Rates fell in the U.S. and abroad to historically
low levels. Investment-grade and high-yield corporate credit
spreads narrowed to levels not seen since before the financial
crisis as investors continued to seek higher-yielding securities.
Mortgage-backed securities (MBS) spreads also remained
historically tight.
Janus Global Flexible Income Fund outperformed its benchmark,
the Barclays Global Aggregate Bond Index, during the period.
Our relative outperformance was driven largely by our sovereign
positions in euro-zone peripheral countries as well as by our
security selection in corporate credit, where we have a material
overweight versus the Index. In particular, our overweight in
50
From a credit industry sector standpoint, top credit contributors

included banking, automotives and life insurance companies.
Detractors included electric utilities, metals and mining and
other industrials.
Our MBS exposure was the largest relative detractor. We have
a material underweight to the benchmark as we believe credit
offers better risk-adjusted return opportunities overall. Still, we
believe the shrinking supply of these securities and consistent
demand for them will keep MBS spread levels tight. Specifically,
we believe the higher-yielding, more prepayment-resistant
segment should provide more defensive characteristics against
any resultant volatility from Fed tapering. This has helped give
our MBS exposure a more stable cash-flow profile, which should
benefit the overall portfolio should rates enter a more volatile
period. On the other hand, if Treasury yields are stuck in a tight
range, our positioning can work against us, which was the case
in the periods latter half.
Outlook
We expect the recovery in global growth will continue but at a
moderate pace. Within that, however, the U.S. economic rebound
that began in the spring after the winter slowdown is gathering
momentum. Job growth trends are strengthening, and inflation
has picked up. While the Fed has indicated that rate hikes will not
All these factors could put upward pressure on rates; thus, we are
vigilant about U.S. interest rate risk.
Meanwhile, the recovery in Europe continues to be tepid, with
the risks more toward deflation. While improvement has been
seen in the euro-zones peripheral countries, their recovery
remains fragile. The aggressive monetary stimulus regime that
the ECB announced in June is somewhat offsetting the market
impact of the later economic and monetary cycles of the U.S.
Thus, rates in the developed world remain historically low. This
global dynamic helps create dueling risks of higher and lower
rates that could continue for the time being.
We believe rates in Europe will remain much lower than in the
U.S. for some time given the earlier stage of Europes monetary
cycle. Consequently, we favor investments that are priced off

the German yield curve or that trade in sympathy with it
over investments priced off the Treasury curve. Additionally,
with the ECB publicly committed to backstopping peripheral
countries and to sustaining the euro-zones recovery overall,
we believe select higher-yielding sovereign credits remain
attractive.
Given evolving monetary policies globally, however, managing
duration and yield curve risk will be important to success
in this market, in our view. While using the long end of the
yield curve to provide some protection for investors is still
applicable, we think the new defensive will be more about
being opportunistic as it relates to rates, with a bias toward
being short in duration.
Turning to corporate credit, we believe the persistence of
loose monetary policy globally has created complacency
about low rates in the markets. It appears investors are
comfortable reaching for yield and returns, and this is
stretching valuations in the investment-grade and high-yield
markets globally. We still expect that credit will offer the best
risk-adjusted returns of any fixed-income sector, and we tend
to favor high yield.
We also are finding more credit opportunities in Europe. Besides
the ECBs aggressive stimulus measures, the region is earlier in
its corporate deleveraging cycle while experiencing sustainable,
albeit tepid, economic growth. This creates a more attractive
environment for credit investing on a risk-adjusted basis, in our
view. Given valuations globally, however, we believe security
avoidance may be just as important as security selection going
forward. Both involve a bottom-up, fundamental process with
a view toward recognising what is worth owning and, more
importantly, what is not.
We continue to be cautious on Japan given the risks we see
related to the countrys economic recovery plan. In contrast,
Chinas general economic stability may offer opportunities in
currencies linked to its prospects.
We remain cautious on emerging market (EM) debt. We think
emerging markets are vulnerable to considerable volatility for
the remainder of the year amid changing monetary policies
around the globe as well as geopolitical risks, specifically those
presented by Iraq and Ukraine. Investments within select
EM countries could emerge as buying opportunities if their
fundamentals warrant, but for the most part, there may be
more uncertainty in emerging markets for the remainder of
2014 and into 2015.
Were often asked by our clients: What should we do in
this environment? Where do we go? We always turn back
to our core tenet: Seeking risk-adjusted returns and capital
preservation. While valuations require being increasingly
selective, we see significant opportunities in the second half
of 2014, including those that buck the consensus an area

where we have expertise through our fundamental, bottom-up
approach. We intend to take advantage of these opportunities
as we stick to our core tenet of seeking risk-adjusted returns
and capital preservation.
Thank you for your investment in Janus Global Flexible Income
Fund.

Christopher Diaz, Ryan Myerberg, Gibson Smith and
Darrell Watters, portfolio managers
Performance Summary
High-Yield Bond Funds Class I$acc Shares returned 5.65%,
Global High Yield Bond Index.
headwinds there.
Monetary policies remained accommodative globally in response
to little inflation pressure and uneven growth around the world.
The European Central Bank (ECB) announced aggressive
monetary policy measures in particular to stave off deflation.
Rates fell in the U.S. and abroad to historically low levels. The
10-year Treasury fell from 3.00% at the start of 2014 to 2.53%
at the end of the years first half. Credit spreads narrowed near
to levels not seen since before the financial crisis as investors
sought higher-yielding securities.
Janus Global High-Yield Fund underperformed its benchmark,
the Barclays Global High Yield Bond Index, during the
period. Our underperformance was driven largely by our
significant underweight in government-related securities
versus the Index. In particular, our lack of exposure within
this segment to certain emerging market securities versus
the benchmark hurt relative returns. We continue to remain
cautious on emerging markets in general as we believe they are
particularly vulnerable to volatility due to evolving monetary
policies globally.
51
Fund Overviews
Underperformance also was partly driven by our yield-curve
positioning. Given our view that there is a greater risk of higher
rates in the U.S. longer term, we kept the Funds duration short
versus the index. This worked against us as U.S. rates fell during
the first half of the year. Our cash holding also detracted from
performance. Our cash position is not used as a strategy within
the Fund, but it is a frictional component of day-to-day investing.
volatility for the remainder of the year amid changing monetary

policies around the globe as well as geopolitical risks, specifically
those presented by Iraq and Ukraine. Investments within select
EM countries could emerge as buying opportunities if their
fundamentals warrant, but for the most part, there may be more
uncertainty in emerging markets for the remainder of 2014 and
into 2015.
Our credit exposure was additive, however, specifically due

to security selection. Our spread carry was also beneficial to
relative returns.
We believe the persistence of loose monetary policy globally has

created complacency about low rates in the markets. It appears
investors are comfortable reaching for yield and returns, and this
is stretching valuations in the high-yield market globally. That
said, we still expect that credit will offer the best risk-adjusted
returns of any fixed-income sector. We also are finding more
credit opportunities in Europe. Besides the ECBs aggressive
stimulus measures, the region is earlier in its corporate
deleveraging cycle while experiencing sustainable, albeit tepid,
economic growth. This creates a more attractive environment
for credit investing on a risk-adjusted basis, in our view. Given
valuations globally, however, we believe security avoidance may
be just as important as security selection going forward. Both
involve a bottom-up, fundamental process with a view toward
recognising what is worth owning and, more importantly, what
is not.
From a credit industry sector standpoint, top contributors

included communications, media cable and chemical companies.
Detractors were led by textile, retailer and restaurant companies.
A lack of exposure versus the Index to certain Latin American
government-related securities was also a relative detractor.
Outlook
While the Fed has indicated that rate hikes will not come until
2015, its post policy-meeting statements are aimed at preparing
the market for an exit from loose monetary conditions. That,
coupled with gathering momentum in the U.S. economy, could
put upward pressure on rates; thus, we are vigilant about U.S.
interest rate risk.
The recovery in Europe continues to be tepid, with the risks
more toward deflation. While improvement has been seen in
the euro-zones peripheral countries, their recovery remains
fragile. The aggressive monetary stimulus regime that the ECB
announced in June is somewhat offsetting the market impact
of the later economic and monetary cycles of the U.S. Thus,
rates in the developed world remain historically low. This global
dynamic helps create dueling risks of higher and lower rates that
could continue for the time being.
In the face of a challenging market like this one, we always

turn back to our core tenets: Risk-adjusted returns and capital
selective, we see significant opportunities in the second half of
2014, including those that buck the consensus an area where
we have expertise through our fundamental, bottom-up approach.
We intend to take advantage of these opportunities as we stick to
our core tenets of risk-adjusted returns and capital preservation.
Thank you for your investment in Janus Global High Yield Fund.

cycle. Consequently, we favor investments that are priced off
the German yield curve or that trade in sympathy with it over
investments priced off the Treasury curve. Moreover, the ECBs
public commitment to backstopping peripheral countries and
to sustaining the euro-zones recovery overall creates a positive
environment for credit in that region.
Meanwhile, we remain cautious on emerging market (EM) debt.
We think emerging markets are vulnerable to considerable
52
Christopher Diaz, Ryan Myerberg, Gibson Smith and

Darrell Watters, portfolio managers
Performance Summary
Investment Grade Bond Funds Class I$acc Shares returned
6.43% compared with 4.93% for the Funds benchmark, the
Barclays Global Aggregate Corporate Bond Index.

headwinds there.
Monetary policies remained accommodative globally in response
to little inflation pressure and uneven growth around the world.
The European Central Bank (ECB) announced aggressive
monetary policy measures in particular to stave off deflation.
Rates fell in the U.S. and abroad to historically low levels. The
10-year Treasury fell from 3.00% at the start of 2014 to 2.53% at
the end of the years first half. Investment-grade credit spreads
narrowed to levels not seen since before the financial crisis as
investors continued to seek higher-yielding securities.
Janus Global Investment Grade Bond Fund outperformed its
benchmark, the Barclays Global Aggregate Corporate Bond
Index, during the period. Our security selection in corporate
credit was the top relative contributor to performance. Our focus
on higher yielding bonds within the corporate credit sector was
also a contributor and helped make spread carry additive on a
relative basis.
Meanwhile, we were short duration versus the benchmark given
our view that there is a greater risk in the U.S. of rates rising.
Yet, most Treasury rates fell during the period. Because of our
exposure to securities that price off the U.S. yield curve, our
defensive yield curve positioning was a relative detractor. Our
minor cash position was also a relative detractor.
From a credit sector standpoint, top credit contributors included
banking, automotives and utility pipeline companies. Detractors
were led by electric utilities, metals & mining and food and
beverage companies.
Outlook
We expect the recovery in global growth will continue but
at a moderate pace. Within that, however, the U.S. economic
rebound that began in the spring after the winter slowdown
is gathering momentum. Job growth trends are strengthening,
and inflation has picked up. While the Federal Reserve has
indicated that rate hikes will not come until 2015, its postpolicy-meeting statements are aimed at preparing the market
for an exit from loose monetary conditions. All these factors
could put upward pressure on rates; thus, we are vigilant about
U.S. interest rate risk.
Meanwhile, the recovery in Europe continues to be tepid, with
the risks more toward deflation. While improvement has been
seen in the euro-zones peripheral countries, their recovery
remains fragile. The aggressive monetary stimulus regime that
the ECB announced in June is somewhat offsetting the market
impact of the later economic and monetary cycles of the U.S.
Thus, rates in the developed world remain historically low. This

global dynamic helps create dueling risks of higher and lower
rates that could continue for the time being.
cycle. Consequently, we are favoring investments that are priced
off the German yield curve (or that trade in sympathy with it)
over investments priced off the Treasury curve. Moreover, the
ECBs public commitment to backstopping peripheral countries
and to sustaining the euro-zones recovery creates a positive
environment for credit in that region.
In corporate credit, we believe the persistence of loose monetary
policy globally has created complacency about low rates in the
markets. It appears investors are comfortable reaching for yield
and returns, and this is stretching valuations in the investmentgrade market globally. That said, we still expect credit will offer
the best risk-adjusted returns of any fixed-income sector.
We also are finding more credit opportunities in Europe. Besides
the ECBs aggressive stimulus measures, the region is earlier in
its corporate deleveraging cycle while experiencing sustainable,
albeit tepid, economic growth. This creates a more attractive
environment for credit investing on a risk-adjusted basis, in our
view. Given valuations globally, however, we believe security
avoidance may be just as important as security selection going
forward. Both involve a bottom-up, fundamental process with
a view toward recognising what is worth owning and, more
importantly, what is not.
We continue to be cautious on Japan given the risks we see
related to the countrys economic recovery plan. In contrast,
Chinas general economic stability may offer opportunities in
currencies linked to its prospects.
In the face of a challenging market such as this one, we always
approach. We intend to take advantage of these opportunities as
we stick to our core tenets of risk-adjusted returns and capital
preservation.
Thank you for your investment in Janus Global Investment
Grade Bond Fund.
53
Fund Overviews
During the six-month period ended 30 June 2014, Janus High
Yield Bond Funds Class I$acc Shares returned 5.51% compared
with 5.46% for the Funds benchmark, the Barclays U.S.
Corporate High Yield Bond Index.
The 10-year Treasury yield fell from 3.00% to 2.53% for the sixmonth period. The decline occurred in the face of a second quarter
economic rebound in U.S. from a winter-related slowdown in the
first quarter. The Federal Reserve (Fed) acknowledged improved
economic conditions during the second quarter and signaled
that it will be exiting its accommodative monetary policy by
continuing to taper its quantitative easing (QE) program. That
said, while inflation moved to the Feds 2% target during the
period, policymakers seemed to be looking for improving trends
signaled that the first rate hike wont be until 2015.
This coupled with safe haven buying of Treasuries due to
conflicts in Ukraine and Iraq drove Treasury yields lower.
Meanwhile, accommodative monetary policies globally were
maintained as countries around the world continued to show
uneven economic growth amid little inflation. Amid low
rates around the world, investors continued to seek higheryielding securities. Credit spreads for high-yield corporate
bonds tightened further to levels not seen since before the
financial crisis.
The Fund underperformed its benchmark, the Barclays
U.S. Corporate High Yield Bond Index, during the period.
Our relative yield curve positioning was a large driver of
underperformance. The Fund is short duration versus the
benchmark given our view that there is a greater risk toward
higher rates longer term in the U.S. Because rates fell during the
period, this positioning worked against us. Our cash holding
also detracted from performance. Our cash position is not used
as a strategy within the Fund, but it is a frictional component
of day-to-day investing.
Our corporate credit security selection contributed to relative
performance as did spread carry, or the excess income that our
holdings generated compared with those in the benchmark.
A small allocation to common stock was also a relative
contributor.
From a credit industry sector standpoint, detractors included
textile, wireline communications and electric utility companies.
Sector contributors were led by independent energy, gaming and
life insurance companies.
54
Outlook
strengthening, and inflation has picked up. While the Federal
Reserve indicated during the quarter that rate hikes will not
All these factors could put upward pressure on rates; thus, we
remain cautious.
Consequently, we believe that managing duration and yield
curve risk will be important to success in this market. While
using the long end of the Treasury yield curve to provide some
protection for investors is still applicable, we think the new
defensive will be more about being opportunistic as it relates
to rates, with a bias toward being short in duration, particularly
in credit.
In the credit markets, the enduring low rate environment
continues to fuel a reach for yield and returns, stretching
valuations in the high yield market. We still expect that credit
will offer the best risk-adjusted returns of any fixed-income
sector, and we tend to favor high yield. Moreover, we continue
to believe that shorter duration credit, especially in high yield,
reduces our interest rate risk while still providing opportunity
to gain in a spread tightening environment. Given valuations,
however, we believe security avoidance may be just as important
as security selection going forward. Both involve a bottom-up
fundamental process with a view toward recognising what is
worth owning and, more importantly, what is not.
This is particularly true in an environment of shareholderfriendly activity, including dividends and share buybacks. Given
the massive deleveraging following the 2008 financial crisis
and the enormous cash balances that some companies have
accumulated, it makes sense that this activity will continue.
We would also note the resurgence of merger and acquisition
activity as companies take advantage of cheap financing. All
these activities can involve a re-leveraging of capital structures,
and bondholders need to be leery of them.
In the face of a challenging market like this one, we always

approach. We intend to take advantage of these opportunities as
we stick to our core tenets of risk-adjusted returns and capital
preservation.
While our relative underweight to U.S. Treasury securities was

additive, this was offset by our yield curve positioning, which
worked against us, and the segment was a relative detractor
overall.
Thank you for your investment in Janus High Yield Fund.
From a credit sector standpoint, contributors were led by

technology, pharmaceuticals and metals & mining. Sector
detractors were led by media cable, finance companies and real
estate investment trusts.
Outlook

Performance Summary
During the six-month period ended 30 June 2014, Janus
Short-Term Bond Funds Class I$acc Shares returned 0.98%
U.S. Government/Credit 1-3 Year Bond Index.
The Federal Reserve (Fed) acknowledged improved economic
conditions during the second quarter following a first quarter
winter-related slowdown. The central bank signaled that it will
be exiting its accommodative monetary policy by continuing
to taper its quantitative easing (QE) program. The front end of
the yield curve registered that a new stage of monetary policy
was upon us, and the yield on two-year Treasuries rose during
the period. However, longer term Treasury rates (five years to
maturity and more) were reflecting another part of the monetary
story and they fell during the period.
While inflation moved to the Feds 2% target during the period,
policymakers seemed to be looking for the improving trends in
U.S. economic data to strengthen even further before taking the
next step in their exit strategy. The central bank signaled that
the first rate hike wont be until 2015. Deflationary pressures
in Europe and Japan coupled with uneven economic growth
globally appeared to buttress the Feds patient approach.
Moreover, safe haven buying of longer-term Treasuries due
to conflicts in Ukraine and Iraq helped drive Treasury yields
lower.
Modest U.S. economic growth along with global deflationary

pressures create an advantageous scenario for the Fed to begin
laying the groundwork for a rate rise in 2015, in our view. We are
cognizant of rising U.S. inflation, but thus far, it has presented
itself as price normalization. Still, one may wonder about the
risk of a huge inflation-driven sell-off in the front end of the
curve that could hand investors undesired results. The risk is
certainly not zero, but based on current data, we believe it is low.
For such a scenario to take place, U.S. gross domestic product
growth would need to exceed forecasts that we first saw at the
start of 2014 and that have been since largely abandoned. As of
late, most analysts are busy cutting U.S. growth estimates. Its a
global market, so the euro-zone too would need to quickly turn
the corner on its gross domestic product growth as well as its
inflation and unemployment situation. Again, its possible, but
not near- term probable, in our view.
In the end, given the ferocious bid for income amid low global
rates, marginally higher rates in the U.S. could be met with stiff
demand. We believe global demand for yield and safety could
cushion the effects of a rate rise further out on the curve. This
all may result in an extremely flat curve, in our view. Given
prevailing market concerns around fragile growth abroad, we
believe its possible that demand could increase for most points
on the curve two years and out during the Feds monetary
tightening.
Thank you for your investment in Janus US Short-Term Bond
Fund.
The Fund outperformed its benchmark, the Barclays U.S.
Government/Credit 1-3 Year Bond Index, during the period.
Our significant overweight in corporates as well as our security
selection in the segment helped fuel our outperformance.
Moreover, our relative overweight to higher yielding securities
was also additive and helped make spread carry, or the excess
yield that credits generated compared with those in the
benchmark, a relative contributor as well.
55
Janus Asia Fund

PORTFOLIO INVESTMENTS
Shares or Principal Amount
Percentage
of Net
Assets
Financial Assets at fair value through profit or loss

Commercial Paper
5.7%
6,900,000 BNP Paribas, 0.0000%, due 1/7/14. . . . . . . . 5.7
Common Stock
83.4
Agricultural Operations
1,156,000 Golden Agri-Resources, Ltd. . . . . . . . . . . . . . 0.4
Airlines
1,348,800 AirAsia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Apparel Manufacturers
842,000 China Lilang, Ltd.. . . . . . . . . . . . . . . . . . . . . 0.4
2,140,000 Sitoy Group Holdings, Ltd.. . . . . . . . . . . . . . 1.1
1.5
Auction House Art Dealer
150,900 Poly Culture Group Corp., Ltd. . . . . . . . . . . 0.4
Automotive Cars and Light Trucks
1,240,000 Geely Automobile Holdings, Ltd. . . . . . . . . . 0.4
12,804 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 2.3
698,000 Yulon Motor Co., Ltd.. . . . . . . . . . . . . . . . . . 0.9
3.6
Automotive Truck Parts and Equipment Original
6,864 Hyundai Mobis. . . . . . . . . . . . . . . . . . . . . . . 1.6
Beverages Wine and Spirits
1,508,200 LT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4
Building Products Cement and Aggregate
1,120,000 BBMG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
157,300 Indocement Tunggal Prakarsa
Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.8
Casino Hotels
364,200 Genting Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
714,000 NagaCorp., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.5
1.4
Cellular Telecommunications
828,000 China Unicom Hong Kong, Ltd. . . . . . . . . . . 1.0
38,610 LG Uplus Corp. . . . . . . . . . . . . . . . . . . . . . . 0.3
1.3
Circuit Boards
537,950 Zhen Ding Technology Holding, Ltd. . . . . . . 1.5
Coal
480,000 China Shenhua Energy Co., Ltd. . . . . . . . . . 1.1
Commercial Banks Non U.S.
173,400 Bangkok Bank PCL (NVDR) . . . . . . . . . . . . . 0.8
1,326,000 Bank Mandiri Persero Tbk PT . . . . . . . . . . . . 0.9
201,000 BOC Hong Kong Holdings, Ltd. . . . . . . . . . . 0.5
3,916,000 China Construction Bank Corp. . . . . . . . . . . 2.5
126,000 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . 1.4
3,692,000 Industrial & Commercial Bank of
China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.9
302,991 Metropolitan Bank & Trust Co. . . . . . . . . . . 0.5
8.5
Consumer Products Miscellaneous
564,300 Samsonite International SA. . . . . . . . . . . . . . 1.5
Cosmetics and Toiletries
260,750 LOccitane International SA . . . . . . . . . . . . . . 0.5
Distribution/Wholesale
376,000 Li & Fung, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.5
Diversified Financial Services
1,534,922 CTBC Financial Holding Co., Ltd. . . . . . . . . 0.8
53,990 Hana Financial Group, Inc. . . . . . . . . . . . . . 1.7
33,880 Shinhan Financial Group Co., Ltd. . . . . . . . . 1.3
3.8
Diversified Minerals
59,465 Iluka Resources, Ltd. . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
The accompanying notes are an integral part of the financial statements.
56
6,899,998
514,664
966,580
536,694
1,306,057
1,842,751
535,438
436,789
2,904,548
1,136,210
4,477,547
1,926,841
510,112
722,563
299,447
1,022,010
1,133,622
629,225
1,762,847
1,279,895
351,869
1,631,764
1,771,179
1,387,320
1,031,629
1,088,625
582,237
2,960,927
1,693,005
2,334,238
606,822
10,297,483
1,860,323
582,719
556,951
1,023,072
2,001,221
1,568,929
4,593,222
455,797
Percentage
of Net
Assets
Diversified Operations
117,000 Hutchison Whampoa, Ltd. . . . . . . . . . . . . . . 1.3%
126,000 Keppel Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 0.9
2.2
Electric Generation
714,000 China Resources Power Holdings Co.,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Electrical Companies and Equipment
1,598,000 Shanghai Electric Group Co., Ltd. . . . . . . . . 0.5
Electronic Components Miscellaneous
480,700 Hon Hai Precision Industry Co., Ltd. . . . . . . 1.3
143,900 Japan Display, Inc. . . . . . . . . . . . . . . . . . . . . 0.7
2.0
Electronic Components Semiconductors
136,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.9
1,167 Samsung Electronics Co., Ltd. . . . . . . . . . . . 1.0
2,898 Samsung Electronics Co., Ltd. . . . . . . . . . . . 3.1
6.0
Electronic Measuring Instruments
326,000 Chroma ATE, Inc.. . . . . . . . . . . . . . . . . . . . . 0.7
Electronic Parts Distributors
601,000 WPG Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.7
Energy Alternate Sources
1,737,000 China Suntien Green Energy Corp.,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Engineering and Construction
2,411,200 Louis XIII Holdings, Ltd. . . . . . . . . . . . . . . . 1.5
Finance Investment Bankers/Brokers
574,500 CITIC Securities Co., Ltd. . . . . . . . . . . . . . . 1.0
Food Canned
283,500 Thai Union Frozen Products PCL . . . . . . . . . 0.5
Food Confectionery
386,000 Want Want China Holdings, Ltd. . . . . . . . . . 0.5
Food Meat Products
200,000 San Miguel Pure Foods Co., Inc. . . . . . . . . . 0.9
Food Retail
82,000 Beijing Jingkelong Co., Ltd. . . . . . . . . . . . . . .
Industrial Audio and Video Production
113,000 Merry Electronics Co., Ltd.. . . . . . . . . . . . . . 0.5
Internet Applications Software
102,500 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 1.3
Internet Content Entertainment
7,266 NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
122,000 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.0
55,431 Youku Tudou, Inc. (ADR) . . . . . . . . . . . . . . . 1.0
3.1
Investment Companies
2,525,500 Langham Hospitality Investments and
Langham Hospitality Investments,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Life and Health Insurance
490,600 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 2.0
Medical Wholesale Drug Distributors
211,200 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 0.5
Metal Copper
50,304,000 CST Mining Group, Ltd.. . . . . . . . . . . . . . . . 0.3
Oil Companies Exploration and Production
1,011,000 CNOOC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.5
Oil Companies Integrated
857,000 China Petroleum & Chemical Corp. . . . . . . . 0.7
Petrochemicals
5,218 LG Chem, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.3
Fair
Value
$
1,600,217
1,090,599
2,690,816
2,026,788
643,308
1,610,056
883,659
2,493,715
2,300,368
1,222,720
3,786,868
7,309,956
912,832
827,339
564,791
1,826,243
1,267,574
568,046
554,830
1,059,590
19,362
603,679
1,563,251
1,310,716
1,164,715
1,322,584
3,798,015
1,156,813
2,465,598
584,532
344,006
1,815,841
817,170
1,526,673
Fully Funded Equity Swaps as at 30 June 2014
Percentage
of Net
Assets
Property and Casualty Insurance

4,516 Samsung Fire & Marine Insurance
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9%
Real Estate Management/Services
3,536,100 Siam Future Development PCL . . . . . . . . . . 0.5
Real Estate Operating/Development
3,627,000 Central China Real Estate, Ltd. . . . . . . . . . . . 0.8
18,387,000 Century Properties Group, Inc. . . . . . . . . . . 0.5
36,000 Cheung Kong Holdings, Ltd. . . . . . . . . . . . . 0.5
25,360,000 CSI Properties, Ltd. . . . . . . . . . . . . . . . . . . . 0.8
1,272,000 IJM Land Bhd . . . . . . . . . . . . . . . . . . . . . . . . 1.0
1,129,500 Shun Tak Holdings, Ltd.. . . . . . . . . . . . . . . . 0.5
7,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . .
84,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 0.9
5.0
REIT Diversified
814,597 Religare Health Trust . . . . . . . . . . . . . . . . . . 0.5
REIT Warehouse and Industrial
521,000 AIMS AMP Capital Industrial REIT. . . . . . . . 0.5
Retail Automobile
1,055,800 Astra International Tbk PT . . . . . . . . . . . . . . 0.5
2,240,000 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . . 1.6
2.1
Retail Jewellery
601,600 Chow Tai Fook Jewellery Group, Ltd.. . . . . . 0.8
Retail Major Department Stores
7,665 Hyundai Department Store Co., Ltd. . . . . . . 0.9
524,000 Lifestyle International Holdings, Ltd. . . . . . . 0.8
1.7
Retail Miscellaneous
352,050 Robinsons Retail Holdings, Inc. . . . . . . . . . . 0.5
Semiconductor Components/Integrated Circuits
99,170 Himax Technologies, Inc. (ADR) . . . . . . . . . 0.6
1,413,000 Taiwan Semiconductor Manufacturing
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9
5.5
Semiconductors
45,660 SK Hynix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.8
Steel Producers
6,035 POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
Transportation Marine
842,000 China Shipping Development Co.,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
806,831 First Steamship Co., Ltd. . . . . . . . . . . . . . . . 0.4
0.8
Web Portals/Internet Service Providers
844 NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.4
Fair
Value
Notional
Counterparty Amount
Return
Paid
by the Fund
Return
Received Termination
by the Fund
Date
Fair Value
1,149,427
Goldman
Sachs & Co.
Fully Funded
1,342,700 Swap
Baoshan Iron
and Steel Co.
30-Jul-14
604,971
Goldman
Sachs & Co.
Fully Funded
1,090,500 Swap
Daqin Railway
Co., Ltd.
16-Mar-15
1,108,953
Goldman
Sachs & Co.
Fully Funded
107,159 Swap
DLF, Ltd.
9-Jun-15
383,150
Goldman
Sachs & Co.
Fully Funded
206,090 Swap
Finolex Cables,
Ltd.
15-Jun-15
615,752
Goldman
Sachs & Co.
Fully Funded
243,153 Swap
Hindustan Zinc,
Ltd.
15-Sep-14
676,357
Goldman
Sachs & Co.
Fully Funded
53,169 Swap
Housing
Development
Finance Corp.,
Ltd.
15-Jun-15
877,428
Goldman
Sachs & Co.
Fully Funded
60,482 Swap
ICICI Bank, Ltd. 21-May-15
1,426,096
Goldman
Sachs & Co.
Fully Funded
10,942 Swap
Infosys, Ltd.
1-Jun-15
592,272
Goldman
Sachs & Co.
Fully Funded
97,654 Swap
ITC, Ltd.
7-May-15
527,765
919,066
Goldman
Sachs & Co.
Fully Funded
957,965 Swap
PC Jeweller, Ltd.
6-Jan-15
1,950,333
1,053,119
1,026,338
2,079,457
Goldman
Sachs & Co.
Fully Funded
990,700 Swap
SAIC Motor
Corp., Ltd.
1-Apr-15
2,442,823
Goldman
Sachs & Co.
Fully Funded
17,310 Swap
Strides Arcolab,
Ltd.
16-Jul-15
179,892
926,617
573,020
638,694
916,209
1,355,425
572,751
9,140
1,152,126
6,143,982
604,446
601,829
648,425
1,890,224
2,538,649
588,504
Total
680,306
5,986,868
6,667,174
887,198
11,668,019
Total Investments at last traded prices
98.7
120,339,449
Adjustments from last traded to bid market prices
(0.1)
(175,849)
Total Investments
98.6
$ 120,163,600
2,191,167
1,813,432
Total Return Swaps Outstanding as at 30 June 2014
493,237
543,182
1,036,419
Notional
Counterparty Amount
696,593
$ 101,771,432
Return
Paid
by the Fund
Return
Received Termination Unrealised
Appreciation
by the Fund
Date
UBS Financial
Services, Inc.
3-month USD
LIBOR plus
270,268 70 basis points
Power Grid
Corporation of
India, Ltd.
6-Aug-15
UBS Financial
Services, Inc.
3-month
LIBOR plus
Strides Arcolab,
Ltd.
22-Aug-14
Total
33,843
41,103
7,260
57
Janus Asia Fund

Forward Currency Contracts, Open as at 30 June 2014
Currency
Purchased
Citibank
EUR
EUR
EUR
EUR
EUR
EUR
Currency
Sold
15,525
2,574
95
15
116
20
USD
USD
USD
USD
USD
USD
21,155 $
3,507
129
21
158
27
Currency
Market
Value $U.S.
21,260
3,524
130
21
159
27
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
105
17
1
Total
124
Total Financial Assets at fair value through profit or loss
$ 120,204,827
Financial Liabilities at fair value through profit or loss

Notional
Counterparty Amount
Return
Paid
by the Fund
Return
(Depreciation)
by the Fund
Date
Credit Suisse
Securities
(USA) LLC
96,453
1-month
LIBOR plus 75
basis points
Reliant
Industries,
Ltd.
6-Aug-14
637,800
1-month USD
LIBOR plus 50
basis points
China Pacific
Insurance
3-Dec-14
(11,395)
38,000
1-month USD
LIBOR plus 50
basis points
Daqin Railway
Co., Ltd.
Class A
10-Sep-13
(4,084)
487,900
1-month USD
LIBOR plus 50
basis points
Daqin Railway
Co., Ltd.
Class A
12-Nov-14
(52,442)
396,100
1-month USD
LIBOR plus 50
basis points
Daqin Railway
Co., Ltd.
Class A
20-Nov-14
(42,575)
317,400
1-month USD
LIBOR plus 50
basis points
Daqin Railway
Co., Ltd.
Class A
11-May-15
(34,116)
107,500
1-month USD
LIBOR plus 50
basis points
SAIC Motor
Corp., Ltd.
UBS Financial
Services, Inc.
UBS Financial
Services, Inc.
UBS Financial
Services, Inc.
UBS Financial
Services, Inc.
UBS Financial
Services, Inc.
UBS Financial
Services, Inc.
7-Apr-15
(79,981)
(7,761)
Total
(232,354)
Total Financial Liabilities at fair value through profit or loss
(232,354)
58
Janus Balanced Fund

Percentage
of Net
Assets

Asset-Backed/Commercial Mortgage-Backed Securities
9.3%
222,000 AmeriCredit Automobile Receivables
Trust 2012-4, 2.6800%,
due 9/10/18 . . . . . . . . . . . . . . . . . . . . . . . .
Trust 2013-4, 3.3100%,
due 8/10/19 . . . . . . . . . . . . . . . . . . . . . . . .
339,000 Aventura Mall Trust 2013-AVM,
3.8674%, due 5/12/32 (144A) . . . . . . . . . 0.1
170,000 Boca Hotel Portfolio Trust 2013-BOCA,
3.2018%, due 15/8/26 (144A) . . . . . . . . . .
796,775 CKE Restaurant Holdings, Inc.,
4.4740%, due 20/3/43 (144A) . . . . . . . . . 0.3
102,209 COMM 2006-FL12 Mortgage Trust,
0.4918%, due 15/12/20 (144A) . . . . . . . . .
0.5318%, due 15/12/20 (144A) . . . . . . . . .
0.7218%, due 15/12/20 (144A) . . . . . . . . .
923,256 COMM 2007-C9 Mortgage Trust,
5.6500%, due 10/12/49 . . . . . . . . . . . . . . 0.3
476,000 Commercial Mortgage Trust 2007GG11, 5.8670%, due 10/12/49 . . . . . . . . . 0.2
132,592 Credit Suisse Mortgage Capital
Certificates, 0.5518%,
due 15/9/21 (144A) . . . . . . . . . . . . . . . . . .
due 15/10/21 (144A) . . . . . . . . . . . . . . . . .
due 15/10/21 (144A) . . . . . . . . . . . . . . . . .
49,956 Fannie Mae Pool, 5.5000%,
due 1/1/25 . . . . . . . . . . . . . . . . . . . . . . . . .
126,384 Fannie Mae Pool, 5.0000%,
due 1/9/29 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/1/30 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/1/33 . . . . . . . . . . . . . . . . . . . . . . . . .
141,464 Fannie Mae Pool, 6.0000%,
due 1/10/35 . . . . . . . . . . . . . . . . . . . . . . . .
155,284 Fannie Mae Pool, 6.0000%,
due 1/12/35 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/2/37 . . . . . . . . . . . . . . . . . . . . . . . . .
157,003 Fannie Mae Pool, 6.0000%,
due 1/9/37 . . . . . . . . . . . . . . . . . . . . . . . . .
124,391 Fannie Mae Pool, 6.0000%,
due 1/10/38 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/2/39 . . . . . . . . . . . . . . . . . . . . . . . . .
554,984 Fannie Mae Pool, 5.5000%,
due 1/3/40 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,561,774 Fannie Mae Pool, 5.5000%,
due 1/4/40 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 1/10/40 . . . . . . . . . . . . . . . . . . . . . . . .
384,215 Fannie Mae Pool, 5.0000%,
due 1/2/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
291,355 Fannie Mae Pool, 5.5000%,
due 1/2/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/4/41 . . . . . . . . . . . . . . . . . . . . . . . . .
117,569 Fannie Mae Pool, 4.5000%,
due 1/4/41 . . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
228,064
90,243
330,412
170,652
819,498
101,338
173,943
170,539
1,004,652
526,897
131,939
185,088
246,240
54,628
140,875
58,367
36,834
160,344
175,948
27,672
172,077
144,878
54,798
621,518
1,757,662
54,352
428,580
331,616
66,192
128,209
Percentage
of Net
Assets

due 1/4/41 . . . . . . . . . . . . . . . . . . . . . . . . . %
114,302 Fannie Mae Pool, 4.5000%,
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . .
219,277 Fannie Mae Pool, 5.0000%,
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . .
507,923 Fannie Mae Pool, 5.5000%,
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
648,525 Fannie Mae Pool, 5.5000%,
due 1/6/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
678,980 Fannie Mae Pool, 5.0000%,
due 1/7/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
162,423 Fannie Mae Pool, 4.5000%,
due 1/8/41 . . . . . . . . . . . . . . . . . . . . . . . . .
449,754 Fannie Mae Pool, 4.5000%,
due 1/1/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
656,256 Fannie Mae Pool, 4.5000%,
due 1/6/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
988,008 Fannie Mae Pool, 4.0000%,
due 1/9/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,237,837 Fannie Mae Pool, 4.5000%,
due 1/9/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
543,211 Fannie Mae Pool, 4.0000%,
due 1/11/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1
451,366 Fannie Mae Pool, 4.5000%,
due 1/11/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1
620,313 Fannie Mae Pool, 4.5000%,
due 1/2/43 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
849,153 Fannie Mae Pool, 4.5000%,
due 1/2/43 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
9,244,084 Fannie Mae Pool, 4.0000%,
due 1/7/43 . . . . . . . . . . . . . . . . . . . . . . . . 2.0
1,264,369 Fannie Mae Pool, 4.0000%,
due 1/8/43 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
327,183 Fannie Mae Pool, 4.0000%,
due 1/9/43 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
688,644 Fannie Mae Pool, 3.5000%,
due 1/1/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,174,562 Fannie Mae Pool, 3.5000%,
due 1/1/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
739,163 Fannie Mae Pool, 4.0000%,
due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
836,105 Fannie Mae Pool, 3.5000%,
due 1/4/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
44,731 Freddie Mac Gold Pool, 5.0000%,
due 1/1/19 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/8/19 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/6/20 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/12/28 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/10/36 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/4/40 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/1/41 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,847,768 Freddie Mac Gold Pool, 5.5000%,
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
254,061 FREMF 2010 K-SCT Mortgage Trust,
2.0000%, due 25/1/20 (144A) . . . . . . . . . .
154,006 Ginnie Mae I pool, 5.1000%,
due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
$
109,392
124,331
244,733
569,134
728,210
757,706
177,236
490,046
711,650
1,044,155
2,434,019
574,132
490,940
674,697
928,395
9,763,064
1,335,335
345,938
712,081
1,214,462
781,058
862,273
47,489
31,861
41,230
59,011
128,645
105,781
501,996
132,037
299,890
3,248,858
222,628
174,447
59
Janus Balanced Fund

Percentage
of Net
Assets

due 15/10/34 . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 15/9/35 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/3/36 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/8/39 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/8/39 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/10/39 . . . . . . . . . . . . . . . . . . . . . . .
due 15/10/39 . . . . . . . . . . . . . . . . . . . . . . .
due 15/11/39 . . . . . . . . . . . . . . . . . . . . . . .
due 15/1/40 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/4/40 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/5/40 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/5/40 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/7/40 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/7/40 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/2/41 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/4/41 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/5/41 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/7/41 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/7/41 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/8/41 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/9/41 . . . . . . . . . . . . . . . . . . . . . . . .
79,643 Ginnie Mae II pool, 6.0000%,
due 20/11/34 . . . . . . . . . . . . . . . . . . . . . . .
due 20/1/39 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/9/41 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/10/41 . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/10/41 . . . . . . . . . . . . . . . . . . . . . . .
due 20/12/41 . . . . . . . . . . . . . . . . . . . . . . .
due 20/1/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/1/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/2/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/3/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/4/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/5/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/5/42 . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
$
60
193,244
21,808
105,864
153,771
452,271
95,094
166,085
148,200
47,043
37,687
32,728
53,842
41,448
150,366
160,780
476,750
67,815
41,760
153,589
356,970
39,698
89,882
44,584
17,316
493,318
18,331
48,272
112,485
53,898
45,294
34,291
83,618
66,202
67,355
Percentage
of Net
Assets

due 20/7/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 20/7/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/8/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/9/42 . . . . . . . . . . . . . . . . . . . . . . . .
due 20/11/42 . . . . . . . . . . . . . . . . . . . . . . .
due 20/2/43 . . . . . . . . . . . . . . . . . . . . . . . .
247,000 GS Mortgage Securities Corp. II,
3.5495%, due 10/12/27 (144A) . . . . . . . . .
2.7510%, due 8/11/29 (144A) . . . . . . . . . 0.2
3.7510%, due 8/11/29 (144A) . . . . . . . . . 0.2
100,000 GS Mortgage Securities Corp. Trust
2013-NYC5, 3.6490%,
due 10/1/30 (144A) . . . . . . . . . . . . . . . . . .
131,000 Hilton USA Trust 2013-HLT,
4.4065%, due 5/11/30 (144A) . . . . . . . . . .
5.6086%, due 5/11/30 (144A) . . . . . . . . . .
230,278 JP Morgan Chase Commercial
Mortgage Securities Corp.,
3.9018%, due 15/8/29 (144A) . . . . . . . . . .
Mortgage Securities Trust 2013JWRZ, 3.1418%,
due 15/4/30 (144A) . . . . . . . . . . . . . . . . . .
Mortgage Securities Trust 2014FBLU, 3.6518%,
due 15/12/28 (144A) . . . . . . . . . . . . . . . . .
765,000 LB-UBS Commercial Mortgage Trust
2007-C2, 5.4930%, due 15/2/40 . . . . . . . 0.3
71,000 Santander Drive Auto Receivables
Trust, 2.5200%, due 17/9/18 . . . . . . . . . . .
Trust 2012-5, 3.3000%,
due 17/9/18 . . . . . . . . . . . . . . . . . . . . . . . .
372,800 Wachovia Bank Commercial Mortgage
Trust Series 2007-C30, 5.3830%,
due 15/12/43 . . . . . . . . . . . . . . . . . . . . . . 0.1
250,000 Wells Fargo Commercial Mortgage
Trust 2014-TISH, 2.9018%,
due 15/1/27 (144A) . . . . . . . . . . . . . . . . . .
Trust 2014-TISH, 2.4018%,
due 15/2/27 (144A) . . . . . . . . . . . . . . . . . .
Trust 2014-TISH, 3.4018%,
due 15/2/27 (144A) . . . . . . . . . . . . . . . . . .
Total Asset-Backed/Commercial Mortgage-Backed
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3
Commercial Paper
0.8
4,300,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Common Stock
36.6
Advertising Sales
22,040 CBS Outdoor Americas, Inc.. . . . . . . . . . . . . 0.1
Aerospace and Defence
55,143 Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
Fair
Value
$
185,535
46,810
50,298
121,822
48,434
65,183
233,925
567,472
559,025
101,604
136,054
250,725
232,425
144,468
147,722
823,623
72,670
83,233
406,043
250,486
75,165
75,032
47,510,328
4,299,999
720,267
7,015,844
Percentage
of Net
Assets
Applications Software
94,247 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . .
Athletic Footwear
62,623 NIKE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
82,658 General Motors Co. . . . . . . . . . . . . . . . . . . .
Banks
40,053 PacWest Bancorp . . . . . . . . . . . . . . . . . . . . .
Beverages Non-Alcoholic
23,551 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
50,457 Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . .
Casino Hotels
70,310 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . .
Chemicals Diversified
106,276 EI du Pont de Nemours & Co. . . . . . . . . . . .
74,829 LyondellBasell Industries NV . . . . . . . . . . . .
Commercial Services Finance
21,758 Automatic Data Processing, Inc. . . . . . . . . . .
Computers
84,826 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
10,239 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . .
51,512 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . .
Diversified Banking Institutions
49,003 JP Morgan Chase & Co. . . . . . . . . . . . . . . . .
18,616 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,234 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
0.8%
Fair
Value
$
3,930,100
1.0
4,856,414
0.6
3,000,485
0.3
1,729,088
0.4
2,104,046
0.3
1,611,142
1.1
5,359,028
1.4
1.4
2.8
6,954,701
7,307,052
14,261,753
0.3
1,724,974
1.6
7,882,880
0.2
1,138,782
0.7
3,512,088
0.6
2,823,553
0.6
0.2
0.8
2,666,556
1,203,632
3,870,188
Electric Distribution
22,481 Ameren Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.2
34,940 Edison International . . . . . . . . . . . . . . . . . . . 0.4
0.6
Electric Transmission
49,720 Brookfield Infrastructure Partners L.P. . . . . . . . 0.4
90,182 TE Connectivity, Ltd. . . . . . . . . . . . . . . . . . . 1.1
63,713 Microchip Technology, Inc.. . . . . . . . . . . . . . 0.6
34,266 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.9
Finance Credit Card
14,548 American Express Co. . . . . . . . . . . . . . . . . . 0.3
9,970 Greenhill & Co., Inc. . . . . . . . . . . . . . . . . . . 0.1
Financial Services
38,449 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5
Food Confectionery
11,474 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Food Miscellaneous/Diversified
42,758 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Food Retail
30,948 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Gas Distribution
13,382 National Grid PLC (ADR) . . . . . . . . . . . . . . . 0.2
Instruments Controls
31,937 Honeywell International, Inc. . . . . . . . . . . . . 0.6
919,023
2,030,364
2,949,387
2,074,318
5,576,855
3,109,832
1,621,124
4,730,956
1,380,169
491,023
Percentage
of Net
Assets

106,647 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . .
Medical Drugs
60,953 Abbott Laboratories . . . . . . . . . . . . . . . . . . .
136,648 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
39,087 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . .
45,574 Johnson & Johnson . . . . . . . . . . . . . . . . . . .
Medical HMO
72,800 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
Multimedia
29,605 Viacom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
51,699 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . .
Pipelines
77,950 Enterprise Products Partners L.P. . . . . . . . . .
Private Equity
216,960 Blackstone Group L.P. . . . . . . . . . . . . . . . . . .
9,508 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . .
REIT Health Care
15,492 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . .
Resorts and Theme Parks
24,485 Six Flags Entertainment Corp. . . . . . . . . . . .
Retail Building Products
19,064 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
12,355 McDonalds Corp. . . . . . . . . . . . . . . . . . . . . .
Savings/Loans/Thrifts Eastern U.S.
67,956 Peoples United Financial, Inc. . . . . . . . . . . .
Super Regional Banks
133,074 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . .
Telephone Integrated
21,180 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . .
64,121 Verizon Communications, Inc. . . . . . . . . . . .
0.5%
1,117,223
1,939,670
1,529,760
995,353
2,447,249
0.5
1.5
0.5
0.9
3.4
2,492,978
7,712,413
2,430,039
4,767,952
17,403,382
1.2
5,902,624
0.5
2,567,642
1.3
6,749,304
1.2
6,102,706
1.4
7,255,141
0.2
894,418
0.2
993,037
0.2
1,041,837
0.3
1,543,421
0.2
1,244,643
0.2
1,030,893
1.1
5,764,765
0.2
0.6
0.8
766,716
3,137,441
3,904,157
Television
107,143 CBS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
Tobacco
96,262 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.8
59,939 Philip Morris International, Inc. . . . . . . . . . . 1.0
1.8
Toys
106,183 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Transportation Railroad
12,499 Canadian Pacific Railway, Ltd. . . . . . . . . . . . 0.4
51,916 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 1.0
1.4
2,727,957
Fair
Value
Corporate Bonds
32.1
990,000 ADS Tactical, Inc., 11.0000%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.2
Aerospace and Defence Equipment
254,000 Exelis, Inc., 4.2500%, due 1/10/16 . . . . . . . 0.1
115,000 Exelis, Inc., 5.5500%, due 1/10/21 . . . . . . . .
739,000 TransDigm, Inc., 6.0000%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.1
0.2
6,657,865
4,037,228
5,053,457
9,090,685
4,137,952
2,264,069
5,178,621
7,442,690
186,196,258
952,875
269,551
123,777
760,246
1,153,574
2,968,544
61
Janus Balanced Fund

Percentage
of Net
Assets
Airlines
218,000 Southwest Airlines Co., 5.1250%,
due 1/3/17 . . . . . . . . . . . . . . . . . . . . . . . . . %
350,000 United Continental Holdings, Inc.,
6.3750%, due 1/6/18 . . . . . . . . . . . . . . . . 0.1
0.1
718,000 Chrysler Group LLC / CG Co-Issuer,
Inc., 8.0000%, due 15/6/19 . . . . . . . . . . . 0.2
Inc., 8.2500%, due 15/6/21 . . . . . . . . . . . 0.1
1,959,000 General Motors Co., 3.5000%,
due 2/10/18 (144A) . . . . . . . . . . . . . . . . . 0.4
due 2/10/23 (144A) . . . . . . . . . . . . . . . . . 0.6
387,000 General Motors Co., 6.2500%,
due 2/10/43 (144A) . . . . . . . . . . . . . . . . . 0.1
1.4
637,000 Schaeffler Finance B.V., 4.2500%,
due 15/5/21 (144A) . . . . . . . . . . . . . . . . . 0.1
Building Residential and Commercial
1,529,000 Century Communities, Inc., 6.8750%,
due 15/5/22 (144A) . . . . . . . . . . . . . . . . . . 0.4
92,000 DR Horton, Inc., 4.7500%,
due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . .
500,000 DR Horton, Inc., 3.6250%,
due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
542,000 DR Horton, Inc., 3.7500%,
due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
600,000 Lennar Corp., 4.1250%,
due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
551,000 MDC Holdings, Inc., 5.5000%,
due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1
605,000 Meritage Homes Corp., 7.0000%,
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
115,000 Toll Brothers Finance Corp.,
4.0000%, due 31/12/18 . . . . . . . . . . . . . . .
5.8750%, due 15/2/22 . . . . . . . . . . . . . . . .
4.3750%, due 15/4/23 . . . . . . . . . . . . . . . .
1.0
Building and Construction Products Miscellaneous
678,000 Summit Materials LLC / Summit
Materials Finance Corp.,
10.5000%, due 31/1/20 . . . . . . . . . . . . . . 0.2
388,000 Martin Marietta Materials, Inc.,
4.2500%, due 2/7/24 (144A) . . . . . . . . . . 0.1
55,000 Vulcan Materials Co., 7.0000%,
due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . .
0.1
Cable/Satellite TV
785,000 CCO Holdings LLC / CCO Holdings
Capital Corp., 5.2500%,
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.2
884,000 Numericable Group SA, 4.8750%,
due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.1
3,633,000 Numericable Group SA, 6.0000%,
due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.6
due 15/5/24 (144A) . . . . . . . . . . . . . . . . . 0.2
1.3
Fair
Value
62
237,838
378,875
616,713
783,518
543,665
2,007,974
2,976,862
446,018
6,758,037
638,593
1,571,047
97,980
513,750
546,065
615,750
575,487
669,280
118,738
98,325
50,363
4,856,785
764,445
391,687
63,594
455,281
807,569
808,725
908,310
3,782,860
770,165
7,077,629
Percentage
of Net
Assets
Casino Hotels
716,000 Caesars Entertainment Resort
Properties LLC, 11.0000%,
due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.2%
400,000 Marina District Finance Co., Inc.,
9.8750%, due 15/8/18 . . . . . . . . . . . . . . . 0.1
95,000 MGM Resorts International, 6.6250%,
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
158,000 Wynn Las Vegas LLC / Wynn Las
Vegas Capital Corp., 4.2500%,
due 30/5/23 (144A) . . . . . . . . . . . . . . . . . .
1,450,000 Wynn Macau, Ltd., 5.2500%,
due 15/10/21 (144A) . . . . . . . . . . . . . . . . 0.3
0.8
Casino Services
200,000 CCM Merger, Inc., 9.1250%,
due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . .
474,000 Sprint Corp., 7.2500%,
due 15/9/21 (144A) . . . . . . . . . . . . . . . . . 0.1
150,000 Sprint Corp., 7.8750%,
due 15/9/23 (144A) . . . . . . . . . . . . . . . . . .
351,000 Sprint Corp., 7.1250%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . 0.1
0.2
252,000 INEOS Group Holdings SA, 5.8750%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.1
Chemicals Specialty
172,000 Ashland, Inc., 3.8750%, due 15/4/18 . . . . . . . .
175,000 Ashland, Inc., 4.7500%,
due 15/8/22 (144A) . . . . . . . . . . . . . . . . . .
233,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.1
0.1
Coal
686,000 Natural Resource Partners L.P. / NRP
Finance Corp., 9.1250%,
due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
651,000 Westmoreland Coal Co. /
Westmoreland Partners, 10.7500%,
due 1/2/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
0.3
Commercial Banks Eastern U.S.
679,000 CIT Group, Inc., 4.2500%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
550,000 CIT Group, Inc., 5.2500%,
due 15/3/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
95,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . .
478,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.1
361,000 CIT Group, Inc., 3.8750%,
due 19/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.5
1,378,000 Abbey National Treasury Services PLC,
4.0000%, due 13/3/24 . . . . . . . . . . . . . . . 0.3
362,000 HBOS PLC, 6.7500%,
due 21/5/18 (144A) . . . . . . . . . . . . . . . . . 0.1
1,502,000 Intesa Sanpaolo SpA, 5.0170%,
due 26/6/24 (144A) . . . . . . . . . . . . . . . . . 0.2
Fair
Value
773,280
423,500
99,988
312,221
671,250
153,655
1,493,500
3,927,394
215,500
524,362
167,250
372,938
1,064,550
258,930
177,805
176,750
252,223
606,778
723,730
700,639
1,424,369
709,979
591,938
107,113
519,526
367,534
2,296,090
1,424,882
417,759
1,522,713
Percentage
of Net
Assets
328,000 Santander UK PLC, 5.0000%,

due 7/11/23 (144A) . . . . . . . . . . . . . . . . . 0.1%
0.7
Commercial Banks Western U.S.
322,000 SVB Financial Group, 5.3750%,
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
530,000 Zions Bancorporation, 5.8000%,
due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Commercial Services
453,000 Ceridian LLC / Comdata, Inc.,
8.1250%, due 15/11/17 (144A) . . . . . . . . 0.1
Computer Aided Design
200,000 Autodesk, Inc., 3.6000%,
due 15/12/22 . . . . . . . . . . . . . . . . . . . . . . .
Computers Memory Devices
91,000 Seagate HDD Cayman, 4.7500%,
due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . .
Consulting Services
204,000 Verisk Analytics, Inc., 4.8750%,
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.3
350,000 Reynolds Group Issuer, Inc. / Reynolds
Group Issuer LLC, 9.0000%,
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Containers Metal and Glass
479,000 Ardagh Packaging Finance PLC /
Ardagh Holdings USA, Inc.,
6.2500%, due 31/1/19 (144A) . . . . . . . . . 0.1
450,000 Greif, Inc., 7.7500%, due 1/8/19 . . . . . . . . . 0.1
0.2
Data Processing and Management
580,000 Fidelity National Information Services,
Inc., 3.8750%, due 5/6/24 . . . . . . . . . . . . . 0.2
210,000 Fiserv, Inc., 3.1250%, due 1/10/15 . . . . . . . . .
0.2
Dialysis Centres
632,000 Fresenius Medical Care US
Finance II, Inc., 5.6250%,
due 31/7/19 (144A) . . . . . . . . . . . . . . . . . 0.1
due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.2
0.3
200,000 American Builders & Contractors
Supply Co., Inc., 5.6250%,
due 15/4/21 (144A) . . . . . . . . . . . . . . . . . .
133,000 Bank of America Corp., 1.5000%,
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,926,000 Bank of America Corp., 2.6500%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.1
680,000 Citigroup, Inc., 5.0000%,
due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
$
354,916
3,720,270
365,372
506,812
872,184
458,663
198,686
90,773
220,245
1,108,747
322,112
1,651,104
372,313
492,173
519,750
1,011,923
583,917
216,100
800,017
692,040
765,900
1,457,940
207,500
134,267
423,368
1,954,361
329,184
686,055
Percentage
of Net
Assets
34,000 Citigroup, Inc., 5.3500%,

due 29/4/49 . . . . . . . . . . . . . . . . . . . . . . . . %
398,000 Citigroup, Inc., 5.9000%,
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.1
120,000 Goldman Sachs Group, Inc.,
5.6250%, due 15/1/17 . . . . . . . . . . . . . . . .
2.3750%, due 22/1/18 . . . . . . . . . . . . . . . 0.1
5.7000%, due 10/5/19 . . . . . . . . . . . . . . . 0.2
155,000 JP Morgan Chase & Co.,
7.9000%, due 29/4/49 . . . . . . . . . . . . . . . .
108,000 Morgan Stanley, 4.7500%,
due 22/3/17 . . . . . . . . . . . . . . . . . . . . . . . .
due 24/1/19 . . . . . . . . . . . . . . . . . . . . . . . .
due 24/11/25 . . . . . . . . . . . . . . . . . . . . . . 0.1
76,000 Royal Bank of Scotland Group PLC,
2.5500%, due 18/9/15 . . . . . . . . . . . . . . . .
1,264,000 Royal Bank of Scotland Group PLC,
6.1000%, due 10/6/23 . . . . . . . . . . . . . . . 0.3
6.0000%, due 19/12/23 . . . . . . . . . . . . . . 0.3
1.8
186,000 Carlyle Holdings Finance LLC,
3.8750%, due 1/2/23 (144A) . . . . . . . . . . .
300,000 General Electric Capital Corp.,
7.1250%, due 15/6/22 . . . . . . . . . . . . . . . 0.1
6.2500%, due 15/12/49 . . . . . . . . . . . . . . 0.1
6.3750%, due 15/11/67 . . . . . . . . . . . . . . .
0.2
287,000 FMG Resources August 2006 Pty, Ltd.,
8.2500%, due 1/11/19 (144A) . . . . . . . . . . 0.1
6.8750%, due 1/4/22 (144A) . . . . . . . . . . 0.1
0.2
595,000 Bombardier, Inc., 4.7500%,
due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.1
128,000 GE Capital Trust I, 6.3750%,
due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . .
272,000 Ingersoll-Rand Global Holding Co.,
Ltd., 4.2500%, due 15/6/23 . . . . . . . . . . . 0.1
0.2
Electric Integrated
316,000 CMS Energy Corp., 4.2500%,
due 30/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1
430,000 IPALCO Enterprises, Inc., 5.0000%,
due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
210,000 PPL WEM Holdings, Ltd., 3.9000%,
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . .
due 1/5/21 (144A) . . . . . . . . . . . . . . . . . . .
0.2
318,000 National Semiconductor Corp.,
6.6000%, due 15/6/17 . . . . . . . . . . . . . . . 0.1
820,000 Samsung Electronics America, Inc.,
1.7500%, due 10/4/17 (144A) . . . . . . . . . 0.1
398,000 Xilinx, Inc., 3.0000%, due 15/3/21 . . . . . . . 0.1
0.3
Fair
Value
$
32,770
403,726
132,144
394,363
802,516
173,988
117,660
155,892
544,070
77,591
1,385,975
1,413,942
9,161,872
190,211
354,611
334,305
32,408
911,535
313,548
538,124
851,672
606,157
142,720
286,677
1,035,554
329,270
461,175
220,001
131,796
1,142,242
368,360
824,389
402,311
1,595,060
63
Janus Balanced Fund

Percentage
of Net
Assets
Electronic Connectors
490,000 Amphenol Corp., 4.7500%,
due 15/11/14 . . . . . . . . . . . . . . . . . . . . . . 0.1%
317,000 FLIR Systems, Inc., 3.7500%,
due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Engineering Research and Development Services
124,000 URS Corp., 5.0000%, due 1/4/22 . . . . . . . . . .
Entertainment
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.1
200,000 Mohegan Tribal Gaming Authority,
9.7500%, due 1/9/21 . . . . . . . . . . . . . . . . .
0.1
Finance Auto Loans
1,372,000 Ford Motor Credit Co. LLC, 5.8750%,
due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
128,000 General Motors Financial Co., Inc.,
3.2500%, due 15/5/18 . . . . . . . . . . . . . . . .
0.3
Finance Credit Card
348,000 American Express Co., 6.8000%,
due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
259,000 Charles Schwab Corp., 7.0000%,
due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.1
437,000 E*TRADE Financial Corp., 6.7500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . .
due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.1
86,000 Lazard Group LLC, 6.8500%,
due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . .
due 14/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
423,000 Raymond James Financial, Inc.,
4.2500%, due 15/4/16 . . . . . . . . . . . . . . . 0.1
5.6250%, due 1/4/24 . . . . . . . . . . . . . . . . 0.1
0.6
Finance Leasing Companies
635,000 LeasePlan Corp. NV, 2.5000%,
due 16/5/18 (144A) . . . . . . . . . . . . . . . . . 0.1
Food Confectionery
608,000 WM. Wrigley Jr Co., 2.4000%,
due 21/10/18 (144A) . . . . . . . . . . . . . . . . 0.1
Food Dairy Products
500,000 FAGE Dairy Industry SA / FAGE USA
Dairy Industry, Inc., 9.8750%,
due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.1
Food Meat Products
80,000 Smithfield Foods, Inc., 5.2500%,
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . .
due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2
232,000 Tyson Foods, Inc., 6.6000%,
due 1/4/16 . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
115,000 Pinnacle Foods Finance LLC / Pinnacle
Foods Finance Corp., 4.8750%,
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . . .
Food Retail
204,000 Safeway, Inc., 4.7500%, due 1/12/21 . . . . . . .
779,000 Safeway, Inc., 7.2500%, due 1/2/31 . . . . . . . 0.2
Fair
Value
64
497,582
334,076
126,552
630,000
223,000
853,000
1,613,198
130,240
1,743,438
383,670
303,678
476,330
156,750
325,163
97,635
445,891
446,965
897,154
3,149,566
640,843
618,169
537,500
83,800
550,000
254,232
888,032
118,163
209,883
814,685
Percentage
of Net
Assets
1,742,000 SUPERVALU, Inc., 6.7500%,

due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4%
0.6
Gas Transportation
450,000 Sabine Pass LNG L.P., 7.5000%,
due 30/11/16 . . . . . . . . . . . . . . . . . . . . . . 0.1
Hotels and Motels
350,000 Playa Resorts Holding B.V., 8.0000%,
due 15/8/20 (144A) . . . . . . . . . . . . . . . . . 0.1
Independent Power Producer
228,000 NRG Energy, Inc., 6.2500%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . .
1,944,000 NRG Energy, Inc., 6.2500%,
due 1/5/24 (144A) . . . . . . . . . . . . . . . . . . 0.4
0.4
Investment Management and Advisory Services
413,000 Ameriprise Financial, Inc., 7.5180%,
due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
538,000 Neuberger Berman Group LLC /
Neuberger Berman Finance Corp.,
5.6250%, due 15/3/20 (144A) . . . . . . . . . 0.1
5.8750%, due 15/3/22 (144A) . . . . . . . . . 0.1
0.3
542,000 Primerica, Inc., 4.7500%, due 15/7/22. . . . . . . 0.1
Linen Supply and Related Items
146,000 Cintas Corp. No 2, 2.8500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . .
152,000 Cintas Corp. No 2, 4.3000%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.1
Machinery Farm
767,000 CNH Industrial Capital LLC,
3.6250%, due 15/4/18 . . . . . . . . . . . . . . . 0.2
Medical Biomedical and Genetic
77,000 Life Technologies Corp., 5.0000%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . .
Medical Drugs
300,000 Capsugel SA, 7.0000%, due 15/5/19
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,081,000 Endo Finance LLC, 5.7500%,
due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.2
1,060,000 Grifols Worldwide Operations, Ltd.,
5.2500%, due 1/4/22 (144A) . . . . . . . . . . 0.2
0.5
Medical Generic Drugs
189,000 Actavis, Inc., 1.8750%, due 1/10/17. . . . . . . .
234,000 Perrigo Co., 4.0000%,
due 15/11/23 (144A) . . . . . . . . . . . . . . . . 0.1
0.1
Medical HMO
1,159,000 Centene Corp., 4.7500%, due 15/5/22 . . . . . . 0.2
Medical Hospitals
250,000 HCA Holdings, Inc., 7.7500%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
414,000 HCA, Inc., 3.7500%, due 15/3/19 . . . . . . . . 0.1
1,350,000 HCA, Inc., 5.0000%, due 15/3/24 . . . . . . . . 0.3
2,050,000 Tenet Healthcare Corp., 8.1250%,
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.9
Medical Products
121,000 Teleflex, Inc., 5.2500%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . .
Fair
Value
$
1,802,969
2,827,537
499,500
378,875
243,390
2,033,910
2,277,300
458,637
571,624
370,013
1,400,274
591,421
150,967
164,175
315,142
787,134
86,385
309,563
1,105,322
1,102,400
2,517,285
190,835
238,282
429,117
1,177,834
274,688
418,658
1,372,031
2,377,999
4,443,376
122,513
Percentage
of Net
Assets
Money Center Banks

320,000 Lloyds Bank PLC, 6.5000%,
due 14/9/20 (144A) . . . . . . . . . . . . . . . . . 0.1%
Multi-Line Insurance
93,000 American International Group, Inc.,
5.6000%, due 18/10/16 . . . . . . . . . . . . . . .
6.2500%, due 15/3/37 . . . . . . . . . . . . . . . .
8.1750%, due 15/5/58 . . . . . . . . . . . . . . . 0.1
256,000 Voya Financial, Inc., 5.6500%,
due 15/5/53 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Multimedia
310,000 Viacom, Inc., 3.8750%, due 1/4/24 . . . . . . . 0.1
Office Furnishings Original
138,000 Interface, Inc., 7.6250%, due 1/12/18 . . . . . .
Oil Field Services
710,000 Hiland Partners L.P. / Hiland Partners
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.2
1,596,000 Hiland Partners L.P. / Hiland Partners
due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.3
0.5
Oil and Gas Drilling
583,000 Nabors Industries, Inc., 5.0000%,
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/9/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.1
437,000 Chesapeake Energy Corp., 6.1250%,
due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,429,000 Chesapeake Energy Corp., 5.3750%,
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/4/22 . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4
279,000 Cimarex Energy Co., 5.8750%,
due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
486,000 CNOOC Nexen Finance 2014 ULC,
4.2500%, due 30/4/24 . . . . . . . . . . . . . . . 0.1
34,000 Continental Resources, Inc., 7.1250%,
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/6/24 (144A) . . . . . . . . . . . . . . . . . . . 0.1
due 1/6/44 (144A) . . . . . . . . . . . . . . . . . . . 0.1
512,000 Devon Energy Corp., 2.2500%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.1
2,311,000 Endeavor Energy Resources L.P. / EER
Finance, Inc., 7.0000%,
due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 0.5
289,000 Halcon Resources Corp., 8.8750%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,237,000 Parsley Energy LLC / Parsley Finance
Corp., 7.5000%, due 15/2/22
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
32,000 Petrohawk Energy Corp., 7.2500%,
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
376,096
102,300
165,191
651,157
261,760
1,180,408
315,644
145,590
777,450
1,619,940
2,397,390
655,025
36,885
691,910
491,625
1,529,030
3,828,943
2,066,085
309,690
375,820
499,311
38,548
746,462
386,940
518,519
2,478,547
312,120
1,326,683
33,520
316,090
Percentage
of Net
Assets
127,000 Plains Exploration & Production Co.,

6.5000%, due 15/11/20 . . . . . . . . . . . . . . . %
6.6250%, due 1/5/21 . . . . . . . . . . . . . . . . .
6.7500%, due 1/2/22 . . . . . . . . . . . . . . . . .
6.8750%, due 15/2/23 . . . . . . . . . . . . . . . 0.1
1,578,000 QEP Resources, Inc., 5.3750%,
due 1/10/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
682,000 Rice Energy, Inc., 6.2500%,
due 1/5/22 (144A) . . . . . . . . . . . . . . . . . . 0.1
3,172,000 Samson Investment Co., 10.7500%,
due 15/2/20 (144A) . . . . . . . . . . . . . . . . . 0.7
550,000 SandRidge Energy, Inc., 8.1250%,
due 15/10/22 . . . . . . . . . . . . . . . . . . . . . . 0.1
434,000 Seventy Seven Energy, Inc., 6.5000%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.1
4.9
Oil Field Machinery and Equipment
1,205,000 Forum Energy Technologies, Inc.,
6.2500%, due 1/10/21 (144A) . . . . . . . . . 0.3
Oil Refining and Marketing
180,000 Frontier Oil Corp., 6.8750%,
due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . .
Pipelines
836,000 Crestwood Midstream Partners L.P.
/ Crestwood Midstream Finance
Corp., 6.0000%, due 15/12/20 . . . . . . . . . 0.2
1,885,000 Crestwood Midstream Partners L.P. /
Crestwood Midstream Finance Corp.,
6.1250%, due 1/3/22 (144A) . . . . . . . . . . 0.4
443,000 DCP Midstream Operating L.P,
4.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 0.1
855,000 DCP Midstream Operating L.P.,
3.8750%, due 15/3/23 . . . . . . . . . . . . . . . 0.2
18,000 El Paso LLC, 6.5000%, due 15/9/20 . . . . . . . .
58,000 El Paso Pipeline Partners Operating Co
LLC, 6.5000%, due 1/4/20 . . . . . . . . . . . . . .
LLC, 5.0000%, due 1/10/21 . . . . . . . . . . . . .
LLC, 4.3000%, due 1/5/24 . . . . . . . . . . . . . 0.2
195,000 Energy Transfer Partners L.P.,
4.1500%, due 1/10/20 . . . . . . . . . . . . . . . .
1,182,000 EnLink Midstream Partners L.P.,
4.4000%, due 1/4/24 . . . . . . . . . . . . . . . . 0.2
952,000 EnLink Midstream Partners L.P.,
5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.2
252,000 Plains All American Pipeline L.P. / PAA
due 15/9/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
454,000 Sabine Pass Liquefaction LLC,
5.7500%, due 15/5/24 (144A) . . . . . . . . . 0.1
64,000 Spectra Energy Partners L.P., 2.9500%,
due 25/9/18 . . . . . . . . . . . . . . . . . . . . . . . . .
due 15/3/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
633,000 Western Gas Partners L.P., 5.3750%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.9
Publishing Periodicals
400,000 Nielsen Finance LLC / Nielsen
Finance Co., 4.5000%,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.1
Fair
Value
$
142,399
37,084
171,188
654,475
1,633,229
1,395,345
699,903
3,358,354
608,438
445,393
24,403,741
1,283,325
189,450
881,980
1,993,387
487,137
867,216
20,025
68,230
182,309
801,615
206,436
1,242,769
1,066,934
261,823
473,863
66,499
362,554
717,830
9,700,607
405,000
65
Janus Balanced Fund

Percentage
of Net
Assets
339,000 UBM PLC, 5.7500%,

due 3/11/20 (144A) . . . . . . . . . . . . . . . . . 0.1%
0.2
114,000 CBRE Services, Inc., 6.6250%,
due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . .
358,000 Jones Lang LaSalle, Inc., 4.4000%,
due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.1
400,000 Kennedy-Wilson, Inc., 8.7500%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,004,000 Kennedy-Wilson, Inc., 5.8750%,
due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.6
1,154,000 Forestar USA Real Estate Group, Inc.,
8.5000%, due 1/6/22 (144A) . . . . . . . . . . 0.3
487,000 Howard Hughes Corp., 6.8750%,
due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.1
206,000 Post Apartment Homes L.P., 4.7500%,
due 15/10/17 . . . . . . . . . . . . . . . . . . . . . . . .
0.4
REIT Diversified
255,000 Goodman Funding Pty, Ltd., 6.3750%,
due 12/11/20 (144A) . . . . . . . . . . . . . . . . . 0.1
REIT Health Care
101,000 Senior Housing Properties Trust,
6.7500%, due 15/4/20 . . . . . . . . . . . . . . . .
6.7500%, due 15/12/21 . . . . . . . . . . . . . . .
REIT Office Property

443,000 Alexandria Real Estate Equities, Inc.,
4.6000%, due 1/4/22 . . . . . . . . . . . . . . . . 0.1
475,000 SL Green Realty Corp. / SL Green
Operating Partnership / Reckson
Operating Partnership, 7.7500%,
due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
REIT Shopping Centres
129,000 Retail Opportunity Investments
Partnership L.P., 5.0000%,
due 15/12/23 . . . . . . . . . . . . . . . . . . . . . . .
Rental Auto/Equipment
493,000 Ahern Rentals, Inc., 9.5000%,
due 15/6/18 (144A) . . . . . . . . . . . . . . . . . 0.1
172,000 NES Rentals Holdings, Inc., 7.8750%,
due 1/5/18 (144A) . . . . . . . . . . . . . . . . . . . .
350,000 United Rentals North America, Inc.,
6.1250%, due 15/6/23 (144A) . . . . . . . . . 0.1
0.2
Retail Apparel and Shoe
318,000 Mens Wearhouse, Inc., 7.0000%,
due 1/7/22 (144A) . . . . . . . . . . . . . . . . . . 0.1
Retail Arts and Crafts
220,000 Michaels Stores, Inc., 5.8750%,
due 15/12/20 (144A) . . . . . . . . . . . . . . . . .
Retail Regional Department Stores
163,000 Macys Retail Holdings, Inc., 5.9000%,
due 1/12/16 . . . . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
496,000 Brinker International, Inc., 3.8750%,
due 15/5/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,421,000 PF Changs China Bistro, Inc.,
10.2500%, due 30/6/20 (144A) . . . . . . . . 0.5
0.6
Fair
Value
$
66
365,313
770,313
121,553
362,364
434,760
2,039,070
2,957,747
1,200,160
523,525
226,201
1,949,886
296,870
116,935
131,036
247,971
469,150
575,782
1,044,932
138,327
545,998
184,040
377,125
1,107,163
330,720
225,060
181,754
481,608
2,481,525
2,963,133
Percentage
of Net
Assets

860,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.2%
Software
1,461,000 Blackboard, Inc., 7.7500%,
due 15/11/19 (144A) . . . . . . . . . . . . . . . . 0.3
Special Purpose Entity
955,000 Goldman Sachs Capital I, 6.3450%,
due 15/2/34 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Steel Producers
550,000 AK Steel Corp., 8.7500%, due 1/12/18 . . . . . . 0.1
121,000 Reliance Steel & Aluminum Co.,
4.5000%, due 15/4/23 . . . . . . . . . . . . . . . .
0.1
Telecommunication Equipment
2,245,000 CommScope, Inc., 5.0000%,
due 15/6/21 (144A) . . . . . . . . . . . . . . . . . 0.5
3,715,000 CommScope, Inc., 5.5000%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . 0.7
1.2
Telecommunication Services
3,817,000 Altice SA, 7.7500%,
due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.8
173,000 SBA Tower Trust, 2.9330%,
due 15/12/17 (144A) . . . . . . . . . . . . . . . . .
0.8
337,000 Verizon Communications, Inc.,
5.1500%, due 15/9/23 . . . . . . . . . . . . . . . 0.1
6.4000%, due 15/9/33 . . . . . . . . . . . . . . . 0.1
0.2
Transportation
200,000 Syncreon Group B.V. / Syncreon
Global Finance US, Inc., 8.6250%,
due 1/11/21 (144A) . . . . . . . . . . . . . . . . . 0.1
440,000 Eletson Holdings, 9.6250%,
due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.1
74,998 CSX Transportation, Inc., 8.3750%,
due 15/10/14 . . . . . . . . . . . . . . . . . . . . . . .
2,256,000 Florida East Coast Holdings Corp.,
6.7500%, due 1/5/19 (144A) . . . . . . . . . . 0.4
9.7500%, due 1/5/20 (144A) . . . . . . . . . . 0.4
0.8
Transportation Services
58,000 Asciano Finance, Ltd., 3.1250%,
due 23/9/15 (144A) . . . . . . . . . . . . . . . . . .
Transportation Truck
319,000 JB Hunt Transport Services, Inc.,
3.3750%, due 15/9/15 . . . . . . . . . . . . . . . 0.1
Trucking and Leasing
40,000 Penske Truck Leasing Co., L.P. / PTL
due 15/3/16 (144A) . . . . . . . . . . . . . . . . . .
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.1
due 15/6/19 (144A) . . . . . . . . . . . . . . . . . 0.1
due 11/7/22 (144A) . . . . . . . . . . . . . . . . . .
Fair
Value
849,011
1,534,050
1,094,194
618,063
123,657
741,720
2,301,125
3,793,944
6,095,069
4,084,190
176,622
4,260,812
377,835
610,600
988,435
204,000
474,100
76,675
2,388,539
2,136,296
4,601,510
59,211
328,618
41,134
351,542
607,810
72,343
Percentage
of Net
Assets

due 17/1/23 (144A) . . . . . . . . . . . . . . . . . 0.1%
0.3
Water Treatment Systems
750,000 Nuverra Environmental Solutions,
Inc., 9.8750%, due 15/4/18 . . . . . . . . . . . 0.2
Fair
Value
275,815
1,348,644
783,750
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.1
162,612,296
Government Obligations
18.0
United States Treasury Notes/Bonds
17,864,000 0.3750%, due 31/1/16 . . . . . . . . . . . . . . . . . 3.5
210,000 0.3750%, due 15/2/16 . . . . . . . . . . . . . . . . . .
20,660,000 0.2500%, due 29/2/16 . . . . . . . . . . . . . . . . . 4.2
3,979,000 0.3750%, due 31/3/16 . . . . . . . . . . . . . . . . . 0.8
3,226,000 0.3750%, due 30/4/16 . . . . . . . . . . . . . . . . . 0.6
19,241,000 0.3750%, due 31/5/16 . . . . . . . . . . . . . . . . . 3.8
2,900,000 0.8750%, due 15/9/16 . . . . . . . . . . . . . . . . . 0.6
835,000 0.8750%, due 31/1/17 . . . . . . . . . . . . . . . . . 0.2
51,000 0.8750%, due 28/2/17 . . . . . . . . . . . . . . . . . .
1,694,000 0.7500%, due 30/6/17 . . . . . . . . . . . . . . . . . 0.3
127,000 0.7500%, due 31/10/17 . . . . . . . . . . . . . . . . .
242,000 0.7500%, due 31/12/17 . . . . . . . . . . . . . . . . .
75,000 0.8750%, due 31/1/18 . . . . . . . . . . . . . . . . . .
374,000 0.7500%, due 31/3/18 . . . . . . . . . . . . . . . . . 0.1
2,196,000 1.3750%, due 31/7/18 . . . . . . . . . . . . . . . . . 0.4
1,039,000 1.3750%, due 30/9/18 . . . . . . . . . . . . . . . . . 0.2
358,000 1.0000%, due 30/9/19 . . . . . . . . . . . . . . . . . 0.1
408,000 2.5000%, due 15/8/23 . . . . . . . . . . . . . . . . . 0.1
6,595,000 2.7500%, due 15/11/23 . . . . . . . . . . . . . . . . 1.3
40,000 2.7500%, due 15/2/24 . . . . . . . . . . . . . . . . . .
2,505,000 2.5000%, due 15/5/24 . . . . . . . . . . . . . . . . . 0.5
2,514,000 3.7500%, due 15/11/43 . . . . . . . . . . . . . . . . 0.5
4,123,000 3.3750%, due 15/5/44 . . . . . . . . . . . . . . . . . 0.8
18.0
17,891,207
210,267
20,641,447
3,980,086
3,225,245
19,224,838
2,921,411
838,816
51,195
1,687,383
125,790
238,966
74,291
367,499
2,199,088
1,037,823
345,414
410,486
6,760,132
40,912
2,501,673
2,715,512
4,151,346
91,640,827
Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . 18.0
91,640,827
Preferred Stock
0.6
22,750 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.1
16,390 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . 0.1
0.2
3,600 Citigroup Capital XIII, 7.8750%. . . . . . . . . . .
Fiduciary Banks
16,775 State Street Corp., 5.9000% . . . . . . . . . . . . . 0.1
3,025 Charles Schwab Corp., 6.0000% . . . . . . . . . .
48,625 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.3
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Tranche Loans
1.6
Casino Hotels
due 13/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Media
534,660 Tribune Co., 4.0000%, due 27/12/20 . . . . . . . 0.1
Medical Hospitals
135,660 Community Health, 4.2500%,
due 27/1/21 . . . . . . . . . . . . . . . . . . . . . . . .
Mining
3.7500%, due 30/6/19 . . . . . . . . . . . . . . . . 0.1
Percentage
of Net
Assets
Pharmaceuticals
123,700 Quintiles Transnational Corp.,
3.7500%, due 8/6/18 . . . . . . . . . . . . . . . . . %
Semiconductors
3,065,000 Avago Technologies Cayman, Ltd.,
3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 0.6
Software
682,000 IMS Health, Inc., 3.5000%,
due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,991,000 Maxim Crane Works L.P., 10.2500%,
due 26/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.6
Fair
Value
123,576
3,073,490
677,738
3,053,303
Total Tranche Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
8,109,725
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.0
503,417,496
Adjustments from last traded to bid market prices . . . . . . . . . .
(183,713)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.0
$ 503,233,783
618,118
456,789
1,074,907
99,720
439,505
76,321
1,357,610
3,048,063
247,010
535,494
136,384
262,730
67
Janus Balanced Fund

Currency
Purchased
Currency
Sold
Citibank
AUD
3,453 USD
AUD
287,436 USD
AUD
71 USD
AUD
89 USD
AUD
112,655 USD
AUD
12,860,207 USD
AUD
3,436 USD
AUD
17 USD
CAD
93,328 USD
CAD
4,466,132 USD
CAD
22,979 USD
CAD
397,784 USD
CNH
1,535 USD
CNH
4,135,425 USD
CNH
3,592 USD
CNH
9,315 USD
EUR
91,293 USD
EUR
2,397 USD
EUR
11,993,819 USD
EUR
819,378 USD
EUR
8,983,533 USD
EUR
2,089,412 USD
EUR
68,532,752 USD
Credit Suisse International
GBP
35,000 USD
3,242 $
269,519
67
83
105,827
12,074,886
3,226
16
87,268
4,168,260
21,442
371,848
247
662,524
577
1,493
124,378
3,266
16,343,090
1,116,506
12,241,195
2,847,087
93,384,512
Currency
Market
Value $U.S.
Settle
Date
$
5
799
119
19,470
5
136
14,393
78
688
2,283
5
635
16
80,826
5,522
60,540
14,081
461,843
Total
661,947
$ 503,895,730
59,380
3,247
270,318
67
83
105,946
12,094,356
3,231
16
87,404
4,182,653
21,520
372,536
247
664,807
577
1,498
125,013
3,282
16,423,916
1,122,028
12,301,735
2,861,168
93,846,355
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
59,883
17-Jul-14
Unrealised
Appreciation
503

Currency
Purchased
Currency
Sold
Citibank
USD
1,806,729 EUR 1,328,673 $
USD
284,074 EUR
208,509
USD
3,485 EUR
2,558
USD
23,236 AUD
24,715
USD
32,931 EUR
24,115
USD
34,672 EUR
25,390
USD
1,454,869 GBP
867,000
JP Morgan Chase & Co.
USD
869,272 GBP
519,000
Royal Bank of Canada
USD
1,394,348 GBP
819,000
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
1,819,436
285,525
3,503
23,243
33,022
34,768
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
(12,707)
(1,451)
(18)
(7)
(91)
(96)
1,483,399
17-Jul-14
(28,530)
888,040
10-Jul-14
(18,768)
1,401,103
31-Jul-14
(6,755)
Total
(68,423)
(68,423)
68

Percentage
of Net
Assets

Commercial Paper
1.9%
100,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Common Stock
91.4
Airlines
59,800 AirAsia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
37,000 China Lilang, Ltd.. . . . . . . . . . . . . . . . . . . . . 0.4
88,000 Sitoy Group Holdings, Ltd.. . . . . . . . . . . . . . 1.0
1.4
1,364 Linx SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
6,700 Poly Culture Group Corp., Ltd. . . . . . . . . . . 0.4
55,000 Geely Automobile Holdings, Ltd. . . . . . . . . . 0.4
459 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 2.0
26,414 Yulon Motor Co., Ltd.. . . . . . . . . . . . . . . . . . 0.8
3.2
237 Hyundai Mobis. . . . . . . . . . . . . . . . . . . . . . . 1.2
3,500 Fomento Economico Mexicano
SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . 0.6
65,179 LT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4
12,930 Arabian Cement Co. . . . . . . . . . . . . . . . . . . . 0.4
29,000 BBMG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
8,200 Indocement Tunggal Prakarsa Tbk PT . . . . . 0.3
1.0
Casino Hotels
14,100 Genting Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
32,000 NagaCorp, Ltd.. . . . . . . . . . . . . . . . . . . . . . . 0.5
1.3
1,720 LG Uplus Corp. . . . . . . . . . . . . . . . . . . . . . . 0.3
Circuit Boards
12,550 Zhen Ding Technology Holding, Ltd. . . . . . . 0.8
Coal
7,500 China Shenhua Energy Co., Ltd. . . . . . . . . . 0.4
Commercial Banks
3,074 TCS Group Holding PLC (GDR) . . . . . . . . . . 0.4
3,600 Bangkok Bank PCL (NVDR) . . . . . . . . . . . . . 0.4
47,300 Bank Mandiri Persero Tbk PT . . . . . . . . . . . . 0.7
23,798 BBVA Banco Continental SA . . . . . . . . . . . . . 0.9
5,011 Grupo Financiero Santander Mexico
SAB de CV (ADR) . . . . . . . . . . . . . . . . . . . 1.2
1,349 ICICI Bank, Ltd. (ADR) . . . . . . . . . . . . . . . . 1.3
71,000 Industrial & Commercial Bank of
China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
8,087 Itau Unibanco Holding SA (ADR) . . . . . . . . . 2.2
13,091 Metropolitan Bank & Trust Co. . . . . . . . . . . 0.5
8,244 National Bank of Greece SA . . . . . . . . . . . . . 0.6
1,060 OTP Bank PLC . . . . . . . . . . . . . . . . . . . . . . . 0.4
10,843 Sberbank of Russia (ADR) . . . . . . . . . . . . . . 2.0
1,493 Shinhan Financial Group Co., Ltd. . . . . . . . . 1.3
2,419 TBC Bank JSC (GDR) . . . . . . . . . . . . . . . . . . 0.6
5,062 Turkiye Halk Bankasi A/S . . . . . . . . . . . . . . . 0.7
13.6
Fair
Value
100,000
42,854
23,584
53,707
77,291
32,115
23,774
19,374
104,122
42,997
166,493
66,530
32,797
22,045
19,875
18,709
15,610
54,194
43,888
28,201
72,089
15,675
41,320
21,677
20,135
21,418
38,833
48,498
66,546
67,315
44,889
116,291
26,218
30,138
20,389
109,840
69,138
34,229
37,996
731,738
Percentage
of Net
Assets
Computer Services
487 Infosys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . .
28,200 Samsonite International SA. . . . . . . . . . . . . .
11,500 LOccitane International SA . . . . . . . . . . . . . .
4,200 Grupo BTG Pactual . . . . . . . . . . . . . . . . . . .
2,507 Iluka Resources, Ltd. . . . . . . . . . . . . . . . . . .
5,702 AVI, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,593 Imperial Holdings, Ltd. . . . . . . . . . . . . . . . .
Electric Generation
10,000 China Resources Power Holdings
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . .
12,054 Power Grid Corp. of India, Ltd. . . . . . . . . . .
10,000 Hon Hai Precision Industry Co., Ltd. . . . . . .
4,700 Japan Display, Inc. . . . . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
$
26,363
1.8
92,967
0.5
25,700
1.2
65,633
0.4
19,216
0.6
0.9
1.5
32,870
48,810
81,680
0.5
28,387
0.5
27,900
0.7
0.5
1.2
33,494
28,862
62,356

2,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
25 Samsung Electronics Co., Ltd. . . . . . . . . . . . 0.5
4.3
12,000 Chroma ATE, Inc.. . . . . . . . . . . . . . . . . . . . . 0.6
26,000 WPG Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.7
75,000 China Suntien Green Energy Corp.,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Engineering and Construction
92,000 Louis XIII Holdings, Ltd. . . . . . . . . . . . . . . . 1.2
14,244 Egyptian Financial Group-Hermes
Holding . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Finance Mortgage Loan Banker
2,367 Housing Development Finance Corp. . . . . . . 0.7
Finance Other Services
10,700 BM&FBovespa SA . . . . . . . . . . . . . . . . . . . . 1.0
1,680,940 Bolsa de Valores de Colombia . . . . . . . . . . . . 0.4
1.4
Fisheries
2,337 Oceana Group, Ltd. . . . . . . . . . . . . . . . . . . . 0.4
Food Meat Products
8,480 San Miguel Pure Foods Co., Inc. . . . . . . . . . 0.8
Food Retail
3,776 Shoprite Holdings, Ltd. . . . . . . . . . . . . . . . . 1.0
1,500 X5 Retail Group NV (GDR) . . . . . . . . . . . . . 0.6
1.6
Hotels
7,000 Melco International Development,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,871 Orascom Development Holding AG . . . . . . . 0.8
1.2
Hotels and Motels
14,000 Shangri-La Asia, Ltd. . . . . . . . . . . . . . . . . . . 0.4
33,829
26,194
171,179
231,202
33,601
35,792
24,386
69,681
30,520
39,065
56,333
20,607
76,940
19,136
44,927
54,730
32,385
87,115
21,180
42,523
63,703
21,930
69

Percentage
of Net
Assets
Industrial Audio and Video Production

5,000 Merry Electronics Co., Ltd.. . . . . . . . . . . . . .
2,500 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . .
331 NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . .
5,400 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . .
1,215 Youku Tudou, Inc. (ADR) . . . . . . . . . . . . . . .
77,500 Langham Hospitality Investments and
Langham Hospitality Investments,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Medical Drugs
341 Strides Arcolab, Ltd. . . . . . . . . . . . . . . . . . . .
Metal Diversified
10,891 Hindustan Zinc, Ltd. . . . . . . . . . . . . . . . . . .
Metal Iron
35,705 London Mining PLC . . . . . . . . . . . . . . . . . . .
2,341 Vale SA (ADR) . . . . . . . . . . . . . . . . . . . . . . .
3,800 BB Seguridade Participacoes SA . . . . . . . . . .
Non-Ferrous Metals
6,711 Grupo Mexico SAB de CV . . . . . . . . . . . . . .
Oil and Gas Producers
3,277 Africa Oil Corp. . . . . . . . . . . . . . . . . . . . . . .
15,000 CNOOC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . .
2,259 Cobalt International Energy, Inc. . . . . . . . . .
8,389 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
$
0.7
38,128
1.1
1.0
0.5
2.6
59,709
51,553
28,990
140,252
0.7
35,499
0.1
3,544
0.6
30,297
0.4
0.6
1.0
21,232
30,971
52,203
1.0
55,529
0.4
22,395
0.4
22,813
0.5
0.8
0.6
1.9
26,941
41,452
31,625
100,018

28,600 China Petroleum & Chemical Corp. . . . . . . . 0.5
4,739 Pacific Rubiales Energy Corp. . . . . . . . . . . . . 1.7
4,243 Petroleo Brasileiro SA (ADR). . . . . . . . . . . . . 1.1
3.3
2,753 Reliance Industries, Ltd. . . . . . . . . . . . . . . . . 0.9
Petrochemicals
315 LG Chem, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.0
Pharmaceuticals
7,200 Brazil Pharma SA . . . . . . . . . . . . . . . . . . . . . 0.2
309 Samsung Fire & Marine Insurance
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
Real Estate Private
4,087 Etalon Group, Ltd. (GDR) . . . . . . . . . . . . . . 0.3
139,000 Central China Real Estate, Ltd. . . . . . . . . . . . 0.7
780,000 CSI Properties, Ltd. . . . . . . . . . . . . . . . . . . . 0.5
4,212 DLF, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
36,979 Emlak Konut Gayrimenkul Yatirim
Ortakligi A/S . . . . . . . . . . . . . . . . . . . . . . . 0.9
2,300 Multiplan Empreendimentos
Imobiliarios SA . . . . . . . . . . . . . . . . . . . . . 1.0
26,250 Shun Tak Holdings, Ltd.. . . . . . . . . . . . . . . . 0.2
3.6
REIT Hotels
36,371 Religare Health Trust . . . . . . . . . . . . . . . . . . 0.5
57,000 Concentradora Fibra Hotelera
Mexicana SA de CV. . . . . . . . . . . . . . . . . . 1.9
2.4
70
26,711
27,271
96,300
62,075
185,646
46,482
60,093
12,321
78,648
18,138
35,512
28,180
15,061
46,436
53,726
13,311
192,226
26,988
103,214
130,202
Percentage
of Net
Assets

12,600 Prologis Property Mexico SA de CV . . . . . . .
2,123 Prime Car Management SA . . . . . . . . . . . . . .
Retail Automobile
27,900 Astra International Tbk PT . . . . . . . . . . . . . .
72,500 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . .
Retail Consumer Electronics
4,800 Via Varejo SA . . . . . . . . . . . . . . . . . . . . . . . .
Retail Jewellery
18,000 Chow Tai Fook Jewellery Group, Ltd. . . . . . .
2,200 Cie Financiere Richemont SA . . . . . . . . . . . .
33,635 PC Jeweller, Ltd. . . . . . . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
$
26,759
0.6
30,070
0.3
1.2
1.5
17,135
61,179
78,314
1.0
53,345
0.5
0.4
1.3
2.2
27,499
23,164
68,484
119,147

21,000 Lifestyle International Holdings, Ltd. . . . . . . 0.7
1,676 SACI Falabella . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.0
15,720 Robinsons Retail Holdings, Inc. . . . . . . . . . . 0.5
Schools
11,000 Anhanguera Educacional
Participacoes SA . . . . . . . . . . . . . . . . . . . . 1.7
4,298 Himax Technologies, Inc. (ADR) . . . . . . . . . 0.5
10,498 Taiwan Semiconductor Manufacturing
Co., Ltd. (ADR). . . . . . . . . . . . . . . . . . . . . 4.2
4.7
Semiconductors
1,920 SK Hynix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.7
Specified Purpose Acquisitions
4,866 Atlas Mara Co-Nvest, Ltd. . . . . . . . . . . . . . . 0.1
1.1
9,185 Finolex Cables, Ltd. . . . . . . . . . . . . . . . . . . . 0.5
Tobacco
4,293 ITC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
4,516 Globaltrans Investment PLC (GDR) . . . . . . . 1.0
2,074 Celebi Hava Servisi A/S . . . . . . . . . . . . . . . . 0.4
37 NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
41,132
15,198
56,330
26,278
91,575
29,484
224,553
254,037
92,138
7,299
54,098
61,397
27,445
23,203
51,708
22,421
30,538
4,924,777
5,167,985
Adjustments from last traded to bid market prices . . . . . . . . . (0.2)
(12,532)
5,155,453
Fully Funded Equity Swaps as at 30 June 2014
Notional
Counterparty Amount
Return
Paid
by the Fund
Return
by the Fund
Date
Fair Value
Goldman Sachs
& Co.
27,100
Fully Funded
Swap
CITIC Securities
Co., Ltd.
2-Sep-14
41,900
Fully Funded
Swap
Daqin Railway
Co., Ltd.
2-Sep-14
20,500
Fully Funded
Swap
SAIC Motor
Corp., Ltd.
Goldman Sachs
& Co.
Goldman Sachs
& Co.
Return
Paid
by the Fund
Return
(Depreciation)
by the Fund
Date
Morgan Stanley
& Co., Inc.
81,363
US federal
funds rate plus
1.85 basis
points
China
Construction
Bank Corp.
28-Apr-14
11,300
US federal
funds rate plus
1.85 basis
points
China Pacific
Insurance
3-Dec-14
(202)
21,000
1-month USD
LIBOR plus 50
basis points
SAIC Motor
Corp., Ltd.
1-Jun-15
(1,516)
50,051
42,609
1-Apr-15
Total
Notional
Counterparty Amount
50,548
$
143,208
Morgan Stanley
& Co., Inc.

Notional
Counterparty Amount
Return
Paid
by the Fund
Return
Appreciation
by the Fund
Date
Credit Suisse
Securities
(USA) LLC
1-month
LIBOR plus
75 basis points
Moscow
Exchange
MICEX
16,237
22-Aug-14
1,526
UBS Financial
Services, Inc.
Total
Currency
Sold
Citibank
EUR
6,019 USD
8,200 $
EUR
15 USD
21
EUR
700,147 USD
954,038
EUR
1,918 USD
2,613
EUR
885,957 USD 1,207,229
AUD
750 USD
704
JPY
1,199,999 USD
11,782
USD
282 AUD
300
Currency
Market
Value $U.S.
Settle
Date
8,242
21
958,756
2,626
1,213,198
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
706
11,849
282
17-Jul-14
17-Jul-14
17-Jul-14
42
4,718
13
5,969
(7,086)
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
17-Jul-14
17-Jul-14
17-Jul-14
17-Jul-14
17-Jul-14
(10)
(108)
(106)
(201)
(764)
Total
(1,189)
(8,275)
Currency
Purchased
Unrealised
Appreciation
$
(5,368)

Currency
Purchased
Currency
Sold

USD
1,965 JPY
200,000 $
USD
14,703 JPY
1,500,000
USD
11,743 JPY
1,200,000
USD
19,053 AUD
20,450
USD
60,633 JPY
6,218,000
1,975
14,811
11,849
19,254
61,397
2
67
Total
10,811
5,167,790
71
Janus Europe Fund

Percentage
of Net
Assets

Common Stock
95.8%
Advertising Agencies
164,877 WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
Agricultural Chemicals
13,036 Syngenta AG. . . . . . . . . . . . . . . . . . . . . . . . . 1.7
2,021,961 boohoo.com PLC . . . . . . . . . . . . . . . . . . . . . 0.5
133,194 Moncler SpA . . . . . . . . . . . . . . . . . . . . . . . . 0.8
261,300 Prada SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
2.0
22,459 Volkswagen AG . . . . . . . . . . . . . . . . . . . . . . 2.1
26,396 Pernod Ricard SA . . . . . . . . . . . . . . . . . . . . . 1.1
26,616 Remy Cointreau SA . . . . . . . . . . . . . . . . . . . 0.9
2.0
Brewery
19,536 Carlsberg A/S . . . . . . . . . . . . . . . . . . . . . . . . 0.8
44,342 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 0.9
1.7
24,198 Millicom International Cellular SA
(SDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
92,151 Mobistar SA . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1,464,668 Vodafone Group PLC . . . . . . . . . . . . . . . . . . 1.7
3.2
392,039 Alent PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
752,680 HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . 2.7
187,569 TCS Group Holding PLC (GDR) . . . . . . . . . . 0.4
3.1
255,087 Banco Bilbao Vizcaya Argentaria SA . . . . . . . 1.1
422,902 National Bank of Greece SA . . . . . . . . . . . . . 0.6
129,138 Raiffeisen Bank International AG . . . . . . . . . 1.4
4.5
Commercial Services
81,506 Edenred . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
60,783 BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . 1.5
131,340 Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . 1.7
1,516,403 Lloyds Banking Group PLC . . . . . . . . . . . . . 0.7
159,756 UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
321,044 UniCredit SpA . . . . . . . . . . . . . . . . . . . . . . . 1.0
5.9
Diversified Manufacturing Operations
92,384 Smiths Group PLC . . . . . . . . . . . . . . . . . . . . 0.7
106,447 BHP Billiton PLC . . . . . . . . . . . . . . . . . . . . . 1.2
E-Commerce/Products
39,253 ASOS PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
796,655 MySale Group PLC . . . . . . . . . . . . . . . . . . . . 1.0
1.7
Electric Integrated
87,425 Fortum Oyj . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
43,481 GDF Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.3
532,904 TT electronics PLC . . . . . . . . . . . . . . . . . . . . 0.7
Fair
Value
72
2,625,206
3,546,975
1,111,884
1,612,979
1,350,630
4,075,493
4,307,637
2,314,929
1,788,329
4,103,258
1,537,071
1,877,555
3,414,626
1,619,253
1,284,585
3,569,504
6,473,342
1,794,244
5,577,322
897,295
6,474,617
2,374,605
1,129,148
3,010,852
1,761,297
994,866
9,270,768
1,804,950
3,011,494
3,374,781
1,407,165
2,141,164
1,963,184
11,897,788
1,497,513
2,513,705
1,452,107
2,119,477
3,571,584
1,714,404
874,186
2,588,590
1,378,648
Percentage
of Net
Assets

136,619 ARM Holdings PLC . . . . . . . . . . . . . . . . . . .
Commercial Services
268,804 SFX Entertainment, Inc. . . . . . . . . . . . . . . . .
120,435 Euronext NV . . . . . . . . . . . . . . . . . . . . . . . .
575,514 Arrow Global Group PLC . . . . . . . . . . . . . . .
Food Catering
73,976 Compass Group PLC . . . . . . . . . . . . . . . . . .
222,428 Tate & Lyle PLC . . . . . . . . . . . . . . . . . . . . . .
66,817 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . .
Gold Mining
32,006 Randgold Resources, Ltd. . . . . . . . . . . . . . . .
Hotels
58,915 Orascom Development Holding AG . . . . . . .
Hotels and Motels
28,967 Accor SA . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial Gases
17,631 Linde AG . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance Brokers
21,303 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Internet Financial Services
2,310,812 Monitise PLC . . . . . . . . . . . . . . . . . . . . . . . .
Internet Gambling
2,239,642 Bwin.Party Digital Entertainment
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
359,360 Ashmore Group PLC . . . . . . . . . . . . . . . . . .
125,970 ING Groep NV . . . . . . . . . . . . . . . . . . . . . . .
100,960 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . .
Medical Drugs
24,735
44,413
51,762
48,814
57,914
18,829
38,524
23,130
Alkermes PLC. . . . . . . . . . . . . . . . . . . . . . . .
AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . .
GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . .
Novartis AG . . . . . . . . . . . . . . . . . . . . . . . . .
Novo Nordisk A/S Class B . . . . . . . . . . . . .
Roche Holding AG . . . . . . . . . . . . . . . . . . . .
Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shire PLC . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.7%
Fair
Value
1,504,253
0.8
1,590,208
1.1
2,236,478
0.8
1,654,313
0.5
940,255
0.9
1.1
2.0
1,902,816
2,213,761
4,116,577
1.0
1,949,224
0.5
977,926
0.5
1,100,456
1.3
2,738,094
0.7
1,401,685
0.7
1,494,545
1.3
2,688,499
0.8
1,661,749
0.6
0.9
1.5
1,292,452
1,692,046
2,984,498
0.4
1.2
0.5
1.5
1.0
2.0
1.5
0.6
8.7
909,226
2,409,261
1,011,770
3,228,978
1,946,950
4,102,590
2,988,692
1,321,070
17,918,537
Metal Diversified
649,024 Glencore Xstrata PLC . . . . . . . . . . . . . . . . . . 1.3
110,268 Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . 2.1
3.4
Metal Iron
3,194,479 London Mining PLC . . . . . . . . . . . . . . . . . . . 0.7
Motion Pictures and Services
399,000 Leone Film Group Spa . . . . . . . . . . . . . . . . . 0.9
Oil Field Services
168,356 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
114,676 BG Group PLC . . . . . . . . . . . . . . . . . . . . . . . 0.9
1,213,438 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . . 1.7
213,579 Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . . 1.1
3.7
2,640,659
4,283,850
6,924,509
1,387,359
1,831,410
2,531,210
1,770,001
3,340,919
2,278,222
7,389,142
Percentage
of Net
Assets

141,985 Royal Dutch Shell PLC Class A . . . . . . . . . 2.1%
54,508 Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
3.5
Pharmaceuticals
23,321 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 0.7
419,698 Atrium European Real Estate, Ltd. . . . . . . . . 0.9
311,930 Countrywide PLC . . . . . . . . . . . . . . . . . . . . . 1.0
1.9
899,362 Emlak Konut Gayrimenkul Yatirim
Ortakligi A/S . . . . . . . . . . . . . . . . . . . . . . . 0.4
16,646 LEG Immobilien AG . . . . . . . . . . . . . . . . . . . 0.4
0.8
136,512 Prime Car Management SA . . . . . . . . . . . . . . 0.7
Retail Appliances
490,544 AO World PLC . . . . . . . . . . . . . . . . . . . . . . . 0.8
Retail Pet Food and Supplies
794,094 Pets at Home Group PLC . . . . . . . . . . . . . . . 1.0
Retail Restaurants
166,075 Dominos Pizza Group PLC . . . . . . . . . . . . . . 0.5
Schools
52,776 Nord Anglia Education, Inc. . . . . . . . . . . . . . 0.3
Soap and Cleaning Preparations
29,056 Ontex Group NV . . . . . . . . . . . . . . . . . . . . . 0.3
Software
34,040 SAP AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Steel Producers
313,334 ArcelorMittal . . . . . . . . . . . . . . . . . . . . . . . . 1.7
80,969 ThyssenKrupp AG . . . . . . . . . . . . . . . . . . . . 0.8
2.5
Steel Specialty
152,327 Outokumpu Oyj. . . . . . . . . . . . . . . . . . . . . . 0.5
Steel Pipe and Tube
116,937 Vallourec SA . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Textile Apparel
13,995 LVMH Moet Hennessy Louis
Vuitton SA . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Tobacco
66,630 Imperial Tobacco Group PLC . . . . . . . . . . . . 1.1
40,210 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 0.5
1.6
Transportation
21,905 Panalpina Welttransport Holding AG . . . . . . 1.2
1,394 AP Moeller Maersk A/S Class B . . . . . . . . 1.2
190,904 Globaltrans Investment PLC (GDR) . . . . . . . 0.8
84,010 Koninklijke Vopak NV . . . . . . . . . . . . . . . . . 1.5
16,515 Kuehne + Nagel International AG . . . . . . . . . 0.8
246,806 TNT Express NV . . . . . . . . . . . . . . . . . . . . . 0.8
3.1
Wireless Equipment
443,376 Telefonaktiebolaget LM Ericsson
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Fair
Value
4,291,632
2,876,932
7,168,564
1,362,947
1,831,562
2,005,748
3,837,310
Percentage
of Net
Assets
Warrants
194,165 Atlas Mara Co-Nvest, Ltd. . . . . . . . . . . . . . . 0.1%
Fair
Value
212,714
195,499,841
(258,086)
195,241,755

824,826
818,900
1,643,726
1,412,165
1,578,662
2,034,509
1,087,601
Currency
Purchased
Citibank
EUR
31
EUR
1
EUR
1
EUR
12
EUR
12
SEK
76,224,839
SEK
21,454
Currency
Sold
SEK
SEK
USD
SEK
USD
EUR
EUR
285 $
9
1
110
16
8,310,175
2,339
Currency
Market
Value $U.S.
Settle
Date
31
1
1
12
12
8,330,173
2,345
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Total
Unrealised
Appreciation
19,998
6
20,004
705,376
Percentage
of Net
Assets
547,996
1,919,856
Contract Amount
Fair
Value
Futures
1,576,780
3,393,407
1,723,830
5,117,237
(19) Dax Index Future . . . . . . . . . . . . . . . . . . . . . . %

Total Financial Assets at fair value through profit or loss . . . . . . . .
36,300
195,298,059

1,118,845
3,824,425
1,970,496
2,190,077
1,020,014
3,210,091
2,533,468
2,530,177
1,596,444
Currency
Purchased
Citibank
EUR
117,182
EUR
42,830
EUR
1,491
USD
252,881
USD
1,890,526
USD
67,305
USD
13,050,213
USD
3,243
Currency
Sold
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
(347)
(243)
(8)
(512)
(7,053)
(346)
(48,537)
(12)
Total
(57,058)
(57,058)
SEK
SEK
SEK
EUR
EUR
EUR
EUR
EUR
1,075,441 $
394,136
13,712
185,182
1,387,639
49,496
9,578,659
2,380
117,529
43,073
1,499
184,670
1,380,586
49,150
9,530,122
2,368
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
2,999,156
1,605,336
1,631,388
6,235,880
3,914,701
195,287,127
73

Percentage
of Net
Assets

Commercial Paper
1.1%
4,400,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 1.1
Common Stock
98.1
Biotechnology
47,307 Puma Biotechnology, Inc. . . . . . . . . . . . . . . . 0.8
169,708 Relypsa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.8
Commercial Services
193,511 HMS Holdings Corp. . . . . . . . . . . . . . . . . . . 1.0
270,500 Biostime International Holdings, Ltd. . . . . . . 0.4
Diagnostic Equipment
111,423 GenMark Diagnostics, Inc. . . . . . . . . . . . . . . 0.4
Diagnostic Kits
78,974 Quidel Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Dialysis Centres
55,611 DaVita HealthCare Partners, Inc. . . . . . . . . . 1.0
Drug Delivery Systems
158,493 Nektar Therapeutics . . . . . . . . . . . . . . . . . . . 0.5
Health Care Services
83,667 Tenet Healthcare Corp. . . . . . . . . . . . . . . . . . 1.0
Heart Monitors
45,135 HeartWare International, Inc. . . . . . . . . . . . . 1.0
10,975 Mettler-Toledo International, Inc. . . . . . . . . . 0.7
Instruments Scientific
34,246 Thermo Fisher Scientific, Inc.. . . . . . . . . . . . 1.0
Insurance Brokers
45,273 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
36,982 Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . 1.4
32,352 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 2.4
133,332 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.7
90,616 Concordia Healthcare Corp. . . . . . . . . . . . . . 0.7
60,092 Genfit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
202,111 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . 4.0
71,208 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 1.0
237,449 NPS Pharmaceuticals, Inc. . . . . . . . . . . . . . . 1.8
248,833 OvaScience, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6
46,931 Prothena Corp. PLC . . . . . . . . . . . . . . . . . . . 0.3
87,375 PTC Therapeutics, Inc. . . . . . . . . . . . . . . . . . 0.6
14,007 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 1.0
133,904 Sangamo BioSciences, Inc. . . . . . . . . . . . . . . 0.5
78,172 Stemline Therapeutics, Inc. . . . . . . . . . . . . . 0.3
76,266 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 1.8
19.6
Medical Drugs
130,154 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 1.3
119,848 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
93,870 Alkermes PLC. . . . . . . . . . . . . . . . . . . . . . . . 1.2
93,291 AstraZeneca PLC (ADR) . . . . . . . . . . . . . . . . 1.7
159,752 Chimerix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9
41,821 Clovis Oncology, Inc. . . . . . . . . . . . . . . . . . . 0.4
79,012 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 1.2
93,688 Endo International PLC . . . . . . . . . . . . . . . . 1.6
52,724 Forest Laboratories, Inc. . . . . . . . . . . . . . . . . 1.3
120,844 Insys Therapeutics, Inc. . . . . . . . . . . . . . . . . 0.9
312,423 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 1.2
42,156 Jazz Pharmaceuticals Plc . . . . . . . . . . . . . . . . 1.5
99,570 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 2.4
106,736 Keryx Biopharmaceuticals, Inc. . . . . . . . . . . 0.4
Fair
Value
74
4,399,999
3,122,262
4,127,299
7,249,561
3,949,560
1,500,801
1,507,553
1,746,115
4,021,788
2,031,880
3,927,329
3,994,448
2,778,651
4,041,028
4,078,645
5,778,438
10,200,909
11,450,552
2,897,096
2,139,227
16,757,022
4,018,980
7,847,689
2,281,799
1,058,294
2,283,983
3,956,557
2,044,714
1,146,783
7,220,865
81,082,908
5,323,299
6,764,221
4,724,477
6,932,454
3,504,959
1,731,808
4,912,176
6,560,034
5,219,676
3,773,958
4,789,445
6,197,354
10,417,012
1,641,600

74,595
90,527
71,446
99,901
40,046
123,745
31,788
34,714
387,289
78,265
Percentage
of Net
Assets
Lipocinem Inc, . . . . . . . . . . . . . . . . . . . . . . .
Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . .
Novartis AG . . . . . . . . . . . . . . . . . . . . . . . . .
Novo Nordisk A/S . . . . . . . . . . . . . . . . . . . .
Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . .
Repros Therapeutics, Inc. . . . . . . . . . . . . . . .
Roche Holding AG . . . . . . . . . . . . . . . . . . . .
Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . .
Swedish Orphan Biovitrum A.B. . . . . . . . . . .
Valeant Pharmaceuticals International,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57,103 ZS Pharma, Inc. . . . . . . . . . . . . . . . . . . . . . .
0.1%
1.7
1.6
1.1
0.9
0.5
2.2
2.0
1.3
2.3
0.4
31.7

22,058 Actavis PLC . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
34,113 Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . 1.2
137,270 Teva Pharmaceutical Industries, Ltd.
(ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
4.2
Medical HMO
133,583 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6
Medical Hospitals
120,857 HCA Holdings, Inc. . . . . . . . . . . . . . . . . . . . 1.7
202,619 NMC Health PLC . . . . . . . . . . . . . . . . . . . . . 0.4
2.1
60,644 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 1.1
572,000 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 0.4
1.5
Medical Imaging Systems
129,413 Novadaq Technologies, Inc. . . . . . . . . . . . . . 0.5
Medical Information Systems
31,732 athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . 1.0
Medical Instruments
215,237 Endologix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8
69,690 Medtronic, Inc.. . . . . . . . . . . . . . . . . . . . . . . 1.1
82,368 St Jude Medical, Inc. . . . . . . . . . . . . . . . . . . 1.4
3.3
Medical Products
33,605 Henry Schein, Inc. . . . . . . . . . . . . . . . . . . . . 1.0
45,901 Varian Medical Systems, Inc. . . . . . . . . . . . . 0.9
66,495 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . . 1.7
3.6
Pharmaceuticals
121,253 ACADIA Pharmaceuticals, Inc. . . . . . . . . . . . 0.7
68,666 Conatus Pharmaceuticals, Inc. . . . . . . . . . . . 0.2
16 Diplomat Pharmacy, Inc. . . . . . . . . . . . . . . . 0.6
394,079 Dyax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
112,105 Neurocrine Biosciences, Inc.. . . . . . . . . . . . . 0.4
4.1
Pharmacy Services
146,618 Catamaran Corp. . . . . . . . . . . . . . . . . . . . . . 1.6
113,390 Express Scripts Holding Co. . . . . . . . . . . . . . 1.9
86,783 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.4
4.9
Physical Practice Management
52,993 MEDNAX, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8
REIT Health Care
33,593 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Research and Development
146,318 Arrowhead Research Corp. . . . . . . . . . . . . . . 0.5
31,540 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.7
Fair
Value
$
455,030
6,977,821
6,470,914
4,598,414
3,678,626
2,140,789
9,483,332
8,174,799
5,177,707
9,870,781
1,641,711
131,162,397
4,920,037
4,972,311
7,195,693
17,088,041
10,830,910
6,813,918
1,733,608
8,547,526
4,406,393
1,583,108
5,989,501
2,132,726
3,970,625
3,273,755
4,443,434
5,703,984
13,421,173
3,987,905
3,816,209
6,906,171
14,710,285
2,739,105
625,547
2,292,775
3,783,158
5,266,996
1,663,638
16,371,219
6,474,651
7,861,329
5,777,144
20,113,124
3,081,543
2,153,311
2,093,811
2,752,534

Therapeutics
43,979
14,801
96,892
59,783
25,530
Percentage
of Net
Assets
GW Pharmaceuticals PLC (ADR) . . . . . . . . .

Kite Pharma, Inc. . . . . . . . . . . . . . . . . . . . . .
Pharmacyclics, Inc.. . . . . . . . . . . . . . . . . . . .
Questcor Pharmaceuticals, Inc.. . . . . . . . . . .
Synageva BioPharma Corp.. . . . . . . . . . . . . .
1.2%
0.1
2.1
1.3
0.7
5.4
Fair
Value
$
4,718,507
428,045
8,692,181
5,529,330
2,675,544
22,043,607
Vitamins and Nutrition Products

37,611 Mead Johnson Nutrition Co. . . . . . . . . . . . . 0.9
3,504,217
401,876,817
Corporate Bonds
1.3
1,599,000 InterMune, Inc., 2.5000%,
due 15/12/17 . . . . . . . . . . . . . . . . . . . . . . 1.3
5,514,551
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . 100.5
411,791,367
Adjustments from last traded to bid market prices . . . . . . . . . . .
(125,469)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.5
$ 411,665,898
Currency
Purchased
Citibank
AUD
101
AUD
3,879
AUD
29
EUR
246,729
EUR
596,906
EUR
4,290
EUR
372,330
EUR
1,764
EUR
794,083
EUR
667,625
EUR
5,717
EUR
62,386,019
EUR
3,536
EUR
4,145
Currency
Sold
USD
95 $
USD
3,642
USD
27
USD
336,199
USD
813,360
USD
5,833
USD
506,295
USD
2,399
USD 1,082,038
USD
911,695
USD
7,774
USD 85,008,812
USD
4,829
USD
5,660
Currency
Market
Value $U.S.
95
3,648
27
337,862
817,383
5,874
509,856
2,416
1,087,389
914,222
7,829
85,429,231
4,842
5,676
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
1,663
4,023
41
3,561
17
5,351
2,527
55
420,419
13
16
Total
437,692
$ 412,103,590

Currency
Purchased
Currency
Sold
Citibank
USD
12,683 EUR
9,309 $
USD
2,705,565 CHF 2,427,000
USD
2,229,903 CHF 2,000,000
USD
3,078,639 CHF 2,760,000
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
12,748
31-Jul-14
(65)
2,737,828
17-Jul-14
(32,263)
2,255,998
10-Jul-14
(26,095)
3,113,877
31-Jul-14
(35,238)
Total
(93,661)
(93,661)
75

Percentage
of Net
Assets

Commercial Paper
1.3%
600,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 1.3
Common Stock
97.9
2,485 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Airlines
9,265 United Continental Holdings, Inc. . . . . . . . . 0.8
18,900 Prada SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
8,856 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 0.8
Athletic Footwear
3,200 NIKE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Audio and Video Products
6,400 Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,273 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 0.6
8,262 Maruti Suzuki India, Ltd. . . . . . . . . . . . . . . . 0.7
1,842 Volkswagen AG . . . . . . . . . . . . . . . . . . . . . . 1.2
2.5
Automotive Parts and Equipment
22,000 NGK Spark Plug Co., Ltd. . . . . . . . . . . . . . . 1.5
5,882 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1,478 Pernod Ricard SA . . . . . . . . . . . . . . . . . . . . . 0.4
Brewery
8,277 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 1.0
Cable/Satellite TV
6,215 Comcast Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.8
4,246 Liberty Global PLC Class C . . . . . . . . . . . . 0.4
2,287 Liberty Global PLC Class A . . . . . . . . . . . . 0.2
952 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.3
1.7
7,662 T-Mobile U.S., Inc. . . . . . . . . . . . . . . . . . . . . 0.6
59,414 Vodafone Group PLC . . . . . . . . . . . . . . . . . . 0.4
1.0
54,306 Alent PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
3,559 LyondellBasell Industries NV . . . . . . . . . . . . 0.7
1.4
Commercial Banks
43,164 HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . 1.0
107,900 Seven Bank, Ltd.. . . . . . . . . . . . . . . . . . . . . . 0.9
1.9
229,000 China Construction Bank Corp. . . . . . . . . . . 0.4
1.0
7,554 MasterCard, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.2
Computer Services
971 IHS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Computers
9,513 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Consulting Services
4,649 Verisk Analytics, Inc. . . . . . . . . . . . . . . . . . . 0.6
70,500 Samsonite International SA. . . . . . . . . . . . . . 0.5
Fair
Value
76
600,000
309,979
380,514
133,760
369,295
248,160
106,277
288,776
335,119
483,733
1,107,628
620,752
525,498
177,477
479,863
333,622
179,648
101,131
140,230
754,631
257,596
198,255
455,851
340,304
347,536
687,840
437,929
441,017
878,946
173,149
121,449
131,415
426,013
554,992
131,736
884,042
279,033
232,417
Percentage
of Net
Assets

9,284 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . .
7,493 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . .
5,713 BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . .
8,349 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . .
7,959 Deutsche Bank AG . . . . . . . . . . . . . . . . . . . .
7,117 JP Morgan Chase & Co. . . . . . . . . . . . . . . . .
28,167 UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.0%
Fair
Value
$
461,972
1.1
510,873
0.8
0.9
0.6
0.9
1.0
4.2
387,553
393,238
280,010
410,082
516,892
1,987,775
2,871 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,608 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.0
E-Commerce/Products
543 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.4
1,857 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
18,800 Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.1
E-Commerce/Services
183 Priceline Group, Inc. . . . . . . . . . . . . . . . . . . 0.5
7,729 Brookfield Infrastructure
Partners L.P. . . . . . . . . . . . . . . . . . . . . . . . 0.7
30,392 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 1.0
1.3
1,435 Amphenol Corp. . . . . . . . . . . . . . . . . . . . . . 0.3
1,440 Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.4
Electronic Security Devices
4,514 Tyco International, Ltd. . . . . . . . . . . . . . . . . 0.4
Enterprise Software/Services
4,069 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Finance Credit Card
1,605 Visa, Inc. A Shares . . . . . . . . . . . . . . . . . . . 0.7
1.6
1,642 IntercontinentalExchange, Inc. . . . . . . . . . . . 0.7
Food Confectionery
2,214 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
6,063 Nestle SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Food Retail
7,650 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
6,631 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.6
1.4
8,781 Sensata Technologies Holding NV . . . . . . . . 0.9
Insurance Brokers
4,339 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1,890 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3
7,700 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.2
0.7
226,034
237,197
463,231
176,356
92,961
242,958
512,275
220,149
322,454
249,586
458,180
128,058
586,238
138,248
628,303
205,838
164,917
379,195
338,190
717,385
310,174
215,577
469,804
378,139
256,156
634,295
410,775
390,901
127,178
73,511
139,294
339,983
Percentage
of Net
Assets
Internet Gambling
63,679 Bwin.Party Digital Entertainment
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,681 T Rowe Price Group, Inc. . . . . . . . . . . . . . . .
179,200 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . .
28,961 ING Groep NV . . . . . . . . . . . . . . . . . . . . . . .
21,523 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . .
946 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . .
4,538 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . .
5,778 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . .
7,178 NPS Pharmaceuticals, Inc. . . . . . . . . . . . . . .
Medical Drugs
4,216
4,345
1,664
3,158
1,376
4,510
2,366
AstraZeneca PLC (ADR) . . . . . . . . . . . . . . . .

Endo International PLC . . . . . . . . . . . . . . . .
Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . .
Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . .
Roche Holding AG . . . . . . . . . . . . . . . . . . . .
Shire PLC . . . . . . . . . . . . . . . . . . . . . . . . . . .
Valeant Pharmaceuticals
International, Inc. . . . . . . . . . . . . . . . . . . .

(ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Medical HMO
3,956 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
Medical Products
3,021 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . .
Metal Processors and Fabrication
1,504 Precision Castparts Corp. . . . . . . . . . . . . . . .
Multimedia
9,583 Twenty-First Century Fox, Inc. . . . . . . . . . . .
3,195 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
104,663
0.7
310,713
1.9
0.9
1.1
3.9
900,602
406,844
493,892
1,801,338
0.7
0.9
1.0
0.5
3.1
298,283
389,723
479,054
237,233
1,404,293
0.7
0.7
0.5
0.5
0.9
0.8
313,291
304,237
244,625
243,419
410,502
352,690
0.7
4.8
298,400
2,167,164
0.5
226,245
0.7
320,752
0.7
313,761
0.8
379,610
0.7
0.6
1.3
336,843
273,939
610,782
Oil Field Services

2,310 Core Laboratories NV . . . . . . . . . . . . . . . . . . 0.8
728 NOW, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
13,966 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.5
3,543 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.9
Oil and Gas Services
4,921 Keyera Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
4,331 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 1.1
13,532 Encana Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
3,636 EOG Resources, Inc.. . . . . . . . . . . . . . . . . . . 0.9
22,500 Inpex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
9,124 MEG Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.7
6,503 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 1.2
5.3
6,020 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
8,284 Royal Dutch Shell PLC (ADR). . . . . . . . . . . . 1.5
2.6
2,915 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.5
5,814 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . 0.6
385,909
26,361
287,500
699,770
411,378
362,583
474,115
320,844
424,903
342,087
332,583
503,721
2,398,253
484,189
682,353
1,166,542
240,050
Percentage
of Net
Assets
Pharmacy Services
5,009 Catamaran Corp. . . . . . . . . . . . . . . . . . . . . . 0.5%
5,017 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.9
2,795 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . 0.8
10,000 Mitsubishi Estate Co., Ltd. . . . . . . . . . . . . . . 0.5
1.3
7,857 Brookfield Asset Management, Inc. . . . . . . . . 0.8
REIT Diversified
3,508 American Tower Corp. . . . . . . . . . . . . . . . . . 0.7
13,333 Lexington Realty Trust . . . . . . . . . . . . . . . . . 0.3
1.0
REIT Health Care
923 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
REIT Regional Malls
1,790 Simon Property Group, Inc. . . . . . . . . . . . . . 0.7
4,928 Lowes Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 0.5
Retail Jewellery
103,400 Chow Tai Fook Jewellery Group, Ltd.. . . . . . 0.3
1,852 Cie Financiere Richemont SA . . . . . . . . . . . . 0.4
2,334 Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.3
2,203 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . 0.3
Retail Perfume and Cosmetics
1,910 Ulta Salon Cosmetics & Fragrance,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
2,491 PetSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Retail Restaurants
3,001 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . 0.5
23,547 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.2
Steel Producers
10,227 ThyssenKrupp AG . . . . . . . . . . . . . . . . . . . . 0.7
7,590 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 0.7
8,343 CommScope Holding Co., Inc. . . . . . . . . . . . 0.4
4,772 Amdocs, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
224,700 Tower Bersama Infrastructure Tbk PT. . . . . . 0.3
0.8
Television
3,396 CBS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Therapeutics
2,439 Pharmacyclics, Inc.. . . . . . . . . . . . . . . . . . . . 0.5
Tobacco
9,808 Imperial Tobacco Group PLC . . . . . . . . . . . . 1.0
12,200 Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . 1.0
2.0
Toys
4,627 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,600 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.4
0.8
Fair
Value
$
221,197
319,057
333,982
874,236
353,260
246,915
600,175
345,865
315,650
146,796
462,446
59,164
297,641
236,495
157,965
194,370
233,983
586,318
158,131
174,593
148,962
232,217
220,635
330,486
551,121
298,120
328,799
192,974
221,087
152,702
373,789
211,027
218,803
441,405
444,808
886,213
180,314
191,529
371,843
291,281
77

Percentage
of Net
Assets
Transportation
2,301 Panalpina Welttransport Holding AG . . . . . .
Transactional Software
3,034 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . .
368 AP Moeller Maersk A/S . . . . . . . . . . . . . . .
6,086 Canadian Pacific Railway, Ltd. . . . . . . . . . . .
1,828 Kansas City Southern . . . . . . . . . . . . . . . . . .
0.8%
Fair
Value
$
364,381
0.4
203,733
2.1
914,540
2.4
0.4
2.8
1,102,714
196,528
1,299,242
8,115 Koninklijke Vopak NV . . . . . . . . . . . . . . . . . 0.9
512 Google, Inc. Class C . . . . . . . . . . . . . . . . . 0.6
512 Google, Inc. Class A . . . . . . . . . . . . . . . . . 0.7
1.3
Wireless Equipment
2,839 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.4
27,861 Telefonaktiebolaget LM Ericsson. . . . . . . . . . 0.7
1.1
396,665
294,543
299,351
593,894
188,992
336,814
525,806
44,801,828
45,401,828
(8,377)
$ 45,393,451
78
Currency
Purchased
Citibank
EUR
1,053,854
EUR
317,351
EUR
223,035
EUR
1,267
EUR
16,927
EUR
6,029
Currency
Sold
USD
USD
USD
USD
USD
USD
1,436,009 $
432,431
303,913
1,730
23,115
8,233
Currency
Market
Value $U.S.
1,443,110
434,570
305,416
1,735
23,179
8,256
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
7,101
2,139
1,503
5
64
23
Total
10,835
$ 45,404,286

Percentage
of Net
Assets

Commercial Paper
0.5%
400,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Common Stock
99.5
3,143 Demandware, Inc. . . . . . . . . . . . . . . . . . . . . 0.3
100,054 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 4.7
5,687 NetSuite, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
22,075 RealPage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
9,352 salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 0.6
6.8
Audio and Video Products
30,000 Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Cable/Satellite TV
11,951 Comcast Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.7
8,093 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 1.4
2.1
Commercial Services
5,775 Corporate Executive Board Co.. . . . . . . . . . . 0.5
19,636 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Computer Services
3,704 IHS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Computer Software
19,566 Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8
17,443 SS&C Technologies Holdings, Inc. . . . . . . . . 0.9
1.7
Computers
87,932 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4
Computers Peripheral Equipment
29,631 Logitech International SA . . . . . . . . . . . . . . . 0.4
3,672 Stratasys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.9
Consulting Services
9,822 Gartner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Decision Support Software
6,181 Castlight Health, Inc. . . . . . . . . . . . . . . . . . . 0.1
E-Commerce/Products
3,814 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.4
8,653 MercadoLibre, Inc. . . . . . . . . . . . . . . . . . . . . 0.9
.
2.3
E-Commerce/Services
25,479 ChannelAdvisor Corp. . . . . . . . . . . . . . . . . . 0.8
12,683 Coupons.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.4
14,350 Ctrip.com International, Ltd. (ADR) . . . . . . . 1.1
3,426 GrubHub, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1
10,817 MakeMyTrip, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.4
1,437 Netflix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
6,951 QIWI PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.3
8,707 Zillow, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
6.0
Electric Products Equipment
23,772 Belden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
165,740 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 2.9
6,017 Avago Technologies, Ltd. . . . . . . . . . . . . . . . 0.5
30,572 Freescale Semiconductor, Ltd. . . . . . . . . . . . 0.8
18,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3
80,879 ON Semiconductor Corp.. . . . . . . . . . . . . . . 0.8
Fair
Value
400,000
218,030
4,172,251
494,087
496,246
543,164
5,923,778
498,173
641,530
1,192,099
1,833,629
393,971
1,488,802
502,522
699,289
771,329
1,470,618
8,171,521
386,012
417,249
803,261
692,646
93,951
1,238,711
825,496
2,064,207
671,626
333,690
918,974
121,315
380,001
633,142
674,883
280,334
1,244,491
5,258,456
1,858,020
2,679,897
2,498,643
433,645
718,442
304,460
739,234
Percentage
of Net
Assets
582 Samsung Electronics Co., Ltd. . . . . . . . . . . . 0.9%

6,829 SunEdison Semiconductor, Ltd. . . . . . . . . . . 0.1
6.3
25,611 Amphenol Corp. . . . . . . . . . . . . . . . . . . . . . 2.8
Electronic Design Automation
123,368 Cadence Design Systems, Inc. . . . . . . . . . . . 2.5
300 Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.2
77,798 National Instruments Corp. . . . . . . . . . . . . . 2.9
3.1
9,815 Advent Software, Inc. . . . . . . . . . . . . . . . . . . 0.4
7,131 Guidewire Software, Inc. . . . . . . . . . . . . . . . 0.3
93,225 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 4.3
19,779 PROS Holdings, Inc.. . . . . . . . . . . . . . . . . . . 0.6
2,202 Tyler Technologies, Inc. . . . . . . . . . . . . . . . . 0.2
2,621 Workday, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
6.1
Entertainment
29,475 SFX Entertainment, Inc. . . . . . . . . . . . . . . . . 0.3
Finance Credit Card
5,556 Discover Financial Services. . . . . . . . . . . . . . 0.4
2.0
Food Retail
Human Resources
47,281 Care.com, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7
6,731 Paylocity Holding Corp. . . . . . . . . . . . . . . . . 0.2
0.9
56,000 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 1.0
20,406 Zendesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.4
9,622 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8
6,499 Shutterstock, Inc. . . . . . . . . . . . . . . . . . . . . . 0.6
7,271 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
2.4
Internet Content Information/News
1,631 LinkedIn Corp.. . . . . . . . . . . . . . . . . . . . . . . 0.3
4,612 Qunar Cayman Islands, Ltd. (ADR) . . . . . . . 0.2
.
0.5
Multimedia
9,695 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.0
REIT Diversified
164,080 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
46,256 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 4.2
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
8.1
Semiconductors
17,240 SK Hynix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.0
Software
10,563 SAP AG (ADR) . . . . . . . . . . . . . . . . . . . . . . . 0.9
Fair
Value
$
760,510
115,615
5,570,549
2,467,364
2,157,706
130,896
2,519,878
2,650,774
319,675
289,946
3,778,410
522,957
200,844
235,523
5,347,355
238,748
1,415,271
344,361
1,759,632
158,538
598,577
145,592
744,169
1,465,103
854,069
354,656
1,208,725
647,465
539,287
297,893
611,245
2,095,890
279,668
131,673
411,341
552,699
831,249
2,106,521
1,537,430
3,663,475
1,847,328
7,048,233
827,326
813,351
79

Percentage
of Net
Assets
27,288 CommScope Holding Co., Inc. . . . . . . . . . . . 0.7%
15,562 NICE Systems, Ltd. (ADR) . . . . . . . . . . . . . . 0.7
1.4
31,800 Amdocs, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Telecommunications
23,013 RingCentral, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4
Toys
6,350 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.9
9,979 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.8
Web Hosting/Design
18,558 Endurance International Group
Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3
14,040 Google, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 9.2
21,377 Yahoo!, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
13,316 Yandex NV . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
10.6
Wireless Equipment
32,654 Telefonaktiebolaget LM Ericsson. . . . . . . . . . 0.5
Fair
Value
$
631,171
635,086
1,266,257
1,473,294
348,187
760,132
670,090
283,752
8,076,930
750,974
474,582
9,302,486
394,757
86,687,680
87,087,680
(8,294)
$ 87,079,386
80
Currency
Purchased
Citibank
AUD
4,351
AUD
29
AUD
115
CNH
25,556
CNH
158
CNH
15
CNH
166
EUR
25,765
EUR
4,299,701
EUR
64,181
EUR
11,208,308
EUR
4,866
EUR
921,651
EUR
73,136
EUR
6,046
EUR
28,146
Currency
Sold
USD
4,085 $
USD
27
USD
108
USD
4,094
USD
25
USD
2
USD
27
USD
35,184
USD 5,858,885
USD
87,644
USD 15,272,731
USD
6,645
USD 1,255,866
USD
99,450
USD
8,222
USD
38,273
Currency
Market
Value $U.S.
4,092
27
108
4,108
25
2
27
35,282
5,887,860
87,887
15,348,263
6,663
1,262,077
100,150
8,280
38,542
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
14
98
28,975
243
75,532
18
6,211
700
58
269
Total
112,125
$ 87,191,511

Currency
Purchased
Currency
Sold
Citibank
USD
53,078 EUR
USD
172,839 GBP
USD
295,460 JPY
USD
189,263 GBP
USD
296,585 JPY
USD
29,379 JPY
USD
425,772 JPY
USD
258,780 GBP
38,959 $
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
53,349
31-Jul-14
(271)
103,000
30,300,000
176,228
299,184
17-Jul-14
17-Jul-14
(3,389)
(3,724)
113,000
30,300,000
3,000,000
193,349
299,167
29,621
10-Jul-14
10-Jul-14
10-Jul-14
(4,086)
(2,582)
(242)
43,450,001
152,000
429,076
260,034
31-Jul-14
31-Jul-14
(3,304)
(1,254)
Total
(18,852)
(18,852)
Janus US Fund
Percentage
of Net
Assets

Common Stock
97.2%
187 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 1.5
38 NetSuite, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
486 salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 1.8
2.0
275 Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
23 Pernod Ricard SA . . . . . . . . . . . . . . . . . . . . . 0.2
0.7
Brewery
558 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 2.1
Cable/Satellite TV
801 Comcast Corp. Class A . . . . . . . . . . . . . . . 2.8
276 T-Mobile U.S., Inc. . . . . . . . . . . . . . . . . . . . . 0.6
60 Air Products & Chemicals, Inc. . . . . . . . . . . 0.5
85 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . 1.2
26 Rockwood Holdings, Inc. . . . . . . . . . . . . . . . 0.1
1.8
Commercial Services
21 CoStar Group, Inc. . . . . . . . . . . . . . . . . . . . . 0.2
341 MasterCard, Inc. Class A . . . . . . . . . . . . . . 1.6
157 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Computers
938 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7
Consulting Services
271 Verisk Analytics, Inc. Class A . . . . . . . . . . . 1.0
307 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 1.4
70 Estee Lauder Cos., Inc. Class A . . . . . . . . . 0.3
1.7
67 WW Grainger, Inc. . . . . . . . . . . . . . . . . . . . . 1.1
342 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.7
208 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0
2.7
E-Commerce/Products
62 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.3
500 Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.7
E-Commerce/Services
95 Ctrip.com International, Ltd. (ADR) . . . . . . . 0.4
1.4
268 Brookfield Infrastructure
Partners L.P. . . . . . . . . . . . . . . . . . . . . . . . 0.7
300 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 1.2
2,201 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 2.1
343 Freescale Semiconductor, Ltd. . . . . . . . . . . . 0.5
2.6
273 Amphenol Corp. Class A . . . . . . . . . . . . . . 1.7
Fair
Value
23,327
3,301
28,227
31,528
8,781
2,762
11,543
32,350
42,998
9,279
7,717
17,862
1,976
27,555
3,322
25,053
11,904
87,169
16,265
20,931
5,198
26,129
17,036
25,493
16,376
41,869
20,136
6,462
26,598
6,084
15,639
21,723
11,181
18,552
33,181
8,061
41,242
Percentage
of Net
Assets

2,057 Cadence Design Systems, Inc. . . . . . . . . . . . 2.3%
34 Concur Technologies, Inc. . . . . . . . . . . . . . . . 0.2
210 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.7
Finance Credit Card
119 Visa, Inc. Class A . . . . . . . . . . . . . . . . . . . . 1.6
Food Retail
422 Whole Foods Market, Inc. . . . . . . . . . . . . . . 1.0
133 Honeywell International, Inc. . . . . . . . . . . . . 0.8
698 Sensata Technologies Holding NV . . . . . . . . 2.1
2.9
Insurance Brokers
168 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
170 Facebook, Inc. Class A . . . . . . . . . . . . . . . 0.7
21 LinkedIn Corp. Class A . . . . . . . . . . . . . . . 0.2
35 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.0
64 T Rowe Price Group, Inc. . . . . . . . . . . . . . . . 0.3
24 Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . 0.2
95 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 2.0
334 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.9
256 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . 1.4
110 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.5
6.0
Medical Drugs
184 Endo International PLC . . . . . . . . . . . . . . . . 0.8
158 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 1.6
122 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 0.8
92 Valeant Pharmaceuticals International,
Inc. (U.S. Shares) . . . . . . . . . . . . . . . . . . . 0.7
408 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
4.8
63 Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . 0.6
Medical HMO
105 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
64 athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5
Medical Products
148 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . . 1.0
132 Precision Castparts Corp. . . . . . . . . . . . . . . . 2.1
Multimedia
974 Twenty-First Century Fox, Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2
197 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.1
3.3
141 Antero Resources Corp. . . . . . . . . . . . . . . . . 0.6
130 EOG Resources, Inc.. . . . . . . . . . . . . . . . . . . 1.0
400 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 2.0
3.6
60 Dresser-Rand Group, Inc. . . . . . . . . . . . . . . . 0.2
Pharmacy Services
329 Catamaran Corp. (U.S. Shares) . . . . . . . . . . . 0.9
Fair
Value
$
35,977
3,174
8,511
11,685
25,074
16,302
12,362
32,653
45,015
15,135
11,439
3,601
1,434
16,474
5,402
3,750
29,955
28,684
21,225
8,479
92,093
12,884
23,227
12,764
11,603
13,166
73,644
9,183
8,513
8,008
15,371
33,317
34,236
16,891
51,127
9,254
15,192
30,983
55,429
3,824
14,529
26,301
81
Janus US Fund
Percentage
of Net
Assets
Fair
Value
Currency
Purchased
Pipelines
225 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . .
279 CBRE Group, Inc. Class A . . . . . . . . . . . . .
REIT Diversified
466 American Tower Corp. . . . . . . . . . . . . . . . . .
Retail Auto Parts
3 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . .
496 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . .
Retail Catalogue Shopping
106 MSC Industrial Direct Co., Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . .
104 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Retail Miscellaneous/Diversified
490 Sally Beauty Holdings, Inc. . . . . . . . . . . . . . .
Retail Perfume and Cosmetics
91 Ulta Salon Cosmetics & Fragrance,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135 PetSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
25 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . .
324 Dunkin Brands Group, Inc. . . . . . . . . . . . . .
530 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . .
0.5%
8,159
0.6
8,939
2.7
41,932
0.1
1,609
2.6
40,156
0.6
10,138
0.4
5,528
0.8
12,289
0.5
8,318
0.5
8,073
0.9
1.0
2.6
4.5
14,813
14,842
41,012
70,667

1,252 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
366 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 1.8
2.6
Therapeutics
128 Pharmacyclics, Inc.. . . . . . . . . . . . . . . . . . . . 0.7
Toys
187 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
121 Canadian Pacific Railway, Ltd.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 1.4
411 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 2.6
4.0
79 Google, Inc. Class C . . . . . . . . . . . . . . . . . 2.8
55 Google, Inc. Class A . . . . . . . . . . . . . . . . . 2.1
4.9
Wireless Equipment
188 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.8
11,731
28,987
40,718
11,483
7,287
21,918
40,996
62,914
45,447
32,157
77,604
12,515
1,517,355
Schedule of Purchased Options Call

Counterparty/Reference Asset
Morgan Stanley
Zimmer Holdings, Inc.
expires December 2014
1 contract exercise
price USD 105 . . . . . . . . . . . . . . . . . . . . . .
565
1,517,920
(153)
82
1,517,767
Currency
Market
Value $U.S.
Currency
Sold
Citibank
EUR
227,106 USD
EUR
224,912 USD
EUR
1,562 USD
EUR
1,554 USD
GBP
500 USD
GBP
4,000 USD
JPY
60,000 USD
JPY
25,000 USD
EUR
200 USD
309,461 $
306,471
2,124
2,113
Settle
Date
Unrealised
Appreciation
310,992
307,987
2,139
2,128
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
1,531
1,516
15
15
848
6,732
590
245
855
6,843
592
247
17-Jul-14
17-Jul-14
17-Jul-14
17-Jul-14
7
111
2
2
271
274
10-Jul-14
Total
3,202
1,520,969
Percentage
of Net
Assets
Contract Amount
Schedule of Written Options Put

Credit Suisse
Oracle Corp.
expires September 2014
4 contracts
exercise price USD 34 . . . . . . . . . . . . . . . . . %
Morgan Stanley
expires December 2014
1 contract
exercise price USD 100 . . . . . . . . . . . . . . . .
Total Schedule of Written Option Put . . . . . . . . . . . . . . . . . . . .
Fair
Value
(64)
(522)
(458)

Currency
Purchased
Currency
Market
Value $U.S.
Currency
Sold
Citibank
USD
109 EUR
USD
100 EUR
USD
54,872 GBP
USD
6,124 JPY
USD
2,096 EUR
80 $
73
Settle
Date
Unrealised
(Depreciation)
110
101
31-Jul-14
31-Jul-14
(1)
(1)
32,700
628,001
55,948
6,201
17-Jul-14
17-Jul-14
(1,076)
(77)
1,540
2,109
10-Jul-14
(13)
Total
(1,168)
(1,690)

Percentage
of Net
Assets

Commercial Paper
3.4%
2,900,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 3.4
Common Stock
96.2
41,149 Potash Corp. of Saskatchewan, Inc.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 1.8
Airlines
19,388 Spirit Airlines, Inc. . . . . . . . . . . . . . . . . . . . . 1.4
5.8
79,763 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 3.9
9,337 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
78,000 WCI Communities, Inc. . . . . . . . . . . . . . . . . 1.7
Chemicals Fibres
5,225 Rayonier Advanced Materials, Inc. . . . . . . . . 0.2
22,097 MasterCard, Inc. Class A . . . . . . . . . . . . . . 1.9
Computer Services
5,986 IHS, Inc. Class A . . . . . . . . . . . . . . . . . . . . 0.9
Consulting Services
29,193 Civeo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
10,143 Spectrum Brands Holdings, Inc. . . . . . . . . . . 1.0
Finance Credit Card
16,920 Blackhawk Network Holdings, Inc. . . . . . . . 0.6
31,345 Blackhawk Network Holdings, Inc.
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.6
68,254 E*TRADE Financial Corp. . . . . . . . . . . . . . . 1.7
Financial Services
10,498 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.9
46,385 Post Holdings, Inc. . . . . . . . . . . . . . . . . . . . . 2.8
Machinery General Industrial
10,846 Zebra Technologies Corp. Class A . . . . . . . 1.0
Media
27,275 Tribune Co. . . . . . . . . . . . . . . . . . . . . . . . . . 2.7
29,314 Theravance, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.0
6.0
Medical Drugs
26,378 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 1.2
21,962 Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . 2.3
10.2
7,313 Taro Pharmaceutical Industries, Ltd.. . . . . . . 1.2
Oil Field Services
24,723 NOW, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Fair
Value
2,899,999
1,562,016
1,226,097
3,815,691
5,041,788
3,326,117
834,168
1,506,180
202,469
1,623,467
812,121
730,701
872,602
477,482
841,614
1,319,096
1,451,080
744,833
Percentage
of Net
Assets

42,822 Dresser-Rand Group, Inc. . . . . . . . . . . . . . . .
48,076 Murphy USA, Inc. . . . . . . . . . . . . . . . . . . . .
Pharmaceuticals
79,354 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . .
Pharmacy Services
25,336 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . .
130,271 St Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . .
REIT Diversified
15,675 Rayonier, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
92,786 Hertz Global Holdings, Inc. . . . . . . . . . . . . .
36,339 Six Flags Entertainment Corp. . . . . . . . . . . .
20,740 MSC Industrial Direct Co.,
Inc. Class A . . . . . . . . . . . . . . . . . . . . . .
Retail Mail Order
60,603 Lands End, Inc. . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
180,480 Wendys Co. . . . . . . . . . . . . . . . . . . . . . . . . .
86,178 Knowles Corp. . . . . . . . . . . . . . . . . . . . . . . .
34,652 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . .
Therapeutics
44,982 Questcor Pharmaceuticals, Inc.. . . . . . . . . . .
Wireless Equipment
44,308 Motorola Solutions, Inc. . . . . . . . . . . . . . . . .
3.2%
Fair
Value
$
2,729,046
2.7
2,350,436
7.4
6,349,907
2.0
1,686,618
3.9
3,312,792
0.6
557,246
3.0
2,600,792
1.8
1,546,224
2.3
1,983,574
2.4
2,035,049
1.8
1,539,494
3.1
2,649,112
1.9
1,605,427
4.8
4,160,385
3.3
2,949,583
83,127,171
86,027,170
(25,998)
$ 86,001,172
2,361,460
2,360,051
892,843
2,319,739
4,306,638
872,971
5,179,609
1,078,860
3,194,172
2,576,038
2,017,429
8,866,499
1,025,575
895,220
1,143,852
83

Currency
Purchased
Citibank
EUR
71,693
EUR
12,831,211
EUR
10,481
EUR
105,777
EUR
36,739
EUR
61
EUR
689
EUR
215
EUR
158,438
EUR
571
EUR
264
USD
14
USD
28
USD
45
USD
88
Currency
Sold
USD
97,691 $
USD 17,484,140
USD
14,282
USD
143,835
USD
50,061
USD
83
USD
937
USD
293
USD
216,359
USD
780
USD
361
EUR
10
EUR
21
EUR
33
EUR
65
Currency
Market
Value $U.S.
98,174
17,570,609
14,353
144,846
50,309
84
944
295
216,958
782
362
14
28
45
88
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
483
86,469
71
1,011
248
1
7
2
599
2
1
Total
88,894
$ 86,090,066
84

Percentage
of Net
Assets

Commercial Paper
1.2%
2,100,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 1.2
Common Stock
98.1
13,245 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Airlines
52,727 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 1.2
1.4
Athletic Footwear
18,131 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . . 0.8
15,288 Monster Beverage Corp. . . . . . . . . . . . . . . . . 0.6
15,560 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.4
10,817 Brown-Forman Corp. Class B . . . . . . . . . . 0.6
Cable/Satellite TV
39,119 Comcast Corp. Class A . . . . . . . . . . . . . . . 1.2
1.6
Casino Hotels
35,788 MGM Resorts International . . . . . . . . . . . . . 0.5
37,609 T-Mobile U.S., Inc. . . . . . . . . . . . . . . . . . . . . 0.7
5,824 Air Products & Chemicals, Inc. . . . . . . . . . . 0.4
19,541 LyondellBasell Industries NV
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
6,728 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . 0.8
12,800 Rockwood Holdings, Inc. . . . . . . . . . . . . . . . 0.5
2.7
46,301 PacWest Bancorp . . . . . . . . . . . . . . . . . . . . . 1.1
11,657 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Computer Services
5,816 IHS, Inc. Class A . . . . . . . . . . . . . . . . . . . . 0.4
Computers
58,972 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0
Consulting Services
25,004 Verisk Analytics, Inc. Class A . . . . . . . . . . . 0.8
14,399 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . 0.9
38,839 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.1
27,795 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 1.0
48,573 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.3
46,112 JP Morgan Chase & Co. . . . . . . . . . . . . . . . . 1.4
2.7
17,747 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
17,684 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.8
12,974 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
2.1
Fair
Value
2,099,999
1,652,181
1,635,694
2,198,716
321,182
2,519,898
1,406,059
1,085,907
1,390,130
2,476,037
1,018,637
2,099,908
714,110
2,814,018
944,803
1,264,415
749,083
1,908,179
1,413,889
972,672
5,043,823
1,998,814
2,225,847
883,834
789,057
5,480,268
1,500,740
1,601,457
1,932,629
1,895,063
2,287,788
2,656,974
4,944,762
1,322,861
1,392,262
1,179,985
3,895,108
Percentage
of Net
Assets
E-Commerce/Products
4,271 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.8%
12,819 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.1
E-Commerce/Services
1,138 Priceline Group, Inc. . . . . . . . . . . . . . . . . . . 0.8
49,142 Brookfield Infrastructure Partners L.P. . . . . . 1.1
39,274 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 1.3
17,556 Freescale Semiconductor, Ltd. . . . . . . . . . . . 0.2
16,922 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.7
17,226 Amphenol Corp. Class A . . . . . . . . . . . . . . 0.9
27,870 Tyco International, Ltd. (U.S. Shares) . . . . . . 0.7
7,748 Informatica Corp. . . . . . . . . . . . . . . . . . . . . . 0.2
Finance Credit Card
10,253 Visa, Inc. Class A . . . . . . . . . . . . . . . . . . . . 1.2
3.2
35,990 LPL Financial Holdings, Inc. . . . . . . . . . . . . 1.0
1.7
Food Confectionery
8,733 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
11,105 McCormick & Co., Inc. . . . . . . . . . . . . . . . . 0.4
Food Retail
38,074 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.6
Insurance Brokers
24,055 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
13,727 Facebook, Inc. Class A . . . . . . . . . . . . . . . 0.5
3,576 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.6
22,270 T Rowe Price Group, Inc. . . . . . . . . . . . . . . . 1.0
9,709 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . 0.8
4,684 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 0.8
23,196 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1
4.0
Medical Drugs
Fair
Value
$
1,387,136
641,719
2,028,855
1,369,014
2,050,204
2,428,704
412,566
800,580
1,213,146
1,659,553
1,265,402
908,086
1,270,872
276,216
2,202,596
1,479,463
2,160,409
5,842,468
1,360,279
1,790,142
3,150,421
1,918,468
850,332
795,007
1,881,998
1,017,244
2,899,242
2,202,683
2,167,115
923,690
146,509
1,070,199
1,879,811
1,417,611
1,476,912
1,992,072
2,765,297
1,061,500
7,295,781
1,598,277
85

Percentage
of Net
Assets
9,239 Jazz Pharmaceuticals Plc . . . . . . . . . . . . . . . . 0.7%

27,954 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 1.6
15,458 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.7
3.9
Medical HMO
24,162 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
Medical Products
Metal Processors and Fabricators
8,202 Precision Castparts Corp. . . . . . . . . . . . . . . . 1.1
Multimedia
52,948 Twenty-First Century Fox, Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
17,387 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.8
1.8
Oil Field Services
10,473 Core Laboratories NV . . . . . . . . . . . . . . . . . . 0.9
2,735 NOW, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.0
34,792 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 1.4
4.1
24,127 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.7
28,089 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 1.6
24,196 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
4.4
10,938 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.5
Pharmaceuticals
Pharmacy Services
22,935 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8
2.0
REIT Diversified
76,585 Lexington Realty Trust . . . . . . . . . . . . . . . . . 0.5
1.4
REIT Health Care
4,989 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
REIT Regional Malls
9,720 Simon Property Group, Inc. . . . . . . . . . . . . . 0.9
Retail Auto Parts
1,726 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5
33,823 Lowes Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9
15,867 MSC Industrial Direct Co., Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Retail Gardening Products
9,823 Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
$
86
1,358,225
2,924,547
1,191,503
7,072,552
1,959,055
906,442
1,706,835
Percentage
of Net
Assets

25,811 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . .
7,315 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . .
9,387 PetSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
15,810 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . .
121,204 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
22,184 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . .
2,070,185
1,861,123
1,490,761
3,351,884
1,749,620
99,016
1,848,636
1,908,500
2,571,560
2,201,175
2,694,988
7,467,723
3,149,780
2,828,001
1,946,084
7,923,865
900,744
1,728,901
1,578,395
2,233,605
1,526,783
3,760,388
1,834,045
1,696,933
843,201
2,540,134
319,795
1,616,242
925,550
1,623,166
1,517,520
593,309
Semiconductor Equipment
8,733 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . .
45,996 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . .
39,867 CommScope Holding Co., Inc. . . . . . . . . . . .
31,356 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . .
Television
17,882 CBS Corp. Class B . . . . . . . . . . . . . . . . . . .
Therapeutics
12,118 Pharmacyclics, Inc.. . . . . . . . . . . . . . . . . . . .
Tobacco
38,582 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . .
15,462 Philip Morris International, Inc. . . . . . . . . . .
0.8%
Fair
Value
$
1,371,855
0.3
525,071
0.3
561,343
0.7
1,223,378
0.6
1.0
1.6
1,135,681
1,756,973
2,892,654
0.4
634,365
1.1
1,992,547
0.5
922,124
0.8
1,452,723
0.6
1,111,187
0.6
1,087,106
0.9
0.7
1.6
1,618,129
1,303,601
2,921,730
0.5
919,068
0.6
1,010,003
0.5
1.1
1.6
1,002,423
2,093,054
3,095,477
Toys
23,584 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
15,041 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . .
9,324 Kansas City Southern . . . . . . . . . . . . . . . . . .
20,983 Union Pacific Corp. . . . . . . . . . . . . . . . . . . .
12,591 FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
4,102 Google, Inc. Class C . . . . . . . . . . . . . . . . . 1.3
4,131 Google, Inc. Class A . . . . . . . . . . . . . . . . . 1.3
2.6
Wireless Equipment
1,906,026
2,359,798
2,415,271
4,775,069
1,398,303
178,836,229
180,936,228
(23,210)
$ 180,913,018
Currency
Purchased
Citibank
EUR
1,318,403
EUR
4,238
EUR
6,925
EUR
22
Currency
Sold
USD
USD
USD
USD
1,796,490 $
5,775
9,457
30
Currency
Market
Value $U.S.
1,805,375
5,804
9,483
30
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
8,885
29
26
Total
8,940
$ 180,921,958
87

Percentage
of Net
Assets

Commercial Paper
0.8%
2,900,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Common Stock
99.3
Airlines
429,750 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 4.8
6.1
Athletic Footwear
150,120 NIKE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1
Banks
171,818 PacWest Bancorp . . . . . . . . . . . . . . . . . . . . . 2.0
Casino Hotels
145,585 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . 2.9
398,772 MGM Resorts International . . . . . . . . . . . . . 2.8
5.7
104,058 EI du Pont de Nemours & Co. . . . . . . . . . . . 1.8
195,302 LyondellBasell Industries NV . . . . . . . . . . . . 5.1
6.9
158,296 MasterCard, Inc. . . . . . . . . . . . . . . . . . . . . . . 3.1
Consulting Services
51,070 Towers Watson & Co. . . . . . . . . . . . . . . . . . 1.4
E-Commerce/Products
21,677 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.9
E-Commerce/Services
14,709 Priceline Group, Inc. . . . . . . . . . . . . . . . . . . 4.7
251,171 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 1.0
144,650 ARM Holdings PLC (ADR) . . . . . . . . . . . . . . 1.7
2.7
66,515 Amphenol Corp. . . . . . . . . . . . . . . . . . . . . . 1.7
Food Retail
231,080 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 5.2
32,947 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 2.5
11.0
Medical Drugs
243,856 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 3.6
135,889 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.8
8.2
Metal Processors and Fabricators
31,502 Precision Castparts Corp. . . . . . . . . . . . . . . . 2.1
Multimedia
599,258 Twenty-First Century Fox, Inc. . . . . . . . . . . . 5.5
117,691 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5
Pharmacy Services
Fair
Value
88
2,899,999
5,151,944
17,920,574
4,810,128
22,730,702
11,641,806
Percentage
of Net
Assets
Private Equity
417,071 Blackstone Group L.P. . . . . . . . . . . . . . . . . . .
REIT Regional Malls
135,231 Tanger Factory Outlet Centers, Inc. . . . . . . .
Retail Restaurants
122,931 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . .
129,830 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . .
Television
173,379 CBS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . .
Therapeutics
62,577 Pharmacyclics, Inc.. . . . . . . . . . . . . . . . . . . .
30,888 Google, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
3.6%
Fair
Value
$ 13,946,854
1.3
4,729,028
2.5
9,512,401
2.7
10,282,536
2.9
10,773,771
1.5
5,613,783
4.7
17,769,249
7,417,383
374,239,030
7,966,015
377,139,029
11,096,488
10,527,581
21,624,069
6,809,556
19,071,240
25,880,796
11,630,007
5,323,026
7,040,256
17,694,927
12,355,199
3,786,572
6,543,966
10,330,538
6,408,055
4,398,450
19,845,151
12,321,836
9,306,539
41,473,526
13,763,232
6,748,248
10,474,324
30,985,804
7,951,105
21,063,918
9,465,887
13,077,995
(30,637)
$ 377,108,392
Currency
Purchased
Citibank
AUD
80
AUD
3,507
AUD
26
EUR
205,671
EUR
867,916
EUR
53,086
EUR
215,384
EUR
38,514,187
EUR
6,238
EUR
1,469
EUR
381
Currency
Sold
USD
75 $
USD
3,293
USD
24
USD
280,253
USD 1,182,645
USD
72,336
USD
292,879
USD 52,480,433
USD
8,483
USD
1,998
USD
518
Currency
Market
Value $U.S.
75
3,298
24
281,639
1,188,494
72,694
294,939
52,739,980
8,543
2,012
522
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
1,386
5,849
358
2,060
259,547
60
14
4
Total
269,283
$ 377,377,675

Currency
Purchased
Citibank
USD
10,213
Currency
Sold
EUR
7,479 $
Currency
Market
Value $U.S.
10,241
Settle
Date
31-Jul-14
Unrealised
(Depreciation)
$
(28)
Total
(28)
(28)
89

Percentage
of Net
Assets

Commercial Paper
0.3%
800,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Common Stock
98.5
108,937 HEICO Corp. Class A . . . . . . . . . . . . . . . . 1.7
78,167 Phibro Animal Health Corp. . . . . . . . . . . . . . 0.7
72,600 Carters, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
222,856 RealPage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.9
61,804 Ritchie Bros Auctioneers, Inc.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 0.6
Biotechnology
6,544 Puma Biotechnology, Inc. . . . . . . . . . . . . . . . 0.2
43,354 Relypsa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.6
28,323 Taminco Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3
Chemicals Specialty
59,710 Sensient Technologies Corp. . . . . . . . . . . . . . 1.3
Commercial Banks Southern U.S.
41,678 Bank of the Ozarks, Inc. . . . . . . . . . . . . . . . . 0.5
Commercial Services
27,520 Corporate Executive Board Co.. . . . . . . . . . . 0.7
8,764 CoStar Group, Inc. . . . . . . . . . . . . . . . . . . . . 0.5
42,618 HMS Holdings Corp. . . . . . . . . . . . . . . . . . . 0.3
108,922 ServiceMaster Global Holdings, Inc. . . . . . . . 0.8
141,766 SP Plus Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
3.5
81,309 Euronet Worldwide, Inc. . . . . . . . . . . . . . . . 1.5
28,702 WEX, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
2.6
Computer Services
51,453 FleetMatics Group PLC. . . . . . . . . . . . . . . . . 0.6
57,560 j2 Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.7
Computer Software
136,622 Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.9
25,890 Cornerstone OnDemand, Inc. . . . . . . . . . . . 0.5
45,208 Envestnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8
150,253 SS&C Technologies Holdings, Inc. . . . . . . . . 2.5
5.7
Computers Peripheral Equipment
19,737 Stratasys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Consulting Services
58,409 MAXIMUS, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.0
53,247 Prestige Brands Holdings. Inc. . . . . . . . . . . . 0.7
49,355 SodaStream International, Ltd. . . . . . . . . . . . 0.6
1.3
97,290 Broadridge Financial Solutions, Inc. . . . . . . . 1.5
Decision Support Software
49,823 MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Diagnostic Kits
110,327 Quidel Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Fair
Value
90
800,000
4,422,842
1,715,766
5,004,318
5,009,803
1,523,469
431,904
1,054,369
1,486,273
658,793
3,327,041
1,394,129
1,877,414
1,386,202
869,833
1,985,648
3,032,375
9,151,472
3,922,346
3,012,849
6,935,195
1,663,990
2,927,502
4,591,492
4,882,870
1,191,458
2,211,575
6,644,187
14,930,090
2,242,715
2,512,756
1,804,541
1,658,328
3,462,869
4,051,156
2,284,385
2,439,330
Percentage
of Net
Assets
48,859 WESCO International, Inc.. . . . . . . . . . . . . .
E-Commerce/Services
35,451 ChannelAdvisor Corp. . . . . . . . . . . . . . . . . .
29,662 Coupons.com, Inc. . . . . . . . . . . . . . . . . . . . .
10,424 GrubHub, Inc. . . . . . . . . . . . . . . . . . . . . . . .
9,417 Zillow, Inc. Class A . . . . . . . . . . . . . . . . . .
Electric Products Equipment
45,370 Belden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
Electric Products Miscellaneous
254,563 GrafTech International, Ltd. . . . . . . . . . . . . .
131,348 CTS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . .
28,769 OSI Systems, Inc. . . . . . . . . . . . . . . . . . . . . .
42,308 Sparton Corp.. . . . . . . . . . . . . . . . . . . . . . . .
1.6%
Fair
Value
$
4,220,440
0.4
0.3
0.1
0.5
1.3
934,488
780,407
369,114
1,345,972
3,429,981
1.4
3,546,119
1.0
2,662,729
1.0
0.7
0.4
2.1
2,456,207
1,920,331
1,173,624
5,550,162

15,527 Measurement Specialties, Inc. . . . . . . . . . . . . 0.5
1.2
89,964 Advent Software, Inc. . . . . . . . . . . . . . . . . . . 1.1
28,625 Guidewire Software, Inc. . . . . . . . . . . . . . . . 0.4
18,556 Tyler Technologies, Inc. . . . . . . . . . . . . . . . . 0.6
2.1
Entertainment
116,407 SFX Entertainment, Inc. . . . . . . . . . . . . . . . . 0.4
Filtration and Separation Products
45,247 Polypore International, Inc. . . . . . . . . . . . . . 0.8
107,133 FXCM, Inc. Class A . . . . . . . . . . . . . . . . . . 0.6
78,103 LPL Financial Holdings, Inc. . . . . . . . . . . . . 1.5
2.1
12,747 MarketAxess Holdings, Inc. . . . . . . . . . . . . . 0.3
Footwear and Related Apparel
147,946 Wolverine World Wide, Inc. . . . . . . . . . . . . . 1.5
Hazardous Waste Disposal
98,958 Heritage-Crystal Clean, Inc. . . . . . . . . . . . . . 0.7
Health Care Cost Containment
41,179 ExamWorks Group, Inc. . . . . . . . . . . . . . . . . 0.5
Heart Monitors
14,006 HeartWare International, Inc. . . . . . . . . . . . . 0.5
Human Resources
33,776 Paylocity Holding Corp. . . . . . . . . . . . . . . . . 0.3
Industrial Automation and Robotics
30,807 Nordson Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.9
11,726 Textura Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
18,660 Artisan Partners Asset Management,
Inc. Class A . . . . . . . . . . . . . . . . . . . . . . 0.4
17,440 Financial Engines, Inc. . . . . . . . . . . . . . . . . . 0.3
130,591 WisdomTree Investments, Inc. . . . . . . . . . . . 0.6
1.3
Leisure
155,895 Diamond Resorts International, Inc. . . . . . . . 1.4
Machine Tools and Related Products
93,689 Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . 1.7
4,476,933
1,336,409
1,899,058
3,235,467
2,930,127
1,163,893
1,692,493
5,786,513
942,897
2,159,639
1,602,710
3,884,842
5,487,552
689,103
3,855,473
1,942,546
1,306,610
1,239,531
730,575
2,470,413
277,203
1,057,649
789,683
1,614,105
3,461,437
3,627,677
4,335,927
Percentage
of Net
Assets

14,387 Tennant Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4%
54,645 Wabtec Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.8
2.2
Medical
78,144 LDR Holding Corp. . . . . . . . . . . . . . . . . . . . 0.7
46,368 Zeltiq Aesthetics, Inc. . . . . . . . . . . . . . . . . . . 0.3
1.0
67,595 Exact Sciences Corp. . . . . . . . . . . . . . . . . . . 0.4
14,265 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.3
19,478 Ultragenyx Pharmaceutical, Inc. . . . . . . . . . . 0.3
2.2
Medical Drugs
68,712 Chimerix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
130,264 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 0.8
21,500 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6
16,205 Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . 0.6
115,508 Swedish Orphan Biovitrum A.B. . . . . . . . . . . 0.6
3.5
Medical Imaging Systems
135,460 Novadaq Technologies, Inc. . . . . . . . . . . . . . 0.9
Medical Instruments
175,032 Endologix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.0
27,671 Techne Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
2.0
Oil Field Services
6,891 Targa Resources Corp. . . . . . . . . . . . . . . . . . 0.4
57,609 Midcoast Energy Partners L.P. . . . . . . . . . . . . 0.5
61,043 Dresser-Rand Group, Inc. . . . . . . . . . . . . . . . 1.5
22,701 Dril-Quip, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9
2.4
Patient Monitoring Equipment
116,627 Masimo Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0
Pharmaceuticals
52,207 ACADIA Pharmaceuticals, Inc. . . . . . . . . . . . 0.4
11 Diplomat Pharmacy, Inc. . . . . . . . . . . . . . . . 0.6
80,296 Dyax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
2.6
Pharmacy Services
49,259 MediWound, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2
Pipelines
72,024 DCP Midstream Partners L.P. . . . . . . . . . . . . 1.6
Printing Commercial
71,755 Vistaprint NV . . . . . . . . . . . . . . . . . . . . . . . . 1.1
Real Estate
31,291 RE/MAX Holdings, Inc. Class A . . . . . . . . . 0.4
84,278 St Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Recreational Vehicles
34,174 Arctic Cat, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5
Retail Convenience Store
27,022 Caseys General Stores, Inc.. . . . . . . . . . . . . . 0.7
Fair
Value
$
1,098,016
4,513,130
5,611,146
1,954,381
704,330
2,658,711
1,648,910
1,151,143
805,117
1,604,049
874,367
6,083,586
1,507,541
845,146
1,996,947
1,657,219
1,488,591
1,544,238
9,039,682
2,232,381
2,298,012
2,662,237
2,561,504
5,223,741
961,777
1,267,398
3,890,271
2,479,857
6,370,128
2,752,397
1,179,356
1,564,097
770,842
3,169,513
6,683,808
Percentage
of Net
Assets
Retail Diversified
177,766 Sally Beauty Holdings, Inc. . . . . . . . . . . . . . . 1.7%
Retail Restaurants
8,489 Biglari Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.4
65,505 Popeyes Louisiana Kitchen, Inc. . . . . . . . . . . 1.1
2.5
Retail Sporting Goods
74,849 Hibbett Sports, Inc. . . . . . . . . . . . . . . . . . . . 1.5
Retirement/Aged Care
59,938 Capital Senior Living Corp. . . . . . . . . . . . . . 0.5
Security Services
16,598 Ascent Capital Group, Inc. Class A . . . . . . 0.4
498,527 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
50,666 Ontex Group NV . . . . . . . . . . . . . . . . . . . . . 0.5
68,885 NICE Systems, Ltd. (ADR) . . . . . . . . . . . . . . 1.1
Telecommunication Equipment Fiber Optics
13,309 IPG Photonics Corp.. . . . . . . . . . . . . . . . . . . 0.3
Telecommunications
46,568 RingCentral, Inc. Class A . . . . . . . . . . . . . . 0.3
Theatres
197,986 National CineMedia, Inc. . . . . . . . . . . . . . . . 1.3
Therapeutics
5,466 GW Pharmaceuticals PLC (ADR) . . . . . . . . . 0.2
12,717 Synageva BioPharma Corp.. . . . . . . . . . . . . . 0.5
0.7
66,466 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.7
88,464 Hub Group, Inc. Class A . . . . . . . . . . . . . . 1.7
30,307 Landstar System, Inc. . . . . . . . . . . . . . . . . . . 0.7
30,890 Old Dominion Freight Line, Inc. . . . . . . . . . 0.7
38,081 Saia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
2.0
Fair
Value
$
4,458,371
3,590,593
2,863,224
6,453,817
4,054,570
1,428,922
1,095,634
4,671,198
1,308,354
2,811,197
915,659
704,574
3,466,735
586,447
1,332,742
1,919,189
4,463,192
4,458,586
1,939,648
1,967,076
1,672,898
5,579,622
258,578,011
259,378,011
(51,366)
$ 259,326,645
560,567
4,105,368
2,903,207
925,901
3,142,055
2,143,190
1,347,139
1,899,376
91

Currency
Purchased
Citibank
AUD
90
AUD
3,468
AUD
31
EUR
11,278
EUR
13
EUR
21
EUR
1,178,370
EUR
10,077
EUR
2,436
EUR
18,532,431
USD
3
USD
3
Currency
Sold
USD
84 $
USD
3,256
USD
29
USD
15,401
USD
18
USD
28
USD 1,605,677
USD
13,703
USD
3,319
USD 25,252,774
AUD
3
EUR
2
Currency
Market
Value $U.S.
84
3,261
29
15,444
18
28
1,613,618
13,799
3,335
25,377,665
3
3
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
43
7,941
96
16
124,891
Total
132,992
$ 259,459,637
92

Percentage
of Net
Assets

Commercial Paper
8.5%
12,100,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 8.5
Common Stock
91.5
10,294 General Dynamics Corp. . . . . . . . . . . . . . . . 0.9
6,204 Rockwell Collins, Inc.. . . . . . . . . . . . . . . . . . 0.3
1.2
179,284 BBA Aviation PLC . . . . . . . . . . . . . . . . . . . . . 0.7
18,483 Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
79,500 Nitto FC Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.4
1.0
55,936 Lectra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
79,308 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 2.4
2.8
57,714 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . 1.7
40,568 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2.6
4.3
182,791 C&C Group PLC . . . . . . . . . . . . . . . . . . . . . 0.8
172,764 Stock Spirits Group PLC. . . . . . . . . . . . . . . . 0.6
1.4
Broadcast Services and Programming
63,237 Grupo Televisa SAB. (ADR) . . . . . . . . . . . . . 1.5
3,623,552 America Movil SAB de CV . . . . . . . . . . . . . . 2.7
84,600 NTT DOCOMO, Inc. . . . . . . . . . . . . . . . . . . 1.0
69,257 Rogers Communications, Inc.
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0
6.0
Chemicals Specialty
48,900 Nippon Fine Chemical Co., Ltd.. . . . . . . . . . 0.2
Commercial Banks
55,751 BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
60,872 CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.0
35,302 Fulton Financial Corp. . . . . . . . . . . . . . . . . . 0.3
3.9
9,200 Kose Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
7,000 Pola Orbis Holdings, Inc. . . . . . . . . . . . . . . . 0.2
41,230 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 2.3
2.7
Dental Supplies and Equipment
15,100 Nakanishi, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4
295,977 Orkla A.SA . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
Electric Integrated
13,395 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
42,163 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
38,555 GDF Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
98,281 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4
5.0
Electric Products Miscellaneous
13,600 Icom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
60,700 Cosel Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.6
Fair
Value
$ 12,099,997
1,199,765
484,781
1,684,546
947,984
913,984
501,535
1,415,519
592,788
3,307,144
3,899,932
2,444,765
3,624,345
6,069,110
1,137,511
883,206
2,020,717
2,169,662
3,765,353
1,446,610
2,787,417
489,214
8,488,594
333,113
2,198,262
2,785,503
437,392
5,421,157
351,505
282,654
3,240,266
3,874,425
620,160
2,637,876
1,099,596
1,538,106
1,061,333
3,491,924
7,190,959
334,998
Percentage
of Net
Assets
87,151 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . .
46,795 Danone SA . . . . . . . . . . . . . . . . . . . . . . . . . .
29,215 Nestle SA . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,101 Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . .
Food Retail
720,102 Tesco PLC. . . . . . . . . . . . . . . . . . . . . . . . . . .
Food Wholesale/Distribution
61,494 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
Leisure and Recreational Products
35,000 Sansei Technologies, Inc. . . . . . . . . . . . . . . .
Medical Drugs
133,660 GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . .
32,105 Johnson & Johnson . . . . . . . . . . . . . . . . . . .
35,959 Novartis AG . . . . . . . . . . . . . . . . . . . . . . . . .
60,247 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
4,815 Roche Holding AG . . . . . . . . . . . . . . . . . . . .
13,181 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.5%
Fair
Value
$
3,532,230
2.5
1.6
1.2
5.3
3,475,250
2,263,783
1,667,025
7,406,058
2.5
3,502,022
1.6
2,302,950
0.1
162,750
2.5
2.4
2.3
1.3
1.0
1.0
10.5
3,577,165
3,358,825
3,256,831
1,788,131
1,436,462
1,400,119
14,817,533
Medical Instruments
32,200 As One Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
2,740 Medikit Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1
20,426 Medtronic, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.9
1.7
Medical Products
4,486 Becton Dickinson and Co. . . . . . . . . . . . . . . 0.4
20,772 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
1.6
Metal Products Fasteners
9,200 Kitagawa Industries Co., Ltd. . . . . . . . . . . . . 0.1
13,892 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Networking Products
34,904 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.6
Non-Hazardous Waste Disposal
56,633 Republic Services, Inc. . . . . . . . . . . . . . . . . . 1.5
Office Automation and Equipment
27,500 Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
26,854 Canadian Natural Resources, Ltd. . . . . . . . . . 0.9
18,032 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 1.0
1.9
65,599 BP PLC (ADR) . . . . . . . . . . . . . . . . . . . . . . . 2.4
72,494 Cenovus Energy, Inc. . . . . . . . . . . . . . . . . . . 1.7
85,233 Royal Dutch Shell PLC Class A . . . . . . . . . 2.4
11,030 Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
7.1
43,550 NKSJ Holdings, Inc. . . . . . . . . . . . . . . . . . . . 0.8
Protection Safety
7,300 Secom Joshinetsu Co., Ltd. . . . . . . . . . . . . . . 0.1
Publishing Books
34,850 Daekyo Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2
72,206 UBM PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
66,000 Cheung Kong Holdings, Ltd. . . . . . . . . . . . . 0.8
999,792
80,747
1,302,362
2,382,901
530,694
1,751,495
2,282,189
94,461
815,738
867,364
2,150,355
894,856
1,234,091
1,431,741
2,665,832
3,460,347
2,350,330
3,527,400
797,098
10,135,175
1,172,913
194,590
224,595
822,285
1,170,938
799,425
93

Percentage
of Net
Assets
REIT Mortgage
50,211 American Capital Agency Corp. . . . . . . . . . .
43,002 Hatteras Financial Corp. . . . . . . . . . . . . . . . .
193,917 Two Harbors Investment Corp.. . . . . . . . . . .
41,616 Western Asset Mortgage Capital Corp. . . . . .
0.8%
0.6
1.5
0.4
3.3
Fair
Value
$
1,175,440
851,870
2,032,249
589,699
4,649,258
31,685 Matas A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Savings/Loans/Thrifts
137,651 Capitol Federal Financial, Inc. . . . . . . . . . . . 1.2
16,482 Washington Federal, Inc. . . . . . . . . . . . . . . . 0.3
1.5
Schools
67,300 Shingakukai Co., Ltd. . . . . . . . . . . . . . . . . . . 0.2
Security Services
678,817 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
19,500 Secom Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.8
2.9
73,526 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 2.7
44,952 Telenor A.SA . . . . . . . . . . . . . . . . . . . . . . . . 0.7
7,069 Verizon Communications, Inc. . . . . . . . . . . . 0.2
Tobacco
17,761 KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
81,054 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 2.0
3.1
92,703 UTi Worldwide, Inc. (U.S. Shares) . . . . . . . . 0.7
Warehousing and Harbour Transport Services
40,214 Hamburger Hafen und Logistik AG . . . . . . . 0.8
Water
27,291 Suez Environment Co. . . . . . . . . . . . . . . . . . 0.4
899,165
1,673,836
369,691
2,043,527
Currency
Sold
Citibank
EUR
2,206,509 USD 3,006,646 $
EUR
85,971 USD
117,146
EUR
22,584 USD
30,773
EUR
2,463 USD
3,356
EUR
11,563 USD
15,790
USD
1 EUR
1
USD
9 EUR
7
JPY
59,999,999 USD
589,055
Currency
Market
Value $U.S.
Settle
Date
3,021,516
117,725
30,925
3,373
15,834
1
9
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
592,444
17-Jul-14
Unrealised
Appreciation
$
14,870
579
152
17
44
3,389
Total
$ 141,729,336
19,051
251,818
2,964,382
1,191,677
4,156,059

Currency
Purchased
3,864,527
1,024,121
345,886
1,571,234
2,815,226
4,386,460
958,549
1,067,908
522,388
129,675,578
141,775,575
(65,290)
$ 141,710,285
94
Currency
Purchased
Currency
Sold

USD
1,906,298 EUR 1,403,000 $
USD
3,526,504 JPY 361,650,000
USD
1,800,015 EUR 1,322,500
USD
2,134,996 EUR 1,572,000
USD
2,998,530 JPY 306,000,000
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
1,921,116
3,570,954
17-Jul-14
17-Jul-14
(14,818)
(44,450)
1,810,841
10-Jul-14
(10,826)
2,152,640
3,021,799
31-Jul-14
31-Jul-14
(17,644)
(23,269)
Total
(111,007)
(111,007)

Percentage
of Net
Assets

Commercial Paper
3.8%
18,100,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 3.8
Common Stock
96.2
34,118 United Technologies Corp. . . . . . . . . . . . . . . 0.8
35,778 Ralph Lauren Corp. . . . . . . . . . . . . . . . . . . . 1.2
66,561 Check Point Software Technologies,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
245,000 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 2.1
3.0
30,326 TRW Automotive Holdings Corp.. . . . . . . . . 0.6
85,000 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.6
161,605 Rogers Communications, Inc.. . . . . . . . . . . . 1.4
Commercial Banks
100,000 CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.0
Commercial Banks Central U.S.
102,000 Prosperity Bancshares, Inc. . . . . . . . . . . . . . . 1.3
40,472 M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . 1.1
91,552 First Republic Bank . . . . . . . . . . . . . . . . . . . 1.1
85,000 Zions Bancorporation . . . . . . . . . . . . . . . . . . 0.5
1.6
Computer Services
100,000 Accenture PLC . . . . . . . . . . . . . . . . . . . . . . . 1.7
131,944 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
111,199 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.2
115,865 Owens & Minor, Inc. . . . . . . . . . . . . . . . . . . 0.8
65,016 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
2.7
Electric Integrated
77,000 Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . 1.0
230,000 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
117,374 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
3.9
110,293 Altera Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
155,956 Synopsys, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.3
190,000 Tyco International, Ltd. . . . . . . . . . . . . . . . . 1.8
9,517 NextEra Energy Partners L.P. . . . . . . . . . . . . 0.1
Fair
Value
$ 18,099,995
3,011,203
3,938,923
5,749,167
4,461,584
10,216,499
14,678,083
2,714,784
7,593,900
6,504,601
4,576,000
6,385,200
5,020,552
5,034,444
2,504,950
7,539,394
8,084,000
3,475,405
5,533,262
4,008,090
3,937,093
3,062,254
9,795,400
12,857,654
3,526,115
4,686,220
8,171,900
5,326,432
18,184,552
3,833,785
6,054,212
8,664,000
318,915
Percentage
of Net
Assets
206,847 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.8%
Fiduciary Banks
25,507 Northern Trust Corp. . . . . . . . . . . . . . . . . . . 0.3
50,000 State Street Corp. . . . . . . . . . . . . . . . . . . . . . 0.7
1.0
Finance Credit Card
110,000 Raymond James Financial, Inc.. . . . . . . . . . . 1.2
114,363 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
104,164 NRG Yield, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.1
Insurance
52,449 RenaissanceRe Holdings, Ltd. . . . . . . . . . . . . 1.2
Insurance Brokers
105,727 Marsh & McLennan Cos., Inc. . . . . . . . . . . . 1.1
65,000 T Rowe Price Group, Inc. . . . . . . . . . . . . . . . 1.1
22,753 UniFirst Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.5
Machine Tools and Related Products
27,545 Lincoln Electric Holdings, Inc. . . . . . . . . . . . 0.4
Machinery Farm
32,035 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Medical Drugs
111,213 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 2.5
125,000 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 1.5
70,000 Novartis AG (ADR). . . . . . . . . . . . . . . . . . . . 1.3
291,662 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
120,000 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
7.9
(ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Medical Labs and Testing Services
73,000 Laboratory Corp. of America Holdings . . . . . 1.6
Medical Products
132,973 Baxter International, Inc. . . . . . . . . . . . . . . . 2.0
56,973 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
3.9
Miscellaneous Machinery
164,138 Babcock & Wilcox Co. . . . . . . . . . . . . . . . . . 1.1
155,000 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.9
120,191 American International Group, Inc. . . . . . . . 1.4
3.3
Multimedia
52,000 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.9
254,004 Republic Services, Inc. . . . . . . . . . . . . . . . . . 2.0
Oil Field Services
90,000 Schlumberger, Ltd. . . . . . . . . . . . . . . . . . . . . 2.2
51,778 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.8
241,415 Plains GP Holdings L.P. . . . . . . . . . . . . . . . . 1.6
190,000 QEP Midstream Partners L.P. . . . . . . . . . . . . 1.0
4.6
Fair
Value
$
8,383,509
1,637,804
3,363,000
5,000,804
4,849,005
5,580,300
4,282,894
5,421,736
4,981,960
5,612,043
5,478,773
5,486,650
2,411,818
1,924,845
2,900,769
11,635,105
7,231,250
6,337,100
8,656,528
3,872,400
37,732,383
4,788,777
7,475,200
9,613,948
4,803,963
4,154,400
18,572,311
5,327,919
9,101,600
6,560,025
15,661,625
4,458,480
9,644,532
10,615,500
5,637,705
4,010,724
7,722,865
4,892,500
22,263,794
95

Percentage
of Net
Assets

96,747 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.7%
42,123 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
3.4
Pipelines
70,000 Plains All American Pipeline L.P.. . . . . . . . . . 0.9
Private Equity
77,469 Carlyle Group L.P. . . . . . . . . . . . . . . . . . . . . 0.6
Reinsurance
80,000 Berkshire Hathaway, Inc. . . . . . . . . . . . . . . . 2.1
REIT Apartments
24,000 AvalonBay Communities, Inc.. . . . . . . . . . . . 0.7
50,000 Home Properties, Inc.. . . . . . . . . . . . . . . . . . 0.7
1.4
REIT Diversified
170,000 Potlatch Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.5
190,000 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . 1.3
2.8
34,000 Alexandria Real Estate Equities, Inc. . . . . . . . 0.6
110,595 Caseys General Stores, Inc.. . . . . . . . . . . . . . 1.6
Retail Discount
39,945 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 0.6
Savings/Loans/Thrifts
137,937 Washington Federal, Inc. . . . . . . . . . . . . . . . 0.6
61,322 Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . 0.7
57,000 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 0.9
1.6
48,000 PNC Financial Services Group, Inc. . . . . . . . 0.9
280,000 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 3.0
3.9
Toys
68,000 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
35,837 Kirby Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
38,000 Kansas City Southern . . . . . . . . . . . . . . . . . . 0.9
2.5
Fair
Value
$ 12,630,321
3,387,953
16,018,274
4,203,500
2,630,847
10,124,800
3,412,560
3,198,000
6,610,560
Citibank
EUR
38,758,044
EUR
69,941
EUR
14,240,051
EUR
700,524
EUR
203,455
EUR
358
EUR
73,374
EUR
3,620
USD
48
Currency
Sold
USD 52,812,718 $
USD
95,303
USD 19,403,864
USD
954,552
USD
276,658
USD
487
USD
99,774
USD
4,922
EUR
35
Currency
Market
Value $U.S.
53,073,908
95,774
19,499,828
959,273
278,604
490
100,476
4,957
48
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
261,190
471
95,964
4,721
1,946
3
702
35
Total
365,032
$ 478,080,410

7,038,000
6,287,100
13,325,100

Currency
Purchased
2,639,760
7,773,722
2,998,671
19,184 $
7,484
320
754,890
26,270
10,248
438
1,033,719
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
(Depreciation)
$
(134)
(52)
(2)
(2,857)
(3,045)
3,315,681
4,514,400
7,830,081
(3,045)
2,649,960
4,197,946
4,085,380
7,477,460
11,562,840
459,695,706
477,795,701
(80,323)
$ 477,715,378
EUR
EUR
EUR
EUR
Currency
Market
Value $U.S.
Total
4,274,400
14,716,801
18,991,201
Citibank
USD
26,136
USD
10,196
USD
436
USD
1,030,862
Currency
Sold
3,093,927
96
Currency
Purchased

Percentage
of Net
Assets

Common Stock
99.1%
39,454 WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Advertising Sales
8,797 JCDecaux SA . . . . . . . . . . . . . . . . . . . . . . . . 0.3
33,071 Finmeccanica SpA . . . . . . . . . . . . . . . . . . . . 0.3
3,451 Meggitt PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.0
2,265 Rolls-Royce Holdings PLC . . . . . . . . . . . . . . 0.0
1,791,848 Rolls-Royce Holdings PLC . . . . . . . . . . . . . . 0.0
11,729 Thales SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
0.9
17,323 Airbus Group NV . . . . . . . . . . . . . . . . . . . . . 0.9
42,461 Cobham PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.2
22,520 Zodiac Aerospace . . . . . . . . . . . . . . . . . . . . . 0.6
1.7
10,187 OCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Airlines
18,220 Deutsche Lufthansa AG . . . . . . . . . . . . . . . . 0.3
19,259 easyJet PLC. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
84,208 International Consolidated Airlines
Group SA . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.2
Airport Development and Maintenance
2,461 Aeroports de Paris . . . . . . . . . . . . . . . . . . . . 0.3
188 Hugo Boss AG . . . . . . . . . . . . . . . . . . . . . . . 0.0
61,214 Sage Group PLC . . . . . . . . . . . . . . . . . . . . . . 0.3
944 Bayerische Motoren Werke AG . . . . . . . . . . . 0.1
76,194 Fiat SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
6,137 Peugeot SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
317 Porsche Automobil Holding SE . . . . . . . . . . 0.0
1,486 Renault SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.9
Automotive Medium and Heavy Duty Trucks
5,377 Volvo A.B. Class B . . . . . . . . . . . . . . . . . . . 0.1
90,172 GKN PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
9,087 Valeo SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.5
Building Heavy Construction
10,542 ACS Actividades de Construccion y
Servicios SA . . . . . . . . . . . . . . . . . . . . . . . 0.4
20,199 Skanska A.B. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
4,728 Vinci SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.1
Building Maintenance and Service
32,095 Babcock International Group PLC . . . . . . . . 0.5
9,958 Persimmon PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
Building and Construction Miscellaneous
511 Bouygues SA. . . . . . . . . . . . . . . . . . . . . . . . . 0.0
6,123 Ferrovial SA . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
6,464 Koninklijke Boskalis Westminster NV . . . . . 0.4
9,958 Persimmon PLC C Shares . . . . . . . . . . . . . 0.0
0.5
Fair
Value
628,195
239,718
229,678
21,824
30,261
2,239
518,129
802,131
847,787
165,728
556,694
1,570,209
290,330
285,690
328,549
389,967
1,004,206
236,797
20,520
293,852
66,089
549,358
66,249
24,121
98,121
803,938
54,119
409,196
891,344
1,300,540
352,103
336,809
258,149
947,061
466,098
158,429
15,529
99,591
270,744
8,712
394,576
Percentage
of Net
Assets

618 Geberit AG . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%
1,740 Imerys SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
240 Sika AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.1
740 Holcim, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Cable/Satellite TV
17,067 British Sky Broadcasting Group PLC. . . . . . . 0.2
2,921 Kabel Deutschland Holding AG . . . . . . . . . . 0.4
0.6
4,960 Croda International PLC. . . . . . . . . . . . . . . . 0.2
19,970 Johnson Matthey PLC . . . . . . . . . . . . . . . . . . 0.8
2,761 K+S AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.1
Chemicals Plastics
853 EMS-Chemie Holding AG. . . . . . . . . . . . . . . 0.3
Chemicals Specialty
5,000 Lonza Group AG . . . . . . . . . . . . . . . . . . . . . 0.5
129,192 Banco de Sabadell SA . . . . . . . . . . . . . . . . . . 0.4
14,030 Banco Popolare SC . . . . . . . . . . . . . . . . . . . . 0.2
38,628 Banco Popular Espanol SA . . . . . . . . . . . . . . 0.2
2,114,792 Bank of Ireland . . . . . . . . . . . . . . . . . . . . . . . 0.6
149,477 CaixaBank SA . . . . . . . . . . . . . . . . . . . . . . . . 0.8
60,395 Commerzbank AG . . . . . . . . . . . . . . . . . . . . 0.8
7,757 Danske Bank A/S . . . . . . . . . . . . . . . . . . . . . 0.2
609 Erste Group Bank AG . . . . . . . . . . . . . . . . . . 0.0
47,457 Intesa Sanpaolo SpA . . . . . . . . . . . . . . . . . . . 0.1
298,447 Intesa Sanpaolo SpA . . . . . . . . . . . . . . . . . . . 0.8
16,794 KBC Groep NV . . . . . . . . . . . . . . . . . . . . . . . 0.8
67,315 Mediobanca SpA . . . . . . . . . . . . . . . . . . . . . 0.6
91,055 Skandinaviska Enskilda Banken
A.B. Class A . . . . . . . . . . . . . . . . . . . . . . 1.0
2,376 Svenska Handelsbanken A.B. . . . . .
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
38,638 Swedbank A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.9
113,056 Unione di Banche Italiane SCpA . . . . . . . . . . 0.8
8.3
Computer Data Security
1,887 Gemalto NV . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Computer Services
3,827 AtoS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,569 Cap Gemini SA. . . . . . . . . . . . . . . . . . . . . . . 0.1
0.4
20,626 Husqvarna A.B. Class B . . . . . . . . . . . . . . . 0.1
1,269 Beiersdorf AG . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Dialysis Centres
1,508 Fresenius S.E. & Co. . . . . . . . . . . . . . . . . . . 0.2
67,017 Credit Agricole SA . . . . . . . . . . . . . . . . . . . . 0.8
2,098,864 Lloyds Banking Group PLC . . . . . . . . . . . . . 2.2
122,334 Natixis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
6,224 Societe Generale SA . . . . . . . . . . . . . . . . . . . 0.3
23,679 UniCredit SpA . . . . . . . . . . . . . . . . . . . . . . . 0.2
4.2
32,150 Investec PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,865 Julius Baer Group, Ltd. . . . . . . . . . . . . . . . . . 0.1
0.3
Fair
Value
158,479
107,080
716,876
982,435
47,517
192,823
312,401
505,224
136,438
773,702
66,305
976,445
248,747
397,468
321,946
168,781
188,505
522,354
673,693
693,335
160,148
14,385
92,161
673,296
667,562
490,053
889,077
84,979
748,621
714,514
7,103,410
142,846
232,835
81,745
314,580
117,161
89,680
164,221
690,275
1,947,667
572,768
238,099
144,797
3,593,606
216,573
56,168
272,741
97

Percentage
of Net
Assets

30,320 IMI PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6%
24,193 Melrose Industries PLC. . . . . . . . . . . . . . . . . 0.1
0.7
5,530 GEA Group AG . . . . . . . . . . . . . . . . . . . . . . 0.2
6,330 Industrivarden A.B. Class C . . . . . . . . . . . . 0.1
9,171 Orkla A.SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,568 Wendel SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.6
Diversified Operations Commercial Services
34,464 Bunzl PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
E-Commerce/Products
510 ASOS PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0
72,925 Enel SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Electric Integrated
163,155 EDP Energias de Portugal SA . . . . . . . . . . . 0.6
31,911 Electricite de France SA . . . . . . . . . . . . . . . . 0.8
7,988 SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.6
5,628 Red Electrica Corp. SA . . . . . . . . . . . . . . . . . 0.4
80,409 Terna Rete Elettrica Nazionale SpA . . . . . . . . 0.4
0.8
10,636 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 0.1
21,365 Infineon Technologies AG . . . . . . . . . . . . . . 0.2
21,320 STMicroelectronics NV . . . . . . . . . . . . . . . . . 0.2
0.5
Electronics Military
5,546 Safran SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
7,005 Alfa Laval A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.2
11,191 London Stock Exchange Group PLC. . . . . . . 0.3
Food Baking
8,583 Aryzta AG. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Food Catering
75,341 Compass Group PLC . . . . . . . . . . . . . . . . . . 1.1
Food Confectionery
190 Barry Callebaut AG. . . . . . . . . . . . . . . . . . . . 0.2
112 Lindt & Spruengli AG . . . . . . . . . . . . . . . . . 0.5
14 Lindt & Spruengli AG . . . . . . . . . . . . . . . . . 0.7
1.4
43,268 Associated British Foods PLC . . . . . . . . . . . . 1.9
7,378 Kerry Group PLC . . . . . . . . . . . . . . . . . . . . . 0.5
2.4
Food Retail
2,716 Carrefour SA . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,430 Delhaize Group SA . . . . . . . . . . . . . . . . . . . . 0.1
2,723 Metro AG . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.3
Gas Distribution
14,983 Enagas SA. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
26,009 Gas Natural SDG SA . . . . . . . . . . . . . . . . . . . 0.7
37,960 National Grid PLC . . . . . . . . . . . . . . . . . . . . 0.5
1.6
Gas Transportation
39,750 Snam SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Gold Mining
811 Randgold Resources, Ltd. . . . . . . . . . . . . . . . 0.1
Fair
Value
98
563,474
78,674
642,148
191,227
91,361
59,696
164,013
506,297
698,635
18,867
310,223
597,800
733,953
156,438
1,488,191
375,951
309,735
685,686
117,108
195,041
139,689
451,838
265,182
131,894
280,705
593,914
957,605
188,602
416,471
631,765
1,236,838
1,648,763
404,683
2,053,446
73,169
70,656
86,673
230,498
352,101
599,897
398,510
1,350,508
174,900
49,391
Percentage
of Net
Assets
Hotels and Motels

1,733 Accor SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1%
5,561 InterContinental Hotels Group PLC . . . . . . . 0.2
23,796 Whitbread PLC . . . . . . . . . . . . . . . . . . . . . . 1.5
1.8
Human Resources
6,086 Adecco SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
30,831 Capita PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,110 Randstad Holding NV . . . . . . . . . . . . . . . . . 0.1
1.0
2,955 Exor SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,459 Groupe Bruxelles Lambert SA . . . . . . . . . . . . 0.1
28,528 Investment A.B. Kinnevik . . . . . . . . . . . . . . . 1.1
1,859 Pargesa Holding SA . . . . . . . . . . . . . . . . . . . 0.1
1.4
23,890 Hargreaves Lansdown PLC . . . . . . . . . . . . . . 0.5
1,419 Partners Group Holding AG . . . . . . . . . . . . . 0.3
846 Schroders PLC . . . . . . . . . . . . . . . . . . . . . . . 0.0
0.8
107,462 Aviva PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
60,410 Friends Life Group, Ltd. . . . . . . . . . . . . . . . . 0.3
558,524 Legal & General Group PLC . . . . . . . . . . . . . 1.8
75,700 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 1.5
4,192 Swiss Life Holding AG . . . . . . . . . . . . . . . . . 0.8
5.2
Lighting Products and Systems
10,869 OSRAM Licht AG . . . . . . . . . . . . . . . . . . . . . 0.5
1,282 Andritz AG . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
557 Zardoya Otis SA . . . . . . . . . . . . . . . . . . . . . . 0.0
0.1
Machinery Pumps
4,717 Weir Group PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
Media
5,107 RTL Group SA . . . . . . . . . . . . . . . . . . . . . . . 0.5
Medical Drugs
9,492 Actelion, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
8,485 AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . . 0.5
5,366 Bayer AG . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
4,346 Grifols SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,742 Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
9,085 Orion Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
4,815 Roche Holding AG . . . . . . . . . . . . . . . . . . . . 1.3
20,469 Shire PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
3,412 UCB SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
5.9
Medical Products
3,429 Coloplast A/S Class B. . . . . . . . . . . . . . . . . 0.3
34,065 Smith & Nephew PLC . . . . . . . . . . . . . . . . . 0.5
1,157 Sonova Holding AG . . . . . . . . . . . . . . . . . . . 0.1
0.9
Metal Aluminum
54,831 Norsk Hydro A.SA . . . . . . . . . . . . . . . . . . . . 0.2
13,896 Assa Abloy A.B. . . . . . . . . . . . . . . . . . . . . . . 0.6
52,963 Aegon NV. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
23,382 Ageas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
6,269 Baloise Holding AG . . . . . . . . . . . . . . . . . . . 0.6
8,659 CNP Assurances . . . . . . . . . . . . . . . . . . . . . . 0.2
19,571 Delta Lloyd NV. . . . . . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
65,837
168,260
1,311,227
1,545,324
365,982
441,192
83,535
890,709
88,620
110,724
888,373
121,975
1,209,692
369,633
283,348
26,496
679,477
685,622
238,049
1,573,366
1,268,699
726,216
4,491,952
400,360
54,107
7,241
61,348
154,396
414,893
877,316
460,284
553,503
173,471
300,595
247,385
1,049,124
1,169,086
210,964
5,041,728
226,504
442,342
128,954
797,800
214,406
516,598
337,586
681,235
539,659
131,270
362,846
Percentage
of Net
Assets
28,062 Sampo Class A. . . . . . . . . . . . . . . . . . . . . . 1.2%

251,615 UnipolSai SpA . . . . . . . . . . . . . . . . . . . . . . . 0.7
1,345 Zurich Insurance Group AG . . . . . . . . . . . . . 0.3
4.6
Multimedia
14,710 Lagardere S.C.A. . . . . . . . . . . . . . . . . . . . . . . 0.4
Oil Field Services
1,592 Fugro NV . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
14,009 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
4,933 Saipem SpA . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.5
3,666 Seadrill, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
922 OMV AG . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0
8,213 Statoil A.SA . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.2
Paper and Related Products
19,081 Stora Enso OYJ . . . . . . . . . . . . . . . . . . . . . . . 0.2
43,720 UPM-Kymmene OYJ. . . . . . . . . . . . . . . . . . . 0.6
0.8
Private Equity
128,225 3i Group PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.7
4,266 Eurazeo SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.0
19,349 Gjensidige Forsikring A.SA. . . . . . . . . . . . . . 0.3
Public Thoroughfares
31,441 Abertis Infraestructuras SA . . . . . . . . . . . . . . 0.6
19,088 Atlantia SpA . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.1
Publishing Books
45,203 Reed Elsevier NV . . . . . . . . . . . . . . . . . . . . . 0.9
5,223 Axel Springer S.E.. . . . . . . . . . . . . . . . . . . . . 0.3
86,862 Reed Elsevier PLC . . . . . . . . . . . . . . . . . . . . 1.2
1.5
67,568 IMMOFINANZ AG . . . . . . . . . . . . . . . . . . . . 0.2
3,072 Swiss Prime Site AG . . . . . . . . . . . . . . . . . . . 0.2
0.4
Reinsurance
1,712 Hannover Rueck S.E. . . . . . . . . . . . . . . . . . . 0.1
13,476 Swiss Re AG . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.1
REIT Diversified
17,763 British Land Co. PLC . . . . . . . . . . . . . . . . . . 0.2
907 Fonciere Des Regions . . . . . . . . . . . . . . . . . . 0.1
24,541 Land Securities Group PLC . . . . . . . . . . . . . 0.4
47,004 Segro PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.9
6,124 Hammerson PLC . . . . . . . . . . . . . . . . . . . . . 0.1
20,764 Next PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
103,841 Kingfisher PLC . . . . . . . . . . . . . . . . . . . . . . . 0.5
11,250 Travis Perkins plc . . . . . . . . . . . . . . . . . . . . . 0.3
0.8
Retail Jewellery
1,906 Cie Financiere Richemont SA . . . . . . . . . . . . 0.2
1,508 Pandora A/S . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.3
Fair
Value
1,036,892
590,792
296,160
3,976,440
349,877
66,569
210,624
97,180
374,373
106,236
30,426
184,299
214,725
135,666
545,626
681,292
644,057
259,160
903,217
253,507
528,366
397,412
925,778
757,150
234,774
1,020,450
1,255,224
174,325
186,001
360,326
112,667
875,877
988,544
155,954
71,816
317,750
202,787
748,307
44,391
1,680,292
465,905
230,303
696,208
146,099
84,459
230,558
Percentage
of Net
Assets

17,351 Marks & Spencer Group PLC . . . . . . . . . . . . 0.1%
Rubber Tires
9,211 Continental AG . . . . . . . . . . . . . . . . . . . . . . 1.8
6,905 Pirelli & C. SpA . . . . . . . . . . . . . . . . . . . . . . 0.1
1.9
Satellite Telecommunications
7,363 Eutelsat Communications SA . . . . . . . . . . . . 0.2
20,431 Inmarsat PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.2
20,585 SES SA (FDR) . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.1
Security Services
63,560 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
5,328 Securitas A.B. Class B . . . . . . . . . . . . . . . . 0.1
0.3
2,979 Henkel AG & Co. . . . . . . . . . . . . . . . . . . . . . 0.3
Steel Producers
5,360 ThyssenKrupp AG . . . . . . . . . . . . . . . . . . . . 0.1
1,569 Voestalpine AG . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
367,405 Alcatel-Lucent . . . . . . . . . . . . . . . . . . . . . . . 1.1
4,292 Telenet Group Holding NV . . . . . . . . . . . . . . 0.2
4,357 Belgacom SA. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
307,720 BT Group PLC . . . . . . . . . . . . . . . . . . . . . . . 1.7
37,601 Deutsche Telekom AG . . . . . . . . . . . . . . . . . 0.6
15,999 Elisa Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
314,194 Koninklijke KPN NV . . . . . . . . . . . . . . . . . . 1.0
1,840 Swisscom AG . . . . . . . . . . . . . . . . . . . . . . . . 0.9
15,685 TDC A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
671,148 Telecom Italia SpA . . . . . . . . . . . . . . . . . . . . 0.6
764,873 Telecom Italia SpA . . . . . . . . . . . . . . . . . . . . 0.8
17,494 Telekom Austria AG . . . . . . . . . . . . . . . . . . . 0.1
6.3
Television
492,977 ITV PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
8,292 ProSiebenSat.1 Media AG . . . . . . . . . . . . . . . 0.3
1.6
26,765 Amadeus IT Holding SA Class A . . . . . . . . 0.9
195 AP Moeller Maersk A/S Class A . . . . . . . . 0.4
210 AP Moeller Maersk A/S Class B . . . . . . . . 0.4
0.8
56,522 Groupe Eurotunnel SA . . . . . . . . . . . . . . . . . 0.6
32,723 Deutsche Post AG . . . . . . . . . . . . . . . . . . . . . 1.1
16,233 DSV A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,946 Kuehne + Nagel International AG . . . . . . . . . 0.2
1.7
Travel Services
124,975 TUI Travel PLC . . . . . . . . . . . . . . . . . . . . . . . 0.7
Water
27,238 Suez Environnement Co. . . . . . . . . . . . . . . . 0.4
5,835 United Utilities Group PLC . . . . . . . . . . . . . 0.1
3,606 Veolia Environnement SA . . . . . . . . . . . . . . . 0.1
0.6
Fair
Value
92,204
1,558,040
80,927
1,638,967
186,836
190,869
570,204
947,909
202,721
46,169
248,890
218,957
114,114
54,531
168,645
958,192
178,633
105,592
1,480,258
481,293
357,418
836,070
781,361
118,568
484,233
707,508
124,907
5,477,208
1,097,914
269,780
1,367,694
806,162
335,100
381,160
716,260
558,268
864,215
386,534
189,160
1,439,909
621,642
380,787
64,320
50,177
495,284
99

Percentage
of Net
Assets

242 Iliad SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1%
14,081 United Internet AG. . . . . . . . . . . . . . . . . . . . 0.5
0.6
Wireless Equipment
335,071 Nokia Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
Fair
Value
53,422
453,056
506,478
1,852,943
85,552,939
85,552,939
(52,214)
85,500,725
Total Financial Assets at fair value through profit or loss . . . . . . . .
85,500,725
100

Percentage
of Net
Assets

Common Stock
102.1%
837 BAE Systems PLC . . . . . . . . . . . . . . . . . . . . . 0.2
400 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 2.3
600 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . 2.0
4.5
2,453 Cobham PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,591 Incitec Pivot, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2
100 Potash Corp. of Saskatchewan, Inc. . . . . . . . 0.1
95 Yara International A.SA . . . . . . . . . . . . . . . . 0.2
0.5
4,050 Auckland International Airport, Ltd. . . . . . . 0.5
24 Hugo Boss AG . . . . . . . . . . . . . . . . . . . . . . . 0.1
Appliances
215 Electrolux A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.2
200 Daihatsu Motor Co., Ltd. . . . . . . . . . . . . . . . 0.1
307 Daimler AG . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
200 General Motors Co. . . . . . . . . . . . . . . . . . . . 0.3
1.4
Building Heavy Construction
287 Aker Solutions A.SA . . . . . . . . . . . . . . . . . . . 0.2
1,000 Cheung Kong Infrastructure
Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.3
913 Skanska A.B. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
475 Vinci SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
2.5
300 Sekisui House, Ltd. . . . . . . . . . . . . . . . . . . . 0.2
124 Bouygues SA. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
225 Koninklijke Boskalis Westminster NV . . . . . . . 0.5
0.7
329 Cie de St-Gobain . . . . . . . . . . . . . . . . . . . . . 0.7
8 Geberit AG . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.8
Cable/Satellite TV
2,453 British Sky Broadcasting Group PLC. . . . . . . 1.4
200 Shaw Communications, Inc. . . . . . . . . . . . . . 0.2
1.6
Casino Hotels
2,000 SJM Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2
4,800 Wynn Macau, Ltd. . . . . . . . . . . . . . . . . . . . . 0.7
0.9
Casino Services
100 Sankyo Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . 0.1
36 Millicom International Cellular SA . . . . . . . . 0.1
300 NTT DOCOMO, Inc. . . . . . . . . . . . . . . . . . . 0.2
100 Rogers Communications, Inc.. . . . . . . . . . . . 0.1
1.0
30 BASF S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
419 Israel Chemicals, Ltd. . . . . . . . . . . . . . . . . . . 0.2
45 Koninklijke DSM NV . . . . . . . . . . . . . . . . . . 0.1
250 Orica, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.6
Fair
Value
6,200
64,292
55,350
125,842
13,109
4,350
3,804
4,760
12,914
13,825
3,587
5,440
3,556
28,753
7,260
39,569
4,989
6,897
20,845
35,510
68,241
4,114
5,160
12,903
18,063
18,561
2,809
21,370
37,946
5,129
43,075
5,011
18,828
23,839
3,845
3,298
5,130
4,025
13,861
26,314
3,493
3,590
3,277
4,591
14,951
Percentage
of Net
Assets
Chemicals Specialty
3 Givaudan SA . . . . . . . . . . . . . . . . . . . . . . . .
174 Australia & New Zealand Banking
Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . .
1,200 Bank of East Asia, Ltd. . . . . . . . . . . . . . . . . .
100 Bank of Montreal . . . . . . . . . . . . . . . . . . . . .
100 Bank of Nova Scotia . . . . . . . . . . . . . . . . . . .
536 Bendigo and Adelaide Bank, Ltd. . . . . . . . . .
2,000 BOC Hong Kong Holdings, Ltd. . . . . . . . . . .
100 Canadian Imperial Bank of
Commerce . . . . . . . . . . . . . . . . . . . . . . . .
300 Hang Seng Bank , Ltd. . . . . . . . . . . . . . . . . .
1,000 Oversea-Chinese Banking
Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . .
100 Royal Bank of Canada. . . . . . . . . . . . . . . . . .
100 Toronto-Dominion Bank. . . . . . . . . . . . . . . .
0.2%
Fair
Value
$
5,005
0.2
0.2
0.3
0.2
0.2
0.2
5,469
4,978
7,365
6,668
6,165
5,793
0.3
0.2
9,101
4,901
0.3
0.3
0.2
2.6
7,661
7,150
5,149
70,400
Commercial Services
133 Edenred . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
200 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3
200 Western Union Co. . . . . . . . . . . . . . . . . . . . . 0.1
0.4
800 Seagate Technology PLC . . . . . . . . . . . . . . . . 1.7
862 Husqvarna A.B. . . . . . . . . . . . . . . . . . . . . . . 0.2
578 Rexam PLC. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Containers Paper and Plastic
410 Amcor, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
100 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
100 Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . 0.3
1,385 Investec PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.5
649 ALS, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
200 Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . 0.3
783 Orkla A.SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
150 Siemens AG . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
78 Wartsila Oyj Abp . . . . . . . . . . . . . . . . . . . . . 0.1
1.6
661 Anglo American PLC . . . . . . . . . . . . . . . . . . 0.5
149 BHP Billiton PLC . . . . . . . . . . . . . . . . . . . . . 0.2
111 BHP Billiton, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1
200 Teck Resources, Ltd. . . . . . . . . . . . . . . . . . . . 0.2
1.0
247 Industrivarden A.B. . . . . . . . . . . . . . . . . . . . 0.2
1,000 Keppel Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 0.3
6,000 NWS Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.4
500 Swire Pacific, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2
1.1
Diversified Operations Commercial Services
346 Brambles, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.1
Electric Integrated
100 Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . 0.2
100 American Electric Power Co., Inc. . . . . . . . . 0.2
500 CLP Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2
200 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.2
4,033
6,704
3,468
10,172
45,456
6,704
5,292
4,032
4,156
8,780
12,774
5,421
6,856
6,978
19,810
3,868
42,933
16,175
4,818
3,757
4,567
29,317
4,881
8,656
11,132
6,155
30,824
2,998
6,086
5,577
4,103
6,230
101


100
1,385
100
100
5,975
100
100
705
100
100
100
100
300
100
500
200
600
200
100
1,282
300
200
Percentage
of Net
Assets
Consolidated Edison, Inc.. . . . . . . . . . . . . . .

Contact Energy, Ltd. . . . . . . . . . . . . . . . . . . .
DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . .
Duke Energy Corp.. . . . . . . . . . . . . . . . . . . .
EDP Energias de Portugal SA . . . . . . . . . . .
Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . .
Fortis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
Fortum Oyj . . . . . . . . . . . . . . . . . . . . . . . . .
Integrys Energy Group, Inc. . . . . . . . . . . . . .
NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . .
Northeast Utilities . . . . . . . . . . . . . . . . . . . .
OGE Energy Corp. . . . . . . . . . . . . . . . . . . . .
PG&E Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
Pinnacle West Capital Corp. . . . . . . . . . . . . .
Power Assets Holdings, Ltd. . . . . . . . . . . . . .
PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . .
Public Service Enterprise Group, Inc. . . . . . .
SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . .
Southern Co. . . . . . . . . . . . . . . . . . . . . . . . .
SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wisconsin Energy Corp. . . . . . . . . . . . . . . . .
Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . .
0.2%
0.2
0.3
0.3
1.1
0.3
0.1
0.7
0.3
0.4
0.2
0.1
0.5
0.2
0.2
0.3
0.9
0.4
0.2
1.3
0.5
0.2
9.7
Fair
Value
$
354 Red Electrica Corp. SA . . . . . . . . . . . . . . . . . 1.2
3,095 Terna Rete Elettrica Nazionale SpA . . . . . . . . 0.6
1.8
400 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
200 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
228 Rexel SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
147 ABB, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,000 Sembcorp Industries, Ltd. . . . . . . . . . . . . . . 0.2
2,000 Singapore Technologies
Engineering, Ltd. . . . . . . . . . . . . . . . . . . . 0.2
301 WorleyParsons, Ltd. . . . . . . . . . . . . . . . . . . . 0.2
0.7
100 CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,250 ICAP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
149 ASX, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,000 Singapore Exchange, Ltd. . . . . . . . . . . . . . . . 0.2
0.4
100 Campbell Soup Co. . . . . . . . . . . . . . . . . . . . 0.2
100 ConAgra Foods, Inc.. . . . . . . . . . . . . . . . . . . 0.1
100 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . 0.2
100 Kraft Foods Group, Inc. . . . . . . . . . . . . . . . . 0.2
43 Nestle SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
351 Tate & Lyle PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
90 Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
101 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.3
Food Retail
32 Casino Guichard Perrachon SA. . . . . . . . . . . 0.2
274 Delhaize Group SA . . . . . . . . . . . . . . . . . . . . 0.7
1,050 J Sainsbury PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
191 Koninklijke Ahold NV . . . . . . . . . . . . . . . . . 0.1
1,134 Tesco PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,182 WM. Morrison Supermarkets PLC . . . . . . . . 0.3
102
5,774
6,437
7,787
7,419
29,975
8,209
3,043
18,929
7,113
10,248
4,727
3,908
14,406
5,784
4,371
7,106
24,474
10,762
4,538
34,376
14,076
6,446
261,904
32,377
16,324
48,701
24,360
6,180
5,332
3,386
4,308
6,096
4,941
18,731
2,874
8,128
5,007
5,575
10,582
4,581
2,968
5,254
5,995
3,332
4,111
3,938
4,582
34,761
4,243
18,537
5,669
3,585
5,515
6,848
Percentage
of Net
Assets
937 Woolworths, Ltd. . . . . . . . . . . . . . . . . . . . . . 1.1%

2.8
2,888 Metcash, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
100 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.4
Gambling Non-Hotel
776 William Hill PLC . . . . . . . . . . . . . . . . . . . . . 0.2
Gas Distribution
100 CenterPoint Energy, Inc. . . . . . . . . . . . . . . . . 0.1
1,037 Centrica PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.2
603 Enagas SA. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1,137 Gas Natural SDG SA . . . . . . . . . . . . . . . . . . . 1.3
100 Keyera Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,038 National Grid PLC . . . . . . . . . . . . . . . . . . . . 0.5
300 NiSource, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4
200 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . 0.8
4.3
Gas Transportation
4,024 Snam SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Human Resources
425 Adecco SA . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
Import/Export
400 ITOCHU Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2
1,000 Marubeni Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2
200 Mitsubishi Corp. . . . . . . . . . . . . . . . . . . . . . 0.2
300 Mitsui & Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.2
300 Sumitomo Corp.. . . . . . . . . . . . . . . . . . . . . . 0.1
0.9
717 Aberdeen Asset Management PLC . . . . . . . . 0.2
100 CI Financial Corp. . . . . . . . . . . . . . . . . . . . . 0.1
100 IGM Financial, Inc. . . . . . . . . . . . . . . . . . . . 0.2
1,471 Old Mutual PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
0.7
200 Great-West Lifeco, Inc. . . . . . . . . . . . . . . . . . 0.2
9,927 Legal & General Group PLC . . . . . . . . . . . . . 1.4
100 Power Corp. of Canada . . . . . . . . . . . . . . . . 0.1
100 Power Financial Corp. . . . . . . . . . . . . . . . . . 0.1
853 Standard Life PLC. . . . . . . . . . . . . . . . . . . . . 0.2
2.0
Lottery Services
1,868 Tatts Group, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2
Machinery Construction and Mining
139 Atlas Copco A.B. . . . . . . . . . . . . . . . . . . . . . 0.1
254 Metso Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Medical Drugs
100 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
925 AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . . 2.6
200 Daiichi Sankyo Co., Ltd.. . . . . . . . . . . . . . . . 0.1
100 Eisai Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 0.2
300 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 0.7
222 GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . . 0.2
100 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 0.2
39 Novartis AG . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
427 Orion Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
200 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
86 Roche Holding AG . . . . . . . . . . . . . . . . . . . . 0.9
41 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
100 Takeda Pharmaceutical Co., Ltd. . . . . . . . . . 0.2
6.4
1,082 Teva Pharmaceutical Industries, Ltd. . . . . . . 2.1
Fair
Value
$
31,113
75,510
7,188
3,745
10,933
4,355
2,554
5,547
19,402
35,908
7,368
14,920
11,802
20,942
118,443
24,243
34,993
5,138
7,315
4,160
4,810
4,052
25,475
5,569
3,285
4,788
4,976
18,618
5,658
38,288
2,779
3,113
5,461
55,299
5,759
3,715
9,623
5,644
68,704
3,732
4,190
18,651
5,941
5,785
3,532
15,920
5,936
25,656
4,355
4,639
172,685
57,206
Percentage
of Net
Assets
Medical Products
81 Cochlear, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2%
Metal Copper
721 Antofagasta PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
200 Freeport-McMoRan Copper & Gold,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.5
Metal Diversified
86 Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . 0.2
124 Rio Tinto, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.4
Metal Iron
1,238 Fortescue Metals Group, Ltd. . . . . . . . . . . . . 0.2
329 SKF A.B. B Shares . . . . . . . . . . . . . . . . . . . 0.3
MRI/Medical Diagnostic Imaging
1,214 Sonic Healthcare, Ltd. . . . . . . . . . . . . . . . . . 0.7
26 Allianz S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
216 AXA SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
100 Cincinnati Financial Corp. . . . . . . . . . . . . . . 0.2
421 CNP Assurances . . . . . . . . . . . . . . . . . . . . . . 0.3
4,432 Direct Line Insurance Group PLC . . . . . . . . . 0.7
1,043 Mapfre SA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
253 Sampo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
82 Vienna Insurance Group AG. . . . . . . . . . . . . 0.2
22 Zurich Insurance Group AG . . . . . . . . . . . . . 0.2
2.7
Multimedia
458 Lagardere S.C.A. . . . . . . . . . . . . . . . . . . . . . . 0.5
268 Pearson PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.7
Networking Products
100 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.1
100 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.2
100 Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Oil Field Services
361 AMEC PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
204 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.4
100 Ensco PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
100 Noble Corp. PLC . . . . . . . . . . . . . . . . . . . . . 0.1
288 Seadrill, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.7
400 Canadian Oil Sands, Ltd. . . . . . . . . . . . . . . . 0.3
200 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . 0.6
100 Vermilion Energy, Inc. . . . . . . . . . . . . . . . . . 0.3
274 Woodside Petroleum, Ltd. . . . . . . . . . . . . . . 0.4
1.6
100 Husky Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.1
110 OMV AG . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
160 Repsol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0
160 Repsol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
453 Royal Dutch Shell PLC . . . . . . . . . . . . . . . . . 0.7
164 Royal Dutch Shell PLC . . . . . . . . . . . . . . . . . 0.2
1,279 Statoil A.SA . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
464 Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
4.2
Fair
Value
$
4,712
9,414
7,300
16,714
4,575
6,933
11,508
5,077
8,398
19,835
4,332
5,162
4,804
8,739
20,462
4,157
12,800
4,389
6,633
71,478
14,916
5,292
20,208
2,485
4,473
3,254
7,506
4,199
11,705
5,557
3,356
11,427
20,340
9,066
17,145
6,959
10,610
43,780
3,230
4,970
109
4,219
19,709
6,787
39,298
33,532
111,854
Percentage
of Net
Assets

260 Neste Oil Oyj . . . . . . . . . . . . . . . . . . . . . . . . 0.2%
1,000 TonenGeneral Sekiyu KK . . . . . . . . . . . . . . . 0.3
0.5
100 MeadWestvaco Corp. . . . . . . . . . . . . . . . . . . 0.2
Pipelines
100 Spectra Energy Corp. . . . . . . . . . . . . . . . . . . 0.2
100 TransCanada Corp. . . . . . . . . . . . . . . . . . . . . 0.1
0.3
562 Admiral Group PLC . . . . . . . . . . . . . . . . . . . 0.5
949 Gjensidige Forsikring A.SA. . . . . . . . . . . . . . 0.6
1,251 Insurance Australia Group, Ltd. . . . . . . . . . . 0.3
54 Tryg A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.6
Publishing Books
651 Reed Elsevier NV . . . . . . . . . . . . . . . . . . . . . 0.5
105 Axel Springer S.E.. . . . . . . . . . . . . . . . . . . . . 0.2
1,260 Reed Elsevier PLC . . . . . . . . . . . . . . . . . . . . 0.8
538 Wolters Kluwer NV . . . . . . . . . . . . . . . . . . . 0.6
1.6
144 Swiss Prime Site AG . . . . . . . . . . . . . . . . . . . 0.4
1,000 Hysan Development Co., Ltd.. . . . . . . . . . . . 0.2
2,000 Keppel Land, Ltd.. . . . . . . . . . . . . . . . . . . . . 0.2
4,000 Sino Land Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.2
0.6
Reinsurance
53 Hannover Rueck S.E. . . . . . . . . . . . . . . . . . . 0.2
21 Muenchener Rueckversicherungs AG. . . . . . . 0.2
171 SCOR S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
55 Swiss Re AG . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.7
100 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
100 Hennes & Mauritz A.B. . . . . . . . . . . . . . . . . 0.2
100 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.5
Retail Computer Equipment
100 GameStop Corp.. . . . . . . . . . . . . . . . . . . . . . 0.1
100 Lawson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
597 Marks & Spencer Group PLC . . . . . . . . . . . . 0.2
117 Wesfarmers, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2
Retail Office Supplies
300 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Retail Restaurants
100 Darden Restaurants, Inc. . . . . . . . . . . . . . . . 0.2
Rubber Tires
184 Cie Generale des Etablissements
Michelin . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
144 Nokian Renkaat Oyj . . . . . . . . . . . . . . . . . . . 0.2
1.0
437 Eutelsat Communications SA . . . . . . . . . . . . 0.6
391 Inmarsat PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.2
906 SES SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
2.0
Fair
Value
$
5,073
9,497
14,570
4,426
4,248
4,774
9,022
14,897
17,024
6,888
5,455
44,264
14,930
6,462
20,268
15,926
42,656
11,938
4,684
5,423
6,585
16,692
4,776
4,655
5,881
4,895
20,207
3,419
4,372
5,866
13,657
4,047
7,503
4,344
4,615
3,252
4,627
21,984
5,619
27,603
15,183
5,001
34,362
54,546
103

Percentage
of Net
Assets
Security Services
1,088 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%
638 Securitas A.B. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.5
Semiconductors
600 Maxim Integrated Products, Inc.. . . . . . . . . . 0.7
Shipbuilding
1,000 Sembcorp Marine, Ltd. . . . . . . . . . . . . . . . . . 0.1
6,000 Yangzijiang Shipbuilding
Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
41 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.1
Steel Producers
100 Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
100 BCE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
300 Bell Aliant, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.3
12,000 PCCW, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,000 Singapore Telecommunications, Ltd. . . . . . . 0.2
2,000 StarHub, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
240 Telenor A.SA . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.4
100 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
589 Belgacom SA. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
636 Elisa Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
100 Nippon Telegraph &
Telephone Corp. . . . . . . . . . . . . . . . . . . . . 0.2
54 Swisscom AG . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1,145 TDC A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,001 TeliaSonera A.B. . . . . . . . . . . . . . . . . . . . . . . 0.3
1,171 Telstra Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 0.2
3.9
Television
ProSiebenSat.1 Media AG . . . . . . . . . . . . . . . 0.0
Tobacco
100 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.2
406 British American Tobacco PLC . . . . . . . . . . . 0.9
687 Imperial Tobacco Group PLC . . . . . . . . . . . . 1.2
400 Lorillard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
100 Reynolds American, Inc.. . . . . . . . . . . . . . . . 0.2
114 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 0.1
3.5
Toys
200 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
100 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.5
2,000 ComfortDelGro Corp., Ltd. . . . . . . . . . . . . . 0.1
37 Kuehne + Nagel International AG . . . . . . . . . 0.2
1,032 Toll Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2
0.5
Travel Services
118 Flight Centre Travel Group, Ltd.. . . . . . . . . . 0.2
1,930 TUI Travel PLC . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.7
Water
170 Severn Trent PLC . . . . . . . . . . . . . . . . . . . . . 0.2
792 Suez Environnement Co. . . . . . . . . . . . . . . . 0.6
0.8
Fair
Value
$
104
4,751
7,570
12,321
20,286
3,289
Percentage
of Net
Assets
Wireless Equipment
765 Telefonaktiebolaget LM Ericsson. . . . . . . . . . 0.3%
Fair
Value
$
9,248
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.1
2,782,126
2,782,126
(1,719)
2,780,407
5,198
8,487
3,578

Currency
Purchased
4,925
4,537
7,842
7,153
6,177
6,690
5,468
37,867
3,536
19,545
19,454
6,238
31,396
11,851
7,315
5,752
105,087
1,292
Currency
Market
Value $U.S.
Currency
Sold
Citibank
EUR
16
EUR
878
EUR
15
EUR
1,024
EUR
14
EUR
134
EUR
469
EUR
86,085
EUR
2,423
EUR
2,770
EUR
2,770
EUR
147,027
EUR
24,034
EUR
157,090
USD
27
USD
3
USD
3
USD
3
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
22 $
1,199
21
1,398
19
183
640
117,302
3,301
3,774
3,774
200,343
32,749
214,057
20
2
2
2
22
1,202
21
1,402
19
184
642
117,882
3,317
3,793
3,793
201,334
32,911
215,115
27
3
3
3
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
1
2
580
16
19
19
991
162
1,058
Total
2,855
2,783,262
4,194
24,163
30,918
24,388
6,035
3,960
93,658
10,610
3,897
14,507
Citibank
USD
USD
USD
4,011
4,924
4,962
13,897
Total
(3)
(3)
4,945
13,144
18,089
5,620
15,160
20,780
Currency
Purchased
Currency
Market
Value $U.S.
Currency
Sold
163
170
94
EUR
EUR
EUR
120 $
125
69
164
171
95
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
(Depreciation)
$
(1)
(1)
(1)
INTECH US Core Fund

Percentage
of Net
Assets

Commercial Paper
0.6%
1,000,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Common Stock
99.4
2,000 Interpublic Group of Cos., Inc.. . . . . . . . . . . .
2,000 Omnicom Group, Inc. . . . . . . . . . . . . . . . . . 0.1
0.1
14,200 Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
4,100 General Dynamics Corp. . . . . . . . . . . . . . . . 0.3
3,100 L-3 Communications Holdings, Inc.. . . . . . . 0.2
12,100 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 1.2
25,700 Northrop Grumman Corp. . . . . . . . . . . . . . . 2.0
15,500 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
5.8
400 United Technologies Corp. . . . . . . . . . . . . . . .
1,600 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Agricultural Operations
1,500 Archer-Daniels-Midland Co. . . . . . . . . . . . . . .
Airlines
8,900 Delta Air Lines, Inc. . . . . . . . . . . . . . . . . . . . 0.2
76,300 Southwest Airlines Co. . . . . . . . . . . . . . . . . . 1.3
1.5
2,300 Under Armour, Inc. Class A. . . . . . . . . . . . 0.1
7,200 VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.4
1,500 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
12,500 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 0.3
1,400 Red Hat, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
0.5
Athletic Footwear
1,400 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . . 0.1
Automotive Parts and Equipment
6,600 BorgWarner, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3
1,500 PACCAR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
27,000 Delphi Automotive PLC . . . . . . . . . . . . . . . . 1.2
4,100 Johnson Controls, Inc. . . . . . . . . . . . . . . . . . 0.1
1.3
3,700 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . 0.1
700 Coca-Cola Enterprises, Inc. . . . . . . . . . . . . . .
1,700 Dr. Pepper Snapple Group, Inc. . . . . . . . . . . 0.1
2,900 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.5
6,300 Brown-Forman Corp. Class B . . . . . . . . . . 0.4
17,700 Constellation Brands, Inc. Class A . . . . . . . 1.0
1.4
Fair
Value
1,000,000
39,020
142,440
181,460
1,806,666
477,855
374,325
1,944,833
3,074,491
1,429,875
125,024
9,233,069
46,180
199,584
66,165
344,608
2,049,418
2,394,026
136,827
453,600
590,427
120,795
521,250
77,378
121,968
841,391
108,570
430,254
94,245
1,855,980
204,713
2,060,693
156,732
33,446
99,586
184,678
259,086
733,528
593,271
1,559,901
2,153,172
Percentage
of Net
Assets

200 Discovery Communications, Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . %
1,600 Scripps Networks Interactive, Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.1
4,900 DR Horton, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1
3,400 Lennar Corp. Class A. . . . . . . . . . . . . . . . . 0.1
4,600 PulteGroup, Inc, . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
3,000 Vulcan Materials Co.. . . . . . . . . . . . . . . . . . . 0.1
Cable/Satellite TV
1,500 Cablevision Systems Corp.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59,200 Comcast Corp. Class A . . . . . . . . . . . . . . . 2.0
3,600 DIRECTV . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
2.7
Casino Hotels
3,700 Wynn Resorts, Ltd. . . . . . . . . . . . . . . . . . . . . 0.5
900 CF Industries Holdings, Inc.. . . . . . . . . . . . . 0.1
5,800 Dow Chemical Co. . . . . . . . . . . . . . . . . . . . . 0.2
3,900 Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,900 EI du Pont de Nemours & Co. . . . . . . . . . . . 0.1
3,400 FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,800 LyondellBasell Industries NV
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,000 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . 0.4
2,000 Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . . . . 0.1
1.5
Chemicals Specialty
400 International Flavors & Fragrances,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Coal
5,700 CONSOL Energy, Inc.. . . . . . . . . . . . . . . . . . 0.2
13,900 Peabody Energy Corp. . . . . . . . . . . . . . . . . . 0.1
0.3
Coatings and Paint Products
4,100 Sherwin-Williams Co. . . . . . . . . . . . . . . . . . 0.5
Coffee
1,900 Keurig Green Mountain, Inc. . . . . . . . . . . . . 0.1
Commercial Banks
20,900 BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
6,300 M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . 0.5
Commercial Services
500 Graham Holdings Co. Class B . . . . . . . . . . 0.2
1,100 Iron Mountain, Inc. . . . . . . . . . . . . . . . . . . . .
13,900 Quanta Services, Inc. . . . . . . . . . . . . . . . . . . 0.3
0.5
2,600 Alliance Data Systems Corp. . . . . . . . . . . . . . 0.5
2,000 Automatic Data Processing, Inc. . . . . . . . . . . 0.1
7,400 Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
18,300 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.4
6,500 McGraw Hill Financial, Inc. . . . . . . . . . . . . . 0.3
200 Moodys Corp. . . . . . . . . . . . . . . . . . . . . . . . .
3,100 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,000 Total System Services, Inc. . . . . . . . . . . . . . . 0.1
2.1
Fair
Value
14,856
129,824
144,680
120,442
142,732
92,736
355,910
191,250
26,475
3,177,856
306,036
736,500
4,246,867
767,972
216,477
298,468
434,226
124,336
242,046
175,770
630,450
202,960
2,324,733
41,712
262,599
227,265
489,864
848,331
236,759
824,087
781,515
359,055
38,995
480,662
878,712
731,250
158,560
536,796
613,416
404,085
539,695
17,532
128,836
157,050
3,287,220
105
INTECH US Core Fund

Percentage
of Net
Assets

3,100 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1%
Computer Services
400 Accenture PLC Class A
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . .
7,600 Cognizant Technology Solutions
Corp. Class A . . . . . . . . . . . . . . . . . . . . . 0.2
6,300 Computer Sciences Corp. . . . . . . . . . . . . . . . 0.3
800 International Business Machines
Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.6
Computers
21,000 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
12,800 Hewlett-Packard Co. . . . . . . . . . . . . . . . . . . 0.3
5,000 NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.6
1,700 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0
2,700 Seagate Technology PLC . . . . . . . . . . . . . . . . 0.1
7,100 Western Digital Corp. . . . . . . . . . . . . . . . . . . 0.4
0.5
4,500 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,300 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . 0.4
0.7
3,200 Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Containers Paper and Plastic
800 Bemis Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . .
2,000 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 0.1
0.2
Cruise Lines
4,600 Carnival Corp. (U.S. Shares). . . . . . . . . . . . . 0.1
300 Dun & Bradstreet Corp. . . . . . . . . . . . . . . . . .
13,400 Fidelity National Information Services,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
400 Fiserv, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.5
Dialysis Centres
13,200 DaVita HealthCare Partners, Inc. . . . . . . . . . 0.6
Disposable Medical Products
3,700 CR Bard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
400 Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . .
100 WW Grainger, Inc. . . . . . . . . . . . . . . . . . . . . .

7,100 Bank of America Corp. . . . . . . . . . . . . . . . . . 0.1
0.2
2,436 Eaton Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
400 Illinois Tool Works, Inc. . . . . . . . . . . . . . . . . .
1,500 Ingersoll-Rand PLC . . . . . . . . . . . . . . . . . . . 0.1
2,000 Pentair PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
9,600 Textron, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.5
1,200 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
4,400 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,100 General Electric Co. . . . . . . . . . . . . . . . . . . . 0.1
0.5
Fair
Value
$
174,778
32,336
371,716
398,160
145,016
947,228
1,951,530
431,104
182,600
2,565,234
44,778
153,414
655,330
853,522
411,300
589,466
1,000,766
106
200,576
32,528
136,360
227,911
364,271
173,190
33,060
733,516
24,128
790,704
954,624
529,137
35,120
25,427
60,547
109,127
191,068
300,195
188,010
35,024
93,765
144,240
367,584
828,623
171,888
400,180
134,028
706,096
Percentage
of Net
Assets
E-Commerce/Products
100 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . . %
1,600 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.1
E-Commerce/Services
1,700 Expedia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,400 Netflix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.0
4,800 Ameren Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.3
Electric Integrated
4,800 American Electric Power Co., Inc. . . . . . . . . 0.2
5,400 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.1
900 Consolidated Edison, Inc.. . . . . . . . . . . . . . . .
3,600 Dominion Resources, Inc.. . . . . . . . . . . . . . . 0.2
1,200 DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . 0.1
13,999 Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . 0.7
1,600 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
6,200 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,400 Integrys Energy Group, Inc. . . . . . . . . . . . . . 0.1
2,600 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . 0.2
4,400 Northeast Utilities . . . . . . . . . . . . . . . . . . . . 0.1
5,100 Pepco Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.1
4,800 PG&E Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,000 Pinnacle West Capital Corp. . . . . . . . . . . . . . .
8,000 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
11,900 Public Service Enterprise Group, Inc. . . . . . . 0.2
1,700 SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,500 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,000 TECO Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.1
15,500 Wisconsin Energy Corp. . . . . . . . . . . . . . . . . 0.5
3,800 Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1
3.4
Electronic Miscellaneous
6,200 Jabil Circuit, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1
5,700 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,400 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 0.2
0.4
2,200 Avago Technologies, Ltd. . . . . . . . . . . . . . . . 0.1
7,500 Broadcom Corp. Class A . . . . . . . . . . . . . . 0.2
13,900 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,800 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,900 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.8
Electronic Forms
6,000 Adobe Systems, Inc. . . . . . . . . . . . . . . . . . . . 0.3
2,300 Agilent Technologies, Inc.. . . . . . . . . . . . . . . 0.1
6,000 FLIR Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.1
0.2
14,300 Allegion PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,500 Tyco International, Ltd. (U.S. Shares) . . . . . . 0.1
0.6
700 Fluor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . .
2,600 Jacobs Engineering Group, Inc. . . . . . . . . . . 0.1
0.1
Fair
Value
$
32,478
80,096
112,574
133,892
616,840
842,100
1,592,832
196,224
249,873
446,097
267,696
168,210
51,966
257,472
93,444
1,038,586
131,344
226,176
99,582
266,448
207,988
140,148
230,496
57,840
284,240
485,401
91,477
113,450
92,400
727,260
122,474
5,154,098
129,580
347,130
272,096
619,226
158,554
278,400
429,510
126,072
137,199
1,129,735
434,160
132,112
208,380
340,492
810,524
114,000
924,524
53,830
138,528
192,358
Percentage
of Net
Assets
18,700 CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%
3,600 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.4
Entertainment Software
600 Electronic Arts, Inc. . . . . . . . . . . . . . . . . . . . .
Environmental Control
700 Stericycle, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fiduciary Banks
1,000 Bank of New York Mellon Corp. . . . . . . . . . . .
28,800 State Street Corp. . . . . . . . . . . . . . . . . . . . . . 1.2
1.2
1,200 Pall Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Finance Consumer Loans
39,800 Navient Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.4
Finance Credit Card
1,500 Visa, Inc. Class A . . . . . . . . . . . . . . . . . . . . 0.2
0.7
13,300 Charles Schwab Corp. . . . . . . . . . . . . . . . . . 0.2
0.7
6,200 NASDAQ OMX Group, Inc. . . . . . . . . . . . . . 0.2
0.8
Financial Services
13,600 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.6
Food Confectionery
9,800 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
3,600 JM Smucker Co. . . . . . . . . . . . . . . . . . . . . . . 0.2
0.8
Food Meat Products
13,200 Hormel Foods Corp. . . . . . . . . . . . . . . . . . . 0.4
41,100 Tyson Foods, Inc. Class A . . . . . . . . . . . . . 1.0
1.4
900 Campbell Soup Co. . . . . . . . . . . . . . . . . . . . .
4,100 ConAgra Foods, Inc.. . . . . . . . . . . . . . . . . . . 0.1
5,900 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . 0.2
500 Kellogg Co.. . . . . . . . . . . . . . . . . . . . . . . . . . .
0.3
Food Retail
36,600 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
2,500 Safeway, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.2
1,400 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . .
Gas Distribution
4,300 AGL Resources, Inc. . . . . . . . . . . . . . . . . . . . 0.1
8,700 NiSource, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2
9,500 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.0
Gold Mining
2,400 Newmont Mining Corp. . . . . . . . . . . . . . . . . 0.0
Health Care Products
2,200 Hospira, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
600 Patterson Cos., Inc. . . . . . . . . . . . . . . . . . . . .
0.1
Fair
Value
$
537,438
145,908
683,346
21,522
82,894
37,480
1,937,088
1,974,568
102,468
704,858
683,064
80,574
316,065
1,079,703
358,169
797,250
1,155,419
913,898
239,444
1,153,342
964,920
954,226
383,652
1,337,878
651,420
1,542,894
2,194,314
41,229
121,688
309,986
32,850
505,753
1,809,138
85,850
1,894,988
52,430
236,629
342,258
994,745
1,573,632
61,056
113,014
23,706
136,720
Percentage
of Net
Assets
Home Decoration Products

22,000 Newell Rubbermaid, Inc. . . . . . . . . . . . . . . . 0.4%
Home Furnishings
7,600 Harman International Industries, Inc.. . . . . . 0.5
Hotels and Motels
16,400 Marriott International, Inc. Class A . . . . . . 0.7
700 Starwood Hotels & Resorts
Worldwide, Inc. . . . . . . . . . . . . . . . . . . . . .
1,400 Wyndham Worldwide Corp. . . . . . . . . . . . . 0.1
0.8
24,800 NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . 0.6
Industrial Audio and Video Products
1,300 Rockwell Automation, Inc. . . . . . . . . . . . . . . 0.1
Industrial Gases
2,800 Praxair, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
600 Honeywell International, Inc. . . . . . . . . . . . . .
4,200 PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1
1.0
Insurance
9,800 Lincoln National Corp. . . . . . . . . . . . . . . . . . 0.3
26,600 Principal Financial Group, Inc.. . . . . . . . . . . 0.8
3,400 Prudential Financial, Inc. . . . . . . . . . . . . . . . 0.2
1.3
Insurance Brokers
5,500 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
4,700 Marsh & McLennan Cos., Inc. . . . . . . . . . . . 0.2
0.5
12,000 Facebook, Inc. Class A . . . . . . . . . . . . . . . 0.5
Internet Infrastructure Software
5,200 F5 Networks, Inc.. . . . . . . . . . . . . . . . . . . . . 0.4
Internet Security
800 Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . .
2,300 VeriSign, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.1
16,800 Ameriprise Financial, Inc.. . . . . . . . . . . . . . . 1.3
1,500 BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3
4,000 Legg Mason, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1
1.7
9,000 Aflac, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
6,350 Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . 0.3
23,900 Unum Group . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.2
Linen Supply and Related Materials
7,500 Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
4,900 Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3
1,000 Joy Global, Inc. . . . . . . . . . . . . . . . . . . . . . . .
0.3
Machinery Farm
2,800 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
100 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . .
Machinery Pumps
12,000 Flowserve Corp. . . . . . . . . . . . . . . . . . . . . . . 0.6
4,800 Xylem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.7
Fair
Value
$
681,780
816,468
1,051,240
56,574
106,008
1,213,822
922,560
162,708
371,952
55,770
196,728
1,368,800
1,565,528
504,112
1,342,768
301,818
2,148,698
495,495
243,554
739,049
807,480
579,488
18,320
112,263
130,583
2,016,000
479,400
205,240
2,700,640
560,250
520,192
830,764
1,911,206
476,550
532,483
61,580
594,063
253,540
14,601
892,200
187,584
1,079,784
107
INTECH US Core Fund

Percentage
of Net
Assets
Fair
Value
Media
9,950 News Corp. Class A . . . . . . . . . . . . . . . . . .
1,700 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
1,100 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . .
10,600 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . .
0.1%
178,503
0.1
0.2
0.6
0.9
201,229
346,841
878,846
1,426,916
Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2

Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 0.5
Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 0.2
Forest Laboratories, Inc. . . . . . . . . . . . . . . . . 0.6
Johnson & Johnson . . . . . . . . . . . . . . . . . . . .
Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 0.5
Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2.1
10,000 Actavis plc . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
31,400 Mylan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
2,000 Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
2.7
Medical HMO
14,083 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
20,100 Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
6,200 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
3,800 UnitedHealth Group, Inc. . . . . . . . . . . . . . . . 0.2
8,800 WellPoint, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
3.2
21,200 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 1.0
13,100 Cardinal Health, Inc. . . . . . . . . . . . . . . . . . . 0.6
6,300 McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . 0.7
2.3
Medical Instruments
88,300 Boston Scientific Corp. . . . . . . . . . . . . . . . . . 0.7
600 Edwards Lifesciences Corp. . . . . . . . . . . . . . .
100 Intuitive Surgical, Inc. . . . . . . . . . . . . . . . . . .
3,800 St Jude Medical, Inc. . . . . . . . . . . . . . . . . . . 0.2
0.9
Medical Labs and Testing Services
3,600 Laboratory Corp. of America
Holdings. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Medical Products
2,800 Baxter International, Inc. . . . . . . . . . . . . . . . 0.1
3,900 Becton Dickinson and Co. . . . . . . . . . . . . . . 0.4
1,200 CareFusion Corp. . . . . . . . . . . . . . . . . . . . . . .
600 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . .
500 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
1,300 Varian Medical Systems, Inc. . . . . . . . . . . . . 0.1
600 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . . .
0.6
Mining
35,100 Alcoa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Motorcycle and Motor Scooter Manufacturing
600 Harley-Davidson, Inc.. . . . . . . . . . . . . . . . . . .
Multi-Industry
1,900 Range Resources Corp. . . . . . . . . . . . . . . . . . 0.1
600 ACE, Ltd. (U.S. Shares) . . . . . . . . . . . . . . . . .
32,900 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
14,900 Assurant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
7,100 Cincinnati Financial Corp. . . . . . . . . . . . . . . 0.2
2,600 Hartford Financial Services Group,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2.1
253,830
737,352
242,463
970,200
62,772
757,314
100,912
3,124,843
Medical Drugs
1,500
15,200
3,900
9,800
600
13,091
3,400
2,230,500
1,618,984
291,520
4,141,004
1,141,850
1,848,597
791,864
310,650
946,968
5,039,929
1,540,392
898,136
1,173,123
3,611,651
1,127,591
51,504
41,180
263,150
1,483,425
368,640
202,440
461,370
53,220
54,108
42,160
108,082
62,316
983,696
522,639
41,910
165,205
62,220
1,931,888
976,695
341,084
93,106
3,404,993
108
Percentage
of Net
Assets
Multimedia
28,600 Time Warner, Inc.. . . . . . . . . . . . . . . . . . . . .
20,800 Twenty-First Century Fox, Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,200 Viacom, Inc. Class B . . . . . . . . . . . . . . . . .
17,500 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . .
1.3%
0.5
0.2
0.9
2.9
Networking Products
1,800 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . .
1,900 Republic Services, Inc. . . . . . . . . . . . . . . . . . .
4,500 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.2
0.2
6,900 Pitney Bowes, Inc. . . . . . . . . . . . . . . . . . . . . 0.1
Oil Field Services
5,100 Baker Hughes, Inc. . . . . . . . . . . . . . . . . . . . . 0.2
8,600 Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . 0.4
1,200 Schlumberger, Ltd. (U.S. Shares) . . . . . . . . . 0.1
0.7
16,200 Nabors Industries, Ltd. . . . . . . . . . . . . . . . . . 0.3
1.2
Oil and Gas Producers
8,300 Southwestern Energy Co. . . . . . . . . . . . . . . . 0.2
14,600 Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . 0.3
19,600 Chesapeake Energy Corp.. . . . . . . . . . . . . . . 0.4
800 Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . 0.1
4,000 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,500 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 0.1
8,800 EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1,200 Occidental Petroleum Corp. . . . . . . . . . . . . . 0.1
1,600 QEP Resources, Inc. . . . . . . . . . . . . . . . . . . . .
2.2
400 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . .
1,400 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 0.1
600 Murphy Oil Corp. . . . . . . . . . . . . . . . . . . . . .
5,500 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.4
700 Cameron International Corp. . . . . . . . . . . . . .
800 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.1
0.1
4,150 Marathon Petroleum Corp. . . . . . . . . . . . . . . 0.2
0.4
Pharmacy Services
Pipelines
5,600 ONEOK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
11,500 Spectra Energy Corp. . . . . . . . . . . . . . . . . . . 0.3
7,700 Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.3
0.8
4,800 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.3
16,200 Nielsen Holdings NV . . . . . . . . . . . . . . . . . . 0.5
3,800 CBRE Group, Inc. Class A . . . . . . . . . . . . . 0.1
Fair
Value
$
2,009,150
731,120
364,266
1,500,450
4,604,986
44,730
72,143
201,285
273,428
190,578
379,695
610,686
141,540
1,131,921
1,474,597
475,794
1,950,391
377,567
498,444
609,168
114,768
342,920
119,100
560,928
940,720
123,156
55,200
3,364,404
52,220
140,952
39,888
442,365
675,425
47,397
65,880
113,277
323,991
365,730
689,721
256,521
381,248
488,520
448,217
1,317,985
451,536
784,242
121,752
Percentage
of Net
Assets
Reinsurance
500 Berkshire Hathaway, Inc. Class B . . . . . . . . . %
REIT Apartments
3,500 Apartment Investment & Management
Co. Class A . . . . . . . . . . . . . . . . . . . . . . 0.1
900 AvalonBay Communities, Inc.. . . . . . . . . . . . 0.1
2,300 Equity Residential. . . . . . . . . . . . . . . . . . . . . 0.1
500 Essex Property Trust, Inc. . . . . . . . . . . . . . . . 0.1
0.3
REIT Diversified
1,100 Vornado Realty Trust . . . . . . . . . . . . . . . . . . 0.1
12,500 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . 0.3
0.4
REIT Health Care
1,000 HCP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,100 Health Care REIT, Inc. . . . . . . . . . . . . . . . . . .
700 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . .

1,400 Boston Properties, Inc. . . . . . . . . . . . . . . . . . 0.1
REIT Regional Malls
900 General Growth Properties, Inc. . . . . . . . . . . .
700 Macerich Co. . . . . . . . . . . . . . . . . . . . . . . . . .
400 Simon Property Group, Inc. . . . . . . . . . . . . . 0.1
0.1
1,500 Kimco Realty Corp. . . . . . . . . . . . . . . . . . . . .
REIT Storage
1,600 Public Storage . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,500 Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
5,900 Gap, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,600 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
300 Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . .
0.3
Retail Auto Parts
1,100 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4
2,400 OReilly Automotive, Inc. . . . . . . . . . . . . . . . 0.2
0.6
51,900 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . 2.7
2,400 Lowes Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1
2.8
Retail Consumer Electronics
2,800 Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . 0.1
Retail Discount
11,300 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 0.5
Retail Drug Store
5,600 Walgreen Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Retail Jewellery
1,200 Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
700 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . .
50,900 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.7
1.7
3,500 CVS Caremark Corp. . . . . . . . . . . . . . . . . . . 0.2
200 Dollar General Corp. . . . . . . . . . . . . . . . . . . .
2,900 Michael Kors Holdings, Ltd. . . . . . . . . . . . . . 0.2
0.4
Fair
Value
$
63,280
112,945
127,971
144,900
92,455
478,271
117,403
413,625
531,028
41,380
68,937
44,870
155,187
165,452
21,204
46,725
66,512
134,441
34,470
274,160
61,635
245,263
93,856
19,839
358,958
589,864
361,440
951,304
4,201,824
115,176
4,317,000
86,828
848,291
415,128
120,300
47,551
2,705,335
2,752,886
263,795
11,472
257,085
532,352
Percentage
of Net
Assets

600 Kohls Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . %
2,600 Macys, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.1
Retail Restaurants
700 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . . 0.3
2,600 McDonalds Corp. . . . . . . . . . . . . . . . . . . . . . 0.2
600 Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . .
0.5
Rubber Tires
14,000 Goodyear Tire & Rubber Co. . . . . . . . . . . . . 0.2
Savings/Loans/Thrifts Eastern U.S.
6,400 Hudson City Bancorp, Inc. . . . . . . . . . . . . . . 0.1
3,600 Peoples United Financial, Inc. . . . . . . . . . . . .
0.1
2,600 Linear Technology Corp. . . . . . . . . . . . . . . . 0.1
2,700 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Semiconductor Equipment
3,900 Applied Materials, Inc. . . . . . . . . . . . . . . . . . 0.1
Semiconductors
33,300 Micron Technology, Inc. . . . . . . . . . . . . . . . . 0.7
Steel Producers
800 Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . .
20,000 United States Steel Corp. . . . . . . . . . . . . . . . 0.4
0.4
Steel Specialty
4,400 Allegheny Technologies, Inc. . . . . . . . . . . . . 0.1
400 Capital One Financial Corp. . . . . . . . . . . . . . .
1,300 Comerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
5,900 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . 0.1
300 PNC Financial Services Group, Inc. . . . . . . . .
3,100 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 0.1
8,372 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 0.3
0.5
11,100 Harris Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
11,800 Juniper Networks, Inc. . . . . . . . . . . . . . . . . . 0.2
0.7
Telecommunications
22,500 Corning, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
33,400 Frontier Communications Corp.. . . . . . . . . . 0.1
0.4
7,703 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,000 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . .
2,500 Verizon Communications, Inc. . . . . . . . . . . . 0.1
0.3
Tobacco
26,800 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7
10,300 Lorillard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
12,900 Reynolds American, Inc.. . . . . . . . . . . . . . . . 0.5
1.6
Tools Hand Held
1,400 Snap-on, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Toys
4,100 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,100 Norfolk Southern Corp. . . . . . . . . . . . . . . . . 0.1
0.5
Fair
Value
$
31,608
150,852
182,460
414,757
261,924
48,720
725,401
388,920
62,912
54,612
117,524
122,382
213,840
336,222
87,945
1,097,235
39,400
520,800
560,200
198,440
33,040
65,208
125,965
26,715
134,292
440,032
825,252
840,825
289,572
1,130,397
493,875
195,056
688,931
272,378
36,200
122,325
430,903
1,123,992
627,991
778,515
2,530,498
165,928
217,505
216,363
528,675
745,038
109
INTECH US Core Fund

Percentage
of Net
Assets
4,800 FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5%
4,200 Ryder System, Inc. . . . . . . . . . . . . . . . . . . . . 0.2
900 United Parcel Service, Inc. Class B . . . . . . . 0.1
0.8
Vitamins and Nutrition Products
300 Mead Johnson Nutrition Co. . . . . . . . . . . . . .
1,300 Google, Inc. Class C . . . . . . . . . . . . . . . . . 0.5
1,300 Google, Inc. Class A . . . . . . . . . . . . . . . . . 0.5
22,800 Yahoo!, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.5
Wireless Equipment
14,800 Crown Castle International Corp. . . . . . . . . . 0.7
0.8
Fair
Value
$
726,624
369,978
92,394
1,188,996
27,951
747,864
760,071
800,964
2,308,899
1,099,048
153,111
1,252,159
157,345,745
158,345,745
(28,813)
$ 158,316,932
110
Currency
Purchased
Citibank
EUR
2,484
EUR
141,072
EUR
121,873
EUR
17
EUR
10,956,775
EUR
23,818,290
Currency
Sold
USD
3,385 $
USD
191,830
USD
166,427
USD
23
USD 14,929,987
USD 32,455,421
Currency
Market
Value $U.S.
3,402
193,179
166,888
23
15,003,825
32,615,933
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
17
1,349
461
73,838
160,512
Total
236,177
$ 158,553,109

Percentage
of Net
Assets

82.6%
200,000 0.0000%, due 21/8/14 . . . . . . . . . . . . . . . . . 9.7
500,000 0.0000%, due 28/8/14 . . . . . . . . . . . . . . . . 24.3
500,000 0.0000%, due 11/9/14 . . . . . . . . . . . . . . . . 24.3
500,000 0.0000%, due 25/9/14 . . . . . . . . . . . . . . . . 24.3
Fair
Value
Currency
Purchased
199,995
499,986
499,985
499,972
1,699,938
1,699,938
(10)
1,699,928
Citibank
CHF
CHF
CHF
CHF
EUR
EUR
EUR
EUR
GBP
GBP
SEK
SEK
Currency
Sold
969
151,007
150,484
979
124,251
124,366
123,739
123,442
101,301
1,698
1,117,481
1,113,610
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD

AUD
431,000 USD
CAD
107,000 USD
EUR
161,000 USD
NOK
550,000 USD
NZD
304,000 USD
SEK
760,000 USD
Currency
Market
Value $U.S.
Settle
Date
1,089 $
169,147
168,561
1,101
169,308
169,464
168,610
168,205
172,384
2,895
165,996
165,421
1,093
170,369
169,779
1,105
170,145
170,302
169,444
169,037
173,300
2,905
167,231
166,652
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
404,504
99,776
219,566
89,626
265,320
112,895
406,134
100,273
220,448
89,673
265,924
113,766
7-Jul-14
7-Jul-14
7-Jul-14
7-Jul-14
7-Jul-14
7-Jul-14
Total
Unrealised
Appreciation
$
4
1,222
1,218
4
837
838
834
832
916
10
1,235
1,231
1,630
497
882
47
604
871
13,712
Commodity Swap
Notional
Counterparty Amount
Return
Paid
by the Fund
Return
by the Fund
Date
Notional holding
of The BNP
Paribas Alpha
Momentum Net
Commodity
Index x
((Current
Commodity
Reference
Price of the
Index/Initial
Commodity
Reference Price
of the Index)-1)
BNP Paribas

of the notional
holding of The
BNP Paribas
Alpha Momentum
Net Commodity
Index x (Actual
Days held/360)
BNP Paribas

Notional
of the notional
holding of The
holding of The
BNP Paribas
BNP Paribas 03 03 Alpha ZCN
Alpha ZCN Target Target Volatility
Volatility 3 Index x 3 Index x
(Actual Days
((Current
held/360)
Commodity
Reference
Price of the
Index/Initial
Commodity
Reference Price
of the Index)-1)
Total Commodity Swap
Fair Value
31-Jul-14 $
31-Jul-14
580
3,337
3,917
111

Equity Swap

Return
Paid
by the Fund
Return
by the Fund
Date
1-month USD
LIBOR plus
40 basis points
MSCI Daily
Trust Gross
Small Cap
World Index
31-Jul-14 $
35,656
1,414
1-month USD
LIBOR plus
40 basis points
MSCI Daily
Trust Net
Emerging
Markets
Index
31-Jul-14
15,887
44
1-month USD
LIBOR plus
10 basis points
MSCI Daily
Tust Net
World Index
31-Jul-14
3,559
101
1-month USD
LIBOR plus
20 basis points
S&P 500
Pure Value
Trust Index
31-Jul-14
24,310
Notional
Counterparty Amount
Goldman Sachs
& Co.
Goldman Sachs
& Co.
2,461
Goldman Sachs
& Co.
Goldman Sachs
& Co.
Total Equity Swap

Fair Value
79,412
Currency
Purchased
Currency
Sold
Citibank
USD
737 SEK
4,983 $
USD
735 SEK
4,970
USD
783 GBP
460
USD
761 EUR
560
USD
762 EUR
560
USD
759 EUR
558
USD
759 EUR
558
USD
764 CHF
683
USD
762 CHF
681
USD
2,182 SEK
14,655
USD
2,182 SEK
14,655
USD
529,153 CHF
472,000
USD
157,872 GBP
93,000
USD
473,281 JPY 48,200,001
Currency
Market
Value $U.S.
Settle
Date
746
744
787
766
767
764
764
771
768
2,193
2,193
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
532,401
159,134
475,893
7-Jul-14
7-Jul-14
7-Jul-14
Total
Unrealised
(Depreciation)
$
(9)
(9)
(4)
(5)
(5)
(5)
(5)
(7)
(6)
(11)
(11)
(3,248)
(1,262)
(2,612)
(7,199)
Interest Rate Swap

Notional
Counterparty Amount
Barclays
4,043
Return
Paid
by the Fund
Return
by the Fund
Date
3-month USD
LIBOR plus 20
basis points
Barclays
U.S. Credit
RBI Series-1
Index
Commodity Swap
Fair Value
BNP Paribas
31-Jul-14 $
Percentage
of Net
Assets
Futures
Notional
Counterparty Amount
0.4%
(9) U.S. Dollar Index Future . . . . . . . . . . . . . . . 0.2
3 Euro-Bund Future . . . . . . . . . . . . . . . . . . . . 0.2
3 10-Year U.S. Treasury Note Future . . . . . . . . .
3,394
Fair
Value
$
4,072
4,600
141
1,809,176
Total Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

Total Financial Assets at fair value through profit or loss . . . . . . .
5,190
8,813
Return
Paid
by the Fund
Return
by the Fund
Date
30 basis points
of the notional
holding of
The BNP
Paribas Alpha
Backwardation
Net Index x
(Actual Days
held/360)
Notional holding 31-Jul-14 $

of The BNP
Paribas Alpha
Backwardation
Net Index
x ((Current
Commodity
Reference
Price of the
Index/Initial
Commodity
Reference Price
of the Index)-1)
Return
Paid
by the Fund
Return
by the Fund
Date
Fair Value
Equity Swap
Notional
Counterparty Amount
Goldman Sachs & Co. (701)
Goldman Sachs & Co. (106)
1-month
USD LIBOR
plus 5 basis
points
1-month
USD LIBOR
plus 5 basis
points
Fair Value
MSCI The
World Index
Large Cap
31-Jul-14 $
(15,501)
S&P 500 Pure

Growth Trust
Index
31-Jul-14
(32,096)
Total Equity Swap

112
(13,793)
(47,597)
$
(68,589)

Percentage
of Net
Assets

Common Stock
99.4%
Advertising Sales
35,018 Lamar Advertising Co. Class A . . . . . . . . . . 1.1
172,084 New Home Co., Inc.. . . . . . . . . . . . . . . . . . . . 1.5
79,568 UGL, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Casino Hotels
116,472 Crown Resorts, Ltd. . . . . . . . . . . . . . . . . . . . . 1.0
190,200 Wharf Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.8
69,353 Brookfield Infrastructure Partners L.P. . . . . . . 1.7
71,100 Iida Group Holdings Co., Ltd. . . . . . . . . . . . . 0.6
132,804 LGI Homes, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.4
2.0
Hotels and Motels
18,312 Whitbread PLC . . . . . . . . . . . . . . . . . . . . . . . 0.8
52,106 Abengoa Yield PLC . . . . . . . . . . . . . . . . . . . . . 1.2
Metal Copper
251,520 Copper Mountain Mining Corp. . . . . . . . . . . . 0.3
Real Estate
93,133 American Homes 4 Rent . . . . . . . . . . . . . . . . . 1.0
745,173 Concentradora Fibra Danhos
SA de CV . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
2.2
Real Estate Private
181,259 NorthStar Realty Finance Corp. . . . . . . . . . . . 1.9
695,931 Atrium European Real Estate, Ltd. . . . . . . . . . 2.5
37,082 CBRE Group, Inc. Class A . . . . . . . . . . . . . . 0.7
774,040 Corp Inmobiliaria Vesta SAB de CV . . . . . . . . 1.0
264,151 Countrywide PLC . . . . . . . . . . . . . . . . . . . . . . 1.4
109,297 First Capital Realty, Inc. . . . . . . . . . . . . . . . . . 1.1
73,003 Hispania Activos Inmobiliarios SAU . . . . . . . . 0.6
254,466 Kennedy Wilson Europe
Real Estate Plc . . . . . . . . . . . . . . . . . . . . . . . 2.8
242,747 Kennedy-Wilson Holdings, Inc. . . . . . . . . . . . 3.9
156,400 LPS Brasil Consultoria de Imoveis SA . . . . . . . 0.4
118,000 Mitsubishi Estate Co., Ltd. . . . . . . . . . . . . . . . 1.7
330,147 Songbird Estates PLC . . . . . . . . . . . . . . . . . . . 0.8
16.9
76,846 Brookfield Asset Management, Inc.
Class A (U.S. Shares). . . . . . . . . . . . . . . . . . 2.0
7,435 Brookfield Property Partners L.P. . . . . . . . . . . 0.1
1,746,000 CapitaLand, Ltd.. . . . . . . . . . . . . . . . . . . . . . . 2.5
56,440,000 CSI Properties, Ltd. . . . . . . . . . . . . . . . . . . . . 1.2
263,200 Cyrela Commercial Properties SA
Empreendimentos e Participacoes . . . . . . . . 1.3
58,700 First Juken Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.5
16,304 GAGFAH SA. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
819,715 Global Logistic Properties, Ltd.. . . . . . . . . . . . 1.0
1,182,000 Hang Lung Properties, Ltd.. . . . . . . . . . . . . . . 2.2
204,000 Hysan Development Co., Ltd.. . . . . . . . . . . . . 0.6
153,700 Iguatemi Empresa de Shopping
Centers SA . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
38,507 LEG Immobilien AG . . . . . . . . . . . . . . . . . . . . 1.5
57,000 Mitsui Fudosan Co., Ltd. . . . . . . . . . . . . . . . . 1.1
839,600 PDG Realty SA Empreendimentos e
Participacoes . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
1,855,954
2,431,547
513,114
1,660,324
1,369,405
2,893,407
1,080,293
2,423,673
3,503,966
1,381,582
1,970,649
577,584
1,654,042
2,008,787
3,662,829
3,150,281
4,158,319
1,188,107
1,626,561
2,325,618
1,907,499
1,010,052
4,789,864
6,510,476
714,386
2,913,594
1,422,255
28,566,731
3,382,761
155,168
4,481,951
2,039,071
2,204,258
779,460
296,790
1,775,414
3,645,043
955,486
1,543,264
2,593,747
1,922,321
562,521

368,172
266,259
3,624,000
71,999
8,833
97,000
Percentage
of Net
Assets
Phoenix Mills, Ltd. . . . . . . . . . . . . . . . . . . . . . 1.2%

Scentre Group . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Shun Tak Holdings, Ltd.. . . . . . . . . . . . . . . . . 1.1
St Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
Sun Hung Kai Properties, Ltd. . . . . . . . . . . . .
Sun Hung Kai Properties, Ltd. . . . . . . . . . . . . 0.8
20.1
Recreational Centres
96,732 Clubcorp Holdings, Inc. . . . . . . . . . . . . . . . . . 1.1
REIT Apartments
12,138 AvalonBay Communities, Inc.. . . . . . . . . . . . . 1.0
106,592 Education Realty Trust, Inc. . . . . . . . . . . . . . . 0.7
47,212 Post Properties, Inc. . . . . . . . . . . . . . . . . . . . . 1.5
2,724 Silver Bay Realty Trust Corp. . . . . . . . . . . . . .
3.2
REIT Diversified
71,974 American Assets Trust, Inc.. . . . . . . . . . . . . . . 1.5
39,888 American Tower Corp. . . . . . . . . . . . . . . . . . . 2.2
671,017 Astro Japan Property Group . . . . . . . . . . . . . . 1.5
558,764 Charter Hall Group . . . . . . . . . . . . . . . . . . . . 1.3
1,283,786 Cromwell Property Group . . . . . . . . . . . . . . . 0.7
53,668 Digital Realty Trust, Inc. . . . . . . . . . . . . . . . . . 1.8
67,651 DuPont Fabros Technology, Inc. . . . . . . . . . . . 1.1
96,266 Land Securities Group PLC . . . . . . . . . . . . . . 1.0
224,177 Lexington Realty Trust . . . . . . . . . . . . . . . . . . 1.5
495 Mori Hills REIT Investment Corp. . . . . . . . . . 0.4
165,489 National Storage REIT . . . . . . . . . . . . . . . . . . 0.1
60,079 STAG Industrial, Inc. . . . . . . . . . . . . . . . . . . . 0.8
6,687 Unibail-Rodamco SE . . . . . . . . . . . . . . . . . . . 1.1
15.0
REIT Health Care
23,563 Health Care REIT, Inc. . . . . . . . . . . . . . . . . . . 0.9
REIT Hotels
1,772,800 Ascott Residence Trust . . . . . . . . . . . . . . . . . . 1.0
277,571 Chatham Lodging Trust . . . . . . . . . . . . . . . . . 3.6
731,447 Concentradora Fibra Hotelera
Mexicana SA de CV. . . . . . . . . . . . . . . . . . . 0.8
40,542 Pebblebrook Hotel Trust . . . . . . . . . . . . . . . . . 0.9
6.3
REIT Mortgage
75,339 Colony Financial, Inc. . . . . . . . . . . . . . . . . . . 1.0
93,783 Starwood Property Trust, Inc. . . . . . . . . . . . . . 1.3
2.3
REIT Multi-Housing
29,164 Equity Lifestyle Properties, Inc. . . . . . . . . . . . 0.8
37,088 Alexandria Real Estate Equities, Inc. . . . . . . . . 1.6
20,134 Boston Properties, Inc. . . . . . . . . . . . . . . . . . . 1.4
78,817 Great Portland Estates PLC . . . . . . . . . . . . . . . 0.5
1,149 Hulic REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.1
59,371 Mack-Cali Realty Corp. . . . . . . . . . . . . . . . . . 0.8
5.4
REIT Regional Malls
21,847 Macerich Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
29,974 Simon Property Group, Inc. . . . . . . . . . . . . . . 2.9
3.8
51,466 Acadia Realty Trust . . . . . . . . . . . . . . . . . . . . . 0.9
78,708 Ramco-Gershenson Properties Trust . . . . . . . . 0.8
14,987 Washington Prime Group, Inc. . . . . . . . . . . . . 0.2
213,691 Westfield Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.8
2.7
2,416,000 AIMS AMP Capital Industrial REIT. . . . . . . . . 1.6
391 Nippon Prologis REIT, Inc. . . . . . . . . . . . . . . . 0.5
Fair
Value
$
1,966,375
803,293
1,837,672
1,830,935
11,534
1,330,431
34,117,495
1,793,411
1,725,902
1,144,798
2,523,954
44,456
5,439,110
2,486,702
3,589,121
2,581,150
2,244,180
1,180,095
3,129,918
1,823,871
1,706,607
2,468,189
717,405
198,149
1,442,497
1,945,158
25,513,042
1,476,693
1,742,083
6,078,805
1,324,485
1,498,432
10,643,805
1,749,372
2,229,222
3,978,594
1,287,882
2,879,513
2,379,436
868,573
1,825,195
1,275,289
9,228,006
1,458,287
4,984,077
6,442,364
1,445,681
1,308,127
280,856
1,440,495
4,475,159
2,790,823
911,780
113

Percentage
of Net
Assets
284,600 Prologis Property Mexico SA de CV . . . . . . . . 0.4%

23,930 Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
69,789 Terreno Realty Corp. . . . . . . . . . . . . . . . . . . . 0.8
3.9
13,044 Vail Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
Retirement/Aged Care
70,548 Capital Senior Living Corp. . . . . . . . . . . . . . . 1.0
Television
56,000 Fuji Media Holdings, Inc. . . . . . . . . . . . . . . . . 0.6
Fair
Value
$
604,418
983,284
1,349,021
6,639,326
1,006,736
1,681,864
973,047
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.4
168,233,907
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . . 99.4
168,233,907
(113,452)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.3
$ 168,120,455
Currency
Purchased
Citibank
AUD
3,650
AUD
19
AUD
102
EUR
409
EUR
8,778,549
EUR
24,263
EUR
22,173
EUR
55,550
EUR
179
EUR
61,921
EUR
5,116
EUR
115
EUR
44,858
EUR
212
EUR
289
Currency
Sold
USD
3,427 $
USD
18
USD
96
USD
558
USD 11,961,880
USD
33,061
USD
30,213
USD
75,694
USD
245
USD
84,558
USD
6,957
USD
156
USD
60,998
USD
289
USD
393
Currency
Market
Value $U.S.
3,433
18
96
560
12,021,038
33,225
30,362
76,068
246
84,792
7,006
157
61,427
290
396
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
2
59,158
164
149
374
1
234
49
1
429
1
3
Total
60,571
$ 168,181,026
Contract Amount
114
Percentage
of Net
Assets
Fair
Value
Schedule of Written Options Call

JP Morgan & Chase Co.
Las Vegas Sands Resort
expires September 2014
337 contracts
exercise price USD 65 . . . . . . . . . . . . .. . . . . %
(27,934)
Total Financial Liabilities at fair value through

profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .
(27,934)

Percentage
of Net
Assets

Asset-Backed/Commercial Mortgage-Backed
24.7%
Securities
3,619,000 AmeriCredit Automobile Receivables
Trust 2012-4, 2.6800%,
due 9/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Trust 2013-4, 3.3100%,
due 8/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,028,000 Aventura Mall Trust 2013-AVM,
3.8674%, due 5/12/32 (144A) . . . . . . . . . 0.2
1,700,000 Boca Hotel Portfolio Trust 2013-BOCA,
3.2018%, due 15/8/26 (144A) . . . . . . . . . . 0.2
2,584,613 CKE Restaurant Holdings, Inc.,
4.4740%, due 20/3/43 (144A) . . . . . . . . . 0.3
0.4918%, due 15/12/20 (144A) . . . . . . . . .
0.5318%, due 15/12/20 (144A) . . . . . . . . 0.1
0.7218%, due 15/12/20 (144A) . . . . . . . . 0.1
884,000 COMM 2007-C9 Mortgage Trust,
5.6500%, due 10/12/49 . . . . . . . . . . . . . . 0.1
5,730,000 Commercial Mortgage Trust 2007GG11, 5.8670%, due 10/12/49 . . . . . . . . . 0.5
due 15/9/21 (144A) . . . . . . . . . . . . . . . . . .
due 15/10/21 (144A) . . . . . . . . . . . . . . . . 0.1
1,089,000 Credit Suisse Mortgage Capital
due 15/10/21 (144A) . . . . . . . . . . . . . . . . 0.1
769,317 Fannie Mae Pool, 5.5000%,
due 1/1/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,863,642 Fannie Mae Pool, 5.0000%,
due 1/9/29 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,131,320 Fannie Mae Pool, 5.0000%,
due 1/1/30 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
495,779 Fannie Mae Pool, 5.5000%,
due 1/1/33 . . . . . . . . . . . . . . . . . . . . . . . . .
2,677,045 Fannie Mae Pool, 6.0000%,
due 1/10/35 . . . . . . . . . . . . . . . . . . . . . . . 0.3
873,799 Fannie Mae Pool, 6.0000%,
due 1/2/37 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,152,323 Fannie Mae Pool, 6.0000%,
due 1/9/37 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
830,168 Fannie Mae Pool, 7.0000%,
due 1/2/39 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,945,530 Fannie Mae Pool, 5.5000%,
due 1/3/40 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
5,497,730 Fannie Mae Pool, 5.5000%,
due 1/4/40 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
649,305 Fannie Mae Pool, 4.5000%,
due 1/10/40 . . . . . . . . . . . . . . . . . . . . . . . 0.1
768,373 Fannie Mae Pool, 4.0000%,
due 1/12/40 . . . . . . . . . . . . . . . . . . . . . . . 0.1
7,267,261 Fannie Mae Pool, 5.0000%,
due 1/2/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1,058,237 Fannie Mae Pool, 5.5000%,
due 1/2/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,167,080 Fannie Mae Pool, 4.5000%,
due 1/4/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,427,923 Fannie Mae Pool, 4.5000%,
due 1/4/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,278,815 Fannie Mae Pool, 5.0000%,
due 1/4/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
3,717,859
1,147,222
1,976,622
1,706,523
2,658,324
462,483
811,314
795,437
961,936
6,342,682
502,921
772,024
1,072,623
841,267
3,191,990
1,260,390
560,995
3,034,316
999,472
3,454,980
892,068
2,178,771
6,187,293
708,182
817,215
8,106,411
1,204,468
2,363,208
1,552,464
1,424,232
Percentage
of Net
Assets
2,330,554 Fannie Mae Pool, 4.5000%,

due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.2%
1,229,336 Fannie Mae Pool, 5.0000%,
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,866,139 Fannie Mae Pool, 5.5000%,
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
3,402,675 Fannie Mae Pool, 5.5000%,
due 1/6/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
3,022,837 Fannie Mae Pool, 5.0000%,
due 1/7/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
3,000,680 Fannie Mae Pool, 4.5000%,
due 1/8/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,219,380 Fannie Mae Pool, 4.5000%,
due 1/10/41 . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,486,516 Fannie Mae Pool, 5.0000%,
due 1/10/41 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,736,285 Fannie Mae Pool, 4.0000%,
due 1/11/42 . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,099,306 Fannie Mae Pool, 4.5000%,
due 1/11/42 . . . . . . . . . . . . . . . . . . . . . . . 0.4
8,883,976 Fannie Mae Pool, 4.5000%,
due 1/2/43 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
11,678,472 Fannie Mae Pool, 4.0000%,
due 1/7/43 . . . . . . . . . . . . . . . . . . . . . . . . 1.1
4,226,404 Fannie Mae Pool, 4.0000%,
due 1/8/43 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,283,288 Fannie Mae Pool, 4.0000%,
due 1/9/43 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,263,974 Fannie Mae Pool, 3.5000%,
due 1/1/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,335,913 Fannie Mae Pool, 3.5000%,
due 1/1/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,496,076 Fannie Mae Pool, 4.0000%,
due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,889,376 Fannie Mae Pool, 3.5000%,
due 1/4/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 1/1/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/6/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/10/36 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/4/40 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
due 1/1/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/9/41 . . . . . . . . . . . . . . . . . . . . . . . . .
4,598,410 FREMF 2010 K-SCT Mortgage Trust,
2.0000%, due 25/1/20 (144A) . . . . . . . . . 0.4
1,344,868 Ginnie Mae I pool, 4.0000%,
due 15/8/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,507,733 Ginnie Mae I pool, 5.1000%,
due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,495,381 Ginnie Mae I pool, 4.9000%,
due 15/10/34 . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/9/35 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,342,447 Ginnie Mae I pool, 5.5000%,
due 15/3/36 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,284,215 Ginnie Mae I pool, 5.5000%,
due 15/8/39 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
$
2,535,048
1,372,053
2,091,031
3,820,768
3,373,327
3,274,340
2,411,971
1,657,556
1,835,121
4,458,710
9,662,845
12,334,124
4,463,620
1,356,852
5,442,791
2,415,411
2,637,549
2,979,805
618,786
480,996
636,808
1,244,505
1,965,207
10,912,045
1,772,828
2,373,339
525,897
4,029,474
1,431,457
2,840,585
2,743,439
1,001,255
1,514,859
2,712,669
115

Percentage
of Net
Assets
3,418,573 Ginnie Mae I pool, 5.5000%,

due 15/8/39 . . . . . . . . . . . . . . . . . . . . . . . 0.4%
2,219,527 Ginnie Mae I pool, 5.0000%,
due 15/9/39 . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,538,414 Ginnie Mae I pool, 5.0000%,
due 15/9/39 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,343,667 Ginnie Mae I pool, 5.0000%,
due 15/10/39 . . . . . . . . . . . . . . . . . . . . . . 0.1
2,318,546 Ginnie Mae I pool, 5.0000%,
due 15/11/39 . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/1/40 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/4/40 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/5/40 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/5/40 . . . . . . . . . . . . . . . . . . . . . . . .
2,279,453 Ginnie Mae I pool, 5.0000%,
due 15/7/40 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/7/40 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,280,584 Ginnie Mae I pool, 5.0000%,
due 15/2/41 . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,956,501 Ginnie Mae I pool, 4.5000%,
due 15/5/41 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/5/41 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/7/41 . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,019,301 Ginnie Mae I pool, 5.0000%,
due 15/9/41 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,230,705 Ginnie Mae II pool, 6.0000%,
due 20/11/34 . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/3/35 . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 20/3/36 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/6/41 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/6/41 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 20/9/41 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/10/41 . . . . . . . . . . . . . . . . . . . . . . .
due 20/12/41 . . . . . . . . . . . . . . . . . . . . . . 0.2
due 20/1/42 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 20/2/42 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 20/3/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/4/42 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 20/5/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/5/42 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 20/7/42 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 20/7/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/8/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 20/9/42 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
$
3,948,113
2,494,103
5,099,363
1,483,610
2,555,917
776,702
570,955
866,820
207,708
2,515,078
776,824
2,559,174
3,264,507
1,047,390
686,115
3,365,484
1,388,921
5,859,519
1,649,416
684,448
2,941,445
793,703
359,574
2,500,236
2,298,579
2,291,893
866,109
3,822,328
1,298,843
2,497,668

due 20/11/42 . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 20/2/43 . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,558,000 GS Mortgage Securities Corp. II,
3.5495%, due 10/12/27 (144A) . . . . . . . . 0.3
2.7510%, due 8/11/29 (144A) . . . . . . . . . 0.3
3.7510%, due 8/11/29 (144A) . . . . . . . . . 0.3
1,610,000 GS Mortgage Securities Corp. Trust
2013-NYC5, 3.6490%,
due 10/1/30 (144A) . . . . . . . . . . . . . . . . . 0.1
1,170,000 Hilton USA Trust 2013-HLT,
4.4065%, due 5/11/30 (144A) . . . . . . . . . 0.1
5.6086%, due 5/11/30 (144A) . . . . . . . . . 0.1
1,227,545 JP Morgan Chase Commercial
Mortgage Securities Corp.,
3.9018%, due 15/8/29 (144A) . . . . . . . . . 0.1
Mortgage Securities Trust
2013-JWRZ, 3.1418%,
due 15/4/30 (144A) . . . . . . . . . . . . . . . . . 0.2
2013-JWRZ, 3.8918%,
due 15/4/30 (144A) . . . . . . . . . . . . . . . . . 0.1
Mortgage Securities Trust 2013-WT,
2.8044%, due 16/2/25 (144A) . . . . . . . . . 0.2
Mortgage Securities Trust 2013-WT,
4.8447%, due 16/2/25 (144A) . . . . . . . . . 0.2
2014-FBLU, 3.6518%,
due 15/12/28 (144A) . . . . . . . . . . . . . . . . 0.1
3,235,000 LB-UBS Commercial Mortgage Trust
2007-C2, 5.4930%, due 15/2/40 . . . . . . . 0.3
1,627,000 Santander Drive Auto Receivables
Trust, 2.5200%, due 17/9/18 . . . . . . . . . . 0.1
Trust 2012-5, 3.3000%,
due 17/9/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
4,486,500 Wachovia Bank Commercial Mortgage
Trust Series 2007-C30, 5.3830%,
due 15/12/43 . . . . . . . . . . . . . . . . . . . . . . 0.4
2,365,000 Wachovia Bank Commercial Mortgage
Trust Series 2007-C31, 5.5910%,
due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Trust 2014-TISH, 2.9018%,
due 15/1/27 (144A) . . . . . . . . . . . . . . . . . 0.1
Trust 2014-TISH, 2.4018%,
due 15/2/27 (144A) . . . . . . . . . . . . . . . . . .
Trust 2014-TISH, 3.4018%,
due 15/2/27 (144A) . . . . . . . . . . . . . . . . . .
Fair
Value
$
1,079,372
1,209,065
3,369,650
3,441,573
2,852,851
1,635,828
1,215,141
849,565
1,238,990
2,087,765
1,202,789
2,367,112
2,719,898
696,402
3,482,908
1,665,270
1,637,603
4,886,560
2,594,055
806,564
314,690
314,135
4,455,110

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.7
277,657,842
1,113,211
Commercial Paper
1.1
12,500,000 BNP Paribas, 0.0000%, due 1/7/14. . . . . . . . 1.1
12,499,997
Corporate Bonds
48.4
2,222,000 Exelis, Inc., 4.2500%, due 1/10/16 . . . . . . . 0.2
2,358,042
1,068,560
1,249,867
116
Percentage
of Net
Assets
Percentage
of Net
Assets
960,000 Exelis, Inc., 5.5500%, due 1/10/21 . . . . . . . 0.1%

0.3
Airlines
694,000 Southwest Airlines Co., 5.2500%,
due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,906,000 Southwest Airlines Co., 5.1250%,
due 1/3/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
due 2/10/18 (144A) . . . . . . . . . . . . . . . . . 0.3
due 2/10/23 (144A) . . . . . . . . . . . . . . . . . 0.9
due 2/10/43 (144A) . . . . . . . . . . . . . . . . . 0.4
1.6
2,187,000 Schaeffler Finance B.V., 4.2500%,
due 15/5/21 (144A) . . . . . . . . . . . . . . . . . 0.2
Banks
2,729,000 Santander UK PLC, 5.0000%,
due 7/11/23 (144A) . . . . . . . . . . . . . . . . . 0.3
1,224,000 DR Horton, Inc., 4.7500%,
due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,153,000 DR Horton, Inc., 3.7500%, due 1/3/19 . . . . . . 0.2
2,445,000 MDC Holdings, Inc., 5.5000%,
due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,056,000 Toll Brothers Finance Corp., 4.0000%,
due 31/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.1
857,000 Toll Brothers Finance Corp., 5.8750%,
due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
586,000 Toll Brothers Finance Corp., 4.3750%,
due 15/4/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.8
2,167,000 Hanson, Ltd., 6.1250%, due 15/8/16 . . . . . . 0.2
1,254,000 Martin Marietta Materials, Inc.,
4.2500%, due 2/7/24 (144A) . . . . . . . . . . 0.1
606,000 Vulcan Materials Co., 7.0000%,
due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.4
Casino Hotels
1,529,000 MGM Resorts International, 7.5000%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,819,000 Wynn Las Vegas LLC / Wynn Las
Vegas Capital Corp., 4.2500%,
due 30/5/23 (144A) . . . . . . . . . . . . . . . . . 0.2
0.5
Chemicals Specialty
1,986,000 Ashland, Inc., 3.8750%, due 15/4/18 . . . . . . 0.2
2,033,000 Ashland, Inc., 4.7500%,
due 15/8/22 (144A) . . . . . . . . . . . . . . . . . 0.2
2,747,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.3
0.7
7,557,000 CIT Group, Inc., 4.2500%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.6
1,147,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
4,684,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.5
Fair
Value
$
1,033,268
3,391,310
701,380
2,079,442
2,780,822
2,889,475
10,705,073
4,397,940
17,992,488
2,192,468
2,952,944
1,303,560
2,169,148
2,553,657
1,090,320
936,273
578,675
8,631,633
2,372,865
1,265,918
700,688
4,339,471
1,691,456
1,441,481
1,768,978
4,901,915
2,053,028
2,053,329
2,973,627
7,079,984
7,901,787
1,293,243
5,090,923
Percentage
of Net
Assets
1,515,000 CIT Group, Inc., 3.8750%,

due 19/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1%
700,000 HSBC Bank USA NA, 4.8750%,
due 24/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.4
4.0000%, due 13/3/24 . . . . . . . . . . . . . . . 0.5
1,326,000 HBOS PLC, 6.7500%,
due 21/5/18 (144A) . . . . . . . . . . . . . . . . . 0.1
due 26/6/24 (144A) . . . . . . . . . . . . . . . . . 0.4
1.0
2,799,000 SVB Financial Group, 5.3750%,
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,303,000 Zions Bancorporation, 5.8000%,
due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.7
2,568,000 Autodesk, Inc., 3.6000%,
due 15/12/22 . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . .
Consulting Services
1,845,000 Verisk Analytics, Inc., 4.8750%,
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.2
1,920,000 Fidelity National Information Services,
Inc., 3.8750%, due 5/6/24 . . . . . . . . . . . . 0.2
2,030,000 Fiserv, Inc., 3.1250%, due 1/10/15 . . . . . . . . 0.2
0.4
Diagnostic Equipment
4,167,000 Life Technologies Corp., 6.0000%,
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
746,000 Life Technologies Corp., 5.0000%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.5
Dialysis Centres
4,171,000 Fresenius Medical Care US Finance II,
Inc., 5.8750%, due 31/1/22 (144A). . . . . . . 0.4
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.5
467,000 Citigroup, Inc., 5.3500%, due 29/4/49 . . . . . . .
3,516,000 Citigroup, Inc., 5.9000%,
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.3
1,513,000 Goldman Sachs Group, Inc., 5.6250%,
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 22/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 10/5/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
$
1,542,422
781,228
16,609,603
5,162,872
1,530,244
4,933,102
11,626,218
3,176,011
5,070,994
8,247,005
2,551,128
304,238
1,991,917
8,392,385
3,590,271
13,974,573
1,932,966
2,088,967
4,021,933
4,876,286
836,924
5,713,210
4,629,810
1,573,849
1,460,517
6,220,270
6,045,419
450,108
3,566,585
1,666,110
3,409,002
2,833,204
117

Percentage
of Net
Assets
585,000 JP Morgan Chase & Co., 7.9000%,

due 29/4/49 . . . . . . . . . . . . . . . . . . . . . . .
5,259,000 Morgan Stanley, 3.4500%,
due 2/11/15 . . . . . . . . . . . . . . . . . . . . . . .
1,174,000 Morgan Stanley, 4.7500%,
due 22/3/17 . . . . . . . . . . . . . . . . . . . . . . .
1,637,000 Morgan Stanley, 2.5000%,
due 24/1/19 . . . . . . . . . . . . . . . . . . . . . . .
3,522,000 Morgan Stanley, 5.0000%,
due 24/11/25 . . . . . . . . . . . . . . . . . . . . . .
2.5500%, due 18/9/15 . . . . . . . . . . . . . . .
6.1000%, due 10/6/23 . . . . . . . . . . . . . . .
6.0000%, due 19/12/23 . . . . . . . . . . . . . .
5.1250%, due 28/5/24 . . . . . . . . . . . . . . .
0.1%
Fair
Value
$
656,663
0.5
5,443,275
0.1
1,279,003
0.1
1,657,111
0.3
3,764,666
0.1
740,173
0.6
6,250,043
0.5
5,938,993
0.9
5.5
9,459,412
62,414,403

2,372,000 Carlyle Holdings Finance LLC,
3.8750%, due 1/2/23 (144A) . . . . . . . . . . 0.2
3,100,000 General Electric Capital Corp.,
7.1250%, due 15/6/22 . . . . . . . . . . . . . . . 0.3
6.2500%, due 15/12/49 . . . . . . . . . . . . . . 0.6
6.3750%, due 15/11/67 . . . . . . . . . . . . . . .
1.1
2,427,000 FMG Resources August 2006 Pty, Ltd.,
8.2500%, due 1/11/19 (144A) . . . . . . . . . 0.2
1,417,000 GE Capital Trust I, 6.3750%,
due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . 0.1
3,274,000 Ingersoll-Rand Global Holding Co.,
Ltd., 4.2500%, due 15/6/23 . . . . . . . . . . . 0.3
0.4
1,698,000 NGL Energy Partners L.P. / NGL
Energy Finance Corp., 5.1250%,
due 15/7/19 (144A) . . . . . . . . . . . . . . . . . 0.2
Electric Integrated
2,496,000 CMS Energy Corp., 4.2500%,
due 30/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,401,000 IPALCO Enterprises, Inc., 5.0000%,
due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,871,000 PPL WEM Holdings, Ltd., 3.9000%,
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.2
due 1/5/21 (144A) . . . . . . . . . . . . . . . . . . 0.1
0.7
7,364,000 Samsung Electronics America, Inc.,
1.7500%, due 10/4/17 (144A) . . . . . . . . . 0.7
1,126,000 Xilinx, Inc., 2.1250%, due 15/3/19 . . . . . . . 0.1
1,436,000 Xilinx, Inc., 3.0000%, due 15/3/21 . . . . . . . 0.1
0.9
2,916,000 Amphenol Corp., 4.7500%,
due 15/11/14 . . . . . . . . . . . . . . . . . . . . . . 0.3
3,133,000 FLIR Systems, Inc., 3.7500%,
due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,182,000 URS Corp., 5.0000%, due 1/4/22 . . . . . . . . . 0.1
2,425,702
3,664,321
5,794,619
298,373
12,183,015
2,651,498
1,579,955
3,450,668
5,030,623
1,710,735
2,600,819
1,502,573
1,960,100
1,413,710
7,477,202
7,403,420
1,129,247
1,451,554
9,984,221
2,961,122
3,301,768
1,206,328
118
Percentage
of Net
Assets
Finance Auto Loans

due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.5%
4.2500%, due 15/5/23 . . . . . . . . . . . . . . . 0.1
0.6
Finance Credit Card
2,555,000 American Express Co., 6.8000%,
due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,761,000 Charles Schwab Corp., 7.0000%,
due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,578,000 E*TRADE Financial Corp., 6.7500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . .
3,523,000 Lazard Group LLC, 4.2500%,
due 14/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
7,699,000 Raymond James Financial, Inc.,
5.6250%, due 1/4/24 . . . . . . . . . . . . . . . . 0.7
1.7
7,384,000 LeasePlan Corp. NV, 2.5000%,
due 16/5/18 (144A) . . . . . . . . . . . . . . . . . 0.7
Food Confectionery
5,058,000 WM. Wrigley Jr Co., 2.4000%,
due 21/10/18 (144A) . . . . . . . . . . . . . . . . 0.5
5,383,000 WM. Wrigley Jr Co., 3.3750%,
due 21/10/20 (144A) . . . . . . . . . . . . . . . . 0.5
1.0
Food Meat Products
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
1,498,000 Tyson Foods, Inc., 6.6000%,
due 1/4/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Food Retail
2,441,000 Safeway, Inc., 4.7500%, due 1/12/21 . . . . . . 0.2
Gas Distribution
412,000 Southern Star Central Gas Pipeline,
Inc., 6.0000%, due 1/6/16 (144A) . . . . . . .
Hotels and Motels
1,955,000 Starwood Hotels & Resorts
Worldwide, Inc., 7.1500%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,592,000 Ameriprise Financial, Inc., 7.5180%,
due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,331,000 Neuberger Berman Group LLC /
5.6250%, due 15/3/20 (144A) . . . . . . . . . 0.5
3,518,000 Neuberger Berman Group LLC /
5.8750%, due 15/3/22 (144A) . . . . . . . . . 0.3
1.1
6,069,000 Primerica, Inc., 4.7500%, due 15/7/22 . . . . . . . 0.6
1,084,000 Cintas Corp. No 2, 2.8500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
5,581,522
959,198
6,540,720
2,816,888
3,237,273
1,720,020
1,443,145
1,188,638
496,123
3,696,172
8,699,238
20,480,609
7,451,948
5,142,595
5,581,175
10,723,770
1,006,648
1,641,547
2,648,195
2,511,396
441,054
2,326,937
2,878,416
5,664,188
3,773,055
12,315,659
6,622,384
1,120,881
Percentage
of Net
Assets
1,157,000 Cintas Corp. No 2, 4.3000%,

due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1%
0.2
Machinery Farm
2,133,000 CNH Industrial Capital LLC,
3.6250%, due 15/4/18 . . . . . . . . . . . . . . . 0.2
Medical Drugs
6,917,000 Forest Laboratories, Inc., 4.3750%,
due 1/2/19 (144A) . . . . . . . . . . . . . . . . . . 0.7
due 15/2/21 (144A) . . . . . . . . . . . . . . . . . 0.8
1.5
2,688,000 Actavis, Inc., 1.8750%, due 1/10/17. . . . . . . 0.2
670,000 Perrigo Co. PLC, 2.3000%,
due 8/11/18 (144A) . . . . . . . . . . . . . . . . . 0.1
2,011,000 Perrigo Co. PLC, 4.0000%,
due 15/11/23 (144A) . . . . . . . . . . . . . . . . 0.2
0.5
Medical Hospitals
1,544,000 HCA, Inc., 3.7500%, due 15/3/19 . . . . . . . . 0.1
419,000 Timken Co., 6.0000%, due 15/9/14 . . . . . . . .
Money Center Banks
1,040,000 Lloyds Bank PLC, 6.5000%,
due 14/9/20 (144A) . . . . . . . . . . . . . . . . . 0.1
1,054,000 American International Group, Inc.,
5.6000%, due 18/10/16 . . . . . . . . . . . . . . 0.1
6.2500%, due 15/3/37 . . . . . . . . . . . . . . . 0.2
8.1750%, due 15/5/58 . . . . . . . . . . . . . . . 0.6
2,422,000 Voya Financial, Inc., 5.6500%,
due 15/5/53 . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.1
Multimedia
1,163,000 Viacom, Inc., 3.8750%, due 1/4/24 . . . . . . . 0.1
Office Furnishings Original
894,000 Interface, Inc., 7.6250%, due 1/12/18 . . . . . 0.1
Oil Field Services
1,898,000 Korea National Oil Corp., 4.0000%,
due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.2
1,300,000 Nabors Industries, Inc., 6.1500%,
due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5
due 15/9/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.6
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 1.0
due 15/4/22 . . . . . . . . . . . . . . . . . . . . . . . 1.3
3,184,000 Cimarex Energy Co., 5.8750%,
due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,241,000 Cimarex Energy Co., 4.3750%,
due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,732,000 CNOOC Nexen Finance 2014 ULC,
4.2500%, due 30/4/24 . . . . . . . . . . . . . . . 0.2
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
$
1,249,671
2,370,552
2,188,991
7,479,421
8,880,632
16,360,053
2,714,104
670,414
2,047,799
5,432,317
1,561,370
423,312
1,222,311
1,159,397
2,357,628
6,492,219
2,476,495
12,485,739
1,184,175
943,170
2,012,368
1,482,315
5,064,927
377,529
6,924,771
10,641,150
13,688,863
3,534,240
1,267,371
1,779,436
531,729
Percentage
of Net
Assets
6,594,000 Continental Resources, Inc., 5.0000%,

due 15/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.7%
due 1/6/24 (144A) . . . . . . . . . . . . . . . . . . 0.2
due 1/6/44 (144A) . . . . . . . . . . . . . . . . . . 0.1
2,407,000 Devon Energy Corp., 2.2500%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . .
2,333,000 Petrohawk Energy Corp., 6.2500%,
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,437,000 Plains Exploration & Production Co.,
6.5000%, due 15/11/20 . . . . . . . . . . . . . . 0.1
6.6250%, due 1/5/21 . . . . . . . . . . . . . . . . .
6.7500%, due 1/2/22 . . . . . . . . . . . . . . . . 0.1
6.8750%, due 15/2/23 . . . . . . . . . . . . . . . 0.6
1,108,000 Whiting Petroleum Corp., 6.5000%,
due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/3/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4
5.6
588,000 Frontier Oil Corp., 6.8750%,
due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.1
1,413,000 Motiva Enterprises LLC, 5.7500%,
due 15/1/20 (144A) . . . . . . . . . . . . . . . . . 0.1
0.2
Pipelines
4,529,000 DCP Midstream Operating L.P,
4.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 0.4
2,042,000 DCP Midstream Operating L.P.,
3.8750%, due 15/3/23 . . . . . . . . . . . . . . . 0.2
165,000 El Paso LLC, 6.5000%, due 15/9/20 . . . . . . . .
LLC, 6.5000%, due 1/4/20 . . . . . . . . . . . . .
1,537,000 El Paso Pipeline Partners Operating Co
LLC, 5.0000%, due 1/10/21 . . . . . . . . . . . 0.2
2,740,000 El Paso Pipeline Partners Operating Co
LLC, 4.3000%, due 1/5/24 . . . . . . . . . . . . 0.2
1,599,000 Energy Transfer Partners L.P.,
4.1500%, due 1/10/20 . . . . . . . . . . . . . . . 0.2
4.4000%, due 1/4/24 . . . . . . . . . . . . . . . . 0.4
5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.3
due 25/9/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,260,000 Spectra Energy Partners L.P., 4.7500%,
due 15/3/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3
7,181,000 Western Gas Partners L.P., 5.3750%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
3.0
1,268,000 Nielsen Finance LLC / Nielsen Finance
Co., 4.5000%, due 1/10/20 (144A) . . . . . . . 0.1
Co., 5.0000%, due 15/4/22 (144A) . . . . . . . 0.1
3,040,000 UBM PLC, 5.7500%,
due 3/11/20 (144A) . . . . . . . . . . . . . . . . . 0.3
0.5
1,094,000 CBRE Services, Inc., 6.6250%,
due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
$
7,179,218
2,527,033
1,309,163
2,437,648
416,905
2,525,473
1,611,236
389,941
1,501,885
7,062,925
1,157,860
3,984,660
63,546,736
618,870
1,607,925
2,226,795
4,980,233
2,071,176
183,563
421,142
1,688,006
2,773,264
1,692,773
4,507,403
3,707,372
646,290
3,538,697
8,143,346
34,353,265
1,283,850
1,364,850
3,275,965
5,924,665
1,166,478
119

Percentage
of Net
Assets
4,293,000 Jones Lang LaSalle, Inc., 4.4000%,

due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.4%
0.5
2,018,000 Post Apartment Homes L.P., 4.7500%,
due 15/10/17 . . . . . . . . . . . . . . . . . . . . . . 0.2
REIT Diversified
3,618,000 American Tower Trust I, 1.5510%,
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.3
1,742,000 Goodman Funding Pty, Ltd., 6.3750%,
due 12/11/20 (144A) . . . . . . . . . . . . . . . . 0.2
4,603,000 Goodman Funding Pty, Ltd., 6.3750%,
due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.5
1.0
REIT Health Care
6.7500%, due 15/4/20 . . . . . . . . . . . . . . . 0.1
1,046,000 Senior Housing Properties Trust,
6.7500%, due 15/12/21 . . . . . . . . . . . . . . 0.1
0.2
4,476,000 Alexandria Real Estate Equities, Inc.,
4.6000%, due 1/4/22 . . . . . . . . . . . . . . . . 0.4
1,928,000 SL Green Realty Corp. / SL Green
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
3,435,000 SL Green Realty Corp. / SL Green
due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.0
614,000 Retail Opportunity Investments
Partnership L.P., 5.0000%,
due 15/12/23 . . . . . . . . . . . . . . . . . . . . . . 0.1
866,000 Macys Retail Holdings, Inc., 5.9000%,
due 1/12/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Retail Restaurants
5,675,000 Brinker International, Inc., 3.8750%,
due 15/5/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Rubber Tires
908,000 Continental Rubber of America Corp.,
4.5000%, due 15/9/19 (144A) . . . . . . . . . 0.1
9,831,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.9
3,490,000 Goldman Sachs Capital I, 6.3450%,
due 15/2/34 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Steel Producers
1,411,000 Reliance Steel & Aluminum Co.,
4.5000%, due 15/4/23 . . . . . . . . . . . . . . . 0.1
2,001,000 SBA Tower Trust, 2.9330%,
due 15/12/17 (144A) . . . . . . . . . . . . . . . . 0.2
2,396,000 Verizon Communications, Inc.,
3.6500%, due 14/9/18 . . . . . . . . . . . . . . . 0.2
5.1500%, due 15/9/23 . . . . . . . . . . . . . . . 0.2
6.4000%, due 15/9/33 . . . . . . . . . . . . . . . 0.3
0.7
Fair
Value
$
4,345,331
5,511,809
2,215,889
3,606,502
2,028,033
5,360,589
10,995,124
1,036,210
1,223,777
2,259,987
4,740,218
2,100,406
4,163,811
11,004,435
658,394
965,636
5,510,334
966,475
9,705,379
3,998,678
1,441,987
2,042,888
2,564,978
2,550,666
2,706,542
7,822,186
Percentage
of Net
Assets
614,987 CSX Transportation, Inc., 8.3750%,
due 15/10/14 . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 23/9/15 (144A) . . . . . . . . . . . . . . . . . .
3,038,000 JB Hunt Transport Services, Inc.,
3.3750%, due 15/9/15 . . . . . . . . . . . . . . . 0.3
543,000 Penske Truck Leasing Co L.P. / PTL
due 15/3/16 (144A) . . . . . . . . . . . . . . . . .
3,873,000 Penske Truck Leasing Co L.P. / PTL
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.4
due 15/6/19 (144A) . . . . . . . . . . . . . . . . . 0.2
315,000 Penske Truck Leasing Co L.P. / PTL
due 11/7/22 (144A) . . . . . . . . . . . . . . . . . .
due 17/1/23 (144A) . . . . . . . . . . . . . . . . . 0.2
0.8
Fair
Value
628,733
429,787
3,129,596
558,396
4,064,246
1,972,875
345,272
2,082,092
9,022,881
543,212,016
21.5
30,162,000 0.3750%, due 31/1/16 . . . . . . . . . . . . . . . . . 2.7
61,745,000 0.2500%, due 29/2/16 . . . . . . . . . . . . . . . . . 5.4
5,534,000 0.3750%, due 30/4/16 . . . . . . . . . . . . . . . . . 0.5
42,821,000 0.3750%, due 31/5/16 . . . . . . . . . . . . . . . . . 3.7
2,370,000 0.8750%, due 31/1/18 . . . . . . . . . . . . . . . . . 0.2
4,231,000 2.3750%, due 31/5/18 . . . . . . . . . . . . . . . . . 0.4
6,000,000 1.3750%, due 31/7/18 . . . . . . . . . . . . . . . . . 0.5
22,053,000 1.5000%, due 31/8/18 . . . . . . . . . . . . . . . . . 2.0
6,822,000 1.3750%, due 30/9/18 . . . . . . . . . . . . . . . . . 0.6
16,226,000 2.7500%, due 15/11/23 . . . . . . . . . . . . . . . . 1.5
782,000 2.7500%, due 15/2/24 . . . . . . . . . . . . . . . . . 0.1
8,520,000 2.5000%, due 15/5/24 . . . . . . . . . . . . . . . . . 0.8
2,652,000 3.7500%, due 15/11/43 . . . . . . . . . . . . . . . . 0.3
15,588,000 3.6250%, due 15/2/44 . . . . . . . . . . . . . . . . . 1.5
14,137,000 3.3750%, due 15/5/44 . . . . . . . . . . . . . . . . . 1.3
21.5
30,207,937
61,689,552
5,532,705
42,785,030
2,347,596
4,411,643
6,008,436
22,170,146
6,814,271
16,632,283
799,839
8,508,685
2,864,574
16,452,651
14,234,192
241,459,540
241,459,540
Preferred Stock
1.9
117,300 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.3
175,100 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . 0.4
0.7
55,000 Citigroup Capital XIII, 7.8750%. . . . . . . . . . 0.1
Fiduciary Banks
65,575 State Street Corp., 5.9000% . . . . . . . . . . . . . 0.2
Finance Credit Card
163,350 Discover Financial Services, 6.5000% . . . . . 0.4
14,675 Charles Schwab Corp., 6.0000% . . . . . . . . . .
209,975 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.5
3,187,041
4,880,037
8,067,078
1,523,500
1,718,065
4,100,085
370,250
5,862,502
21,641,480
120
120
Percentage
of Net
Assets
Tranche Loans
Casino Hotels
due 13/12/19 . . . . . . . . . . . . . . . . . . . . . .
Media
2,976,540 Tribune Co., 4.0000%,
due 27/12/20 . . . . . . . . . . . . . . . . . . . . . .
Medical Hospitals
due 27/1/21 . . . . . . . . . . . . . . . . . . . . . . .
Mining
3.7500%, due 30/6/19 . . . . . . . . . . . . . . .
Pharmaceuticals
2,989,411 Quintiles Transnational Corp.,
3.7500%, due 8/6/18 . . . . . . . . . . . . . . . .
Semiconductors
3.7500%, due 6/5/21 . . . . . . . . . . . . . . . .
Software
2,499,000 IMS Health, Inc., 3.5000%,
due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
2.5%
0.5
5,994,172
0.3
2,981,183
0.1
605,707
0.2
2,467,502
0.3
2,986,422
0.9
11,056,543
0.2
2,483,381
28,574,910
1,125,045,785
(1,289,929)
$ 1,123,755,856
Currency
Purchased
Citibank
AUD
2,953
AUD
3,314
AUD
1,374,758
AUD
68
AUD
256,353
AUD
76
AUD
17
CNH
26
CNH
22
CNH
19,286
EUR
653,826
EUR 118,288,209
EUR
7,979,285
EUR
393,718
EUR
17,697,860
EUR
8,247,085
EUR
61,796,565
GBP
15,267
GBP
10
GBP
5,149
GBP
964,428
GBP
1,892
GBP
29
Currency
Sold
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Currency
Market
Value $U.S.
2,773 $
2,777
3,112
3,117
1,290,807
1,292,888
64
64
240,374
241,087
71
71
16
16
4
4
4
4
3,090
3,101
890,920
895,326
161,182,589
161,979,734
10,872,781
10,926,553
535,378
539,144
24,115,564
24,234,830
11,237,692
11,293,269
84,205,605
84,622,053
26,032
26,118
17
17
8,767
8,808
1,641,174
1,649,890
3,220
3,237
49
49
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
4
5
2,081
713
11
4,406
797,145
53,772
3,766
119,266
55,577
416,448
86
41
8,716
17
Total
1,462,054
$ 1,125,217,910

Currency
Purchased
Citibank
USD
USD
USD
USD
USD
USD
63,210
1,004,251
124,437
19,088
319,940
840,039
Currency
Sold
EUR
EUR
EUR
EUR
EUR
EUR
46,288 $
735,403
91,336
14,011
234,835
617,767
Currency
Market
Value $U.S.
63,385
1,007,034
125,073
19,186
321,574
845,947
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
(Depreciation)
$
(175)
(2,783)
(636)
(98)
(1,634)
(5,908)
Total
(11,234)
(11,234)
121

Percentage
of Net
Assets

10.2%
Trust 2011-2, 4.0000%, due 8/5/17. . . . . . . 0.9
Trust 2012-4, 2.6800%,
due 9/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Trust 2013-4, 3.3100%,
due 8/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.5318%, due 15/12/20 (144A) . . . . . . . . 0.1
57,000 Commercial Mortgage Trust 2007GG11, 5.8670%, due 10/12/49 . . . . . . . . . 0.5
51,441 Eddystone Finance PLC, 1.0528%,
due 19/4/21 . . . . . . . . . . . . . . . . . . . . . . . 0.7
99,757 Florentia, Ltd., 8.2390%, due 6/10/24 . . . . . 1.3
30,126 FREMF 2010 K-SCT Mortgage Trust,
2.0000%, due 25/1/20 (144A) . . . . . . . . . 0.2
46,429 London & Regional Debt
Securitisation No 2 PLC, 5.8253%,
due 15/10/18 . . . . . . . . . . . . . . . . . . . . . . 0.7
34,674 Morpheus European Loan Conduit
No 19 PLC, 0.9549%, due 1/11/29 . . . . . . 0.5
68,888 Nemus II Arden PLC, 0.7551%,
due 15/2/20 . . . . . . . . . . . . . . . . . . . . . . . 1.0
38,996 Rivoli Pan Europe PLC, 0.5160%,
due 3/8/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Trust, 2.5200%, due 17/9/18 . . . . . . . . . . 0.1
1,000,000 Scandinavian Consumer Loans No. 4,
Ltd., 4.5530%, due 15/1/37 . . . . . . . . . . . 1.3
98,753 Taurus 2013 GMF1 PLC, 3.0680%,
due 21/5/24 . . . . . . . . . . . . . . . . . . . . . . . 1.2
65,548 TDA CAM 2 Fondo de Titulizacion de
Activos, 0.5620%, due 26/10/32 . . . . . . . . 0.7
Trust Series 2007-C30, 5.3830%,
due 15/12/43 . . . . . . . . . . . . . . . . . . . . . . 0.3
Trust Series 2007-C31, 5.5910%,
due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,854 Windermere XI Cmbs PLC, 0.8025%,
due 24/4/17 . . . . . . . . . . . . . . . . . . . . . . . .
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2
Fair
Value
102,855
13,355
8,298
15,699
63,095
87,234
147,652
26,399
81,375
58,518
116,112
52,913
11,259
163,432
138,430
88,082
34,853
10,969
3,158
1,223,688
Commercial Paper
0.8
100,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Common Stock
0.5
3,200 Kennedy Wilson Europe Real Estate
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Corporate Bonds
45.7
67,000 DAA Finance PLC, 6.5872%,
due 9/7/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
due 2/10/23 (144A) . . . . . . . . . . . . . . . . . 0.7
due 2/10/43 (144A) . . . . . . . . . . . . . . . . . 0.6
100,000 Jaguar Land Rover Automotive PLC,
8.2500%, due 15/3/20 . . . . . . . . . . . . . . . 1.6
122
100,000
60,234
110,760
80,370
74,913
192,081
Percentage
of Net
Assets
77,000 Renault SA, 3.1250%, due 5/3/21 . . . . . . . . 0.9%

100,000 Volkswagen International Finance NV,
4.6250%, due 24/3/49 . . . . . . . . . . . . . . . 1.2
5.0
due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . . 1.1
22,000 DR Horton, Inc., 3.7500%, due 1/3/19 . . . . . . 0.2
150,000 Holcim Finance Canada, Inc.,
3.6500%, due 10/4/18 . . . . . . . . . . . . . . . 1.3
1.3307%, due 30/6/17 (144A) . . . . . . . . . 0.3
1.6
Cable/Satellite TV
due 15/5/24 . . . . . . . . . . . . . . . . . . . . . . . 1.2
Casino Hotels
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1
52,000 Rogers Communications, Inc.,
5.3800%, due 4/11/19 . . . . . . . . . . . . . . . 0.5
Chemicals Specialty
24,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.2
53,000 CIT Group, Inc., 4.2500%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5
10,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
68,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.6
15,000 CIT Group, Inc., 3.8750%,
due 19/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.3
100,000 Bank of Ireland, 3.2500%,
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 1.2
100,000 Bank of Ireland, 10.0000%,
due 19/12/22 . . . . . . . . . . . . . . . . . . . . . . 1.5
130,000 Bank of Ireland, 4.2500%,
due 11/6/24 . . . . . . . . . . . . . . . . . . . . . . . 1.5
100,000 Bankia SA, 3.5000%, due 17/1/19 . . . . . . . . 1.2
100,000 CaixaBank SA, 5.0000%,
due 14/11/23 . . . . . . . . . . . . . . . . . . . . . . 1.2
100,000 Intesa Sanpaolo SpA, 6.6250%,
due 13/9/23 . . . . . . . . . . . . . . . . . . . . . . . 1.4
50,000 National Bank of Greece SA, 3.8750%,
due 7/10/16 . . . . . . . . . . . . . . . . . . . . . . . 0.6
8.6
due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . .
Consulting Services
due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 1.0
Dialysis Centres
69,000 Fresenius Medical Care US Finance II,
Inc., 5.8750%, due 31/1/22 (144A) . . . . . . 0.6
Fair
Value
$
110,761
144,047
602,172
137,837
22,165
146,388
36,005
182,393
146,676
11,578
55,177
25,980
55,418
11,275
73,907
15,272
155,872
142,522
181,693
177,262
145,602
148,296
167,009
70,375
1,032,759
43,031
2,993
123,732
76,590
Percentage
of Net
Assets

due 29/12/49 . . . . . . . . . . . . . . . . . . . . . .
28,000 Goldman Sachs Group, Inc., 5.7000%,
due 10/5/19 . . . . . . . . . . . . . . . . . . . . . . .
due 22/5/23 . . . . . . . . . . . . . . . . . . . . . . .
due 24/11/25 . . . . . . . . . . . . . . . . . . . . . .
6.1000%, due 10/6/23 . . . . . . . . . . . . . . .
6.0000%, due 19/12/23 . . . . . . . . . . . . . .
3.6250%, due 25/3/24 . . . . . . . . . . . . . . .
5.1250%, due 28/5/24 . . . . . . . . . . . . . . .
8.2500%, due 1/11/19 (144A) . . . . . . . . .
Electric Integrated
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . .
Finance Auto Loans
100,000 FCE Bank PLC, 1.8750%, due 18/4/19 . . . . . .
due 15/11/17 . . . . . . . . . . . . . . . . . . . . . .
due 14/11/20 . . . . . . . . . . . . . . . . . . . . . .
5.6250%, due 1/4/24 . . . . . . . . . . . . . . . .
Food Meat Products
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . .
Food Retail
22,000 Safeway, Inc., 4.7500%, due 1/12/21 . . . . . .
5.6250%, due 15/3/20 (144A) . . . . . . . . .
5.8750%, due 15/3/22 (144A) . . . . . . . . .
68,000 Primerica, Inc., 4.7500%, due 15/7/22 . . . . .
Machinery Farm
3.6250%, due 15/4/18 . . . . . . . . . . . . . . .
Medical Drugs
100,000 Bayer AG, 3.0000%, due 1/7/75 . . . . . . . . . .
70,000 Forest Laboratories, Inc., 4.3750%,
due 1/2/19 (144A) . . . . . . . . . . . . . . . . . .
due 15/2/21 (144A) . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
56,718
0.2
29,069
0.3
35,570
0.3
36,343
1.2
144,737
0.3
35,810
1.2
140,085
0.8
4.8
101,736
580,068
0.5
62,273
0.2
23,048
1.2
140,491
0.1
13,585
0.3
34,622
0.3
0.7
39,547
87,754
0.1
8,380
0.2
22,634
1.0
110,500
0.2
1.2
30,030
140,530
0.6
74,200
0.3
37,971
1.2
138,673
0.6
75,692
0.7
2.5
89,648
304,013
Medical Products
23,000 FMC Finance VIII SA, 5.2500%,
due 31/7/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Money Center Banks
150,000 Lloyds Bank PLC, 6.5000%,
due 24/3/20 . . . . . . . . . . . . . . . . . . . . . . . 2.1
36,055
Percentage
of Net
Assets
8.1750%, due 15/5/58 . . . . . . . . . . . . . . . 0.6%
due 15/5/53 . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.2
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 15/4/22 . . . . . . . . . . . . . . . . . . . . . . . 1.2
due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
6.5000%, due 15/11/20 . . . . . . . . . . . . . . 0.1
6.6250%, due 1/5/21 . . . . . . . . . . . . . . . . .
6.7500%, due 1/2/22 . . . . . . . . . . . . . . . . 0.1
6.8750%, due 15/2/23 . . . . . . . . . . . . . . . 0.5
34,000 Whiting Petroleum Corp., 5.0000%,
due 15/3/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
3.1
Pipelines
5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.8
31,000 El Paso LLC, 7.0000%, due 15/6/17 . . . . . . . 0.3
5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.8
1.9
78,000 O2 Telefonica Deutschland
Finanzierungs GmbH, 2.3750%,
due 10/2/21 . . . . . . . . . . . . . . . . . . . . . . . 0.9
2.3750%, due 17/2/22 . . . . . . . . . . . . . . . 1.2
Fair
Value
70,508
74,642
145,150
95,230
138,858
13,276
13,455
3,371
13,695
61,100
35,955
374,940
105,349
35,146
90,779
231,274
110,657
142,824
5,502,034
36.8
Brazil Notas do Tesouro Nacional Serie F
140 100.0000%, due 1/1/21 . . . . . . . . . . . . . . . . 0.5
15,000 100.0000%, due 1/1/23 . . . . . . . . . . . . . . . . 0.5
150 100.0000%, due 1/1/25 . . . . . . . . . . . . . . . . 0.5
1.5
Bundesobligation
74,000 1.0000%, due 12/10/18 . . . . . . . . . . . . . . . . 0.9
547,000 1.0000%, due 22/2/19 . . . . . . . . . . . . . . . . . 6.5
7.4
Bundesrepublik Deutschland
55,000 1.5000%, due 15/5/23 . . . . . . . . . . . . . . . . . 0.6
76,000 2.0000%, due 15/8/23 . . . . . . . . . . . . . . . . . 0.9
58,000 2.5000%, due 4/7/44 . . . . . . . . . . . . . . . . . . 0.7
2.2
Bundesschatzanweisungen
165,000 0.2500%, due 11/3/16 . . . . . . . . . . . . . . . . . 1.9
Ireland Government Bond
64,000 4.5000%, due 18/4/20 . . . . . . . . . . . . . . . . . 0.9
153,000 3.9000%, due 20/3/23 . . . . . . . . . . . . . . . . . 2.0
75,000 3.4000%, due 18/3/24 . . . . . . . . . . . . . . . . . 0.9
3.8
Malaysia Government Bond
694,000 4.1810%, due 15/7/24 . . . . . . . . . . . . . . . . . 1.8
54,899
57,564
56,042
168,505
104,531
772,755
877,286
78,010
112,043
85,182
275,235
226,727
103,730
239,681
111,877
455,288
218,990
250,057
123

Percentage
of Net
Assets
Mexican Bonos
20,000 4.7500%, due 14/6/18 . . . . . . . . . . . . . . . . . 1.3%
17,700 8.0000%, due 7/12/23 . . . . . . . . . . . . . . . . . 1.3
11,000 10.0000%, due 5/12/24 . . . . . . . . . . . . . . . . 0.9
3.5
New Zealand Government Bond
398,000 6.0000%, due 15/4/15 . . . . . . . . . . . . . . . . . 2.9
244,000 5.5000%, due 15/4/23 . . . . . . . . . . . . . . . . . 1.9
4.8
Portugal Obrigacoes do Tesouro OT
57,000 4.4500%, due 15/6/18 . . . . . . . . . . . . . . . . . 0.7
58,000 4.7500%, due 14/6/19 . . . . . . . . . . . . . . . . . 0.7
183,000 5.6500%, due 15/2/24 . . . . . . . . . . . . . . . . . 2.4
3.8
Spain Government Bond
237,000 4.3000%, due 31/10/19 . . . . . . . . . . . . . . . . 3.2
71,000 4.8500%, due 31/10/20 . . . . . . . . . . . . . . . . 1.0
55,000 4.4000%, due 31/10/23 . . . . . . . . . . . . . . . . 0.7
100,000 3.8000%, due 30/4/24 . . . . . . . . . . . . . . . . . 1.2
6.1
Fair
Value
$
156,132
159,679
113,438
429,249
354,904
230,454
585,358
85,221
88,251
291,358
464,830
372,802
115,756
86,570
150,155
725,283
4,426,751
Preferred Stock
0.8
1,050 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.2
2,300 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.6
28,529
64,216
92,745
Tranche Loans
3.6
Casino Hotels
due 13/12/19 . . . . . . . . . . . . . . . . . . . . . . 0.3
Construction Supplies
90,545 ABC Supply Co., 3.5000%,
due 5/4/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Medical Hospitals
due 27/1/21 . . . . . . . . . . . . . . . . . . . . . . . .
Mining
3.7500%, due 30/6/19 . . . . . . . . . . . . . . . 0.2
Pharmaceuticals
18,653 Quintiles Transnational Corp.,
3.7500%, due 8/6/18 . . . . . . . . . . . . . . . . 0.2
Semiconductors
233,000 Avago Technologies Cayman, Ltd.,
3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 1.9
Software
26,000 IMS Health, Inc., 3.5000%,
due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
37,396
90,233
6,017
21,898
Currency
Sold
Citibank
EUR
595,141 USD
EUR
2,002,969 USD
EUR
46,097 USD
EUR
2,119,301 USD
EUR
13,810 USD
EUR
9,984 USD
EUR
258 USD
EUR
11,858 USD
EUR
82 USD
GBP
1,914 USD
GBP
11 USD
GBP
1,914 USD
GBP
29 USD
GBP
29 USD
GBP
11 USD
USD
12 EUR
USD
55 EUR
AUD
121,000 USD
CAD
124,000 USD
CAD
103,000 USD
EUR
9,000 USD
EUR
9,000 USD
EUR
92,000 USD
EUR
9,000 USD
GBP
8,000 USD
GBP
7,000 USD
GBP
518,000 USD
JPY
1,235,000 USD
JPY
58,328,001 USD
JPY
1,236,000 USD
KRW 108,425,001 USD
KRW
12,175,001 USD
MXN
196,000 USD
MYR
38,000 USD
NZD
144,000 USD
PHP
5,042,000 USD
USD
51,348 NOK
USD
236,576 NOK
USD
45,978 NOK
810,955 $
2,729,298
62,813
2,887,815
18,818
13,634
352
16,155
112
3,257
19
3,257
50
50
19
9
40
111,610
113,615
94,478
12,243
12,227
125,696
12,193
13,584
11,758
867,597
12,061
570,931
12,135
105,760
11,922
15,027
11,753
125,208
114,774
307,000
1,451,000
282,000
Currency
Market
Value $U.S.
Settle
Date
814,966
2,742,796
63,124
2,902,097
18,911
13,672
354
16,238
113
3,274
19
3,274
50
50
19
12
55
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
113,991
116,195
96,517
12,323
12,323
125,972
12,324
13,688
11,977
886,327
12,194
575,902
12,204
107,178
12,035
15,097
11,832
125,925
115,619
50,047
236,543
45,972
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
Unrealised
Appreciation
$
4,011
13,498
311
14,282
93
38
2
83
1
17
17
2,381
2,580
2,039
80
96
276
131
104
219
18,730
133
4,971
69
1,418
113
70
79
717
845
1,301
33
6
Total
68,744
$ 11,900,042

18,634

Currency
Purchased
233,646
25,838
433,662
11,839,114
(7,816)
$ 11,831,298
124
Currency
Purchased
Currency
Sold

MXN
452,000 USD
NOK
709,000 USD
NOK
1,049,000 USD
USD
140,390 EUR
USD
15,311 GBP
USD
4,931,157 EUR
USD
17,679 EUR
USD
145,569 EUR
USD
235,980 NZD
USD
224,552 NZD
USD
47,568 EUR
USD
175,411 EUR
34,939 $
118,153
174,647
103,000
9,000
3,622,999
13,000
107,000
281,000
266,000
35,000
129,000
Currency
Market
Value $U.S.
34,818
115,582
171,009
141,033
15,399
4,960,814
17,800
146,510
245,738
232,619
47,924
176,633
Settle
Date
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
Unrealised
(Depreciation)
$
(121)
(2,571)
(3,638)
(643)
(88)
(29,657)
(121)
(941)
(9,758)
(8,067)
(356)
(1,222)
Total
(57,183)
(57,183)

Percentage
of Net
Assets

1.9%
404,000 Credit Suisse Commercial Mortgage
Trust Series 2007-C5, 5.8700%,
due 15/9/40 . . . . . . . . . . . . . . . . . . . . . . . 0.4
209,875 Extended Stay America Trust 2013ESH MZ, 7.6250%,
due 5/12/19 (144A) . . . . . . . . . . . . . . . . . 0.2
Mortgage Securities Trust 2013JWRZ MZ, 6.1518%,
due 15/4/18 (144A) . . . . . . . . . . . . . . . . . 0.2
432,714 London & Regional Debt
Securitisation No 2 PLC, 5.8253%,
due 15/10/18 . . . . . . . . . . . . . . . . . . . . . . 0.7
270,000 WMG Acquisition Corp., 6.2500%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Commercial Paper
3,900,000 BNP Paribas, 0.0000%, due 1/7/14. . . . . . . .
Common Stock
Casino Hotels
10,969 MGM Resorts International . . . . . . . . . . . . .
Hotels and Motels
8,835 Hilton Worldwide Holdings, Inc. . . . . . . . . .
32,060 Hispania Activos Inmobiliarios SAU . . . . . . .
45,500 Kennedy Wilson Europe Real
Estate Plc . . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
419,231
210,400
167,018
758,415
392,083
1,947,147
3.8
3.8
2.3
3,899,999
0.3
289,581
0.2
205,856
0.4
443,575
0.8
1.2
856,455
1,300,030
17,483 CommScope Holding Co., Inc. . . . . . . . . . . . 0.4
8,571 Nuverra Environmental Solutions, Inc. . . . . . . 0.2
172,363
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
2,372,212
Corporate Bonds
82.5
1,125,000 ADS Tactical, Inc., 11.0000%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 1.0
232,000 TransDigm, Inc., 6.0000%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.2
230,000 TransDigm, Inc., 6.5000%,
due 15/7/24 (144A) . . . . . . . . . . . . . . . . . 0.3
0.5
Airlines
312,000 U.S. Airways Group, Inc., 6.1250%,
due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
62,000 United Continental Holdings, Inc.,
6.3750%, due 1/6/18 . . . . . . . . . . . . . . . . 0.1
0.4
100,000 Boardriders SA, 8.8750%,
due 15/12/17 (144A) . . . . . . . . . . . . . . . . 0.1
760,000 Boardriders SA, 8.8750%,
due 15/12/17 . . . . . . . . . . . . . . . . . . . . . . 1.0
458,000 Quiksilver, Inc. / QS Wholesale, Inc.,
7.8750%, due 1/8/18 (144A) . . . . . . . . . . 0.5
275,000 Quiksilver, Inc. / QS Wholesale, Inc.,
10.0000%, due 1/8/20 . . . . . . . . . . . . . . . 0.3
1.9
404,382
1,082,813
238,670
239,775
478,445
330,330
67,115
397,445
143,424
1,090,020
467,160
277,750
1,978,354
Percentage
of Net
Assets

Inc., 8.2500%, due 15/6/21 . . . . . . . . . . .
550,000 Jaguar Land Rover Automotive PLC,
8.2500%, due 15/3/20 . . . . . . . . . . . . . . .
206,000 Peugeot S.A, 6.5000%, due 18/1/19 . . . . . . .
200,000 Peugeot SA, 7.3750%, due 6/3/18 . . . . . . . .
0.7%
1.1
0.3
0.3
2.4

560,000 Schaeffler Holding Finance B.V.,
6.8750%, due 15/8/18 . . . . . . . . . . . . . . . 0.8
342,000 Crown Media Holdings, Inc.,
10.5000%, due 15/7/19 . . . . . . . . . . . . . . 0.4
740,000 VTR Finance B.V., 6.8750%,
due 15/1/24 (144A) . . . . . . . . . . . . . . . . . 0.7
1.1
299,000 AV Homes, Inc., 8.5000%,
due 1/7/19 (144A) . . . . . . . . . . . . . . . . . . 0.3
436,000 Century Communities, Inc.,
6.8750%, due 15/5/22 (144A) . . . . . . . . . 0.4
152,000 KB Home, 7.5000%, due 15/9/22. . . . . . . . . 0.2
due 1/3/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
203,000 WCI Communities, Inc., 6.8750%,
due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 0.2
290,000 Weyerhaeuser Real Estate Co,
4.3750%, due 15/6/19 (144A) . . . . . . . . . 0.3
593,000 William Lyon Homes, Inc., 5.7500%,
due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.6
2.5
218,000 Summit Materials LLC / Summit
Materials Finance Corp., 10.5000%,
due 31/1/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
31,000 USG Corp., 6.3000%, due 15/11/16 . . . . . . .
233,000 USG Corp., 7.8750%,
due 30/3/20 (144A) . . . . . . . . . . . . . . . . . 0.3
0.5
104,000 Cemex Finance LLC, 5.2500%,
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
500,000 Dry Mix Solutions Investissements
SAS., 4.5053%, due 15/6/21 . . . . . . . . . . . 0.7
179,000 HeidelbergCement Finance Luxembourg
SA, 8.0000%, due 31/1/17 . . . . . . . . . . . . 0.3
1.1
Cable/Satellite TV
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.2
66,000 Harron Communications L.P. /
Harron Finance Corp., 9.1250%,
due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.1
due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 1.1
due 15/5/24 . . . . . . . . . . . . . . . . . . . . . . . 0.5
2.1
Fair
Value
761,585
1,056,451
322,574
316,420
2,457,030
808,923
386,888
796,416
1,183,304
303,859
447,989
169,480
340,725
151,200
149,344
209,598
291,813
610,789
2,674,797
245,795
33,635
258,921
538,351
149,944
684,703
285,651
1,120,298
224,268
224,475
73,920
1,158,818
466,428
2,147,909
125

Percentage
of Net
Assets
Casino Hotels
173,000 Boyd Gaming Corp., 9.1250%,
due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . .
due 1/10/21 (144A) . . . . . . . . . . . . . . . . .
450,000 Caesars Growth Properties Holdings
LLC / Caesars Growth Properties
due 1/5/22 (144A) . . . . . . . . . . . . . . . . . .
105,000 MGM Resorts International,
11.3750%, due 1/3/18 . . . . . . . . . . . . . . .
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . .
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . .
due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . .
210,000 Pinnacle Entertainment, Inc.,
7.5000%, due 15/4/21 . . . . . . . . . . . . . . .
242,000 Station Casinos LLC, 7.5000%,
due 1/3/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
184,894
0.3
263,520
0.4
457,593
0.1
136,763
0.3
321,081
0.2
228,319
0.1
109,275
0.2
226,800
0.3
2.1
265,595
2,193,840
Casino Services
384,000 CCM Merger, Inc., 9.1250%,
due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.4
624,000 Peninsula Gaming LLC / Peninsula
Gaming Corp., 8.3750%,
due 15/2/18 (144A) . . . . . . . . . . . . . . . . . 0.6
1.0
242,000 Sprint Communications, Inc.,
7.0000%, due 15/8/20 . . . . . . . . . . . . . . . 0.3
271,000 Sprint Corp., 7.8750%,
due 15/9/23 (144A) . . . . . . . . . . . . . . . . . 0.3
205,000 Sprint Corp., 7.1250%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . 0.2
212,000 T-Mobile U.S., Inc., 6.5420%,
due 28/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
70,000 T-Mobile U.S., Inc., 6.1250%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.1
200,000 INEOS Group Holdings SA, 5.8750%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.2
Coal
49,000 Peabody Energy Corp., 4.7500%,
due 15/12/41 . . . . . . . . . . . . . . . . . . . . . . .
206,000 Westmoreland Coal Co. /
due 1/2/18 (144A) . . . . . . . . . . . . . . . . . . 0.2
0.2
112,000 CIT Group, Inc., 5.2500%,
due 15/3/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
76,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
397,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.4
0.6
600,000 Banco Bilbao Vizcaya Argentaria SA,
7.0000%, due 19/2/19 . . . . . . . . . . . . . . . 0.8
400,000 Banco Espirito Santo SA, 7.1250%,
due 28/11/23 . . . . . . . . . . . . . . . . . . . . . . 0.5
100,000 Bank of Ireland, 10.0000%,
due 30/7/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
413,760
670,800
1,084,560
268,923
302,164
217,813
229,755
74,550
1,093,205
126
205,500
37,026
221,708
258,734
120,540
85,690
431,489
637,719
869,579
535,160
152,324
Percentage
of Net
Assets
133,000 Bank of Ireland, 10.0000%,

due 12/2/20 . . . . . . . . . . . . . . . . . . . . . . .
443,000 Bank of Ireland, 4.2500%,
due 11/6/24 . . . . . . . . . . . . . . . . . . . . . . .
700,000 Bankia SA, 4.0000%,
due 22/5/24 . . . . . . . . . . . . . . . . . . . . . . .
600,000 CaixaBank SA, 5.0000%,
due 14/11/23 . . . . . . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
$
230,816
0.6
604,054
1.0
954,290
0.9
4.1
889,774
4,235,997
Commercial Services
125,000 Ceridian LLC / Comdata, Inc.,
8.1250%, due 15/11/17 (144A) . . . . . . . . 0.1
198,000 Envision Healthcare Corp., 5.1250%,
due 1/7/22 (144A) . . . . . . . . . . . . . . . . . . 0.2
0.3
245,000 TransUnion Holding Co., Inc.,
8.1250%, due 15/6/18 . . . . . . . . . . . . . . . 0.2
149,000 TransUnion Holding Co., Inc.,
9.6250%, due 15/6/18 . . . . . . . . . . . . . . . 0.2
0.4
100,000 GHD Bondco PLC, 7.0000%,
due 15/4/20 (144A) . . . . . . . . . . . . . . . . . 0.2
427,000 GHD Bondco PLC, 7.0000%,
due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.7
250,000 Reynolds Group Issuer, Inc. /
Reynolds Group Issuer LLC,
9.8750%, due 15/8/19 . . . . . . . . . . . . . . . 0.3
1.2
356,000 Ardagh Packaging Finance PLC,
9.2500%, due 15/10/20 . . . . . . . . . . . . . . 0.5
6.2500%, due 31/1/19 (144A) . . . . . . . . . 0.2
4.2500%, due 15/1/22 . . . . . . . . . . . . . . . 0.3
338,000 Greif, Inc., 7.7500%, due 1/8/19 . . . . . . . . . 0.4
1.4
175,000 First Data Corp., 12.6250%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Dialysis Centres
due 31/7/19 (144A) . . . . . . . . . . . . . . . . . 0.1
Inc., 5.8750%, due 31/1/22 (144A) . . . . . . . 0.3
0.4
226,000 ConvaTec Finance International SA,
8.2500%, due 15/1/19 (144A) . . . . . . . . . 0.3
100,000 ConvaTec Healthcare E SA,
10.8750%, due 15/12/18 . . . . . . . . . . . . . 0.1
0.4
153,000 Matalan Finance PLC, 6.8750%,
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
162,000 Matalan Finance PLC, 8.8750%,
due 1/6/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.6
321,000 Credit Agricole SA, 6.5000%,
due 23/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.5
126,563
200,227
326,790
257,005
157,270
414,275
172,035
734,409
278,125
1,184,569
532,522
205,500
353,579
390,390
1,481,991
215,906
96,360
356,310
452,670
231,650
149,708
381,358
261,814
276,521
538,335
466,708
Percentage
of Net
Assets
325,000 Societe Generale SA, 6.7500%,

due 7/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4%
0.9
100,000 Baggot Securities, Ltd., 10.2400%,
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.1
754,000 ROC Finance LLC / ROC
Finance 1 Corp., 12.1250%,
due 1/9/18 (144A) . . . . . . . . . . . . . . . . . . 0.8
0.9
157,000 Bombardier, Inc., 4.7500%,
due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.2
321,000 Bombardier, Inc., 6.0000%,
due 15/10/22 (144A) . . . . . . . . . . . . . . . . 0.3
108,000 Park-Ohio Industries, Inc., 8.1250%,
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.6
8.2500%, due 1/11/19 (144A) . . . . . . . . . 0.3
E-Commerce/Products
76,000 Mood Media Corp., 9.2500%,
due 15/10/20 (144A) . . . . . . . . . . . . . . . . 0.1
795,000 NGL Energy Partners L.P. / NGL
due 15/10/21 (144A) . . . . . . . . . . . . . . . . 0.8
Electric Integrated
304,000 Enel SpA, 8.7500%,
due 24/9/73 (144A) . . . . . . . . . . . . . . . . . 0.3
100,000 Techem GmbH, 6.1250%,
due 1/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
435,000 Trionista Holdco GmbH, 5.0000%,
due 30/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.6
0.7
Entertainment
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.6
63,000 DreamWorks Animation SKG, Inc.,
6.8750%, due 15/8/20 (144A) . . . . . . . . . 0.1
551,000 Mohegan Tribal Gaming Authority,
9.7500%, due 1/9/21 . . . . . . . . . . . . . . . . 0.6
1.3
100,000 Infor US, Inc., 10.0000%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Food Dairy Products
764,000 FAGE Dairy Industry SA / FAGE
USA Dairy Industry, Inc., 9.8750%,
due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.8
Food Meat Products
120,000 JBS USA LLC / JBS USA Finance, Inc.,
8.2500%, due 1/2/20 (144A) . . . . . . . . . . 0.1
7.2500%, due 1/6/21 (144A) . . . . . . . . . . 0.2
7.2500%, due 1/6/21 (144A) . . . . . . . . . . 0.1
due 1/8/21 (144A) . . . . . . . . . . . . . . . . . . 0.1
due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.6
Fair
Value
$
467,573
934,281
150,954
821,860
972,814
159,944
329,426
119,610
608,980
280,773
69,160
850,650
358,720
148,564
626,394
774,958
653,099
68,198
614,365
1,335,662
156,089
821,300
130,800
195,027
113,138
76,320
58,300
573,585
Percentage
of Net
Assets
51,000 Pinnacle Foods Finance LLC /
Pinnacle Foods Finance Corp.,
4.8750%, due 1/5/21 . . . . . . . . . . . . . . . . 0.1%
247,000 Premier Foods Finance PLC,
6.5000%, due 15/3/21 . . . . . . . . . . . . . . . 0.4
0.5
Food Retail
412,000 Roundys Supermarkets, Inc.,
10.2500%, due 15/12/20 (144A) . . . . . . . 0.4
216,000 Safeway, Inc., 7.2500%,
due 1/2/31 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,091,000 SUPERVALU, Inc., 6.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.7
501,000 C&S Group Enterprises LLC,
5.3750%, due 15/7/22 (144A) . . . . . . . . . 0.5
Gambling Non-Hotel
122,000 Greektown Holdings LLC/Greektown
Mothership Corp., 8.8750%,
due 15/3/19 (144A) . . . . . . . . . . . . . . . . . 0.1
Health Care Services
280,000 Tenet Healthcare Corp., 8.0000%,
due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.0
554,000 NRG Energy, Inc., 6.2500%,
due 1/5/24 (144A) . . . . . . . . . . . . . . . . . . 0.6
Investment Company
236,000 Elli Finance UK PLC, 8.7500%,
due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Lodging
370,000 NH Hoteles SA, 6.8750%,
due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.6
420,000 Playa Resorts Holding B.V., 8.0000%,
due 15/8/20 (144A) . . . . . . . . . . . . . . . . . 0.4
1.0
Medical Drugs
100,000 Almirall SA, 4.6250%, due 1/4/21 . . . . . . . . 0.1
525,000 Capsugel Finance Co. S.C.A.,
9.8750%, due 1/8/19 . . . . . . . . . . . . . . . . 0.8
84,000 Capsugel SA, 7.0000%,
due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.1
539,000 Endo Finance LLC, 5.7500%,
due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.5
39,000 Endo Finance LLC & Endo Finco,
Inc., 7.0000%,
due 15/7/19 (144A) . . . . . . . . . . . . . . . . . .
109,000 Endo Finance LLC & Endo Finco,
Inc., 7.0000%,
due 15/12/20 (144A) . . . . . . . . . . . . . . . . 0.1
400,000 Grifols Worldwide Operations, Ltd.,
5.2500%, due 1/4/22 (144A) . . . . . . . . . . 0.4
68,000 Salix Pharmaceuticals, Ltd., 6.0000%,
due 15/1/21 (144A) . . . . . . . . . . . . . . . . . 0.1
285,000 Valeant Pharmaceuticals International,
6.3750%, due 15/10/20 (144A) . . . . . . . . 0.3
2.4
Medical HMO
327,000 Centene Corp., 4.7500%,
due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
52,403
427,949
480,352
437,235
225,895
1,129,185
1,792,315
505,384
125,050
304,150
98,963
639,159
1,042,272
579,623
447,256
557,822
454,650
1,012,472
144,368
776,407
86,678
551,127
41,828
117,039
416,000
73,100
303,881
2,510,428
332,314
127

Percentage
of Net
Assets
Medical Hospitals
44,000 CHS/Community Health Systems,
Inc., 7.1250%, due 15/7/20 . . . . . . . . . . . . %
Inc., 6.8750%, due 1/2/22 (144A) . . . . . . 0.6
28,000 HCA Holdings, Inc., 7.7500%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . .
378,000 HCA, Inc., 5.0000%, due 15/3/24 . . . . . . . . 0.4
1.0
Medical Instruments
62,000 Physio-Control International, Inc.,
9.8750%, due 15/1/19 (144A) . . . . . . . . . 0.1
Medical Products
33,000 Teleflex, Inc., 5.2500%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . .
Metal Copper
200,000 First Quantum Minerals, Ltd.,
7.2500%, due 15/5/22 (144A) . . . . . . . . . 0.2
Metal Diversified
570,000 Vedanta Resources PLC, 6.0000%,
due 31/1/19 (144A) . . . . . . . . . . . . . . . . . 0.6
8.0000%, due 22/5/38 . . . . . . . . . . . . . . . 0.2
Oil Field Services
419,000 Calfrac Holdings L.P., 7.5000%,
due 1/12/20 (144A) . . . . . . . . . . . . . . . . . 0.4
174,000 FTS International, Inc., 6.2500%,
due 1/5/22 (144A) . . . . . . . . . . . . . . . . . . 0.2
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 1.1
443,000 Hiland Partners L.P. / Hiland Partners
due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.4
2.1
406,000 Sidewinder Drilling, Inc., 9.7500%,
due 15/11/19 (144A) . . . . . . . . . . . . . . . . 0.4
107,000 Forum Energy Technologies, Inc.,
6.2500%, due 1/10/21 (144A) . . . . . . . . . 0.1
588,000 Chaparral Energy, Inc., 8.2500%,
due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 1.5
due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5
651,000 Endeavor Energy Resources L.P. / EER
due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 0.7
400,000 EP Energy LLC / EP Energy Finance,
Inc., 9.3750%, due 1/5/20 . . . . . . . . . . . . 0.4
192,000 EV Energy Partners L.P. / EV Energy
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
945,000 Linn Energy LLC / Linn Energy
due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . . 1.0
257,000 Oasis Petroleum, Inc., 6.5000%,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
47,685
579,360
30,765
384,169
1,041,979
68,820
33,413
209,000
226,000 Oasis Petroleum, Inc., 6.8750%,

due 15/3/22 (144A) . . . . . . . . . . . . . . . . .
470,000 Parsley Energy LLC / Parsley
due 15/2/22 (144A) . . . . . . . . . . . . . . . . .
424,000 QEP Resources, Inc., 5.3750%,
due 1/10/22 . . . . . . . . . . . . . . . . . . . . . . .
784,000 QEP Resources, Inc., 5.2500%,
due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . .
193,000 Rice Energy, Inc., 6.2500%,
due 1/5/22 (144A) . . . . . . . . . . . . . . . . . .
483,000 Samson Investment Co., 10.7500%,
due 15/2/20 (144A) . . . . . . . . . . . . . . . . .
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . .
due 15/10/22 . . . . . . . . . . . . . . . . . . . . . .
due 15/2/23 . . . . . . . . . . . . . . . . . . . . . . .
129,000 Seventy Seven Energy, Inc., 6.5000%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . .
592,116
250,502
452,520
178,785
1,095,000
449,645
2,175,950
414,120
113,955
648,270
1,503,000
474,385
698,198
460,000
202,560
596,360
333,720
1,001,700
128
Percentage
of Net
Assets
277,560

284,000 Dresser-Rand Group, Inc., 6.5000%,
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . .
579,000 PBF Holding Co LLC / PBF Finance
Corp., 8.2500%, due 15/2/20 . . . . . . . . . .
420,000 Resolute Forest Products, Inc.,
5.8750%, due 15/5/23 . . . . . . . . . . . . . . .
Pharmacy Services
201,000 Catamaran Corp., 4.7500%,
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . .
Pipelines
585,000 Crestwood Midstream Partners L.P. /
Crestwood Midstream
due 1/4/19 (144A) . . . . . . . . . . . . . . . . . .
Crestwood Midstream Finance
Corp., 6.0000%, due 15/12/20 . . . . . . . . .
Crestwood Midstream
due 1/3/22 (144A) . . . . . . . . . . . . . . . . . .
461,000 Holly Energy Partners L.P. / Holly
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . .
5.6250%, due 1/2/21 . . . . . . . . . . . . . . . .
5.6250%, due 15/4/23 . . . . . . . . . . . . . . .
5.7500%, due 15/5/24 (144A) . . . . . . . . .
0.2%
Fair
Value
$
247,470
0.5
504,075
0.4
438,840
0.8
805,560
0.2
198,066
0.5
511,376
0.2
201,419
0.3
331,875
0.1
66,490
0.1
9.4
132,386
9,633,310
0.3
305,300
0.6
634,005
0.4
415,800
0.2
203,513
0.6
630,337
0.1
91,785
0.5
539,325
0.5
499,033
0.4
403,750
0.2
155,705
0.1
2.4
131,513
2,451,448
Poultry
676,000 Simmons Foods, Inc., 10.5000%,
due 1/11/17 (144A) . . . . . . . . . . . . . . . . . 0.7
Publishing Newspapers
100,000 Johnston Press Bond PLC, 8.6250%,
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Radio
666,000 Entercom Radio LLC, 10.5000%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8
727,545
167,912
765,900
Percentage
of Net
Assets
320,000 Townsquare Radio LLC / Townsquare

Radio, Inc., 9.0000%,
due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 0.3%
1.1
Real Estate
139,000 Grainger PLC, 5.0000%,
due 16/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.2
403,000 Howard Hughes Corp., 6.8750%,
due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.4
0.6
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.2
321,000 Forestar USA Real Estate Group, Inc.,
8.5000%, due 1/6/22 (144A) . . . . . . . . . . 0.3
566,000 Hunt Cos., Inc., 9.6250%,
due 1/3/21 (144A) . . . . . . . . . . . . . . . . . . 0.6
0.9
Real Estate Private
55,000 Forest City Enterprises, Inc.,
3.6250%, due 15/8/20 (144A) . . . . . . . . . 0.1
REIT Diversified
208,000 Rayonier AM Products, Inc.,
5.5000%, due 1/6/24 (144A) . . . . . . . . . . 0.2
529,000 Ahern Rentals, Inc., 9.5000%,
due 15/6/18 (144A) . . . . . . . . . . . . . . . . . 0.6
27,000 NES Rentals Holdings, Inc.,
7.8750%, due 1/5/18 (144A) . . . . . . . . . . .
0.6
93,000 Mens Wearhouse, Inc., 7.0000%,
due 1/7/22 (144A) . . . . . . . . . . . . . . . . . . 0.1
40,000 Hillman Group, Inc., 6.3750%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . .
Retail Propane Distribution
344,000 Ferrellgas Partners L.P. / Ferrellgas
Partners Finance Corp., 8.6250%,
due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Retail Restaurants
1,069,000 Landrys, Inc., 9.3750%,
due 1/5/20 (144A) . . . . . . . . . . . . . . . . . . 1.1
685,000 PF Changs China Bistro, Inc.,
10.2500%, due 30/6/20 (144A) . . . . . . . . 0.7
1.8
Retail Toy Store
261,000 Toys R Us, Inc., 10.3750%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Software
688,000 Blackboard, Inc., 7.7500%,
due 15/11/19 (144A) . . . . . . . . . . . . . . . . 0.7
Steel Producer
262,000 Natural Resource Partners L.P. / NRP
due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Steel Specialty
71,000 Permian Holdings, Inc., 10.5000%,
due 15/1/18 (144A) . . . . . . . . . . . . . . . . . 0.1
Fair
Value
356,000
1,121,900
247,199
433,225
680,424
738,005
550,468
1,288,473
333,840
595,714
929,554
58,094
212,160
585,868
28,890
614,758
96,720
40,200
368,940
1,181,245
702,125
1,883,370
221,198
722,400
276,409
Percentage
of Net
Assets
835,000 CommScope Holding Co., Inc.,
6.6250%, due 1/6/20 (144A) . . . . . . . . . . 0.9%
616,000 CommScope, Inc., 5.0000%,
due 15/6/21 (144A) . . . . . . . . . . . . . . . . . 0.6
997,000 CommScope, Inc., 5.5000%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . 1.0
2.5
776,000 Altice SA, 7.2500%, due 15/5/22 . . . . . . . . . 1.0
646,000 Play Finance 2 SA, 5.2500%,
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
495,000 UPC Holding B.V., 8.3750%,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.7
2.6
Telecommunications
291,000 Intelsat Luxembourg SA, 7.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
26,000 Sprint Capital Corp., 6.9000%,
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . . .
700,000 Telefonica Europe B.V., 5.0000%,
due 31/3/20 . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.0
Theatres
225,000 Vougeot Bidco PLC, 7.8750%,
due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Transportation
329,000 Syncreon Group B.V. / Syncreon
due 1/11/21 (144A) . . . . . . . . . . . . . . . . . 0.3
229,000 CMA CGM SA, 8.7500%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.3
165,000 Eletson Holdings, 9.6250%,
due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.2
227,000 Navios South American Logistics, Inc. /
Navios Logistics Finance US, Inc.,
7.2500%, due 1/5/22 (144A) . . . . . . . . . . . 0.2
0.7
639,000 Florida East Coast Holdings Corp.,
6.7500%, due 1/5/19 (144A) . . . . . . . . . . 0.6
570,000 Florida East Coast Holdings Corp.,
9.7500%, due 1/5/20 (144A) . . . . . . . . . . 0.6
1.2
328,000 CEVA Group PLC, 4.0000%,
due 1/5/18 (144A) . . . . . . . . . . . . . . . . . . 0.3
75,000 CEVA Group PLC, 7.0000%,
due 1/3/21 (144A) . . . . . . . . . . . . . . . . . . 0.1
75,000 CEVA Group PLC, 9.0000%,
due 1/9/21 (144A) . . . . . . . . . . . . . . . . . . 0.1
0.5
Travel Services
252,000 Carlson Wagonlit B.V., 7.5000%,
due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4
890,000 Nuverra Environmental Solutions,
Inc., 9.8750%, due 15/4/18 . . . . . . . . . . . 0.9
Fair
Value
895,538
631,400
1,018,185
2,545,123
1,128,904
929,348
743,835
2,802,087
309,188
28,795
999,237
1,028,032
420,665
335,580
332,409
177,788
236,648
746,845
676,540
604,913
1,281,453
308,320
77,438
77,625
463,383
377,472
930,050
85,404,030
73,308
129

Percentage
of Net
Assets
Tranche Loans
6.6%
Advanced Materials/Production
33,569 Momentive Performance Material,
4.0000%, due 15/4/15 . . . . . . . . . . . . . . . .
Casino Hotels
64,000 Caesars Growth Partners, 6.2500%,
due 10/4/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
677,000 Golden Nugget Biloxi, Inc.,
10.0000%, due 29/11/16 . . . . . . . . . . . . . 0.6
0.7
Chemicals
566,000 Albaugh, Inc., 6.0000%,
due 30/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Financial Services
1,000,000 AB Acquisitions, Ltd., 5.2200%,
due 9/7/18 . . . . . . . . . . . . . . . . . . . . . . . . 1.8
Food
42,000 Del Monte Foods, Inc., 8.2500%,
due 18/8/21 . . . . . . . . . . . . . . . . . . . . . . . .
5.7500%, due 3/3/21 . . . . . . . . . . . . . . . . 0.2
0.2
Home Furnishings
192,518 Norcraft Cos., L.P., 5.2500%,
due 24/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.2
Mining
405,000 Oxbow Carbon & Minerals LLC,
8.0000%, due 19/1/20 . . . . . . . . . . . . . . . 0.4
115,000 Chief Exploration & Development
LLC, 7.500%, due 16/5/21 . . . . . . . . . . . . 0.1
Oil&Gas
533,000 Templar Energy LLC, 8.0000%,
due 25/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.5
183,613 JC Penney Corp., Inc., 6.0000%,
due 21/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Semiconductors
307,000 Avago Technologies Cayman, Ltd.,
3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 0.3
Transportation
424,000 Air Medical Group Holdings, Inc.,
7.6250%, due 31/5/18 . . . . . . . . . . . . . . . 0.4
312,218 Syncreon Group, 5.2500%,
due 11/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
0.7
1,012,000 Maxim Crane Works L.P., 10.2500%,
due 26/11/18 . . . . . . . . . . . . . . . . . . . . . . 1.0
Fair
Value
33,632
63,960
678,693
742,653
553,265
1,717,139
41,160
175,250
216,410
193,239
413,606
117,300
Currency
Sold
Citibank
AUD
100 USD
94 $
AUD
4,077 USD
3,828
AUD
89 USD
83
AUD
4,196 USD
3,940
EUR
3,460 USD
4,715
EUR
64,441 USD
87,810
EUR
1,300,334 USD 1,771,869
EUR
19,248,434 USD 26,228,415
EUR
5,533,437 USD 7,540,005
EUR
29,761 USD
40,546
EUR
140,934 USD
192,009
EUR
72,015 USD
98,342
EUR
12,496,606 USD 17,028,200
EUR
5,020,697 USD 6,841,332
GBP
32 USD
55
GBP
32 USD
55
GBP
2,103 USD
3,579
GBP
2,103 USD
3,579
USD
4 AUD
4
USD
3 GBP
2
USD
3 GBP
2
EUR
149,000 USD
203,573
EUR
110,000 USD
149,243
EUR
171,000 USD
232,638
EUR
368,000 USD
501,588
Currency
Market
Value $U.S.
Settle
Date
94
3,834
83
3,946
4,738
88,244
1,780,632
26,358,131
7,577,295
40,753
192,990
98,615
17,112,415
6,875,166
55
55
3,598
3,598
4
3
3
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
204,020
150,618
234,142
503,887
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
Unrealised
Appreciation
$
6
23
434
8,763
129,716
37,290
207
981
273
84,215
33,834
19
19
447
1,375
1,504
2,299
Total
301,411
$ 100,427,825

527,670
Currency
Purchased
185,623
307,850
424,000
314,169
738,169
1,033,080
6,779,636
100,403,024
(276,610)
$ 100,126,414
130
Currency
Purchased
Citibank
USD
27,937 EUR
USD
258,358 EUR
USD
646,670 EUR
USD
146,915 EUR
USD
1,685,005 EUR
USD
3,909,210 GBP
Currency
Sold
20,545 $
190,000
478,000
108,000
1,238,000
2,334,000
Currency
Market
Value $U.S.
Settle
Date
28,133
31-Jul-14
260,159
654,504
147,880
1,695,139
3,993,611
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
Unrealised
(Depreciation)
$
(196)
(1,801)
(7,834)
(965)
(10,134)
(84,401)
Total
(105,331)
(105,331)

Percentage
of Net
Assets

Asset-Backed/Commercial Mortgage-Backed
Securities
257,205 Eddystone Finance PLC, 1.0528%,
due 19/4/21 . . . . . . . . . . . . . . . . . . . . . . .
353,218 Nemus II Arden PLC, 0.7551%,
due 15/2/20 . . . . . . . . . . . . . . . . . . . . . . .
233,979 Rivoli Pan Europe PLC, 0.5160%,
due 3/8/18 . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
2.1%
0.7
436,168
0.9
595,361
0.5
317,481

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
1,349,010
Commercial Paper
4.0
2,600,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . . 4.0
Corporate Bonds
88.9
Advertising Services
213,000 WPP Finance 2013, 3.0000%,
due 20/11/23 . . . . . . . . . . . . . . . . . . . . . . 0.5
20,000 Exelis, Inc., 5.5500%, due 1/10/21 . . . . . . . .
307,000 DAA Finance PLC, 6.5872%,
due 9/7/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
561,000 BMW Finance NV, 3.6250%,
due 29/1/18 . . . . . . . . . . . . . . . . . . . . . . . 1.3
605,000 Daimler AG, 2.1250%, due 27/6/18 . . . . . . . 1.3
due 2/10/23 (144A) . . . . . . . . . . . . . . . . . 1.0
due 2/10/43 (144A) . . . . . . . . . . . . . . . . . 1.3
370,000 Renault SA, 3.1250%, due 5/3/21 . . . . . . . . 0.8
3.7500%, due 24/3/49 . . . . . . . . . . . . . . . 1.0
4.6250%, due 24/3/49 . . . . . . . . . . . . . . . 0.7
7.4
due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.9
Banks
766,000 HSBC Holdings PLC, 3.3750%,
due 10/1/24 . . . . . . . . . . . . . . . . . . . . . . . 1.6
350,000 Santander Finance Preferred SAU,
11.3000%, due 27/7/14 . . . . . . . . . . . . . . 0.9
300,000 Santander International Debt SAU,
4.0000%, due 27/3/17 . . . . . . . . . . . . . . . 0.7
700,000 Santander US Debt SAU, 3.7810%,
due 7/10/15 (144A) . . . . . . . . . . . . . . . . . 1.1
4.3
400,000 Pernod Ricard SA, 2.0000%,
due 22/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.9
411,000 Discovery Communications LLC,
2.3750%, due 7/3/22 . . . . . . . . . . . . . . . . 0.9
156,000 MDC Holdings, Inc., 6.0000%,
due 15/1/43 . . . . . . . . . . . . . . . . . . . . . . . 0.2
588,000 Holcim Finance Canada, Inc.,
3.6500%, due 10/4/18 . . . . . . . . . . . . . . . 0.9
2,599,999
$313,589
21,526
507,510
847,294
871,801
652,478
830,953
532,228
635,828
432,140
4,802,722
293,594
293,826
587,420
1,110,815
604,885
443,263
723,275
2,882,238
561,679
577,195
148,356
573,842
Percentage
of Net
Assets

1.3307%, due 30/6/17 (144A) . . . . . . . . . 0.3%
1.2
Cable/Satellite TV
due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 15/5/24 . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.9
100,000 Emirates Telecommunications Corp.,
1.7500%, due 18/6/21 . . . . . . . . . . . . . . . 0.2
395,000 Rogers Communications, Inc.,
5.3800%, due 4/11/19 . . . . . . . . . . . . . . . 0.7
0.9
Chemicals Specialty
411,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.7
250,000 Ecolab, Inc., 5.5000%, due 8/12/41 . . . . . . . 0.4
306,000 OCP SA, 5.6250%, due 25/4/24
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
306,000 OCP SA, 6.8750%,
due 25/4/44 (144A) . . . . . . . . . . . . . . . . . 0.5
2.1
393,000 CIT Group, Inc., 4.2500%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.7
374,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.6
64,000 CIT Group, Inc., 3.8750%,
due 19/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.4
400,000 Banco Bilbao Vizcaya Argentaria SA,
7.0000%, due 19/2/19 . . . . . . . . . . . . . . . 0.9
360,000 Bank of Ireland, 10.0000%,
due 19/12/22 . . . . . . . . . . . . . . . . . . . . . . 1.0
367,000 Bank of Ireland, 4.2500%,
due 11/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.8
500,000 Bankia SA, 3.5000%, due 17/1/19 . . . . . . . . 1.1
300,000 BBVA Senior Finance SAU, 3.7500%,
due 17/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.7
964,000 BBVA U.S. Senior SAU, 4.6640%,
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 1.4
500,000 CaixaBank SA, 5.0000%,
due 14/11/23 . . . . . . . . . . . . . . . . . . . . . . 1.1
590,000 Cooperatieve Centrale RaiffeisenBoerenleenbank BA/Netherlands,
3.3750%, due 21/4/17 . . . . . . . . . . . . . . . 1.3
353,000 Intesa Sanpaolo SpA, 6.6250%,
due 13/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.9
9.2
due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5
due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . .
Consulting Services
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.6
Dialysis Centres
Inc., 5.8750%, due 31/1/22 (144A) . .. . . . . 0.6
Fair
Value
$
194,028
767,870
291,160
308,019
599,179
136,869
419,135
556,004
444,907
292,677
321,683
321,413
1,380,680
410,931
406,491
65,158
882,580
579,719
654,094
500,424
728,012
448,336
1,008,187
741,478
868,642
589,541
6,118,433
331,819
16,958
201,890
167,103
368,993
391,830
131

Percentage
of Net
Assets

due 7/2/17 . . . . . . . . . . . . . . . . . . . . . . . .
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . .
due 22/1/18 . . . . . . . . . . . . . . . . . . . . . . .
due 10/5/19 . . . . . . . . . . . . . . . . . . . . . . .
due 1/10/15 . . . . . . . . . . . . . . . . . . . . . . .
due 29/4/49 . . . . . . . . . . . . . . . . . . . . . . .
due 21/9/17 . . . . . . . . . . . . . . . . . . . . . . .
due 25/4/18 . . . . . . . . . . . . . . . . . . . . . . .
due 24/11/25 . . . . . . . . . . . . . . . . . . . . . .
6.1000%, due 10/6/23 . . . . . . . . . . . . . . .
6.0000%, due 19/12/23 . . . . . . . . . . . . . .
3.6250%, due 25/3/24 . . . . . . . . . . . . . . .
5.1250%, due 28/5/24 . . . . . . . . . . . . . . .
150,000 Societe Generale SA, 6.7500%,
due 7/4/21 . . . . . . . . . . . . . . . . . . . . . . . .
726,000 UBS AG, 4.7500%, due 12/2/26 . . . . . . . . . .
223,000 Carlyle Holdings Finance LLC,
3.8750%, due 1/2/23 (144A) . . . . . . . . . .
275,000 GE Capital European Funding,
3.6250%, due 15/6/17 . . . . . . . . . . . . . . .
7.1250%, due 15/6/22 . . . . . . . . . . . . . . .
6.2500%, due 15/12/49 . . . . . . . . . . . . . .
6.3750%, due 15/11/67 . . . . . . . . . . . . . .
1.2%
Fair
Value
814,608
0.9
573,848
0.7
429,937
0.2
149,499
0.7
473,981
0.1
34,798
0.9
576,172
0.4
237,798
0.3
207,367
1.4
934,217
0.3
182,304
0.5
324,998
0.8
517,836
0.3
1.6
10.3
215,803
1,058,304
6,731,470
0.3
228,049
0.7
407,792
0.5
354,612
0.5
334,305
0.6
2.6
375,480
1,700,238
200,000 BHP Billiton Finance, Ltd., 2.1250%,
due 29/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.4
Electric Integrated
353,000 Enel Finance International NV,
5.0000%, due 14/9/22 . . . . . . . . . . . . . . . 0.9
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.4
1.3
106,000 FLIR Systems, Inc., 3.7500%,
due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Finance Auto Loans
211,000 FCE Bank PLC, 1.8750%, due 18/4/19 . . . . . . 0.5
235,000 FCE Bank PLC, 1.8750%, due 24/6/21 . . . . . . 0.5
200,000 FGA Capital Ireland PLC, 2.8750%,
due 26/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.4
Finance Credit Card
405,000 American Express Co., 6.8000%,
due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
187,000 Charles Schwab Corp., 7.0000%,
due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.3
132
288,903
589,306
253,525
842,831
111,710
296,436
323,763
283,976
904,175
446,513
219,258
Percentage
of Net
Assets

due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 14/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
5.6250%, due 1/4/24 . . . . . . . . . . . . . . . . 1.1
1.8
452,000 LeasePlan Corp. NV, 2.5000%,
due 16/5/18 (144A) . . . . . . . . . . . . . . . . . 0.7
Food Catering
100,000 Compass Group PLC, 1.8750%,
due 27/1/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Food Meat Products
90,000 Tyson Foods, Inc., 6.6000%,
due 1/4/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Food Retail
187,000 Safeway, Inc., 4.7500%, due 1/12/21 . . . . . . 0.3
276,000 Ameriprise Financial, Inc., 7.5180%,
due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
5.6250%, due 15/3/20 (144A) . . . . . . . . . 0.3
5.8750%, due 15/3/22 (144A) . . . . . . . . . 0.4
1.2
476,000 Primerica, Inc., 4.7500%, due 15/7/22 . . . . . . 0.8
Medical Drugs
370,000 Bayer AG, 3.0000%, due 1/7/75 . . . . . . . . . . 0.8
due 1/2/19 (144A) . . . . . . . . . . . . . . . . . . 0.6
due 15/2/21 (144A) . . . . . . . . . . . . . . . . . 0.3
408,000 UCB SA, 4.1250%, due 4/1/21 . . . . . . . . . . . 0.9
2.6
Money Center Banks
692,000 Lloyds Bank PLC, 6.5000%,
due 24/3/20 . . . . . . . . . . . . . . . . . . . . . . . 1.8
Mortgage Banks
200,000 Bank of Ireland Mortgage Bank,
2.7500%, due 22/3/18 . . . . . . . . . . . . . . . 0.4
5.4500%, due 18/5/17 . . . . . . . . . . . . . . . 0.3
6.2500%, due 15/3/37 . . . . . . . . . . . . . . . 0.7
8.1750%, due 15/5/58 . . . . . . . . . . . . . . . 0.7
due 15/5/53 . . . . . . . . . . . . . . . . . . . . . . . 0.8
2.5
Multimedia
434,000 Pearson Funding Five PLC, 1.8750%,
due 19/5/21 . . . . . . . . . . . . . . . . . . . . . . . 1.0
478,000 Viacom, Inc., 5.8500%, due 1/9/43 . . . . . . . 0.8
1.8
381,000 Anadarko Petroleum Corp., 6.4500%,
due 15/9/36 . . . . . . . . . . . . . . . . . . . . . . . 0.7
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 1.1
due 15/4/22 . . . . . . . . . . . . . . . . . . . . . . . 1.1
Fair
Value
$
54,494
191,995
709,588
1,175,335
456,159
137,446
98,624
192,393
306,498
165,750
293,865
766,113
519,403
513,089
389,272
218,654
619,363
1,740,378
1,153,598
293,059
175,271
441,634
501,848
539,879
1,658,632
604,102
551,177
1,155,279
487,449
761,840
709,831
Percentage
of Net
Assets

due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/22 . . . . . . . . . . . . . . . . . . . . . . .
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . .
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . .
6.5000%, due 15/11/20 . . . . . . . . . . . . . .
6.6250%, due 1/5/21 . . . . . . . . . . . . . . . .
6.7500%, due 1/2/22 . . . . . . . . . . . . . . . .
6.8750%, due 15/2/23 . . . . . . . . . . . . . . .
0.1%
Fair
Value
$
69,445
0.9
567,239
0.5
331,010
0.1
84,435
0.9
568,474
0.2
115,746
0.1
78,746
0.6
6.3
386,575
4,160,790

1,529,000 Shell International Finance B.V.,
0.9000%, due 15/11/16 . . . . . . . . . . . . . . 2.4
Oil Field Services
366,000 Korea National Oil Corp., 4.0000%,
due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.6
235,000 Korea National Oil Corp., 2.7500%,
due 23/1/19 (144A) . . . . . . . . . . . . . . . . . 0.4
1.0
Optical Supplies
153,000 Luxottica Group SpA, 2.6250%,
due 10/2/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Pipelines
5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 1.3
4.1500%, due 1/10/20 . . . . . . . . . . . . . . . 0.1
5.1500%, due 1/2/43 . . . . . . . . . . . . . . . . 0.7
5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.7
285,000 Enterprise Products Operating LLC,
4.8500%, due 15/3/44 . . . . . . . . . . . . . . . 0.5
3.3
Property Trust
450,000 Prologis International Funding II SA,
2.7500%, due 23/10/18 . . . . . . . . . . . . . . 1.0
Real Estate
630,000 Deutsche Annington Finance B.V.,
3.2000%, due 2/10/17 (144A) . . . . . . . . . 1.0
503,000 Jones Lang LaSalle, Inc., 4.4000%,
due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.8
REIT Diversified
379,000 GELF Bond Issuer I SA, 3.1250%,
due 3/4/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
457,000 Goodman Funding Pty, Ltd.,
6.3750%, due 15/4/21 (144A) . . . . . . . . . 0.8
1.7
279,000 Alexandria Real Estate Equities, Inc.,
4.6000%, due 1/4/22 . . . . . . . . . . . . . . . . 0.5
100,000 Prologis L.P., 3.3750%, due 20/2/24 . . . . . . . 0.2
1,536,191
388,054
240,290
628,344
221,964
817,286
87,868
487,635
462,861
295,211
2,150,861
649,587
653,005
509,132
548,164
532,216
1,080,380
295,469
147,367
Percentage
of Net
Assets

630,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . .
Steel Producers
151,000 Reliance Steel & Aluminum Co.,
4.5000%, due 15/4/23 . . . . . . . . . . . . . . .
395,000 O2 Telefonica Deutschland
Finanzierungs GmbH, 2.3750%,
due 10/2/21 . . . . . . . . . . . . . . . . . . . . . . .
320,000 British Telecommunications PLC,
1.1250%, due 10/6/19 . . . . . . . . . . . . . . .
410,000 Swisscom AG, 2.0000%, due 30/9/20 . . . . . .
2.3750%, due 17/2/22 . . . . . . . . . . . . . . .
3.2500%, due 17/2/26 . . . . . . . . . . . . . . .
1.0%
Fair
Value
621,949
0.2
154,316
0.9
560,378
0.6
0.9
438,690
583,247
0.5
345,634
0.4
2.3
232,160
1,599,731
due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.1
470,000 Brambles Finance, Ltd., 2.3750%,
due 12/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.9
280,000 Empresa de Transporte de Pasajeros
Metro SA, 4.7500%,
due 4/2/24 (144A) . . . . . . . . . . . . . . . . . . 0.5
1.5
296,469
1,006,292
58,164,596
Preferred Stock
0.7
5,700 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.2
12,225 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.5
154,869
341,322
496,191
Tranche Loans
2.5
Casino Hotels
due 13/12/19 . . . . . . . . . . . . . . . . . . . . . . 0.3
Medical Hospitals
due 27/1/21 . . . . . . . . . . . . . . . . . . . . . . . .
Mining
3.7500%, due 30/6/19 . . . . . . . . . . . . . . . 0.2
Semiconductors
3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 1.8
Software
131,000 IMS Health, Inc., 3.5000%,
due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
58,190
651,633
156,472
31,088
126,881
1,199,313
130,181
1,643,935
64,253,731
Adjustments from last traded to bid market prices . . . . . . . . . .(0.2)
(116,227)
$ 64,137,504
133

Currency
Purchased
Currency
Sold
Citibank
EUR
2,186,853 USD
EUR
5,239,628 USD
EUR
716,783 USD
EUR
633,419 USD
EUR
1,844,660 USD
EUR
1,715,930 USD
EUR
803,471 USD
EUR
27,119 USD
EUR
41,183 USD
AUD
364,000 USD
CAD
1,089,000 USD
CAD
78,000 USD
CHF
416,000 USD
EUR
142,000 USD
EUR
110,000 USD
GBP
61,000 USD
GBP
1,699,000 USD
GBP
42,000 USD
JPY
8,778,000 USD
JPY
172,066,999 USD
Currency
Market
Value $U.S.
Settle
Date
2,979,863 $
7,139,652
976,707
863,113
2,513,582
2,338,171
1,094,831
36,876
56,108
2,994,600
7,174,962
981,537
867,382
2,526,013
2,349,735
1,100,246
37,135
56,395
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
335,754
998,899
72,494
463,820
192,991
149,593
102,462
2,845,650
71,453
85,618
1,684,242
342,916
1,020,458
73,091
469,248
194,434
150,618
104,375
2,907,083
71,865
86,670
1,698,907
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
Unrealised
Appreciation
$
14,737
35,310
4,830
4,269
12,431
11,564
5,415
259
287
7,162
21,559
597
5,428
1,443
1,025
1,913
61,433
412
1,052
14,665
Total
205,791
64,343,295

Currency
Purchased
Citibank
USD
14,211 EUR
USD
2,375 EUR
USD
4,777 EUR
USD
1,185 EUR
USD
8,294,361 EUR
USD
337,956 EUR
USD
244,760 EUR
USD
378,454 EUR
USD
87,936 EUR
USD
303,794 EUR
USD
62,411 EUR
USD
774,025 EUR
USD
291,138 EUR
USD
487,958 EUR
Currency
Sold
10,407 $
1,739
3,513
870
6,094,000
248,000
180,000
277,000
65,000
224,000
46,000
569,000
214,000
358,000
Currency
Market
Value $U.S.
Settle
Date
14,250
2,382
4,811
1,191
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
8,344,244
339,575
246,466
379,284
89,001
306,713
62,986
779,107
293,021
490,194
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
10-Jul-14
Unrealised
(Depreciation)
$
(39)
(7)
(34)
(6)
(49,883)
(1,619)
(1,706)
(830)
(1,065)
(2,919)
(575)
(5,082)
(1,883)
(2,236)
Total
(67,884)
(67,884)
134

Percentage
of Net
Assets

5,527,000 Credit Suisse Commercial Mortgage
Trust Series 2007-C5, 5.8700%,
due 15/9/40 . . . . . . . . . . . . . . . . . . . . . . .
4,057,245 Extended Stay America Trust 2013ESH MZ, 7.6250%, due 5/12/19
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgage Securities Trust 2013JWRZ MZ, 6.1518%,
due 15/4/18 (144A) . . . . . . . . . . . . . . . . .
Fair
Value
1.2%
0.5
0.4
5,735,371
4,067,388
0.3
3,638,880

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
13,441,639
Commercial Paper
38,800,000 BNP Paribas, 0.0000%,
due 1/7/14 . . . . . . . . . . . . . . . . . . . . . . . .
Common Stock
Casino Hotels
133,957 MGM Resorts International . . . . . . . . . . . . .
Hotels and Motels
114,435 Hilton Worldwide Holdings, Inc. . . . . . . . . .
245,575 CommScope Holding Co., Inc. . . . . . . . . . . .
120,687 Nuverra Environmental Solutions, Inc. . . . . .
3.6
3.6
1.3
38,799,989
0.4
3,536,464
0.2
2,666,336
0.5
5,680,150
0.2
2,427,016
Total Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1.3
14,309,966
Corporate Bonds
85.5
Airlines
5,557,000 U.S. Airways Group, Inc., 6.1250%,
due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,028,000 United Continental Holdings, Inc.,
6.3750%, due 1/6/18 . . . . . . . . . . . . . . . . 0.2
0.7
6,018,000 Quiksilver, Inc. / QS Wholesale, Inc.,
7.8750%, due 1/8/18 (144A) . . . . . . . . . . 0.6
8,802,000 Quiksilver, Inc. / QS Wholesale, Inc.,
10.0000%, due 1/8/20 . . . . . . . . . . . . . . . 0.8
1.4
2,959,000 Chrysler Group LLC / CG Co-Issuer,
Inc., 8.0000%, due 15/6/19 . . . . . . . . . . . 0.3
1,958,000 Chrysler Group LLC / CG Co-Issuer,
Inc., 8.2500%, due 15/6/21 . . . . . . . . . . . 0.2
0.5
2,067,000 Navistar International Corp.,
8.2500%, due 1/11/21 . . . . . . . . . . . . . . . 0.2
6,568,000 Crown Media Holdings, Inc.,
10.5000%, due 15/7/19 . . . . . . . . . . . . . . 0.7
3,150,000 AV Homes, Inc., 8.5000%,
due 1/7/19 (144A) . . . . . . . . . . . . . . . . . . 0.3
5,305,000 Century Communities, Inc.,
6.8750%, due 15/5/22 (144A) . . . . . . . . . 0.5
2,080,000 KB Home, 7.5000%, due 15/9/22. . . . . . . . . 0.2
2,119,000 Meritage Homes Corp., 7.1500%,
due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
3,839,000 Meritage Homes Corp., 7.0000%,
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
5,883,474
2,195,310
8,078,784
6,138,360
8,890,020
15,028,380
3,229,009
2,222,330
5,451,339
2,165,183
7,430,050
3,201,188
5,450,887
2,319,200
2,373,280
4,246,893
Percentage
of Net
Assets
2,153,000 WCI Communities, Inc., 6.8750%,

due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 0.2%
3,226,000 Weyerhaeuser Real Estate Co,
4.3750%, due 15/6/19 (144A) . . . . . . . . . 0.3
2.1
2,979,000 Summit Materials LLC / Summit
Materials Finance Corp., 10.5000%,
due 31/1/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,187,000 USG Corp., 7.8750%,
due 30/3/20 (144A) . . . . . . . . . . . . . . . . . 0.2
0.5
Cable/Satellite Television
5,694,000 Block Communications, Inc.,
7.2500%, due 1/2/20 (144A) . . . . . . . . . . 0.5
2,698,000 CCO Holdings LLC / CCO Holdings
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,693,000 CCO Holdings LLC / CCO Holdings
due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,601,000 Harron Communications L.P. / Harron
due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.3
due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.3
due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 1.2
due 15/5/24 (144A) . . . . . . . . . . . . . . . . . 0.2
3.1
Capital Goods
21,755,000 ADS Tactical, Inc., 11.0000%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 1.9
4,355,000 TransDigm, Inc., 7.5000%,
due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4
2,814,000 TransDigm, Inc., 6.0000%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.3
2,751,000 TransDigm, Inc., 6.5000%,
due 15/7/24 (144A) . . . . . . . . . . . . . . . . . 0.3
2.9
Casino Hotels
1,202,000 Boyd Gaming Corp., 9.1250%,
due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
6,662,000 Caesars Entertainment Resort
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.7
3,185,000 Caesars Entertainment Resort
due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.3
5,595,000 Caesars Growth Properties Holdings
LLC / Caesars Growth Properties
due 1/5/22 (144A) . . . . . . . . . . . . . . . . . . 0.5
2,496,000 Marina District Finance Co., Inc.,
9.8750%, due 15/8/18 . . . . . . . . . . . . . . . 0.2
1,551,000 MGM Resorts International,
11.3750%, due 1/3/18 . . . . . . . . . . . . . . . 0.2
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.6
due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,705,000 Station Casinos LLC, 7.5000%,
due 1/3/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
$
2,222,973
3,246,162
23,060,583
3,358,822
2,430,304
5,789,126
6,092,579
2,775,568
2,760,325
2,913,120
3,180,113
13,004,170
2,695,055
33,420,930
20,939,187
4,844,937
2,894,903
2,867,918
31,546,945
1,284,638
6,995,099
3,439,800
5,689,416
2,642,640
2,020,178
2,585,431
6,672,475
3,277,075
2,968,738
135

Percentage
of Net
Assets
5,085,000 Wynn Macau, Ltd., 5.2500%,

due 15/10/21 (144A) . . . . . . . . . . . . . . . . 0.5%
3.9
Casino Services
2,172,000 CCM Merger, Inc., 9.1250%,
due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.2
6,963,000 Peninsula Gaming LLC / Peninsula
Gaming Corp., 8.3750%,
due 15/2/18 (144A) . . . . . . . . . . . . . . . . . 0.7
0.9
9,872,000 Sprint Communications, Inc.,
7.0000%, due 15/8/20 . . . . . . . . . . . . . . . 1.0
4,272,000 Sprint Corp., 7.8750%, due 15/9/23
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
2,013,000 T-Mobile U.S., Inc., 6.5420%,
due 28/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,848,000 T-Mobile U.S., Inc., 6.1250%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.9
979,000 INEOS Group Holdings SA,
5.8750%, due 15/2/19 (144A) . . . . . . . . . 0.1
Coal
5,315,000 Natural Resource Partners L.P. /
NRP Finance Corp., 9.1250%,
due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,185,000 Peabody Energy Corp., 4.7500%,
due 15/12/41 . . . . . . . . . . . . . . . . . . . . . . 0.1
2,777,000 Westmoreland Coal Co. /
due 1/2/18 (144A) . . . . . . . . . . . . . . . . . . 0.3
0.9
3,261,000 CIT Group, Inc., 5.2500%,
due 15/3/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,930,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.3
8,491,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.9
1.5
3,600,000 Banco Bilbao Vizcaya Argentaria SA,
9.0000%, due 9/5/18 . . . . . . . . . . . . . . . . 0.4
Commercial Services
1,497,000 Ceridian LLC / Comdata, Inc.,
8.1250%, due 15/11/17 (144A) . . . . . . . . 0.1
2,151,000 Envision Healthcare Corp., 5.1250%,
due 1/7/22 (144A) . . . . . . . . . . . . . . . . . . 0.2
0.3
5,661,000 Cardtronics, Inc., 8.2500%,
due 1/9/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
2,276,000 TransUnion Holding Co., Inc.,
8.1250%, due 15/6/18 . . . . . . . . . . . . . . . 0.2
4,355,000 TransUnion Holding Co., Inc.,
9.6250%, due 15/6/18 . . . . . . . . . . . . . . . 0.4
1.2
5,747,000 Reynolds Group Issuer, Inc. /
9.0000%, due 15/4/19 . . . . . . . . . . . . . . . 0.6
974,000 Reynolds Group Issuer, Inc. /
7.8750%, due 15/8/19 . . . . . . . . . . . . . . . 0.1
Fair
Value
$
5,237,550
42,813,040
2,340,330
7,485,225
9,825,555
10,970,260
4,763,280
2,181,589
3,033,120
20,948,249
1,005,923
5,607,325
895,416
2,988,746
9,491,487
3,509,651
3,303,575
9,228,656
16,041,882
4,045,500
1,515,713
2,175,198
3,690,911
5,972,355
2,387,524
4,596,703
12,956,582
6,113,371
1,065,313
136
Percentage
of Net
Assets
2,840,000 Reynolds Group Issuer, Inc. /

9.8750%, due 15/8/19 . . . . . . . . . . . . . . . 0.3%
1.0
1,966,000 Ardagh Packaging Finance PLC /
6.2500%, due 31/1/19 (144A) . . . . . . . . . 0.2
4,505,000 Greif, Inc., 7.7500%, due 1/8/19 . . . . . . . . . 0.5
0.7
3,366,000 First Data Corp., 12.6250%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Dialysis Centres
1,516,000 Fresenius Medical Care
US Finance II, Inc., 5.6250%,
due 31/7/19 (144A) . . . . . . . . . . . . . . . . . 0.2
5,407,000 Fresenius Medical Care
US Finance II, Inc., 5.8750%,
due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.5
0.7
4,428,000 ConvaTec Finance International SA,
8.2500%, due 15/1/19 (144A) . . . . . . . . . 0.4
3,364,000 American Builders & Contractors
Supply Co., Inc., 5.6250%,
due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.3
8.2500%, due 1/11/19 (144A) . . . . . . . . . 0.5
1,982,000 Bombardier, Inc., 4.7500%,
due 15/4/19 (144A) . . . . . . . . . . . . . . . . . 0.2
4,049,000 Bombardier, Inc., 6.0000%,
due 15/10/22 (144A) . . . . . . . . . . . . . . . . 0.4
3,347,000 Park-Ohio Industries, Inc., 8.1250%,
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.9
E-Commerce/Products
2,261,000 Mood Media Corp., 9.2500%,
due 15/10/20 (144A) . . . . . . . . . . . . . . . . 0.2
Educational Software
10,457,000 Blackboard, Inc., 7.7500%,
due 15/11/19 (144A) . . . . . . . . . . . . . . . . 1.0
Finance Commercial
1,816,000 Jefferies Finance LLC /
JFIN Co-Issuer Corp., 7.3750%,
due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.2
Food Canned
3,526,000 TreeHouse Foods, Inc., 4.8750%,
due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Food Dairy Products
9,084,000 FAGE Dairy Industry SA / FAGE USA
Dairy Industry, Inc., 9.8750%,
due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.9
Food Meat Products
4,450,000 JBS USA LLC / JBS USA Finance, Inc.,
8.2500%, due 1/2/20 (144A) . . . . . . . . . . 0.4
7.2500%, due 1/6/21 (144A) . . . . . . . . . . 0.4
7.2500%, due 1/6/21 (144A) . . . . . . . . . . 0.3
Fair
Value
3,159,500
10,338,184
2,020,065
5,203,275
7,223,340
4,152,803
1,660,020
6,001,770
7,661,790
4,538,700
3,490,150
5,008,020
2,019,163
4,155,285
3,706,803
9,881,251
2,057,510
10,979,850
1,915,880
3,631,780
9,765,300
4,850,500
4,771,170
3,205,563
Percentage
of Net
Assets
1,755,000 Smithfield Foods, Inc., 5.8750%,

due 1/8/21 (144A) . . . . . . . . . . . . . . . . . . 0.2%
2,852,000 Smithfield Foods, Inc., 6.6250%,
due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.6
622,000 Pinnacle Foods Finance LLC /
Pinnacle Foods Finance Corp.,
4.8750%, due 1/5/21 . . . . . . . . . . . . . . . . 0.1
Food Retail
10.2500%, due 15/12/20 (144A) . . . . . . . 0.1
2,782,000 Safeway, Inc., 7.2500%, due 1/2/31 . . . . . . . 0.3
15,208,000 SUPERVALU, Inc., 6.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.4
1.8
5,291,000 C&S Group Enterprises LLC,
5.3750%, due 15/7/22 (144A) . . . . . . . . . 0.5
Gambling Non-Hotel
1,609,000 Greektown Holdings LLC/
Greektown Mothership Corp.,
8.8750%, due 15/3/19 (144A) . . . . . . . . . 0.2
7,334,000 Mohegan Tribal Gaming Authority,
9.7500%, due 1/9/21 . . . . . . . . . . . . . . . . 0.7
4,458,000 Pinnacle Entertainment, Inc.,
7.5000%, due 15/4/21 . . . . . . . . . . . . . . . 0.4
1.3
Gas Distribution
9,059,000 NGL Energy Partners L.P. / NGL
due 15/10/21 (144A) . . . . . . . . . . . . . . . . 0.9
Hotels and Motels
5,086,000 Playa Resorts Holding B.V., 8.0000%,
due 15/8/20 (144A) . . . . . . . . . . . . . . . . . 0.5
993,000 NRG Energy, Inc., 6.2500%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.1
6,987,000 NRG Energy, Inc., 6.2500%,
due 1/5/24 (144A) . . . . . . . . . . . . . . . . . . 0.7
0.8
2,007,000 Permian Holdings, Inc., 10.5000%,
due 15/1/18 (144A) . . . . . . . . . . . . . . . . . 0.2
Medical Drugs
1,496,000 Capsugel SA, 7.0000%,
due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.1
6,767,000 Endo Finance LLC, 5.7500%,
due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.6
629,000 Endo Finance LLC & Endo
Finco, Inc., 7.0000%,
due 15/7/19 (144A) . . . . . . . . . . . . . . . . . 0.1
1,507,000 Endo Finance LLC & Endo Finco,
Inc., 7.0000%,
due 15/12/20 (144A) . . . . . . . . . . . . . . . . 0.1
3,676,000 Grifols Worldwide Operations, Ltd.,
5.2500%, due 1/4/22 (144A) . . . . . . . . . . 0.4
718,000 Salix Pharmaceuticals, Ltd., 6.0000%,
due 15/1/21 (144A) . . . . . . . . . . . . . . . . . 0.1
3,777,000 Valeant Pharmaceuticals
International, 6.3750%,
due 15/10/20 (144A) . . . . . . . . . . . . . . . . 0.4
1.8
Medical HMO
3,989,000 Centene Corp., 4.7500%,
due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
$
1,860,300
3,137,200
17,824,733
639,105
649,485
2,909,441
15,740,279
19,299,205
5,337,296
1,649,225
8,177,410
4,814,640
14,641,275
9,693,130
5,505,595
1,060,028
7,310,148
8,370,176
2,072,228
1,543,685
6,919,257
674,603
1,618,141
3,823,040
771,850
4,027,226
19,377,802
4,053,821
Percentage
of Net
Assets
Medical Hospitals
Inc., 7.1250%, due 15/7/20 . . . . . . . . . . .
7,823,000 CHS/Community Health Systems,
Inc., 6.8750%,
due 1/2/22 (144A) . . . . . . . . . . . . . . . . . .
888,000 HCA Holdings, Inc., 7.7500%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . .
4,973,000 HCA, Inc., 5.0000%, due 15/3/24 . . . . . . . .
due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . .
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . .
3,392,000 Universal Health Services, Inc.,
7.0000%, due 1/10/18 . . . . . . . . . . . . . . .
0.1%
Fair
Value
642,664
0.8
8,331,495
0.1
0.5
975,690
5,054,159
0.2
2,664,571
0.2
2,407,725
0.8
8,993,479
0.3
3.0
3,570,080
32,639,863
Medical Instruments
2,790,000 Physio-Control International, Inc.,
9.8750%, due 15/1/19 (144A) . . . . . . . . . 0.3
Medical Products
397,000 Teleflex, Inc., 5.2500%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . .
Metal Copper
1,456,000 First Quantum Minerals, Ltd.,
7.2500%, due 15/5/22 (144A) . . . . . . . . . 0.1
Motion Pictures and Services
1,555,000 DreamWorks Animation SKG, Inc.,
6.8750%, due 15/8/20 (144A) . . . . . . . . . 0.2
6.2500%, due 15/3/37 . . . . . . . . . . . . . . . 0.1
Oil Field Services
2,165,000 FTS International, Inc., 6.2500%,
due 1/5/22 (144A) . . . . . . . . . . . . . . . . . . 0.2
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.6
due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.5
1.3
2,401,000 Drill Rigs Holdings, Inc., 6.5000%,
due 1/10/17 (144A) . . . . . . . . . . . . . . . . . 0.2
4,507,000 Sidewinder Drilling, Inc., 9.7500%,
due 15/11/19 (144A) . . . . . . . . . . . . . . . . 0.5
0.7
2,530,000 Chaparral Energy, Inc., 9.8750%,
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
3,418,000 Chaparral Energy, Inc., 8.2500%,
due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 1.4
due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.8
8,032,000 Endeavor Energy Resources L.P. /
EER Finance, Inc., 7.0000%,
due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 0.8
4,508,000 EP Energy LLC / EP Energy Finance,
Inc., 9.3750%, due 1/5/20 . . . . . . . . . . . . 0.5
1,153,000 EP Energy LLC / Everest Acquisition
due 1/9/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,096,900
401,963
1,521,520
1,683,288
691,106
2,224,538
6,536,055
5,471,865
14,232,458
2,467,028
4,597,140
7,064,168
2,865,225
3,768,345
15,406,874
8,803,468
8,614,320
5,184,200
1,305,773
137

Percentage
of Net
Assets
2,634,000 EV Energy Partners L.P. / EV

due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . .
6,358,000 Halcon Resources Corp., 9.7500%,
due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . .
3,558,000 Halcon Resources Corp., 8.8750%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . .
1,874,000 Kodiak Oil & Gas Corp., 8.1250%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . .
2,915,000 Kodiak Oil & Gas Corp., 5.5000%,
due 1/2/22 . . . . . . . . . . . . . . . . . . . . . . . .
2,208,000 Legacy Reserves L.P. / Legacy
Reserves Finance Corp.,
6.6250%, due 1/12/21 . . . . . . . . . . . . . . .
6,835,000 Linn Energy LLC / Linn Energy
due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . .
2,632,000 Oasis Petroleum, Inc., 6.5000%,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . .
5,533,000 Oasis Petroleum, Inc., 6.8750%,
due 15/3/22 (144A) . . . . . . . . . . . . . . . . .
4,963,000 Parsley Energy LLC / Parsley
due 15/2/22 (144A) . . . . . . . . . . . . . . . . .
due 1/10/22 . . . . . . . . . . . . . . . . . . . . . . .
due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . .
2,380,000 Rice Energy, Inc., 6.2500%,
due 1/5/22 (144A) . . . . . . . . . . . . . . . . . .
12,059,000 Samson Investment Co., 10.7500%,
due 15/2/20 (144A) . . . . . . . . . . . . . . . . .
3,424,000 SandRidge Energy, Inc., 7.5000%,
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . .
due 15/10/22 . . . . . . . . . . . . . . . . . . . . . .
due 15/2/23 . . . . . . . . . . . . . . . . . . . . . . .
1,410,000 Seventy Seven Energy, Inc., 6.5000%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . .
1,685,000 SM Energy Co., 6.6250%,
due 15/2/19 . . . . . . . . . . . . . . . . . . . . . . .
4,399,000 Stone Energy Corp., 7.5000%,
due 15/11/22 . . . . . . . . . . . . . . . . . . . . . .
0.3%
Fair
Value
2,778,870
0.6
6,969,958
0.4
3,842,640
0.2
2,084,825
0.3
3,038,888
0.2
2,252,160
0.7
7,245,100
0.3
2,842,560
0.6
6,058,635
0.5
5,322,818
0.5
5,578,650
0.5
5,373,825
0.2
2,442,475
1.2
12,767,465
0.3
3,727,880
0.4
4,827,675
0.2
2,509,180
0.1
1,447,013
0.2
1,794,525
0.4
12.3
4,871,893
133,725,240

4,314,000 Dresser-Rand Group, Inc., 6.5000%,
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
5,920,000 Forum Energy Technologies, Inc.,
6.2500%, due 1/10/21 (144A) . . . . . . . . . 0.6
1.0
8,009,000 PBF Holding Co LLC / PBF Finance
Corp., 8.2500%, due 15/2/20 . . . . . . . . . . 0.8
5,339,000 Resolute Forest Products, Inc.,
5.8750%, due 15/5/23 . . . . . . . . . . . . . . . 0.5
Pharmacy Services
2,627,000 Catamaran Corp., 4.7500%,
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Pipelines
1,368,000 Atlas Pipeline Partners L.P. / Atlas
Pipeline Finance Corp., 6.6250%,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.1
Corp., 7.7500%,
due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 0.8
4,637,550
6,304,800
10,942,350
8,769,855
5,285,610
2,659,838
1,460,340
8,635,084
138
Percentage
of Net
Assets

Corp., 6.0000%, due 15/12/20 . . . . . . . . .
Corp., 6.1250%,
due 1/3/22 (144A) . . . . . . . . . . . . . . . . . .
3,413,000 Holly Energy Partners L.P. / Holly
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . .
1,693,000 Regency Energy Partners L.P. /
Regency Energy Finance Corp.,
6.8750%, due 1/12/18 . . . . . . . . . . . . . . .
5,819,000 Sabine Pass Liquefaction LLC,
5.6250%, due 1/2/21 . . . . . . . . . . . . . . . .
5.6250%, due 15/4/23 . . . . . . . . . . . . . . .
5.7500%, due 15/5/24 (144A) . . . . . . . . .
Poultry
1,593,000 Simmons Foods, Inc., 10.5000%,
due 1/11/17 (144A) . . . . . . . . . . . . . . . . .
4,053,000 Gannett Co., Inc., 5.1250%,
due 15/10/19 (144A) . . . . . . . . . . . . . . . .
Radio
7,020,000 Entercom Radio LLC, 10.5000%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . .
5,263,000 Townsquare Radio LLC /
Townsquare Radio, Inc.,
9.0000%, due 1/4/19 (144A) . . . . . . . . . .
0.1%
Fair
Value
1,260,725
0.6
6,558,614
0.3
3,694,573
0.2
1,792,464
0.6
6,182,688
0.3
3,531,055
0.1
3.1
1,591,719
34,707,262
0.2
1,714,466
0.4
4,204,988
0.8
8,073,000
0.5
1.3
5,855,088
13,928,088

due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.7
due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
2.3
3,915,000 Forestar USA Real Estate Group, Inc.,
8.5000%, due 1/6/22 (144A) . . . . . . . . . . 0.4
8,198,000 Howard Hughes Corp., 6.8750%,
due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.8
7,360,000 Hunt Cos., Inc., 9.6250%,
due 1/3/21 (144A) . . . . . . . . . . . . . . . . . . 0.7
1.9
Real Estate Private
1,303,000 Forest City Enterprises, Inc.,
3.6250%, due 15/8/20 (144A) . . . . . . . . . 0.1
REIT Diversified
2,531,000
Rayonier AM Products, Inc.,
5.5000%, due 1/6/24 (144A) . . . . . . . . . . 0.2
8,420,000 Ahern Rentals, Inc., 9.5000%,
due 15/6/18 (144A) . . . . . . . . . . . . . . . . . 0.9
1,128,000 NES Rentals Holdings, Inc.,
7.8750%, due 1/5/18 (144A) . . . . . . . . . . 0.1
2,057,000 United Rentals North America, Inc.,
8.3750%, due 15/9/20 (144A) . . . . . . . . . 0.2
1.2
Research and Development
1,879,000 Jaguar Holding Co. II / Jaguar Merger
Sub, Inc., 9.5000%,
due 1/12/19 (144A) . . . . . . . . . . . . . . . . . 0.2
17,942,545
7,083,835
25,026,380
4,071,600
8,812,850
7,746,400
20,630,850
1,376,294
2,581,620
9,325,150
1,206,960
2,267,843
12,799,953
2,062,203
Percentage
of Net
Assets

1,012,000 Mens Wearhouse, Inc., 7.0000%,
due 1/7/22 (144A) . . . . . . . . . . . . . . . . . . 0.1%
Retail Arts and Crafts
998,000 Michaels Stores, Inc., 5.8750%,
due 15/12/20 (144A) . . . . . . . . . . . . . . . . 0.1
430,000 Hillman Group, Inc., 6.3750%,
due 15/7/22 (144A) . . . . . . . . . . . . . . . . . .
Retail Propane Distribution
2,238,000 Ferrellgas Partners L.P. / Ferrellgas
Partners Finance Corp., 8.6250%,
due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Retail Restaurants
11,669,000 Landrys, Inc., 9.3750%,
due 1/5/20 (144A) . . . . . . . . . . . . . . . . . . 1.2
9,032,000 PF Changs China Bistro, Inc.,
10.2500%, due 30/6/20 (144A) . . . . . . . . 0.9
2.1
Retail Toy Store
1,425,000 Toys R Us Property Co. II LLC,
8.5000%, due 1/12/17 . . . . . . . . . . . . . . . 0.1
4,191,000 Toys R Us, Inc., 10.3750%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.4
4,811,000 Intelsat Luxembourg SA, 7.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
10,507,000 ROC Finance LLC / ROC Finance 1
Corp., 12.1250%,
due 1/9/18 (144A) . . . . . . . . . . . . . . . . . . 1.1
Steel Producers
892,000 Edgen Murray Corp., 8.7500%,
due 1/11/20 (144A) . . . . . . . . . . . . . . . . . 0.1
9,761,000 CommScope Holding Co., Inc.,
6.6250%, due 1/6/20 (144A) . . . . . . . . . . . . 1
7,463,000 CommScope, Inc., 5.0000%,
due 15/6/21 (144A) . . . . . . . . . . . . . . . . . 0.7
12,062,000 CommScope, Inc., 5.5000%,
due 15/6/24 (144A) . . . . . . . . . . . . . . . . . 1.1
2.8
13,081,000 Altice SA, 7.7500%, due 15/5/22
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1,309,000 Level 3 Communications, Inc.,
11.8750%, due 1/2/19 . . . . . . . . . . . . . . . 0.1
694,000 Level 3 Communications, Inc.,
8.8750%, due 1/6/19 . . . . . . . . . . . . . . . . 0.1
1.5
4,776,000 Level 3 Financing, Inc., 9.3750%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,110,000 Sprint Capital Corp., 6.9000%,
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.6
Theatres
3,325,000 National CineMedia LLC, 7.8750%,
due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Transportation
4,764,000 Syncreon Group B.V. / Syncreon
due 1/11/21 (144A) . . . . . . . . . . . . . . . . . 0.4
Fair
Value
1,052,480
1,020,954
432,150
2,400,255
12,894,245
9,257,800
22,152,045
1,462,406
3,551,873
5,014,279
5,111,688
11,452,630
1,022,455
10,468,672
7,649,575
12,318,317
30,436,564
13,996,670
1,459,535
762,533
16,218,738
5,265,540
1,229,325
6,494,865
3,624,250
4,859,280
Percentage
of Net
Assets
2,019,000 Eletson Holdings, 9.6250%,
due 15/1/22 (144A) . . . . . . . . . . . . . . . . .
6.7500%, due 1/5/19 (144A) . . . . . . . . . .
9.7500%, due 1/5/20 (144A) . . . . . . . . . .
1,574,000 Watco Cos. LLC / Watco Finance
Corp., 6.3750%,
due 1/4/23 (144A) . . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
2,175,473
0.8
8,371,535
0.7
7,486,058
0.1
1.6
1,613,350
17,470,943
4,208,000 CEVA Group PLC, 4.0000%,
due 1/5/18 (144A) . . . . . . . . . . . . . . . . . . 0.3
607,000 CEVA Group PLC, 7.0000%,
due 1/3/21 (144A) . . . . . . . . . . . . . . . . . . 0.1
843,000 CEVA Group PLC, 9.0000%,
due 1/9/21 (144A) . . . . . . . . . . . . . . . . . . 0.1
0.5
10,208,000 Nuverra Environmental Solutions,
Inc., 9.8750%, due 15/4/18 . . . . . . . . . . . 1.0
10,667,360
929,056,798
Tranche Loans
7.0
Advanced Materials/Production
423,952 Momentive Performance Material,
4.0000%, due 15/4/15 . . . . . . . . . . . . . . . .
1,151,015 Orleans Homebuilders, Inc.,
10.5000%, due 14/2/16 . . . . . . . . . . . . . . 0.1
Casino Hotels
825,000 Caesars Growth Partners, 6.2500%,
due 10/4/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
13,754,000 Golden Nugget Biloxi, Inc.,
10.0000%, due 29/11/16 . . . . . . . . . . . . . 1.3
1.4
Chemicals
7,083,000 Albaugh, Inc., 6.0000%,
due 30/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.6
Financial Services
4,055,556 Extended Stay America, Inc.,
9.6150%, due 1/12/19 . . . . . . . . . . . . . . . 0.4
Food
574,000 Del Monte Foods, Inc., 8.2500%,
due 18/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,416,000 Roundys Supermarkets, Inc.,
5.7500%, due 3/3/21 . . . . . . . . . . . . . . . . 0.2
0.3
Home Furnishings
2,435,895 Norcraft Cos., L.P., 5.2500%,
due 24/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.2
Mining
5,310,000 Oxbow Carbon & Minerals LLC,
8.0000%, due 19/1/20 . . . . . . . . . . . . . . . 0.5
1,456,000 Chief Exploration & Development
LLC, 7.500%, due 16/5/21 . . . . . . . . . . . . 0.1
Oil and Gas
7,168,000 Templar Energy LLC, 8.0000%,
due 25/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.7
3,410,230 JC Penney Corp., Inc., 6.0000%,
due 21/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
3,955,520
626,728
872,505
5,454,753
424,749
1,152,454
824,489
13,788,384
14,612,873
6,923,632
4,075,833
562,520
2,419,455
2,981,975
2,445,030
5,422,838
1,485,120
7,096,320
3,447,572
139

Percentage
of Net
Assets
Semiconductors
3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 0.4%
Transportation
3,480,000 Air Medical Group Holdings, Inc.,
7.6250%, due 31/5/18 . . . . . . . . . . . . . . . 0.3
4,418,925 Syncreon Group, 5.2500%,
due 11/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.4
0.7
13,580,000 Maxim Crane Works L.P.,
10.2500%, due 26/11/18 . . . . . . . . . . . . . 1.3
Fair
Value
3,959,939
3,480,000
4,446,543
7,926,543
13,862,871
75,817,749
1,071,426,141
Adjustments from last traded to bid market prices . . . . . . . . . .(0.3)
(3,214,493)
$ 1,068,211,648
Currency
Purchased
Citibank
AUD
243
AUD
3,471
AUD
6,325,565
AUD
11,256
AUD
100,311
AUD
6,936
AUD
75
AUD
127,933
CNH
5,267
CNH
1,138
CNH
21
CNH
8,021,904
CNH
24,153
EUR
100,553
EUR
11,665,343
EUR
45,497,576
EUR
11,358,611
EUR
888,698
EUR
59,966,456
GBP
36
GBP
36
GBP
2,064
GBP
2,064
USD
1
USD
1
USD
158
USD
1
Currency
Sold
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CNH
AUD
EUR
AUD
228 $
3,259
5,939,288
10,569
94,307
6,504
70
119,959
847
183
3
1,285,165
3,869
136,732
15,895,499
61,996,180
15,477,538
1,210,963
81,711,852
61
61
3,513
3,513
9
1
116
1
Currency
Market
Value $U.S.
229
3,264
5,948,865
10,586
94,337
6,523
70
120,315
847
183
3
1,289,593
3,882
137,694
15,974,112
62,302,787
15,554,084
1,216,952
82,115,965
61
61
3,532
3,532
1
1
158
1
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
1
5
9,577
17
30
19
356
4,428
13
962
78,613
306,607
76,546
5,989
404,113
19
19
Total
887,314
$ 1,069,098,962

Currency
Purchased
Citibank
USD
17,167
USD
107,066
USD
6,345
USD
530
USD
413,101
USD
4,741
USD
19,593
USD
4,588
USD
92,735
USD
374,717
USD
28,304
USD
1,037
140
Currency
Sold
EUR
EUR
AUD
CNH
EUR
EUR
EUR
EUR
EUR
EUR
EUR
AUD
12,625 $
78,737
6,754
3,305
303,215
3,480
14,381
3,368
68,067
274,401
20,727
1,104
Currency
Market
Value $U.S.
17,288
107,819
6,352
532
415,211
4,765
19,693
4,611
93,209
375,755
28,382
1,039
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
(Depreciation)
$
(121)
(753)
(7)
(2)
(2,110)
(24)
(100)
(23)
(474)
(1,038)
(78)
(2)
Total
(4,732)
(4,732)

Percentage
of Net
Assets

Trust 2012-2, 3.3800%, due 9/4/18 . . . . . . .
Trust 2012-4, 1.9300%, due 8/8/18 . . . . . . .
1,858,000 Gracechurch Card Funding PLC,
0.8518%, due 15/6/17 (144A) . . . . . . . . .
6,495,000 Permanent Master Issuer PLC,
1.7765%, due 15/7/42 (144A) . . . . . . . . .
Trust, 1.9400%, due 15/3/18 . . . . . . . . . .
2,277,698 SMART Trust/Australia, 2.5200%,
due 14/11/16 (144A) . . . . . . . . . . . . . . . .
854,000 SMART Trust/Australia, 0.9700%,
due 14/3/17 . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
3.2%
0.7
4,134,210
0.5
3,773,925
0.3
1,866,621
0.9
6,522,032
0.4
2,923,438
0.3
2,289,426
0.1
856,562

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2
22,366,214
Commercial Paper
2.8
19,900,000 BNP Paribas, 0.0000%, due 1/7/14. . . . . . . . 2.8
19,899,994
Corporate Bonds
67.6
2,172,000 Exelis, Inc., 4.2500%, due 1/10/16 . . . . . . . 0.3
Airlines
2,019,000 Southwest Airlines Co., 5.2500%,
due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,770,000 Hanesbrands, Inc., 6.3750%,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
due 2/10/18 (144A) . . . . . . . . . . . . . . . . . 2.2
Brewery
5,690,000 SABMiller Holdings, Inc., 0.9154%,
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 0.8
3,252,000 Martin Marietta Materials, Inc.,
1.3307%, due 30/6/17 (144A) . . . . . . . . . 0.5
Casino Hotels
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.5
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.8
Chemicals Specialty
3,896,000 Ashland, Inc., 3.0000%, due 15/3/16 . . . . . . . 0.6
4,358,000 Ashland, Inc., 3.8750%, due 15/4/18 . . . . . . . 0.6
2,608,000 Ecolab, Inc., 1.0000%, due 9/8/15 . . . . . . . . 0.4
1.6
8,643,000 CIT Group, Inc., 5.0000%,
due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.3750%, due 13/3/17 . . . . . . . . . . . . . . . 0.7
6,885,000 BBVA U.S. Senior SAU, 4.6640%,
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 1.1
2,760,000 ICICI Bank, Ltd., Dubai, 4.7000%,
due 21/2/18 (144A) . . . . . . . . . . . . . . . . . 0.4
due 12/8/15 (144A) . . . . . . . . . . . . . . . . . 0.2
2,304,981
2,040,470
1,922,663
15,932,600
5,727,821
3,252,475
3,401,680
845,175
1,557,188
5,804,043
3,993,400
4,505,082
2,621,473
11,119,955
9,231,804
4,924,804
7,200,588
2,926,461
1,270,326
Percentage
of Net
Assets

due 15/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.4%
1,732,000 Nordea Bank A.B., 0.8750%,
due 13/5/16 (144A) . . . . . . . . . . . . . . . . . 0.2
3.0
Commercial Banks Southern U.S.
938,000 Regions Financial Corp., 7.7500%,
due 10/11/14 . . . . . . . . . . . . . . . . . . . . . . 0.1
1,931,000 First Republic Bank, 2.3750%,
due 17/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 20/6/16 . . . . . . . . . . . . . . . . . . . . . . . .
4,341,000 Zions Bancorporation, 4.5000%,
due 27/3/17 . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.0
4,954,000 Total System Services, Inc., 2.3750%,
due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
2,053,100 Dun & Bradstreet Corp., 3.2500%,
due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,367,000 Fidelity National Information Services,
Inc., 1.4500%, due 5/6/17 . . . . . . . . . . . . 0.2
4,089,000 Fiserv, Inc., 3.1250%, due 1/10/15 . . . . . . . . 0.5
2,436,000 Fiserv, Inc., 3.1250%, due 15/6/16 . . . . . . . . 0.4
1.4
due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 11/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.5
due 17/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.7
due 12/7/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
10,870,000 Citigroup, Inc., 5.0000%,
due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 1.6
1,596,000 Citigroup, Inc., 4.8750%, due 7/5/15 . . . . . . . 0.2
7,093,000 Goldman Sachs Group, Inc.,
3.6250%, due 7/2/16 . . . . . . . . . . . . . . . . 1.0
5.6250%, due 15/1/17 . . . . . . . . . . . . . . . 0.1
11,452,000 JP Morgan Chase & Co., 5.1500%,
due 1/10/15 . . . . . . . . . . . . . . . . . . . . . . . 1.8
2,854,000 Morgan Stanley, 4.2000%,
due 20/11/14 . . . . . . . . . . . . . . . . . . . . . . 0.4
3,705,000 Morgan Stanley, 3.4500%,
due 2/11/15 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,482,000 Morgan Stanley, 3.8000%,
due 29/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
5.0500%, due 8/1/15 . . . . . . . . . . . . . . . . 0.5
2.5500%, due 18/9/15 . . . . . . . . . . . . . . . 1.0
494,000 UBS AG, 5.8750%, due 15/7/16 . . . . . . . . . . 0.1
9.3
2.3750%, due 30/6/15 . . . . . . . . . . . . . . . 0.4
4.3750%, due 21/9/15 . . . . . . . . . . . . . . . 0.7
5.0000%, due 8/1/16 . . . . . . . . . . . . . . . . 0.3
1.4
Fair
Value
$
3,147,596
1,736,976
21,206,751
961,538
1,944,347
353,243
4,635,745
6,933,335
4,961,381
2,127,716
1,366,349
4,207,777
2,531,784
10,233,626
1,086,671
1,883,774
3,862,196
4,809,836
1,535,561
10,966,797
1,652,907
7,395,751
1,006,493
12,062,300
2,896,976
3,834,823
1,556,681
3,676,095
7,028,068
541,370
65,796,299
3,109,814
4,141,795
2,352,690
9,604,299
141

Percentage
of Net
Assets
8.2500%, due 1/11/19 (144A) . . . . . . . . .
Electric Generation
907,000 AES Corp., 7.7500%, due 15/10/15 . . . . . . .
Electric Integrated
951,000 NiSource Finance Corp., 5.4000%,
due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . .
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . .
0.8%
Fair
Value
5,863,448
0.1
975,025
0.1
952,719
0.5
0.6
3,464,486
4,417,205

6,191,000 Samsung Electronics America, Inc.,
1.7500%, due 10/4/17 (144A) . . . . . . . . . 0.9
1,428,000 Xilinx, Inc., 2.1250%, due 15/3/19 . . . . . . . 0.2
1.1
3,117,000 FLIR Systems, Inc., 3.7500%,
due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Entertainment
1,814,000 GLP Capital L.P. / GLP Financing II,
Inc., 4.3750%, due 1/11/18 (144A) . . . . . . . . 0.3
Finance Auto Loans
due 15/5/15 . . . . . . . . . . . . . . . . . . . . . . . 0.7
due 3/2/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 12/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,674,000 General Motors Financial Co., Inc.,
2.7500%, due 15/5/16 . . . . . . . . . . . . . . . 0.9
3.2500%, due 15/5/18 . . . . . . . . . . . . . . . 0.1
2.3
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . 0.5
due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.8
5,377,000 Raymond James Financial, Inc.,
4.2500%, due 15/4/16 . . . . . . . . . . . . . . . 0.8
390,000 TD Ameritrade Holding Corp.,
4.1500%, due 1/12/14 . . . . . . . . . . . . . . . 0.1
2.8
1,526,000 International Lease Finance Corp.,
2.1806%, due 15/6/16 . . . . . . . . . . . . . . . 0.2
Finance Mortgage Loan Banker
7,846,000 NRAM Covered Bond L.L.P., 5.6250%,
due 22/6/17 (144A) . . . . . . . . . . . . . . . . . 1.2
1,098,000 Cintas Corp. No 2, 2.8500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Machinery
1,934,000 Eaton Corp., 0.9500%, due 2/11/15 . . . . . . . 0.3
3,669,000 Tyco Electronics Group SA, 2.3750%,
due 17/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.5
0.8
Machinery Farm
3.6250%, due 15/4/18 . . . . . . . . . . . . . . . 0.1
Medical Drugs
5,483,000 AbbVie, Inc., 1.7500%, due 6/11/17 . . . . . . . 0.8
6,224,141
1,432,118
7,656,259
3,284,907
1,877,490
4,952,332
2,299,638
2,174,623
5,769,748
918,803
16,115,144
3,897,840
3,254,130
6,705,525
5,681,639
396,111
19,935,245
1,541,260
8,814,965
1,135,357
1,943,167
3,701,610
5,644,777
682,456
5,517,367
142
Percentage
of Net
Assets

due 1/2/19 (144A) . . . . . . . . . . . . . . . . . . 1.3%
3,553,000 GlaxoSmithKline Capital PLC,
0.7500%, due 8/5/15 . . . . . . . . . . . . . . . . 0.5
2.6
2,606,000 Mylan, Inc., 1.3500%, due 29/11/16 . . . . . . 0.4
2,092,000 Mylan, Inc., 6.0000%, due 15/11/18
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,566,000 Perrigo Co. PLC, 1.3000%,
due 8/11/16 (144A) . . . . . . . . . . . . . . . . . 0.9
1.6
2.3750%, due 24/8/15 . . . . . . . . . . . . . . . 0.6
Multimedia
2,549,000 NBCUniversal Enterprise, Inc.,
0.7635%, due 15/4/16 (144A) . . . . . . . . . 0.4
3,091,000 Time Warner, Inc., 3.1500%,
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.8
Oil Field Services
3,697,000 Petrofac, Ltd., 3.4000%,
due 10/10/18 (144A) . . . . . . . . . . . . . . . . 0.6
due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.9
3,550,000 Rowan Cos., Inc., 5.0000%,
due 1/9/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.6
3,355,000 Canadian Natural Resources, Ltd.,
1.4500%, due 14/11/14 . . . . . . . . . . . . . . 0.5
due 15/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.9
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . 1.2
due 1/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,872,000 Korea National Oil Corp., 2.7500%,
due 23/1/19 (144A) . . . . . . . . . . . . . . . . . 0.4
6.1250%, due 15/6/19 . . . . . . . . . . . . . . . 0.2
6.5000%, due 15/11/20 . . . . . . . . . . . . . . 0.5
6.7500%, due 1/2/22 . . . . . . . . . . . . . . . . 0.6
due 15/3/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8
6.1
9,388,000 Phillips 66, 1.9500%, due 5/3/15 . . . . . . . . . 1.3
912,000 Sunoco, Inc., 4.8750%, due 15/10/14 . .. . . . . 0.1
418,000 Cascades, Inc., 7.8750%, due 15/1/20 . .. . . . . 0.1
Pipelines
Crestwood Midstream Finance Corp.,
7.7500%, due 1/4/19 (144A) . . . . . . . . . . . 0.3
3.2500%, due 1/10/15 . . . . . . . . . . . . . . . 0.8
Fair
Value
$
9,273,315
3,568,239
18,358,921
2,611,882
2,188,305
6,559,999
11,360,186
4,165,677
2,563,858
3,177,060
5,740,918
3,841,505
1,585,236
6,017,057
3,853,216
11,455,509
3,369,299
5,668,195
6,400,185
7,970,539
1,645,958
2,936,652
1,709,400
3,468,026
4,189,529
5,686,178
43,043,961
9,483,532
921,792
446,215
2,392,050
5,749,603
Percentage
of Net
Assets

2.5000%, due 1/12/17 . . . . . . . . . . . . . . .
2.7000%, due 1/4/19 . . . . . . . . . . . . . . . .
1,416,000 Enbridge, Inc., 0.6776%, due 2/6/17 . . . . . .
2.7000%, due 1/4/19 . . . . . . . . . . . . . . . .
1,912,000 Enterprise Products Operating LLC,
1.2500%, due 13/8/15 . . . . . . . . . . . . . . .
9,976,000 Kinder Morgan Finance Co. LLC,
5.7000%, due 5/1/16 . . . . . . . . . . . . . . . .
3,987,000 Plains All American Pipeline L.P. / PAA
due 15/9/15 . . . . . . . . . . . . . . . . . . . . . . .
766,000 Spectra Energy Partners L.P.,
2.9500%, due 25/9/18 . . . . . . . . . . . . . . .
1,338,000 TransCanada PipeLines, Ltd.,
0.8750%, due 2/3/15 . . . . . . . . . . . . . . . .
Poultry
6,272,000 Pilgrims Pride Corp., 7.8750%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . .
2,852,000 ACE INA Holdings, Inc., 2.6000%,
due 23/11/15 . . . . . . . . . . . . . . . . . . . . . .
4,553,000 Gannett Co., Inc., 6.3750%,
due 1/9/15 . . . . . . . . . . . . . . . . . . . . . . . .
Co., 7.7500%, due 15/10/18. . . . . . . . . . .
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . .
4,196,000 Reckson Operating Partnership L.P.,
6.0000%, due 31/3/16 . . . . . . . . . . . . . . .
Retail Restaurants
1,635,000 Brinker International, Inc., 2.6000%,
due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . .
Savings/Loans/Thrifts Southern U.S.
2,181,000 Amsouth Bank, 5.2000%, due 1/4/15. . . . . .
2,577,000 TSMC Global, Ltd., 0.9500%,
due 3/4/16 (144A) . . . . . . . . . . . . . . . . . .
3,016,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . .
0.9%
Fair
Value
$
6,706,384
0.1
0.2
766,619
1,419,874
0.2
1,529,120
0.3
1,925,998
1.6
10,524,680
0.6
4,142,413
0.1
795,913
0.2
5.3
1,343,054
37,295,708
0.9
6,672,154
0.4
2,929,492
0.7
4,814,798
0.3
1,791,400
0.6
4,070,441
0.6
4,517,674
0.2
0.3
Fair
Value
4,435,000 Asciano Finance, Ltd., 3.1250%,
due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.6%
642,000 JB Hunt Transport Services, Inc.,
3.3750%, due 15/9/15 . . . . . . . . . . . . . . . 0.1
3,699,000 Swift Services Holdings, Inc.,
10.0000%, due 15/11/18 . . . . . . . . . . . . . 0.6
0.7
due 11/7/14 (144A) . . . . . . . . . . . . . . . . . 0.3
due 15/3/16 (144A) . . . . . . . . . . . . . . . . . 0.5
due 15/6/19 (144A) . . . . . . . . . . . . . . . . . 0.2
1.0
4,527,567
661,356
3,976,425
4,637,781
2,416,087
3,531,368
1,281,817
7,229,272
478,911,181
1,636,489
25.2
United States Treasury Note/Bond
1,203,000 0.2500%, due 15/9/14 . . . . . . . . . . . . . . . . . 0.2
17,747,000 0.2500%, due 31/10/14 . . . . . . . . . . . . . . . . 2.5
36,413,000 0.2500%, due 15/1/15 . . . . . . . . . . . . . . . . . 5.0
4,373,000 0.2500%, due 15/2/15 . . . . . . . . . . . . . . . . . 0.6
120,000 0.3750%, due 15/3/15 . . . . . . . . . . . . . . . . . .
24,300,000 0.3750%, due 15/4/15 . . . . . . . . . . . . . . . . . 3.4
9,665,000 0.2500%, due 31/7/15 . . . . . . . . . . . . . . . . . 1.4
13,898,000 0.2500%, due 15/8/15 . . . . . . . . . . . . . . . . . 2.0
14,013,000 0.3750%, due 31/8/15 . . . . . . . . . . . . . . . . . 2.0
14,704,000 0.2500%, due 30/11/15 . . . . . . . . . . . . . . . . 2.1
2,450,000 0.2500%, due 31/12/15 . . . . . . . . . . . . . . . . 0.3
6,999,000 0.3750%, due 31/1/16 . . . . . . . . . . . . . . . . . 1.0
6,957,000 0.2500%, due 29/2/16 . . . . . . . . . . . . . . . . . 1.0
15,524,000 0.3750%, due 31/3/16 . . . . . . . . . . . . . . . . . 2.2
7,567,000 0.3750%, due 31/5/16 . . . . . . . . . . . . . . . . . 1.1
2,650,000 0.8750%, due 15/9/16 . . . . . . . . . . . . . . . . . 0.4
25.2
1,203,493
17,757,400
36,449,267
4,378,038
120,251
24,355,064
9,675,757
13,912,120
14,048,859
14,711,470
2,450,382
7,009,659
6,950,753
15,528,238
7,560,644
2,669,565
178,780,960
2,250,327
178,780,960
0.4
2,575,456
0.4
0.8
2,977,462
5,552,918
Steel Producers
3,356,000 ArcelorMittal, 4.2500%, due 1/3/16 . . . . . . . 0.5
4,065,000 ArcelorMittal, 5.0000%, due 25/2/17 . . . . . . . 0.6
1.1
703,000 PNC Funding Corp., 5.2500%,
due 15/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.1
4,877,000 British Telecommunications PLC,
2.0000%, due 22/6/15 . . . . . . . . . . . . . . . 0.7
2.5000%, due 15/9/16 . . . . . . . . . . . . . . . 0.5
1.3500%, due 9/6/17 . . . . . . . . . . . . . . . . 0.9
3.6500%, due 14/9/18 . . . . . . . . . . . . . . . 0.5
2.6
Percentage
of Net
Assets
3,490,240
4,313,981
7,804,221
746,418
4,947,419
Tranche Loans
Financial Services
1,142,000 ESH Hospitality, Inc., 0.0000%,
due 28/6/19 . . . . . . . . . . . . . . . . . . . . . . .
Hotels
3,028,500 Hilton Worldwide Finance LLC,
3.5000%, due 26/10/20 . . . . . . . . . . . . . .
Mining
3.7500%, due 28/6/19 . . . . . . . . . . . . . . .
448,000 Chief Exploration & Development
LLC, 7.500%, due 16/5/21 . . . . . . . . . . . .
Semiconductors
3.7500%, due 6/5/21 . . . . . . . . . . . . . . . .
1.8
0.2
1,151,045
0.4
3,022,200
0.1
991,297
0.1
456,960
1.0
7,118,665
3,252,708
12,740,167
7,146,735
712,698,516
3,291,864
18,638,726

(685,751)
$
712,012,765
143

Currency
Purchased
Citibank
AUD
3,238
AUD
70
CHF
3,158,265
CHF
25,419
CHF
994
CHF
172,948
EUR
7,633,299
EUR
1,250,476
EUR
991,469
EUR
35,386,023
GBP
29
GBP
31
GBP
969,571
GBP
1,547,911
GBP
1,816
GBP
1,870
GBP
24,989
GBP
15,603
Currency
Sold
USD
3,040 $
USD
66
USD 3,537,662
USD
28,581
USD
1,118
USD
193,724
USD 10,401,331
USD 1,703,931
USD 1,351,002
USD 48,217,913
USD
50
USD
52
USD 1,649,927
USD 2,634,092
USD
3,091
USD
3,182
USD
42,610
USD
26,605
Currency
Market
Value $U.S.
3,045
66
3,563,218
28,679
1,122
195,123
10,452,772
1,712,358
1,357,684
48,456,379
50
52
1,658,690
2,648,082
3,107
3,199
42,750
26,693
Settle
Date
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
31-Jul-14
Unrealised
Appreciation
$
25,556
98
4
1,399
51,441
8,427
6,682
238,466
8,763
13,990
16
17
140
88
Total
355,092
$ 712,367,857

Currency
Purchased
Citibank
USD
631,697
Currency
Sold
EUR
464,551
Currency
Market
Value $U.S.
$636,140
Settle
Date
31-Jul-14
Unrealised
(Depreciation)
$
(4,443)
Total
(4,443)
(4,443)
144
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Balance Sheets
Janus Asia
Fund
As of
30 June
2014
(unaudited)
Assets:
Financial assets at fair value through profit or loss . . . . . . . . . . . . . . . . .
Cash and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Margin and collateral cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Collateral receivable from broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Receivables:
Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Spot foreign exchange contracts awaiting settlement . . . . . . . . . . . . .
Funds shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Receivable from Investment Manager. . . . . . . . . . . . . . . . . . . . . . . . . . .
Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities (amounts falling due within one year)
Payables:
Financial liabilities at fair value through profit or loss. . . . . . . . . . . . .
Bank overdraft and foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . .
Collateral payable to broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fund shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholder Service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounting, Administration and Transfer Agent fees. . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Liabilities (excluding net assets attributable to holders of
redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Assets attributable to holders of redeemable ordinary shares
(at bid market prices). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment from bid market prices to last traded prices . . . . . . . . . . . . . .
Net Assets attributable to holders of redeemable participating shares
(at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . .
Janus Emerging
Markets Fund
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$120,204,827
1,096,551
1,040,000
$103,822,183
9,968,390
1,210,000
$503,895,730
360,625
$347,626,526
3,311,422
$5,167,790
102,990
187,196
$4,733,141
226,682
187,198
621
498,486
11,402
122,851,887
1,253,560
36,151
44,161
116,334,445
3,112,285
3,039,352
203,176
2,366,093
8,409
512,985,670
4,165,140
208,111
1,620,398
8,841
356,940,438
17,050
604
5,475,630
5,824
1,075
5,153,920
232,354
846,849
1,026
13,965
91,896
965,369
1,253,560
649
7,284
84,884
68,423
1,296,304
1,923,973
413,803
663,070
9,459
96,467
141,438
64,544
1,108,746
1,196,765
270,250
385,073
9,721
34,851
130,735
8,275
26,807
777
5,988
785
929
61,010
4,082
2,517
6,026
765
486
61,726
1,186,090
2,311,746
4,612,937
3,200,685
104,571
75,602
121,665,797
175,849
114,022,699
214,552
508,372,733
183,713
353,739,753
387,661
5,371,059
12,532
5,078,318
10,793
$121,841,646
$114,237,251
$508,556,446
$354,127,414
$5,383,591
$5,089,111
146
Janus Balanced
Fund
Janus Europe
Fund
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund
Janus US
Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
195,298,059
40,000
151,234,370
180,062
38,000
$412,103,590
568,188
$182,677,250
6,032,560
$45,404,286
36,129
$42,979,275
451,318
$87,191,511
269,324
$76,225,532
2,323,456
$1,520,969
82,566
$1,391,690
158,664
406,806
5,902
36,622,245
348,419
162,667
232,884,098
477,636
71,586
64,288
119,212
152,185,154
114,512
1,814
3,381,497
90,059
1,666
31,953
416,293,279
64,255
1,162
5,849,875
38,787
1,170
29,465
194,694,524
319,370
20,443
28,548
798
14,563
45,824,137
128,327
698
16,644
4,166
12,443
43,592,871
172,963
520,243
18,701
1,641
88,174,383
2,487
663
3,170,033
18,685
654
81,741,510
1,344
561
2,926
103
1,608,469
3,580
488
1,839
95
1,556,356
57,058
15,820
2,803,690
25,839,567
33,364
106,656
57,284
29,598
52,338
305,785
51,047
222,786
794
52,695
90,876
23,625
12,782
83,256
93,661
307,093
4,801,812
517,749
705,037
13,720
83,651
197,022
30,219
3,017,429
2,331,959
225,858
309,280
15,479
23,538
103,101
552
5,065
52
5,966
66,642
36
43,089
8,737
4,797
52
3,073
60,152
18,852
8,743
777,362
109,565
106,767
5,928
18,454
79,068
16,438
2,683,598
340,175
98,976
81,433
6,482
8,417
70,678
1,690
10,791
1,720
250
271
32,070
637
6,099
14
1,652
247
144
40,302
28,995,375
843,646
6,719,745
6,056,863
78,277
119,936
1,124,739
3,306,197
46,792
49,095
203,888,723
258,086
151,341,508
88,353
409,573,534
125,469
188,637,661
105,503
45,745,860
8,377
43,472,935
23,120
87,049,644
8,294
78,435,313
38,623
1,561,677
153
1,507,261
313
204,146,809
151,429,861
$409,699,003
$188,743,164
$45,754,237
$43,496,055
$87,057,938
$78,473,936
$1,561,830
$1,507,574
147
Balance Sheets
Cap Growth Fund)
Assets:
Receivables:
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payables:
Janus US Twenty
Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$86,090,066
346,416
$78,850,872
3,116,945
$180,921,958
59,640
$179,348,422
3,345,697
$377,377,675
289,405
$380,011,577
7,441,213
492,513
24,432
86,953,427
219,548
52,454
24,068
82,263,887
2,232,479
94,780
1,127
183,309,984
32,946
13,793
80,464
182,821,322
376,491
55,350
27,583
378,126,504
523,667
3,332,624
49,023
24,574
391,382,678
118,669
252,741
83,805
121,473
5,075
19,216
45,193
1,516,714
103,844
137,237
5,347
10,451
63,827
912,259
22,470
525
22,443
89,939
41
14,939
4,066
7,641
27,932
667
12,363
72,022
28
703,607
356,706
369,187
13,700
74,092
94,353
1,609
1,078,136
374,208
389,214
15,975
40,846
123,073
646,172
1,837,421
1,047,636
139,671
1,611,673
2,023,061
86,307,255
25,998
80,426,466
36,772
182,262,348
23,210
182,681,651
40,194
376,514,831
30,637
389,359,617
121,641
$86,333,253
$80,463,238
$182,285,558
$182,721,845
$376,545,468
$389,481,258
148
Janus US Research
Fund
Janus US Venture
Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$259,459,637 $310,444,242
413,051
18,559,165
Perkins Global
Value Fund
As of
30 June
2014
(unaudited)
Perkins US Strategic
Value Fund
As of
31 December
2013
(audited)
$141,729,336 $117,779,950
122,319
11,104,711
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$478,080,410 $558,190,785
141,423
32,078,016
INTECH European
Core Fund(a)
As of
30 June
2014
(unaudited)
INTECH Global
Dividend Fund
As of
31 December
2013
(audited)
As of
30 June
2014
(unaudited)
INTECH US Core
Fund
As of
31 December
2013
(audited)
85,500,725
513,468
$2,783,262
$51,117,849
613,864
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$158,553,109 $142,270,688
7,682
1,364,731
6,270,371
415,201
39,995
266,598,255
437,372
869
2,160,474
89,257
331,691,379
143,346
1,268
379,702
2,256
60,702
142,438,929
709,924
1,819
91,806
247,784
32,222
11,399
129,979,615
3,110,660
641,759
524,950
482,499,202
444,995
655,790
591,369,586
193,526
10,388
85,110
86,303,217
45,986
113,647
2,942,895
20,609
66,930
93,145
86,049
51,998,446
247,617
104,021
158,912,429
367,273
128,233
429
144,131,354
3,045,078
7
612,179
159,311
168,948
2,525
45,247
142,417
1,167
719,901
1,363,910
187,971
154,692
3,130
26,831
108,133
111,007
568,384
8,772
6
16,619
117,824
43,147
649,064
6,240
6
8,235
82,381
3,045
1,438,642
2,188,698
618,118
425,242
1,685
88,151
53,494
317
919,513
771,704
472,067
1,651
55,813
186,299
10,091
4,884
3
35,919
40,649
1,071
1,642
6,432
132,594
235
3,281
89,458
369,692
128,670
59,902
255
28,288
66,977
835
260,622
119,310
58,272
267
14,360
72,893
4,175,712
2,565,735
822,612
789,073
4,817,075
2,407,364
14,978
218,310
92,982
653,784
526,559
262,422,543
51,366
329,125,644
199,304
141,616,317
65,290
129,190,542
93,296
477,682,127
80,323
588,962,222
115,195
86,288,239
52,214
2,724,585
1,719
51,905,464
38,329
158,258,645
28,813
143,604,795
22,107
$477,762,450 $589,077,417
86,340,453
$2,726,304
$51,943,793
$262,473,909 $329,324,948
$141,681,607 $129,283,838
$158,287,458 $143,626,902
149
Balance Sheets
Alternatives Fund
Assets:
Receivables:
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payables:
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$1,809,176
236,239
34,813
30,000
Janus Flexible
Income Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$168,181,026
$200,353,631
9,713,813
$1,125,217,910
92,291
$1,041,317,958
18,793,226
7,731
8,249
2,126,208
2,000,000
2,000,000
2,448,790
1,094,279
463,349
68,036
172,255,480
7,648
94,792
743,475
62,673
210,976,032
131,977
1,252,284
89,863
7,300,473
31,772
1,134,116,570
766,409
77,399
7,863,271
1,068,818,263
68,589
1,225
364
27,934
2,526,264
12,410
163,804
153,190
63,716
1,478
34,079
66,211
28,169
122,099
187,770
76,608
2,006
21,304
95,546
11,234
7,277,583
2,986,839
582,443
601,394
8,483
191,754
3,385
2,976,540
1,639,367
702,705
800,906
9,880
106,505
295,615
70,178
3,049,086
533,504
11,659,730
6,534,903
2,056,030
10
2,000,000
169,206,394
113,452
210,442,528
259,952
1,122,456,840
1,289,929
1,062,283,360
1,844,031
$2,056,040
$2,000,000
$169,319,846
$210,702,480
$1,123,746,769
$1,064,127,391
150
Janus Global
Real Estate Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
Janus Global Flexible

Income Fund
Janus Global
High Yield Fund
As of
As of
30 June
31 December
2014
2013
(unaudited)
(audited)
As of
30 June
2014
(unaudited)
$11,900,042 $10,082,643
280,995
219,778
$100,427,825
1,806,122
$69,297,884
5,402,813
As of
31 December
2013
(audited)

Grade Bond Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
Janus High Yield

Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$64,343,295 $51,792,404 $1,069,098,962 $1,003,497,137

511,252
1,404,918
34,256,109
556
39,223
316
138,895
12,360,027
20,669
632
117,588
2,987
10,444,297
346,008
2,543
537,014
1,530,178
185
104,649,875
36,977
108,171
10,566
1,141,070
184
75,997,665
2,062
611,587
1,715
748,907
66,218,818
34,161
3,931
662,580
16,496
53,914,490
2,659,558
2,932,085
2,291,241
94,922
17,812,347
17,261,221
1,092,502,952 1,057,400,630
57,183
175,922
8,178
12,483
2,100
77,936
9,535
26,933
10,062
989
56,774
105,331
1,058,361
67,528
48,432
126,400
10
15,334
76,120
77,532
2,437,373
53,530
32,466
104,745
10
6,785
77,640
67,884
718,192
37,305
34,194
51,498
2,508
9,402
58,253
35,763
144,637
232,264
42,758
2,505
4,364
50,225
4,732
187,290
6,038,000
1,373,908
684,129
671,987
79,255
219,658
240,208
333,802
104,293
1,497,516
2,790,081
979,236
512,516
9,499,167
12,026,225
7,816
10,340,004
12,722
103,152,359
276,610
73,207,584
268,670
65,239,582
116,227
53,401,974
136,340
$12,034,041 $10,352,726
$103,428,969
$73,476,254
Janus US Short-Term
Bond Fund
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
Company Total
in US Dollar
As of
30 June
2014
(unaudited)
As of
31 December
2013
(audited)
$712,367,857 $467,991,242 $6,498,299,946 $5,629,840,879

48,456
3,226,082
7,574,704
173,113,573
1,262,009
1,644,891
84,768
52,273
236,724
4,457,048
717,110,085
3,126,606
3,090,222
477,434,152
43,979
10,320,186
1,061,845
721,576
682,523
89,677
115,356
273,065
4,443
3,252,000
5,266,019
246,554
491,902
4,583
114,411
148,677
3,235
498,247
261,395
466,491
5,167
45,875
149,215
962,792
2,771,134
3,838,812
62,479,212
12,969
21,611,798
4,292,729
4,765,351
150,282
1,161,635
2,157,691
1,750,687
70,221
2
25,708,560
1,106
12,700,436
4,193,200
4,251,391
169,034
568,734
2,462,271
13,308,207
9,528,589
1,429,625
104,204,405
51,875,642
1,083,003,785 1,044,092,423
3,214,493
4,085,652
707,581,496
685,751
476,004,527
512,832
$65,355,809 $53,538,314 $1,086,218,278 $1,048,178,075
21,620,662
3,857,779
16,945
5,209
65,981,490
28,376,693
3,423,071
2,713,985
34,355,607
31,757,519
40,463
195,016
706,703
425,936
6,633,366,368 5,871,983,753
6,529,161,963 5,820,108,111
6,950,894
8,689,140
$708,267,247 $476,517,359 $6,536,112,857 $5,828,797,251
151
Income Statements
Janus Asia
Fund
For periods ended 30 June 2014 and 30 June 2013

Revenue:
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net gain/(loss) on financial assets and liabilities
at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Investments Income/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses:
Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders Services fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distribution fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . . . . . . . . . . . . . .
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal and other professional fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Operating Profit/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance Costs:
Distribution to holders of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . .
Total distributions to holders of redeemable ordinary shares. . . . . . . . . . . . . . . . .
Withholding tax on dividends and other investment income . . . . . . . . . . . . . . . .
Movement in adjustment from bid prices to last traded prices . . . . . . . . . . . . . . .
Net Increase/(Decrease) in net assets attributable
to holders of redeemable shares resulting from operations. . . . . . . . . . . . . . . . .
152
Period Ended
30 June
2014
(unaudited)
Janus Balanced
Fund
Janus Emerging
Markets Fund
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$
1,800,424
1,989
$176
172,871
54
$5,239,385
2,478,615
199,713
$1,469,726
1,319,289
8,255
$
70,554
$858
54,706
14
5,844,252
7,646,665
1,937,710
2,110,811
16,740,243
24,657,956
11,118,224
13,915,494
322,851
393,405
(594,904)
(539,326)
2,997
1,728
54,311
31,434
2,123
6,621
3,522
19,474
27,527
149,737
(121,932)
27,805
7,618,860
29,479
10,233
5,117
9,546
1,377
5,294
2,148
14,310
9,602
87,106
(36,218)
50,888
2,059,923
2,109,525
1,189,836
54,899
262,212
43,075
1,757
6,409
29,218
95,653
59,111
3,851,695
(2,585)
3,849,110
20,808,846
890,707
434,240
58,289
114,808
35,102
2,873
8,382
15,463
51,888
22,544
1,634,296
(2,886)
1,631,410
12,284,084
29,848
11,905
4,323
3,531
12,032
2,015
9,641
1,223
4,925
20,316
99,759
(46,386)
53,373
340,032
30,550
12,089
4,386
3,130
25,188
2,397
10,117
3,810
7,377
25,864
124,908
(68,041)
56,867
(596,193)
(172,852)
(38,703)
$7,407,305
(16,142)
358,411
$2,402,192
(914,833)
(596,661)
(203,948)
$19,093,404
(300,536)
52,391
$12,035,939
(8,841)
1,739
(5,398)
(34,421)
$332,930
$(636,012)
Janus Europe
Fund
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund

(formerly known as the Janus US
All Cap Growth Fund)
Janus US
Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
3,095,429
1,108,718
$20,376
1,514,530
65,591
$7,898
331,464
3,066
$
431,187
712
$444
307,435
3,102
$
440,702
782
$310
127,229
15,212
$
6,753
228
$8
7,080
$
398,327
57,744
$467
715,045
5,652
6,859,324
9,954,753
(593,978)
514,740
28,501,873
30,102,370
13,367,195
13,709,623
2,189,562
2,621,461
1,430,614
1,741,595
4,155,849
4,597,333
2,464,069
2,606,820
64,141
71,122
94,139
101,227
9,404,306
9,860,377
8,011,046
8,732,210
618,732
98,915
83,788
23,472
1,586
5,697
8,967
25,643
32,017
898,817
(33,606)
865,211
9,089,542
236,033
12,530
27,426
43,932
2,374
6,569
5,637
13,380
11,429
359,310
(51,900)
307,410
207,330
2,771,249
1,280,984
88,034
296,968
51,938
3,275
9,837
23,421
72,903
50,005
4,648,614
(7,696)
4,640,918
25,461,452
569,893
279,022
67,618
67,972
38,362
2,873
9,282
7,490
19,152
20,613
1,082,277
4,575
1,086,852
12,622,771
40,212
10,848
35
22,675
15,133
3,454
10,114
4,913
10,070
24,451
141,905
(78,567)
63,338
2,558,123
46,599
13,231
2,075
21,129
22,950
2,872
10,117
5,544
11,127
21,640
157,284
(80,718)
76,566
1,665,029
627,303
220,219
35,186
67,433
15,575
3,276
9,743
6,405
13,646
29,187
1,027,973
(11,137)
1,016,836
3,580,497
212,956
105,405
38,318
24,332
18,580
2,857
9,282
3,920
10,920
17,193
443,763
(16,217)
427,546
2,179,274
8,403
3,327
1,421
1,009
3,422
2,073
8,211
2,665
5,542
8,692
44,765
(29,753)
15,012
56,110
6,834
2,721
1,190
665
16,477
2,397
9,217
2,763
6,769
752
49,785
(37,544)
12,241
88,986
459,693
245,778
29,185
51,725
6,998
2,483
8,250
5,629
18,440
14,522
842,703
(762)
841,941
9,018,436
668,310
342,607
29,551
81,390
24,998
2,873
8,382
10,119
23,490
53,148
1,244,868
(5,839)
1,239,029
7,493,181
(376,061)
169,733
(84,013)
72,600
(329,667)
19,966
(75,078)
5,843
(73,637)
(14,743)
(49,309)
58,888
(109,198)
(30,329)
(20,682)
22,240
(1,694)
(160)
(1,721)
(264)
(119,345)
(10,774)
(136,403)
(19,544)
8,883,214
195,917
$25,151,751
$12,553,536
$2,469,743
$1,674,608
$3,440,970
$2,180,832
$54,256
$87,001
$8,888,317
$7,337,234
153
Income Statements
Janus US Research
Fund

Revenue:
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses:
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance Costs:
154
Janus US Twenty
Fund
Janus US Venture
Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$
1,180,399
4,625
$421
547,802
24,566
$
2,363,506
27,393
$3,677
1,805,227
11,334
$
989,396
22,459
$2,557
397,347
14,421
10,585,184
11,770,208
5,876,641
6,449,430
6,954,761
9,345,660
35,672,193
37,492,431
5,273,660
6,285,515
16,631,402
17,045,727
128,696
63,113
3,710
84,265
15,708
2,397
8,038
8,845
21,610
24,127
360,509
(122,523)
237,986
11,532,222
65,268
30,819
3,247
53,831
23,267
2,873
9,282
5,531
19,921
657
214,696
(98,084)
116,612
6,332,818
2,168,607
810,927
82,968
226,699
24,111
2,826
8,609
22,277
66,965
49,544
3,463,533
(617)
3,462,916
5,882,744
1,906,711
785,768
90,360
218,080
37,010
2,873
8,382
23,768
55,097
39,845
3,167,894
3,646
3,171,540
34,320,891
1,079,998
390,583
15,940
179,605
30,811
3,780
8,495
15,502
35,697
39,187
1,799,598
(106,307)
1,693,291
4,592,224
361,867
152,406
14,635
68,582
35,352
2,873
8,382
8,465
27,912
14,127
694,601
(70,851)
623,750
16,421,977
(294,278)
(16,984)
$11,220,960
(146,393)
84,321
$6,270,746
(448,842)
(91,004)
$5,342,898
(408,258)
(144,226)
$33,768,407
(159,933)
(147,938)
(118,527)
157,384
$4,284,353
$16,460,834
Perkins Global
Value Fund
Value Fund
INTECH European
Core Fund(a)
INTECH Global
Dividend Fund
INTECH US Core
Fund

Alternatives Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$1
2,727,644
$148
100,876
38
$
5,184,355
35,193
$23,357
5,921,481
38,630
76
1,812,291
147
$1
2,430,174
$34
997,126
24
$
1,245,072
6,325
$166
1,152,083
3,370
9,543,289
12,270,934
704,137
805,199
28,722,247
33,941,795
65,883,530
71,866,998
3,156,875
4,969,389
4,454,649
6,884,824
(969,246)
27,938
9,162,259
10,413,656
15,329,501
16,485,120
79,791
79,791
27,094
15,632
33
68,594
20,021
2,454
9,312
7,087
12,275
32,180
194,682
(146,089)
48,593
12,222,341
22,154
10,332
2,421
3,892
15,827
2,397
9,217
3,304
12,613
5,921
88,078
(47,258)
40,820
764,379
3,941,587
863,410
9,377
261,601
28,889
2,826
15,066
37,882
79,644
106,480
5,346,762
589
5,347,351
28,594,444
4,195,705
1,031,943
8,488
324,446
47,485
2,873
10,117
52,838
82,853
135,831
5,892,579
10,849
5,903,428
65,963,570
8
4
18,371
6,014
1,581
4,804
1,752
8,266
6,938
47,738
(47,721)
17
4,969,372
5,158
2,944
36,132
45,692
1,224
9,379
2,936
2,878
49,618
155,961
(123,994)
31,967
6,852,857
73
34
6,986
15,897
993
3,921
1,918
5,475
4,567
39,864
(39,565)
299
27,639
722,179
144,965
1,470
86,970
11,469
3,110
6,084
10,948
24,872
93,848
1,105,915
1,105,915
9,307,741
594,846
123,074
1,597
74,161
22,837
2,873
9,282
10,834
22,171
48,913
910,588
(12,544)
898,044
15,587,076
10,662
3,162
341
605
1,861
3,814
1,279
3,941
8,341
34,006
(10,216)
23,790
56,001
(509,550)
(28,006)
(18,643)
28,752
(1,427,828)
(34,872)
(1,489,175)
189,890
$11,684,785
$774,488
$27,131,744
$64,664,285
(185,855)
52,214
4,835,731
(9,849)
(206)
(349,346)
(36,610)
(101,034)
61,143
$6,457,052
$(12,458)
(355,055)
6,706
$8,959,392
(329,012)
68,158
$15,326,222
10
$56,011
155
Income Statements
Janus Global
Real Estate Fund

Revenue:
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses:
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance Costs:
156
Janus Flexible
Income Fund

Income Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$25
2,613,589
126,025
$6,930
3,182,131
113,030
$20,193,287
756,002
23,942
$28,097,632
338,720
4,615
$232,758
3,522
$216,750
1,920
23
21,253,637
23,993,276
(656,704)
2,645,387
25,724,629
46,697,860
(55,804,798)
(27,363,831)
587,842
824,122
(751,841)
(533,148)
972,728
130,601
3,874
108,174
22,873
3,058
9,099
11,400
35,831
256,825
1,554,463
1,554,463
22,438,813
1,031,341
138,604
5,259
120,588
43,826
1,979
10,117
16,383
36,954
17,581
1,422,632
(6,209)
1,416,423
1,228,964
3,568,974
1,248,612
52,159
419,379
47,730
2,511
7,040
40,450
207,991
100,793
5,695,639
(30,775)
5,664,864
41,032,996
5,608,169
2,467,283
83,667
873,645
109,684
2,979
10,117
98,250
307,580
130,131
9,691,505
5,571
9,697,076
(37,060,907)
47,339
22,611
10,672
15,207
2,726
7,737
3,610
7,395
18,280
135,577
(51,717)
83,860
740,262
41,272
18,178
5,424
20,161
2,397
8,343
2,819
7,845
5,024
111,463
(39,864)
71,599
(604,747)
(1,175,158)
(1,272,202)
(9,970,233)
(10,061,454)
(45,080)
(39,025)
(338,678)
(146,500)
(471,312)
(74,430)
(501,458)
(554,102)
(299,288)
(736,526)
(2,406)
(4,906)
(2,314)
(3,843)
$(588,980)
$30,007,203
$(48,158,175)
$687,870
$(649,929)
$20,778,477
Janus Global
High Yield Fund

Grade Bond Fund
Janus High
Yield Fund
Janus US Short-Term
Bond Fund
Company Total
in US Dollar
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$2,796,290
5,541
21,023
$1,768,059
7,738
367
$1,199,791
44,236
$860,884
15,893
105
$37,352,884
79,191
181,763
$41,901,909
188,789
33,803
$8,260,808
132
$6,672,619
2,306
$75,295,710
33,489,936
775,841
$81,035,030
19,147,455
281,987
2,012,127
4,834,981
(2,046,304)
(270,140)
2,552,065
3,796,092
(2,517,879)
(1,640,997)
26,672,137
64,285,975
(22,016,700)
20,107,801
(376,219)
7,884,721
(7,744,580)
(1,069,655)
234,152,716
343,714,203
84,637,843
185,102,315
263,655
207,707
60
43,980
13,124
1,707
8,104
8,042
33,771
20,393
600,543
(54,675)
545,868
4,289,113
258,711
185,992
15,097
30,446
21,804
2,397
10,117
10,711
29,175
19,250
583,700
(51,278)
532,422
(802,562)
112,729
75,097
14,536
28,957
12,966
1,772
7,886
6,888
20,764
19,497
301,092
(66,042)
235,050
3,561,042
172,216
83,566
13,806
27,643
22,299
2,397
10,117
8,722
22,558
13,172
376,496
(45,017)
331,479
(1,972,476)
3,919,017
1,366,385
480,146
659,087
64,649
2,823
8,095
55,937
195,511
127,599
6,879,249
(48,519)
6,830,730
57,455,245
4,399,892
1,429,266
638,569
815,151
90,015
2,979
10,117
76,949
168,882
154,041
7,785,861
(62,816)
7,723,045
12,384,756
1,516,374
932,171
28,021
306,030
38,727
1,966
6,597
31,388
89,458
67,614
3,018,346
(84,263)
2,934,083
4,950,638
1,511,601
971,824
33,437
270,041
42,563
2,979
8,446
34,462
69,592
59,895
3,004,840
18,985
3,023,825
(4,093,480)
25,382,034
9,378,117
905,377
3,420,363
612,601
61,837
206,573
356,158
1,125,730
1,301,526
42,750,316
(1,255,428)
41,494,888
302,219,315
22,934,950
8,645,083
1,112,010
3,247,456
796,891
59,497
204,652
413,610
1,031,221
835,312
39,280,682
(745,443)
38,535,239
146,567,076
(2,097,384)
(942,524)
(273,781)
(104,761)
(20,038,913)
(22,047,433)
(521,512)
(561,682)
(35,046,743)
(35,029,287)
7,940
19,611
(26,603)
(20,113)
(11,553)
434,084
(871,159)
(870,031)
172,919
(76,761)
(6,596,000)
(1,737,384)
(4,111,046)
(323,642)
$2,199,669
$(1,725,475)
$3,240,545
$(1,654,706)
$36,545,173
$(10,532,708)
$4,602,045
$(4,731,923)
$258,839,188
$107,103,101
157
Statements of Changes in Net Assets
Janus Asia
Fund

Increase/(Decrease) in net assets attributable to holders
of redeemable ordinary shares from operations. . . . . . . . . . . . . . . . .
Capital Share Transactions of redeemable ordinary shares:
Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . .
Redemption of redeemable ordinary shares . . . . . . . . . . . . . . . . . . .
Dilution Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Increase/(Decrease) from Capital Share Transactions
of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Increase/(Decrease) in Net Assets attributable to holders
Net Assets attributable to holders of redeemable shares
at 1 January 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Assets attributable to holders of redeemable
ordinary shares at 30 June 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Balanced
Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$7,407,305
$2,402,192
$19,093,404
$12,035,939
$332,930
$(636,012)
226,262
(29,172)
100,300,242
(19,985)
338,565,289
(203,229,661)
67,882,226
(22,594,456)
103,019
(141,469)
611,780
(721,929)
197,090
100,280,257
135,335,628
45,287,770
(38,450)
(110,149)
(746,161)
7,604,395
102,682,449
154,429,032
57,323,709
294,480
114,237,251
5,191,954
354,127,414
169,251,436
5,089,111
5,239,588
$121,841,646
$107,874,403
$508,556,446
$226,575,145
$5,383,591
$4,493,427
Janus US Research
Fund

Dilution Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
at 1 January 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Period Ended
30 June
2014
(unaudited)
Janus US Twenty
Fund
Janus US Venture
Fund
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
$11,220,960
$6,270,746
$5,342,898
$33,768,407
$4,284,353
$16,460,834
1,389,406
(13,046,653)
261,579,705
(131,971,856)
112,883,253
(131,161,941)
46,657,281
(113,271,005)
124,666,685
(195,802,077)
177,500,108
(26,869,157)
(11,657,247)
129,607,849
(18,278,688)
(66,613,724)
(71,135,392)
150,630,951
(436,287)
135,878,595
(12,935,790)
(32,845,317)
(66,851,039)
167,091,785
182,721,845
8,536,144
389,481,258
346,898,181
329,324,948
35,039,432
$182,285,558
$144,414,739
$376,545,468
$314,052,864
$262,473,909
$202,131,217
158
Janus Emerging
Markets Fund
Period Ended
30 June
2013
(unaudited)
Janus Europe
Fund
Period Ended
30 June
2014
(unaudited)
8,883,214
113,148,519
(69,314,785)
Period Ended
30 June
2013
(unaudited)
195,917
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$25,151,751
$12,553,536
$2,469,743
$1,674,608
$3,440,970
$2,180,832
40,809,384
(31,759,396)
1,294,349
(1,505,910)
31,020,229
(1,525,418)
40,921,038
(35,778,006)
5,235,832
(5,544,246)
29,494,811
5,143,032
(308,414)
70,371,652 571,339,798
(1,322,840) (375,535,710)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
$54,256
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$87,001
$8,888,317
$7,337,234
6,729
(14,321)
17,862,124
(20,880,426)
7,623,289
(72,386,779)
(7,592)
(3,018,302)
(64,763,490)
43,833,734
69,048,812
195,804,088
9,049,988
52,716,948
69,244,729
220,955,839
21,603,524
2,258,182
31,169,419
8,584,002
1,872,418
54,256
79,409
5,870,015
(57,426,256)
151,429,861
3,709,518
188,743,164
62,131,573
43,496,055
8,044,415
78,473,936
27,237,691
1,507,574
1,170,982
80,463,238
145,025,569
72,954,247 $409,699,003
$83,735,097
$45,754,237
$39,213,834
$87,057,938
$29,110,109
$1,561,830
$1,250,391
$86,333,253
$87,599,313
204,146,809
Perkins Global
Value Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Value Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$27,131,744
$64,664,285
(211,561)
Period Ended
30 June
2013
(unaudited)

Janus US
Fund
INTECH European
Core Fund(a)
Period Ended
30 June
2014
(unaudited)
INTECH Global
Dividend Fund
Period Ended
30 June
2013
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
4,835,731
$6,457,052
30,643,819
85,281,087 156,595,120
(391,867) (223,727,798) (223,125,622)
81,504,722
36,000,373
(91,618,801)
(56,113)
712,984
30,251,952
(138,446,711)
(66,530,502)
81,504,722
12,397,769
31,026,440
(111,314,967)
(1,866,217)
86,340,453
129,283,838
3,426,353
589,077,417
547,751,099
$34,452,793 $477,762,450 $545,884,882
$11,684,785
3,615,237
(2,902,253)
$141,681,607
$774,488
INTECH US Core
Fund
$(12,458)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)

Alternatives Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$8,959,392
$15,326,222
$56,011
44,938,953
32,895,323
(27,194,159)
14,588,706
(31,243,196)
(55,674,541)
44,938,953
5,701,164
(16,654,490)
29
(49,217,489)
44,926,495
14,660,556
(1,328,268)
56,040
51,943,793
143,626,902
121,137,125
2,000,000
86,340,453
$2,726,304
$44,926,495 $158,287,458 $119,808,857
$2,056,040
1,796,029
(1,796,000)
159
Statements of Changes in Net Assets

Janus Global Real Estate
Fund

Dilution Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
at 1 January 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)

Income Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$20,778,477
$(588,980)
$30,007,203
$(48,158,175)
$687,870
14,549,232
(76,710,343)
96,151,689
(39,359,915)
198,484,186
(168,872,011)
396,164,540
(626,451,621)
1,294,735
(301,290)
45,025
(62,161,111)
56,791,774
29,612,175
(230,287,081)
993,445
45,025
(41,382,634)
56,202,794
59,619,378
(278,445,256)
1,681,315
210,702,480
161,128,952
1,064,127,391
1,620,525,265
10,352,726
10,075,068
$169,319,846
$217,331,746
$1,123,746,769
$1,342,080,009
$12,034,041
$9,470,164
160
Period Ended
30 June
2013
(unaudited)
Janus Flexible
Income Fund
$(649,929)
(604,904)
Janus Global
High Yield Fund
Period Ended
30 June
2014
(unaudited)

Grade Bond Fund
Period Ended Period Ended

30 June
30 June
2013
2014
(unaudited)
(unaudited)
Period Ended
30 June
2013
(unaudited)
Janus High Yield

Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
Janus US Short-Term
Bond Fund
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$4,602,045
$(4,731,923)
Company Total in
US Dollar
Period Ended
30 June
2014
(unaudited)
Period Ended
30 June
2013
(unaudited)
$258,839,188
$107,103,101
$2,199,669
$(1,725,475) $3,240,545
$(1,654,706)
$36,545,173
$(10,532,708)
35,864,336
(8,111,290)
11,154,794 12,982,816
(5,848,369) (4,405,866)
53,464,091
(22,999,395)
253,328,797
(251,833,767)
168,945,852 373,801,168 193,758,558 2,525,924,148 1,998,041,449

(381,715,575) (146,653,325) (288,200,051) (2,076,236,454) (2,027,750,400)
(56,113)
27,753,046
5,306,425
8,576,950
30,464,696
1,495,030
(212,769,723) 227,147,843
(94,441,493)
449,631,581
(29,708,951)
29,952,715
3,580,950
11,817,495
28,809,990
38,040,203
(223,302,431) 231,749,888
(99,173,416)
708,470,769
77,394,150
73,476,254
50,340,243
53,538,314
43,430,578
1,048,178,075
551,919,518
5,828,797,251
(1,155,163)
$103,428,969 $53,921,193 $65,355,809
1,243,496,529
476,517,359
$72,240,568 $1,086,218,278 $1,020,194,098 $708,267,247
5,171,893,517
(830,270)
$452,746,102 $6,536,112,857 $5,248,457,397
161
Notes to the Financial Statements

of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year are outlined below.
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 Financial
Reporting Council and promulgated by the Institute of Chartered
Accountants in Ireland (Generally Accepted Accounting Practice
in Ireland). The prior period comparative amounts of certain line
items in the primary statements have been restated in accordance
with a change in presentation of the current period amounts.
The format and certain wordings of the financial statements
have been adapted from those contained in the Companies
(Amendment) Act, 2013 and FRS 3 Reporting Financial
Performance so that, in the opinion of the Directors, they more
appropriately reflect the nature of the Companys 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
The Financial Statements of the Company have been prepared

on a going concern basis.
The Company has not applied the disclosure requirements
of FRS29: 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. This
is a departure from the Prospectus where the latest available
market price on the regulated market was used. 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 Companys assets and liabilities are held for the purpose
of being traded.
The following table presents the positions that were fair valued by Janus Global Pricing Committee at 30 June 2014. These estimated
fair values may not reflect amounts that could be realised upon immediate sale or amounts that ultimately may be realised.
Fund Name
Security Name
Janus Balanced Fund

Natural Resource Partners L.P. / NRP Finance Corp., 9.1250%, due 1/10/18
Scandinavian Consumer Loans No. 4, Ltd., 4.5530%, due 15/1/37
C&S Group Enterprises LLC, 5.3750%, due 15/7/22 (144A)
Extended Stay America Trust 2013-ESH MZ, 7.6250%, due 5/12/19 (144A)
JP Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ MZ, 6.1518%,
due 15/4/18 (144A)
C&S Group Enterprises LLC, 5.3750%, due 15/7/22 (144A)
Extended Stay America Trust 2013-ESH MZ, 7.6250%, due 5/12/19 (144A)
Extended Stay America, Inc., 9.6150%, due 1/12/19
JP Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ MZ, 6.1518%,
due 15/4/18 (144A)

Fair Value at
30 June 2014
Fair Value as a %
of Net Assets
$723,730
$163,432
$505,384
$210,400
0.2%
1.3%
0.5%
0.2%
$167,018
$276,409
$5,337,296
$4,067,388
$4,075,833
0.2%
0.3%
0.5%
0.4%
0.4%
$3,638,880
$5,607,325
0.3%
0.5%
The following table presents the position that were fair valued by Janus Global Pricing Committee at 31 December 2013. 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

Janus Global Investment Grade
Bond Fund
162
Fair Value (USD) at

31 December 2013
Fair Value as a %
of Net Assets
Extended Stay America Trust SA 2013-ESHM MC

LCP Proudreed PLC
Oxbow Carbon & Minerals LLC
$475,356
$156,050
$284,725
0.6%
0.2%
0.4%
LCP Proudreed PLC

Extended Stay America Trust SA 2013-ESHM MC
Oxbow Carbon & Minerals LLC
Extended Stay America, Inc.
$445,368
$9,189,452
$5,399,606
$9,241,875
0.8%
0.9%
0.5%
0.9%

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 Assets
Cash 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 Schemes
Units or shares in collective investment schemes will be valued
at the latest available net asset value or, if listed or traded on
a Regulated Market, at the latest quoted trade price or a midquotation (or, if unavailable, a bid quotation) or, if unavailable
or unrepresentative, the latest available net asset value as
deemed relevant to the collective investment scheme.
Exchange Traded Derivative Instruments
Exchange 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 Investments
Amortised 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 Companys 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.
COMMERCIAL PAPER
An unsecured, short-term debt instrument issued by a
corporation, typically for the financing of accounts receivable,
inventories and meeting short-term liabilities. Maturities on
commercial paper rarely range any longer than 270 days. The
debt is usually issued at a discount, reflecting prevailing market
interest rates. Commercial paper is not usually backed by any
form of collateral, so only firms with high-quality debt ratings
will easily find buyers without having to offer a substantial
discount (higher cost) for the debt issue.
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 year-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 period 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
163

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 Janus US Fund and Janus Global Real Estate
Fund with Credit Suisse, Morgan Stanley and JP Morgan & Chase
Co. as at 30 June 2014 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 Funds 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
contracts 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.
Financial derivative instruments shall be valued at the settlement
price for such instruments on such market. Over-the-counter
financial derivative instruments shall be valued daily using either
the counterparty valuation or an alternative valuation, such as a
valuation calculated by the Company or by an independent pricing
vendor appointed by the Company provided the Company or
other party has adequate human and technical means to perform
the valuation and approved for that purpose by the Custodian.
The counterparty to derivative instruments not traded on an
164
exchange must be prepared to value the contract and to close

out the transaction at the request of the Company at fair value.
Where the counterparty valuation is used, the valuation must be
approved or verified by an independent party who is approved
for the purpose by the Custodian and who is independent of the
counterparty at least weekly. The independent verification shall
be carried out at least monthly. Where an alternative valuation
is used, the Company shall follow international best practice
and shall adhere to the principles on the valuation of over-thecounter instruments established by bodies such as IOSCO and
AIMA such valuation shall be reconciled on a monthly basis to
the valuation provided by the counterparty to such instrument.
Where significant differences arise these will be promptly
investigated and explained.
Swaps held by Janus Asia Fund and Janus Emerging Markets
Fund with Goldman Sachs & Co., Credit Suisse, UBS and
Morgan Stanley & Co., Inc as at 30 June 2014 are detailed in the
Portfolio Statements.
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 Funds 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. At the 30 June 2014
tranche loans were held on Janus Balanced Fund, Janus Flexible
Income Fund, Janus Global Flexible Income Fund, Janus Global
High Yield Fund, Janus Global Investment Grade Bond Fund,
Janus High Yield Fund and Janus US Short-Term Bond Fund.
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 year in which
they arise. The weighted average cost basis is used to calculate
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 R EDEEMABLE 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:
Class of Share
Accumulating (acc) Share Classes

A$acc, Aacc, AAUD$acc, ACHFacc, AHKD$acc, ARMB(CNH)acc,
ASEKacc, B$acc, E$acc, Eacc,I$acc, Iacc, Iacc(Unhedged),
Iacc, ICHFacc, IHKD$acc, ISEKacc, U$acc, Uacc,Uacc,
VAUD$acc, Z$acc, Zacc
Distributing (dis or inc) Share Classes
Equity & Allocation Funds (with the exception of the Janus
Asia Fund, Janus Balanced Fund, Janus Global Research
Fund, Janus US Research Fund and Perkins Global Value
Fund) and Alternative Investment Funds with the exception
of Janus Global Real Estate Fund
Janus Asia Fund, Janus Global Research Fund, Janus
US Research Fund, INTECH European Core Fund and
INTECH US Core Fund A$dis, I$dis
Janus Asia Fund, Janus Global Research Fund and Janus
US Research Fund, Janus Global Investment Grade Bond Fund
and Janus Global High Yield Fund Z$inc
Janus Balanced Fund, INTECH Global Dividend Fund, Janus

Flexible Income Fund, Janus Global Flexible Income Fund,
Janus High Yield Fund and Janus US Short-Term Bond Fund
Janus Global Investment Grade Bond Fund A$inc, Ainc, B$inc,
Binc, Einc, I$inc, Iinc
Janus Global High Yield Fund A$inc, Ainc, AAUD$inc,
B$inc, Binc, Einc, I$inc, Iinc, IAUD$inc, Uinc
Frequency of
Dividend Declaration
Net Investment
Income
Net Realised
Capital Gains
Distribution
Frequency
Not applicable
Not applicable
Not applicable
Not applicable
Annually or more
frequently at the
discretion of the
Directors
Annually or more
frequently at the
discretion of the
Directors
Included
Annually or more
frequently at the
discretion of the
Directors
Annually or more
frequently at the
discretion of the
Directors
Annually or
semi-annually or
such other dates
or more
frequently at the
discretion of the
Directors
Annually or
semi-annually or
such other dates
or more
frequently at the
discretion of the
Directors
Monthly
Annually or more
frequently at the
discretion of the
Directors
Annually or
semi-annually or
such other dates
or more
frequently at the
discretion of the
Directors
Annually or
semi-annually or
such other dates
or more
frequently at the
discretion of the
Directors
Monthly
Included
Included
Annually or more
frequently at the
discretion of the
Directors
Annually or
semi-annually or
such other dates
or more
frequently at the
discretion of the
Directors
Annually or
semi-annually or
such other dates
or more
frequently at the
discretion of the
Directors
Monthly
Quarterly
Monthly
Quarterly
Monthly
Included
Included
Quarterly
Monthly
Monthly
Monthly
Included
Monthly
Included
Included
In respect of each dividend declared, the Board of Directors may determine if, and to what extent, such dividend is to be paid out of net realised capital gains.
Accumulating (acc) Share Classes

The 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 Classes
The 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. During the distribution year, 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.
It should also be noted that the Class A$inc, Class AHK$inc,
Class AAUD$inc, Class ARMB(CNH)inc and IRMB(CNH)
165

inc Shares of the Janus High Yield Fund, Class A$inc, Class
AHK$inc, Class AAUD$inc and Class ARMB(CNH) inc Shares
of the Janus Flexible Income Fund, Class A$inc, Class Ainc,
Class AHK$inc, Class AAUD$inc, Class ACAD$inc and Class
ARMB(CNH)inc of the Janus Balanced Fund, the INTECH
Global Dividend Fund, the Janus Global Real Estate Fund, the
Janus Global High Yield Fund and the Janus Global Investment
Grade Bond Fund and Class Einc and Class Vinc Shares of
all Funds may charge certain fees and expenses to capital
rather than income, which may result in an increased risk that
Shareholders in these Share Classes may not receive back the
full amount invested when redeeming their holding.
Where the above Share Classes operate equalisation distributions
made by such Share Classes will include an amount of income
equalisation. This amount corresponds to the equalisation
income included in the net asset value per Share of such
Share Class. Certification as a reporting fund has been
obtained from the United Kingdom HM Revenue & Customs
for accounting periods beginning on or after 1 January 2013
in respect of the Class I$acc of the Janus Asia Fund, Classes
Iacc and Iinc of the Janus Short Term Bond Fund and the
$acc Classes of all Equity Investing Funds, except the Janus
Asia Fund, the $acc and the acc Classes of the Janus Europe
Fund and the U Classes in respect of all funds (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 Funds Shares, representing accumulated distributable
profit on the date of the Share transaction, is credited or charged
respectively to distributable profit.
FOREIGN EXCHANGE TRANSLATION
Functional and Presentation Currency
Items included in the Companys 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 Balances
Assets and liabilities denominated in currencies other than
the functional currency are translated into the functional
166
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 British Pound, Canadian Dollar, Chinese Renminbi,
Euro, Japanese Yen, Swedish Kronor and Swiss Franc 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 C APITAL
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.
R EDEEMABLE ORDINARY SHARES
The Company issues redeemable shares, which are redeemable
at the holders 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 holders
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
Companys 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. R ELATED-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, which is
authorised and regulated by the Financial Conduct Authority
(FCA) 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 & Allocation Funds (except
for the Janus Asia Frontier Markets Fund, Janus Asia Growth
Drivers Fund, Janus Japan Emerging Opportunities Fund,
Janus Japan Fund, 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 and
Janus Emerging Markets Fund, pursuant to an Investment
Management Delegation Agreement dated 30 August 2011,
amended on 21 December 2012. JCSL has been in the fund
management and investment management business since 2007
and acts as the securities trader and execution agent of JCM.
As of 30 June 2014 JCM had assets under management of
approximately $114.2 billion. 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 2014, approximately
96.81% (31 December 2013: 96.81%) 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 2014, JCM owned
approximately 100.00% (31 December 2013: 99.61%) of Perkins.
Perkins is ultimately owned by Janus Capital Group, Inc.
JCIL has delegated to DIAM International Ltd. (DIAM
UK) responsibility for providing discretionary investment
management and advisory services to the Janus Asia Frontier
Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan
Emerging Opportunities Fund and Janus Japan Fund pursuant
to an investment management delegation agreement dated
28 July 2014. DIAM UK is a company incorporated under the
laws of England and Wales and is authorized and regulated
by the FCA. As of 30 April 2014, DIAM UK had assets under
management of US$7.14 billion.
DIAM UK has appointed DIAM Asset Management (HK) Limited
as sub-sub-investment manager of the Janus Asian Frontier
Markets Fund and the Janus Asia Growth Drivers Fund.
Mr. Cheh is an officer of Janus Capital Group Inc., which indirectly
owns JCIL, Mr. Cheh did not receive Directors fees from 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 2014, Arthur Cox invoiced fees
of 140,549 (2013: 195,505) for services to the Company.
The Board is satisfied that there are arrangements (evidenced by
written procedures) in place, to ensure: (i) that any transaction
carried out with the Company by JCIL, the Custodian and/or
associated or group companies of these (connected parties)
were carried out as if negotiated at arms length and that such
transactions were in the best interests of the shareholders; and
(ii) that these arrangements were applied to all transactions with
connected parties during the period. The Board is satisfied that
transactions with connected parties entered into during the
period were carried out as if negotiated at arms length and were
in the best interests of the shareholders.
167

INVESTMENT M ANAGEMENT FEES
The Investment Adviser was entitled to receive an investment
management fee in respect of Class A, B, E, I, U and V Shares
each Fund for the period ended 30 June 2014 calculated

daily and paid monthly in arrears, as set out in the following
schedule:
Investment Management Fees

Funds
Annual Percentage
(of a Funds Net
Asset Value for
Class A, B, E and
V Shares)*
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(formerly known as the 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH Global Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH US Core Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH European Core Fund(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Diversified Alternatives Fund . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Real Estate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Flexible Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Flexible Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Investment Grade Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . .
Janus High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Short-Term Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annual Percentage
(of a Funds Net
Asset Value for
Class I Shares)*
Annual Percentage
(of a Funds Net
Asset Value for
Class U Shares)*
1.25%
1.00%
1.25%
1.25%
1.50%
1.25%
1.50%
1.25%
1.00%
0.80%
1.10%
1.00%
1.50%
1.00%
1.50%
0.95%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
1.25%
1.50%
1.25%
1.50%
1.25%
1.50%
0.85%^
1.00%
1.00%
1.25%
1.25%
1.00%
1.00%
1.00%
1.00%
1.00%
0.65%
0.95%
0.95%
0.95%
1.50%
1.00%
1.50%
0.80%^
0.95%
1.00%
1.00%
1.10%
0.55%
0.70%
0.80%
0.60%
0.65%
0.65%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.75%
0.75%
0.75%
0.80%
0.90%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
*Calculated as a percentage of the Funds average daily net asset value attributed to the relevant class.
^Prior to 1 May 2013 rate was 1.00%.
In respect of the Class Z Shares, the Investment Adviser is entitled to an investment management fee which will be payable under a separate agreement with the Investment Adviser into which
each investor must enter (and maintain) prior to their initial subscription for Class Z Shares in the Fund.
SHAREHOLDER SERVICE FEES

A shareholder service fee with respect to Class A, Class B and
Class V Shares is payable to the Distributor out of the assets of
each Fund at the rate of 0.75% per annum (0.50% for Janus US
Short-Term Bond Fund) of the Funds 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 & Allocation Funds, Risk Managed Equity
Funds and Alternative Investment Funds, 1.00% for each of the
Fixed Income Funds per annum of the relevant Funds average
daily net asset value attributable to Class E Shares.
DISTRIBUTION FEES
A distribution fee with respect to Class B is payable to the
Distributor out of the assets of each Fund at the rate of up to
1.00% per annum of the Funds average daily net asset value
attributable to each such Class. To date this has been limited
to a maximum of 0.50% on Janus US Short-Term Bond Fund.
Fees charged in relation to Investment Management, Shareholder
Service and Distribution Fees are shown as separate line items
in the Income Statement.
168
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 Companys Prospectus and are also set out
on page 9 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,
INTECH European Core 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 Flexible Income 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.
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
2014 amounted to $74,764 (30 June 2013: $109,677).
Fees charged by the administrator and custodian are shown as

separate line items on the Income Statement.
As at 30 June 2014 and 31 December 2013 the Company had

no securities on loan.
4. TAXATION
8. SOFT COMMISSION A RRANGEMENTS
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.
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.
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 Companys Prospectus. No Irish tax will arise on
the Company in respect of chargeable events in respect of:
(i)
(ii)
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 or the Company
has been authorised by the Irish Revenue to make gross
payments in the absence of appropriate declarations; and
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.
7. SECURITIES LENDING
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.
5. C ASH AT BANK
10. EFFICIENT PORTFOLIO M ANAGEMENT
All cash balances, for the period ended 30 June 2014 and
year ended 31 December 2013, were held by the Citibank
International plc. As at the 30 June 2014, Credit Suisse First
Boston, Goldman Sachs and UBS held cash as collateral
for financial derivatives on Janus Europe Fund, Janus Asia
Fund and Janus Global Diversified Alternatives Fund. At
31 December 2013, some residual cash balances were held with
Brown Brothers Harriman Trustee Services (Ireland) Limited.
6. OTHER INCOME
Included in other income are amounts relating to a
commission recapture program.
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
169

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 2014 are
disclosed in the relevant Funds Portfolio Investments.
For UCITS which have invested in financial derivative
instruments and/or engaged in efficient portfolio management
techniques, new disclosures are required under UCITS Notice
8.4. The Investment Manager of the Funds has identified all
financial derivative instruments which are forward currency
contracts, futures, options swaps, tranche loans, commercial
paper, fully funded equity swaps and total return swaps, all
which are detailed further in the accounting policies note 1.
During the period, forward currency contracts, futures, options,
tranche loans, fully funded equity swaps, credit default swaps
and total return swaps transactions were entered into for the
purpose of efficient portfolio management in order to hedge
currency and market exposure and/or for investment purposes.
Details of all open transactions at the period end are disclosed
in the Portfolio Investments.
11. EXCHANGE R ATES
The following exchange rates have been used to translate assets

and liabilities in currencies other than US Dollar:
As at 30 June 2014:
As at 31 December 2013:
AED
AUD
BRL
CAD
CHF
CLP
CNH
CNY
COP
DKK
EGP
EUR
GBP
HKD
HUF
IDR
ILS
INR
JPY
KRW
MXN
MYR
NOK
NZD
PEN
PHP
PLN
QAR
AED
AUD
BRL
CAD
CHF
CLP
CNH
CNY
COP
DKK
EGP
EUR
GBP
HKD
HUF
IDR
ILS
INR
JPY
KRW
MXN
MYR
NOK
NZD
PEN
PHP
PLN
QAR
170
RON
SEK
SGD
THB
TRY
TWD
ZAR
3.2003
6.6796
1.2466
32.4401
2.1183
29.8561
10.6250
RON
SEK
SGD
THB
TRY
TWD
ZAR
3.2436
6.4299
1.2616
32.8504
2.1460
29.8000
10.4500
The following exchange rates have been used to translate assets

and liabilities in the Janus Europe Fund in currencies other
than Euro:
As at 30 June 2014:
CHF
DKK
GBP
HKD
HUF
NOK
PLN
SEK
TRY
USD
CHF
DKK
GBP
HKD
HUF
NOK
PLN
SEK
TRY
USD
1.2139
7.4543
0.8001
10.6116
309.5049
8.3958
4.1567
9.1457
2.9004
1.3692
1.2268
7.4588
0.8308
N/A
296.9570
8.3408
4.1527
8.8450
2.9520
1.3756
12. TRANSACTION COSTS

The following table details the transaction costs for the period
ended 30 June 2014 and 30 June 2013.
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 and INTECH European Core Fund which are Euro.
The average foreign exchange rate of Euro/USD: 0.7296
(31 December 2013: 0.7528) was used in the aggregation of the
financial statements
3.6727
1.0607
2.2090
1.0669
0.8866
552.4862
6.2055
6.2050
1,876.1726
5.4443
7.1500
0.7304
0.5844
7.7502
226.0480
11,845.5342
3.4310
60.1395
101.2900
1,011.6952
12.9724
3.2095
6.1319
1.1425
2.7970
43.6395
3.0359
N/A
As at 30 June 2014:
3.6729
1.1202
2.3589
1.0621
0.8918
525.2101
6.0569
N/A
1,930.5019
5.4222
N/A
0.7270
0.6040
7.7540
N/A
12,159.5331
3.4690
61.8506
105.2757
1,055.1974
13.0465
3.2740
6.0634
1.2164
2.7942
44.3695
3.0188
3.6412
Fund Name
Janus Asia Fund

Janus Balanced Fund
Janus Europe Fund
Janus US Fund
Cap Growth Fund)
INTECH US Core Fund
INTECH European Core Fund
Janus Global Diversified Alternatives
Fund
Janus Global Investment Grade Fund
Period Ended
30 June 2014
Period Ended
30 June 2013
$96,790
$43,955
$6,327
548,893
$352,530
$17,012
$61,390
$638
$1,295,029
$44,227
$125,979
370,932
$46,614
$484,106
$160,992
$568
$95,371
$40,778
$74,303
$245,413
$70,235
$271,633
$140,837
$40,963
270,575
$37,013
$86,135
$345,415
$227,786
$240,915
$280,057
$432,164
$31,805
$85,305
$73
$2
$1,277
$30
$17,284
$88,064
$349
$2
$144
$9
$4,094

13. NET A SSET COMPARISON
30 June 2014
Janus Asia Fund

Class A$acc
Class Eacc
Class I$acc
Class Iacc
Class Uacc
Class Z$inc
31 December 2013
Net Assets
NAV Per
Share
538,571
21,679
37,092
3,595
3,103
121,237,606
$ 11.32
11.19
$ 11.74
11.67
9.82
$ 121.23
31 December 2012
Net Assets
NAV Per
Share
307,993
20,759
35,041
3,413
2,928
113,867,117
$ 10.76
10.66
$ 11.09
11.02
9.58
$ 113.86
Janus Balanced Fund

Class A$acc
Class A$inc
Class Aacc
Class Ainc
Class AAUD$acc
Class AAUD$inc
Class ACAD$inc
Class AHKD$acc
Class AHKD$inc
Class ARMB(CNH)inc
Class B$acc
Class Eacc
Class Einc
Class I$acc
Class I$inc
Class Iacc
Class Iinc
Class V$inc
Class VAUD$inc
$188,610,237
31,324,545
93,648,427
2,987,128
3,332
12,450,664
4,665,317
213,817
16,254,198
668,901
11,137,802
12,267,838
1,126,801
118,609,742
3,274
14,574,563
3,293
3,251
3,316
$
$
AUD$
AUD$
CAD$
HKD$
HKD$
CNH
$
$
$
$
AUD$
22.96
10.56
24.59
10.51
11.07
10.58
10.64
13.58
10.55
10.65
19.71
13.23
10.54
25.98
10.77
15.35
10.71
10.61
10.68
$ 133,470,083
$
3,128
$
76,566,885
122,321
2,999 AUD$
2,999 AUD$
3,048 CAD$
158,413 HKD$
3,129 HKD$
3,160 CNH
11,159,855
$
10,772,855
108,400
72,827,356
$
3,135
$
48,910,366
3,169
3,128
$
2,985 AUD$

Class A$acc
Class Aacc
Class B$acc
Class Eacc
Class I$acc
Class Iacc
Class Uacc
$ 1,244,932
1,223,133
934,785
2,659
1,003,846
971,118
3,118
9.70
9.32
9.35
9.31
10.04
9.67
9.87
1,206,816
1,149,724
880,196
2,513
936,357
910,601
2,904
Janus Europe Fund

Class A$acc
Class Aacc
Class ASEKacc
Class Eacc
Class Iacc
Class ISEKacc
Class U$acc
Class Uacc
Class Zacc
Class Zinc
11,135,920
19,772,498
2,299
2,731,110
85,744,534
8,162,468
2,357
2,396
35,033,849
41,559,378
$ 10.89
23.79
SEK 10.81
15.69
25.56
SEK 10.50
$ 10.76
10.84
111.86
100.10
3,389,036
8,457,650
2,247
2,305,116
101,650,328
2,211
2,256
35,621,017
SEK
22.09
10.35
23.67
10.31
10.53
10.42
10.41
13.08
10.35
10.38
19.06
12.76
10.33
24.88
10.42
14.73
10.36
10.37
10.41
NAV Per
Share
Net Assets
2,620,683
14,249
2,553,729
3,293
10.93
10.92
11.10
11.08
$ 44,814,859
$
41,934,886
3,466 HKD$
11,934,541
$
1,222,820
55,038,432
$
14,302,432
18.98
20.43
11.23
16.54
11.07
21.18
12.57
9.09
8.74
8.80
8.76
9.36
9.02
9.50
1,293,066
1,070,493
903,428
24,353
942,979
1,005,269
9.24
8.94
9.03
9.49
9.43
9.14
10.31
22.54
10.22
14.90
24.10
$ 10.14
10.21
104.81
2,034,307
32,922
1,642,289
18.77
12.46
19.85
171

30 June 2014
NAV Per
Share
Net Assets

Class A$acc
Class Aacc
Class AAUD$acc
Class B$acc
Class E$acc
Class Eacc
Class I$acc
Class Iacc
Class U$acc
Class Uacc
Class Uacc
Class A$acc
Class A$dis
Class Aacc
Class B$acc
Class Eacc
Class I$acc
Class I$dis
Class Iacc
Class Uacc
Class Z$inc
Class A$acc
Class Aacc
Class AAUD$acc
Class AHKD$acc
Class ARMB(CNH)acc
Class B$acc
Class I$acc
Class Iacc
Class U$acc
Class Uacc
Janus US Fund
Class A$acc
Class Aacc
Class B$acc
Class I$acc
Class Iacc
$276,666,015
86,967,107
3,776
16,250,806
3,674
329,448
26,477,632
829,235
140,046
1,102,467
928,797
$
334,671
3,861
1,453,693
7,285
458,464
4,643,494
6,398
307,675
3,859
38,534,837
31 December 2013
AUD$
$
$
23.31
23.56
12.58
20.12
12.25
12.13
26.44
22.04
12.55
12.62
16.48
$ 15.40
$ 12.58
13.80
$ 14.20
13.50
$ 16.89
$ 13.50
15.10
12.22
$ 128.44
NAV Per
Share
Net Assets
$ 96,013,746
60,799,663
3,106
17,872,886
3,243
17,524
13,817,693
204,104
3,292
3,357
4,550
$
306,808
3,695
1,736,111
7,006
304,015
4,412,919
6,084
294,172
3,666
36,421,579
31 December 2012
AUD$
$
$
20.52
20.75
10.93
17.80
10.81
10.72
23.19
19.40
10.97
11.04
14.89
NAV Per
Share
Net Assets
$ 22,655,492
25,792,058
12,662,973
826,739
194,311
$
$
13.46
13.67
11.79
15.07
12.70
$ 14.74
$ 12.04
13.22
$ 13.66
12.97
$ 16.06
$ 12.84
14.37
11.99
$ 121.39
858,247
29,311
1,932,832
399,831
18,783
3,997,815
30,960
776,636
$
$
$
$
11.97
9.77
10.78
11.20
10.61
12.88
10.29
11.53
$ 10,591,296
8,306,913
8,036,402
179,063
124,017
4.87
5.00
4.30
5.45
12.81
$ 34,765,767
$
15,547,164
4,246 AUD$
4,163 HKD$
4,190 CNH
7,068,834
$
22,358,782
$
5,986,776
35,547
$
1,282,469
6.72
6.87
10.49
10.39
10.42
5.84
7.63
18.06
11.30
11.36
$ 31,276,420
17,162,059
7,582,671
15,718,852
6,727,387
3,241
3,306
$
$
6.48
6.62
5.66
7.32
17.33
10.80
10.87
$
$
317,995
314,223
297,309
321,061
311,242
$
$
15.43
14.92
14.87
16.05
15.49
306,670
304,598
288,145
308,018
300,143
$
$
14.88
14.39
14.41
15.40
14.87
241,561
234,402
229,248
240,090
225,681
$
$
11.72
11.40
11.46
12.00
11.65

Class A$acc
$ 48,917,240
Class A$dis
261,564
Class Aacc
18,004,455
Class B$acc
5,933,395
Class Eacc
14,452
Class I$acc
12,615,586
Class I$dis
148,638
Class Iacc
100,222
Class U$acc
282,366
Class Uacc
51,131
Class Uacc
4,204
$
$
$
$
17.89
13.86
18.25
15.36
12.83
20.32
14.81
13.54
12.03
12.09
13.31
$ 45,942,392
292,200
18,974,986
6,230,285
46,866
8,759,028
131,838
75,455
3,199
3,263
3,726
$
$
$
$
15.96
12.36
16.28
13.76
11.46
18.02
13.13
12.01
10.66
10.73
12.19
$ 74,518,520
384,132
26,746,472
6,204,183
24,194
13,356,421
13,968,313
9,823,334
$
$
$
$
12.70
9.83
13.03
11.06
9.27
14.17
10.33
9.50
172

30 June 2014

Class A$acc
Class A$dis
Class Aacc
Class B$acc
Class I$acc
Class I$dis
Class Iacc
Class Z$inc
31 December 2013
31 December 2012
Net Assets
NAV Per
Share
Net Assets
NAV Per
Share
7,727,724
486,216
1,816,619
468,480
324,362
255,967
5,841
171,200,349
$ 21.08
$ 14.31
18.91
$ 18.56
$ 24.29
$ 15.58
14.88
$ 131.69
$ 18,789,223
459,130
1,743,743
772,799
205,888
231,315
5,538
160,514,209
$ 20.04
$ 13.60
17.97
$ 17.72
$ 22.91
$ 14.70
14.05
$ 123.47
NAV Per
Share
Net Assets
4,968,553
391,325
1,680,625
627,338
189,039
32,802
646,462
$
$
$
$
$
15.13
10.27
13.64
13.52
17.04
10.93
10.36
14.47
10.11
14.91
12.58
11.49
15.92
10.58
17.29

Class A$acc
Class A$dis
Class Aacc
Class AAUD$acc
Class B$acc
Class Eacc
Class I$acc
Class I$dis
Class Iacc
Class U$acc
Class Uacc
Class Uacc
$ 127,051,367
20,274
52,995,287
3,396
15,985,234
283,975
178,922,185
4,466
1,198,642
3,289
73,263
4,090
$
$
AUD$
$
$
$
19.97
13.96
20.47
11.31
17.11
15.71
22.32
14.83
23.94
10.96
11.02
12.95
$ 144,026,224
154,798
64,343,886
3,134
18,200,142
163,830
161,523,105
4,385
1,051,222
3,227
3,292
4,013
$
$
AUD$
$
$
$
19.71
13.78
20.21
11.03
16.97
15.52
21.92
14.56
23.52
10.76
10.83
13.13
$ 125,857,459
68,812
70,448,591
18,780,066
9,834
131,260,406
31,746
441,267
$
$

Class A$acc
Class A$dis
Class Aacc
Class AAUD$acc
Class B$acc
Class I$acc
Class I$dis
Class Iacc
Class U$acc
Class Uacc
Class Uacc
Class Z$acc
Class Zacc
$ 62,497,896
213,064
25,613,702
3,387
2,997,309
32,727,370
103,873
1,650,310
3,347
3,395
15,740,443
82,744,394
38,175,419
$ 19.61
$ 17.43
20.88
AUD$ 11.28
$ 17.01
$ 22.09
$ 18.54
16.67
$ 11.16
11.22
13.76
$ 139.52
111.52
$ 71,640,923
127,920
25,684,732
3,091
3,731,527
23,093,096
89,306
1,880,539
3,243
3,308
23,739,517
179,327,746
$ 19.15
$ 17.01
20.40
AUD$ 10.88
$ 16.69
$ 21.48
$ 18.02
16.19
$ 10.81
10.88
13.78
$ 134.50
$ 14,313,800
198,129
11,775,444
2,802,665
5,553,581
363,759
32,054
$
$
$ 14.27
13.82
$ 13.74
10.31
$ 14.74
19.24
$ 10.28
10.35
$ 111.08
$
$
$
$
$ 205,625,321
8,684,166
52,046,255
1,643,127
25,794
238,405,251
984,533
40,333,660
2,994

Class A$acc
Class Aacc
Class B$acc
Class Eacc
Class I$acc
Class Iacc
Class U$acc
Class Uacc
Class Z$inc
2,477,904
3,043,523
6,909
118,476
8,572
31,125
3,346
3,395
135,988,357

Class A$acc
$ 148,901,858
Class A$dis
13,036,926
Class Aacc
52,335,562
Class B$acc
1,990,585
Class Eacc
96,641
Class I$acc
238,880,128
Class I$dis
1,178,412
Class Iacc
19,686,778
Class IUacc
3,979
Class U$acc
681,030
Class Uacc
966,605
Class Uacc
3,946
$ 15.39
14.90
$ 14.75
11.07
$ 16.01
20.85
$ 11.15
11.22
$ 121.17
$
$
$
$
$ 171,741,290
19,615,742
62,484,251
1,873,812
105,592
310,465,453
1,126,277
21,651,241
3,756
3,114
3,177
3,712
20.57
14.15
18.26
17.86
13.76
22.93
14.91
14.09
12.44
11.03
11.08
12.49
1,283,463
1,627,084
6,436
31,064
1,658,941
8,210
3,084
3,145
124,662,411
19.49
13.41
17.31
17.01
13.08
21.65
14.07
13.30
11.69
10.38
10.45
12.15
1,272,722
763,460
457,986
479,108
453,077
$
$
$
$
$
$
$
$
$
13.55
12.03
14.52
11.93
15.06
12.63
12.02
11.71
11.39
11.45
11.98
11.70
15.64
10.76
13.96
13.79
10.60
17.24
11.21
10.66
9.70
173

30 June 2014
NAV Per
Share
Net Assets

Class Aacc
Class Zinc
31 December 2013
NAV Per
Share
Net Assets
2,529
86,337,924
9.99
105.93
55,774
544,589
118,571
216,404
33,105
202,802
1,529,725
3,595
3,817
3,816
3,291
3,338
3,598
3,879
$ 11.91
$ 11.49
11.66
11.35
11.67
11.34
$ 11.99
$ 11.67
11.92
11.61
$ 10.97
11.03
10.36
117.54
3,339
250,444
73,637
156,170
17,530
66,726
3,353
3,352
3,578
3,578
3,067
3,129
3,354
51,352,536
$ 42,344,577
39,759
15,055,098
303,230
67,547,556
4,791
32,981,494
3,376
3,426
4,151
$
$
$
$
$
26.11
15.17
23.61
23.38
27.67
15.63
14.91
11.25
11.32
13.14

Class A$acc
$
169,117
Class Aacc
169,585
Class ACHFacc
170,728
Class ASEKacc
164,314
Class Eacc
169,157
Class I$acc
190,010
Class Iacc
170,313
Class ICHFacc
171,347
Class ISEKacc
164,910
Class U$acc
170,005
Class Uacc
170,475
Class Uacc
176,079
CHF
SEK
CHF
SEK
$
$
$
AUD$
$
$

Class A$acc
Class A$inc
Class Aacc
Class Ainc
Class Eacc
Class Einc
Class I$acc
Class I$inc
Class Iacc
Class Iinc
Class U$acc
Class Uacc
Class Uinc
Class ZUacc
INTECH US Core Fund
Class A$acc
Class A$dis
Class Aacc
Class B$acc
Class I$acc
Class I$dis
Class Iacc
Class U$acc
Class Uacc
Class Uacc

Class A$acc
Class A$inc
Class Aacc
Class AAUD$inc
Class B$acc
Class B$inc
Class Eacc
Class Einc
Class I$inc
Class Iacc
174
$ 20,255,751
922,291
12,157,710
3,545
592,175
51,303
40,488
30,740
135,188,873
76,970
31 December 2012
NAV Per
Share
Net Assets
$ 11.13
$ 10.87
10.91
10.74
10.97
10.77
$ 11.17
$ 10.95
11.12
10.90
$ 10.22
10.29
10.05
108.51
$ 39,935,805
37,500
16,903,603
311,301
59,289,361
4,507
27,134,517
3,172
3,236
3,900
$
$
$
$
$
24.63
14.31
22.28
22.16
26.03
14.70
14.04
10.57
10.64
12.76
$ 32,325,227
57,986
15,372,716
319,619
57,511,538
33,905
15,516,134
$
$
$
$
$
18.63
10.82
16.95
16.93
19.58
11.07
10.60
10.19
10.18
10.43
10.47
10.15
10.24
10.22
10.47
10.51
10.24
10.23
10.57
2,000,000
10.00
16.52
13.74
14.32
11.52
14.85
13.77
11.08
10.87
13.90
15.19
$ 20,479,545
1,379,810
15,431,583
2,957
1,194,770
43,164
3,179
3,179
172,098,451
65,842
$
$
AUD$
$
$
14.72
12.41
12.77
10.36
13.30
12.34
9.88
9.84
12.42
13.48
$ 11,280,269
561,662
7,281,978
462,778
94,119
141,421,183
26,963
$
$
13.89
11.81
12.13
12.68
11.76
11.78
10.11
$
$
$

30 June 2014
NAV Per
Share
Net Assets

Class A$acc
Class A$inc
Class Aacc
Class AAUD$acc
Class AAUD$inc
Class AHKD$acc
Class AHKD$inc
Class ARMB(CNH)inc
Class B$acc
Class B$inc
Class Binc
Class Eacc
Class Einc
Class I$acc
Class I$inc
Class Iacc
Class U$acc
Class Uacc
Class Uacc
Class Uinc
Class V$inc
Class VAUD$inc
Class Z$acc
$ 70,300,434
$ 20.15
18,520,301
$ 12.18
159,924,277
22.68
3,200 AUD$ 10.63
1,535,129 AUD$
9.68
3,058 HKD$ 10.18
202,976 HKD$
9.68
3,118 CNH
9.95
2,485,448
$ 17.44
6,557,898
$ 12.46
899,902
11.52
11,218,824
10.81
24,316,871
10.20
25,018,822
$ 10.78
613,668,766
$ 12.50
85,111,664
23.36
3,114
$ 10.38
10,963,466
10.45
3,306
10.47
1,686,230
10.02
10,174
$
9.55
2,851 AUD$
9.81
91,306,940
$ 102.52

Class A$acc
$
Class Aacc
Class Eacc
Class Einc
Class I$inc
Class Iacc
Class U$acc
Class Uacc
Class Uacc
Class Uinc
Class A$acc
Class A$inc
Class Aacc
Class Ainc
Class AAUD$inc
Class B$acc
Class B$inc
Class Binc
Class Eacc
Class Einc
Class I$acc
Class I$inc
Class Iacc
Class Iinc
Class IAUD$inc
Class Uacc
Class Uinc
Class Z$inc
31 December 2013
2,812,253
2,913,786
77,216
817,397
2,622,783
2,761,658
3,223
19,031
3,347
3,347
2,688,257
6,644,253
7,605,761
26,474,798
3,931
4,235
3,470
4,757
1,788,806
17,413,776
3,790
1,459,350
6,911,619
88,612
4,029
3,653
3,653
32,322,219
31 December 2012
NAV Per
Share
Net Assets
NAV Per
Share
Net Assets
$ 75,634,380
$
18,930,886
$
205,316,320
2,894 AUD$
476,441 AUD$
2,955 HKD$
24,624 HKD$
3,068 CNH
2,805,534
$
7,212,777
$
1,074,454
15,983,217
26,935,038
20,158,887
$
615,737,785
$
62,863,941
2,993
$
10,942,639
3,072
3,072
9,835
$
2,579 AUD$
19.48
12.00
21.93
10.16
9.54
9.84
9.58
9.73
16.95
12.15
11.24
10.47
10.06
10.36
12.19
22.46
9.98
10.05
10.05
9.78
9.41
9.62
$ 145,048,192
25,775,269
503,725,481
5,832,812
10,774,375
1,693,464
33,498,558
37,924,834
6,828,382
675,640,401
173,773,485
10,012
$
$
10.30
10.17
10.16
9.77
10.00
10.36
10.74
10.80
10.60
10.15
2,451,006
2,619,846
127,369
118,502
2,440,838
2,583,090
2,997
3,058
3,010
3,010
9.64
9.52
9.60
9.33
9.43
9.64
9.99
10.06
9.85
9.57
2,488,786
2,538,867
3,040
3,040
2,495,522
2,545,813
9.96
9.88
9.95
9.93
9.93
9.91
$ 13.20
$ 10.85
13.01
10.72
AUD$ 11.73
$ 12.71
$ 11.01
11.31
12.86
11.12
$ 13.66
$ 11.02
13.82
11.24
AUD$ 11.75
11.56
10.67
$ 107.73
1,958,418
1,949,101
5,992,926
20,015,993
3,498
4,047
3,316
4,569
1,324,537
9,902,349
3,588
1,149,704
8,837
5,926
3,567
3,340
3,340
31,139,198
$ 12.55
$ 10.66
12.38
10.54
AUD$ 11.45
$ 12.15
$ 10.70
11.00
12.22
10.96
$ 12.93
$ 10.71
13.11
10.94
AUD$ 11.46
10.93
10.36
$ 103.79
2,346,558
2,432,281
5,186,730
27,588,607
3,683
1,035,966
1,035,971
976,855
305,933
4,108,402
1,080,727
2,193,308
1,022,424
1,019,078
3,720
$
$
AUD$
$
$
$
$
AUD$
11.65
10.40
11.54
10.32
11.20
11.40
10.39
10.34
11.40
10.75
11.89
10.40
11.87
10.35
11.21
$
$
$
$
19.77
12.55
22.33
17.37
12.54
11.64
10.68
10.48
10.39
12.58
22.63
9.95
175

30 June 2014
Net Assets

Class A$acc
$ 3,224,275
Class A$inc
5,068,918
Class Aacc
3,038,406
Class Ainc
7,229,949
Class B$acc
965,975
Class B$inc
1,026,055
Class Binc
985,086
Class Eacc
864,565
Class Einc
2,538,956
Class I$acc
1,823,100
Class I$inc
1,641,172
Class Iacc
2,350,558
Class Iinc
1,105,208
Class Z$inc
33,493,586
Class A$acc
Class A$inc
Class Aacc
Class AAUD$acc
Class AAUD$inc
Class AHKD$acc
Class AHKD$inc
Class ARMB(CNH)inc
Class B$acc
Class B$inc
Class Binc
Class Eacc
Class Einc
Class I$acc
Class I$inc
Class Iacc
Class IAUD$inc
Class IRMB(CNH)inc
Class Uacc
Class Uinc
Class V$inc
Class VAUD$inc
Class Z$acc
NAV Per
Share
$ 11.91
$ 10.94
11.85
10.89
$ 11.48
$ 11.13
11.08
11.30
10.70
$ 12.42
$ 11.14
12.29
11.09
$ 111.63
$ 113,184,447
$ 25.35
84,831,505
$
9.63
61,529,159
28.27
3,336 AUD$ 11.09
6,158,941 AUD$ 11.28
204,841 HKD$ 12.79
2,694,961 HKD$ 10.81
1,293,554 CNH 10.83
5,112,884
$ 21.97
71,851,341
$
9.88
15,537,802
10.15
1,089,566
12.54
16,132,524
10.79
98,235,328
$ 15.88
440,883,619
$
9.88
82,024,874
23.88
5,488 AUD$ 15.98
3,895 CNH 10.99
3,595
11.38
3,595
10.43
11,403
$ 10.16
10,818 AUD$ 10.27
85,410,802
$ 118.07

Class A$acc
$ 279,839,734
Class A$inc
41,879,477
Class Aacc
47,849,514
Class AAUD$inc
3,111
Class ACHFinc
3,592,152
Class B$acc
907,038
Class B$inc
5,820,426
Class Eacc
1,713,065
Class Einc
1,358,618
Class I$acc
27,521,255
Class I$inc
60,835,926
Class Iacc
10,493,300
Class Iacc
1,685,572
Class Iinc
2,691,135
Class ICHFinc
196,267
Class U$acc
1,099,233
Class U$inc
368,535
Class Uacc
3,252
Class Uinc
3,159
Class Z$acc
220,406,478
176
31 December 2013
$ 16.64
$ 11.28
18.68
AUD$ 10.16
CHF 10.00
$ 14.79
$ 11.28
10.27
9.85
$ 10.33
$ 11.32
12.57
10.24
9.97
CHF 10.08
$ 10.10
$ 10.03
10.29
9.79
$ 101.63
Net Assets
1,532,652
1,430,664
2,223,714
5,381,617
917,033
974,069
974,747
636,658
1,547,079
3,306,685
1,060,636
1,181,488
1,043,455
31,327,817
31 December 2012
NAV Per
Share
$ 11.25
$ 10.56
11.20
10.51
$ 10.90
$ 10.61
10.57
10.71
10.36
$ 11.67
$ 10.62
11.54
10.58
$ 104.41
NAV Per
Share
Net Assets
3,072,606
1,990,134
5,406,535
6,423,366
932,128
989,249
941,346
775,680
2,577,895
14,752,098
1,039,646
3,519,600
1,010,295
$
$
$
$
$
$
11.16
10.71
11.17
10.71
10.92
10.70
10.71
10.72
10.58
11.44
10.71
11.45
10.72
$ 102,471,096
$ 24.15
64,789,124
$
9.50
66,377,563
26.93
2,973 AUD$ 10.44
11,946,519 AUD$ 11.09
143,743 HKD$ 12.19
181,086 HKD$ 10.68
920,216 CNH 10.62
1,896,335
$ 21.03
81,645,967
$
9.64
17,865,276
9.91
1,282,738
11.97
12,557,697
10.66
60,746,378
$ 15.05
489,418,027
$
9.65
55,319,651
22.62
3,506 AUD$ 11.26
3,756 CNH 10.72
3,292
10.77
3,293
10.17
10,863
$ 10.02
9,640 AUD$ 10.01
80,579,336
$ 111.39
$ 80,740,525
$ 22.75
68,861,183
$
9.52
69,946,777
25.47
691,546 AUD$ 11.12

3,539 HKD$ 11.47
3,538 HKD$ 10.69
3,316 CNH 10.48
1,877,685
$ 20.01
117,077,681
$
9.54
23,829,989
9.84
440,594
11.36
10,299,672
10.63
109,073,134
$ 14.03
573,185,392
$
9.54
122,870,877
21.17
3,704 AUD$ 11.16
3,343 CNH 10.49
10,267
$ 10.14
10,331 AUD$ 10.16
64,563,436
$ 102.89
$ 264,391,461
29,447,336
54,777,431
2,891
2,344,611
1,150,140
6,208,510
1,643,628
811,521
11,739,687
59,827,829
11,246,571
1,680,426
4,380,460
228,473
205,831
120,034
3,113
173,985
26,133,421
$ 309,990,432
24,948,588
80,802,633
1,845,974
1,719,034
6,954,148
1,322,056
1,200,463
10,716,700
41,155,456
62,944,596
1,670,862
5,096,510
1,552,066
$ 16.52
$ 11.24
18.55
AUD$ 10.09
CHF
9.97
$ 14.74
$ 11.25
10.23
9.95
$ 10.23
$ 11.28
12.47
10.13
9.93
CHF 10.06
$ 10.01
$
9.99
10.19
10.05
$ 100.25
$
$
CHF
$
$
$
$
CHF
16.43
11.30
18.50
10.07
14.76
11.31
10.22
10.07
10.13
11.33
12.40
10.04
9.96
10.13

14. C APITAL SHARE TRANSACTIONS
For the period ended 30 June 2014

Janus Asia Fund
At beginning of the year . . . . .
Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Class A$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class Iacc
Shares
Class Uacc
Shares
28,612
21,603
(2,655)
47,560
1,415
1,415
3,160
3,160
Janus Balanced Fund
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
Class Ainc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
6,041,642
4,203,083
(2,029,684)
8,215,041
302
5,468,935
(2,501,903)
2,967,334
2,351,641
845,094
(415,544)
2,781,191
8,628
317,250
(118,378)
207,500
Janus Balanced Fund
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
Class Iinc
Shares
Class V$inc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
613,647
153,120
(89,534)
677,233
7,625
72,810
(2,382)
78,053
2,926,838
1,877,256
(239,020)
4,565,074
301
3
304
2,413,274
1,121,167
(2,841,126)
693,315
222
3
225
302
4
306
Class A$acc
Shares
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class Iacc
Shares
Class Uacc
Shares
132,763
1,597
(6,040)
95,618
7,470
(7,279)
100,000
209
100,000
73,368
185
128,320
95,809
100,000
209
100,000
73,368
185
Class A$acc
Shares
Class Aacc
Shares
Class ASEKacc
Shares
Class Eacc
Shares
Class Iacc
Shares
Class ISEKacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
452,112
1,105,646
(157,572)
1,400,186
375,269
601,935
(146,112)
831,092
1,945
1,945
154,743
72,127
(52,754)
174,116
4,217,987
1,718,687
(2,582,682)
3,353,992
7,106,587
7,106,587
Class A$acc
Shares
Class Aacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Janus Europe Fund
Class AAUD$acc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
4,678,830
20,435,184
(13,245,308)
11,868,706
2,130,300
1,864,962
(1,299,410)
2,695,852
318
318
Class A$acc
Shares
Class A$dis
Shares
Class Aacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
20,814
5,921
(5,010)
21,725
Class AAUD$inc
Shares
319
319
Class B$acc
Shares
323
3,516,685
(2,269,108)
1,247,900
Class E$acc
Shares
1,004,169
115,478
(311,807)
807,840
Class Eacc
Shares
1,845
1,251,623
(863,859)
389,609
93,940
28,109
(46)
122,003
Class AHKD$inc
Shares
2,343
29,374,003
(17,432,497)
11,943,849
Class Uacc
Shares
300
300
221
221
Class Zacc
Shares
Class Zinc
Shares
339,878
46,768
(15,112)
371,534
350,000
350,000
Class Iacc
Shares
Class U$acc
Shares
Class Uacc
Shares
Class Uacc
Shares
1,188
22,009
(3,361)
19,836
595,914
1,616,672
(1,211,196)
1,001,390
7,649
166,530
(146,695)
27,484
300
10,857
(1)
11,156
221
63,606
(1)
63,826
185
34,350
(1,600)
32,935
Class Uacc
Shares
Class Iacc
Shares
Class U$acc
Shares
Class Uacc
Shares
429
429
3,104
3,104
2,497
2,497
1,340,554
13,121
(143,625)
1,210,050
2,147,214
1,041,892
(258,872)
2,930,234
282,211
21,794
(61,947)
242,058
300
2,847
(1)
3,146
221
82,224
(1)
82,444
15,386
15,386
Class B$acc
Shares
20,000
20,000
Class I$acc
Shares
20,000
20,000
14,882
14,882
185
185
Class Z$inc
Shares
Class I$acc
Shares
Class Aacc
Shares
474
474
Class Iacc
Shares
Class B$acc
Shares
1,884,458
634,711
(866,008)
1,653,161
274,756
186
274,942
585,589
20,906
(41,338)
565,157
321
8
329
Class U$acc
Shares
Class I$dis
Shares
Class B$acc
Shares
Class VAUD$inc
Shares
Class I$acc
Shares
Class I$acc
Shares
17,043
13,211
(5,446)
24,808
311
721,895
(254,480)
467,726
Class AHKD$acc
Shares
Class ARMB(CNH)acc
Shares
4,829,306
4,040,737
(3,697,742)
5,172,301
513
513
Class ARMB(CNH)inc
Shares
Class Eacc
Shares
300
300
Class B$acc
Shares
Class ACAD$inc
Shares
Class AHKD$acc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
20,609
20,609
Class AAUD$acc
Shares
Class AAUD$acc
Shares
Class Aacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
1,000,031
1,000,031
95,484
54,465
(73,006)
76,943
Class A$acc
Shares
Class A$acc
Shares
185
185
307
307
Janus US Fund
225
225
Class Z$inc
Shares
300,030
300,030
Class Iacc
Shares
14,674
14,674
177

(formerly known as the Janus
Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Value Fund
Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Class A$acc
Shares
2,878,869
697,067
(842,309)
2,733,627
Class A$acc
Shares
937,751
51,466
(622,603)
366,614
Class A$acc
Shares
7,306,072
3,023,121
(3,967,111)
6,362,082
Class A$acc
Shares
3,741,071
3,064,223
(3,619,021)
3,186,273
Class A$acc
Shares
89,970
79,569
(8,526)
161,013

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
23,637
(4,768)
18,869
847,142
61,751
(188,404)
720,489
452,687
3,329
(69,648)
386,368
2,972
1
(2,150)
823
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class I$acc
Shares
33,754
219
33,973
70,531
9,218
(9,570)
70,179
43,604
(18,359)
25,245
Class A$dis
Shares
Class Aacc
Shares
Class AAUD$acc
Shares
11,235
(9,783)
1,452
2,314,427
259,823
(683,136)
1,891,114
Class A$dis
Shares
Class Aacc
Shares
7,519
17,620
(12,914)
12,225
Class Aacc
Shares
Class B$acc
Shares
8,809,870
1,392,393
(2,964,232)
7,238,031
Class Aacc
Shares
253
253
Class A$acc
Shares
300
4,384
4,684
469
469
Class I$dis
Shares
Class Iacc
Shares
Class U$acc
Shares
485,948
227,561
(92,696)
620,813
10,038
10,038
4,567
1,586
(746)
5,407
300
23,172
(3)
23,469
221
2,867
0
3,088
185
185
Class I$dis
Shares
Class Iacc
Shares
Class Z$inc
Shares
Class U$acc
Shares
Class Uacc
Shares
15,739
688
16,427
287
287
Class Eacc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
7,675
9,262
(3,732)
13,205
7,369,790
2,110,369
(1,464,107)
8,016,052
301
301
32,487
5,164
(1,086)
36,565
Class B$acc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
223,547
17,719
(65,093)
176,173
1,075,213
736,861
(330,387)
1,481,687
4,955
2,409
(1,760)
5,604
84,436
54,266
(66,407)
72,295
Class B$acc
Shares
1,072,394
5,340
(143,425)
934,309
Class AAUD$acc
Shares
318
318
Class Eacc
Shares
Class I$acc
Shares
8,989
4,367
13,356
318
318
915,125
365,392
(384,783)
895,734
85,592
96,912
(33,290)
149,214
Class A$acc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Class A$dis
Shares
Class I$acc
Shares
Class Iacc
Shares
112,556
30,548
(142,569)
535
310
780
1,090
2,189
7,569
(1,939)
7,819
Class U$acc
Shares
Class Uacc
Shares
1,300,030
1,300,030
Class Uacc
Shares
300
300
Class Uacc
Shares
300
300
Class U$acc
Shares
Class Uacc
Shares
221
4,635
0
4,856
Class Uacc
Shares
185
185
Class Uacc
Shares
Class Z$acc
Shares
Class Zacc
Shares
1,040,685
214,383
(586,434)
668,634
1,333,248
(740,172)
593,076
250,022
250,022
300
300
221
221
Class IUacc
Shares
Class U$acc
Shares
Class Uacc
Shares
300
61,426
(6)
61,720
221
63,470
(3)
63,688
Class Z$inc
Shares
221
221
1,122,250
1,122,250
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
1,462,982
24,348
(565,952)
921,378
2,624,561
186,033
(716,925)
2,093,669
110,153
3,376
(2,093)
111,436
5,871
536
(1,279)
5,128
14,343,110
1,988,261
(5,912,397)
10,418,974
80,037
334
(1,312)
79,059
1,183,465
462,401
(625,746)
1,020,120
Class A$inc
Shares
Class Aacc
Shares
Class Ainc
Shares
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
23,044
39,622
(15,283)
47,383
4,908
3,466
(947)
7,427
10,573
7,360
(4,011)
13,922
1,161
911
2,072
4,505
8,561
13,066
300
127,334
127,634
234
234
Class Uacc
Shares
185
185
Class Zinc
Shares
815,021
815,021
306
2
308
234
234
Class Uacc
Shares
Class Uacc
Shares
Class U$acc
Shares
239
1
240
Class Uacc
Shares
300
300
221
221
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class I$acc
Shares

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

Shares
Class A$acc
Shares
Class Aacc
Shares
Class ASEKacc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class ICHFacc
Shares
Class Iacc
Shares
Class ISEKacc
Shares
Class Uacc
Shares
Class U$acc
Shares
Class Uacc (Unhedged)

Shares
14,507
14,507
16,600
16,600
12,172
12,172
104,822
104,822
12,172
12,172
200,000
(181,452)
18,548
14,507
14,507
12,172
12,172
104,822
104,822
12,172
12,172
16,600
16,600
9,733
9,733
178
Class U$acc
Shares
Class Iinc
Shares
Class A$acc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Class Iacc
Shares
Class Iacc
Shares
INTECH US Core Fund

Alternatives Fund
Class I$dis
Shares
Class I$inc
Shares
Class Uinc
Shares
202
1
203
Class ZUacc
Shares
344,024
234,061
(578,061)
24
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
1,390,816
382,559
(547,209)
1,226,166
111,187
16,793
(60,832)
67,148
878,163
27,872
(285,939)
620,096
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
1,577,467
362,051
(418,948)
1,520,570
6,804,790
294,232
(1,949,966)
5,149,056

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
3,882,173
719,417
(1,113,503)
3,488,087
Class AAUD$inc
Shares
320
6
326
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
1,945,522
101,731
(305,972)
1,741,281
1,946,089
1,115,545
(740,745)
2,320,889
50,501,283
2,131,571
(3,541,135)
49,091,719
2,035,040
1,179,725
(553,669)
2,661,096
Class Aacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
254,377
20,385
(1,724)
273,038
200,084
16,179
(7,049)
209,214
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
Class Ainc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
156,051
103,311
(55,650)
203,712
182,759
471,929
(42,047)
612,641
352,016
218,179
(143,335)
426,860
1,380,004
555,751
(131,944)
1,803,811
Class Iinc
Shares
Class IAUD$inc
Shares
Class Uacc
Shares
Class Uinc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
394
5,363
5,757
349
15
364
185
185
195
5
200
Class Einc
Shares
9,649
3,216
(7,314)
5,551
9,231
58,717
(6,829)
61,119
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
Class IAUD$inc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
4,036,207
2,624,326
(476,282)
6,184,251
50,730,721
7,450,369
(13,574,264)
44,606,826
1,777,498
1,179,305
(447,689)
2,509,114
349
78,045
(78,030)
364
19,932
403,721
(261,168)
162,485
1,909
37
1,946
165,556
2,891
(25,971)
142,476
593,736
886
(68,110)
526,512
69,471
(12,426)
57,045
1,110,197
48,426
(400,762)
757,861
Class Uinc
Shares
185
185
190
98,137
98,327
Class U$acc
Shares
194,704
194,704
Class V$inc
Shares
1,045
20
1,065
Class Uacc
Shares
300
300
Class VAUD$inc
Shares
Class ZAUD$acc
Shares
300
8
308
Class Uacc
Shares
221
1,066
0
1,287
890,634
890,634
Class Uinc
Shares
185
185
190
3
193
310
5
315
302
5
307
78,799
72,552
(49,764)
101,587
657,007
598,001
(110,823)
1,144,185
372,062
133,400
(20,483)
484,979
1,207,035
640,567
(1,268,665)
578,937
2,329
2,329
333
333
144,317
79,220
(36,331)
187,206
1,791,528
245,506
(447,546)
1,589,488
Class Eacc
Shares
342
13
355
135,495
357,932
(30,074)
463,353
6,818,355
3,333,827
(1,344,739)
8,807,443
Class Binc
Shares
Class Einc
Shares
136,258
145,156
(10,638)
270,776
4,243,695
1,545,880
(1,324,188)
4,465,387
Class B$inc
Shares
Class Eacc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
Class B$acc
Shares
Class Binc
Shares
Class Ainc
Shares
Class AAUD$inc
Shares
Class ARMB(CNH)inc
Shares
Class B$inc
Shares
Class Aacc
Shares
Class Aacc
Shares
3,550
150
3,700
Class B$acc
Shares
Class A$inc
Shares
Class A$inc
Shares
Class Iacc
Shares
13,854,702
614,237
(4,742,977)
9,725,962
Class AAUD$inc
Shares
Class A$acc
Shares
Class A$acc
Shares
Class I$inc
Shares
235
1,831
2,066
Class Iacc
Shares
Class AHKD$inc
Shares
Class Uacc
Shares
791,744
28,967
(54,631)
766,080
Class I$inc
Shares
Class AHKD$acc
Shares
Class Uacc
Shares
300
300
Class Einc
Shares
234
2,434
2,668
319
319
258,859
3,550
262,409

Grade Bond Fund
Class AAUD$acc
Shares
Class U$acc
Shares
Class A$acc
Shares
Class Eacc
Shares
3,499
226
3,725
55,938
160,236
(47,950)
168,224
Class Einc
Shares
Class Eacc
Shares
Class B$inc
Shares
89,806
(49,932)
39,874
Class AAUD$inc
Shares

Income Fund
Class B$acc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
277
277
107,388
25,086
132,474
490
364,697
365,187
Class Z$inc
Shares
300,034
1
300,035
Class B$acc
Shares
Class B$inc
Shares
84,142
84,142
Class Binc
Shares
Class Eacc
Shares
67,028
305
(2,393)
64,940
43,225
16,519
(3,872)
55,872
91,766
421
92,187
Class AAUD$acc
Shares
Class ARMB(CNH)inc
Shares
319
319
524,980
497,183
(280,673)
741,490
Class IRMB(CNH)inc
Shares
Janus US Short-Term
Bond Fund
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
Class AAUD$inc
Shares
Class ACHFinc
Shares

Share issued . . . . . . . . . . . . . .
Share redeemed. . . . . . . . . . . .
At end of period . . . . . . . . . . .
16,003,856
5,670,991
(4,854,438)
16,820,409
2,619,073
1,512,775
(420,760)
3,711,087
2,146,342
170,238
(445,652)
1,870,928
321
4
325
209,694
196,102
(87,243)
318,553
91,470
74,478
(41,798)
124,150
Class Uacc
Shares
2,123
76
2,199
Class AHKD$acc
Shares
185
185
Class B$acc
Shares
Class B$inc
Shares
78,022
17,467
(34,163)
61,326
552,078
7,530
(43,626)
515,981
Class Uinc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
108,513
83,150
(18,429)
173,234
283,407
29,255
(165,897)
146,765
99,840
47,488
147,328
74,426
111,124
(45,910)
139,640
71,692
1,102
72,794
300,034
300,034
Class AHKD$inc
Shares
Class B$acc
Shares
Class B$inc
Shares
Class Binc
Shares
Class Eacc
Shares
Class Einc
Shares
131,509
2,113,684
(313,234)
1,931,959
90,169
161,069
(18,524)
232,714
8,467,340
312,282
(1,506,301)
7,273,321
1,310,418
4,166
(196,804)
1,117,780
77,935
15,625
(30,109)
63,451
856,634
281,130
(45,759)
1,092,005
Class V$inc
Shares
Class VAUD$inc
Shares
Class Z$acc
Shares
195
6
201
1,084
39
1,123
1,070
47
1,117
723,409
723,409
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
116,842
14,943
(9,950)
121,834
59,301
46,593
(5,184)
100,710
1,147,326
2,165,840
(648,910)
2,664,256
5,304,372
1,419,851
(1,349,850)
5,374,373
655,715
196,275
(242,138)
609,852
Class Iinc
Shares
Class ICHFinc
Shares
20,256
11
(3,000)
17,267
Class Z$inc
Shares
Class Iacc
Shares
100,162
(3,956)
96,205
179
Janus US Short-Term
Bond Fund
Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class Iinc
Shares
266,425
38,127
(146,863)
157,689
Class U$acc
Shares
20,570
88,217
108,787
Class U$inc
Shares
Class Uacc
Shares
Class Uinc
Shares
Class Z$acc
Shares
185
185
10,457
1
(10,269)
189
260,672
2,095,618
(187,665)
2,168,625
Class Iacc
Shares
Class Uacc
Shares
Class Z$inc
Shares
12,011
24,732
36,742
For the year ended 31 December 2013

Class A$acc
Shares
Janus Asia Fund

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class Eacc
Shares
Class I$acc
Shares
239,853
28,455
(239,696)
28,612
989
426
1,415
230,063
(226,903)
3,160
Janus Balanced Fund
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
2,360,905
4,972,664
(1,291,927)
6,041,642
302
302
1,555,107
1,499,706
(703,172)
2,351,641
Janus Balanced Fund
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
Class Iinc
Shares
Class V$inc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
83,727
584,227
(54,307)
613,647
7,625
7,625
2,598,711
767,508
(439,381)
2,926,838
301
301
861,869
1,801,274
(249,869)
2,413,274
222
222
302
302
Class A$acc
Shares
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class Iacc
Shares
Class Uacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
139,942
9,210
(16,389)
90,762
35,196
(30,340)
100,000
1,945
2,271
(4,007)
100,000
83,310
21,123
(31,065)
185
At end of year . . . . . . . . . . . . .
132,763
95,618
100,000
209
100,000
73,368
185
Class Aacc
Shares
Class ASEKacc
Shares
Class Eacc
Shares
Class Iacc
Shares
108,395
321,388
(54,514)
375,269
3,889
(1,944)
1,945
2,643
170,373
(18,273)
154,743
82,719
4,352,708
(217,440)
4,217,987
Janus Europe Fund

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class A$acc
Shares
472,053
(19,941)
452,112
225
225
Class Ainc
Shares
Class A$acc
Shares
Class Aacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
1,683,542
9,760,534
(6,765,246)
4,678,830
1,429,193
2,006,836
(1,305,729)
2,130,300
318
318
Class A$acc
Shares
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
71,689
63,454
(114,329)
20,814
3,000
(2,693)
307
135,893
34,479
(74,888)
95,484
35,714
(35,201)
513
Class A$acc
Shares
Class Aacc
Shares
Class B$acc
Shares
Class I$acc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
2,173,771
3,946,357
(1,290,822)
4,829,306
1,258,870
1,170,355
(544,767)
1,884,458
1,869,877
18,347
(547,670)
1,340,554
32,858
2,191,011
(76,655)
2,147,214
Class A$acc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
180
20,609
20,609
Class Aacc
Shares
15,585
1,141
(1,340)
15,386
Class AAUD$acc
Shares
Class B$acc
Shares
20,000
20,000
Class B$acc
Shares
20,000
20,000
Class AAUD$inc
Shares
319
319
Class ACAD$inc
Shares
323
323
Class U$acc
Shares
300
300
Class ARMB(CNH)inc
Shares
311
311
Class Uacc
Shares
221
221
Class AHKD$acc
Shares
1,845
1,845
2,393
91,554
(7)
93,940
Class AHKD$inc
Shares
2,343
2,343
Class VAUD$inc
Shares
321
321
Class Zacc
Shares
339,878
339,878
Class E$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class Iacc
Shares
Class U$acc
Shares
Class Uacc
Shares
Class Uacc
Shares
300
300
1,188
1,188
54,866
585,540
(44,492)
595,914
11,593
7,142
(11,086)
7,649
300
300
221
221
185
185
1,074,007
216,655
(286,493)
1,004,169
Class I$acc
Shares
1,000,031
1,000,031
Class AAUD$acc
Shares
8,628
8,628
Janus US Fund
185
185
Class Eacc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
1,342
18,680
(2,979)
17,043
310,471
(35,715)
274,756
3,008
(2,534)
474
51,035
(36,153)
14,882
Class Iacc
Shares
Class U$acc
Shares
Class Uacc
Shares
7,332
292,644
(17,765)
282,211
300
300
221
221
Class Iacc
Shares
14,674
14,674
Class Uacc
Shares
185
185
Class Z$inc
Shares
300,030
300,030
Class B$acc
Shares
721,556
46,943
(182,910)
585,589

(formerly known as the Janus
Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Value Fund
Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
INTECH Global Dividend Fund(a)
Class A$acc
Shares
5,867,641
437,815
(3,426,587)
2,878,869
Class A$acc
Shares
328,318
705,874
(96,441)
937,751
Class A$acc
Shares
8,697,084
3,480,007
(4,871,019)
7,306,072
Class A$acc
Shares
1,056,197
6,381,852
(3,696,978)
3,741,071
Class A$acc
Shares
108,674
60,975
(79,679)
89,970
Class A$acc
Shares
13,143,419
3,917,129
(8,250,678)
8,809,870
Class A$acc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
300
300
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
39,071
(15,434)
23,637
1,555,809
101,416
(810,083)
847,142
560,966
6,034
(114,313)
452,687
1,978
4,876
(3,882)
2,972
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class I$acc
Shares
38,088
(4,334)
33,754
93,345
6,631
(29,446)
70,531
46,395
(2,791)
43,604
Class A$dis
Shares
Class Aacc
Shares
Class AAUDacc
Shares
6,803
9,783
(5,351)
11,235
3,579,554
758,867
(2,023,994)
2,314,427
Class A$dis
Shares
Class Aacc
Shares
16,467
17,866
(26,814)
7,519
Class Aacc
Shares
Class B$acc
Shares
50,768
128,619
(93,795)
85,592
40,000
(39,531)
469
Class I$dis
Shares
Class Iacc
Shares
942,331
200,122
(656,505)
485,948
1,352,835
(1,342,797)
10,038
783,118
145,367
(923,918)
4,567
Class I$dis
Shares
Class Iacc
Shares
Class Z$inc
Shares
3,000
15,449
(2,710)
15,739
47,302
(47,015)
287
2,600,030
(1,300,000)
1,300,030
Class Eacc
Shares
Class I$acc
Shares
648
9,170
(2,143)
7,675
Class B$acc
Shares
234,855
104,032
(115,340)
223,547
Class B$acc
Shares
318
318
Class Eacc
Shares
Class I$dis
Shares
Class Iacc
Shares
Class U$acc
Shares
Class Uacc
Shares
8,243,693
2,691,278
(3,565,181)
7,369,790
3,000
(2,699)
301
19,338
305,697
(292,548)
32,487
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
Class U$acc
Shares
368,766
1,742,065
(1,035,618)
1,075,213
28,800
3,905
(27,750)
4,955
2,020
285,021
(202,605)
84,436
Class Iacc
Shares
40,000
115,452
(42,896)
112,556
29,347
(29,037)
310
Class U$acc
Shares
Class Uacc
Shares
300
300
221
221
Class B$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
807,002
1,467,469
(811,489)
1,462,982
2,824,949
1,385,972
(1,586,360)
2,624,561
119,167
10,031
(19,045)
110,153
1,843
5,123
(1,095)
5,871
13,824,780
8,367,849
(7,849,519)
14,343,110
87,840
23,211
(31,014)
80,037
2,867,594
1,579,453
(3,263,582)
1,183,465
Class A$inc
Shares
Class Aacc
Shares
Class Ainc
Shares
Class Eacc
Shares
Class Einc
Shares
23,044
23,044
4,908
4,908
10,573
10,573
1,161
1,161
4,505
4,505
Class I$acc
Shares
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
1,734,918
721,422
(834,788)
1,621,552
5,358
(2,737)
2,621
687,323
175,739
(311,520)
551,542
18,874
(4,825)
14,049
2,936,913
313,602
(972,624)
2,277,891
3,063
(2,756)
307
1,109,385
771,785
(475,868)
1,405,302

Alternatives Fund(b)
Class I$acc
Shares
Class AAUD$inc
Shares
200,000
200,000
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
811,935
2,154,503
(1,575,622)
1,390,816
47,557
216,454
(152,824)
111,187
454,931
1,065,283
(642,051)
878,163
320
320
Class B$acc
Shares
36,505
61,364
(8,063)
89,806
Class B$inc
Shares
8,005
2,450
(6,956)
3,499
Class Eacc
Shares
234
234
Class Uacc
Shares
185
185
Class Uacc
Shares
Class Z$acc
Shares
300
300
221
221
1,040,685
1,040,685
1,333,248
1,333,248
Class IUacc
Shares
Class U$acc
Shares
Class Uacc
Shares
Class Uacc
Shares
234
234
Class I$inc
Shares
300
300
Class A$acc
Shares
221
221
1,122,250
1,122,250
Class Aacc
Shares
INTECH US Core Fund
300
300
Class Uacc
Shares
Class Z$inc
Shares
Class A$dis
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class Uacc
Shares
185
185
Class I$acc
Shares
2,189
2,189
Class Uacc
Shares
221
221
1,492,421
17,812
(437,839)
1,072,394
Class AAUDacc
Shares
Class U$acc
Shares
300
300
11,092
(2,103)
8,989
318
318
614,288
808,216
(507,379)
915,125
Class I$acc
Shares
Class U$acc
Shares
300
300
300
300
Class Iacc
Shares
Class Einc
Shares
235
235
Class Iinc
Shares
306
306
234
234
Class Uacc
Shares
Class Uacc
Shares
221
221
221
221
239
239
185
185
Class U$acc
Shares
300
300
Class Uacc
Shares
221
221
Class Uinc
Shares
202
202
Class ZUacc
Shares
344,024
344,024
185
185
Class I$inc
Shares
Class Iacc
Shares
12,003,347
6,500,933
(4,649,578)
13,854,702
2,021
402,317
(400,788)
3,550
181

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class A$acc
Shares
7,336,339
1,802,525
(5,256,691)
3,882,173
Class A$inc
Shares
Class Aacc
Shares
2,054,556
1,629,848
(2,106,937)
1,577,467
17,091,951
2,536,890
(12,824,051)
6,804,790
Class AAUD$inc
Shares
135,159
(79,221)
55,938
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
2,742,835
583,481
(1,380,794)
1,945,522
657,409
2,316,678
(1,027,998)
1,946,089
53,688,316
13,619,379
(16,806,412)
50,501,283
5,818,829
4,920,300
(8,704,089)
2,035,040

Income Fund
Class A$acc
Shares
Class Aacc
Shares
Class Eacc
Shares
250,000
4,377
254,377
194,704
5,380
200,084
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
Class Ainc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
201,488
80,654
(126,091)
156,051
233,866
114,996
(166,103)
182,759
340,603
268,092
(256,679)
352,016
2,025,854
350,909
(996,759)
1,380,004
Class Iinc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
74,638
3,142
(77,386)
394

Grade Bond Fund
Class A$acc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
275,424
67,753
(206,919)
136,258
232
9,417
9,649
232
8,999
9,231
Class IAUD$inc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
7,776,428
1,526,278
(5,266,499)
4,036,207
60,055,767
11,395,999
(20,721,045)
50,730,721
4,398,165
1,629,140
(4,249,807)
1,777,498
320
29
349
801,492
(9,748)
791,744
Class I$inc
Shares
Class Iacc
Shares
Class B$acc
Shares
Class B$inc
Shares
85,398
(1,256)
84,142
92,446
601
(1,281)
91,766
Class Binc
Shares
66,585
443
67,028
Class AAUD$acc
Shares
Class ARMB(CNH)inc
Shares
319
319
1,969
1,727,181
(1,204,170)
524,980
Class IRMB(CNH)inc
Shares
Class Uacc
Shares
1,984
139
2,123
321
321
182
190
190
300,034
300,034
3,309,519
1,400,128
(2,563,305)
2,146,342
185
185
185
185
Class Z$inc
Shares
2,208,516
1,234,691
(824,134)
2,619,073
12,011
12,011
221
221
Class Uinc
Shares
65,261
(64,771)
490
18,872,936
11,449,908
(14,318,988)
16,003,856
20,570
20,570
300
300
Class Uacc
Shares
210,915
4,385
(107,912)
107,388

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
314,992
51,296
(99,863)
266,425
194,704
194,704
Class Uacc
Shares
300
300
90,909
477,867
(568,499)
277
Class ACHFinc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class U$acc
Shares
1,006
39
1,045
289,698
517,343
(150,034)
657,007
Class AAUD$inc
Shares
Class Uacc
Shares
190
190
Class VAUD$inc
Shares
20,325
73,107
(14,633)
78,799
Class Aacc
Shares
Class U$inc
Shares
185
185
Class V$inc
Shares
71,592
1,936
(73,225)
302
Class A$inc
Shares
Class U$acc
Shares
Class Uinc
Shares
99,689
2,678
(102,058)
310
Class A$acc
Shares
Class Iinc
Shares
2,376,412
447,735
(1,713,950)
1,110,197
Class Uacc
Shares
300
300
Janus US Short-Term
Bond Fund
Janus US Short-Term
Bond Fund
110,224
66
(40,819)
69,471
90,909
(90,576)
333
454,283
61,877
(144,098)
372,062
Class Iacc
Shares
859,230
26,946
(292,440)
593,736
317
25
342
366,893
31,032
(253,608)
144,317
Class I$inc
Shares
335,781
13,039
(183,264)
165,556
Class Iacc
Shares
185,889
18,749
(69,143)
135,495
Class I$acc
Shares
1,909
1,909
Class I$inc
Shares
Class Ainc
Shares
154,910
(134,978)
19,932
Class I$acc
Shares
Class Aacc
Shares
59,899
1,310,528
(163,392)
1,207,035
2,329
2,329
Class Einc
Shares
Class A$inc
Shares
2,080,860
961,085
(1,250,417)
1,791,528
Class Eacc
Shares
Class Eacc
Shares
195
195
7,236,413
1,540,601
(1,958,659)
6,818,355
Class Binc
Shares
Class Binc
Shares
185
185
3,549,350
2,547,174
(1,852,829)
4,243,695
Class B$inc
Shares
Class B$inc
Shares
320
29
349
Class AAUD$inc
Shares
Class B$acc
Shares
Class B$acc
Shares
Class Uinc
Shares
Class Aacc
Shares
Class ARMB(CNH)inc
Shares
Class AAUD$inc
Shares
Class Uacc
Shares
Class A$inc
Shares
Class AHKD$inc
Shares
Class Uacc
Shares
251,421
7,438
258,859
Class IAUD$inc
Shares
Class A$acc
Shares
Class AHKD$acc
Shares
319
319
Class U$acc
Shares
Class Einc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class AAUD$acc
Shares
184,654
62,076
(138,217)
108,513
Class AHKD$inc
Shares
167,546
97,480
(55,332)
209,694
116,439
7,024
(45,441)
78,022
614,988
20,072
(82,982)
552,078
Class Uinc
Shares
Class Z$acc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iinc
Shares
Class Z$inc
Shares
97,073
2,767
99,840
232,885
296,057
(454,516)
74,426
71,394
1,983
(1,685)
71,692
300,034
300,034
Class B$acc
Shares
Class B$inc
Shares
Class Binc
Shares
Class Eacc
Shares
Class Einc
Shares
93,820
65,940
(69,591)
90,169
12,272,947
439,136
(4,244,743)
8,467,340
1,835,784
1,352
(526,718)
1,310,418
29,397
62,739
(14,201)
77,935
733,925
802,606
(679,897)
856,634
Class VAUD$inc
Shares
Class Z$acc
Shares
979
91
1,070
627,482
95,927
723,409
1,012
72
1,084
Class Iacc
Shares
1,289,765
1,924,963
(2,931,321)
283,407
2,567
361,135
(232,193)
131,509
Class V$inc
Shares
195
195
Class B$inc
Shares
54,807
23,362
(34,944)
43,225
Class AHKD$acc
Shares
Class Uinc
Shares
185
185
260,672
260,672
Class Einc
Shares
2,391
130,663
(41,584)
91,470
Class B$acc
Shares
10,457
10,457
Class Eacc
Shares
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
98,022
83,740
(64,920)
116,842
90,283
33,638
(64,620)
59,301
1,058,080
3,430,012
(3,340,766)
1,147,326
3,631,395
6,710,884
(5,037,907)
5,304,372
3,845,994
1,385,159
(4,575,438)
655,715
Class ICHFinc
Shares
140,114
47,928
(167,786)
20,256
Class Iacc
Shares
102,502
144,343
(146,683)
100,162
[This page intentionally left blank]

15. NET GAINS AND LOSSES ON FINANCIAL A SSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the period
ended 30 June 2014 year ended 31 December 2013.
Janus Asia
Fund
For periods ended 30 June 2014 and 31 December 2013

Net realised gain/(loss)
Net realised gain/(loss) on Investments . . . . . . . . . . . . . . . . . . . . .
Net realised gain on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . . .
Net realised (loss)/gain on Swaps. . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised gain/(loss) on Forward Currency Contracts . . . . . . . .
Net realised (loss)/gain on Foreign Exchange. . . . . . . . . . . . . . . . .
Net unrealised gain/(loss)
Net unrealised gain/(loss) on Investments . . . . . . . . . . . . . . . . . . .
Net unrealised gain/(loss) on Futures. . . . . . . . . . . . . . . . . . . . . . .
Net unrealised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . .
Net unrealised gain/(loss) on Swaps. . . . . . . . . . . . . . . . . . . . . . . .
Net unrealised (loss)/gain on Forward Currency Contracts . . . . . .
Net unrealised gain/(loss) on Foreign Exchange. . . . . . . . . . . . . . .
Net gain/(loss) on financial assets and liabilities at
fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Emerging
Markets Fund
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
$3,070,637
(312,846)
17,972
(31,168)
$4,189,905
(71,956)
176,924
(125,519)
(123,126)
$5,978,073 $12,908,097
(34,855)
100,685
3,450,313
(103,749)
8,175
$(3,089)
2,676
(8,761)
(3,244)
$86,357
(3,080)
14,010
67,059
(1,254)
8,492,739
41,907
568,978
(252,603)
(5,985)
7,996,957
29,461
1,509,108
36,771
46,911
(111,855)
2,453,011
646,659
(13)
8,645,853
(840,632)
234
10,875,444
(110,210)
21,733,021
1,049,610
345,061
(4,338)
(5,454)
(188,229)
1,758
19,971
1
(2,131,959)
223,975
(60,004)
(17,724)
5,507,700
(187,675)
58,119
(438)
(18,452)
$39,114,361
$322,851
$(3,407)
6,859,324
14,866,607
$5,844,252
$11,851,683
Period ended
30 June
2014
Year ended
31 December
2013
$16,740,243
Janus US Twenty
Fund
Period ended
30 June
2014
Year ended
31 December
2013
Janus US Venture
Fund
Period ended
30 June
2014
Year ended
31 December
2013

Net realised gain/(loss) on Investments . . . . . . . . . . . . . . . . . . . . . $6,483,845
$5,500,882 $25,407,088 $83,983,298 $23,819,340 $18,787,405

(43,999)
(107,154)
124
280
(6,076)
27,044
(169,235)
1,455,006
(55,566)
594,746
6
(1,122)
(26,231)
(177,562)
(57,293)
33,727
4,152,195
28,270,003 (18,161,475) 29,045,956 (18,414,427) 53,132,997

(787)
22,842
(95,386)
762,330
(18,394)
217,089

fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,585,184 $33,712,495
$6,954,761 $115,069,152
$5,273,660 $72,766,244
Janus Global
Real Estate Fund
Period ended
30 June
2014

Net realised gain/(loss) on Investments . . . . . . . . . . . . . . . . . . . . . $14,775,668

109,315
(14,820)
(44,444)
(92,585)
6,596,207

(48,599)

(27,105)

fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,253,637
184
Janus Europe
Fund
Period ended
30 June
2014
Janus US Research
Fund
Janus Balanced
Fund
Janus Flexible
Income Fund

Income Fund
Perkins Global
Value Fund
Period ended
30 June
2014
Year ended
31 December
2013
$2,262,249
(10,270)
22,781
(16,495)
$1,057,943
35
96,950
(26,778)
7,532,680
(247,656)
3,729,118
144,638
$9,543,289
$5,001,906
Janus Global
High Yield Fund
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
$5,028,194
246,861
(227,074)
281,783
343,338
$2,824,164 $(10,982,623)
383
(929,034)
7,386,542
(39,810)
(404,280)
$134,529
49,284
10,380
$(183,678)
4
(347,901)
5,154
$1,232,032
4,895
(406,591)
52,314
$1,569,640
61,476
1,199,988
(27,137)
(37,699,166)
6,079,678
420,647
(26,500)
(498)
66,249
115,139
432
1,138,302
(4,545)
(4,280)
262,728
394,422
3,321
$25,724,629 $(35,619,466)
$587,842
$(344,601)
$2,012,127
$3,464,438
2,975,351
30,868
129,375
$8,808,696
24,266,623
(397,314)
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Year ended
31 December
2013
Year ended
31 December
2013
$17,249,761
574,966
(151,451)
(8,808)
$16,064,507
(239)
1,512,506
(18,349)
$587,677
(12,115)
(3,272)
(185)
$2,847,422
(5,613)
47,723
(9,246)
$5,570,900
64,009
(120,724)
2,513
$3,224,810
40
652,894
10,408
$135,748
1,356
(25)
(3,833)
36
10,810,250
27,155
31,232,180
486,024
1,619,787
(2,330)
5,266,247
28,579
(1,243,860)
(24,267)
(92,722)
9,475,120
24,267
187,270
$28,501,873
$49,276,629
$2,189,562
$8,175,112
$4,155,849
INTECH European
Core Fund(a)
Year ended
31 December
2013
$13,574,809
INTECH Global
Dividend Fund
Period ended
30 June
2014
Year ended
31 December
2013
$153,045
(1,482)
(69)
16,064
(49)
$16,657,849
(107,572)
34,330
$11,547,932
9
228,905
(13,721)
(66,932)
(1,007)
(1,202)
180,219
1,577
4,979
(7,161,041)
(19,260)
12,206,649
314,641
$64,141
$354,284
$9,404,306
$24,284,415
INTECH US
Core Fund
$52,714,336
(290,410)
(36,920)
1,996,751
(58,787)
654,912
244,121
(273,571)
$8,446,976
154,755
(95,574)
$657,551
3
139,649
(237,251)
$7,706,923
(2,790)
(195,605)
(960)
$18,304,214
(11,064)
1,097,189
(2,664)
$273
6,641
26,626
5,471
(29)
(14,736,682)
(114,085)
80,019,206
263,472
1,000,531
2,531,413
(4,052,551)
1,043
4,325,623
2,140
1,664,859
(10,168)
18,278,347
419,783
150
8,813
25,333
6,513
$28,722,247
$135,608,179
3,156,875
$4,454,649
$4,887,715
$9,162,259
$38,085,805
$79,791
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
Year ended
31 December
2013
Janus US Short-Term
Bond Fund
Period ended
30 June
2014
Period ended
30 June
2014
Year ended
31 December
2013

Alternatives Fund
$44,126,679
(317,495)
(232,256)
(3,914)
Janus High
Yield Fund
Period ended
30 June
2014
Year ended
31 December
2013
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
Period ended
30 June
2014
Janus Opportunistic Alpha Fund (formerly

known as the Janus US All Cap Growth Fund)
Period ended
30 June
2014

Grade Bond Fund
Period ended
30 June
2014
Period ended
30 June
2014
Janus US
Fund
Period ended
30 June
2014
Value Fund
Period ended
30 June
2014
Janus Global
Technology Fund
Period ended
30 June
2014
Year ended
31 December
2013
Company Total
in US Dollar
Year ended
31 December
2013
Period ended
30 June
2014
Year ended
31 December
2013
$800,196
1,565
15,561
$400,766
20
321,174
(16,331)
$15,395,662
135,010
(523,774)
(29,149)
$43,022,683
(888,122)
2,746,347
(128,350)
$(404,124)
(52,750)
(15,777)
$(1,661,876)
219
1,607,561
(132,177)
$214,796,259
64,076
954,486
29,813
(2,670,055)
(792,973)
$279,843,167
39,133
1,884,482
(1,008,738)
24,515,087
(1,125,957)
1,680,022
59,809
(5,088)
(316,234)
240,915
2,441
11,691,895
2,493
(28,591,524)
2,218,655
221,874
(125,442)
(1,891,582)
1,294,208
22,179,505
315,779
(156,111)
667,654
(1,225,851)
(9,866)
247,474,010
(249,289)
397,384
(839,457)
15,108,542
6,194
$2,552,065
$632,751
$26,672,137
$18,379,689
$(376,219)
$(783,647)
$234,152,716
$566,044,558
185

16. PORTFOLIO A NALYSIS
As at 30 June 2014
Janus Asia
Fund
Janus Balanced
Fund
Market Value % of Net Market Value

USD
Asset Value
USD
Janus Emerging
Markets Fund
Janus Europe
Fund
% of Net Market Value % of Net Market Value

Asset Value
USD
Asset Value
Euro
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund
Janus Opportunistic
Alpha Fund
(formerly known as
the Janus US All Cap
Growth Fund)
Janus US
Fund
% of Net Market Value % of Net Market Value % of Net Market Value % of Net
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
Janus US
Research Fund
Market Value % of Net Market Value % of Net Market Value % of Net

USD
Asset Value
USD
Asset Value
USD
Asset Value
Transferable securities
admitted to an official
stock exchange listing . . . . 15,732,864
12.9%
245,834,170
48.3%
1,794,312
33.3%
34,853,538
17.1% 152,935,202
37.3%
21,678,395
47.4%
28,683,964
32.9%
796,044
51.0%
49,539,761
57.4% 118,462,629
65.0%
dealt in on another
regulated market . . . . . 86,038,568
70.6%
151,498,415
29.8%
3,130,465
58.1% 160,646,303
78.7% 254,456,166
33.1%
Ancillary liquid assets. . . . . 18,376,890
15.1%
106,678,764
21.0%
247,270
98.6% 504,011,349
99.1%
5,172,047
120,148,322
Janus Global
Investment
Grade Bond Fund
Janus High
Yield Fund
Market Value % of Net Market Value

USD
Asset Value
USD
65.2%
dealt in on another
Ancillary liquid assets. . . . .
213,228,233
4.6%
(754)
62.1%
23,123,433
50.5%
58,003,716
66.6%
721,311
46.2%
33,587,410
38.9%
60,373,600
4,744,030
1.2%
610,835
1.3%
493,273
0.6%
2,077
0.1%
2,988,893
3.5%
2,108,939
1.2%
95.8% 412,135,398
100.6%
45,412,663
99.2%
87,180,953
100.1%
1,519,432
97.3%
86,116,064
99.8% 180,945,168
99.3%
0.0%
96.0% 195,499,087
Janus US
Short-Term Bond Fund
% of Net Market Value % of Net

Asset Value
USD
Asset Value
19.6% 335,693,626
47.4%
24.5%
743,580,170
68.5% 266,597,869
37.6%
5,730,851
8.8%
115,500,320
10.6% 110,757,670
15.6%
64,391,638
98.5% 1,072,308,723
98.7% 713,049,165
100.6%
As at 31 December 2013
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
Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net
USD
Asset Value
USD
Asset Value
USD
Asset Value
Euro
Asset Value
USD
Asset Value
USD
Asset Value
Janus Opportunistic
Alpha Fund
(formerly known as
the Janus US All Cap
Growth Fund)
Janus US
Fund
Market Value % of Net

USD
Asset Value
Market Value
USD
% of Net
Asset Value
Market Value
USD
% of Net
Asset Value
Janus US
Research Fund
Market Value % of Net
USD
Asset Value
37.0%
216,358,510
61.1%
2,665,904
52.4% 113,458,342
74.9% 77,127,584
40.9% 29,417,296
67.6%
33,570,535
42.8%
801,025
53.1%
39,933,523
49.6%
115,922,688
63.4%
dealt in on another
37.4% 37,682,104
24.9% 105,308,074
55.8% 13,571,898
34.7%
Ancillary liquid assets. . . . .
45.5%
127,046,797
35.9%
1,903,989
3,840,601
1.1%
94,293,545
82.5%
347,245,908
98.1%
4,569,893
89.8% 151,140,446
99.8% 182,435,658
31.2%
42,467,314
54.1%
584,611
38.8%
38,845,966
48.3%
63,456,160
96.7% 42,989,194
98.8%
76,037,849
96.9%
1,385,636
91.9%
78,779,489
97.9%
179,378,848
98.1%
17. DIRECTORS R EMUNERATION

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 2014 were $116,502 (approximately
85,000). Directors fees paid up to 30 June 2013 were $107,120 (approximately 81,000).
18. SIGNIFICANT EVENTS DURING THE PERIOD
The Company issued a revised prospectus on 26 March 2014. Details of the changes included in the updated prospectus are listed
on pages 19 and 20.
On 3 June 2014 a single investor redeemed shares to the value of 67,083,919 ($91,368,297) from the Zacc Share Class of INTECH
Global Dividend Fund. The share class remained open as at 30 June 2014.
186
Janus US Twenty
Fund
Janus US
Venture Fund
Perkins Global
Value Fund
Value Fund
INTECH European
Core Fund(a)
INTECH Global
Dividend Fund
Janus Global
Diversified
Aternatives Fund
INTECH US
Core Fund
Janus Global Real

Estate Fund
Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
Euro
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
165,454,908
43.9% 117,645,560
44.8% 66,753,541
47.1% 392,558,839
82.2%
4,535,770
5.3%
657,175
24.1% 127,415,408
80.5%
208,784,122
55.4% 140,932,451
53.7% 62,922,037
44.4% 67,136,867
14.1% 81,008,457
77.9% 29,930,337
18.9%
0.4% 12,008,041
8.5% 18,461,982
0.8%
1,740,597
84.7%
32,637
2,784,978 102.1% 158,581,922 100.2%
1,740,597
84.7% 168,266,544
3,169,254
0.8%
932,992
377,408,284 100.1% 259,511,003
Janus US Twenty
Fund
93.8%
2,124,951
8,712
0.0%
2,852
98.9% 141,683,619 100.0% 478,157,688 100.2% 85,552,939
99.1%
Janus US
Venture Fund
3.9%
Perkins US
Strategic Value
Fund
Perkins Global
Value Fund
INTECH Global
Dividend Fund(a)
INTECH US Core
Fund
0.1%
1,236,177
Janus Global Real

Estate Fund
Janus Flexible
Income Fund
Janus Flexible
Income Fund
Market Value
USD

Income Fund
Janus Global High

Yield Fund
% of Net Market Value % of Net Market Value % of Net

Asset Value
USD
Asset Value
USD
Asset Value
0.0% 97,988,762
57.9% 524,421,097
46.7% 6,562,418
0.0% 70,245,145
41.5% 323,948,164
28.8% 4,078,616
33.9%
57,295,233
55.4%
0.0% 278,127,344
24.8% 1,209,641
10.1%
11,634,132
11.2%
99.4% 1,126,496,605
100.3% 11,850,675
98.5% 100,599,104
97.2%
Janus Global Flexible Janus Global High

Income Fund
Yield Fund
Janus Global
Investment
Grade Bond Fund
54.5%
Janus High
Yield Fund
31,669,739
30.6%
Janus US
Short-Term Bond
Fund
Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net Market Value % of Net
USD Asset Value USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value USD
Asset Value
USD
Asset Value
USD
Asset Value
175,499,528
45.1% 137,535,930
41.8% 102,285,234 79.1% 459,461,823
78.0% 37,627,896
72.4% 111,908,516
77.9% 174,066,905
82.6% 641,255,754
60.3% 6,718,897
64.9% 24,789,544
33.7% 33,406,833 62.4%
209,643,788
20.0% 255,932,843
53.7%
204,267,441
52.4% 172,955,063
52.5% 15,389,165 11.9%
16.7% 13,526,465
26.0% 30,137,099
21.0% 26,458,823
12.6% 385,537,830
36.2% 3,132,256
30.3% 39,330,716
53.5% 17,976,829 33.6%
730,406,348
69.7% 207,168,708
43.5%
66,608,584
6.4% 4,923,197
1.0%
94.2% 51,814,884 96.8% 1,006,658,720
96.1% 468,024,748
98.2%
379,766,969
97.5% 310,490,993
98,367,767
94.3% 117,674,399 91.0% 557,829,590
94.7% 51,154,361
98.4% 142,045,615
98.9% 200,525,728
14,516,886
1.4% 196,616
95.2% 1,041,310,470
97.9% 10,047,769
1.9%
5,168,138
97.1% 69,288,398
7.0%
431,222
0.8%
19. SUBSEQUENT EVENTS

The Company issued a revised prospectus on 28 July 2014. Details of the changes included in the updated prospectus are listed
on pages 20, 21 and 22.
187
Explanation of Charts and Tables

1. PORTFOLIO INVESTMENTS
These schedules report the industry concentrations and types of
financial assets at fair value through profit or loss held in each
Funds 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 mid/
last traded prices as of the last business day of the reporting
year. 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 year. 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 Funds 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 nonrecoverable 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.
188
4. STATEMENT OF CHANGES IN NET A SSETS ATTRIBUTABLE TO HOLDERS

OF R EDEEMABLE ORDINARY SHARES
This statement reports the increase or decrease in the Funds
net assets attributable to holders of redeemable ordinary Shares
during the reporting year. 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 year.
The first section summarises the information from the income
statement regarding changes in net assets because of the Funds
investment performance.
Capital Shares refers to the money investors contribute to the
Funds through purchases or withdraw via redemptions. The
reinvestment of dividends is included under Capital Share
Transactions. The Funds net assets will increase and decrease
in value as investors purchase and redeem Shares from the
Fund.
The next section refers to the opening net asset value for the
Funds.
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.
Statements of Changes in Composition of Portfolio

JANUS ASIA FUND
Major Purchases for the period ended 30 June 2014
SAIC Motor Corp., Ltd.

Youku Tudou, Inc. (ADR)
DLF, Ltd.
Tencent Holdings, Ltd.
ICICI Bank, Ltd.
Louis XIII Holdings, Ltd.
Daqin Railway Co., Ltd.
Samsung Electronics Co., Ltd.
BBMG Corp.
Housing Development Finance Corp., Ltd.
Japan Display, Inc.
Himax Technologies, Inc. (ADR)
WPG Holdings, Ltd.
Astra International Tbk PT
NagaCorp., Ltd.
Poly Culture Group Corp., Ltd.
Merry Electronics Co., Ltd.
Finolex Cables, Ltd.
Infosys, Ltd.
BOC Hong Kong Holdings, Ltd.
Shares or
Principal
Amount
Cost
990,700
55,431
464,146
20,500
60,482
1,449,500
1,090,500
1,167
1,120,000
53,169
143,900
99,170
601,000
1,055,800
714,000
150,900
113,000
206,090
10,942
201,000
$ 2,096,618
1,471,546
1,461,715
1,445,378
1,432,177
1,358,566
1,198,023
1,107,531
872,568
841,218
838,303
817,048
738,886
720,733
689,903
648,157
604,913
603,634
590,989
572,454
Major Sales for the period ended 30 June 2014
DLF, Ltd.
Evergrande Real Estate Group, Ltd.
ICICI Bank, Ltd.
Daqin Railway Co., Ltd.
Samsonite International SA
Samsung Electronics Co., Ltd.
China Telecom Corp., Ltd.
Hindustan Zinc, Ltd.
Chow Tai Fook Jewellery Group, Ltd.
Korea Electric Power Corp.
China Suntien Green Energy Corp., Ltd.
WT Microelectronics Co., Ltd.
Zhen Ding Technology Holding, Ltd.
Shanghai Electric Group Co., Ltd.
Bank Danamon Indonesia Tbk PT
ITC, Ltd.
econtext Asia, Ltd.
China Petroleum & Chemical Corp.
PC Jeweller, Ltd.
Shares or
Principal
Amount
Proceeds
686,555
990,700
4,658,000
60,482
1,090,500
361,500
902
2,270,000
342,521
502,000
25,230
1,738,000
513,779
186,000
1,600,000
1,567,000
97,654
530,000
686,000
210,024
$ 2,530,845
2,096,618
1,938,897
1,432,177
1,198,023
1,118,734
1,096,072
1,073,007
979,595
919,804
860,890
775,813
710,779
594,016
587,981
555,752
551,511
533,407
523,425
444,264
JANUS BALANCED FUND

U.S. Treasury Notes/Bonds, 0.2500%, due 29/2/16

Fannie Mae Pool, 4.0000%, due 1/7/43
Altice SA, 7.7500%, due 15/5/22 (144A)
Samson Investment Co., 10.7500%, due 15/2/20 (144A)
CommScope, Inc., 5.5000%, due 15/6/24 (144A)
Chesapeake Energy Corp., 4.8750%, due 15/4/22
Numericable Group SA, 6.0000%, due 15/5/22 (144A)
FWCT-2 Escrow Corp., 6.8750%, 1/2/22
Avago Technologies, 3.7500%, due 16/4/21
Shares or
Principal
Amount
Cost
22,573,000
21,820,000
19,964,000
19,346,000
19,241,000
17,914,000
13,144,000
9,570,000
6,466,000
5,032,000
3,979,000
3,817,000
3,361,000
3,715,000
3,695,000
3,633,000
3,463,000
3,226,000
3,047,000
3,065,000
$ 22,517,924
22,236,437
19,992,678
19,502,126
19,213,275
18,384,276
13,201,190
9,688,480
6,447,230
5,026,246
3,978,042
3,884,718
3,762,570
3,728,653
3,695,000
3,675,428
3,485,125
3,222,661
3,081,749
3,068,108

General Electric Co.
Community Health, 6.8750%, due 1/2/22
Forest Laboratories, Inc., 4.8750%, due 15/2/21
Bristol-Myers Squibb Co.
Sprint Communications, Inc., 7.0000%, due 15/8/20
Biomet, Inc., 6.5000%, due 1/8/20
Shares or
Principal
Amount
Proceeds
21,820,000
16,410,000
13,991,000
12,751,000
12,496,000
9,021,000
6,466,000
4,406,000
4,116,000
4,013,000
140,569
3,423,000
3,047,000
2,952,000
2,956,000
2,384,000
2,527,000
44,884
1,930,000
1,900,000
$ 22,578,323
16,808,896
13,994,368
12,897,033
12,433,045
8,973,791
6,469,476
4,347,660
4,117,917
4,015,657
3,777,717
3,485,345
3,231,298
2,961,205
2,949,885
2,604,273
2,507,603
2,194,474
2,166,015
2,110,785
189

JANUS EMERGING MARKETS FUND
Arabian Cement Co.

National Bank of Greece SA
Reliance Industries, Ltd.
Housing Development Finance Corp.
Tencent Holdings, Ltd.
Himax Technologies, Inc. (ADR)
Youku Tudou, Inc. (ADR)
WPG Holdings, Ltd.
TBC Bank JSC (GDR)
Louis XIII Holdings, Ltd.
NagaCorp., Ltd.
Prime Car Management SA
TCS Group Holding PLC (GDR)
Poly Culture Group Corp., Ltd.
MediaTek, Inc.
Finolex Cables, Ltd.
Japan Display, Inc.
Merry Electronics Co., Ltd.
Power Grid Corp of India, Ltd.
Shares or
Principal
Amount
53,230
15,307
20,500
2,753
2,367
500
4,298
1,215
26,000
2,419
38,500
32,000
2,123
3,244
6,700
2,000
9,185
4,700
5,000
12,054
Cost
Shares or
Principal
Amount
67,951
46,321
43,384
40,612
37,398
36,307
35,847
34,783
31,960
31,447
31,229
30,918
30,782
29,396
28,778
27,913
26,851
26,777
26,766
26,627
Evergrande Real Estate Group, Ltd.

FirstRand, Ltd.
WT Microelectronics Co., Ltd.
Arabian Cement Co.
PC Jeweller, Ltd.
Hindustan Zinc, Ltd.
Shun Tak Holdings, Ltd.
Strides Arcolab, Ltd.
DLF, Ltd.
Randgold Resources, Ltd.
Mail.ru Group, Ltd. (GDR)
Shanghai Electric Group Co., Ltd.
Millicom International Cellular SA (SDR)
QIWI PLC (ADR)
Prumo Logistica SA
Anhanguera Educacional Participacoes SA
Bank Mandiri Persero Tbk PT
DP World, Ltd.
National Bank of Greece SA
189,000
19,511
44,000
40,300
20,500
22,910
14,212
82,000
3,798
9,897
456
934
96,000
320
710
57,016
4,100
32,200
1,488
7,063
Shares or
Principal
Amount
Proceeds
116,377
80,403
4,102,800
165,117
850,000
560,985
55,000
162,053
39,315
75,986
91,107
156,000
144,919
144,603
35,665
71,245
277,780
149,725
23,798
73,754
5,415,559
4,375,792
3,616,672
3,242,378
2,705,085
2,547,096
2,521,943
2,487,870
2,448,880
2,242,692
2,210,836
2,044,518
1,992,878
1,920,764
1,837,575
1,833,087
1,831,652
1,811,343
1,802,871
1,753,442
Proceeds
78,327
74,658
58,473
57,218
43,384
41,114
40,829
40,367
39,588
38,705
37,297
36,838
35,279
33,650
32,052
29,004
28,366
27,741
27,148
25,884
JANUS EUROPE FUND

Raiffeisen Bank International AG

Kennedy-Wilson, Inc.
Syngenta AG
boohoo.com PLC
ARM Holdings PLC
Novartis AG
Ophir Energy PLC
ASOS PLC
HSBC Holdings PLC
Pets at Home Group PLC
Just-Eat PLC
Rio Tinto PLC
Gaztransport & Technigaz
Vallourec SA
Vodafone Group PLC
Volkswagen AG
Euronext NV
Countrywide PLC
TCS Group Holding PLC (GDR)
AO World PLC
ArcelorMittal
Tate & Lyle PLC
MySale Group PLC
Ashmore Group PLC
190
Shares or
Principal
Amount
Cost
192,982
312,000
13,259
6,124,761
286,344
48,814
970,657
63,766
353,442
975,712
850,000
68,004
55,000
70,842
939,553
12,825
120,435
334,988
369,610
684,939
188,708
259,621
796,822
513,165
4,853,068
3,784,289
3,687,150
3,629,315
3,224,009
3,127,648
3,020,767
2,864,606
2,689,733
2,686,550
2,673,143
2,649,771
2,530,000
2,507,341
2,459,590
2,442,957
2,353,758
2,325,250
2,324,158
2,303,122
2,167,107
2,107,867
2,091,567
2,089,232
LEG Immobilien AG
Nestle SA
boohoo.com PLC
GlaxoSmithKline PLC
Just-Eat PLC
William Hill
Gaztransport & Technigaz
Standard Chartered PLC
Remy Cointreau SA
Imperial Tobacco Group PLC
K+S AG
Kennedy-Wilson, Inc.
Mobistar SA
X5 Retail Group NV (GDR)
Randgold Resources, Ltd.
Raiffeisen Bank International AG
Banco Santander Central Hispand SA
ARM Holdings PLC
Sanofi
Swedish Match AB
JANUS GLOBAL LIFE SCIENCES FUND

Shares or
Principal
Amount
Cost
Gilead Sciences, Inc.

Celgene Corp.
Pharmacyclics, Inc.
Johnson & Johnson
Valeant Pharmaceuticals International, Inc.
Biogen Idec, Inc.
Teva Pharmaceutical Industries, Ltd. (ADR)
Aetna, Inc.
HCA Holdings, Inc.
Express Scripts Holding Co.
Novartis AG
Roche Holding AG
AstraZeneca PLC (ADR)
Catamaran Corp.
NPS Pharmaceuticals, Inc.
Mallinckrodt PLC
St Jude Medical, Inc.
Vertex Pharmaceuticals, Inc.
Eli Lilly & Co.
Abbott Laboratories
Swedish Orphan Biovitrum AB
Medtronic, Inc.
AbbVie, Inc.
Medivation, Inc.
Relypsa, Inc.
Aon PLC
Jazz Pharmaceuticals Plc
Shire PLC (ADR)
Omnicare, Inc.
Tenet Healthcare Corp.
188,370
58,041
83,291
96,621
58,814
24,901
161,056
108,373
154,439
98,134
70,790
79,657
23,283
92,674
127,757
166,970
80,615
83,272
68,725
87,898
130,135
399,218
78,290
94,440
64,821
137,083
53,449
29,750
28,095
71,195
90,307
$ 14,865,627
9,197,833
9,007,365
8,967,962
7,986,141
7,917,846
7,838,459
7,679,404
7,605,992
7,379,225
7,369,888
6,814,360
6,749,416
6,058,369
6,056,295
5,491,319
5,471,354
5,405,512
5,231,163
5,143,651
5,048,439
4,869,129
4,841,835
4,817,585
4,594,097
4,556,637
4,507,848
4,470,592
4,339,069
4,303,528
4,179,117
Shares or
Principal
Amount
Cost
Shares or
Principal
Amount
Proceeds

UCB SA
GlaxoSmithKline PLC
Covidien PLC (U.S. Shares)
Zoetis, Inc.
BioMarin Pharmaceutical, Inc.
Aetna, Inc.
Sanofi
Johnson & Johnson
Stryker Corp.
AstraZeneca PLC (ADR)
Celgene Corp.
Allergan, Inc.
Abbott Laboratories
Salix Pharmaceuticals, Ltd.
Mylan, Inc.
Aegerion Pharmaceuticals, Inc.
Forest Laboratories, Inc.
104,206
80,134
215,520
76,792
68,820
160,435
78,810
59,826
41,541
41,451
46,423
52,121
313,352
23,394
27,056
87,533
33,454
67,699
85,981
32,327
$ 7,928,423
6,335,354
5,613,764
5,532,388
4,879,003
4,618,487
4,616,765
4,463,584
4,375,869
4,113,770
3,686,941
3,621,722
3,555,851
3,466,617
3,389,953
3,371,097
3,328,754
3,281,743
3,146,527
2,960,967
Shares or
Principal
Amount
Alexion Pharmaceuticals, Inc.

Zoetis, Inc.
Tullow Oil PLC
Qatar National Bank SAQ
Hershey Co.
Abbott Laboratories
EOG Resources, Inc.
Pernod Ricard SA
Costco Wholesale Corp.
Ophir Energy PLC
Amdocs, Ltd.
China Construction Bank Corp.
Isuzu Motors, Ltd.
Vallourec SA
Oracle Corp.
Kuehne + Nagel International AG
Cobalt International Energy, Inc.
Alkermes PLC
Brookfield Infrastructure Partners LP
2,008
9,732
18,779
5,342
2,452
6,056
2,206
2,018
20,769
1,898
51,517
4,396
286,000
28,000
3,588
4,515
1,396
9,853
3,832
4,258
JANUS GLOBAL RESEARCH FUND

ARM Holdings PLC

Aon PLC
Microsoft Corp.
MEG Energy Corp.
Inpex Corp.
Keyera Corp.
Encana Corp.
Kroger Co.
Biogen Idec, Inc.
Catamaran Corp.
Pharmacyclics, Inc.
Starbucks Corp.
Teva Pharmaceutical Industries, Ltd. (ADR)
Volkswagen AG
PepsiCo, Inc.
Panalpina Welttransport Holding AG
Core Laboratories NV
Ulta Salon Cosmetics & Fragrance, Inc.
Oracle Corp.
30,049
4,391
8,911
9,234
3,058
22,800
4,980
13,696
7,742
957
5,070
2,468
3,037
4,368
712
2,331
1,127
926
1,933
4,069
490,233
370,831
362,106
321,347
303,401
297,099
296,927
287,869
285,162
283,350
234,074
230,687
229,443
219,546
196,227
193,274
181,487
177,793
175,172
166,337
Proceeds
305,832
296,163
272,918
263,588
248,249
233,997
229,664
225,097
216,050
211,615
207,035
201,250
195,080
188,914
185,690
179,836
179,233
176,358
175,521
166,375
191

JANUS GLOBAL TECHNOLOGY FUND
Shares or
Principal
Amount
Cost
Google, Inc.
Microsoft Corp.
Oracle Corp.
QUALCOMM, Inc.
Belden, Inc.
Apple, Inc.
Google, Inc. Class A
Time Warner Cable, Inc.
ARM Holdings PLC
Yahoo!, Inc.
SAP AG (ADR)
Cadence Design Systems, Inc.
Care.com, Inc.
American Tower Corp.
SK Hynix, Inc.
Taiwan Semiconductor Manufacturing Co., Ltd.
Facebook, Inc.
Comcast Corp.
Sensata Technologies Holding NV
ANSYS, Inc.
7,132
104,295
76,968
37,991
23,975
3,061
1,099
8,174
66,957
22,530
10,563
51,199
48,076
7,835
18,170
178,000
10,065
12,170
14,489
6,930
$ 3,923,392
3,905,336
3,130,660
2,886,998
1,729,612
1,651,887
1,214,558
1,108,301
1,069,234
914,368
841,854
722,154
683,124
651,915
641,166
632,113
622,904
606,584
581,306
548,071
Shares or
Principal
Amount
Proceeds

Oracle Corp.
MasterCard, Inc. Class A
eBay, Inc.
FANUC Corp.
Apple, Inc.
Telefonaktiebolaget LM Ericsson
Amphenol Corp.
Rakuten, Inc.
Amdocs, Ltd.
Intuit, Inc.
Informatica Corp.
Xilinx, Inc.
Red Hat, Inc.
TIBCO Software, Inc.
Cognizant Technology Solutions Corp. Class A
Teradata Corp.
Verisk Analytics, Inc. Class A
Twenty-First Century Fox, Inc.
Bwin.Party Digital Entertainment PLC
7,395
84,674
28,425
36,433
11,400
10,822
107,639
11,342
74,100
18,751
11,240
20,057
15,392
13,578
31,770
13,378
16,525
10,851
18,320
282,600
$ 4,365,011
3,195,635
2,215,011
1,958,215
1,933,385
1,643,968
1,363,814
1,029,127
979,752
831,064
822,940
790,636
785,057
763,082
706,017
698,859
688,507
659,519
584,915
579,548
Shares or
Principal
Amount
JANUS US FUND
Comcast Corp.
Home Depot, Inc.
Starbucks Corp.
Amazon.com, Inc.
Jazz Pharmaceuticals Plc
American Tower Corp.
ARM Holdings PLC
salesforce.com, Inc.
QUALCOMM, Inc.
PPG Industries, Inc.
Catamaran Corp.
Aon PLC
Chipotle Mexican Grill, Inc.
Honeywell International, Inc.
Biogen Idec, Inc.
Colfax Corp.
Pharmacyclics, Inc.
Johnson & Johnson
192
Shares or
Principal
Amount
801
496
326
62
158
278
1,442
374
295
85
148
329
168
25
393
133
42
175
128
122
Cost
40,729
39,432
23,697
23,511
22,983
22,827
22,481
22,006
21,819
16,862
15,260
15,038
14,365
13,896
12,798
12,445
12,371
11,982
11,922
10,866
Intuit, Inc.
Ball Corp.
L Brands, Inc.
eBay, Inc.
NIKE, Inc. Class B
Teradata Corp.
WW Grainger, Inc.
Tyco International, Ltd. (U.S. Shares)
TJX Cos., Inc.
Pernod Ricard SA
AbbVie, Inc.
Perrigo Co. PLC
CBS Corp. Class B
Monsanto Co.
Informatica Corp.
Google, Inc.
414
510
322
312
418
396
153
225
357
61
360
252
124
292
84
185
99
60
252
18
Proceeds
32,789
27,391
24,996
23,932
22,660
21,405
17,237
16,966
15,864
15,574
14,661
14,653
14,289
13,972
12,858
11,102
11,033
10,839
10,716
10,269
JANUS OPPORTUNISTIC ALPHA FUND (FORMERLY KNOWN AS

THE JANUS US ALL CAP GROWTH FUND)
Shares or
Principal
Amount
Cost
Concordia Healthcare Corp.

Mallinckrodt PLC
United Continental Holdings, Inc.
Questcor Pharmaceuticals, Inc.
Endo International PLC
Hertz Global Holdings, Inc.
Knowles Corp.
St. Joe Co.
Murphy USA, Inc.
Post Holdings, Inc.
Tribune Co.
Motorola Solutions, Inc.
Insys Therapeutics, Inc.
Lands' End, Inc.
Omnicare, Inc.
Wendy's Co.
Pacira Pharmaceuticals, Inc.
WCI Communities, Inc.
Microsoft Corp.
Six Flags Entertainment Corp.
E*TRADE Financial Corp.
Spirit Airlines, Inc.
Anadarko Petroleum Corp.
360,408
81,249
92,907
44,982
46,712
92,786
86,178
130,271
48,076
46,385
27,275
31,084
82,486
60,603
25,336
180,480
21,962
78,000
36,487
36,339
68,254
19,388
10,449
$ 5,613,686
5,046,005
4,051,264
3,983,194
2,865,757
2,648,053
2,527,472
2,433,710
2,401,859
2,328,373
2,128,713
2,045,413
1,797,750
1,715,161
1,564,642
1,539,744
1,479,038
1,447,680
1,446,994
1,425,012
1,382,563
1,110,864
1,039,646
Shares or
Principal
Amount
Proceeds
Concordia Healthcare Corp.

Varian Medical Systems, Inc.
Apple, Inc.
Solera Holdings, Inc.
Xilinx, Inc.
Celgene Corp.
GlaxoSmithKline PLC (ADR)
Amazon.com, Inc.
Expeditors International of Washington, Inc.
TE Connectivity, Ltd. (U.S. Shares)
Sensata Technologies Holding NV
EMC Corp.
eBay, Inc.
Sanofi (ADR)
Oracle Corp.
C.H. Robinson Worldwide, Inc.
KLA-Tencor Corp.
Verisk Analytics, Inc. Class A
Google, Inc.
Omnicom Group, Inc.
Intuit, Inc.
athenahealth, Inc.
MSCI, Inc.
Crown Castle International Corp.
Gartner, Inc.
Atmel Corp.
Masimo Corp.
LPL Financial Holdings, Inc.
225,704
52,052
8,081
58,831
70,191
23,725
56,589
9,150
67,287
39,067
54,682
83,205
37,732
36,711
47,902
3,114
33,655
27,802
26,674
2,840
21,317
18,977
10,560
27,304
14,293
14,604
127,351
35,435
19,094
$ 5,606,168
4,358,832
4,241,105
3,728,503
3,670,273
3,473,471
2,971,712
2,936,683
2,679,203
2,389,959
2,310,995
2,103,824
2,066,071
1,886,319
1,877,519
1,845,922
1,768,207
1,753,666
1,615,066
1,496,072
1,469,300
1,400,764
1,374,876
1,155,912
1,066,979
1,054,007
970,181
955,696
947,759
Shares or
Principal
Amount
Proceeds
66,731
16,281
11,813
13,617
42,375
88,610
12,817
50,277
12,272
18,286
25,766
27,751
24,722
9,495
20,077
10,031
9,346
19,485
9,411
17,086
$ 2,631,076
1,838,869
1,823,238
1,770,878
1,635,707
1,584,087
1,470,929
1,462,020
1,397,689
1,386,113
1,176,614
1,145,199
1,118,223
1,088,390
1,055,578
1,017,832
910,323
879,804
874,575
860,533
JANUS US RESEARCH FUND

Microsoft Corp.
Aon PLC
MSC Industrial Direct Co., Inc.
Biogen Idec, Inc.
Altria Group, Inc.
PepsiCo, Inc.
Pharmacyclics, Inc.
Mallinckrodt PLC
Johnson & Johnson
Chevron Corp.
Lowe's Cos., Inc.
Rockwood Holdings, Inc.
Core Laboratories NV
Facebook, Inc.
McCormick & Co., Inc.
Air Products & Chemicals, Inc.
Intercontinental Exchange, Inc.
Shares or
Principal
Amount
Cost
53,552
25,205
16,434
18,316
19,008
4,972
40,956
16,517
12,616
21,147
13,707
10,143
22,835
15,014
5,327
14,307
4,485
11,105
5,824
3,425
$ 2,130,379
2,128,189
1,630,512
1,615,561
1,614,073
1,454,771
1,443,692
1,377,808
1,353,635
1,297,480
1,272,783
1,212,460
1,074,864
1,068,969
1,024,578
910,822
827,525
799,920
747,820
712,070
Oracle Corp.
EOG Resources, Inc.
Abbott Laboratories
Cobalt International Energy, Inc.
Allergan, Inc.
Zoetis, Inc.
Apple, Inc.
Intuit, Inc.
Alkermes PLC
Teradata Corp.
Fastenal Co.
Monsanto Co.
L Brands, Inc.
Hershey Co.
Brown-Forman Corp.
eBay, Inc.
193

JANUS US TWENTY FUND
Shares or
Principal
Amount
Cost
PacWest Bancorp
Google, Inc.
Endo Health Solutions, Inc.
Towers Watson & Co.
Pharmacyclics, Inc.
salesforce.com, Inc.
Amazon.com, Inc.
Medivation, Inc.
ARM Holdings PLC (ADR)
Celgene Corp.
Priceline Group, Inc.
LyondellBasell Industries NV
Microsoft Corp.
Blackstone Group LP
AbbVie, Inc.
230,322
15,444
103,731
135,017
53,704
65,806
88,250
6,132
24,261
34,602
46,629
8,990
1,144
1,178
15,197
33,439
14,678
32,453
18,975
11,564
$ 9,638,853
8,600,110
7,271,392
6,527,550
6,183,021
5,838,374
5,086,363
2,364,282
1,820,390
1,710,328
1,516,895
1,453,061
1,430,542
1,400,651
1,259,643
1,253,663
1,112,231
1,033,465
960,313
949,311
Shares or
Principal
Amount
Proceeds

Oracle Corp.
eBay, Inc.
Diageo PLC (ADR)
L Brands, Inc.
Garmin, Ltd.
Apple, Inc.
Vertex Pharmaceuticals, Inc.
Teradata Corp.
Regeneron Pharmaceuticals, Inc.
LyondellBasell Industries NV
Priceline Group, Inc.
Celgene Corp.
Microsoft Corp.
Blackstone Group LP
AbbVie, Inc.
MasterCard, Inc.
16,293
206,680
145,575
226,912
135,190
122,992
13,170
66,642
87,840
5,508
45,737
14,906
1,123
8,817
32,799
14,396
31,833
18,612
12,081
11,342
$ 9,453,683
8,126,285
7,531,729
7,362,847
7,295,348
7,002,272
6,829,618
6,266,817
4,133,828
1,830,609
1,571,485
1,430,137
1,407,402
1,376,848
1,312,048
1,048,168
1,035,911
993,997
926,026
914,418
Proceeds
$ 45,677,132
23,098,088
7,794,787
5,108,084
3,296,595
3,003,499
2,821,190
2,733,602
2,712,902
2,671,336
2,665,255
2,629,636
2,366,511
2,343,462
2,300,949
2,274,668
2,148,680
2,127,058
2,120,805
2,102,527
JANUS US VENTURE FUND

Shares or
Principal
Amount
Cost
Shares or
Principal
Amount
iShares Russell 2000 Growth Index Fund

iShares Russell 2000 Index Fund
Sally Beauty Holdings, Inc.
Mallinckrodt PLC
Diamond Resorts International, Inc.
MAXIMUS, Inc.
CTS Corp.
Popeyes Louisiana Kitchen, Inc.
OSI Systems, Inc.
FXCM, Inc.
WEX, Inc.
Carter's, Inc.
Measurement Specialties, Inc.
ServiceMaster Global Holdings, Inc.
SS&C Technologies Holdings, Inc.
Phibro Animal Health Corp.
FleetMatics Group PLC
Diplomat Pharmacy, Inc.
Biglari Holdings, Inc.
Envestnet, Inc.
284,342
206,724
184,831
55,220
157,896
70,233
149,729
56,517
38,421
137,225
24,414
28,334
31,753
108,922
43,633
104,392
44,198
11
3,192
38,541
$ 37,465,942
22,980,850
4,657,947
3,507,240
2,979,585
2,974,145
2,872,314
2,258,330
2,254,769
2,223,737
2,075,575
1,974,128
1,887,100
1,872,229
1,741,285
1,674,077
1,596,512
1,562,816
1,434,012
1,407,751
iShares Russell 2000 Growth Index Fund

iShares Russell 2000 Index Fund
Measurement Specialties, Inc.
SS&C Technologies Holdings, Inc.
Ritchie Bros Auctioneers, Inc.
Cadence Design Systems, Inc.
Jones Lang LaSalle, Inc.
Blackbaud, Inc.
Phillips 66 Partners L.P
Broadridge Financial Solutions, Inc.
Polypore International, Inc.
Carter's, Inc.
WESCO International, Inc.
Wabtec Corp.
LPL Financial Holdings, Inc.
Wolverine World Wide, Inc.
Zillow, Inc.
GrafTech International, Ltd.
Ultragenyx Pharmaceutical, Inc.
Dresser-Rand Group, Inc.
345,642
206,724
99,901
126,377
136,267
196,793
23,662
84,832
53,506
70,104
71,805
35,520
27,061
31,175
45,825
83,543
20,451
196,842
40,792
34,811
194
PERKINS GLOBAL VALUE FUND

Shares or
Principal
Amount
Cost
Coca-Cola Co.
Capitol Federal Financial, Inc.
C&C Group PLC
Procter & Gamble Co.
Republic Services, Inc.
Matas A/S
UTi Worldwide, Inc.
Stock Spirits Group PLC
Tesco PLC
Cenovus Energy, Inc.
America Movil SAB de CV
GlaxoSmithKline PLC
Danone SA
Rogers Communications, Inc.
CIT Group, Inc.
Lectra
G4S PLC
Sanofi
PepsiCo, Inc.
Oracle Corp.
57,714
137,651
182,791
11,734
27,377
31,685
92,703
172,764
179,062
30,573
788,500
27,535
10,355
18,268
14,406
55,936
148,358
5,177
4,874
8,773
$ 2,252,067
1,652,507
1,097,698
934,424
919,443
897,273
896,321
884,457
877,815
872,288
796,161
739,439
721,415
716,473
656,297
594,827
578,617
520,133
385,685
343,215
Molson Coors Brewing Co. Class B

Vivendi SA
Aetna, Inc.
Kangwon Land, Inc.
WellPoint, Inc.
Total SA
General Dynamics Corp.
Diebold, Inc.
Fukuda Denshi Co., Ltd.
Nakanishi, Inc.
Hancock Holding Co.
Roche Holding AG
Stryker Corp.
As One Corp.
Microsoft Corp.
Rockwell Collins, Inc.
Tsurumi Manufacturing Co., Ltd.
Two Harbors Investment Corp.
Exelon Corp.
Oracle Corp.
Shares or
Principal
Amount
Proceeds
42,594
79,479
11,878
30,050
8,751
11,798
5,930
19,573
11,400
14,400
15,045
1,827
5,545
15,000
8,305
4,105
20,000
19,552
5,925
5,041
$ 2,703,538
2,196,314
859,693
848,462
844,185
819,570
650,847
646,939
597,741
569,137
524,535
519,871
449,235
417,178
326,693
323,540
263,346
202,365
200,839
200,350
PERKINS US STRATEGIC VALUE FUND

Shares or
Principal
Amount
Cost

Prosperity Bancshares, Inc.
Northern Trust Corp.
NRG Yield, Inc.
T. Rowe Price Group, Inc.
Southern Co.
M&T Bank Corp.
Chevron Corp.
Sysco Corp.
Procter & Gamble Co.
Capital Federal Financial, Inc.
United Technologies Corp.
Zions Bancorporation
Casey's General Stores, Inc.
Motorola Solutions, Inc.
Kansas City Southern
Zoetis, Inc.
Mattel, Inc.
Edison International
Pfizer, Inc.
148,000
102,000
90,000
128,191
65,000
117,374
40,472
36,747
114,363
51,000
328,302
34,118
127,500
56,595
58,539
38,000
120,000
93,364
60,680
109,401
$ 8,508,932
6,438,145
5,594,394
5,330,200
5,234,966
5,183,186
4,631,383
4,335,483
4,167,784
4,094,932
4,034,690
3,974,379
3,837,306
3,810,928
3,810,048
3,749,564
3,500,638
3,456,771
3,442,500
3,310,092
Shares or
Principal
Amount
Proceeds
Molson Coors Brewing Co. Class B

Raymond James Financial, Inc.
Fifth Third Bancorp
Occidental Petroleum Corp.
Merck & Co., Inc.
Citigroup, Inc.
Nordstrom, Inc.
Cisco Systems, Inc.
Analog Devices, Inc.
EMC Corp.
ADT Corp.
CIT Group, Inc.
Tetra Tech, Inc.
Ameriprise Financial, Inc.
American International Group, Inc.
Emcor Group, Inc.
HollyFrontier Corp.
IntercontinentalExchange Group, Inc.
National Oilwell Varco, Inc.
McKesson Corp.
150,471
125,702
280,000
65,000
100,000
104,984
80,000
209,570
93,678
178,056
145,000
95,000
150,000
40,000
79,809
95,000
82,398
21,000
55,000
25,000
$ 8,360,310
6,492,978
6,224,558
6,027,203
5,607,751
5,048,709
4,819,934
4,800,765
4,736,555
4,646,823
4,538,825
4,525,001
4,259,616
4,255,034
4,210,377
4,173,621
4,148,835
4,134,049
4,081,941
4,075,836
Shares or
Principal
Amount
Pirelli & C. SpA

Seadrill, Ltd.
ASML Holding NV
IMI PLC
Veolia Environnement SA
BAE Systems PLC
Gemalto NV
ProSiebenSat.1 Media AG
Merck KGaA
Diageo PLC
ArcelorMittal
Melrose Industries PLC
SSE PLC
Meggitt PLC
Voestalpine AG
Carrefour SA
J Sainsbury PLC
Iliad SA
Friends Life Group, Ltd.
Sky Deutschland AG
59,570
26,355
10,194
34,652
43,478
109,476
6,607
16,252
4,020
21,868
40,034
123,126
25,516
71,589
12,636
14,357
100,094
1,540
88,269
52,951
INTECH EUROPEAN CORE FUND(a)

Lloyds Banking Group PLC

Nokia Oyj
Reed Elsevier NV
Next PLC
Legal & General Group PLC
Continental AG
BT Group PLC
ITV PLC
Prudential PLC
Alcatel-Lucent
Whitbread PLC
Associated British Foods PLC
Roche Holding AG
Sampo Oyj
Skandinaviska Enskilda Banken AB
Airbus Group NV
Swiss Re AG
Invik & Co.
Koninklijke KPN NV
Compass Group PLC
Shares or
Principal
Amount
Cost
4,072,189
321,134
176,001
20,336
544,614
8,022
252,757
482,697
72,284
360,521
23,292
31,338
4,815
27,592
126,430
16,851
13,476
56,648
299,060
73,535
2,135,580
1,653,226
1,624,300
1,557,801
1,437,141
1,282,283
1,187,432
1,162,529
1,087,946
1,083,291
1,070,830
1,042,816
982,599
951,115
912,826
887,063
864,838
831,261
829,791
820,618
Proceeds
725,837
711,540
685,450
634,624
622,441
557,700
539,039
538,767
506,365
485,743
469,472
451,387
444,556
436,564
418,638
383,648
373,722
348,062
344,259
343,028
195

INTECH GLOBAL DIVIDEND FUND
Shares or
Principal
Amount
Cost
Shares or
Principal
Amount
Proceeds
Vodafone Group PLC

Lockheed Martin Corp.
Seagate Technology PLC
Raytheon Co.
AstraZeneca PLC
Lorillard, Inc.
Teva Pharmaceutical Industries, Ltd.
Snam SpA
Hoya Corp.
Public Service Enterprise Group, Inc.
Randstad Holdings NV
Wolters Kluwer NV
Wynn Macau, Ltd.
Siemens AG
Adecco SA
Suez Environnement Co.
Vinci SA
Elisa Oyj
Direct Line Insurance Group PLC
Garmin, Ltd.
G4S PLC
Maxim Integrated Products, Inc.
Lonza Group AG
Reed Elsevier PLC
Lagardere SCA
Belgacom SA
Canadian Imperial Bank of Commerce
Paychex, Inc.
Anglo American PLC
Daimler AG
Gas Natural SDG SA
Linear Technology Corp.
CRH PLC
Hugo Boss AG
Kimberly-Clark Corp.
RTL Group
Red Electrica Corp. SA
Admiral Group PLC
Intel Corp.
Nippon Telegraph & Telephone Corp.
British Sky Broadcasting Group PLC
Reed Elsevier NV
Freeport-McMoRan Copper & Gold, Inc.
DTE Energy Co.
Williams Cos., Inc.
Terna Rete Elettrica Nazionale SpA
ICAP PLC
Antofagasta PLC
NiSource, Inc.
Toronto-Dominion Bank
TDC A/S
Fortum Oyj
Axel Springer SE
Clorox Co.
SCANA Corp.
AbbVie, Inc.
Pfizer, Inc.
Delhaize Group SA
People's United Financial, Inc.
Tele2 AB Class B
Bouygues SA
Bezeq The Israeli Telecommunication Corp., Ltd.
PG&E Corp.
Sonic Healthcare, Ltd.
Daiichi Sankyo Co., Ltd.
AMEC PLC
Wisconsin Energy Corp.
Bank of Montreal
Singapore Press Holdings, Ltd.
Yangzijiang Shipbuilding Holdings, Ltd.
Koninklijke Boskalis Westminster NV
Rexel SA
Royal Dutch Shell PLC
Swiss Re AG
403,541
8,700
20,900
11,600
15,699
19,700
18,900
17,904
148,078
226,842
27,600
19,100
11,389
25,578
152,800
4,730
7,490
32,624
8,767
22,046
129,150
12,500
141,161
17,300
5,483
37,462
15,222
18,504
6,800
12,600
18,935
6,064
20,125
11,000
17,662
3,289
3,800
3,269
5,624
15,688
15,200
6,800
25,344
17,756
10,100
4,100
7,700
63,215
48,156
22,739
8,500
3,500
31,824
13,436
4,495
3,200
5,100
5,400
8,700
3,611
15,900
20,414
5,803
143,577
5,000
14,580
12,300
12,146
4,400
3,300
63,000
210,000
3,917
7,298
4,809
2,030
$ 1,543,804
1,319,094
1,115,782
1,103,474
1,016,756
968,460
945,000
901,306
814,071
807,268
768,614
754,568
726,543
706,871
675,236
599,719
589,952
586,016
575,685
565,485
565,279
563,463
557,185
554,488
551,716
549,244
538,108
529,103
528,942
527,248
510,590
508,398
498,464
490,234
458,927
416,748
415,855
399,656
393,949
374,702
373,232
370,411
366,970
366,350
327,537
322,927
315,151
307,568
307,278
303,518
303,046
302,912
299,331
289,184
287,994
282,633
270,863
266,002
264,639
264,327
226,075
225,239
222,756
218,105
214,791
210,753
207,593
206,787
203,903
201,808
196,864
189,721
188,169
187,979
176,863
175,692
Lockheed Martin Corp.

Lorillard, Inc.
Raytheon Co.
AstraZeneca PLC
Hoya Corp.
Seagate Technology PLC
Snam SpA
Gas Natural SDG SA
Reed Elsevier PLC
Reed Elsevier NV
Siemens AG
Roche Holding AG
Daimler AG
British Sky Broadcasting Group PLC
Wolters Kluwer NV
Garmin, Ltd.
Vodafone Group PLC
Wynn Macau, Ltd.
Public Service Enterprise Group, Inc.
Elisa Oyj
Sampo
Belgacom SA
Suez Environnement Co.
Fortum Oyj
Randstad Holdings NV
Vinci SA
Red Electrica Corp. SA
Lonza Group AG
Maxim Integrated Products, Inc.
Adecco SA
Kimberly-Clark Corp.
G4S PLC
Ferrovial SA
Sonic Healthcare, Ltd.
Bank of Montreal
Standard Life PLC
Direct Line Insurance Group PLC
Terna Rete Elettrica Nazionale SpA
Lagardere SCA
Linear Technology Corp.
TDC A/S
CRH PLC
Hugo Boss AG
Telstra Corp., Ltd.
Pfizer, Inc.
Sempra Energy
Cie Generale des Etablissements Michelin
Anglo American PLC
Admiral Group PLC
Intel Corp.
Koninklijke Boskalis Westminster NV
RTL Group
Williams Cos., Inc.
Koninklijke DSM NV
Bouygues SA
ICAP PLC
Paychex, Inc.
BHP Billiton, Ltd.
EDP Energias de Portugal SA
Freeport-McMoRan Copper & Gold, Inc.
Clorox Co.
SES SA
BAE Systems PLC
Singapore Press Holdings, Ltd.
NiSource, Inc.
Cie de St-Gobain
ConocoPhillips
Muenchener Rueckversicherungs AG
DTE Energy Co.
Zardoya Otis SA
Axel Springer SE
Canadian Imperial Bank of Commerce
Teva Pharmaceutical Industries, Ltd.
Insurance Australia Group, Ltd.
38,400
95,500
114,800
54,600
1,107,177
56,664
129,000
64,800
533,844
108,555
199,032
140,403
23,466
10,263
31,728
188,048
86,067
42,600
702,340
591,600
61,800
79,167
46,998
72,774
116,838
95,745
38,610
30,132
25,842
19,599
59,100
24,339
17,900
483,174
92,208
119,304
27,300
285,285
420,969
325,158
51,153
37,500
176,340
61,167
11,622
331,230
55,500
16,200
12,936
63,522
61,524
52,800
24,771
12,006
29,100
19,005
28,221
199,743
31,000
36,399
258,243
35,400
13,500
33,462
163,737
348,000
30,600
20,049
14,100
5,124
14,700
62,412
17,526
12,600
21,200
197,148
$ 6,289,461
5,665,642
5,618,414
5,341,469
4,261,308
4,123,772
4,097,051
3,467,881
3,159,515
3,157,700
3,132,417
3,116,116
3,115,895
3,056,691
3,009,313
2,747,119
2,542,218
2,470,966
2,439,311
2,429,853
2,419,200
2,379,358
2,366,996
2,366,017
2,361,712
2,339,360
2,260,928
2,232,045
2,199,536
2,085,214
2,019,963
2,002,165
1,987,461
1,985,772
1,981,834
1,934,578
1,915,780
1,852,763
1,792,814
1,755,350
1,731,315
1,723,927
1,691,992
1,670,180
1,657,901
1,643,205
1,641,223
1,627,411
1,604,113
1,549,811
1,496,946
1,459,539
1,419,353
1,383,217
1,361,614
1,357,620
1,308,955
1,289,862
1,255,713
1,226,276
1,224,330
1,205,328
1,194,007
1,192,899
1,163,385
1,159,757
1,149,233
1,145,513
1,124,762
1,121,532
1,119,737
1,116,858
1,116,226
1,098,222
1,085,044
1,078,393
196
INTECH GLOBAL DIVIDEND FUND (CONT.)

Zardoya Otis SA
BAE Systems PLC
Insurance Australia Group, Ltd.
Metcash, Ltd.
Total SA
Metso Oyj
Sempra Energy
SSE PLC
Statoil ASA
Toll Holdings, Ltd.
Hasbro, Inc.
Swisscom AG
Bank of Nova Scotia
TeliaSonera AB
Gjensidige Forsikring ASA
Orica, Ltd.
Eutelsat Communications SA
British American Tobacco PLC
Power Financial Corp.
EDP Energias de Portugal SA
SCOR SE
Skanska AB
Flight Centre Travel Group, Ltd.
Nokian Renkaat Oyj
Power Corp. of Canada
WM. Morrison Supermarkets PLC
Geberit AG
Singapore Telecommunications, Ltd.
CLP Holdings, Ltd.
Mapfre SA
GlaxoSmithKline PLC
Boliden AB
CA, Inc.
Husqvarna AB
BHP Billiton PLC
Zurich Insurance Group AG
Centrica PLC
Tesco PLC
Swire Pacific, Ltd.
Agrium, Inc.
Orkla ASA
Unilever PLC
Swiss Prime Site AG
Shares or
Principal
Amount
10,324
24,496
35,936
63,900
2,801
4,391
5,068
1,700
6,843
6,188
30,220
3,000
267
2,600
18,826
7,120
3,717
5,941
3,989
2,430
3,900
30,828
3,537
5,761
2,726
2,604
4,100
27,628
377
38,000
14,000
25,130
3,947
6,590
3,100
17,118
3,313
336
18,974
18,159
9,000
1,100
12,660
2,432
1,188
Cost
173,936
173,743
172,731
168,957
165,547
165,180
158,797
157,702
151,708
149,196
147,902
147,448
146,991
142,740
139,850
136,601
129,238
122,235
121,436
120,848
120,266
115,896
115,065
113,747
113,296
112,014
111,440
109,556
109,539
105,288
105,039
103,868
102,038
100,356
99,508
99,459
99,145
97,663
97,601
96,663
96,507
96,276
95,905
95,273
94,545
Shares or
Principal
Amount
Proceeds
Nippon Telegraph & Telephone Corp.

Seadrill, Ltd.
Gjensidige Forsikring ASA
Hannover Rueck SE
AMEC PLC
Kuehne + Nagel International AG
Nokian Renkaat Oyj
Toronto-Dominion Bank
Telenor ASA
Kellogg Co.
SCANA Corp.
Antofagasta PLC
People's United Financial, Inc.
Swiss Re AG
Daiichi Sankyo Co., Ltd.
Delhaize Group SA
Cobham PLC
Daito Trust Construction Co., Ltd.
Tele2 AB Class B
Reynolds American, Inc.
CNP Assurances
General Mills, Inc.
Johnson & Johnson
Total SA
Enagas SA
Orion Oyj
PG&E Corp.
Leggett & Platt, Inc.
AbbVie, Inc.
Wesfarmers, Ltd.
Wartsila Oyj Abp
Bank of Nova Scotia
CA, Inc.
Swisscom AG
Eli Lilly & Co.
Campbell Soup Co.
Origin Energy, Ltd.
American Electric Power Co., Inc.
Yangzijiang Shipbuilding Holdings, Ltd.
TUI Travel PLC
Rexel SA
Metso Oyj
SSE PLC
ComfortDelGro Corp., Ltd.
Wisconsin Energy Corp.
AXA SA
Hasbro, Inc.
Metcash, Ltd.
Mapfre SA
Amcor, Ltd.
Statoil ASA
Woolworths, Ltd.
Reckitt Benckiser Group PLC
TeliaSonera AB
Orkla ASA
Allianz SE
Auckland International Airport, Ltd.
National Grid PLC
Power Financial Corp.
SCOR SE
Skanska AB
Geberit AG
Canon, Inc.
J Sainsbury PLC
Zurich Insurance Group AG
Cisco Systems, Inc.
Husqvarna AB
Toll Holdings, Ltd.
Flight Centre Travel Group, Ltd.
Western Union Co.
Singapore Telecommunications, Ltd.
GlaxoSmithKline PLC
18,600
27,102
55,284
11,751
50,856
7,584
23,841
20,300
40,341
14,400
18,600
71,946
65,400
10,710
54,900
13,416
174,645
8,400
75,402
15,000
41,298
17,500
8,400
12,315
29,169
24,372
18,600
24,900
15,800
20,601
15,204
12,600
19,407
26,300
1,341
13,200
17,800
58,296
14,400
921,000
112,524
33,048
19,953
28,350
387,000
15,900
16,188
29,163
13,800
270,300
172,593
71,241
22,473
17,355
19,650
8,374
91,779
75,549
3,933
201,633
44,286
21,300
18,501
27,576
1,911
18,900
110,886
2,088
26,600
76,176
123,822
12,837
36,300
183,000
21,324
$ 1,076,554
1,049,263
1,042,068
1,041,451
1,028,029
1,021,189
989,785
986,014
976,891
963,731
961,765
951,108
950,978
943,696
943,529
937,369
933,150
918,352
887,052
886,998
883,967
879,876
860,129
859,270
857,614
856,572
848,376
846,571
843,371
819,506
818,090
810,445
802,142
796,178
791,472
782,933
782,486
778,578
776,253
769,171
767,118
755,737
748,792
741,494
738,748
721,252
720,831
714,134
709,982
707,994
705,967
698,929
691,396
688,430
682,920
675,995
668,985
668,586
664,373
652,858
650,293
643,358
639,403
636,443
633,068
619,980
619,381
619,322
616,448
606,560
606,249
593,229
578,988
564,751
564,508
197

INTECH GLOBAL DIVIDEND FUND (CONT.)
198
Shares or
Principal
Amount
Cost
Shares or
Principal
Amount
Koninklijke Phillips NV
British American Tobacco PLC
Staples, Inc.
Inmarsat PLC
Bezeq The Israeli Telecommunication Corp., Ltd.
Verizon Communications, Inc.
Hang Seng Bank , Ltd.
Agrium, Inc.
AT&T, Inc.
Power Corp. of Canada
Eutelsat Communications SA
IGM Financial, Inc.
Centrica PLC
Thomson Reuters Corp.
Millicom International Cellular SA
Nucor Corp.
Tatts Group, Ltd.
StarHub, Ltd.
Cincinnati Financial Corp.
NTT DOCOMO, Inc.
CLP Holdings, Ltd.
Bell Aliant, Inc.
Electrolux AB
Pearson PLC
Unilever PLC
Philip Morris International, Inc.
CI Financial Corp.
Swire Pacific, Ltd.
Potash Corp. of Saskatchewan, Inc.
Hopewell Holdings, Ltd.
BHP Billiton PLC
NWS Holdings, Ltd.
Sun Hung Kai Properties, Ltd.
Daihatsu Motor Co., Ltd.
Severn Trent PLC
BCE, Inc.
Yara International ASA
Swiss Prime Site AG
NextEra Energy, Inc.
Tesco PLC
Keppel Land, Ltd.
Orica, Ltd.
Kraft Foods Group, Inc.
PCCW, Ltd.
Boliden AB
Rogers Communications, Inc.
Husky Energy, Inc.
Securitas AB
WM. Morrison Supermarkets PLC
OMV AG
Baytex Energy Corp.
Eisai Co., Ltd.
Bendigo and Adelaide Bank, Ltd.
BOC Hong Kong Holdings, Ltd.
Sino Land Co., Ltd.
Merck & Co., Inc.
ASX, Ltd.
Tryg A/S
Contact Energy, Ltd.
MeadWestvaco Corp.
Swedish Match AB
Tate & Lyle PLC
Shaw Communications, Inc.
Aker Solutions ASA
Industrivarden AB
Marks & Spencer Group PLC
Mitsubishi Corp.
Sanofi
Investec PLC
TonenGeneral Sekiyu KK
Waste Management, Inc.
Altria Group, Inc.
17,746
9,429
51,600
46,302
311,780
11,488
32,700
6,000
15,300
19,800
15,792
11,100
93,201
15,000
5,601
10,200
182,049
153,000
10,500
30,000
60,000
18,900
19,812
24,840
10,755
5,400
15,000
39,000
13,200
133,500
14,772
252,000
33,000
26,400
13,749
9,600
9,489
5,466
4,500
87,198
156,000
23,559
7,200
756,000
29,532
9,900
12,000
33,792
119,271
9,039
8,700
8,700
32,787
117,000
222,000
6,000
10,497
3,615
74,349
7,800
9,624
28,338
12,300
16,767
15,171
40,224
15,000
2,751
33,381
30,000
6,300
6,600
Proceeds
563,974
563,207
562,606
560,574
555,583
548,562
544,403
539,395
538,225
535,471
532,773
525,736
522,000
515,869
514,309
513,556
512,223
511,110
509,458
499,797
497,970
496,241
490,761
486,746
484,484
474,311
473,407
472,994
470,411
467,185
463,731
459,508
458,372
456,550
452,783
444,225
442,330
439,894
436,948
434,097
430,554
422,361
421,010
412,700
411,295
403,961
401,152
388,183
387,993
372,495
365,756
361,293
357,777
352,751
348,772
347,244
346,647
345,542
341,218
340,102
332,457
327,198
307,062
305,987
300,867
300,537
298,884
292,005
285,996
283,677
281,246
272,015
INTECH US CORE FUND

Helmerich & Payne, Inc.

Southwest Airlines Co.
McKesson Corp.
Marriott International, Inc.
Tyson Foods, Inc.
Forest Laboratories, Inc.
Boeing Co.
Cardinal Health, Inc.
Allegion PLC
Raytheon Co.
Principal Financial Group, Inc.
Wynn Resorts, Ltd.
AmerisourceBergen Corp.
Alliance Data Systems Corp.
Facebook, Inc.
SLM Corp.
Northrop Grumman Corp.
FedEx Corp.
F5 Networks, Inc.
Caterpillar, Inc.
Shares or
Principal
Amount
Cost
12,700
46,100
5,800
16,400
25,700
9,800
6,100
11,400
14,300
8,300
14,800
3,400
10,000
2,600
12,000
23,900
5,600
4,300
5,200
4,900
$ 1,387,436
1,155,288
1,019,975
1,001,106
984,578
885,160
867,210
813,793
783,698
747,187
725,338
707,380
677,869
669,944
656,084
636,616
634,359
591,889
569,373
524,448
Biogen Idec, Inc.

Electronic Arts, Inc.
WW Grainger, Inc.
Amgen, Inc.
International Business Machines Corp.
Life Technologies Corp.
Walgreen Co.
ConAgra Foods, Inc.
Celgene Corp.
SLM Corp.
Snap-on, Inc.
Walt Disney Co.
BlackRock, Inc.
Eaton Corp.
Equifax, Inc.
Comcast Corp.
Applied Materials, Inc.
Allstate Corp.
Shares or
Principal
Amount
Proceeds
6,300
42,800
4,300
8,900
5,400
11,300
12,600
26,600
5,000
56,300
6,300
8,500
2,200
9,100
19,000
9,300
12,100
29,400
3,100
10,000
$ 2,123,384
1,191,587
1,100,288
1,037,224
992,604
858,006
852,628
830,724
780,989
775,553
690,728
679,220
679,195
675,769
659,893
635,835
623,999
594,551
592,038
568,245
JANUS GLOBAL DIVERSIFIED ALTERNATIVES FUND

Shares or
Principal
Amount

500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
200,000
200,000
200,000
Cost
499,989
499,973
499,972
499,959
499,955
499,949
499,949
499,949
499,945
199,997
199,986
199,976
Shares or
Principal
Amount

500,000
500,000
500,000
500,000
500,000
500,000
200,000
200,000
Shares or
Principal
Amount
Proceeds
100,695
440,201
130,506
948
22,685
451,941
101,137
41,702
32,060
19,186
103,517
23,291
156,996
128,670
1,070,942
69,907
71,216
45,052
35,501
1,454,000
$ 4,276,139
3,761,722
3,174,050
2,890,392
2,791,788
2,640,419
2,295,974
2,275,625
2,189,114
2,185,636
1,900,773
1,709,221
1,700,972
1,657,337
1,644,499
1,592,482
1,518,262
1,515,379
1,453,676
1,345,546
Proceeds
500,000
500,000
500,000
500,000
500,000
500,000
200,000
200,000
JANUS GLOBAL REAL ESTATE FUND

Kennedy Wilson Europe Real Estate Plc

New Home Co., Inc.
Shun Tak Holdings, Ltd.
Lamar Advertising Co.
Abengoa Yield PLC
Hulic REIT, Inc.
Mack-Cali Realty Corp.
Countrywide PLC
Hispania Activos Inmobiliarios SAU
Fuji Media Holdings, Inc.
Brookfield Infrastructure Partners LP
Prologis Property Mexico SA de CV
UGL, Ltd.
Charter Hall Group
Crown Resorts, Ltd.
AIMS AMP Capital Industrial REIT
National Storage REIT
Silver Bay Realty Trust Corp.
Shares or
Principal
Amount
Cost
590,000
181,742
3,834,000
35,018
52,106
1,363
67,753
105,426
73,003
56,000
18,121
284,600
79,568
108,678
22,374
233,887
165,489
2,724
$ 9,831,170
1,999,162
1,818,092
1,724,732
1,511,074
1,440,493
1,347,956
1,017,464
1,011,822
908,305
683,398
593,981
482,337
370,192
326,696
199,446
184,744
40,409
Brookfield Asset Management, Inc.

CYS Investments, Inc.
Kennedy-Wilson Holdings, Inc.
Nippon Prologis REIT, Inc.
Jones Lang LaSalle, Inc.
Foxtons Group PLC
Colony Financial, Inc.
Digital Realty Trust, Inc.
Mid-America Apartment Communities, Inc.
Boston Properties, Inc.
Clubcorp Holdings, Inc.
Whitbread PLC
Great Portland Estates PLC
Gazit-Globe, Ltd.
Spark Infrastructure Group
STAG Industrial, Inc.
Chatham Lodging Trust
Tanger Factory Outlet Centers
Prologis, Inc.
Ascott Residence Trust
199

JANUS FLEXIBLE INCOME FUND

Forest Laboratories, Inc., 4.8750%, due 15/2/21 (144A)
Royal Bank of Scotland Group PLC, 5.1250%,
due 28/5/24
Bank of America Corp., 2.6500%, due 1/4/19
Shares or
Principal
Amount
Cost
68,349,000
63,213,000
51,840,000
50,599,000
44,033,000
42,821,000
42,649,000
40,856,000
16,756,000
13,210,000
12,910,000
12,090,217
11,026,000
9,398,000
$ 68,152,106
63,619,483
53,141,995
51,570,353
44,227,095
42,758,466
42,710,264
40,953,088
16,737,338
13,210,000
12,991,708
12,245,238
11,037,199
9,507,844
9,298,000
7,864,000
7,107,000
12,995,811
6,130,000
6,000,000
9,247,240
7,840,393
7,107,000
6,283,412
6,241,965
5,977,099

Verizon Communications, Inc., 5.1500%, due 15/9/23
LyondellBasell Industries NV, 5.0000%, due 15/4/19
Fannie Mae, 5.0000%, due 1/2/42
Enterprise Products Operating LLC, 3.3500%,
due 15/3/23
VPII Escrow Corp., 6.7500%, due 15/8/18 (144A)
Shares or
Principal
Amount
Proceeds
49,188,000
46,987,000
40,856,000
35,011,000
31,594,000
31,468,000
29,896,000
12,487,000
12,128,000
10,437,000
10,842,000
9,180,000
8,236,000
7,864,000
7,580,000
6,943,000
6,604,000
6,942,853
$ 50,388,732
47,481,336
40,977,992
36,091,104
31,533,581
31,438,434
29,736,554
12,526,694
12,338,413
11,398,842
10,680,717
10,426,077
8,173,127
7,861,040
7,589,684
6,921,871
6,596,721
6,336,063
6,322,000
5,408,000
6,218,782
6,195,872
JANUS GLOBAL FLEXIBLE INCOME FUND

Shares or
Principal
Amount
Bundesobligation, 1.0000%, due 22/2/19

672,000
510,000
470,000
Portuguese Government Bond, 5.6500%, due 15/2/24
180,000
233,000
Bundesschatzanweisungen, 0.2500%, due 11/3/16
165,000
Poland Government Bond, 4.0000%, due 25/10/23
674,000
Malaysian Government Bond, 4.1810%, due 15/7/24
694,000
Empresa de Transporte, 4.7500%, due 4/2/24
200,000
Bank of Ireland, 4.2500%, due 11/6/24
130,000
100,000
Scandinavian Consumer Loans No. 4, Ltd., 4.5530%,
due 15/1/37
1,000,000
Intesa Sanpaolo SpA, 6.6250%, due 13/9/23
100,000
Florentia, Ltd., 8.2390%, due 6/10/24
100,000
Spain Government Bond, 4.3000%, due 31/10/19
98,000
LCP Proudreed PLC, 0.7834%, due 25/8/16
100,000
Bankia SA, 3.5000%, due 17/1/19
100,000
Spain Government Bond, 3.8000%, due 30/4/24
100,000
Holcim Finance Canada, Inc., 3.6500%, due 10/4/18
150,000
100,000
FCE Bank PLC, 1.8750%, due 18/4/19
100,000
BBVA Senior Finance SAU, 2.3750%, due 22/1/19
100,000
138,000
Numericable Group SA, 5.6250%, due 15/5/24
100,000
Schaeffler Finance BV, 3.2500%, due 15/5/19
100,000
Volkswagen International Finance NV, 4.6250%,
due 24/3/49
100,000
Royal Bank of Scotland Group PLC, 3.6250%, due 25/3/24
100,000
Bayer AG, 3.0000%, due 1/7/75
100,000
100,000
134,000
200
Cost
946,338
522,827
474,230
256,570
233,706
228,655
215,487
210,654
198,492
176,088
173,165
167,342
164,715
155,015
154,238
147,945
145,270
145,180
142,427
142,015
140,529
139,553
138,990
138,150
137,679
137,645
137,253
136,270
135,264
134,000

Ginnie Mae, 5.5000%, due 20/5/41
Italian Government Bond, 4.7500%, due 1/9/21
Poland Government Bond, 4.0000%, due 25/10/23
Kinder Morgan Finance Co. LLC, 5.7000%, due 5/1/16
Bundesobligation, 1.0000%, due 22/2/19
Morgan Stanley, 4.7500%, due 22/3/17
Romania Government Bond, 5.8500%, due 26/4/23
Continental Resources, Inc., 5.0000%, due 15/9/22
Renault SA, 4.6250%, due 18/9/17
Shares or
Principal
Amount
510,000
1,111,000
470,000
312,000
170,000
200,000
674,000
180,000
190,000
125,000
164,000
149,000
100,000
100,000
138,000
100,000
103,000
340,000
101,000
73,000
Proceeds
522,013
515,609
474,136
311,628
266,708
215,194
214,891
213,173
204,082
176,577
165,625
163,604
147,079
143,800
141,478
138,954
112,839
112,136
110,511
110,114
JANUS GLOBAL HIGH YIELD FUND

Kennedy Wilson Europe Real Estate Plc

Numericable Group SA, 5.3750%, due 15/5/22
Hiland Partners LP / Hiland Partners Finance Corp.,
7.2500%, due 1/10/20 (144A)
Altice SA, 7.2500%, due 15/5/22
Telefonica Europe BV, 5.0000%, due 31/3/20
Hunt Cos., Inc., 9.6250%, due 1/3/21 (144A)
FWCT-2 Escrow Corp., 6.8750%, 1/2/22
Bankia SA, 4.0000%, due 22/5/24
Play Finance 2 SA, 5.2500%, due 1/2/19
Banco Bilbao Vizcaya Argentaria SA, 7.0000%,
due 19/2/19
QEP Resources, Inc., 5.2500%, due 1/5/23
UPC Holding BV, 8.3750%, due 15/8/20
VTR Finance BV, 6.8750%, due 15/1/24 (144A)
GHD Bondco PLC, 7.0000%, due 15/4/20
Endo Finance LLC, 5.7500%, due 15/1/22 (144A)
London & Regional Debt Securitisation No 2 PLC,
5.8253%, due 15/10/18
Endeavor Energy Resources LP / EER Finance, Inc.,
7.0000%, due 15/8/21 (144A)
Shares or
Principal
Amount
Cost
91,000
796,000
$ 1,516,333
1,125,956
1,000,000
776,000
997,000
879,000
700,000
973,000
955,000
700,000
646,000
1,107,486
1,104,237
1,000,593
983,806
980,049
970,831
965,761
959,079
902,976
600,000
784,000
495,000
740,000
427,000
691,000
625,000
822,726
793,577
765,704
740,000
725,351
722,706
716,172
466,000
713,195
651,000
694,219
Shares or
Principal
Amount
W&T Offshore, Inc., 8.5000%, due 15/6/19

1,034,000
AG Spring Finance, Ltd., 7.5000%, due 1/6/18
736,000
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW
GmbH, 5.5000%, due 15/9/22
705,000
Cemex SAB de CV (ADR), 4.9989%, due 15/10/18
762,000
HCA, Inc., 7.5000%, due 15/2/22
636,000
ArcelorMittal, 6.0000%
28,175
579,000
Chaparral Energy, Inc., 9.8750%, due 1/10/20
528,000
Aurora USA Oil & Gas, Inc., 9.8750%, due 15/2/17 (144A) 541,000
Frigoglass Finance BV, 8.2500%, due 15/5/18
408,000
Biomet, Inc., 6.5000%, due 1/8/20
542,000
CMA CGM SA, 8.7500%, due 15/12/18
369,000
Florida East Coast Railway Corp., 8.1250%, due 1/2/17
489,000
T-Mobile U.S., Inc., 6.1250%, due 15/1/22
476,000
EV Energy Partners LP / EV Energy Finance Corp.,
8.0000%, due 15/4/19
458,000
American International Group, Inc., 8.1750%,due 15/5/58
353,000
Dish DBS Corp., 5.1250%, due 1/5/20
456,000
Ashland, Inc., 4.7500%, due 15/8/22 (144A)
439,000
Schaeffler Finance, BV, 8.7500%, due 15/2/19
275,000
CHS/Community Health Systems, Inc., 6.8750%,
due 1/2/22 (144A)
411,000
Proceeds
$ 1,133,250
1,086,431
1,034,934
804,636
730,569
691,948
625,585
623,211
616,285
612,944
602,129
541,146
520,896
513,055
486,241
485,851
460,414
438,753
432,442
432,099
JANUS GLOBAL INVESTMENT GRADE BOND FUND

Shell International Finance BV, 0.9000%, due 15/11/16

Bankia SA, 3.5000%, due 17/1/19
General Motors Co., 4.8750%, due 2/10/23 (144A)
UBS AG, 4.7500%, due 12/2/26
Daimler AG, 2.1250%, due 27/6/18
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/
Netherlands, 3.3750%, due 21/4/17
BMW Finance NV, 3.6250%, due 29/1/18
HSBC Holdings PLC, 3.3750%, due 10/1/24
Bank of America Corp., 4.6250%, due 7/2/17
Renault SA, 3.1250%, due 5/3/21
Continental Resources, Inc., 5.0000%, due 15/9/22
DCP Midstream Operating LP, 5.6000%, due 1/4/44
Brambles Finance, Ltd., 2.3750%, due 12/6/24
UCB SA, 4.1250%, due 4/1/21
Volkswagen International Finance NV, 3.7500%,
due 24/3/49
Pearson Funding Five PLC, 1.8750%, due 19/5/21
Nemus II Arden PLC, 0.7551%, due 15/2/20
Enel Finance International NV, 5.0000%, due 14/9/22
Shares or
Principal
Amount
Cost
1,529,000
900,000
1,196,000
1,064,000
726,000
605,000
$ 1,541,408
1,275,712
1,199,685
1,128,989
1,011,008
888,929
590,000
561,000
600,000
550,000
588,000
742,000
737,000
685,000
470,000
408,000
874,662
857,485
854,202
820,433
813,345
793,820
765,524
685,000
642,679
626,905
447,000
434,000
523,000
353,000
626,019
595,938
592,659
592,011
LyondellBasell Industries NV, 5.0000%, due 15/4/19

Ford Motor Credit Co. LLC, 5.8750%, due 2/8/21
Pernod-Ricard SA, 4.8750%, due 18/3/16
Renault SA, 4.6250%, due 18/9/17
DCP Midstream Operating LP, 4.9500%, due 1/4/22
Goldman Sachs Group, Inc., 6.1250%, due 14/2/17
Samsung Electronics America, Inc., 1.7500%, due 10/4/17
(144A)
(144A)
Citigroup Capital XIII, 7.8750%
SVB Financial Group, 5.3750%, due 15/9/20
Ingersoll-Rand Global Holding Co., Ltd., 5.7500%,
due 15/6/43
LYB International Finance BV, 4.875%, due 15/3/44
Telefonuica Emisiones, 5.597%, due 12/3/20
Penske Truck Leasing Co. LP / PTL Finance Corp.,
4.8750%, due 11/7/22
Tribune Co., 4.0000%, due 27/12/20
Penske Truck Leasing Co. LP / PTL Finance Corp.,
3.3750%, due 15/3/18 (144A)
Shares or
Principal
Amount
826,000
704,000
550,000
529,000
717,000
368,000
Proceeds
928,812
833,735
820,463
803,984
778,302
711,945
695,000
642,000
705,083
703,622
573,000
23,300
556,000
636,244
633,746
631,769
566,000
565,000
300,000
631,505
582,124
567,059
521,000
555,000
523,000
566,023
552,232
548,082
506,000
489,000
415,000
536,709
503,788
492,343
201

JANUS HIGH YIELD FUND
Altice SA, 7.7500%, due 15/5/22 (144A)

FWCT-2 Escrow Corp., 6.8750%, 1/2/22
Hunt Cos., Inc., 9.6250%, due 1/3/21 (144A)
Numericable Group SA, 6.0000%, due 15/5/22 (144A)
Endeavor Energy Resources LP / EER Finance, Inc.,
7.0000%, due 15/8/21 (144A)
Florida East Coast Holdings Corp., 6.7500%,
due 1/5/19 (144A)
Florida East Coast Holdings Corp., 9.7500%,
due 1/5/20 (144A)
NRG Energy, Inc., 6.2500%, due 1/5/24 (144A)
Kennedy-Wilson, Inc., 5.8750%, due 1/4/24
Crestwood Midstream Partners LP / Crestwood Midstream
Finance Corp., 6.1250%, due 1/3/22 (144A)
Albaugh, 6.0000%, due 20/5/21
TreeHouse Foods, Inc., 4.8750%, due 15/3/22
Caesars Growth Properties Holdings LLC / Caesars Growth
Properties Finance, Inc., 9.3750%, due 1/5/22 (144A)
Hiland Partners LP / Hiland Partners Finance Corp.,
5.5000%, due 15/5/22 (144A)
Century Communities, Inc., 6.8750%, due 15/5/22 (144A)
Shares or
Principal
Amount
Cost
13,535,000
13,614,000
13,428,000
13,002,000
12,553,000
9,239,000
$ 13,772,748
13,767,616
13,385,119
13,150,492
12,598,226
9,662,902
8,378,000
8,934,273
8,329,000
7,767,000
8,329,000
7,782,530
7,431,000
7,346,000
7,258,000
7,431,000
7,346,000
7,190,355
6,457,000
7,083,000
6,302,000
6,905,685
6,835,095
6,346,795
5,875,000
5,668,000
5,875,000
5,860,448
5,592,000
5,462,000
5,507,000
5,682,489
5,555,594
5,549,190
American International Group, Inc., 8.1750%,

due 15/5/58
Aurora USA Oil & Gas, Inc., 9.8750%,
due 15/2/17 (144A)
Biomet, Inc., 6.5000%, due 1/8/20
Dish DBS Corp., 5.1250%, due 1/5/20
HCA, Inc., 7.5000%, due 15/2/22
W&T Offshore, Inc., 8.5000%, due 15/6/19
Ashland, Inc., 4.7500%, due 15/8/22 (144A)
Linn Energy LLC / Linn Energy Finance Corp., 7.0000%,
due 1/11/19 (144A)
Aurora USA Oil & Gas, Inc., 7.5000%, due 1/4/20 (144A)
EV Energy Partners LP / EV Energy Finance Corp.,
8.0000%, due 15/4/19
Sprint Capital Corp., 6.8750%, due 15/11/28
ArcelorMittal, 6.0000%
CHS/Community Health Systems, Inc., 6.8750%,
due 1/2/22 (144A)
T-Mobile USA, Inc., 6.5000%, due 15/1/24
Forest Laboratories, Inc., 5.0000%, due 15/12/21
IPALCO Enterprises, Inc., 5.0000%, due 1/5/18
Ceasars Entertainment Operating Co., Inc., 4.4884%,
due 28/1/18
Shares or
Principal
Amount
Proceeds
11,203,000
$ 15,419,219
10,023,000
10,201,000
11,072,000
8,501,000
8,451,000
8,399,000
11,417,795
11,332,691
11,179,183
9,765,029
9,467,902
8,394,276
6,870,000
6,224,000
6,760,000
7,258,557
7,179,716
6,820,614
6,334,000
6,587,000
253,125
6,724,480
6,353,346
6,137,656
5,791,000
5,467,000
5,467,000
5,344,000
5,255,000
5,179,000
6,103,427
6,020,222
5,897,541
5,769,336
5,745,352
5,555,916
5,954,000
5,505,589
JANUS US SHORT-TERM BOND FUND


Commscope, Inc., 8.2500%, due 15/1/19
NRAM Covered Bond LLP, 5.6250%, due 22/6/17 (144A)
E*TRADE Financial Corp., 6.3750%, due 15/11/19
202
Shares or
Principal
Amount
Cost
24,300,000
23,324,000
13,052,000
13,898,000
11,550,000
11,502,000
9,074,000
9,110,000
8,943,000
7,846,000
8,400,000
7,877,000
7,800,000
7,567,000
7,144,000
7,099,000
6,999,000
6,957,000
6,166,000
5,401,000
$ 24,394,477
23,309,273
14,444,324
13,906,821
11,567,141
11,497,300
9,756,729
9,476,085
9,268,229
8,885,335
8,424,469
7,877,000
7,809,345
7,556,417
7,140,428
7,106,209
7,005,563
6,932,627
6,806,737
6,460,220

Commscope, Inc., 8.2500%, due 15/1/19
American International Group, Inc., 4.2500%,
due 15/9/14
CIT Group, Inc., 4.7500%, due 15/2/15 (144A)
Sprint Nextel Corp., 6.0000%, due 1/12/16
Amphenol Corp., 2.5500%, due 30/1/19
Crosstex Energy LP / Crosstex Energy Finance Corp.,
8.8750%,due 15/2/18
Stater Bros Holdings, Inc., 7.3750%, due 15/11/18
Petrohawk Energy Corp., 7.8750%, due 1/6/15
TransDigm, Inc., 7.7500%, due 15/12/18
Seagate Technology PLC, 3.7500%, due 15/11/18
Shares or
Principal
Amount
Proceeds
21,485,000
13,052,000
13,733,000
13,314,000
11,502,000
9,654,000
7,800,000
$ 21,549,542
14,617,869
13,748,329
13,329,199
11,509,271
9,642,894
7,813,167
6,883,000
6,389,000
4,551,000
4,710,000
7,147,647
6,739,774
5,005,721
4,723,357
4,452,000
4,335,000
3,764,000
3,831,000
3,276,000
3,039,000
3,184,000
3,153,000
2,909,000
4,711,916
4,340,088
4,001,475
3,835,244
3,384,935
3,383,280
3,283,883
3,244,963
3,144,166
Portfolio Turnover Rates (unaudited)

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
Fund Name Portfolio
Turnover
Rate
Janus Asia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

98.32%
Janus Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63.45%
Janus Emerging Markets Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110.20%
Janus Europe Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127.89%
Janus Global Life Sciences Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (209.03)%
Janus Global Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96.89%
Janus Global Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.64%
Janus US Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123.22%
Janus Opportunistic Alpha Fund (formerly known as the Janus US All Cap Growth Fund). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108.43%
Janus US Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77.53%
Janus US Twenty Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.55)%
Janus US Venture Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17.96%
Perkins Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35.17%
Perkins US Strategic Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40.87%
INTECH European Core Fund(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53.05%
INTECH Global Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60.02%
INTECH US Core Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57.17%
Janus Global Diversified Alternatives Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
N/A
Janus Global Real Estate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16.44)%
Janus Flexible Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180.04%
Janus Global Flexible Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313.10%
Janus Global High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78.54%
Janus Global Investment Grade Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154.85%
Janus High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66.50%
Janus US Short-Term Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23.04%
203
Directors and Other Information
BOARD OF DIRECTORS
Augustus Cheh (U.S.A)

Dennis Mullen (U.S.A)
Carl OSullivan (Ireland)
Peter Sandys (Ireland)
Hans Vogel (Ireland)
CUSTODIAN
Citibank International plc,

Ireland Branch
1 North Wall Quay
Dublin 1
Ireland
INDEPENDENT AUDITORS
PricewaterhouseCoopers
Chartered Accountants
One Spencer Dock
North Wall Quay
Dublin 1
Ireland
REGISTERED OFFICE
1 North Wall Quay

Dublin 1
Ireland
REGISTERED NO
296610
VAT NO
IE 8296610E
LEGAL ADVISERS
Arthur Cox
Earlsfort Centre
Earlsfort Terrace
Dublin 2
Ireland
DISTRIBUTOR AND
PROMOTER
Janus Capital
International Limited
26th Floor, CityPoint
1 Ropemaker Street
London EC2Y 9HT
United Kingdom
SPONSORING BROKER
J & E Davy
Davy House
49 Dawson Street
Dublin 2
Ireland
INVESTMENT ADVISER
Janus Capital
International Limited
26th Floor, CityPoint
1 Ropemaker Street
London EC2Y 9HT
United Kingdom
SUB-INVESTMENT ADVISER Janus Capital

Management LLC
151 Detroit Street
Denver, Colorado
80206
United States of America
Janus Capital Singapore
Pte. Limited
8 Shenton Way
#36-02 AXA Tower
Singapore 068811
Perkins Investment
Management LLC
311 S. Wacker Drive
Suite 6000
Chicago, Illinois 60606
INTECH Investment
Management LLC
CityPlace Tower
525 Okeechobee Boulevard
Suite 1800
West Palm Beach
FL 33401
ADMINISTRATOR,
SHAREHOLDER SERVICING
AGENT AND SECRETARY
204
Citibank Europe plc

1 North Wall Quay
Dublin 1
Ireland
Below is a list of the Funds Representatives/Paying Agents as of 30 June 2014.

Country
Representative/Paying Agent
Austria
Unicredit Bank Austria AG

Schottengasse 6-8
1010 Wien
Austria
Belgium
Citibank Belgium NV S.A.

263g Boulevard General Jacques
1050 Brussels
Belgium
France
Germany
Hong Kong
Italy
BNP-Paribas
Securities Services
3 Rue dAntin
75002 Paris
France
Country
4. Socit Gnrale Securities

Services SpA,
Via S. Chiara 19
10122 Turino
Italy
Luxembourg
BGL BNP Paribas S.A.

50 Avenue J.F. Kennedy
L-2951
Luxembourg
Switzerland
Swiss Representative
Carnegie Fund Services S.A. (CFS)
11, rue du Gnral-Dufour
1204 Genve
Switzerland
State Street Bank GmbH

Solmsstrasse 83
60486 Frankfurt
Germany
Janus Capital Asia Limited
2507-11 ICBC Tower
Citibank Plaza
3 Garden Road Central
Hong Kong
1. State Street Bank SpA
Via Col Moschin 16
20136 Milan
Italy
2. BNP Paribas
Milan Branch
Securities Services
Via Ansperto 5
20123 Milan
Italy
Representative/Paying Agent
Swiss Paying Agent

Banque Cantonale de Genve
17 quai de Ille
1204 Genve
Switzerland
Taiwan
ING Securities Investment &

Trust Co., Ltd.
Management (Taiwan) Ltd,
101 Tower 30/F No. 7 Sec. 5
Xinyi Road Taipei
Taiwan, R.O.C.
UK
Janus Capital International Limited

Citipoint, 26th Floor
1 Ropemaker Street
London EC2Y 9HT
United Kingdom
3. Allfunds Bank S.A. operating

through its Milan branch
Via. Santa Margherita 7
20121 Milan
Italy
205
Janus Capital Funds plc

United Kingdom
Tel.: +44 20 7410 1900
Email: london@janus.com
The Hague Branch
Tel.: +31 703 53 8122
Email: hague@janus.com
Milan Branch
Tel.: +39 02 863233
Email: milan@janus.com
Munich Branch
Tel.: +49 89 24291550
Email: munich@janus.com
Paris Branch
Tel.: +33 1 534 55439
Email: paris@janus.com
Tokyo Branch
Tel.: +81 3 6250 9820
Email: japan@janus.com
Janus Capital Asia Limited
Hong Kong
Tel.: +852 3121 7000
Email: hongkong@janus.com
Janus Capital Singapore Pte. Limited
Singapore
Tel.: +65 6511 8490
Email: singapore@janus.com

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Janus Capital Funds Plc

Semi-Annual Report (unaudited)

INTECH SUB-ADVISED FUNDS

ALTERNATIVE INVESTMENT FUNDS

The above footnote is consistently applied throughout the document.

Janus Asia Fund

Janus Balanced Fund

Janus Emerging Markets Fund

Janus Europe Fund

Janus Capital Funds Plc / 30 June 2014

Janus Global Life Sciences Fund

Janus Global Research Fund

Janus Global Technology Fund

Janus Capital Funds Plc / 30 June 2014

Janus Opportunistic Alpha Fund (formerly known as

Janus US Research Fund

Janus US Twenty Fund

Janus US Venture Fund

Janus Capital Funds Plc / 30 June 2014

Perkins Global Value Fund

Perkins US Strategic Value Fund

INTECH European Core Fund(a)

INTECH Global Dividend Fund

Janus Capital Funds Plc / 30 June 2014

INTECH US Core Fund

Janus Global Diversified Alternatives Fund

Janus Global Real Estate Fund

Janus Capital Funds Plc / 30 June 2014

Janus Flexible Income Fund

Janus Global Flexible Income Fund

Janus Capital Funds Plc / 30 June 2014

Janus Global High Yield Fund

Janus Global Investment Grade Bond Fund

Janus Capital Funds Plc / 30 June 2014

Janus High Yield Fund

Janus US Short-Term Bond Fund

Janus Capital Funds Plc / 30 June 2014

Fund Expense Limits and Total Expense Ratios

Janus Asia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Janus Asia Fund . . . . . . . . . . . . . . . . . .

NA* NA* 1.25% NA*

NA* NA* NA* NA* NA* 0.00%

NA* NA* NA*

Janus Capital Funds Plc / 30 June 2014

Fund Expense Limits and Total Expense Ratios

NA* NA* NA* NA* 1.35%

NA* NA* NA* NA*

3.00% NA* 1.24% NA*

2.80% NA* 1.20% NA* NA* 1.05% NA* NA*

Janus Asia Fund . . . . . . . . . . . . . . . . . . . . NA*

Janus Balanced Fund. . . . . . . . . . . . . . .

2.25% NA* NA* 3.00% NA*

HKD Share Classes

I inc I acc (U) U acc

NA* NA* NA*

2.00% 2.00% 3.00% 2.43% 2.43% 0.85% 0.85%

RMB(CNH) Share Classes

GBP Share Classes

Janus Asia Fund . . . . . . . . . . . . . . . . . . 2.00%

Janus Capital Funds Plc / 30 June 2014

RMB(CNH) Share Classes

GBP Share Classes

SEK Share Classes

CHF Share Classes