Annual Report and Accounts

Janus Capital Funds Plc
31 December 2013
Annual Report and Accounts

EQUITY & BALANCED FUNDS
Janus Asia Fund
Janus Balanced Fund
Janus Emerging Markets Fund
Janus Europe Fund
Janus Global Life Sciences Fund
Janus Global Research Fund
Janus Global Technology Fund
Janus US Fund
Janus US All Cap Growth Fund
Janus US Research Fund
Janus US Twenty Fund
Janus US Venture Fund
Perkins Global Value Fund
Perkins US Strategic Value Fund
INTECH SUB-ADVISED FUNDS

INTECH Global Dividend Fund (a)
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 (b)
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 28 February 2013. The information from this Fund is from the date of commencement of operations to 31 December 2013.
(b)
This fund commenced operations on 31 December 2013 with an intial subscription of 200,000 I$acc Shares at a NAV of $10 settling on 6 January 2014, there was no
other activity on this Fund during the year.
The above footnotes are consistently applied throughout the document.
Table of Contents
Fund Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Fund Expense Limits and Total Expense Ratios. . . . . . . . . 8
Background of the Company. . . . . . . . . . . . . . . . . . . . . . 11
Report of the Directors . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Fund Overviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Portfolio Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
Statements of Changes in Net Assets . . . . . . . . . . . . . . . 162
Notes to the Financial Statements . . . . . . . . . . . . . . . . . 166
Explanation of Charts and Tables . . . . . . . . . . . . . . . . . 221
Statements of Changes in Composition of Portfolio . . . 222
Portfolio Turnover Rates . . . . . . . . . . . . . . . . . . . . . . . . 235
Report of the Custodian to the Shareholders. . . . . . . . . 236
Independent Auditors Report . . . . . . . . . . . . . . . . . . . . 238
Directors and Other Information. . . . . . . . . . . . . . . . . . 239
Fund Performance
TOTAL RETURNS(1)
As at 31 December 2013
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
(1.56)%
(2.38)%
(0.09)%
(0.54)%
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
3.19%
3.71%
4.53%
5.69%
N/A
N/A
7.60%
6.60%
10.90%
10.20%
(4.20)%
14.58%
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
16.39%
N/A
N/A
N/A
N/A
N/A
15.86%
N/A
16.47%
N/A
15.24%
15.27%
N/A
17.47%
N/A
17.18%
N/A
N/A
N/A
8.95%
N/A
N/A
N/A
N/A
N/A
8.25%
N/A
N/A
N/A
7.86%
N/A
N/A
10.01%
N/A
9.56%
N/A
N/A
N/A
11.24%
N/A
N/A
N/A
N/A
N/A
10.64%
N/A
N/A
N/A
10.12%
N/A
N/A
12.32%
N/A
11.86%
N/A
N/A
N/A
5.42%
N/A
N/A
N/A
N/A
N/A
4.88%
N/A
12.19%
N/A
4.39%
11.01%
N/A
5.24%
N/A
6.76%
N/A
N/A
N/A
120.90%
4.24%
5.30%
5.31%
4.83%
4.53%
94.98%
3.84%
30.80%
4.23%
90.60%
27.60%
3.84%
104.44%
4.52%
47.30%
3.91%
4.25%
5.07%

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
(1.62)%
(2.24)%
(2.55)%
(7.69)%
(0.74)%
(1.31)%
N/A
(6.05)%
(6.95)%
(7.00)%
N/A
(5.21)%
(6.03)%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
(2.89)%
(4.06)%
(3.85)%
(5.51)%
(2.01)%
(3.12)%
N/A
(9.10)%
(12.60)%
(12.00)%
(12.40)%
(6.40)%
(9.80)%
(5.00)%
Janus Europe Fund

A$acc Shares. . .
Aacc Shares. . .
ASEKacc Shares .
Eacc Shares. . .
Iacc Shares . . .
U$acc Shares . .
Uacc Shares . .
Zacc Shares. . .
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18 September 2013
28 November 2008
31 October 2013
31 August 2011
28 November 2008
31 October 2013
31 October 2013
1 October 2013
N/A
20.09%
N/A
19.58%
21.41%
N/A
N/A
N/A
N/A
9.03%
N/A
N/A
10.50%
N/A
N/A
N/A
N/A
17.86%
N/A
N/A
19.43%
N/A
N/A
N/A
N/A
17.31%
N/A
18.63%
18.86%
N/A
N/A
N/A
3.10%
125.40%
2.20%
49.00%
141.00%
1.40%
2.10%
4.81%
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2013
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 / 31 December 2013
Fund Performance
TOTAL RETURNS(1)
Inception
Date
2013
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
52.45%
N/A
51.79%
50.98%
N/A
N/A
53.88%
52.76%
N/A
N/A
N/A
25.59%
N/A
24.63%
24.34%
N/A
N/A
26.78%
26.38%
N/A
N/A
N/A
21.19%
N/A
20.37%
19.98%
N/A
N/A
22.37%
21.86%
N/A
N/A
N/A
5.37%
N/A
5.45%
4.28%
N/A
N/A
6.31%
11.85%
N/A
N/A
N/A
105.20%
9.30%
107.50%
78.00%
8.10%
7.20%
131.90%
94.00%
9.70%
10.40%
48.90%

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
23.14%
23.23%
22.63%
21.96%
22.24%
24.69%
24.78%
24.63%
N/A
N/A
8.44%
8.45%
7.47%
7.39%
N/A
9.81%
9.81%
8.79%
N/A
N/A
15.73%
15.73%
14.73%
14.57%
N/A
17.08%
17.09%
16.04%
N/A
N/A
5.18%
3.19%
3.70%
4.14%
11.79%
6.36%
4.36%
4.83%
N/A
N/A
47.40%
20.40%
32.20%
36.60%
29.70%
60.60%
28.73%
43.70%
19.90%
22.59%

A$acc Shares. . . . . . . . .
Aacc Shares. . . . . . . . .
B$acc Shares. . . . . . . . .
I$acc Shares . . . . . . . . .
Iacc Shares . . . . . . . . .
U$acc Shares . . . . . . . .
Uacc Shares . . . . . . . .
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31
31
31
31
31
31
31
March
March
March
March
January
October
October
2000
2000
2000
2000
2008
2013
2013
33.06%
32.40%
31.63%
34.31%
35.28%
N/A
N/A
11.70%
10.78%
10.63%
12.80%
12.63%
N/A
N/A
21.47%
20.46%
20.26%
22.72%
22.12%
N/A
N/A
(3.11)%
(2.95)%
(4.05)%
(2.24)%
9.74%
N/A
N/A
(35.20)%
(33.80)%
(43.40)%
(26.80)%
73.30%
8.00%
8.70%
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
26.96%
26.23%
25.74%
28.33%
27.64%
11.03%
10.14%
9.95%
12.21%
11.25%
N/A
N/A
N/A
N/A
N/A
13.00%
11.84%
11.89%
14.20%
12.98%
48.80%
43.90%
44.10%
54.00%
48.70%

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 . . . . . . . .
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
24
31
31
24
31
31
31
31
31
31
2
25.67%
25.74%
24.94%
24.41%
23.62%
27.17%
27.11%
26.42%
N/A
N/A
N/A
2.69%
2.70%
1.72%
1.65%
N/A
3.81%
3.83%
2.54%
N/A
N/A
N/A
18.61%
18.63%
17.24%
17.40%
N/A
19.84%
19.85%
18.27%
N/A
N/A
N/A
3.16%
3.65%
(1.24)%
2.15%
6.01%
(0.53)%
4.71%
3.14%
N/A
N/A
N/A
59.60%
23.60%
(16.00)%
37.60%
14.60%
(7.21)%
31.30%
20.10%
6.60%
7.30%
21.90%
.
.
.
.
.
.
.
.
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.
.
.
.
December 1998
January 2008
December 1999
December 1998
August 2011
December 1999
January 2008
January 2008
October 2013
October 2013
January 2013
(1)
TOTAL RETURNS(1)
2013
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
2002
2008
2002
2002
2002
2008
2008
2013
32.45%
32.42%
31.74%
31.07%
34.45%
34.49%
35.62%
N/A
13.05%
13.02%
12.44%
11.92%
14.78%
14.82%
14.62%
N/A
17.89%
17.90%
16.99%
16.72%
19.50%
19.51%
18.87%
N/A
5.98%
5.33%
5.02%
4.90%
7.17%
6.73%
5.91%
N/A
100.40%
36.00%
79.70%
77.20%
129.10%
47.00%
40.50%
24.16%
Inception
Date

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

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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.
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.
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.
.
.
.
.
.
.
24
31
4
31
24
31
31
31
31
31
31
2
December 1998
January 2008
October 2013
December 1999
December 1998
August 2011
December 1999
January 2008
December 1999
October 2013
October 2013
January 2013
36.21%
36.17%
N/A
35.55%
34.90%
35.07%
37.69%
37.62%
36.03%
N/A
N/A
N/A
14.65%
14.67%
N/A
13.70%
13.52%
N/A
15.87%
15.87%
14.54%
N/A
N/A
N/A
18.29%
18.33%
N/A
17.25%
17.12%
N/A
19.43%
19.44%
18.14%
N/A
N/A
N/A
4.62%
5.57%
N/A
1.24%
3.58%
20.72%
1.81%
6.55%
2.34%
N/A
N/A
N/A
97.10%
37.80%
10.30%
18.81%
69.70%
55.20%
28.56%
45.60%
38.27%
7.60%
8.30%
31.30%

AAUD$acc Shares . .
U$acc Shares . . . .
Uacc Shares . . . .
Uacc Shares . . . .
Z$acc 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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.
.
.
.
.
.
31
31
4
31
31
31
31
31
31
31
2
3
December 1999
January 2008
October 2013
December 1999
December 1999
December 1999
January 2008
January 2008
October 2013
October 2013
January 2013
April 2013
41.33%
41.40%
N/A
40.50%
39.90%
42.63%
42.68%
34.69%
N/A
N/A
N/A
N/A
18.49%
18.55%
N/A
17.45%
17.30%
19.65%
19.69%
16.57%
N/A
N/A
N/A
N/A
25.75%
25.79%
N/A
24.65%
24.50%
26.97%
27.02%
24.60%
N/A
N/A
N/A
N/A
4.75%
9.39%
N/A
5.22%
3.73%
5.61%
10.46%
8.48%
N/A
N/A
N/A
N/A
91.50%
70.10%
8.80%
104.00%
66.90%
114.80%
80.20%
61.90%
8.10%
8.80%
37.80%
34.50%

I$acc Shares . . . . . . .
U$acc 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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.
.
.
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
21.86%
21.33%
20.00%
N/A
23.04%
64.44%
N/A
N/A
N/A
10.42%
9.59%
9.14%
N/A
11.55%
22.25%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
11.55%
10.46%
10.26%
N/A
12.67%
22.29%
N/A
N/A
N/A
42.70%
38.20%
37.40%
3.10%
47.40%
92.40%
2.80%
3.50%
11.77%
January
January
January
January
January
January
January
March
Fund Performance
TOTAL RETURNS(1)

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 . . . . . . . .
Inception
Date
2013
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
24.62%
24.63%
24.00%
23.35%
23.40%
25.58%
25.51%
24.77%
20.52%
N/A
N/A
N/A
8.66%
8.63%
7.77%
7.58%
N/A
9.50%
9.49%
8.47%
N/A
N/A
N/A
N/A
13.08%
13.10%
12.12%
11.96%
N/A
13.95%
13.94%
12.93%
N/A
N/A
N/A
N/A
5.23%
5.14%
4.28%
4.14%
12.19%
6.08%
5.95%
4.94%
13.22%
N/A
N/A
N/A
94.90%
34.54%
73.10%
70.10%
30.80%
116.50%
40.76%
33.00%
16.90%
3.80%
4.50%
21.50%
.
.
.
.
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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
INTECH Global Dividend Fund(a)

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. . . . . . . . . .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
28
28
28
28
28
28
28
28
28
28
31
31
28
28
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
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
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
11.30%
10.85%
9.10%
9.52%
9.70%
9.30%
11.70%
11.71%
11.20%
11.20%
2.20%
2.90%
2.59%
8.51%
INTECH US Core Fund

U$acc Shares . . . .
Uacc Shares . . . .
Uacc Shares . . . .
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
25
31
25
25
25
31
24
31
31
2
April
January
April
April
April
January
April
October
October
January
2003
2008
2003
2003
2003
2008
2006
2013
2013
2013
32.21%
32.26%
31.45%
30.89%
32.94%
32.79%
32.45%
N/A
N/A
N/A
15.42%
15.42%
14.40%
14.25%
16.04%
16.02%
15.47%
N/A
N/A
N/A
16.17%
16.17%
15.08%
15.02%
16.77%
16.77%
15.95%
N/A
N/A
N/A
8.80%
6.47%
7.79%
7.73%
9.37%
7.02%
4.51%
N/A
N/A
N/A
146.30%
44.94%
122.80%
121.60%
160.30%
49.38%
40.40%
5.70%
6.40%
27.60%
N/A
N/A
N/A
N/A
N/A
.
.
.
.
.
.
.
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.
.
.
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.
.
.
.
.
Janus Global Diversified Alternatives Fund(b)

I$acc Shares . . . . . . . . . . . . . . . . . . . .
31 December 2013
(1)
TOTAL RETURNS(1)
Inception
Date
2013
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative

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 . . . . . . . .
.
.
.
.
.
.
.
.
.
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.
.
.
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.
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.
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.
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.
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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
5.98%
6.01%
N/A
5.28%
4.89%
4.93%
N/A
N/A
7.06%
33.33%
5.94%
5.94%
N/A
4.97%
4.91%
4.90%
N/A
N/A
7.04%
14.33%
16.29%
16.31%
N/A
14.78%
15.11%
15.12%
N/A
N/A
17.44%
21.36%
3.84%
3.82%
N/A
2.41%
2.82%
2.81%
N/A
N/A
4.77%
5.18%
47.20%
46.93%
4.03%
27.70%
33.00%
32.88%
(1.20)%
(1.21)%
61.28%
34.80%

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 . . . .
.
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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
(1.47)%
(1.50)%
N/A
N/A
N/A
(1.79)%
N/A
N/A
(2.42)%
(2.43)%
(2.76)%
(1.97)%
(2.12)%
(0.29)%
(0.26)%
(0.75)%
N/A
N/A
N/A
N/A
(1.75)%
N/A
3.34%
3.35%
N/A
N/A
N/A
3.33%
N/A
N/A
2.33%
2.31%
2.34%
N/A
N/A
N/A
4.56%
4.49%
N/A
N/A
N/A
N/A
N/A
N/A
5.55%
5.55%
N/A
N/A
N/A
5.59%
N/A
N/A
4.50%
4.50%
4.55%
N/A
N/A
N/A
6.66%
6.65%
N/A
N/A
N/A
N/A
N/A
N/A
4.54%
4.63%
N/A
N/A
N/A
5.57%
N/A
N/A
3.58%
3.65%
4.68%
1.99%
1.94%
2.17%
5.71%
6.82%
N/A
N/A
N/A
N/A
(1.30)%
N/A
94.80%
97.24%
1.60%
(0.89)%
(0.23)%
113.53%
(1.60)%
(1.62)%
69.50%
71.29%
89.79%
4.70%
4.59%
3.60%
117.48%
151.77%
(0.20)%
0.50%
0.50%
0.47%
(1.63)%
0.22%

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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.
.
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
(3.21)%
(3.64)%
(3.52)%
(4.02)%
(2.23)%
(2.72)%
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
(2.87)%
(3.84)%
(3.44)%
(3.86)%
(1.88)%
(2.87)%
N/A
N/A
N/A
N/A
(3.60)%
(4.80)%
(4.00)%
(4.49)%
(2.36)%
(3.60)%
(0.10)%
0.60%
(1.50)%
(1.53)%
.
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.
.
.
.
Fund Performance
TOTAL RETURNS(1)

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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.
.
Inception
Date
2013
One Year
Annualised
Three Year
Annualised
Five Year
Annualised
Since
Inception
Annualised
Since
Inception
Cumulative
.
.
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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
7.73%
7.76%
10.49%
7.28%
7.34%
6.58%
6.68%
10.20%
7.19%
6.74%
8.75%
8.77%
11.52%
10.45%
11.67%
N/A
N/A
N/A
7.94%
7.91%
N/A
7.38%
7.44%
6.81%
6.84%
7.77%
N/A
N/A
8.94%
8.94%
N/A
9.37%
9.67%
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
7.42%
7.43%
15.16%
6.96%
7.02%
6.33%
6.34%
7.29%
8.97%
8.92%
8.44%
8.44%
16.26%
8.91%
9.19%
N/A
N/A
N/A
25.50%
25.52%
34.21%
23.80%
24.03%
21.50%
21.55%
25.00%
22.20%
22.06%
29.30%
29.30%
36.90%
31.10%
32.18%
9.30%
9.32%
3.79%

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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.
.
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.
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.
.
.
.
.
.
.
29
29
29
29
29
29
29
31
31
29
29
29
29
26
0.81%
0.83%
0.27%
0.34%
(0.18)%
(0.19)%
(0.65)%
(0.09)%
(0.21)%
2.01%
1.99%
0.79%
1.50%
N/A
5.28%
5.29%
5.09%
5.10%
4.25%
4.25%
4.05%
N/A
N/A
6.50%
6.51%
6.07%
6.31%
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
3.78%
3.78%
3.64%
3.64%
2.75%
2.73%
2.62%
2.98%
3.16%
4.99%
4.97%
4.62%
4.85%
N/A
12.50%
12.51%
12.00%
12.01%
9.00%
8.94%
8.56%
7.10%
7.53%
16.70%
16.63%
15.40%
16.22%
5.59%
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
(1)
TOTAL RETURNS(1)

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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.
.
.
.
.
.
Inception
Date
2013
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
6.15%
6.07%
N/A
8.51%
8.31%
5.73%
6.28%
6.25%
5.10%
5.05%
4.69%
5.37%
5.55%
7.27%
7.38%
10.12%
9.38%
6.85%
N/A
N/A
5.87%
8.58%
8.26%
6.97%
6.93%
N/A
N/A
N/A
6.75%
N/A
N/A
5.89%
5.88%
5.74%
N/A
N/A
8.14%
8.14%
N/A
N/A
7.95%
N/A
N/A
N/A
N/A
N/A
14.43%
14.47%
N/A
N/A
N/A
14.41%
N/A
N/A
13.33%
13.32%
13.30%
N/A
N/A
N/A
15.61%
N/A
N/A
15.57%
N/A
N/A
N/A
N/A
N/A
6.05%
6.16%
N/A
13.76%
9.89%
6.72%
8.85%
8.83%
5.07%
5.18%
5.90%
8.01%
8.09%
10.53%
6.99%
15.29%
11.02%
7.43%
N/A
N/A
6.82%
9.46%
8.82%
141.50%
145.33%
4.40%
30.83%
18.01%
148.66%
21.90%
21.85%
110.30%
113.51%
123.03%
19.70%
19.91%
50.50%
157.37%
34.54%
20.16%
172.66%
7.70%
7.69%
8.65%
12.03%
11.39%

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 December 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
0.55%
0.53%
N/A
0.09%
0.27%
(0.14)%
(0.13)%
0.10%
(0.07)%
0.99%
1.14%
0.84%
0.56%
0.90%
1.29%
N/A
N/A
N/A
N/A
N/A
1.35%
1.35%
N/A
N/A
1.21%
0.62%
0.66%
N/A
N/A
N/A
1.85%
N/A
1.89%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.03%
3.03%
N/A
N/A
3.07%
2.32%
2.34%
N/A
N/A
N/A
3.57%
N/A
3.66%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.40%
3.37%
N/A
0.98%
4.29%
2.62%
2.66%
0.98%
0.64%
1.52%
3.98%
1.92%
3.80%
1.03%
1.02%
N/A
N/A
N/A
N/A
N/A
65.20%
64.60%
1.47%
1.89%
80.10%
47.40%
48.25%
2.30%
1.50%
2.30%
72.73%
3.71%
24.70%
1.30%
1.29%
0.10%
0.10%
1.90%
2.05%
0.25%
Fund Expense Limits and Total Expense Ratios

The Maximum Expense Limits table shows the total fees and out-of-pocket expenses allocated to a Fund in any fiscal year, excluding
transactions costs and trade commissions, expressed as a percentage of the average daily net assets, for each Share Class (Maximum Expense
Limits) under the terms of the Prospectus as set out in the Fees and Expenses section. The Average Total Expense Ratio table shows
the actual expenses, excluding transactions costs and trade commissions, incurred by each Class for each Fund during the reporting year
expressed as a percentage of the average net assets for the corresponding year, on an annualised basis.
Maximum Expense Limits
US Dollar/Euro/AUD$/HKD$/CHF/RMB(CNH) 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 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(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH US Core Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Diversified Alternatives Fund(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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%
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%
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%
2.60%
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%
1.05%
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%
1.65%
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%
Average Total Expense Ratios for the Year Ended 31 December 2013
US Dollar Share Classes
Funds
A acc
A inc
A dis
B acc
B inc
Janus Asia Fund . . . . . . . . . . . .

Janus Balanced Fund . . . . . . . . . .
Janus Emerging Markets Fund . . . . .
Janus Europe Fund . . . . . . . . . . .
Janus Global Life Sciences Fund . . . .
Janus Global Research Fund . . . . . .
Janus Global Technology Fund . . . . .
Janus US Fund . . . . . . . . . . . . .
Janus US All Cap Growth Fund . . . .
Janus US Research Fund . . . . . . . .
Janus US Twenty Fund . . . . . . . . .
Janus US Venture Fund . . . . . . . . .
Perkins Global Value Fund . . . . . . .
Perkins US Strategic Value Fund . . . .
INTECH US Core Fund . . . . . . . .
Janus Global Diversified
Alternatives Fund(b) . . . . . . . . . . . . . . .
Janus Global Real Estate Fund . . . . .
Janus Flexible Income Fund . . . . . .
Janus Global Flexible Income Fund . .
2.49%
2.01%
2.25%
2.25%
2.61%
2.49%
2.75%
2.25%
2.38%
2.71%
2.23%
2.73%
2.17%
2.46%
1.75%
NA*
1.98%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.49%
NA*
NA*
2.32%
2.70%
2.23%
2.64%
NA*
2.47%
1.75%
NA*
3.00%
3.25%
NA*
3.67%
3.50%
3.75%
3.25%
3.37%
3.70%
3.23%
3.72%
3.17%
3.46%
2.75%
NA* NA* 1.24% NA* NA* NA* NA* NA* NA* 0.00%
NA* NA* 1.05% NA* 1.05% NA* NA* 1.98% NA* NA*
NA* NA* 1.35% NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* 1.05% NA* NA* NA* NA*
NA* 3.13% 1.75% NA* NA* 1.05% NA* NA* NA* NA*
NA* NA* 1.25% 1.23% NA* NA* NA* NA* NA* 0.00%
NA* NA* 1.75% NA* NA* 1.05% NA* NA* NA* NA*
NA* NA* 1.20% NA* NA* NA* NA* NA* NA* NA*
NA* NA* 1.20% 1.20% NA* 1.05% NA* NA* NA* NA*
NA* NA* 1.19% 1.20% NA* NA* NA* NA* NA* 0.00%
NA* NA* 1.19% 1.18% NA* 1.05% NA* NA* NA* NA*
NA* NA* 1.75% 1.74% NA* 1.05% NA* NA* 0.00% NA*
NA* NA* 1.17% NA* NA* 1.05% NA* NA* NA* 0.00%
NA* NA* 1.74% 1.71% NA* 1.05% NA* NA* NA* NA*
NA* NA* 1.20% 1.20% NA* 0.98% NA* NA* NA* NA*
NA*
2.25%
1.95%
2.00%
NA*
2.25%
1.95%
NA*
E acc
I acc
I dis
I inc
U acc
U inc
V inc
Z acc
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* 3.25% 3.25% NA* NA* NA* 1.25% NA* NA* NA* NA*
NA* 2.95% 2.95% NA* 0.75% NA* 0.76% 0.77% NA* 2.28% NA*
NA* NA* NA* NA* NA* NA* 0.95% 0.79% NA* NA* NA*
Z inc
NA*
NA*
NA*
NA*
US Dollar Share Classes
Funds
A acc
U acc
U inc
V inc
Z acc
Janus Global High Yield Fund . . . . .

Janus Global Investment Grade
Bond Fund . . . . . . . . . . . . . . .
Janus High Yield Fund . . . . . . . . .
Janus US Short-Term Bond Fund . . . .
INTECH Global Dividend Fund(a) . . .
2.00% 2.00% NA* 3.00% 3.00% NA* 1.04% NA* 1.05% NA*
NA*
NA*
NA* 0.00%
2.00%
1.97%
1.37%
1.59%
A inc
A dis
2.00%
1.97%
1.38%
1.75%
B acc
B inc
E acc
I acc
NA* 3.00% 3.00% NA* 0.85%

NA* 2.97% 2.97% NA* 0.87%
NA* 2.10% 2.10% NA* 0.86%
NA* NA* NA* NA* 1.06%
I dis
I inc
NA*
NA*
NA*
NA*
0.85%
0.88%
0.86%
1.08%
NA* NA*
NA* NA*
0.81% 0.82%
1.00% NA*
NA*
2.29%
NA*
NA*
NA*
0.00%
0.00%
NA*
Z inc
0.00%
NA*
NA*
NA*
Euro Share Classes
Funds
Janus Asia Fund . . . . . . . . . . . . . .
Janus Balanced Fund . . . . . . . . . . . .
Janus Emerging Markets Fund . . . . . . . .
Janus Europe Fund . . . . . . . . . . . . .
Janus Global Life Sciences Fund . . . . . . .
Janus Global Research Fund . . . . . . . . .
Janus Global Technology Fund. . . . . . . .
Janus US Fund . . . . . . . . . . . . . . . .
Janus US All Cap Growth Fund . . . . . . .
Janus US Research Fund . . . . . . . . . . .
Janus US Twenty Fund . . . . . . . . . . . .
Janus US Venture Fund . . . . . . . . . . .
Perkins Global Value Fund . . . . . . . . . .
Perkins US Strategic Value Fund . . . . . . .
INTECH US Core 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 . . . . . .
INTECH Global Dividend Fund(a) . . . . .
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.
.
.
.
.
.
.
.
.
.
.
.
A acc
A inc
B inc
E acc
E inc
I acc
NA*
2.01%
2.25%
2.27%
2.63%
2.49%
2.74%
2.25%
2.38%
2.70%
2.23%
2.73%
2.18%
2.46%
1.75%
2.25%
1.95%
2.00%
2.00%
2.00%
1.97%
1.38%
1.75%
NA*
NA*
3.00%
NA*
1.25%
2.15%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.00%
2.00%
NA*
NA*
1.69%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.95%
NA*
3.00%
3.00%
2.97%
NA*
NA*
2.51%
2.98%
2.75%
3.20%
3.00%
NA*
NA*
2.83%
NA*
2.74%
NA*
3.00%
2.97%
NA*
2.77%
2.20%
2.25%
2.46%
2.43%
2.22%
1.86%
2.50%
2.60%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.77%
2.20%
2.25%
2.46%
2.42%
2.22%
1.86%
2.50%
1.04%
1.35%
1.23%
1.75%
1.24%
1.75%
1.20%
1.20%
1.19%
1.20%
1.75%
1.16%
1.71%
1.20%
1.25%
0.75%
0.95%
1.05%
0.85%
0.87%
0.86%
1.06%
HKD Share Classes

I inc I acc (U) U acc
Z acc
A acc
NA*
NA*
NA*
NA*
NA*
1.05% NA* NA* NA* 2.02%

NA* NA* NA* NA*
NA*
NA* NA* 1.05% 0.00% NA*
NA* NA* 1.05% NA*
NA*
NA* NA* NA* NA*
NA*
NA* NA* 1.05% NA*
NA*
NA* NA* NA* NA*
NA*
NA* NA* 1.05% NA*
NA*
NA* NA* NA* NA*
NA*
NA* NA* 1.05% NA*
NA*
NA* NA* 1.05% NA*
NA*
NA* NA* 1.05% NA*
NA*
NA* 1.71% 1.05% NA*
NA*
NA* NA* 0.98% NA*
NA*
NA* NA* NA* NA*
NA*
NA* NA* 0.74% NA* 1.97%
NA* NA* 0.76% NA*
NA*
1.05% NA* NA* NA*
NA*
0.85% NA* NA* NA*
NA*
NA* NA* NA* NA* 1.97%
NA* NA* NA* NA*
NA*
1.07% NA* 1.00% 0.00% NA*
A inc
NA*
1.98%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.96%
NA*
NA*
NA*
1.97%
NA*
NA*
AUD Share Classes
Funds
Janus Asia Fund . . . . . . . . . .
Janus Balanced Fund . . . . . . . .
Janus Emerging Markets Fund . . .
Janus Europe Fund . . . . . . . . .
Janus Global Life Sciences Fund . .
Janus Global Research Fund . . . .
Janus US All Cap Growth Fund . .
Janus US Twenty Fund . . . . . . .
Janus US Venture Fund . . . . . . .
Perkins US Strategic Value Fund . .
INTECH US Core Fund . . . . . .
Janus Global Real Estate Fund . . .
Janus Flexible Income Fund . . . .
Janus Global High Yield Fund . . .
Janus High Yield Fund . . . . . . .
Janus US Short-Term Bond Fund . .
A acc
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.
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.
A inc
I inc
CNH Share Classes

V inc
A inc
I inc
GBP Share Classes

I acc
I inc
U acc
U inc
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.05%
NA*
2.00%
NA*
NA*
2.62%
NA*
NA*
2.23%
2.51%
NA*
NA*
NA*
1.92%
NA*
NA*
1.95%
NA*
NA*
2.00%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.24%
1.94%
NA*
2.00%
1.97%
1.35%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.05%
0.86%
NA*
NA*
2.01%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
2.08%
NA*
NA*
2.32%
NA*
NA*
2.00%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
1.95%
NA*
NA*
1.96%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
0.86%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
0.86%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
0.86%
NA*
NA*
1.04%
NA*
1.04%
1.05%
1.05%
1.03%
1.05%
1.02%
1.00%
NA*
0.83%
0.85%
0.85%
0.84%
0.82%
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
NA*
0.83%
0.85%
0.85%
0.84%
0.82%
0.98%
Fund Expense Limits and Total Expense Ratios

CAD Share Classes
SEK Share Classes
Funds
A inc
A acc
A inc
I inc
Janus Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Janus Europe Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . .
2.00%
NA*
NA*
NA*
2.30%
NA*
NA*
NA*
1.36%
NA*
NA*
0.86%
NA* Share class not yet launched
10
CHF Share Classes
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 1 October 2013 (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 2011 as amended (the UCITS Regulations).
The Company is organised in the form of an umbrella fund
and currently has thirty seven constituent funds (individually a
Fund, collectively the Funds) as follows:
EQUITY & BALANCED FUNDS

Janus Asia Fund
Janus Balanced Fund
Janus Europe Fund
Janus Global Growth Fund1
Janus Global Research (ex-Japan) Fund1
Janus US Fund
INTECH SUB-ADVISED FUNDS

INTECH Emerging Markets Core Fund1
INTECH Emerging Markets Managed Volatility Fund1
INTECH European Core Fund1
INTECH Global All Country Core Fund1
INTECH Global All Country Managed Volatility Fund1
INTECH Global Core Fund2
INTECH Global Dividend Low Volatility Fund1
INTECH US Core Fund

Janus Extended Alpha Fund1
Janus Global Research 130/30 Fund1
FIXED INCOME FUNDS

Janus Global Strategic Income Fund1
Twelve of the Funds have not yet launched, as indicated previously.
Each Fund may issue Shares in multiple Classes which may be
denominated in US Dollars ($), Euro (), Pound Sterling (), Hong
Kong Dollars (HKD$), Australian Dollars (AUD$), Swiss Francs
(CHF), Canadian Dollars (CAD$), Chinese Renminbi (RMB
(CNH)) or Swedish Kronor (SEK)). Certain Classes of Shares of
the Funds have been admitted to the Official List and to trading
on the Main Securities Market of the Irish Stock Exchange. Please
refer to Citibank Europe plc (the Administrator) for a complete
listing of the Classes of Shares of the Funds listed on the Irish
Stock Exchange. The Administrator determines the net asset value
per Share of each Class of each Fund once on each Business Day.
Valuation Point for all Funds is at the close of the regular trading
session of the New York Stock Exchange (normally 4:00 P.M., New
York time, Monday through Friday).
The most recent Prospectus of the Company is dated
1 October 2013. Any reference to Primarily in the description
of the investment objectives and policies of a Fund 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.
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 Emerging Markets, an
investment in the Fund should not constitute a substantial proportion
of an investment portfolio and may not be appropriate for all investors.
ALTERNATIVE INVESTMENT FUNDS

(for the avoidance of doubt, the Alternative Investments Funds (other
than the Janus Global Real Estate Fund) are Equity Investing Funds)
INTECH Market Neutral Fund1
1
Not yet launched.
All Shares in this Fund were mandatorily redeemed on 30 November 2010.
JANUS BALANCED FUND

This Funds investment objective is long-term capital growth,
consistent with preservation of capital and balanced by current
11

income. It pursues its objective by investing 35% to 65% of its
net asset value in equity securities of US Companies, such as
common stocks, and 35% to 65% of its net asset value in Debt
Securities of US Issuers. This Fund may invest up to 25% of its
net asset value in Debt Securities rated below investment grade.
The Fund may employ investment techniques and instruments
for investment purposes, such as trading in futures, options
and swaps and other financial derivative instruments, subject
to a limit of up to 10% of its net asset value and subject to the
conditions and within the limits from time to time laid down
by the Central Bank. No more than 10% of the net asset value
of the Fund may be invested in securities traded on any one
Emerging Market and the aggregate amount of the Fund which
may be invested in securities traded on the Emerging Markets
is 20% of the net asset value of the Fund.
JANUS EMERGING MARKETS FUND

This 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 Emerging Markets (including China) or
companies which derive a significant proportion of their revenues
or profits from one or more Emerging Markets or have significant
portion of their assets in one or more Emerging Markets. Due to its
exposure to Emerging Markets, an investment in the Fund should
not constitute a substantial proportion of an investment portfolio
and may not be appropriate for all investors. The Fund may 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 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.
12
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
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
may be invested in securities traded on the Emerging Markets is
20% of the net asset value of the Fund.
JANUS GLOBAL LIFE SCIENCES FUND

It pursues its objective by investing Primarily in equity securities
of companies located anywhere in the world and selected for their
growth potential. The Fund will invest Primarily in securities
of companies that the relevant Sub-Investment Adviser believes
have a life sciences orientation. Generally speaking, the life
sciences relate to maintaining or improving quality of life. Thus,
companies with a life sciences orientation include companies
engaged in research, development, production or distribution of
products or services related to health and personal care, medicine
or pharmaceuticals. Such companies may also include companies
that the relevant Sub-Investment Adviser believes have growth
potential mainly as a result of particular products, technology,
patents or other market advantages in the life sciences. The
Fund will invest at least 25% of its total assets, in the aggregate,
in the following industry groups: 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
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
employ investment techniques and instruments for investment
purposes, such as trading in futures, options and swaps and other
financial derivative instruments, subject to a limit of up to 10%
of its net asset value and subject to the conditions and within the
limits from time to time laid down by the Central Bank. No more
than 10% of the net asset value of the Fund may be invested in
securities traded on any one Emerging Market and the aggregate
amount of the Fund which may be invested in securities traded on
the Emerging Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL TECHNOLOGY FUND

It pursues its objective by investing Primarily in equity securities
of companies located anywhere in the world and selected for their
growth potential. The Fund will invest Primarily in securities
of companies that the relevant Sub-Investment Adviser believes
will benefit significantly from advances or improvements in
technology. These are generally: (i) companies that the relevant
Sub-Investment Adviser believes have or will develop products,
processes or services that will provide significant technological
advancements or improvements; or (ii) companies that the relevant
Sub-Investment Adviser believes rely extensively on technology in
connection with their operations or services such as but not limited
to companies offering medical products and services, alternative
energy equipment and services, or sophisticated industrial
products. The Fund may employ investment techniques and
instruments for investment purposes, such as trading in futures,
options and swaps and other financial derivative instruments,
subject to a limit of up to 10% of its net asset value and subject
to the conditions and within the limits from time to time laid
down by the Central Bank. No more than 10% of the net asset
value of the Fund may be invested in securities traded on any one
may be invested in securities traded on the Emerging Markets is
20% of the net asset value of the Fund.
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 US ALL CAP GROWTH FUND

It pursues its objective by investing Primarily in common
stocks of US Issuers of any size, which may include larger well
established issuers and/or smaller emerging growth issuers. The
Fund may employ investment techniques and instruments for
investment purposes, such as trading in futures, options and
swaps and other financial derivative instruments, subject to
a limit of up to 10% of its net asset value and subject to the
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 employ investment techniques and
subject to a limit of up to 10% of its net asset value and subject to
the conditions and within the limits from time to time laid down
by the Central Bank. Subject to the above, no more than 10%
of the net asset value of the Fund may be invested in securities
traded on any one Emerging Market and the aggregate amount
of the Fund which may be invested in securities traded on the
Emerging Markets is 20% of the net asset value of the Fund. The
investment selection process currently employed by the SubInvestment 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
13

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
Emerging 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 capitalisations, 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
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
PERKINS GLOBAL VALUE FUND

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 SubInvestment Adviser focuses on companies that have fallen out
of favour with the market or that appear to be undervalued.
14
The value approach emphasises investments in companies

the relevant Sub-Investment Adviser believes are undervalued
relative to their intrinsic worth. The Fund may employ investment
techniques and instruments, such as trading in futures, options
and swaps and other derivative instruments for efficient portfolio
management (i.e. reduction of risk, reduction of costs, generation
of additional capital or income for the Fund) or for investment
purposes as described in the Types and Description of Financial
Derivative Instruments section of the Prospectus, subject to the
conditions and within the limits from time to time laid down by
the Central Bank to gain or hedge exposure to the investments
contemplated in these investment policies. Due to its exposure
to Emerging Markets, an investment in the Fund should not
constitute a substantial proportion of an investment portfolio
and may not be appropriate for all investors.
PERKINS US STRATEGIC VALUE FUND

pursues its objective by investing Primarily in common stocks of
US Companies with the potential for long-term growth of capital
using a value approach. The value approach emphasises
investments in companies the relevant Sub-Investment Adviser
believes are undervalued relative to their intrinsic worth. The
relevant Sub-Investment Adviser measures value as a function
of price/earnings (P/E) ratios and price/free cash flow. A P/E
ratio is the relationship between the price of a stock and its
earnings per share. This figure is determined by dividing a stock
s market price by the 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 GLOBAL DIVIDEND FUND(a)

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

pursues its objective by investing at least 80% of its net asset value in
equities and equity related securities of US Companies whose market
capitalisation is at least equal to the market capitalisation of one of
the companies listed in the S&P 500 Index at the time of purchase.
JANUS GLOBAL DIVERSIFIED ALTERNATIVES FUND(b)

The Funds investment objective is to seek to achieve long-term
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 SubInvestment 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, well-established 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 Fund s 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 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 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
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
amount of the Fund which may be invested in securities traded
on Emerging Markets shall not exceed 20% of the net asset
value of the Fund. The Fund may invest directly or indirectly
(i.e. through depositary receipts including American Depositary
Receipts, European Depositary Receipts and Global Depositary
Receipts) in the relevant markets.
15

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 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
by the Central Bank. Due to its exposure to below investment grade

securities and Emerging Markets, an investment in the Fund should
not constitute a substantial proportion of an investment portfolio
and may not be appropriate for all investors.
JANUS GLOBAL 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. Under normal circumstances,
the Fund pursues its investment objectives by investing principally
in Debt Securities or preferred stock of issuers located anywhere
in the world which are either rated below investment grade or
if unrated are of a similar quality to below investment grade
as determined by the relevant Sub-Investment Adviser. The
Fund may employ investment techniques and instruments, such
as trading in futures, options and swaps and other derivative
instruments for efficient portfolio management (i.e. reduction
of risk, reduction of costs, generation of additional capital or
income for the Fund) or for investment purposes as described in
the Types and Description of Financial Derivative Instruments
section of the Prospectus, subject to the conditions and within
the limits from time to time laid down by the Central Bank to
gain or hedge exposure to the investments contemplated in these
investment policies. Due to its exposure to below investment
grade securities and Emerging Markets, an investment in the Fund
should not constitute a substantial proportion of an investment
portfolio and may not be appropriate for all investors.
JANUS GLOBAL 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 is income producing securities of issuers located
anywhere in the world, including issuers located in Emerging
Markets will normally make up at least 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
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
16
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
in futures, options and swaps and other derivative instruments 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
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 employ investment techniques and
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
Emerging Markets is 20% of the net asset value of the Fund.
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.
JANUS US SHORT-TERM BOND FUND
Janus Diversified Alternatives 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 pre-established quality standards
this Fund intends to invest primarily in short and intermediateterm investment grade Debt Securities. The Fund may employ
investment techniques and instruments for investment purposes,
such as trading in futures, options and swaps and other financial
derivative instruments, subject to a limit of up to 10% of its net asset
value and subject to the conditions and within the limits from time
to time laid down by the Central Bank. Subject to the above, no
more than 10% of the net asset value of the Fund may be invested
in securities traded on any one Emerging Market and the aggregate
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) The latest audited annual reports and subsequent 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, 17, quai de lIle, 1204 Geneva;
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
The following is a summary of the main changes incorporated

in the Companys prospectus dated 1 May 2013:
(a) Change in Custodian:
Citibank International plc, Ireland Branch was appointed to act
as custodian of the Company with effect from 11.59 p.m. on
30 April 2013.
(b) The following sub-fund was approved by the Central Bank:
(c) Amendments to the investment policy for Janus Europe Fund:

The Janus Europe Fund previously pursued its objective by
investing Primarily in common stocks selected for their growth
potential. The sub-fund was permitted to invest in companies of any
size from larger, well-established companies to smaller, emerging
growth companies that were 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.
The investment policy was amended to provide that the sub-fund
will pursue 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. The sub-funds investment policy was amended to permit
the sub-fund to also have exposure to companies outside Western,
Central and Eastern Europe (EU and non-EU members) and Turkey.
(d) Charging of fees and expenses to capital for the Class A$inc,
Class AHK$inc, Class AAUD$inc and Class ARMB(CNH)inc Shares
of the Janus Flexible Income Fund and Class A$inc, Class AHK$inc
and Class AAUD$inc Shares of the Janus High Yield Fund:
With effect from 1 May 2013 the Class A$inc, Class AHK$inc,
Class AAUD$inc and Class ARMB(CNH)inc Shares of the Janus
Flexible Income Fund and Class A$inc, Class AHK$inc and
Class AAUD$inc Shares of the Janus High Yield Fund are, at the
discretion of the Company, permitted to charge certain fees and
expenses to capital rather than income. Charging all or part of the
fees and expenses to capital will result in income being increased
for distribution; however, the capital that these Share Classes have
available for investment in the future, and capital growth, may be
reduced notwithstanding the performance of the relevant Fund.
Shareholders should note that there is an increased risk that on the
redemption of Shares of these Share Classes, Shareholders may not
receive back the full amount invested. Shareholders should be aware
that charging fees and expenses to capital may result in the erosion
17

of a Shareholders capital investment, or capital gains attributable
to that original investment, which will likely diminish the value
of future returns. The increased dividend payout as a result of
charging fees and expenses to capital effectively amounts to a return
or withdrawal of a Shareholders original capital investment or of
capital gains attributable to that original investment. Shareholders
should note that to the extent expenses are charged to capital,
some or all of the distributions made by the Class A$inc, Class
AHK$inc, Class AAUD$inc and/or Class ARMB(CNH)inc Shares of
the Janus Flexible Income Fund/Class A$inc, Class AHK$inc and/
or Class AAUD$inc Shares of the Janus High Yield Fund should be
considered to be a form of capital reimbursement.
(e) Creation of New Share Classes:
The Prospectus was updated throughout to reflect the creation
of the following new share classes:
(i) Risk Factors and Special Considerations:

The following new risk factors and special considerations were
inserted:
(i) Measurement of Market Risk and Leverage using the
Commitment Approach and VaR;
(ii) Risks Associated with the Investor Account (being the
bank account established with Citibank NA for the purposes
of effecting subscriptions to, and redemptions from, the Funds
and related investor activity; and
(iii) Commodity Indices and Futures Contracts Trading Risk.
The following risk factor and special consideration was updated:
(i) Emerging Market Risks.
(i) Class VRMB(CNH)inc Shares of the Janus Flexible Income

Fund and Janus High Yield Fund;
(ii) Class ARMB(CNH)acc and IRMB(CNH)acc Shares of the Janus
US Twenty Fund and Janus Flexible Income Fund, Janus Global
Real Estate Fund, Janus Global Research Fund, Janus High Yield
Fund, Janus US Short-Term Bond Fund and Janus Balanced Fund;
(iii) Class E$acc, E$inc, V$acc, V$inc, VAUD$acc, VAUD$inc,
ARMB(CNH)inc,
IRMB(CNH)inc,
VRMB(CNH)inc,
ARMB(CNH)acc, IRMB(CNH)acc and VRMB(CNH)acc Shares
of the INTECH Global Dividend Fund; and
(j) Management and Administration of the Company:

(i) Assets under management for the Investment Adviser and
Sub-Investment Advisers were updated;
(ii) Disclosure was included in relation to Investor Accounts.
(An Investor Account is established with Citibank NA to
effect subscriptions to, and redemptions from, the Funds. The
Investor Account is for the benefit, at any given time, of the
Shareholders, prospective Shareholders and former Shareholders
whose monies are held in the Investor Account at such time. The
Investor Account is not an account for the benefit of any Fund.)
(iv) Class V$acc Shares of the Janus Global Real Estate Fund.
(k) Ireland Taxation:
(f) Increase in minimum initial investment:
The Prospectus was updated to increase the minimum initial
investment for the Class V$ and Class VAUD$ share classes
from $2,500 and AUD$2,500 to $250,000 and AUD$250,000,
respectively.
(g) Value-at-Risk:
This section of the Prospectus was updated in light of recent

amendments to the Irish tax legislation.
(l) Charges/Fees:
The investment management fee for the Class A, B, E, I and
V Shares of the INTECH Global Dividend Fund Class A, B, E, I,
U and V Shares of the INTECH Global Dividend Low Volatility
Fund were decreased.
To the extent contemplated in the risk management process,

leverage or risk created through the use of derivatives may be
measured using either the commitment approach or Value at
Risk (VaR) method. The Prospectus was updated to reflect that
where absolute VaR is used, the Investment Adviser may choose
to use a time horizon up to 10 days (previously 20 days) in
which case the absolute VaR of the Fund may not exceed 14.1%
(previously 20%) of the Funds total net asset value. Janus Global
Diversified Alternatives Fund uses VaR, however no VaR data is
disclosed as the Fund launched on 31 December 2013.
The corresponding total fees (including all fees of the Administrator,

the Custodian and any Company representatives in any jurisdiction)
and out-of-pocket expenses allocated to a Fund in any fiscal year
attributable to each Class of Shares were decreased for the Class A, B,
E, I and V Shares of the INTECH Global Dividend Fund Class A, B, E,
I, U and V Shares of the INTECH Global Dividend Low Volatility Fund.
(h) Updated Central Bank UCITS Notices:
Disclosure relating to Mr. Carl OSullivan was updated.
The Prospectus was updated throughout to reflect updates to the

Central Banks UCITS Notices in light of the European Securities
and Markets Authority guidelines on exchange traded funds and
other UCITS issues that were published on 18 December 2012.
(n) Securities Rating:
18
(m) Miscellaneous:
The disclosure relating to unrated securities was updated to provide

that unrated securities will be treated as non-investment grade
securities unless the Sub-Investment Advisers determines that such

securities are the equivalent of investment grade securities. When
calculating the quality assigned to securities that receive different
ratings from two or more agencies (split-rated securities), the
security will receive: (i) the middle rating from the three reporting
agencies if three agencies provide a rating for the security or (ii) the
lowest rating if only two agencies provide a rating for the security.
The following is a summary of the main changes incorporated
in the Companys prospectus dated 1 October 2013:
SUMMARY OF CHANGES TO PROSPECTUS OF JANUS CAPITAL FUNDS

PLC (THE COMPANY)
The following is a summary of the main changes incorporated in the
Companys prospectus dated 1 October 2013 (the Prospectus). It
does not purport to be a complete account of the changes made (and
in particular does not included details relating to amendments made
to share classes which were unlaunched as at 1 October 2013) 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.
UCITS Regulations. The investment policies in the Prospectus

may be more restrictive than the limits set out in the UCITS
Regulations as set out in Appendix 4 to the Prospectus. In the
case of a conflict between investment policies stated elsewhere
in the Prospectus and the investment limits set out in this
Appendix 4, the more restrictive limitation shall apply.
6. Amendments to the investment policy for the Janus
US Venture Fund:
The Janus US Venture Fund pursues its investment objective
by investing at least half of its equity assets in equity securities
of small sized US companies. Small sized US companies were
previously defined in the prospectus as companies whose market
capitalisations are less than US$1 billion or whose annual gross
revenues are less than US$500 million. The definition of small
sized US companies in the investment policies of the Janus
US Venture Fund was amended to reflect the category of small
capitalisation companies represented by the Russell 2000 Growth
Index. The Russell 2000 Growth Index is an index established to
measure the performance of the 2,000 smallest US companies at
the annual reconstitution date in the Russell 2000 Index.
1. The following new sub-funds have been approved by the

Central Bank of Ireland (the Central Bank):
7. Investment Restrictions:
INTECH Emerging Markets Managed Volatility Fund

INTECH Emerging Markets Core Fund
INTECH Global All Country Managed Volatility Fund
INTECH Global All Country Core Fund
An additional footnote to the table appearing under the

Investment Restrictions section was included to clarify that
the reference to leverage reflects leverage calculated using the
commitment approach.
The Prospectus discloses each sub-funds investment objective

and policy; the share classes which have been created; risk
factors; the distribution policy and the fees and expenses
applicable to an investment in the sub-fund.
8. Charging of fees and expenses to capital:
2. Change of name of sub-fund:

The following Fund name change was effective as of
1 December 2011:
From
To
Janus Diversified Alternatives Janus Global Diversified

Fund
Alternatives Fund
With effect from 1 October 2013 the Class ANZD$inc and

ASGD$inc shares of the Janus High Yield Fund and the
Janus Flexible Income Fund, the Class A$inc, Class Ainc,
Class AHK$inc, Class AAUD$inc, Class ACHFinc,
Class ACAD$inc, Class ARMB(CNH)inc, Class ASEKinc,
Class ANZD$inc and Class ASGD$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 E inc
shares of all Funds are, at the discretion of the Company,
permitted to charge certain fees and expenses to capital rather
than income.
3. Removal of the INTECH Market Neutral Fund:

All references to the INTECH Market Neutral Fund were
removed from the Prospectus following the withdrawal of its
approval by the Central Bank at the request of the Company.
4. Risk Managed Equity Funds:
The Risk Managed Equity Funds group of sub-funds were
renamed the INTECH Sub-Advised Funds.
5. Investment Objectives and Policies of the Funds and Appendix 4:
Disclosure was included to make it clear that Appendix 4 to the
Prospectus sets out the general investment limits as set out in the
Charging all or part of the fees and expenses to capital will

result in income being increased for distribution; however, the
capital that these Share Classes have available for investment in
the future, and capital growth, may be reduced notwithstanding
the performance of the relevant Fund. Shareholders should note
that there is an increased risk that on the redemption of Shares of
these Share Classes, Shareholders may not receive back the full
amount invested. Shareholders should be aware that charging
fees and expenses to capital may result in the erosion of a
Shareholders capital investment, or capital gains attributable to
that original investment, which will likely diminish the value
of future returns. The increased dividend payout as a result
of charging fees and expenses to capital effectively amounts
to a return or withdrawal of a Shareholders original capital
19

investment or of capital gains attributable to that original
investment. Shareholders should note that to the extent expenses
are charged to capital, some or all of the distributions made by
the relevant share classes should be considered to be a form of
capital reimbursement.
The following risk factor and special consideration has been

updated:
(a) Charging Fees and Expenses to Capital.
13. Management and Administration of the Company:
9. Paying dividends out of capital:

With effect from 1 October 2013, in the case of the Class A$inc,
Class Ainc, Class AHK$inc, Class AAUD$inc, Class ACHFinc,
Class ACAD$inc, Class ARMB(CNH)inc, Class ASEKinc,
Class ANZD$inc and Class ASGD$inc Shares of the Janus
Balanced Fund may, at the discretion of the Directors, declare
and distribute dividends out of capital.
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 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. Distributions out of capital
may have different tax implications to distributions of income
and capital gains and holders of the relevant Share Class are
recommended to seek advice in this regard.
10. Creation of New Share Classes:
The Prospectus has been updated throughout to reflect the
creation of a substantial number of new shares classes, including
a portfolio hedged share class, in certain of the existing Funds of
the Company. The Share Classes created are listed in full in the
new initial offer details section in Appendix 5 of the Prospectus
entitled The Funds and Classes of Shares.
11. Update to Business Day definition:
The definition of Business Day has been amended to provide
that for all share classes of any Fund (other than the Janus
Europe Fund and Janus Asia Fund) the definition of Business
Day means any day on which the New York Stock Exchange is
open for business other than December 26, December 27 and
December 28 in any year if any such date is observed as a public
holiday by the banks in Ireland.
There was no change in the definition of Business Day for the
purposes of the Janus Asia Fund and Janus Europe Fund other
than that December 26, December 27 and December 28 in any
year shall not be a Business Day for either Fund if any such date
is observed as a public holiday by the banks in Ireland.
12. Risk Factors and Special Considerations:
The following new risk factor and special considerations has
been inserted:
(a) Distributions out of Capital.
20
13.1 assets under management for the Investment Adviser and

Sub-Investment Advisers have been updated;
13.2 details of the ownership of Perkins were updated.
14. Round Trip:
The description of the term round trip in the sections
entitled Excessive and/or Short Term Trading - Limitation of
the exchange privilege and round trips, Subscription Order
Processing, Short Term Trading, Mandatory Redemption
of Shares and Forfeiture of Dividend and Excessive and/or
Short Term Trading has been updated to refer to generally the
purchase and redemption of Shares for the same Fund.
15. Information required by the Administrator:
Disclosure has been included to note that the Administrator
reserves the right to request further details or evidence of
identity from an applicant for Shares. Investors must provide
such declarations as are reasonably required by the Company,
including, without limitation, declarations as to matters of Irish
and U.S. taxation. In this regard, investors should take into
account the considerations set out in the section entitled Tax
Information.
16. Change in dividend frequency for Class Z$inc Share Class of
the Janus Global Investment Grade Bond Fund:
With effect from 1 October 2013 it is the policy of the Directors
to declare and distribute dividends annually or semi-annually
(instead of monthly) on or about 15 April and/or 15 October, or
on such other date or more frequently at the discretion of the
Directors.
17. Taxation:
This section of the Prospectus has been updated to include
disclosure in relation to the Foreign Account Tax Compliance
provisions of the Hiring Incentives to Restore Employment Act
(FATCA).
18. Addition of New Appendices:
Three new appendices have been added to the Prospectus
containing information relating to the sub-funds and classes of
shares, listing on the Irish Stock Exchange and the offering of
share classes formerly contained in the body of the Prospectus.
Report of the Directors

The Directors submit their report together with the audited
financial statements for the year ended 31 December 2013.
at http://www.irishfunds.ie. The Company is also subject to

corporate governance practices imposed by:
DIRECTORS RESPONSIBILITIES
The Articles of Association of the Company which are available

for inspection at the registered office of the Company and at
the Companies Registration Office in Ireland; and
The Directors are responsible for preparing the annual report

and the financial statements in accordance with applicable
Irish law and accounting standards issued by the Financial
Reporting Council and promulgated by the Institute of Chartered
Accountants in Ireland (Generally Accepted Accounting Practice
in Ireland).
Irish company law requires the Directors to prepare financial
statements for each financial year which give a true and fair
view of the state of affairs of the Company and of the profit or
loss of the Company for that year. In preparing those financial
statements, the Directors are required to:
select suitable accounting policies and then apply them
consistently;
make judgments and estimates that are reasonable and
prudent; and
prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors confirm that they have complied with the above
requirements in preparing the financial statements.
The Directors are responsible for keeping proper books of
account which disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure
that the financial statements comply with the Companies
Acts and UCITS Regulations. They are also responsible for
safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
Under the UCITS Regulations, the Directors are required to
entrust the assets of the Company to a trustee for safe-keeping.
In carrying out this duty, the Company has delegated custody
of the Companys assets to Citibank International plc, Ireland
branch.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information of the Company
included on the website of Janus Capital International Limited
(www.janusinternational.com). Legislation in the Republic
of Ireland governing the preparation and dissemination of
financial statements may differ from legislation in other
jurisdictions.
CORPORATE GOVERNANCE STATEMENT

The Company has adopted the Corporate Governance Code
for Irish Domiciled Collective Investment Schemes issued
by the IFIA which can be obtained from the IFIAs website
The Irish Stock Exchange (ISE) through the ISE Code of

Listing Requirements and Procedures which can be obtained
from the ISEs website at:- http://www.ise.ie.
The Company is subject to the Companies Acts, the UCITS
Regulations and the Listing Rules of the ISE, as applicable to
investment funds. The Company does not apply additional
corporate governance requirements beyond those required by
the above. Each of the service providers engaged by the Company
is subject to its own corporate governance requirements.
FINANCIAL REPORTING PROCESS DESCRIPTION OF MAIN FEATURES

The Board of Directors (the Board) is ultimately responsible
for overseeing the establishment and maintenance of adequate
internal control and risk management systems of the Company
in relation to the financial reporting process. As the Company
has no employees and all directors serve in a non executive
capacity all functions including the preparation of the financial
statements have been outsourced. The Company has appointed
Citibank Europe plc (the Administrator) as its Administrator
consistent with the regulatory framework applicable to investment
fund companies such as the Company. The Administrator has
functional responsibility for the preparation of the Companys
interim and annual financial statements and the maintenance
of its books and records. On appointing the Administrator the
Board noted that it was regulated by the Central Bank and in the
Boards opinion, had significant experience as an administrator.
The Board also noted the independence of the Administrator
from the Companys investment adviser. Subject to the
supervision of the Board, the appointment of the Administrator
is intended to manage rather than eliminate the risk of failure
to achieve the Companys financial reporting objectives and
can only provide reasonable and not absolute assurance against
material misstatement or loss.
The Board evaluates and discusses significant accounting and
reporting issues as the need arises. The Board reviews the
financial statements prior to their approval, though it should
be noted that such review does not include verification of
information in the financial statements to source documents.
The annual financial statements are subject to independent
audit by PricewaterhouseCoopers and the Board receives and
considers a report from PricewaterhouseCoopers as to the audit
process. This report includes observations as to the extent to
which (i) the annual financial statements provide a true and
fair view (ii) adjustments were made to the books and records
maintained by the Administrator in order to provide financial
statements giving a true and fair view and (iii) potential control
weaknesses identified by PricewaterhouseCoopers during the
audit process.
21
Report of the Directors

RISK ASSESSMENT
The Board is responsible for assessing the risk of irregularities
whether caused by fraud or error in financial reporting
and for ensuring that processes are in place for the timely
identification of internal and external matters with a potential
effect on financial reporting. The Board is advised by the
Administrator as to changes in accounting rules and provides
recommendations as to how these changes are best reflected in
the Companys financial statements. The Boards appointment of
an administrator independent of the investment adviser to the
Company and which is regulated by Central Bank is intended to
mitigate though not eliminate the risk of fraud or irregularities
which may impact the financial statements of the Company.
MONITORING
The Board receives regular presentations and reviews reports
from the Custodian, Investment Adviser and Administrator.
The Board also has an annual process to ensure that appropriate
measures are taken to consider and address any control
weaknesses identified and measures recommended by the
independent auditors.
normally during the month of June, in any event it shall be

held within six months of the Companys financial year-end as
determined by the Directors. Notice convening the AGM in each
year at which the audited financial statements of the Company
will be presented (together with the Directors and Independent
Auditors Reports of the Company) will be sent to Shareholders
at their registered addresses with 21 clear days notice before
the date fixed for the meeting. Other general meetings may be
convened from time to time by the Directors in such manner as
provided by Irish law and the Articles of Association.
Each of the Shares entitles the holder to attend and vote at
meetings of the Company and of the sub-funds represented
by those Shares. Matters may be determined by a meeting of
Shareholders on a show of hands unless a poll is requested by
at least five Shareholders present or by Shareholders present
holding 10% or more of the Shares in issue having the right
to vote at the meeting or unless the chairman of the meeting
requests a poll. Each Shareholder has one vote on a show of
hands. Each Share gives the holder one vote in relation to
any matters relating to the Company which are submitted to
Shareholders for a vote by poll.
CAPITAL STRUCTURE
No person has a significant direct or indirect holding of securities
in the Company. No person has any special rights of control over
the Companys share capital. There are no restrictions on voting
rights.
No Class confers on the holder thereof any preferential or

preemptive rights or any rights to participate in the profits and
dividends of any other Class or any voting rights in relation to
matters relating solely to any other Class.
For the appointment and replacement of Directors, the Company

is governed by its Articles of Association. The Articles of
Association themselves may be amended by special resolution
of the shareholders.
The quorum for any general meeting shall be two shareholders

present in person or by proxy save that where it is proposed to
vary the rights attached to a particular class of Shares, unless
otherwise provided, the quorum at such general meeting shall
be two or more shareholders of that class present in person or
by proxy together holding at least one-third of the Shares of
that class.
COMPOSITION AND OPERATION OF THE BOARD OF DIRECTORS

None of the Directors have entered into an employment or service
contract with the Company. All related party transactions during
the year are detailed in Note 3 to the financial statements. The
Articles of Association do not provide for retirement of Directors
by rotation. However, the Directors may be removed by the
shareholders by ordinary resolution in accordance with the
procedures established under the Companies Acts. The Board
meets at least quarterly. There are no subcommittees of the Board.
Each of the Shares other than subscriber shares entitles the

Shareholder to participate equally on a pro-rata basis in the
dividends and net assets of the Company in respect of which the
Shares have been issued, save in the case of dividends declared
prior to becoming a Shareholder.
BOOKS OF ACCOUNT
The Board is responsible for managing the business affairs of the
Company in accordance with the Articles of Association. Subject
to its supervision and direction the Board has delegated the day
to day administration of the Company to the Administrator
and the investment management and distribution functions to
Janus Capital International Limited as the Investment Adviser.
The Company has appointed Citibank International plc, Ireland
branch as the Custodian to the Company with responsibility
for the safekeeping of the assets of the Company. Consequently
none of the Directors is an executive director.
SHAREHOLDER MEETINGS
The annual general meeting (the AGM) of the Company will
usually be held in Dublin as determined by the Directors,
22
We confirm that we have secured compliance with the

Companys obligation to maintain proper books of account by
the employment of a competent third party who uses appropriate
systems and procedures and that the Company has kept proper
books of account throughout the year. The books of accounts
are kept at Citibank Europe plc, 1 North Wall Quay, Dublin 1,
Ireland.
PRINCIPAL ACTIVITIES
The Company is an investment company with variable capital
incorporated under the laws of Ireland as a public limited
company pursuant to the Companies Acts, 1963 to 2013, and
the UCITS Regulations. The Company is an umbrella fund with
segregated liability between Funds.
REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS
INDEPENDENT AUDITORS
The business of the Company is reviewed in detail in the

Investment Advisers Market and Fund Overviews on pages 24 to
57. The performance of the various Classes on offer is detailed in
the Fund Performance section on pages 1 to 7. Details of changes
to the Companys portfolio managers, Prospectus and changes
to various Funds and Share Classes are detailed in the Other
Relevant Information section to the Background of the Company
on pages 17 to 20. The Company intends to continue promoting
and generating interest in its business in the future.
The auditors, PricewaterhouseCoopers, will continue in office

in accordance with section 160(2) of the Companies Act, 1963.
On behalf of the Board:
Peter Sandys
Director
Carl OSullivan
Director
RISK MANAGEMENT OBJECTIVES AND POLICIES

Details of the risks applicable to an investment in the Company
are listed in Note 13, Financial Instruments and Financial
Derivative Instruments, including market price risk, foreign
currency risk, interest rate risk, liquidity risk and credit risk. In
order to manage such risks, the Company shall comply with the
investment restrictions and diversification limits provided for in
the Prospectus and the UCITS Regulations.
16 April 2014
RESULTS AND DIVIDENDS

The results for the year and particulars relating to distribution
are stated in the Income Statement on pages 156 to 161 of
the financial statements. Particulars relating to the issue and
redemption of Shares are set out in note 15. Capital Share
Transactions on pages 209 to 211 of the financial statements.
EVENTS SINCE YEAR END

A new prospectus was approved by the Central Bank of Ireland
on 26 March 2014. There have been no other significant events
affecting the Company since the year end.
DIRECTORS
The names of the persons who were Directors at any time during
the year ended 31 December 2013 are listed below.
Augustus Cheh (U.S.A.)
Dennis Mullen (U.S.A.)
Carl OSullivan (Ireland)
Peter Sandys (Ireland)
Hans Vogel (Ireland)
DIRECTORS INTERESTS
None of the Directors or the Company Secretary, at the date of
this report, holds or held, on the date of his appointment or at
31 December 2013, or 31 December 2012 any beneficial interest
in the Shares of the Company.
Subscriber Shares entitle the shareholders holding them to
attend and vote at all general meetings of the Company but
do not entitle the holders to participate in the dividends or net
assets of the Company.
23
Fund Overviews
Janus Asia Fund
Hiroshi Yoh, portfolio manager
For the 12 months ended 31 December 2013, Janus Asia Fund,
as reflected by the Funds Class I$acc Shares, returned (0.09)%
as compared to its benchmark, the MSCI All Country Asia
Ex-Japan Index, which returned 3.07%.
Asian equities significantly lagged strongly performing global
markets during the period, reflecting weakness in emerging
markets generally relative to developed markets. Concerns over
slowing growth in China and the U.S. Federal Reserves (Fed)
announcement that it could begin a gradual reduction (i.e.,
tapering) of its quantitative easing program in 2013 following
signs of a strengthening U.S. economy contributed to the regions
lacklustre gains. However, in the third quarter improving data in
China and the Feds surprising decision not to reduce its monetary
stimulus program in September contributed to a modest rebound
in stock prices. Reflecting easing concerns over the Feds action,
market reaction was subdued late in December when the Fed
finally announced it would begin tapering in January. China
and Hong Kong were among top contributors to the benchmarks
returns in the period. Both markets benefited from the successful
completion of Chinas leadership transition in November 2012
and signs of improving Chinese macroeconomic data later in the
period. China also announced a comprehensive set of reforms
following its party conference in mid-November. Notable among
the reforms is reduced government involvement in economic
activity and changes to its one-child policy and to the Hukou
system (a household registration system), which would give true
resident status to millions of Chinese who have moved from rural
areas to the cities. Meanwhile, India and Indonesia were among
countries that suffered on U.S. tapering fears, which clipped
emerging market currencies, particularly those with current
account deficits and fiscal deficits. Another detractor, Thailand,
weighed on the indexs returns due to ongoing political protests.
Our holdings in consumer staples and consumer discretionary
weighed the most on performance, while our holdings in
industrials, information technology and energy contributed, as
did our significant overweight in consumer discretionary. On a
country basis, our holdings and overweight in India weighed the
most on performance. Meanwhile, our holdings in Hong Kong,
Indonesia and South Korea were among top contributors. Our
underweight in Indonesia aided performance as well.
For India and the Fund overall, PC Jeweller was our largest
detractor. The stock declined after we participated in its initial
public offering (IPO) in December, even though we considered it
one of the cheapest consumer stocks in India. The company has
performed well fundamentally since our purchase, but jewellery
stores generally were negatively impacted by the countrys central
bank decision to curb gold imports as a means to improve the
countrys current-account deficit. As the second-largest jeweller
in India, PC Jeweller has a significant gold inventory and thus far
its inventory has not been affected. We favour PC Jeweller for its
24
larger average store sizes and wider product selection than peers.
The company also plans to expand its number of stores through
funds raised in its IPO. Additionally, we like the companys
exposure to the highly fragmented Indian market, where gold
and jewellery consumption is an integral part of household
discretionary purchases. We believe the stock is oversold.
Staying in India, Power Finance weighed on performance after
the CEO was accused of bribing officials. We sold our position
in the power industry lender.
Niko Resources, a Canadian oil and gas exploration and
production company, was another top detractor. The company
has an ownership stake in Indian natural gas fields, which
are generating positive cash flows, but it has suffered from
disappointing drilling results in Indonesia. Based on its known
reserves, the company is undervalued, in our view.
Within energy and for China and the Fund overall, China
Suntien Green Energy was our top individual contributor. As
a wind farm operator, the company benefited from the new
governments focus on growing the countrys environmentally
friendly energy sector. China Suntien also has a very stable,
high-margin natural gas distribution business, which we think
can help fund the growth of its wind farms. We also appreciate
that the company generates among the highest returns on
invested capital within the wind farm industry.
In Hong Kong, Samsonite International and AIA Group were
key contributors. One of the largest luggage producers and
distributors globally, Samsonite saw growth in the U.S., Asia
and Europe. We think the company is successfully leveraging
its brand and distribution system to grow in a variety of market
segments. The company continues to launch new products and
add new segments to address demand. We particularly like the
companys growth prospects in India and China, where luggage
sales are expected to grow significantly over the next three years.
AIA, which offers insurance and investment products to
individuals and businesses in the Asia-Pacific region, reported
better-than-expected financial results during the period. As
emerging market consumers grow their wealth, we think AIA
is poised to benefit as more of these consumers seek insurance
products to preserve that wealth. We also like the potential of
management to grow the business in underpenetrated regions.
With global growth improving, the growth outlook for emerging
markets should be better in 2014. Another potential positive
is completion of several elections, particularly in India and
Indonesia, which could lead to market-friendlier government
policies. Chinas announced reforms may lead to slower growth
in 2014, but we think its structural changes will lead to more
sustainable growth long term.
Although the markets initial reaction to the Feds tapering
announcement was muted, the full impact on emerging markets
may not be known until later in the year, as tapering progresses.

Therefore, we remain underweight in those countries most at
risk from reduced foreign funding, such as Indonesia. India is
another country that relies on foreign funding, but we have only
a slight underweight in it based on our expectations for changes
in Indian government policies.
On a sector basis, we remain overweight in consumer
discretionary based on improving consumer spending trends
in Asia, particularly if global growth accelerates. We are
underweight defensive sectors such as telecommunication
services and utilities, which are more likely to underperform in
a growth environment.
Thank you for your investment in the Janus Asia Fund.
Janus Balanced Fund

Marc Pinto and Gibson Smith, portfolio managers
For the 12 months ended 31 December 2013, Janus Balanced
Funds Class I$acc Shares returned 17.47% versus a 16.90%
return for its secondary benchmark, the Balanced Index,
which is an internally calculated, hypothetical combination of
unmanaged indices that combines the total returns from the
S&P 500 Index (55%) and the Barclays U.S. Aggregate Bond
Index (45%).
Equity and corporate credit markets rallied in 2013, supported
by global central banks continued accommodative monetary
policy, signs of global economic improvement and progress
on resolving fiscal issues in the U.S., Europe and Japan.
Longer-term Treasury rates rose as improving U.S. economic
data encouraged speculation that the Federal Reserve (Fed)
would begin to taper its quantitative easing (QE) program; in
December, the Fed confirmed that it would do so beginning
in January 2014. Nevertheless, the central bank reiterated
its commitment to keeping short-term interest rates low and
continuing accommodative monetary policy until the economy
was on stronger footing, which lent confidence to both equity
and credit markets.
The Fund, which seeks to provide more consistent returns over
time by allocating across the spectrum of fixed income and
equity securities, outperformed the Balanced Index, its blended
benchmark of the S&P 500 Index (55%) and the Barclays U.S.
Aggregate Bond Index (45%). The Fund underperformed its
primary benchmark, the S&P 500 Index, but outperformed its
secondary benchmark, the Barclays U.S. Aggregate Bond Index.
The equity-to-fixed-income allocation ended the period with
an equity weighting in the mid-50% range and fixed income in
the mid-40% range. This relatively conservative posture seemed
prudent given uncertainties in the fourth quarter surrounding
Fed policy and the strength of the economy. However, at period
end we were reviewing the allocation, and may increase the
equity weighting if circumstances warrant.
The Funds equity sleeve outperformed the S&P 500 Index

during the period, benefiting particularly from stock selection
in consumer discretionary and industrial companies. Sector
detractors were led by consumer staples and telecom services.
Individual equity contributors were led by CBS. Multimedia
company CBS performed well following its decision to spin off
its billboard business into a real estate investment trust (REIT),
using the proceeds to buy back stock and repurchase debt. It
also effectively won its contract dispute with Time Warner Cable
near the end of the period. The victory reinforced our view of the
power of content, which CBS certainly has with its ownership of
prime sports coverage and other popular programming.
Aerospace leader Boeing was another top contributor. Earlier issues
with Boeings new 787 Dreamliner wide-body jet appeared to be
resolved and the plane was put back in service during the period.
The strong order book for the Boeing 787 and the newest version of
the Boeing 747 gave the market renewed confidence that Boeings
years-long production backlog will continue to grow, boosting the
stocks price. We believe the companys cash-flow generation will
increase as it reduces capital expenditures and working capital,
which should lead to returning more capital to shareholders.
Asset manager Blackstone Group also contributed. Blackstones
stock has benefited from strong equity markets, growth in its
asset management business and successful exits from some of its
private equity investments (including Hilton Worldwide, which
went public during the period). It also has continued to pay a
relatively high distribution to shareholders.
Equity detractors were led by telecommunications provider
CenturyLink, a heavy dividend payer that was pressured by
rising interest rates during the year. Additionally, the company
lowered its revenue forecast.
UK-based bank Standard Chartered also detracted. Heavy
exposure to emerging markets, particularly India, weighed on
near-term results, given those markets weaker-than-expected
economic growth during 2013. Additionally, continuing
regulatory hurdles in the UK have hampered Standard
Chartereds earnings potential. We believed these factors created
too many obstacles for the stock to move higher over the short- to
medium-term horizon, so we sold our position.
Ventas, a health care real estate investment trust (REIT), also
detracted. In general, rising rates hurt REITs, and health care
REITs tend to be especially vulnerable because their longduration leases are slower to reset. However, we think Ventas will
benefit from an improving economy. A significant portion of its
profitability is derived from senior housing; a more robust housing
market should make it easier for elderly potential residents to sell
their current homes and fund their stays at Ventas properties.
The fixed income sleeve outperformed the Barclays U.S. Aggregate
Bond Index during the period, largely due to our security
25
Fund Overviews
selection and overweight to corporate credit. From an industry
sector standpoint, top credit contributors included wireline
communications, automotive and non-diversified financial
companies. Sector detractors were led by consumer services,
property and casualty insurers and integrated energy companies.
Individual credit contributors were led by telecommunications
company Verizon. We invested in Verizons record-breaking
$49 billion corporate bond issuance in September. It debuted to
robust demand, and credit spreads continued to tighten through
the end of the year.
Automaker Ford Motor also contributed. Ford has benefited
from strong year-over-year U.S. auto sales. The housing recovery
has been particularly good for pickup-truck sales, including
Fords F-150 Series, as building contractors tend to buy trucks
when business rises.
Financial services company CIT Group also contributed. We
added to our position in CIT Group amid weakness over the
summer, during a broad market sell-off that enhanced valuations,
in our opinion. This is a liquid name that bounced back strongly
later in the year.
Individual credit detractors were led by ADT Corp. The
home security monitoring company underperformed after its
management team abruptly chose to give up ADTs investmentgrade ratings by pursuing a policy of returning cash to shareholders
in the form of debt-funded dividends, which took balance sheet
leverage higher. We sold the credit during the period.
Royal Dutch Shell also detracted, partly due to pressure from
rising interest rates. We invested in discounted new-issue bonds
during the period, attracted by their relative value compared with
other securities, and exited the investment later in the period.
Diversified holding company Loews Corp. also detracted. We
held longer-duration securities during the period, which were
pressured by rising interest rates.
Meanwhile, security selection in MBS was beneficial, particularly
our preference for prepayment-resistant, higher-coupon MBS.
We have sought to avoid the lower-coupon MBS that the Fed
has been buying, which has provided some buffer against the
volatility surrounding Fed tapering.
We expect a moderate acceleration in economic growth in the
coming year. The Fed has announced it will taper quantitative
easing by $10 billion per month beginning in January, and we
believe there will be additional tapering as the year progresses.
However, we expect tapering to be gradual and still in the
context of very accommodative monetary policy; the Fed is
unlikely to raise short-term interest rates before 2015.
U.S. fiscal policy also seems to be headed in the right direction,
as Congress sealed a budget deal in December that may avert
26
the last-minute budget dramatics the markets have endured in

recent years. We believe growth in developed markets is likely
to accelerate in 2014, as the global economy enters a new stage
of increased capital expenditure and hiring.
For fixed income investors, the greatest focus in the coming year
will be interest rates and the shape of the yield curve. Market
consensus is that longer-term interest rates will move higher,
and we share that view. However, we believe the Fed will keep
short-term interest rates anchored throughout 2014. This means
the yield curve, or the difference between 2-year and 30-year
Treasury yields, likely will continue to steepen. Of course, there
is always the risk that this expectation, being the current market
consensus, is wrong, and we are closely monitoring the economy
and the markets in case the situation changes.
Top Equity Contributors

CBS: CBS Corporation is a multimedia company that operates
broadcasting, television production and publishing businesses.
We believe it will continue to benefit from its ownership of the
top-rated network. We like the companys role as a producer of
content, which we think will be highly valued going forward. We
also appreciate the additional revenue the company is generating
by retransmitting its network to cable and satellite providers.
Boeing: Boeing makes commercial jet aircraft and provides related
support services to the commercial airline industry. We believe the
company will benefit from continued growth in air travel, which
is outpacing global economic growth due to travel in emerging
markets, and a world fleet of planes that remains relatively old.
Additionally, Boeings delivery cycle is peaking and it has a
backlog of roughly eight years of production. We also consider
the companys defence business to be reasonably stable relative
to competitors, and believe that it will generate modest growth.
Blackstone: Blackstone Group is a global alternative asset manager
and provider of financial advisory services. In our opinion,
Blackstone is a best-in-class alternative asset manager, with a
strong platform in private equity, real estate, credit, and fund of
funds businesses, plus solid advisory and restructuring businesses.
Top Equity Detractors

CenturyLink: An integrated communications company,
CenturyLink provides communications services, including voice,
local and long distance, network access, private line, public access,
broadband, data, managed hosting, colocation, wireless and
video services. We also appreciate the communications services
providers high dividend yield.
Standard Chartered: Standard Chartered is a UK-based
international banking group that operates principally in Asia,
Africa and the Middle East. Its heavy exposure to emerging
markets has weighed on recent results, and continuing regulatory
hurdles in the UK have hampered its earnings potential. We felt
these factors interfered with the stocks potential to move higher

over the near- to medium-term horizon, so we sold our position.
Ventas: Ventas, Inc. is a REIT that owns senior housing
communities, nursing facilities, hospitals and medical office
buildings in the United States and Canada. In our opinion,
Ventas has an excellent management team with a history of value
creation. While its longer-duration leases can be a liability during
periods of rising rates, as they take longer to reset, we believe
the company has the potential to grow through acquisition as
well as by raising rents.
stable, relatively defensive investment-grade credit with a valuable

underlying asset base. We invested in discounted new-issue bonds
during the period, attracted by their relative value compared with
other securities, and exited the investment later in the period.
Loews: Loews Corp. is a diversified holding company. Through
its subsidiaries, Loews is involved in a variety of businesses
including commercial property-casualty insurance, offshore
drilling, natural gas exploration and production, natural gas
pipeline systems, hotels and resorts. We held longer-duration
securities during the period, which were pressured by rising
interest rates.
Fixed Income Contributors

Thank you for your investment in the Janus Balanced Fund.
Verizon: Verizon Communications Inc. is an integrated
telecommunications company that provides wireline voice and
data services, wireless services and Internet services. While
Verizon recently increased leverage to acquire Verizon Wireless,
the companys management team has strongly expressed its
commitment to deleveraging and regaining single-A investmentgrade ratings.
Ford: Ford Motor Co. designs and manufactures cars and
trucks. Ford has made improvements to its business model
in recent years, including reduced costs, improved liquidity
and better product mix. The company has benefited from the
rationalization of the U.S. auto industry, resulting in higher
margins and lower overall costs. Meanwhile, economic recovery,
coupled with replacement demand and low interest rates, has
helped drive higher U.S. auto sales.
CIT Group: Through its subsidiaries, CIT Group provides
lending, advisory and commercial-banking services to smalland middle-market businesses. CITs management team has
continued to execute as we had expected on goals including
credit quality and funding cost improvement, organic asset
growth and market share gains. Its balance sheet has remained
conservative, which limits downside risk, in our opinion.
Fixed Income Detractors

ADT: ADT Corp., which provides home security monitoring
services, spun off from Tyco International in 2012. We have
found the business model attractive, as the company has longterm contracts that provide stability of earnings and free cash
flow. However, ADT surprised fixed income markets during
the period by raising its leverage target, primarily to support
potential acquisition opportunities. We were surprised, as we
had met with the management team numerous times over the
previous 18 months and they had expressed commitment to
investment-grade ratings and financial policies. We sold the
credit during the period.
Royal Dutch Shell: Royal Dutch Shell is an oil exploration,
production and refining company. The company generates
meaningful cash flow to service debt. In our opinion, this is a

Wahid Chammas, Matt Hochstetler and Hiroshi Yoh,
portfolio managers
For the year ended 31 December 2013 Janus Emerging Markets
Fund, as reflected by the Funds Class I$acc Shares, returned
(0.74)% as compared to its benchmark, the MSCI Emerging
Markets Index, which returned (2.60)%.
Emerging market equities significantly lagged developed markets
during the period. Concerns over slowing growth in China and
the U.S. Federal Reserves (Fed) announcement that it could
begin tapering its quantitative easing program in 2013 following
signs of a strengthening U.S. economy contributed to emerging
markets lacklustre gains. However, improving data in China and
the Feds surprising decision not to reduce its monetary stimulus
program in September contributed to a modest rebound in
stock prices. Reflecting easing concerns over the Feds action,
market reaction was subdued late in December when the Fed
finally announced it would begin tapering in January. China
was the second-largest contributor to the benchmarks returns
in the period, benefiting from the successful completion of its
leadership transition in November 2012 and signs of improving
Chinese macroeconomic data in the third quarter. China also
announced a comprehensive set of reforms following its party
conference in mid-November. Notable among the reforms is
reduced government involvement in economic activity and
changes to its one-child policy and to the Hukou system
(a household registration system), which would give true resident
status to millions of Chinese who have moved from rural areas
to the cities. Meanwhile, Brazil, Indonesia and India were among
countries that suffered on U.S. tapering fears, particularly those
with current account deficits and fiscal deficits. Turkey and
Thailand also retrenched on political uncertainty.
Our holdings in financials, information technology and
materials contributed the most to relative performance,
while our holdings in energy, consumer discretionary and
consumer staples detracted. On a country basis, our holdings in
Hong Kong, Russia and South Korea contributed. Detractors
included our holdings in India and China.
27
Fund Overviews
Linx, a provider of cloud and on-premise retail software in
Brazil, was our top contributor. The stock surged after its initial
public offering (IPO) in February. We think the companys
steady earnings were attractive to investors during the countrys
economic downturn. Additionally, the company is unlikely to
be impacted by government interference that has affected many
others in Brazil. We appreciate Linxs high renewal rates from
customers, demonstrating its strong client relationships, and its
high free cash flow generation profile. We also believe Linx has
significant growth opportunities, given that it provides retailers
with a cost efficient means of improving their cash flow cycles.
Samsonite International, one of the largest luggage producers
and distributors globally, also aided performance. Samsonite
saw growth in the U.S., Asia and Europe. We think the company
is successfully leveraging its brand and distribution system to
grow in a variety of market segments. The company continues
to launch new products and add new segments to address
demand. We particularly like the companys growth prospects
in India and China, where luggage sales are expected to grow
significantly over the next three years.
LG Chem was another key contributor. The South Korean
company produces petrochemicals, plastic resins and
engineering plastics as well as industrial and electronic materials.
LGs products include lithium batteries for General Motors
plug-in hybrid Chevy Volt. Its petrochemicals business stabilised
from margin pressures earlier in the year, while the companys
information technology business demonstrated good profitability.
We appreciate the companys diversified businesses as well as its
innovative culture driven by a strong management team.
Individual detractors were led by Petroleo Brasileiro (Petrobras).
The weaker Brazilian real currency hurt Petrobras by increasing
losses in its refining division and raising the burden of its
U.S. dollar-denominated debt. Furthermore, peaceful protests
across the country left investors doubtful of further fuel price
increases allowed by the government. We believe the government
will eventually allow Petrobras to charge higher prices, so the
company can generate necessary funding for its developmental
efforts and to better manage its debt. Although we reduced our
position, we consider the stocks valuation to be inexpensive and
its growth profile attractive based on its deep reserves.
Indias PC Jeweller also weighed on performance. The stock
declined after we participated in its initial public offering (IPO)
in December, even though we considered it one of the cheapest
consumer stocks in India. The company has performed well
fundamentally since our purchase, but jewellery stores generally
were negatively impacted by the countrys central bank decision
to curb gold imports as a means to improve the countrys
current-account deficit. As the second-largest jeweller in India,
PC Jeweller has a significant gold inventory and thus far its
inventory has not been affected. We favour PC Jeweller for its
larger average store sizes and wider product selection than peers.
The company also plans to expand its number of stores through
28
funds raised in its IPO. Additionally, we like the companys

exposure to the highly fragmented Indian market, where gold
and jewellery consumption is an integral part of household
discretionary purchases. We believe the stock is oversold.
Prumo Logistica, another key detractor, declined after we
purchased it in the period. The Brazilian port developer suffered
from continued weakness in the Brazilian market and concerns
the companys largest shareholder may have to sell shares to offset
losses in some of his other companies. We believe investments
by Asico, a leading private equity firm in Brazil, will stabilise
Prumos balance sheet. We invested in Prumo for its ownership
and operation of the Acu Super Port in Rio de Janerio. Starting
in July 2014, Anglo American, Acus largest initial customer, will
start paying $190 million per year for access to ship its iron ore.
With global growth improving, the growth outlook for emerging
markets should be better in 2014. Another potential positive
is completion of several elections, particularly in India and
Indonesia, which could lead to market-friendlier government
policies. Chinas announced reforms may lead to slower growth
in 2014, but we think its structural changes will lead to more
sustainable growth long term.
Although the markets initial reaction to the Feds tapering
announcement was muted, the full impacts on emerging markets
may not be known until later in the year, as tapering progresses.
Therefore, we remain underweight in those countries most at
risk from reduced foreign funding, such as Indonesia. India
is another country that relies on foreign funding, but we have
only a slight underweight in it based on our expectations for
changes in Indian government policies. We are also underweight
countries, such as South Africa, for which we see little near-term
opportunity for reforms.
On a sector basis, we remain overweight in consumer
discretionary based on improving consumer spending trends,
particularly if global growth accelerates. We are underweight
defensive sectors such as telecommunication services and
utilities, which are more likely to underperform in a growth
environment.
Thank you for your investment in the Janus Emerging Markets
Fund.
Janus Europe Fund

Wahid Chammas, portfolio manager
For the year ended December 31, 2013, Janus Europe Fund, as
reflected by the Funds Class Iacc Shares, returned 21.41% as
compared to its benchmark, the MSCI Europe Index, which
returned 19.82%.
European equities generated excellent returns during the period.
The story of 2013 was mainly about multiple expansion and
relentless thematic sector rotation, as opposed to stock-specific
alpha. By being largely sector neutral and heavily risk managed,

the Janus Europe Fund was not adversely affected and maintained
its stance of generating the majority of its alpha from stock
selection rather than any other sector or macro variable.
Janus Europe Fund vs. benchmark as of 31/12/13

Janus Europe Fund vs. MSCI Europe Index since inception
average up and down months
4.00
3.60
3.66
3.00
Janus Europe Fund Iacc
2.00
MSCI Europe Index
1.00
The market rally we saw early in the year was led narrowly
by stocks of companies with high dividends that investors
perceived as sustainable and as a proxy for global bonds in
an extraordinarily low interest rate environment. They even
labelled them bond proxies. In Europe that meant significant
portions of health care, consumer staples and some utilities
performed well, while the rest of the market largely lagged. The
MSCI Europe Index started the year higher, fuelled by bond
proxies, and continued its upward trend until late May, when
U.S. Federal Reserve (Fed) Chairman Ben Bernanke said the
central bank could slow its asset purchases sometime during the
year. This marked a complete reversal of the bond-proxy rally
and a full-fledged rout in emerging markets. The potential end
of U.S. quantitative easing led to a spike in interest rates, which
combined with a preliminary Chinese manufacturing index for
May falling to a seven-month low, hit global markets, including
stocks of European companies which derive a significant portion
of their revenues outside of Europe, and from emerging markets
in particular.
By September, the macroeconomic-tied investing climate took
another reversal. All along, European equities recorded strong
gains during the third quarter on improving macroeconomic
data in the region, as well as tame political transitions. Yet,
the global macro trend reversed with the Feds decision not to
taper its quantitative easing program in September, which
aided the most cyclically-sensitive equities globally. The rally
continued into the fourth quarter, which was dominated by
momentum investing, particularly in December. A surprise
interest-rate cut from the European Central Bank in early
November helped set the stage for the bullish environment.
Despite investor concerns early in the period over when the
Fed would begin reducing its stimulative bond-buying program,
the market response was more sanguine in late December when
the central bank announced it would be a gradual reduction in
January. Meanwhile, improving leading indicators in Europe,
namely consumer confidence, retail sales, employment and
manufacturing data, contributed to a strong performance by
companies more reliant on domestic revenue sources than
international. In contrast, amid a slowdown in emerging market
economies and weakness in their currencies, those European
companies exposed to emerging market-sourced growth were
disproportionately punished.
Given our strategy and focus on managing risks, the Fund
historically has not performed as strongly in fast-rising markets,
when company fundamentals are less valued by investors, as we
witnessed in December. Instead, our excess returns have been
generated in flat-to-down markets. Therefore, we were especially
pleased the Fund outperformed in a year when our benchmark
had one of the strongest returns in decades.
0.00
-1.00
-2.00
1.69
-3.00
-4.00
2.93
46 Up Months
15 Down Months
Source: Janus Fund Accounting
During the year, our holdings in health care, information

technology and financials were the primary contributors
to relative performance, while our holdings in energy,
telecommunication services and materials detracted.
Vodafone Group was our top contributor. The stock benefited early
in the period on a media report that Verizon Communications
and AT&T were working on a bid for the UK telecommunications
firm, which did not materialise. Later, the stock rose again on
a media report that Verizon planned to bid for Vodafones share
of Verizon Wireless. During the third quarter, Vodafone agreed
to sell its stake to Verizon Communications for a surprising
$130 billion. We believe Vodafone, as one of the largest panEuropean mobile communications operators, should benefit
from growing data usage spurred by the increasing adoption of
tablet computers. We also think the companys margins should
improve as consumers upgrade to higher-margin services and
its business mix shifts from lower-margin voice communications
to higher-margin data sales. Additionally, the potential for an
AT&T or alternative take-out remains a credible option.
AP Moeller-Maersk was also among the Funds top contributors
during the period. The Denmark-based transportation and energy
conglomerate rose on a strong earnings reports, driven by cost
reductions in its container shipping division, Maersk Line, the
largest in the world. Additionally, the company raised its earnings
guidance. Already the industrys lowest-cost shipper, Maersk is
closing unprofitable routes and adding newer, more efficient ships
to its fleet to further improve its profitability, in our view. Maersk
has also done a terrific job in its quest to enhance returns on
invested capital by monetizing noncore, and under-returning assets.
Societe Generale, another top contributor, was among financials
that benefited from the improving European macroeconomic
environment and declining nonperforming loans. The Francebased bank also reported quarterly results that were significantly
above market estimates, and it surprised investors in the degree by
which it bolstered capital buffers through asset sales and organic
growth. We still consider the bank attractively valued, but have
since switched to BNP Paribas where we believe risk/reward is more
favourable, particularly should the French economy slow down.
Potash supplier K&S was among detractors. The industry
suffered late in July when Uralkali, the worlds largest potash
producer, announced it was breaking up a cartel between
29
Fund Overviews
Russia and Belarus that controlled a significant percentage
of world exports, driving prices lower. We believe new
management of Uralkali is more economically rationale
than the previous team, and Belarus and Russia have clear
incentives to re- energise their cooperation given how
strategically important potash. We believe potash demand
is attractive longer term and prices will revert back to their
normal levels eventually. We believe the supply/demand
dynamics are misunderstood medium- to long term, and K&S
has done a better job than expectations in focusing on cost
cutting and becoming more competitive. We profitably added
on weakness when the stock reached its lows last year, and
recently trimmed into strength.
In energy, Tullow Oil weighed on performance. The UK
exploration and production company reported disappointing
drill results onshore in Ethiopia. We believe that the assets
which Tullow have developed account for approximately
half of its current market value. Adding proven and risked
discoveries which are currently under development, its share
price is below fair value, not including optionality in potential
future discoveries. We believe that Kenya and Ethiopia are the
most interesting pieces of Tullows portfolio with billions of
barrels of potential. After an unusually long dry spell in terms
of discoveries in 2013, we are pleased that 2014 has opened on
a good note, with two new discoveries in Kenya, which have led
the company to double its Kenyan resource estimates.
Gold miner Randgold Resources also detracted from performance.
Declines in the commodity have weighed on the companys
shares. We used the stocks weakness as an opportunity to add
to our position. We believe Randgold is among the best-managed
gold mining companies due to its focus on returns on invested
capital, which is reflected in its best in class balance sheet, low
costs compared to peers and superior track record. Additionally,
we appreciate the companys mining assets in Sub-Sahara Africa
and feel it has reasonably visible earnings over the next three
years in part attributable to a disciplined decline in its capital
spending cycle.
We are bullish on the European equity markets. While they
have rallied from the lows during the sovereign debt crisis,
there is still room to go, in our view. The rally has accompanied
economic growth throughout Europe and in the UK. It is
occurring at varying paces by countries, but the stabilization
of some of the most problematic economies is important and
a good base going forward. Equity markets will anticipate the
coming growth.
At the same time, beyond local economic growth, the global
economy is moving ahead. With a large and growing percentage
of revenues for European companies coming from outside of
Europe, this period of global synchronised growth is important
to European firms. Finally, at the micro level, many European
companies have the ability to rationalise operations and improve
margins. We are not at peak margins in Europe, in our view.
30
While growth has been challenged in the prior years, we are

moving out of that period. We are at trough margins and ROEs
in Europe, with modest aggregate GDP growth of 1% to 1.5%.
Europe can still post mid-teens earnings growth, in our view.
That contrasts with the U.S., where consensus estimates are for
S&P 500 Index earnings growth of 6% to 9% this year despite
faster GDP of 2.5% to 3%.
Key, however, is to acknowledge that perhaps the easy money
tied to multiple expansion is largely behind us. Going forward,
company-specific fundamentals and differentiation will be key
to alpha generation, in our view. We are increasingly looking
forward to this environment, as it has historically been our sweet
spot for outperforming.
Finally, European companies have been hoarding cash, and
now (ex-financials) command the lowest gearing metrics of any
region. Meanwhile capital expenditures to sales percentages are
at multi-decade lows. Dividends and share buybacks have been
healthy, but European companies otherwise have been very
risk-averse in doing any value-added merger and acquisition
or capital spending increases. In essence, European companies
have enormous catch-up to do in deploying capital, which could
increasingly buoy animal spirits in Europe. Company-specific
risk will largely dictate winning or losing in such an environment.
Thank you for your investment in Janus Europe Fund.

Andy Acker, portfolio manager
For the year ended 31 December 2013, Janus Global Life Sciences
Funds Class I$acc Shares returned 53.88%, significantly ahead
of the 36.27% return of its primary benchmark, the MSCI World
Health Care Index.
We take a global approach to identify high quality or improving
businesses in the life sciences sector trading at a discount to our
estimate of intrinsic value. We believe the rapidly growing global
health care sector offers fertile opportunities for differentiated
research. We believe what sets us apart is the quality of our team,
the depth of our research and our commitment to delivering
superior long-term results for our clients.
Global health care stocks powered broader indices higher during
the period, with broad-based strength across the sector and
exceptionally strong returns in biotechnology. We believe the
pace of innovation in the biotechnology sector has accelerated,
with 66 new drugs approved over the last two years, about 30%
ahead of the rate of the prior 8 years. Indeed, the seven largest
biotechnology companies are in the early stages of major new
product launches. Aiding these advances has been a significant
reduction in the cost of genetic analysis. For example, the cost of
sequencing the human genome (the book of life for all organisms)
has declined from greater than $100 million 12 years ago to a
few thousand dollars today, a 20,000-fold improvement. As a
result, researchers are developing a better understanding of the

underlying biology of diseases, improving their ability to target
them directly. Strong uptake for many new launches and higher
merger and acquisition (M&A) activity fuelled further interest
in the sector, leading to a significant step up in initial public
offerings and secondary offerings.
potential. We think the latest data could expand the opportunity

for Jakafi into solid tumours. We also believe the stock is further
supported by a valuable pipeline opportunity with Eli Lilly
focused on treatments for inflammatory diseases like arthritis,
as well as other proprietary cancer programs in earlier stages
of development.
The Fund seeks to uncover opportunities that span the life

sciences spectrum, including stocks in the biotechnology,
pharmaceuticals, health care services, and medical technology
arenas. Our bottom-up fundamental approach utilises extensive
proprietary research in an effort to discover the best investment
ideas across the globe.
The flipside to investing in innovative companies addressing

high unmet medical needs is that sometimes these therapies
face setbacks, delays, or other disappointing data. Our three
top detractors fit into this category and also came from the
biotechnology sector.
The Fund includes companies that can be categorised into

three conceptual groups: core growth, emerging growth and
opportunistic investments. In general, about half of the portfolio
is invested in core growth holdings (companies with dominant
franchises that generate strong, consistent free cash flow).
Emerging growth companies (those with new products that we
believe can drive earnings acceleration) represent 20-30% of the
portfolio. The remaining weighting consists of opportunistic
investments, exemplified by companies suffering from what we
feel are short-term issues that should resolve over time.
Many of the Funds top contributors were concentrated in the
biotechnology sector and fit into one of our key themes: investing
in companies addressing high unmet medical needs. Examples
include three of our top individual contributors, Gilead Sciences,
Celgene and Incyte.
Gilead, the Funds largest holding, rose on increased investor
expectations for its hepatitis C drug, Sovaldi, which was
approved by the Food and Drug Administration (FDA) late in
the year. The company also announced impressive late-stage
clinical data for its once-daily combination hepatitis C pill,
which demonstrated cure rates in excess of 90% with as little
as eight weeks of treatment. The data supported our thesis that
Gilead has the most compelling offerings among hepatitis C
treatments, which we believe could lead to one of the biggest
launches in the history of the pharmaceutical industry.
Achillion, our top detractor, faced multiple setbacks for its

development stage compounds for hepatitis C infection, including
a partial clinical hold for one compound and disappointing
efficacy data for another combination therapy. Achillion will
now focus on backup hepatitis C compounds in its drug pipeline,
which could lead to significant delays.
Another biotechnology holding, Neurocrine Biosciences, faced
a setback in the development of a novel compound for Tardive
Dyskinesia, a movement disorder caused by the long term
use of antipsychotic drugs. While we believe this compound
has exciting potential, the mid-stage clinical trial missed its
primary endpoint, indicating higher dosing may be required
to hit full activity.
OvaScience, a small-cap holding, also weighed on performance
after the FDA told the company to seek regulatory approval for
its lead product Augment, a procedure designed to improve
the success rate for in vitro fertilization (IVF, a process that
combines a womans egg and a mans sperm outside the body).
The company had hoped to launch the product in the U.S. late in
2014 based on a designation that does not require the same level
of scrutiny as an investigational new drug application, which
the FDA may now require. We remain optimistic on Augments
prospects even if there is a delay in its launch in the U.S., as
we see potentially an even larger opportunity in international
markets, where IVF procedures are more common.
Long-term holding Celgene had a breakout year as a number

of long running clinical trials came to fruition over a short
period of time. These included successful results for Revlimid
for newly diagnosed multiple myeloma, Pomalyst for refractory
myeloma, Abraxane for pancreatic cancer, and Apremilast, an
oral therapy for psoriasis and psoriatic arthritis. Given all of
the new launches, Celgene gave long term revenue and earnings
guidance that was well ahead of consensus.
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 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.
Incyte, another top contributor, benefited from positive midstage clinical trial data for Jakafi, which showed improved
survival for patients with refractory pancreatic cancer. Jakafi
is already approved in the U.S. to treat myelofibrosis (a bone
marrow disorder), where our research suggests significant sales
We continue to see many positives in the biotechnology sector,

led by the introduction of a multitude of new therapies and
an acceleration in scientific understanding from advancing
technology platforms. We believe many of the new treatments
will have few substitutes, resulting in years of strong pricing
31
Fund Overviews
power. However, we would not expect health care returns to
be as strong as they were in 2013 due to an assortment of
challenges, including a new tax on managed care companies,
lower rates of reimbursements, and higher out-of-pocket
expenses for consumers. We anticipate a more selective market
in 2014, making it more important to identify companies with
growth potential despite a more challenging environment.
We continue to find biotechnology companies with what we
believe are differentiated products, such as Puma Biotechnology,
with a new oral therapy for breast cancer, and Relypsa, with
a new product to address elevated potassium levels that can
increase cardiac risk. Late in the period, we also added out of
favor pharmaceutical company, AstraZeneca, which we believe
traded at a significant discount to peers due to the markets
under-appreciation for an improving pipeline. We also added
a position in Johnson & Johnson, which is benefiting from a
wealth of strong launches in its pharmaceutical business.
Besides biotechnology and pharmaceuticals, we are interested in
companies that can make the health care system more efficient.
For example, we favour health insurers that we consider forward
thinking in terms of adapting to changes from the Affordable
Care Act. These companies are partnering with providers to
control costs in a tightening reimbursement environment.
Another investment theme is focusing on management teams
with superior capital allocation skills. We are finding several
companies in the specialty pharmaceutical industry creating
significant shareholder value by taking advantage of low interest
rates and tax-advantaged structures to remove inefficient
elements within the health care system.
Thank you for your investment in the Janus Global Life Sciences
Fund.

Research Team led by Jim Goff, portfolio manager
For the year ended 31 December 2013, Janus Global Research
Funds Class I$acc Shares returned 24.69% while its benchmark,
the MSCI World Growth Index, returned 26.68%.
Global stocks generated excellent returns during 2013, starting
strong early and finishing with good gains late in the year. During
the first quarter, a temporary fix to the U.S. budget and generally
improving macroeconomic data in the worlds largest economy
encouraged investors, as did optimism over plans by Japans new
government to implement more aggressive monetary and fiscal
policies to promote economic growth. Equities saw some of their
gains erased late in the second quarter after the U.S. Federal Reserve
(Fed) said it could begin reducing its monetary easing program,
better known as tapering, later in the year. Emerging markets,
which significantly lagged developed markets for the year, were
particularly hard hit. Stocks generally regained their momentum
in the third quarter, following the central banks assessment that
the economy was not yet strong enough to begin reducing its bond
32
purchases. An end to a partial U.S. government shutdown also aided

sentiment. Moderate gains were also achieved during the fourth
quarter even as the Fed announced late in the period that it would
begin a gradual reduction in its bond-buying program in January.
Importantly, the central bank assured the markets it would maintain
its ultra-low interest rate policy for a lengthy period. Improving
macroeconomic data in Europe, which indicated stabilization for
the region, and a German election, which proceeded smoothly and
caused few ripples for the market, also boosted returns.
Our holdings in consumer and financials weighed the most on
relative performance. On a country basis, our holdings in the
Netherlands and the UK were top detractors, along with our
exposures in emerging markets Turkey, Brazil, South Korea
and Russia.
Individually, Turkey-based bank Turkiye Halk Bankasi (also
known as Halkbank) weighed the most on performance. The
stock suffered from political turmoil in Turkey that involved
the arrest of the banks CEO. While we continue to monitor
the situation, we do not believe it will negatively impact the
bank long term, since it is partly owned by the government
and systematically important to the development of the Turkish
economy. Longer term, we think the bank, the sixth largest in
Turkey in terms of total assets and one of the fastest growing in
the country, is well positioned to benefit from Turkeys young
and growing population and strong economic growth.
Fanuc, a Japan-based manufacturer of factory automation
equipment, also weighed on performance. While we feel the
company is well positioned to benefit from the long-term trend
toward increased automation, the lack of a recovery in the
machine tool cycle in China led us to exit our position.
UK exploration and production company Tullow, another
top detractor, reported disappointing drill results onshore
in Ethiopia. We believe Tullow is undervalued relative to its
existing discoveries, particularly onshore in Kenya.
Relative contributors included our holdings in health care and
communications. On a country basis, our holdings in the U.S.
and Canada were the top contributors.
Individually, industrial holdings Canadian Pacific Railway and AP
Moeller-Maersk were our most significant relative contributors.
Canadian Pacific, the Funds largest holding, benefited from
a stronger-than-expected earnings report and the naming of
a chief financial officer, who previously worked for Canadian
integrated energy leader Suncor. We believe the executive could
accelerate the railroad companys plans for share repurchases and
his expertise should help with building out Canadian Pacifics
crude-by-rail franchise. The potential for better-than-average
industry revenue growth and capital returns to shareholders via
share repurchases and a significant increase in dividends are
future catalysts for the stock, in our view.
Maersk, a Denmark-based transportation and energy conglomerate,

also rose on strong earnings reports for two consecutive quarters,
driven by cost reductions in its container shipper division,
Maersk Line, the largest in the world. Additionally, the company
raised its earnings guidance. Already the industrys lowest-cost
shipper, Maersk is closing unprofitable routes and adding newer,
more efficient ships to its fleet to further improve its profitability,
in our view.
In health care, Gilead Sciences led our contributors. The
biotechnology company rose after its hepatitis C drug, Sovaldi,
was approved by the Food and Drug Administration. The company
also announced impressive late-stage clinical data for its oncedaily combination hepatitis C pill, which demonstrated cure rates
well in excess of 90% with as little as eight weeks of treatment
for some patients. The data verified our thesis that Gilead has the
best offering among hepatitis C treatments and is poised to have
one of the strongest drug launches in pharmaceutical industry
history. We believe Sovaldi will accelerate Gileads earnings
growth significantly over the next few years.
We remain positive on economic progress in the U.S. and believe
growth emerging in Europe and Japan will be incrementally
beneficial. Europe is recovering, while companies there
drive profit growth through corporate restructurings. Japan,
meanwhile, will not see a straight line in economic improvement,
but it is moving in the right direction, in our view. In China, the
economy is slowing, we think, but we are encouraged about the
pace and trajectory of reform.
While once uneasy during the depths of the global financial
crisis, now investors may fret that markets have bounced back
too far, too fast. In part, we think they are forgetting how far
we fell and how cheap markets were two years ago. The bigger
picture, however, is that the concerns over record levels in the
U.S. ignore pockets of opportunity within the country.
For example, the shift to mobile computing is opening up
areas in communications. Health care innovation and steppedup Food and Drug Administration approvals mean a wave of
drug launches with the promise of better and more effective
treatments for some of the worlds most threatening diseases.
Our technology sector team also sees opportunity in a broader
trend called the Internet of Things, the concept that the
electronic devices consumers use in their daily lives will interact
with each other. We think these pockets of growth and others
we have found are investment opportunities. It will be a good
environment for companies in the right positions.
We think that with interest rates low even if the yield curve
steepens with Fed tapering the broad valuation of equities is not
extreme. Price-to-earnings multiples are always foggy lenses to
use to evaluate a market, but the view is especially obscured this
time around. We see data that shows a clustering on multiples
within sectors, meaning investors are not distinguishing
between growth prospects. The opportunities we see bring
collateral damage. Mobile shopping pressures mall-based

retailers; biotechnology innovation is wonderful but a generic
wave will pressure some big pharmaceutical companies; Chinas
restructuring hurts industries with excess capacity; and on and
on. It drives the need to be a stock picker.
Among individual sectors, our financial sector team continues
to invest in a number of companies outside the banking sector.
We think some of the best growth opportunities among
financial companies are payments companies, which benefit
as consumers and businesses switch from cash and check to
plastic and electronic payments. We have also added exposure
to nonbanking financial companies in emerging markets. We
are investing in a number of European banks. Valuations have
increased considerably for these banks in recent months, but we
still see potential upside, particularly for banks with large capital
markets businesses.
In industrials, we have invested in a number of transportation
and logistics companies. These companies should benefit from
global economic recovery. Many of the companies also have new
management teams that are focused on expanding operating
margins and increasing shareholder value. We are also investing
in industrial distributors, which are expected to benefit as
more manufacturing moves to the U.S. We have recently added
positions in European auto manufacturers that are increasing
their market share and should benefit further from a pickup
in auto sales. We also see investment opportunities in seed
companies, where genetic innovation is leading to increased
agricultural yields while also potentially reducing farmers
pesticide and fertilizer costs.
Thank you for your investment in the Janus Global Research
Fund.

Brad Slingerlend, portfolio manager
For the year ended 31 December 2013, Janus Global Technology
Funds Class I$acc Shares returned 34.31%, while its primary
benchmark, the MSCI World Information Technology Index
returned 28.72%.
Global technology stocks generated excellent returns during
2013, performing in line with broader global developed
markets. All technology subsectors, led by Internet software/
services and data processing, generated gains during the year.
Among relative detractors, IT consulting suffered from the
fiscal year U.S. immigration cap limit on temporary foreign
workers being reached in early April. In other segments,
communications equipment stocks performed well, reflecting
higher expenditures among service providers building faster
networks to accommodate stronger consumer adoption of
smartphones and tablet computers. Semiconductors, meanwhile,
rebounded off a cyclical low reached in the fourth quarter
of 2012. Cloud-computing and consumer Internet stocks
33
Fund Overviews
generally saw valuations expand to somewhat unprecedented
levels, reminiscent of the 1999 technology bubble. Scarcity of
alternative growth investments drove most of the returns rather
than improving fundamentals, in our view.
Despite the bullish environment, enterprise spending overall was
weak. Along with ongoing softness due to reduced U.S. federal
government spending and general European economic weakness,
U.S.-based technology companies were also negatively impacted
by the National Security Agencys (NSA) spying scandal during
the fourth quarter, and the ongoing shift to cloud computing.
Consumer spending, meanwhile, remained firmly focused on
handsets and tablets, with few other areas showing strength.
We spend a lot of time thinking about competitive advantage. Many
great investors believe that good investments rely on businesses
with wide moats or protective barriers that keep competitors from
eroding their position. Traditionally, these competitive barriers
relied on obfuscation of information, in our view. A company would
essentially hold secrets or power over some aspect of their business
the supply chain, distribution, marketing expenditures, brand value,
etc. Through our analytical lens of disruption and innovation driven
by new and evolving technologies, we believe the traditional concepts
of moats are anachronistic they do not apply to the 21st century
global economy. In fact, we believe these pre-existing moats may
now be vulnerabilities for many companies across many sectors, not
simply limited to the technology sector.
Billions of people in the global economy today have smartphones or
low-cost tablets a theme we have discussed before in these letters.
We believe it represents the most transformative technological
force of the decade, and probably well into next decade. We expect
over 5 billion people to have access to smart-mobile devices within
a few years. That is remarkable. This transformation has finally
brought the promise of the Internet into existence ubiquitous real
time information access. Pockets of hidden information around the
world are finally becoming open, and in the process dramatically
impacting many businesses, industries and government regimes.
Is there still such a thing as sustainable competitive advantage
in the information age we now find ourselves in? We believe
there are patterns of behavior inside companies and industries
that can lead to solid competitive advantage and resilience, but
perhaps not sustainable competitive advantage over a very long
time period. There are several characteristics we look for as
hallmarks of companies that have a chance at building solid,
long-term businesses: 1) A long-term focused management team
and board, usually with five- to 10-year outlooks and incentive
structures, 2) A strong culture of innovation, focused on the
current and evolving needs of customers, and 3) A strong ability
to adapt, evolve and be flexible in the face of ever-changing
circumstances and potential disruptions.
In addition to these aspects we look for businesses with strong
network effects those that create win-win solutions for their
customers, suppliers, partners and shareholders, in our view.
34
Lastly, we look for companies that can grow at a steady pace for
a very long time we believe this creates a stable backdrop for
potential competitive advantage.
We do not believe there are any magic formulas or complicated
strategies that differentiate winners and losers. Rather, it often comes
down to a very focused and intentioned management team that
leads by example, instilling a culture that can endure disruption,
and emerge even stronger on the other side. Increasingly, we are
finding these attributes in strong companies leveraging technology
in other sectors such as health care, finance, industrials and retail.
It is very exciting to be able to invest in the broad and accelerating
innovation around the world, and we believe the companies in
the Janus Global Technology Fund benefit from innovation and
building 21st century competitive advantages.
Contributors to Performance
Internet search engine leader Google was our largest contributor.
The company benefited from better-than-expected quarterly
results, with strong year-over-year revenue growth. The companys
transition from desktop to mobile search has continued to exceed
market expectations, and there is greater investor appreciation for
its powerful platform. We feel the company remains attractively
valued relative to the multiyear growth outlook we see for its
resilient core search business combined with potential growth
drivers around its Android software for mobile devices, YouTube,
mobile and enterprise businesses.
Another key contributor, MasterCard, rose after the credit card
company hiked its dividend significantly and authorised a new
stock repurchase program. The company saw strong transaction
growth both in the U.S. and overseas. We continue to appreciate
the companys strong and predictable growth profile, large
addressable market globally (i.e., increasing use of electronic
forms of payment instead of cash and checks), high returns on
invested capital and considerable capital return to shareholders
via dividends and stock repurchases.
Electronic connectors maker TE Connectivity was another top
contributor. TE Connectivity reported better-than-expected
results on improved margins and it raised its full-year guidance.
The stock also benefited after another electronics connectors
manufacturer was acquired during the third quarter. We continue
to appreciate TE Connectivitys industry-leading position.
Detractors from Performance

VMware was our largest individual detractor. The server
virtualization software designer traded lower after the company
gave guidance that was below the markets expectations. We sold
our position after strong gains earlier this year made its risk/
reward profile less attractive.
Enterprise data analysis firm Teradata, another detractor, declined
after the company warned its quarterly results would be below
expectations and reduced its full-year outlook, citing particular

weakness in emerging markets. We feel the market overreacted
to short-term concerns, so we added to our position. As the
leading data warehousing provider, Teradata offers an attractive
growth profile, in our view. We believe Teradata has a wellpositioned product and services portfolio to help organizations
leverage data in generating insights for competitive advantage.
Indonesian telecommunications tower company Tower
Bersama, which also weighed on performance, suffered from
weak performance in the Indonesian equity markets. Indonesia
was among emerging markets negatively impacted by the
U.S. Federal Reserves announcement that it planned to begin
a gradual reduction in its stimulative bond-buying program.
Tower Bersamas fundamentals remained strong; therefore, we
added to our position. We believe Tower Bersama has pricing
power similar to tower companies in the U.S. and will benefit
from the proliferation of mobile devices that are increasing
demand for more towers. We appreciate both the companys
historical cash generation capability and its growth potential,
given the countrys sparse geography and need for towers.
Thank you for your investment in the Janus Global Technology
Fund.
Janus US Fund
Barney Wilson, portfolio manager
For the 12 months ended 31 December 2013, Janus US Funds
I$acc Shares, underperformed its benchmark, the Russell 1000
Growth Index, returning 28.33% versus 33.48%.
We believe that buying high quality growth franchises with
sustainable, projected above-average earnings growth for the
next five-plus years and a market leadership position driven by
a clearly articulated strategy should allow us to outperform the
benchmark and peers over the long term. We perform in-depth,
fundamental research to build a diversified, moderately
positioned portfolio aiming to deliver peer and index-beating
returns while managing for risk and volatility.
U.S. equity markets enjoyed strong gains during the year, lifted
by signs that the U.S. economy was improving and that Europes
economy was slowly recovering. Loose monetary policy also
provided a supportive backdrop for equities during the year,
though fears about how and when the Federal Reserve would
taper its quantitative easing program caused bouts of volatility.
However, stocks climbed at the end of December when the Feds
announcement about tapering was more gradual than expected.
The Fund had substantial gains during the year but trailed its
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 believe a collection

of companies with these competitive advantages should lead
to compounded growth in excess of the market over longer
time horizons. We believe much of the outperformance should
come in weak or uncertain economic environments because
we believe the competitive advantages of the companies in our
Fund should make them less dependent on a strong economic
environment to thrive. In our view, the recent market rally
has largely been driven on the premise of an improving global
economy. Against that backdrop, we believe stocks that depend
on a strong economy tend to rise a little faster than those that
put up more consistent growth.
Much of our relative underperformance was driven by our
holdings in the industrials and consumer discretionary sectors.
The industrials sector tends to be one of the more cyclical sectors.
Within the sector, we look for companies that control their own
destiny and are less tied to the macroeconomic environment.
As a result, we expect our industrials holdings to underperform
when the economy appears to be improving, but outperform
when the economic outlook is less certain. A couple of industrial
companies we held fell during the period, which also negatively
impacted performance. Fanuc was our largest detractor. The
stock fell during the year as it suffered weak demand for some
of its factory automation equipment. We sold the position during
the period due to concerns about slowing growth in China, and
how that would affect demand for Fanucs products.
Third-party logistics company C.H. Robinson also fell during the
period. We sold the stock during the year due to concern over
whether private entrants into the marketplace would make the
industry more competitive.
While stock selection in the industrials sector was a large reason
for our relative underperformance, there were also a few stocks
outside the sector that negatively impacted our results. Teradata
was one of the largest detractors from Fund performance, but
we continue to have strong conviction in the company. A weak
IT capital spending environment led to disappointing earnings
results in the fourth quarter. We believe concerns about security
amid the National Security Agencys spying scandal have also
been headwinds for U.S.-based companies such as Teradata that
sell their data center products globally. Finally, concern about
competition from other analytics companies has also weighed on
the stock in recent months. However, we believe perceived secular
threats from competition are overstated. In our view Teradata has
a competitive advantage because we believe it has the ability to
mine deeper analytical insights from data than other analytics
companies, and we believe the company is well positioned to
benefit from ongoing trends associated with enterprises needing
more insight from the vast amounts of data being created.
While some of the holdings in our Fund negatively impacted
performance, we were generally pleased by the results from
most companies in our portfolio. Our stock selection in the
health care sector was particularly strong relative to the index.
35
Fund Overviews
Two highly specialised pharmaceutical companies, Gilead
and Celgene, were among our top performers. We believe our
research team has done a tremendous job of understanding the
potential of the drugs in both companies pipelines as these
drugs go through the development process. The market is now
beginning to appreciate what some of these drugs mean to the
companies revenue streams.
Gilead rose after its hepatitis C drug, Sovaldi, was approved by the
Food and Drug Administration. The company also announced
impressive late-stage clinical data for its once-daily combination
hepatitis C pill, which demonstrated cure rates well in excess of
90% with as little as eight weeks of treatment for some patients.
The data verified our thesis that Gilead has the best offering in
hepatitis C treatment and is poised to have one of the strongest
drug launches in pharmaceutical industry history. We also
like the potential for Gileads new single-pill HIV treatment,
which offers patients a simpler drug regimen than some other
competing HIV drugs, and is potentially more tolerable than
other single-pill competitors. Gileads new treatment also gives
the company the potential to capture a greater share of revenue
for HIV treatment than its previous drug, which was used in
combination with treatments from other companies.
Celgene was up 114% and was another top contributor to the
Funds performance. During the year, a global study pointed to the
benefits of using Celgenes drug Revlimid as a first-line treatment
for multiple myeloma. Currently, the drug is only approved as a
second-line treatment for the disease, and using Revlimid earlier
in the treatment cycle could meaningfully expand its addressable
market, especially outside the United States. Other drugs in
Celgenes pipeline also offer promising potential. We think the
company is in the early stages of a major new product cycle, with
other potential meaningful contributors including Abraxane for
pancreatic cancer, Pomalyst for refractory multiple myeloma, and
Apremilast, an oral drug to treat psoriatic arthritis and psoriasis.
The stock has risen as management has explained to the market that
multi-year growth will be driven by four different drug franchises,
and that Celgene is much more than a one-product company.
One of our top contributors outside the health care sector was
Google. The company continued to demonstrate its ability to
monetize its mobile platform during the year. Going forward,
we think Google has multiple long-term growth drivers. The
companys Internet search business continues to do well and
the company continues to improve monetization of increased
viewing on its YouTube platform. The companys Android mobile
operating platform exists in a duopoly with Apples mobile
platform and we believe both companies benefit from the rapid
adoption and heavier use of smartphones.
We believe the U.S. economy will continue to strengthen and
have more growth in 2014 due in large part to a reduced drag
from the federal governments reduction in spending, and also
due to broad benefits associated with increased oil and natural
gas production. In Europe, we believe austerity has run its
36
course and that the economy will be able to grow modestly,

which is an improvement over the last two years. While there
are currently a wide range of economic outlooks for emerging
market countries, we believe emerging markets on the whole are
undergoing positive long-term changes as a burgeoning middle
class starts increasing consumption. We are investing in a
number of companies that we think will benefit as consumption
rates in those markets increase.
Top Detractors
Fanuc: The provider of industrial automation equipment has
benefited from higher penetration of computer numeric control
(CNC) systems in machine tools and increased automation
in general, particularly in China, as wage inflation becomes
a bigger concern. While the business adds value for a lot of
manufacturing companies, we sold the position due to concerns
about slowing growth in China.
Teradata: As the leading data warehousing provider, Teradata
offers an attractive growth profile and is well managed, in
our view. We believe Teradata has a well-positioned product
and services portfolio to help organizations leverage data in
generating insights for competitive advantage.
VMware: A provider of virtualization and virtualization-based
cloud infrastructure solutions, VMwares products facilitate
access to cloud computing capacity, business continuity, software
life-cycle management and corporate end-user computing device
management. We sold the position during the period to pursue
other opportunities we felt had more long-term growth potential.
Ventas: We feel this health care REIT has one of the best
management teams in the REIT industry, given its history of
value creation. Since only a small percentage of the health care
property sector is owned by publicly traded REITs, there is
also a long-term growth opportunity for the company, in our
view. Finally, we appreciate its above-average exposure to senior
housing, which we think should do well, given a more robust
housing market that will make it easier for potential residents to
sell their homes and fund their stay at Ventas properties.
C.H. Robinson Worldwide: C.H. Robinson Worldwide, Inc. is
a third party logistics company. The company provides freight
transportation services and logistics solutions to companies of all
sizes, in a variety of industries. We like the companys business
model, which links two fragmented industries, trucking and
shipping. We sold the position due to concern over whether
private entrants into the marketplace are making the industry
more competitive.
Top Contributors
Google: The Internet search engine leader is benefiting from
strong growth in mobile search (particularly in emerging markets)
through its Android software for mobile devices. We think
Androids rapidly growing installed base will provide the company

significant control over its mobile search and display advertising
destiny. We also believe the companys better-than-expected
mobile and tablet search business has more than neutralised its
slowing desktop computer search business in developed markets,
and the company should offset market share losses in e-commerce
by launching a new paid listing shopping search engine.
Gilead Sciences: Gilead Sciences is a research-based
biopharmaceutical company that discovers, develops and
commercialises medicines. We like the companys opportunity
to capture more revenue off its new drug regimen for HIV
patients. We also believe the company will be the first to market
and have the best profile of the next wave of drugs approved
to treat hepatitis C.
Equity markets enjoyed a significant climb during the year,

driven by an economic recovery in the U.S. and signs of a
recovery in Europe. While equities rose higher during the
period, the market also experienced bouts of volatility due to
concerns the Federal Reserve (Fed) might taper its quantitative
easing program. However, markets responded favourably in late
December when the Feds announcement about tapering was
more gradual than many expected.
We have an eclectic portfolio that seeks alpha across market
capitalizations and sectors, and also seeks to identify longduration growth companies with strong competitive advantages
that we think will demonstrate more predictable returns over
long time horizons. We believe this focus will help create a more
consistent return profile over time.
Celgene: This global biopharmaceutical company seeks to deliver

truly innovative and life-changing drugs for the treatment of
cancer and other severe, immune, inflammatory conditions. We
see continued strong growth ahead for Celgenes blood-cancerfighting Revlimid drug franchise and believe its additional
pipeline products could further supplement this growth. Some
of the new drugs in the pipeline that could become meaningful
contributors include Apremilast, an oral drug to treat psoriatic
arthritis and psoriasis, Abraxane for pancreatic cancer, and
Pomalyst for refractory multiple myeloma. We also appreciate
managements willingness to utilise free cash flow for accretive
share repurchases and bolt on acquisitions.
Detractors
L Brands.: We believe the apparel retailer has significant

growth opportunities in the U.S. and internationally through its
existing product lineup, primarily Victorias Secret, and new and
underdeveloped product categories. We also think the company
can expand its operating margins by reducing costs and managing
its inventory. Finally, we believe management will return cash to
shareholders through ongoing dividends and share buybacks.
C.H. Robinson was another large detractor. The company

provides freight transportation services and logistics solutions
to companies of all sizes, in a variety of industries. We like
the companys business model, which links two fragmented
industries, truckers and shippers. Concerns about competitive
pressure leading to lower prices for its truck freight forwarding
business negatively impacted the stock during the period. Our
long-term view, however, is that C.H. Robinson has the lowest
cost structure among its competitors, which will allow it to
withstand lower prices better.
MasterCard: The global card payment network connects consumers,

financial institutions, merchants, governments and businesses,
enabling them to use electronic forms of payment instead of cash
and checks. We like MasterCard for its historically high returning
business and growth potential as well as its strong balance sheet and
quality management team, in our view. A majority of its revenues
are generated outside the U.S., where many markets have a lower
penetration of cards/electronic payments and are experiencing
significantly faster electronic purchase volume growth.
Potash Corporation of Saskatchewan was a large detractor

from Fund performance. Potash stocks fell after a breakup of a
marketing consortium of potash suppliers in Belarus and Russia
created fear that pricing dynamics for the industry could break
down, affecting all potash companies. Over the long term, we
think market participants will act rationally, however, and there
will not be downward pressure on potash prices. We also think
long-term demand for potash will increase. Potash is a key
ingredient in fertilizer and more potash will be needed as it
starts being used more frequently in emerging market crops.
EMC was another detractor. We believe weak enterprise

technology spending negatively impacted the stock. However,
we believe current valuations for EMC underestimate the value
of the companys installed base and potential earnings it could
continue to generate from data centre services.
Contributors
Thank you for your investment in the Janus US Fund.
Janus US ALL Cap Growth Fund

Brian Demain, portfolio manager
For the 12 months ended 31 December 2013, Janus US All Cap
Growth Funds I$acc Shares, underperformed its benchmark,
the Russell 3000 Growth Index, returning 27.17% versus
34.23% for the Index.
Celgene was a top contributor this year. During the year, a

global study pointed to the benefits of using Celgenes drug
Revlimid as a first-line treatment for multiple myeloma.
Currently, the drug is only approved as a second-line treatment
for the disease, and using Revlimid earlier in the treatment
cycle could meaningfully expand its addressable market,
especially outside the United States. Other drugs in Celgenes
pipeline also offer promising potential. We think the company
37
Fund Overviews
is in the early stages of a major new product cycle, with other
potential meaningful contributors including Abraxane for
pancreatic cancer, Pomalyst for refractory multiple myeloma,
and Apremilast, an oral drug to treat psoriatic arthritis and
psoriasis. The stock rose as management has explained to the
market that multi-year growth will be driven by four different
drug franchises, and that Celgene is much more than a oneproduct company.
Amazon was also a top contributor. We believe the companys
size, scale and efficiency has allowed it to be a disruptive force
to any industry it has entered. 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.
Google was also a leading contributor. The stock was up as
the company continued to demonstrate its ability to monetize
its mobile platform. We think Google has multiple long-term
growth drivers. The companys Internet search business
continued to do well and the company continued to improve
monetization of increased viewing on its YouTube platform.
The companys Android mobile operating platform exists in
a duopoly with Apples mobile platform and we believe both
companies benefit from the rapid adoption and heavier use
of smartphones.
The economy has shown signs of strengthening, but many of
the positives about the economy are already reflected in stock
prices. Weve experienced back-to-back years of strong returns
in equity markets, and for many companies, earnings growth
has not kept up with stock-price appreciation. After multiple
expansion for most stocks, we believe the mix between more
risky, potentially overvalued stocks and those that still offer
more reward is more balanced than a year ago. As we head
toward what we believe are the later phases of a bull market,
we feel positive about the positioning of our portfolio. Going
forward, we believe individual companies will need to put up
reasonable earnings growth for further stock appreciation, and
we believe this favours the types of high-quality, durable growth
companies we seek to invest in.
We also like how the portfolio is positioned as we likely
experience higher interest rates. We focus on companies with
high return on invested capital. In a rising rate environment,
we feel these companies are in a favourable position because
rising rates will have less impact on their ability to carry out
long-term growth initiatives and business plans than they
will have for a number of mid-cap companies with more
speculative business models that have previously had easy
access to cheap funding.
Thank you for your investment in Janus US All Cap Fund.
38

Research Team led by Jim Goff, portfolio manager
For the year ended 31 December 2013, Janus U.S. Research
Funds Class I$acc Shares returned 34.45% while its benchmark,
the Russell 1000 Index, returned 33.11%.
U.S. equities generated excellent returns during 2013, with strong
gains early and late in the year. A resolution to the fiscal cliff,
signs of economic improvement as well as pledges by the Federal
Reserve (Fed) that it would maintain its monetary easing policies
helped start the year on a strong note. After significant gains
during the early part of the year, stocks began heading lower
in late May when Fed Chairman Ben Bernanke said the central
bank could begin a gradual reduction (tapering) in its stimulative
bond-buying program later in the year. Markets anticipated
tapering would begin with the Feds meeting in September, but
the central bank surprised the markets by maintaining the same
pace of its bond purchases, stating it needed more evidence that
the economy could sustain itself. The lack of tapering and the
end of a partial shutdown of the government provided a lift for
stocks. Janet Yellen, the new chairwoman of the Fed, also helped
sentiment by defending the agencys accommodative monetary
policies during her confirmation hearing. When the Fed finally
announced in December it would begin tapering in January, the
market response was muted. Importantly, the Fed assured the
markets it would maintain its ultra-low interest rate policy for
a still lengthy period. Stronger-than-expected economic growth
and improving jobs data were among catalysts for the Feds
tapering decision.
Our health care holdings, led by Celgene, were our primary
relative contributors, followed by our holdings in communications
and consumer.
Celgene rose due to continued strong financial results and the
announcement of positive data for a pivotal trial for its key cancer
drug, Revlimid, which demonstrated improved progression free
survival as an initial treatment for multiple myeloma. In addition,
Celgene received Food and Drug Administration approval for
Abraxane as a first-line treatment for patients with metastatic
pancreatic cancer. Besides Abraxane, other new drugs that could
become meaningful profit contributors include Apremilast, an
oral drug to treat psoriatic arthritis and psoriasis, and Pomalyst
for refractory multiple myeloma.
In communications and for the Fund overall, Internet search
engine leader Google was our top contributor. The company
benefited from better-than-expected quarterly results, with strong
year-over-year revenue growth. We feel the company remains
attractively valued relative to the multiyear growth outlook we
see for its resilient core search business combined with potential
growth drivers around its Android software for mobile devices,
YouTube, mobile and enterprise businesses. With a significant
spending cycle likely to decline, the companys margins also
should improve. Longer term, we think Androids rapidly growing
installed base will provide the company significant control over

its mobile search and display advertising destiny.
economy and Fed policy (even with gradual tapering) is creating

a generally supportive backdrop for equity markets.
MasterCard, another top contributor, rose after the credit

card company raised its dividend significantly and authorised
a new stock repurchase program. We continue to appreciate
the companys strong and predictable growth profile, large
addressable market globally (i.e., increasing use of electronic
forms of payment instead of cash and checks), high returns on
invested capital and considerable capital return to shareholders
via dividends and stock repurchases.
While once uneasy during the depths of the global financial

crisis, now investors may fret that markets have bounced back
too far, too fast. In part, we think they are forgetting how far
we fell and how cheap markets were two years ago. The bigger
picture, however, is that the concerns over record levels in the
U.S. ignore pockets of opportunity within the country.
Relative detractors included our holdings in industrials and

technology. While our energy holdings in aggregate contributed,
individual holdings Cobalt International Energy and PBF Energy
were the top individual detractors for the Fund.
Cobalt, an oil and gas exploration and production company,
declined on a disappointing exploratory well result in the Gulf
of Mexico as well as a drilling prospect offshore Angola, which
produced significant natural gas but less oil than expected.
While the results were disappointing and reflect the risky nature
of exploration, we continue to believe the companys production
portfolio is undervalued.
Refiner PBF Energy suffered after the company reported
lower-than-expected earnings due to higher costs. We decided
to sell our position based on PBFs exposure to Northeastern
U.S. refining, which proved to be more volatile than other
regions. We used proceeds to invest in other energy companies
that we felt offered better risk/reward opportunities.
For example, the shift to mobile computing is opening up

areas in communications. Health care innovation and steppedup Food and Drug Administration approvals mean a wave of
drug launches with the promise of better and more effective
treatments for some of the worlds most threatening diseases.
We think these pockets of growth and others we have found
are investment opportunities. It will be a good environment for
companies in the right positions.
We think that with interest rates low even if the yield curve
steepens with Fed tapering the broad valuation of equities
is not extreme. Price-to-earnings multiples are always foggy
lenses to use to evaluate a market, but the view is especially
obscured this time around. We see data that shows a clustering
on multiples within sectors, meaning investors are not
distinguishing between growth prospects. The opportunities
we see bring collateral damage. Mobile shopping pressures mallbased retailers; biotechnology innovation is wonderful but a
generic wave will pressure some big pharmaceutical companies;
Chinas restructuring hurts industries with excess capacity; and
on and on. It drives the need to be a stock picker.
Lexington Realty Trust, a real estate investment trust (REIT),

suffered along with other REITs in the rising interest rate
environment. We continue to favor Lexington, owns and
manages office, industrial and retail properties net-leased (tenant
pays property taxes, insurance and maintenance as well as base
rent) to major corporations throughout the U.S. The companys
primary business is triple net leases (all or majority of expenses
are passed onto the tenant) in single-tenant properties. Lexington
has significantly improved its leverage profile by retiring highercost debt and converting or retiring some of its convertible debt
and preferred stock. Additionally, the company has increased
its average lease duration, which combined with below-average
leverage could warrant an investment grade rating designation
and likely a boost for the stock. We also appreciate that the
triple net-lease market is a highly fragmented market, which
Lexington could either help consolidate or be consolidated into
another company.
Among individual sectors, our financial sector team continues

to invest in a number of companies outside the banking sector.
We think some of the best growth opportunities among
financial companies are payments companies, which benefit
as consumers and businesses switch from cash and check to
plastic and electronic payments. In industrials, we are investing
in industrial distributors, which are expected to benefit as more
manufacturing moves to the U.S.
We remain positive on economic progress in the U.S. and believe

growth emerging in Europe and Japan will be incrementally
beneficial. We believe the economy will continue to strengthen,
particularly in the U.S., where an improved housing market
and a manufacturing renaissance due to cheap energy costs are
both playing a role in lifting the national economy. The strong
U.S. equities generated excellent returns during 2013, with strong

gains early and late in the year. Stocks opened the year robustly
following a near-term resolution to the fiscal cliff, while a muted
market response to sequestration (automatic budget cuts) enabled
investors to focus on positive signs on the U.S. economy. Stocks
rallied again after Federal Reserve (Fed) Chairman Ben Bernanke,
Thank you for your investment in the Janus US Research Fund.

Marc Pinto, portfolio manager
The Janus US Twenty Funds Class I$acc Shares outperformed its
benchmark, the Russell 1000 Growth Index, for the year ended
31 December 2013, returning 37.69% versus 33.49% for the Index.
39
Fund Overviews
whose comments on the central banks potential tapering or
gradual reduction of its quantitative easing program this year
sparked a sell-off in the second quarter, reassured investors in July
the Fed would remain accommodative until economic conditions
improve. The central bank subsequently surprised markets in
mid-September when it decided to maintain its bond purchases
rather than do a modest reduction, as many expected. Easing
concerns over the Feds tapering plan, which was announced
late in the fourth quarter, led to strong U.S. market returns
and capped an impressive year for stock gains. While the Fed
decided to scale back its quantitative easing effort, the central
bank indicated it would maintain its ultra-low interest rate policy
for a still lengthy time. Good but not too strong macroeconomic
data, particularly on the jobs front, and very low inflation helped
assure the market that the central bank would not move to
tightening policies anytime soon.
Stock selection and sector positioning were both contributors, led
by our holdings and overweights in the two strongest-performing
sectors within the benchmark, health care and consumer
discretionary.
In health care and for the Fund overall, Celgene was our top
contributor. The biotechnology company rose due to continued
strong financial results and the announcement of positive data
for a pivotal trial for Celgenes key cancer drug, Revlimid, which
demonstrated improved progression free survival as an initial
treatment for multiple myeloma. In addition, Celgene received
Food and Drug Administration (FDA) approval for Abraxane
as a first-line treatment for patients with metastatic pancreatic
cancer. Besides Abraxane, other new drugs that could become
meaningful profit contributors include Apremilast, an oral drug to
treat psoriatic arthritis and psoriasis, and Pomalyst for refractory
multiple myeloma. We think incremental profits from these drugs
could help reduce Celgenes perception as a one-product company
(Revlimid) and perhaps warrant it a higher valuation.
In consumer discretionary, Twenty First Century Fox and MGM
Resorts were key contributors. Film and TV company Fox, which
was split off from the publishing operations of News Corp. in
June, benefited performance after the company gave strongerthan-expected revenue and profit forecasts and announced a share
buyback and dividend hike. Our position was the Funds largest at
period end. We think there is high demand for Fox programming,
which has helped the network grow at one of the fastest rates in
the media space. In our view, Fox is one of a limited number of
companies that has demonstrated an ability to repeatedly launch
and market hit television content. We think the value of that
content will increase going forward as it spreads internationally
and new digital platforms offer expanded viewing opportunities.
MGM Resorts International, another important contributor,
reported better-than-expected quarterly results from both its
Las Vegas and Macau, China, casinos. A recovery in Las Vegas
convention business was particularly noteworthy, while Macau
continued its strong growth. We appreciate the companys efforts
40
to better manage its balance sheet by reducing debt as well as

improving demand metrics at its casinos.
Relative detractors included our holdings in information
technology and telecommunication services.
Individually, Apple was our largest detractor among our
information technology holdings and for the Fund overall. The
stock declined early in the period due to investor uncertainty over
its product launches and the increasingly competitive smartphone
environment for its iPhone from Samsung and others, which
offer lower-priced options. We trimmed the position significantly
during the second quarter of 2013, to bring its position size in
line with the stocks position size in the index. We had concerns
about an intensifying competitive environment for Apple. Later,
the mobile device and computer makers shares rebounded
following news that an activist investor had taken a position
in the stock, along with good sales for its latest iPhones. We
continue to hold a position, because we still appreciate Apples
loyal customer base of high-end consumers, who tend to return
to the Apple brand anytime they buy new electronic devices, or
upgrade existing products. We also like the companys decision
to become more aggressive in returning cash to shareholders.
Another key detractor, enterprise data analysis firm Teradata,
declined after the company warned its quarterly results would be
below expectations and reduced its full-year outlook. Teradata
was also among U.S. technology companies negatively impacted
by the National Security Agency spying scandal. We feel the
market overreacted to short-term concerns. As the leading data
warehousing provider, Teradata offers an attractive growth
profile. We believe Teradata has a well-positioned product
and services portfolio to help organizations leverage data in
generating insights for competitive advantage.
Canadian mining company Turquoise Hill Resources, which has
a majority ownership in a Mongolian copper mine, also detracted
from performance. Rio Tinto, a 51% owner of Turquoise Hill,
said it was delaying work on an underground expansion of
the Oyu Tolgoi copper mine, pending financing approval by
Mongolias government. Turquoise Hill owns 66% of the mine
and the government owns the remainder. We exited the position
as part of the transition to the current portfolio manager.
We continue to see modest economic growth, which has enabled
the Fed to begin tapering its bond-buying program in January.
With unemployment still high and slight inflation, the Feds
monetary policies will remain accommodative, even with its
gradual reduction in bond purchases. On the fiscal front,
Congress agreement on a two-year spending plan in December
offers some hope for avoiding the last-minute budget dramatics
the markets have endured in recent years.
Our portfolio transition since the portfolio manager change in
May is now complete. We feel were well positioned in terms
of the number of holdings, position sizes and diversification
among sectors. Were relying on our stock selection rather than

macroeconomic calls through sector positioning to drive the
majority of our returns.
Thank you for your investment in the Janus US Twenty Fund.

Jonathan Coleman and Maneesh Modi, portfolio managers
Janus US Venture Funds I$acc Shares underperformed its
benchmark, the Russell 2000 Growth Index, for the year
ended 31 December 2013 returning 42.63%, versus 43.30%
for the Index.
Small cap equities enjoyed significant gains during the year
as markets received indications the U.S. economy was picking
up and Europe was also improving. Easy monetary policy was
also a supportive backdrop for equities, though concerns the
Federal Reserve would taper its quantitative easing program
caused brief periods of volatility at different points during the
year. While small- and mid-caps stocks raised broadly, lower
quality companies - as defined by low or negative earnings
growth and low returns on invested capital - enjoyed the most
substantial gains.
SS&C Technologies was our top contributor to performance.

The company provides a number of investment and financial
software-enabled services to companies in the financial services
industry. Most of its revenue comes from subscription services
or software maintenance, which helps create a steadier and
recurring revenue source for the company. SS&C has made
some strategic acquisitions in recent years that have broadened
its array of service offerings to financial firms. Last year, SS&C
acquired another company that provides back-office services to
hedge funds, and we think SS&C will have success cross-selling
the products of the company it acquired. The stock has been a
top contributor to performance this year as the market has come
to appreciate the predictability of the business model and its
future growth prospects.
Wolverine Worldwide was also a top contributor. The company
manufactures and markets a wide range of casual footwear and
apparel products. We like the company for its ability to acquire
and improve the management of brands, and then increase
the sales of those brands through Wolverines strong global
distribution network. The stocks performance has been driven
this year by the companys acquisition of several new brands
including Sperry. Sperry went through a period of disinvestment,
and after the acquisition, Wolverine is reviving the brand and
opening proprietary Sperry stores.
Detractors from Performance

Our selections in the industrials and materials sectors, along
with our overweight to the energy sector, detracted from relative
performance.
The top detractor during the period was Liveperson Inc. The
company helps retailers manage their online interactions with
customers. We sold the position during the year due to concerns
about the companys strategy to move to services beyond being
a customer service centre for its retailers.
Intrepid Potash was another stock that weighed on the Funds
performance. Potash is a key ingredient in fertilizer, and we
think there will be increasing demand for potash as it starts
being used more frequently in emerging market crops. The stock
was down in the third quarter of the year after a breakup of
a marketing consortium of potash suppliers in Belarus and Russia
created fear that pricing dynamics for the industry could break
down, affecting all potash companies. We continue to monitor
developments in the industry and are reviewing the holding.
Achillion Pharmaceuticals was another leading detractor. We
exited our position in the biotech company due to concerns
about the companys lead clinical compound, a protease inhibitor
for hepatitis C treatment.
Another top contributor was Broadridge Financial Solutions.

Broadridge provides investor communications and technologydriven solutions to banks, broker-dealers, mutual funds and
corporations globally. Among a number of services, the company
is responsible for distributing proxy information on behalf of
corporations to a wide network of broker dealers, financial
advisors and mutual funds. We believe the wide network
Broadridge has set up among these investor bases is a competitive
advantage for the company. Setting up a wide network is a
significant barrier to entry for potential competitors, and with
such a wide network already in place, more corporations are
likely to turn to Broadridge when they need to distribute
corporate information to their investor base. The stock was up
at the end of the year after the SEC approved fees for Broadridges
proxy services at a rate higher than the market had expected.
After considerable gains for small-cap stocks this year, we think
valuations look stretched for a number of companies and that
the prospect for future appreciation is generally more limited
than last year. Multiples have expanded for many small-cap
stocks as earnings growth has not kept up with the rise in stock
prices. Against a backdrop of more stretched valuations, we think
companies will need to put up real earnings growth to experience
gains in 2014. This had not been the case for much of 2013,
as companies with negative earnings outperformed those with
positive earnings growth in the first three quarters of the year.
Contributors to Performance
Stock selection in the technology, financial and consumer
discretionary sectors contributed to relative results.
While finding attractively valued growth companies will likely be

tougher next year after a more than 40% rise in U.S. small-cap
growth markets over the last 12 months, we think it favours our
41
Fund Overviews
bottom-up, fundamental research process. Through our research
process, we strive to identify those select companies that have
strong competitive advantages and are serving large and growing
addressable markets or are expanding market share in their
existing marketplaces. The companies often have more predictable
revenue streams, which should allow them to grow those earnings
regardless of the economic backdrop, in our view. If we are correct
in identifying these companies, their earnings growth should be
more appreciated in an environment where the market puts more
emphasis on earnings growth to justify valuations.
Thank you for your investment in the Janus US Venture Fund.

Gregory Kolb, Tadd Chessen and Chris Kirtley,
portfolio managers
For the 12 months ended 31 December 2012, Janus Perkins Global
Value Funds I$acc Shares gained 23.04%, underperforming
the Funds primary benchmark, the MSCI World Index, which
returned 26.7% for the full-year and 8.0% in the final quarter alone
Stock selection in technology, an overweight in health care,
and underweight positions in materials and energy were
positive contributors. Stock selection in the UK aided results,
as did our lack of exposure to Australia and underweight in
Canada. Holdings in consumer discretionary and consumer
staples detracted from relative results, as did stock selection
in industrials and financials. Holdings in Mexico and Norway
contributed negatively, as did stock selection in the U.S. and
Japan. Our high single digit cash weighting also held back
performance. Currency hedges (investments to reduce the risk of
adverse price movements in an asset) were positive in aggregate,
as the U.S. dollar strengthened over 20% against the yen, though
depreciated about 4% against the euro.
The U.S. was the strongest major market in 2013, as several
positive developments propelled that market higher. Perhaps most
importantly, continuing monetary easing policies kept interest
rates at relatively low levels, and maintained the attractiveness
of stocks compared to bonds. This was the case even after the
December announcement that the Federal Reserves (Fed) monthly
purchases of securities would be reduced from $85 billion to
$75 billion beginning in January, and the 10-year U.S. Treasury
note yield backed up to 3%, which was the highest level in a few
years. Growth in gross domestic product (GDP) for the third
quarter was revised to 4.1% from 3.6% (and originally estimated
at 3.1%). The U.S. market (and perhaps the world) seems also
to perceive likely continuing accommodative monetary policy
as a result of the confirmation of Janet Yellen to succeed Ben
Bernanke as Fed chair. Another enhancement of confidence was
a compromise on the U.S. budget. This was a modest agreement,
but it removed the potential for a major dislocation of government
operations in early 2014. The positive view is that there was an
element of bipartisanship in the agreement and the influence of
more partisan legislators seemed to be reduced.
42
Stocks in the emerging markets lagged on a relative basis in

2013, with the MSCI Emerging Markets Index underperforming
the MSCI World Index by nearly 30% for the full year. Despite a
mild outperformance in 2012, the cumulative underperformance
of emerging markets has reached nearly 45% over the last three
years. As a general matter, many of the emerging markets
including Brazil, China and India have been negatively impacted
by slowing GDP growth. In addition, the Feds decision to slow its
quantitative easing program has somewhat difficult implications
for many of the developing economies. A key issue we will be
monitoring for China will be how the government implements
the seemingly market-friendly reforms introduced at Novembers
Third Plenum, which reflects the governments ongoing desire
to transition the Chinese economy from an investment-driven
model to one powered more by domestic consumption. We
remain cautious on emerging markets, given the structural
imbalances in many of the individual countries, rapid credit
growth over the last several years, and the uncertainty and
potential ramifications surrounding Chinas transition. We dont
believe emerging market stock valuations, generally, offer very
compelling risk/rewards, yet.
The European economic situation continues to be stable yet
worrisome. Sovereign credit-default swap spreads in Spain and
the other so-called peripheral nations tightened during the year,
and equity markets in Europe have responded very strongly over
the past 18 months. There are concerns, however, including
a still over-leveraged financial sector, high unemployment,
significant government debt burdens and disinflation (and the
related worry of outright deflation). Any of these issues could
present challenges to the stock market in the quarters ahead.
Japans stock market continued its upward march during the
year, as speculation about Prime Minister Shinzo Abes economic
policies dominated headlines. The yen weakened further against
other major currencies, and this is generally seen as a powerful
positive driver of profits for many export-oriented companies
based in the country. Weve trimmed our once sizable overweight
position in Japan, given the strong run in many of our holdings
and our concern over whether the markets recent optimism is
perhaps overdone. However, we still hold many stocks in the
country, particularly at the lower end of the market cap spectrum.
Individual Detractors
Agency mortgage real estate investment trust (REIT) American
Capital Agency weighed the most on performance. In recent
periods, both the company and its peers lost more book value than
the market anticipated after the abrupt move higher in interest
rates. With interest rates continuing to grind higher, the market is
worried that more book value losses could be coming. In addition,
the Fed is concerned about the size of the mortgage REIT industry
and individual participants, and therefore more regulation could
be coming as well. The mortgage REITs appear to be deeply outof-favour stocks with low valuations, but with unclear prospects
in the near-term given uncertainty around interest rates.
Hatteras Financial, a hybrid mortgage REIT, was also a key

detractor. In recent periods, both the company and its peers
(including American Capital Agency, as already noted) lost
more book value than the market anticipated after the abrupt
move higher in interest rates. With interest rates continuing to
grind higher, the market is worried that more book value losses
could be coming. In addition, the Fed is concerned about the
size of the mortgage REIT industry and individual participants,
and therefore more regulation could be coming as well. The
mortgage REITs appear to be deeply out-of-favour stocks with
low valuations, but with unclear prospects in the near-term
given uncertainty around interest rates.
Mosaic, the global fertilizer provider, sold off significantly in the
third quarter after a global cartel that controls a significant portion
of the potash market collapsed. Infighting between Russian
producer Uralkali and Belarus-based Belarusian Potash Company
over their joint venture led Uralkali to break up the partnership
and expand its production. The end result was significantly lower
prices for the commodity. On expectations that contract pricing
for potash would decline substantially, the entire sector traded
much lower. We continue to hold our position in Mosaic, believing
the value of its assets is underappreciated by the stock market.
Individual Contributors
Microsoft led our individual contributors. The U.S. software giant
gained as a result of a number of factors, including better cost
controls, a lower-than-expected decline in its operating system
revenue, and better-than-expected business software sales. The
shares also responded favourably to the announced departure
of its long-time CEO, who will retire in the first part of 2014.
We have owned Microsoft for a significant period of time, due
in large part to the combination of its stable and growing free
cash flow (anchored by multiyear enterprise license agreements
with customers) and what we believe is a low stock valuation.
Vodafone, another top contributor, is one of the worlds largest
mobile communications companies with over 360 million
customers in 30 countries. A large part of its value is derived
from Western Europe, but Vodafone also has an extensive
emerging market portfolio and a very significant 45% stake
in the top mobile operator in the U.S., Verizon Wireless. We
believed the value of Vodafones stake in Verizon Wireless was
not properly reflected in the stock price of Vodafone, given the
increasing and, in our view, sustainable distributions of free
cash flow to Vodafone and its joint venture partner Verizon
Communications. During the year, Vodafone announced the
disposal of its 45% stake to Verizon Communications for a
staggering $130 billion, and Vodafones share price responded
favourably. We trimmed the position on strength, but continue
to believe that the remainder of Vodafone is undervalued.
Johnson & Johnson also aided performance. The U.S. diversified
health care company reported solid operating results in recent
quarters, helping to push the stock higher. The company appears
to have emerged from a period of stumbles (such as product

quality control issues across a variety of businesses) to deliver
organic sales and earnings growth, as well as increased dividends
and continued stock buybacks. In addition, progress with the
pharmaceutical pipeline and better-than-expected financial
results from the Synthes acquisition helped drive the shares
higher. Finally, the valuation in the stock market (e.g. the P/E
ratio) has also grown with these positive developments.
As we get deeper into the current bull market, the dynamic
becomes ever more challenging for investors: to balance the
desire for further participation in gains against the need to avoid
steep losses should they materialise. Our belief at Perkins is that
the latter part of the challenge minimizing large drawdowns
is the more important of the two components. There is a
balancing act, and there are in fact both components of the
challenge, but it is the latter risk which should always be kept
front-and-centre in the investment analysis. This is because
of the tremendous damage to pools of capital which can be
wrought by major losses.
Current holdings which we believe position our portfolio well
in the face of this central challenge include U.S. blue chips,
European multinationals, Japan small and mid-cap, and select
emerging market issues. We are emphasizing stability and
predictability of earnings, when priced reasonably. We are
stressing diversification as a means to reduce our risk: we dont
want any one particular area of the portfolio, should it go against
us, to do too much harm. We are maintaining our sizeable cash
holdings, given the compressed reward-to-risk metrics our team
is identifying, around the world. These are the ways in which
our team is attempting to build a strong portfolio, one capable
of meeting the challenge of making further gains, should that
be the course ahead, without taking so much downside risk
exposure so as to imperil our clients (and our own, as owners
of the strategy) hard-earned savings and investments.
Thank you for your investment and continued confidence in
Perkins Investment Management.

Tom Perkins, Todd Perkins and Alec Perkins,
portfolio managers
For the 12 months ended 31 December 2013, Perkins
US Strategic Value Funds I$acc Shares, returned 25.58%, while
its benchmark, the Russell 3000 Value Index, returned 32.72%.
Although we were disappointed to lag the benchmark for the
year, the Fund behaved as we would have expected given our
defensive approach, and we were pleased to post the second
best annual performance in the Funds history. It was in fact
the best year for the S&P 500 Index since 1997, and while we
do not expect to see results like this repeated in 2014 we are
never disappointed when it happens and we are meaningful
participants.
43
Fund Overviews
The strong rally in the stock market in 2012s second half
extended into 2013. An agreement to push out Congress debt
ceiling debate and clarity on tax policy helped open the year on a
strong note. U.S. stocks continued to climb higher in the second
quarter 2013, but they took a volatile path to get there following
Federal Reserve (Fed) Chairman Ben Bernankes comments that
the central bank could begin reducing (tapering) its stimulative
bond-buying program later in the year. In the third quarter,
the Fed surprised the market by delaying tapering, which
combined with an end to a partial government shutdown, led
to a resumption of the years rally.
Several positive developments contributed to the continued
market gains in the fourth quarter. Perhaps most importantly,
continuing monetary easing policies kept interest rates at
relatively low levels, giving corporations, investors and
consumers access to cheap capital. This was the case even after
the December announcement that Fed monthly purchases of
securities would be reduced from $85 billion to $75 billion
beginning in January. The stock markets short-term reaction
to the announcement was positive and encouraging. The Fed
indicated it was somewhat more comfortable with the state of
the economy, but is committed to keeping rates low for an
extended period of time. Corroborating that comfort level was
the subsequent revision to 4.1 % from 3.6% (and originally
estimated at 3.1%) growth in third quarter real gross domestic
product (GDP). The other major element in the markets
perception of continuing accommodative monetary policy was
the confirmation of Janet Yellen to succeed Bernanke as Fed
chair. She is presumed to be at least as aggressive as Bernanke
in being accommodative, and should continue the current go
slow approach. All of these elements have removed some of the
uncertainty about intermediate-term monetary policy.
Another enhancement of confidence was a compromise on the
U.S. budget. This was a modest agreement, but it removed the
potential for a major dislocation of government operations. The
positive view is that there was an element of bipartisanship in the
agreement and the influence of more partisan legislators seemed
to be reduced. Also contributing to the positive backdrop was
lack of further deterioration in the international political and
economic environment.
While interest rates on 10-year Treasurys increased during
the year from 1.75% to just over 3%, at year end the S&P
500 Index was selling at 1,849 and at 15.5x estimated 2014
earnings per share (an earnings yield of over 6%), and remains
attractively valued relative to bonds. On the other hand, at
year end the cyclically-adjusted Shiller price earnings ratio is
40% higher than its historical mean, and there continue to be
significant unresolved long-term issues for the global economy.
As highlighted below in our market outlook, we believe the
higher-quality issues that we emphasise are relatively attractively
valued, but our eye continues to be focused on the risk side of
the equation despite the many tailwinds that could persist into
2014. We believe our portfolio should have good appreciation
44
potential in an up market while having lower than average

downside risk should a meaningful correction occur.
Individual Detractors and Contributors

Within materials and for the Fund overall, Goldcorp, Teck
Resources and Mosaic were our largest detractors, while
Vodafone, Ameriprise, and AIG were our largest contributors
Goldcorp is the third largest global gold miner with a relatively
unique combination of low production costs, strong production
growth, and operations in geopolitically friendly countries in
North and South America. While the company has generally
outperformed most of its peers, and largely avoided the capital
investment mistakes of its peers, its stock price remains driven
by macro concerns that are out of managements control and
suffered from declines in the commoditys prices during the
year. Although we generally consider gold to be a defensive
position, we eliminated the holding on concern about continued
commodity pricing pressure.
Similarly, Canadian metallurgical coal and copper producer
Teck Resources suffered from price declines in its commodities.
BHP, the largest metallurgical coal producer, announced plans
to increase coal production from several new projects, despite
deterioration in pricing. Those supply additions, in combination
with increased domestic Chinese metallurgical coal production
and a slowing Chinese economy, forced us to re-evaluate our
downside and upside cases for the stock. As a result of our lower
proprietary reward-to-risk ratio, we eliminated our position.
Mosaic, a global fertilizer producer, sold off significantly in
July 2013 after a global cartel that controls a significant portion
of the potash market collapsed. Infighting between Russian
producer Uralkali and Belarus-based Belarusian Potash
Company over their joint venture led Uralkali to break up the
partnership and expand its production. On expectations that
contract pricing for potash would decline substantially, the
entire sector traded off significantly. We sold our position based
on the risk and uncertainty created by the break in the cartel.
Vodafone Group led our individual contributors. One of the
worlds largest mobile communications companies, Vodafone has
over 360 million customers in 30 countries. A large part of the
companys value is derived from Western Europe, but it also has
an extensive emerging market portfolio and a very significant 45%
stake in the top mobile operator in the U.S., Verizon Wireless. We
believed the valuation of Vodafones stake in Verizon Wireless was
not properly reflected in the stocks valuation, given the increasing
and sustainable distributions of free cash flow to Vodafone and
its joint venture partner Verizon Communications. During
the third quarter, Vodafone agreed to sell its stake to Verizon
Communications for a staggering $130 billion, and the share
price responded favorably. We trimmed the position on strength,
given the 22% rally in the stock during the quarter, but continue
to believe that the remainder of Vodafone is still undervalued.
Ameriprise Financial, a financial planning and wealth management

company, was another top contributor. The strength of the equity
market drove margin improvement and offset headwinds from
asset management outflows for the company. Capital generation
and buybacks continued to be exceptionally strong; the company
has reduced the share count by over the 17% over the past two
years. We trimmed our position, as we felt the stocks risk/
reward profile had become less attractive. We maintain a smaller
position on belief the company is well positioned for growth and
well capitalised, generates strong free cash flow, and has been
disciplined in returning capital to shareholders.
Staying in financials, American International Group (AIG) was
also an important contributor. Among the most infamous names
from the financial crisis, AIG took a large bailout from the
government to stay alive after making leveraged collateralised
debt obligations (CDO) investments and having a poor risk
architecture. AIG is now a simple property and casualty (P&C)
and life insurance company. On the P&C side, AIG made
significant progress in increasing efficiency and risk controls
while at the same time reducing costs. This has shown through
with positive financial results. In addition, AIG is using excess
capital to retire expensive debt securities, and potentially in
later 2013, the company will initiate a modest dividend and buy
back common stock. We believe AIG is in the early innings of its
turnaround and is attractively valued, selling below book value.
With the S&P 500 Index at 1,849, it is trading at 15.5x estimated
2014 earnings and has an earnings yield of over 6%. This compares
favorably to the yield on 10-year Treasurys of 3%. Thus, the case
for stocks compared to bonds and cash remains strong. Some
of the near-term positives are enumerated above. Additionally,
earnings are growing (though at a decelerating pace), corporate
balance sheets are strong and the U.S. is relatively strong and
stable in an uncertain world. These factors plus the markets
momentum could take equities higher. We have benefited from
the strength in the market and hope that it continues.
However, equities are not undervalued in the context of long-term
metrics. For example, the cyclically adjusted Shiller price earnings
ratio is 40% higher than the historical mean. With the S&P 500
having its best gain since 1997 and the third best in the past
30 years, it is worth remembering that it has been over two years
since the market had a 10% correction. And many of the longerterm issues we have highlighted in the past remain. Perhaps most
notable among them is the question of whether the unprecedented
monetary stimulus can be unwound without disruption.
Whether up or down, increased volatility is likely. The VIX
(a measure of market volatility) has fallen below 14, the lower end
of its long-term range. The diminished level of market liquidity
and increased share of volume taken by computer trading could
exacerbate any volatility. In addition, the muted economic outlook
both domestically and abroad, the inevitable rise in interest rates
over the long term and political and economic uncertainty here
(the debt ceiling decision is likely in the first quarter and could
be contentious) and abroad (Middle East, emerging markets and

Europe) inject an element of risk to the market. Longer term, the
Feds ability to unwind its unprecedented monetary stimulus is
a major question.
As outlined above, the valuation of the equity market is
debatable. However, higher-quality stocks, which we define as
those with strong balance sheets, cash flows, earnings stability
and competitive position, are relatively attractive. Based on our
analysis, these stocks have underperformed since the 2009 market
bottom. More volatile, leveraged and what we view as generally
lower-quality issues have been much greater beneficiaries of
stimulative monetary policy as they have been able to more easily
refinance and have seen their interest costs decline. While these
stocks tend to work in strong markets, they tend to hold up less
well than our higher quality holdings in the face of company
specific missteps or meaningful market corrections. A likely
increase in merger and acquisition activity should also benefit
our higher quality stocks going forward as it has this year and
in past years. In the past, higher-quality stocks have regained
favour in the middle part of the economic cycle, when profit
margins have peaked, making earnings more unpredictable.
We believe a less-volatile path encourages investors to maintain
a long-term perspective and avoid momentum-influenced
reallocations that could result in suboptimal results. We
believe our disciplined approach mitigates downside risk while
enabling us to participate in stronger markets and is a formula
for compounding compelling long-term returns.
Thank you for your investment in the Perkins US Strategic Value
Fund.

INTECH Investment Management LLC, portfolio manager
Since inception on 28 February 2013 to 31 December 2013,
INTECH Global Dividend Fund returned 11.70% for its Class
I$acc Shares. This compares to the 13.02% return posted by the
MSCI World Index, the Funds primary benchmark.
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.
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- optimised on a periodic basis. By
limiting the distance any one stock position can deviate from
its benchmark weight, INTECHs process attempts to control
45
Fund Overviews
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 minimizing the risk of significant
underperformance relative to the benchmark.
Going forward, we will continue building portfolios in a

disciplined and deliberate manner, with risk management
remaining the hallmark of our investment process. While we
may experience short periods of underperformance, we expect to
exceed the benchmark over a three- to five-year time horizon. As
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.
Thank you for your investment in INTECH Global Dividend Fund.
INTECH US Core Fund

INTECH Investment Management LLC, portfolio manager
For the 12-month period ended 31 December 2013, INTECH
US Core Fund returned 32.94% for its Class I$acc Shares. This
compares to the 32.39% return posted by the S&P 500 Index,
the Funds benchmark.
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.
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-optimised on a periodic basis. By limiting the distance any one
stock position can deviate from its benchmark weight, INTECHs
process attempts to control the relative risk of the portfolio. We
believe that instituting an investment process aimed at providing
consistent, positive excess returns at benchmark-like risk, will
allow us to meet our investors objectives while minimizing the
risk of significant underperformance relative to the benchmark.
Going forward, we will continue building portfolios in a
disciplined and deliberate manner, with risk management
remaining the hallmark of our investment process. While we
may experience short periods of underperformance, we expect to
exceed the benchmark over a three- to five-year time horizon. As
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.
Thank you for your investment in INTECH US Core Fund.
46
Andrew Weisman, John Fujiwara and Richard Lindsey,

portfolio managers
First subscription received 31 December 2013.
Patrick Brophy, portfolio manager

For the 12-month period ending 31 December 2013, Janus
Global Real Estate Funds Class I$inc shares finished the year
up 7.06%, ahead of its benchmark, the FTSE/EPRA NAREIT
Global Index, which gained 2.24%.
Its conventional wisdom that progress means an ever
accelerating world, so we probably shouldnt be surprised that
the past year felt like an increasingly frenetic assault of global
crises. Market participants were forced to digest a smorgasbord
of unsavoury items ranging from the ongoing European crisis,
a US government shut down and taper tantrums to Syria,
mounting emerging market volatility and a slowdown in China.
Beyond fuelling further uncertainty, this relentless onslaught
had the effect of stirring a whack-a-mole approach to the macro
hardly our preferred investing backdrop, but one that made us
especially grateful that we are long-term investors who rely first
and foremost on our bottom-up research. Trying to anticipate
each outbreak and moving from fire to fire without ever fully
containing any of them seems like a daunting and ultimately
unproductive investment approach; we prefer to do our best to
steer clear of those areas prone to fires, and, more important,
stick with holdings were confident can weather the increasingly
frequent and unpredictable flare ups.
Last year, we devoted much of our letter to a discussion of
our significant concerns surrounding debt more specifically,
sovereign debt in the developed world and the potential
unintended consequences of unprecedented easy-money
policies. Unfortunately, we think if anything this past year
only took us deeper into the debt hole, and we remain of the
opinion that free-money periods like this inevitably lead to
market distortions and seldom end well. To these lingering
concerns we add a difficult question: wheres the growth? The
global recovery continues to underwhelm, and with China
slowing to what we consider a more sustainable level of growth,
its hard to identify a logical candidate to pick up the slack.
Weve already seen how the slowdown in China has sunk local
economies around the world, particularly those like Brazils that
are dependent on the export of natural resources. Now, what
we need to see is a sufficiently strong domestic consumption
story, so that the many over-leveraged sovereigns can export
their way to better health. Clearly, the best case would be if
that consumption story emerged out of China itself, and we
think the Chinese government recognises this. We, however,
are not so sure China doesnt have a debt problem of its own,
which could prove a major impediment to the credit expansion
needed to fuel consumer demand.
Of course, none of the above, no matter how concerning to

us, proved any match for resilient global markets. Equities
continued their march higher, with the MSCI World Index
climbing approximately 30% during the 12-month period.
Being long-term optimists, we would like to think that the
ever-prescient markets are simply signalling better days ahead,
but we also cant get past our worry that stock prices are
being buoyed, at least to some degree, by the unprecedented
liquidity sloshing around the globe. So is the rally sustainable?
Were not convinced that it is, meaning we will continue to
tread cautiously.
In a very good 12-month period for the markets, the global real
estate sector failed to keep pace, with its paltry 2.35% return
nowhere near the nearly 30% gain posted by the broader market
(MSCI World Index). While we usually struggle to pinpoint
the reasons for the divergence in performance, we feel like it
was actually very easy this year. It all harks back to a single
word uttered in early spring who knew a word as seemingly
benign as taper could wreak such havoc? Weve talked at
length in past letters about the relationship between interest
rates and real estate values, and the accepted belief that they
always vary inversely. We have also repeatedly emphasised that
this is an overly simplistic and sometimes erroneous view of
the relationship. But in this day and age of algorithmic/highfrequency trading and hair-trigger hedge fund managers none
of that seems to matter. As far as the market was concerned,
taper equalled higher rates, meaning lower real estate values and
property stocks sold off. After outperforming the broader market
through March, the sector plummeted in April on taper talk and
the resulting spike in rates, and then spent the rest of the period
trying to regain its footing.
From a geographic perspective, Japan (+32.8%) was easily the
top relative contributor of the major markets. We suspect that
this had everything to do with the introduction of Abenomics,
an economic approach predicated on massive monetary easing
with the goal of achieving a 2% inflation target. The U.K. also
posted solid gains for the year, as improving fundamentals and
the safe-haven status of the greater London market continued
to lure investors. Not surprisingly, emerging markets fared
poorly when rates spiked and worries about further upward
moves took over; Mexico, India, Turkey and Brazil were
particularly weak.
Even though the sector lagged the broader market, we are
encouraged that it finished in the black despite the challenging
interest rate backdrop. Generally speaking, we would chalk
this up to the ongoing quest for yield, clearly improving
underlying operating trends, limited new supply in most
markets, strengthened balance sheets and the appeal of hard
assets in uncertain times. On this last point, we would like to
further elaborate on what we consider a very important trend
that continues to gain momentum: foreign capital purchasing
real estate assets in strategic gateway cities. While we have often
discussed the merits of commercial real estate as a tool for wealth
preservation, and opined on the scarcity value attributable to

A-quality assets in high-barrier-to-entry markets, it has been a
long time since weve seen those convictions acted upon to such
a large scale. Behind this surge in activity are Chinese investors
and companies who appear content to park their savings outside
of the mainland, even if its in very fully priced properties with
muted growth prospects. Because rule of law, liquidity and
transparency appear to be the most sought after attributes, its
gateway cities in developed markets like the U.S., U.K. and
Australia that stand out as the biggest beneficiaries. Chinese
investments in overseas real estate through the first three
quarters of 2013 alone have already far exceeded the total for all
of 2012, and there have been some very splashy investments of
late, including the purchase of a minority interest in New Yorks
iconic General Motors building. We dont see this trend abating
any time soon; in fact, we expect the increasing competition for,
and aggressive pricing of, gateway city assets to lead investors
out the risk spectrum to opportunities in secondary and tertiary
markets, further limiting any upward momentum in cap rates
and putting a floor under real estate prices.
We were encouraged to see the Fund finish well ahead of its
benchmark this year, and to see stock picking account for all
of the relative outperformance. Stock selection was especially
strong in the U.S., Mexico and UK.
Our geographic allocation and cash position detracted from
our performance versus the benchmark. In terms of geographic
allocation, our biggest mistakes were being overweight Brazil
and Mexico and underweight Japan. Looking at the index, the
base returns for its Brazilian and Japanese holdings were -36.7%
and +32.8%, respectively. Obviously, this massive divergence
in performance can prove very damaging if youre caught off
sides, which clearly we were. Even though this positioning
was driven by our bottom-up research, in hindsight we would
have been much better off had we made a top-down call
predicated on properly anticipating the euphoria that would
greet Abenomics and the negative impact on Brazil from the
slowdown in China.
The Funds average cash position during the period of
approximately 6.2% proved to be a slight drag on performance.
This relatively high average cash balance was the result of a
combination of factors, including sizeable inflows, a conservative
and judicious approach to putting cash to work, and harvesting
gains in order to stay disciplined in our adherence to price
targets and valuation.
On a positive note, our research led us to some out-ofindex investments that generated outsized gains. Weve long
emphasised that our special situations bucket is a key component
of our portfolio construction, as it allows us to capitalise on
our research and the firms wide-ranging knowledge of multiple
sectors to generate real estate ideas/opportunities that might
be overlooked by much of the market. During the 12-month
period, seven of the Funds top ten contributors came from
47
Fund Overviews
our special situations bucket. These holdings ranged from real
estate brokers and lenders to homebuilders and hotel owners.
We believe all seven are very much in the real estate business,
and their positioning in the portfolio was predicated on the
attractiveness of their valuations and risk/reward profiles relative
to opportunities in the index.
There is no doubt that the real estate sector has benefited
handsomely from a protracted period of low interest rates and
loose monetary policies. As a capital-intensive business, real
estate relies on leverage, and historically low borrowing costs
do wonders for property-level operating incomes. Low rates also
help drive cap rate compression, creating a sort of perfect storm
for rising property values. And it doesnt hurt to be an incomeproducing asset class in a world awash in liquidity, much of
which is desperately seeking yield.
Fast forward to today, and its clear that the real estate sector,
at least in the public markets, has been moved to the penalty
box due to the first, faint signals that the era of free money
may be nearing an end. Mind you, weve only seen a modest
pullback in quantitative easing so far, the yield on the 10-year
Treasury remains around 3% as we write, and nobody is
talking about raising rates. As one Fed spokesman put it,
they may be easing off the gas pedal, but theyre certainly
not hitting the brakes.
So, has listed real estate been overly penalised? Perhaps, if one
looks at where pricing is in the private markets, but, in general,
we dont think so; in fact, we had been worried that in certain
markets prices had moved too far too fast. For us, the last several
quarters have served as the pause that refreshes, and we like
the opportunities were finding now. As always, opportunities
vary by geography, and the markets currently looking the most
interesting to us include the U.S., Latin America and Southeast
Asia. On the other end of the spectrum, Japan still looks very
pricey (of course, with Prime Minister Shinzo Abe doing his best
to make Ben Bernanke look like a miser, nobody seems to want
to step out of the way). Our base case as we charge into 2014 is
for more volatility, but we do expect the sector to perform more
in line with the broader markets, and, as always, we will do our
best to stay ahead of both.
Thank you for your investment in the Janus Global Real Estate
Fund.

Gibson Smith and Darrell Watters, portfolio managers
For the 12 months ended 31 December 2013, Janus Flexible
Income Funds I$inc Shares outperformed its benchmark, the
Barclays U.S. Aggregate Bond Index, for the year ended December
31, 2013, returning (0.26)% versus (2.02)% for the Index.
Credit spreads tightened in 2013, supported by global central
banks continued accommodative monetary policy, signs of
48
global economic improvement and progress on resolving fiscal

issues in the U.S., Europe and Japan. Longer-term Treasury
rates rose as improving U.S. economic data encouraged
speculation that the Federal Reserve (Fed) would begin to
taper its quantitative-easing (QE) program; in December, the
Fed confirmed that it would do so beginning in January 2014.
Nevertheless, the central bank reiterated its commitment
to keeping short-term interest rates low and continuing
accommodative monetary policy until the economy was on
stronger footing, which lent confidence to risk-asset markets,
including corporate credit.
We believe that a bottom-up, fundamentally driven investment
process focusing on credit-oriented investments can generate
risk-adjusted outperformance over time. In line with that
philosophy, security selection and our overweight to corporate
credit drove Fund outperformance compared with the
benchmark, the Barclays U.S. Aggregate Bond Index, in 2013.
From an industry sector standpoint, top credit contributors
included wirelines, banking and independent energy names.
Sector detractors were led by consumer services, property and
casualty insurers, and restaurants.
Individual credit contributors were led by telecommunications
company Verizon. We invested in Verizons record-breaking
$49 billion corporate bond issuance in September. It debuted to
robust demand, and credit spreads continued to tighten through
the end of the year.
Oil and gas producer Chesapeake Energy also contributed. The
company faced headwinds during the year, leading to the retirement
of former CEO Aubrey McClendon in April 2013. However, we
believe the new management team will rein in spending, sell
noncore assets and strengthen Chesapeakes balance sheet.
Financial services company CIT Group also contributed. We
added to our position in CIT Group amid weakness over the
summer, during a broad market sell-off that enhanced valuations,
in our opinion. This is a liquid name that bounced back strongly
later in the year.
Individual credit detractors were led by ADT Corp. The
home security monitoring company underperformed after its
management team abruptly chose to give up ADTs investmentgrade ratings by pursuing a policy of returning cash to shareholders
in the form of debt-funded dividends, which took balance sheet
leverage higher. We sold the credit during the period.
Brinker International, which owns the Chilis Grill & Bar
and Maggianos Little Italy restaurant chains, also detracted.
Industry trends were challenging for casual-dining restaurants
in the latter half of 2013, as consumers seemed to be buying
big-ticket items, such as cars or appliances, instead of dining
out. However, we like the companys strong free cash flow and
conservative balance sheet, and believe dining trends will pick
up as the economy improves.
Citigroup, a diversified financial services holding company, also

detracted on a relative basis. We held shorter-duration securities
that benefited comparatively less from the credits performance
over the period. We also were underweight to Citigroup for
much of the year, favouring credit in other financial services
companies (such as Bank of America) that we believed offered
comparatively more room for spread tightening.
Meanwhile, security selection in mortgage-backed securities
(MBS) was beneficial, particularly our preference for
prepayment-resistant, higher-coupon MBS. We have sought
to avoid the lower-coupon MBS that the Fed has been buying,
which provided some buffer against the volatility surrounding
Fed tapering during 2013. The Funds underweight to MBS
also contributed to positive relative performance versus the
benchmark. Given the markets relatively rich valuations, we
have been gradually reducing our MBS exposure as we wait to
see how rapidly the Fed continues to taper QE and how the
market deals with rising rates and regulatory uncertainty.
While the Funds Treasury yield curve positioning detracted
on a relative basis, this was countered by our underweight to
Treasurys, making our Treasury holdings a net contributor to
positive performance.
Contributors
telecommunications company that provides wireline voice
and data services, wireless services and Internet services.
While Verizon recently increased leverage to acquire Verizon
Wireless, the companys management team has strongly
expressed its commitment to deleveraging and regaining
single-A investment-grade ratings.
Chesapeake Energy: Chesapeake Energy Corp. produces oil
and natural gas. In our view, Chesapeake has valuable assets
that should allow it to benefit from the shale gas/oil revolution
in the United States. We believe that the companys new
management team will usher in more-disciplined spending,
divestment of noncore assets and better capital allocation,
ultimately reducing debt and improving Chesapeakes balance
sheet.
lending, advisory and commercial-banking services to smalland middle-market businesses. CITs management team has
Detractors
services, spun off from Tyco International in 2012. We have
flow. However, ADT surprised fixed income markets during
the period by raising its leverage target, primarily to support
Brinker: Brinker owns the Chilis Grill & Bar and Maggianos
Little Italy restaurant chains. We view Brinker as a solid free-cashflow generating business with a very conservative balance sheet.
Citigroup: Citigroup is a diversified financial services holding
company. It has been proactive in selling non-core businesses,
focusing on long-term debt reduction and growing its loan
book in international markets, all of which are supportive of
potentially higher levels of profitability and liquidity.
We believe a key theme for 2014 is caution, as fixed income
markets will transition to a more normalised interest rate
environment and adjust for new policy. We believe growth in
developed markets is likely to accelerate in 2014, as the global
economy enters a new stage of increased capital expenditure
and hiring.
The Fed has announced it will taper quantitative easing by
$10 billion per month beginning in January, and we believe there
will be additional tapering as 2014 progresses. The greatest focus
for fixed-income investors in the coming year will be interest
rates and the shape of the yield curve. Market consensus is that
longer-term interest rates will move higher, and we share that
view. However, we believe the Fed will keep short-term interest
rates anchored throughout 2014. This means the yield curve, or
the difference between 2-year and 30-year Treasury yields, likely
will continue to steepen.
Of course, there is always the risk that this expectation, being
the current market consensus, is wrong; our fixed income team
is closely monitoring the economy and the markets in case
the situation changes. We will keep an especially close eye
on inflation. We are seeing significant deflationary pressures
in the global economy and are monitoring inflation inputs
energy prices, commodity prices, and wage growth and
employment very carefully in view of the consensus that
rates will move higher.
As we enter the late stages of the credit cycle, with credit
spreads over Treasury yields exceedingly tight, security
selection remains important. As the economy improves,
corporate management teams should be in a good position to
take on more risk. They have significantly deleveraged their
balance sheets and capital structures over the last four years
and put themselves in a much better position to take advantage
of an improving economy.
49
Fund Overviews
However, we already are beginning to see the re-emergence of
shareholder-friendly activity, such as stock buybacks, increased
dividends, mergers and acquisitions. These actions tend to be
bad for bondholders. As much as we expect credit security
selection to drive performance over the coming year, knowing
which securities not to own may be just as important. While
keeping a close eye on the interest rate cycle, we will be focused
on companies that are transforming and improving their
balance sheets.
Individual credit contributors were led by Bank of Ireland. The

bank raised equity during the period to repay the governments
preference shares, another step toward fully paying off the
bailout it received after the banking crash.
Financial services company Morgan Stanley was another top
contributor. We recently added some securities farther down in
the capital structure, including preferred stock and subordinated
debt, which performed well during the period as investor risk
appetite improved.
Thank you for your investment in the Janus Flexible Income Fund.

Gibson Smith, Darrell Watters and Christopher Diaz,
portfolio managers
For the 12 months to 31 December 2012 Janus Global Flexible
Income Funds I$inc Shares outperformed its benchmark, the
Barclays Global Aggregate Bond Index, returning (2.23)% versus
(2.60)% for the Index.
Global economic growth showed continued stabilization, if
not improvement, in the U.S., Japan and Europe during the
fourth quarter. The Federal Reserve (Fed) announced that it
would begin to taper its quantitative-easing (QE) program in
January, reducing its monthly purchases of Treasury bonds
and MBS to $75 billion per month from a previous $85 billion.
In general, investment-grade and high-yield corporate credit
spreads narrowed as investors continued to seek higher-yielding
securities amid a gradually improving global economy.
The Fund outperformed both its primary benchmark, the Barclays
Global Aggregate Bond Index, and its secondary benchmark, the
Barclays Global Aggregate Corporate Bond Index.
Compared with its primary benchmark, the Fund remained
significantly underweight to yen-denominated securities
during the period as we waited for the stimulus-driven
volatility in Japanese markets to subside, while holding an
overweight to the U.S. dollar. Both positions contributed to
relative performance. Consistent with our emphasis on riskadjusted returns and capital preservation, we view currency
as a risk to be managed, not a potential source of additional
return. We have increased our weighting to the U.S. dollar over
the past year because we believe economic and monetary policy
factors will support the U.S. dollar over the near term, and the
dollar has tended to experience less volatility historically than
some other currencies.
Security selection and an overweight to corporate credit
drove Fund outperformance compared with its primary
benchmark. From an industry sector standpoint, top credit
contributors included banking, wireline communications and
non-captive diversified financial companies. Sector detractors
were led by food and beverage companies, consumer services
and life insurers.
50
Telecommunications company Verizon also contributed. We

invested in Verizons record-breaking $49 billion corporate bond
issuance in September. It debuted to robust demand, and credit
spreads continued to tighten through the end of the year.
Individual credit detractors were led by Brazilian food
processing company BRF-Brasil Foods. The company was
pressured during 2013 by economic weakness in Brazil and
weaker export sales, among other factors. We sold the credit
during the period.
ADT Corp. also detracted. The home security monitoring
company underperformed after its management team abruptly
chose to give up ADTs investment-grade ratings by pursuing
a policy of returning cash to shareholders in the form of debtfunded dividends, which took balance sheet leverage higher. We
sold the credit during the period.
Brinker International, which owns the Chilis Grill & Bar and
Maggianos Little Italy restaurant chains, also detracted. Industry
trends were challenging for casual-dining restaurants in the
latter half of 2013, as consumers seemed to be buying big-ticket
items, such as cars or appliances, instead of dining out. However,
we like the companys strong free cash flow and conservative
balance sheet, and believe dining trends will pick up as the
economy improves.
Meanwhile, security selection in MBS was beneficial, particularly
our preference for prepayment-resistant, higher-coupon MBS.
We have sought to avoid the lower-coupon MBS that the Fed
has been buying, which has provided some buffer against
the volatility surrounding Fed tapering. Given the markets
relatively rich valuations, we have been gradually reducing our
MBS exposure as we wait to see how rapidly the Fed continues
to taper QE and how the market deals with rising rates and
regulatory uncertainty.
Security selection in commercial mortgage-backed securities
(CMBS) and asset-backed securities (ABS) also contributed to
relative performance, as did small, out-of-index allocations to
preferred stock and bank loans.
Detractors included government sovereign debt, in particular
our lack of exposure to Japanese government bonds and
our underweight to Italian government bonds. Overweight
allocations to Italian, New Zealand and Chilean government

bonds detracted, as well.
solid free-cash-flow generating business with a very conservative

balance sheet.
Contributors
We believe a key theme for 2014 is caution, as global fixed

income markets will transition to a more normalised interest rate
environment and adjust for new policy. We believe growth in
developed markets is likely to accelerate, as the global economy
enters a new stage of increased capital expenditure and hiring.
Bank of Ireland: Bank of Ireland provides a range of banking,

life insurance and other financial services to customers in
Ireland and United Kingdom. The bank has made improvements
in profitability, asset quality, funding and capital, helped by a
recovering economy in both Ireland and the UK. Bank of Ireland
has continued to move closer to fully repaying the government
for its bailout during the 2008-2013 Irish banking crisis.
Morgan Stanley: Morgan Stanley is a financial services
company. Morgan Stanley has made great strides in improving
its balance sheet with capital and liquidity levels at record
highs. We have a positive view of its efforts to expand its wealth
management business, which we believe will require less capital
and potentially produce lower earnings volatility.
Detractors
Brasil Foods: BRF-Brasil Foods is the largest food company
in Brazil and among the largest in the world. We sold the
credit during the period, mindful of potentially weak domestic
consumption, an oversupply of chicken in export markets
and the possibility that the company will engage in mergerand-acquisition activity now that its leverage targets have
been reached. However, we still favour many elements of the
companys long-term story, including its expanding domestic
margins and diversification into processed/packaged foods
and other export markets, and will watch for opportunities to
re-invest in Brasil credit at attractive valuations.

will be additional QE tapering as 2014 progresses. However, we
do not expect the Fed, nor any other major global central bank,
to raise short-term rates in 2014. This should keep yield curves
steep. However, we expect changes to unconventional monetary
policies to highlight differences between various countries.
With the exception of Japan, where Prime Minister Shinzo Abes
unconventional fiscal and monetary policies will continue to
play out, most of the developed world should benefit from the
fading effects of fiscal drag. Inflation risk likely will remain low.
Stronger growth in the U.S. and UK, coupled with differentiated
monetary policy, may push inflation rates higher in those
countries than in Europe and Japan, as well as being supportive
of the U.S. dollar and British pound sterling.
Emerging market performance likely will be mixed and volatile
and therefore those markets warrant a high degree of caution.
We will focus on seeking out improving fundamental stories,
while remaining nimble for tactical opportunities.
In general, stronger growth with low inflation and still
accommodative monetary policy should bode well for risk assets.
However, with the significant tightening of credit spreads,
security selection is imperative. While keeping a close eye on
the interest rate cycle, we will be focused on companies that are
transforming and improving their balance sheets.
Thank you for your investment in the Janus Global Flexible
Income Fund.

services, spun off from Tyco International in 2012. We had
flow. However, ADT surprised fixed income markets in 3Q13
by raising its leverage target, primarily to support potential
acquisition opportunities. We were surprised, as we had met
with the management team numerous times over the previous
18 months and they had expressed commitment to investmentgrade ratings and financial policies. We sold the credit during
the period.
Brinker International: Brinker owns the Chilis Grill & Bar and
Maggianos Little Italy restaurant chains. We view Brinker as a
Gibson Smith, Darrell Watters, Christopher Diaz and

Ryan Myerberg, portfolio managers
For the 12 month period ended 31 December 2013, Janus Global
High Yield Fund returned 8.75% for its Class I$acc Shares. This
compares to a return of 7.33% for the Funds benchmark, the
Barclays Capital Global High Yield Bond Index.
Global high-yield corporate credit spreads narrowed during
2013, as investors sought higher-yielding securities amid a
stabilizing, and in many regions improving, global economy.
While emerging markets were hit by fears of reduced global
monetary policy accommodation, growth accelerated in the
United States and Japan, while China and Europe showed signs
51
Fund Overviews
of stabilization, if not improvement. In December, the Federal
Reserve (Fed) announced it would begin to taper its quantitativeeasing (QE) program in January 2014.
Our corporate credit security selection contributed to
outperformance, consistent with our philosophy of seeking to
identify high-yield corporate bonds from companies that are
committed to improving their capital structure. Selection in
U.S. dollar -denominated securities was particularly beneficial.
From a credit industry sector standpoint, contributors included
independent energy, gaming and food and beverage companies.
Sector detractors were led by technology, life insurers and
supermarkets.
Our underweight to government-related debt also was beneficial,
as was a small allocation to convertible debt. A small cash
allocation detracted from relative performance; it is worth nothing
that we do not use cash as an active strategy, but small levels of
cash are a necessary part of the day-to-day investment process.
Credit contributors were led by branded clothing maker
Quiksilver, after the company reported higher-than-expected
proceeds from the sale of its Mervin Manufacturing subsidiary
to Extreme Holdings. The cash was used to repay debt.
MGM Resorts also contributed. The company reported strong
earnings and a solid outlook for convention bookings heading
into 2014.
French cable operator Numericable was another top contributor.
The companys credit spreads tightened considerably in the
run-up to its IPO in November 2013, and we exited the position.
Individual credit detractors were led by United Test and Assembly
(UTAC), a semiconductor testing company. UTAC recently
refinanced its second-lien debt by moving it into a first-lien position,
significantly impairing the value of our first-lien position. This was
unexpected and there is a pending lawsuit (we are not involved)
against the company to enforce bondholder rights per the covenants
and bond indenture. We sold the credit during the period.
Insurer AIG was the second-biggest detractor, largely because we
held longer-duration securities that were negatively affected by
the rising-rate environment that characterised much of the year.
Chemical company Ashland also detracted. After performing
well in the first half of the year, this potential crossover story
weakened given the longer-duration nature of the securities in a
rising-rate environment.
income markets will transition to a more normalised interest
rate environment and adjust for new policy. We believe growth
in developed markets is likely to accelerate, as the global
and hiring.
52

unconventional fiscal and monetary policies will continue to play
out, most of the developed world should benefit from the fading
effects of fiscal drag. Inflation risk likely will remain low. Stronger
growth in the U.S. and UK, coupled with differentiated monetary
policy, may push inflation rates higher in those countries than in
Europe and Japan, as well as being supportive of the U.S. dollar and
British pound sterling. Emerging market performance likely will be
mixed and volatile and therefore those markets warrant a high degree
of caution. We will focus on seeking out improving fundamental
stories, while remaining nimble for tactical opportunities.
In general, we have been focused on keeping higher-quality,
lower-yielding credit toward the shorter end of the yield curve,
with lower-quality, higher-yielding credit farther out the curve,
where its additional spread may help to cushion the effect of
rising longer-term Treasury rates.
We believe that high-yield corporate credit generally will
remain attractive. As the economy improves, corporate
management teams should be in a good position to take on
more risk. They have significantly deleveraged their balance
sheets and capital structures over the last four years and put
themselves in a much better position to take advantage of
an improving economy. However, security selection is very
important. It is not clear that high-yield spreads are generically
rich or cheap in a particular geography, so finding the best
credit is what matters. Strong euro high-yield issuance also
should provide opportunity for differentiated credit work and
new issuers. A continued focus on the loan market should
also be an important lever for outperformance. In general,
we believe our close attention to company fundamentals and
moderate-beta approach can help uncover good risk-adjusted
opportunities in this type of market.
Contributors
Quiksilver: Quiksilver, Inc. designs and sells branded outdoor
lifestyle apparel, footwear, accessories, snowboards and related
products. We believe the companys margin improvement plan
is on track and will begin to yield significant benefits to the
business beginning in late 2014.
MGM: MGM Resorts International operates gaming, hospitality
and entertainment resorts. As the largest operator in Las Vegas,
MGM should continue to benefit from the gaming sector recovery
and its business likely will experience additional growth in
free cash flow, in our opinion. Equally important, management
continues to focus on using that free cash flow to reduce the

leverage on MGMs balance sheet.
Numericable: Numericable is a leading cable operator in France and
provider of TV, broadband and Internet. The companys management
team had been refinancing Numericables cap structure to extend
the maturity profile, with a focus on deleveraging, which enhanced
its credit profile throughout the year. It raised about $875 million in
an IPO in November. We exited our investment during the period.
of stabilization, if not improvement. In December, the Federal

Reserve (Fed) announced it would begin to taper its quantitativeeasing (QE) program in January 2014.
Security selection and an overweight to corporate credit drove
Fund outperformance compared with its primary benchmark.
From an industry sector standpoint, top credit contributors
included banking, wireline communications and automotive
names. Sector detractors were led by life insurers, consumer
services and property and casualty insurers.
Detractors
United Test and Assembly: United Test and Assembly (UTAC)
is a Singapore-based provider of semiconductor assembly and
testing services. We had invested in the companys credit on
the idea that UTAC likely would benefit from accelerating
growth in the semiconductor and assembly business and that
its fundamentals would improve. However, the companys
unexpected debt refinancing changed our view of the risk in
holding this credit, and we sold it during the period.
AIG: AIG is an international insurer that offers propertycasualty insurance, life insurance and retirement services. Over
the past few years, AIG has simplified itself and transformed
its balance sheet by selling noncore assets and deleveraging its
capital structure. AIG has now repaid all of the $182 billion
owed to the U.S. government, and we believe its core business
units are on a strong footing. AIG remains focused on reducing
high-cost debt and improving its ratings.
Ashland: Ashland is a diversified chemical company that
recently made a debt-financed acquisition of a specialty chemical
company. This has provided Ashland with a more stable, highermargin business that should improve its credit profile, in our
opinion. Following this transaction, Ashlands management
team has been focused on deleveraging and debt paydown,
which we believe will result in investment grade ratings.
Thank you for your investment in the Janus Global High Yield
Fund.

Gibson Smith, Darrell Watters, Christopher Diaz and
Ryan Myerberg, portfolio managers
Janus Global Investment Grade Bond Funds Class I$inc
outperformed its benchmark, the Barclays Global Aggregate
Corporate Bond Index, for the year ended 31 December 2013
returning 1.99% versus 0.35% for the Index.
Global investment-grade corporate credit spreads narrowed
during 2013, as investors sought higher-yielding securities amid
a stabilizing, and in many regions improving, global economy.
While emerging markets were hit by fears of reduced global
monetary policy accommodation, growth accelerated in the
United States and Japan, while China and Europe showed signs
Individual credit contributors were led by Bank of Ireland. The

bank raised equity during the period to repay the governments
preference shares, another step toward fully paying off the
bailout it received after the banking crash.
Telecommunications company Verizon also contributed. We
invested in Verizons record-breaking $49 billion corporate bond
issuance in September. It debuted to robust demand, and credit
spreads continued to tighten through the end of the year.
Banco Bilbao Vizcaya Argentaria (BBVA) was the third-largest
contributor. BBVA reported in-line earnings during the period.
Although its Spanish market (nearly 30% of revenue) continued
to show weakness, there have been signs that Spain is stabilizing.
BBVA may reach a turning point by the end of 2013 if that
stabilization continues. Meanwhile, the banks balance sheet has
benefited from efforts to improve asset quality and boost reserves.
Individual detractors were led by ADT Corp. The home security
monitoring company underperformed after its management team
abruptly chose to give up ADTs investment-grade ratings by
pursuing a policy of returning cash to shareholders in the form
of debt-funded dividends, which took balance sheet leverage
higher. We sold the credit during the period.
Energy infrastructure company Williams also detracted during
the period, partly due to its exposure to natural gas liquids prices.
Cable company Comcast detracted, as well. We continue to
view Comcast as a solid, stable company that is benefiting
from increased penetration of the broadband market and
managements conservative financial policies.
income markets will transition to a more normalised interest
rate environment and adjust for new policy. We believe growth
in developed markets is likely to accelerate, as the global
and hiring.
53
Fund Overviews
unconventional fiscal and monetary policies will continue to
play out, most of the developed world should benefit from the
fading effects of fiscal drag. Inflation risk likely will remain low.
Stronger growth in the U.S. and UK, coupled with differentiated
monetary policy, may push inflation rates higher in those
countries than in Europe and Japan, as well as being supportive
of the U.S. dollar and British pound sterling.
Emerging market performance likely will be mixed and volatile
and therefore those markets warrant a high degree of caution.
We will focus on seeking out improving fundamental stories,
while remaining nimble for tactical opportunities.
In general, stronger growth with low inflation and stillaccommodative monetary policy should bode well for risk assets.
However, with the significant tightening of credit spreads,
security selection is imperative. While keeping a close eye on
the interest rate cycle, we will be focused on companies that are
transforming and improving their balance sheets.
Contributors
long-term contracts that provide stability of earnings and

free cash flow. However, ADT surprised fixed income markets
in 3Q13 by raising its leverage target, primarily to support
Williams Cos.: The Williams Companies, Inc. is an energy
infrastructure company focused on connecting North Americas
hydrocarbon resource plays to growing markets for natural gas,
natural gas liquids (NGLs) and olefins. Among the factors we
have liked about the company is the support it gets from its
parent.
Comcast: Comcast Corp. provides cable television, video, highspeed Internet and phone services. We view Comcast as a cable
bellwether that has been growing in relatively high-margin
businesses, while ceding share in lower-margin businesses to
domestic telecom companies. It has a strong balance sheet with
a growing free-cash-flow profile, in our opinion.
Thank you for your investment in the Janus Global Investment
Grade Bond Fund.
Bank of Ireland: Bank of Ireland provides a range of banking,

life insurance and other financial services to customers in
Ireland and United Kingdom. The bank has made improvements
in profitability, asset quality, funding and capital, helped by a
recovering economy in both Ireland and the UK. Bank of Ireland
has continued to move closer to fully repaying the government
for its bailout during the 2008-2013 Irish banking crisis.

High-yield corporate credit spreads narrowed during the

quarter, as investors sought higher-yielding securities amid
a gradually improving economy. Strong U.S. economic data
fuelled continued speculation about when the Federal Reserve
(Fed) would begin to taper its quantitative-easing (QE)
program. The question was answered in mid-December, when
the Fed announced that tapering would begin in January, with
the central bank reducing its monthly purchases of Treasury
bonds and MBS to $75 billion per month from a previous
$85 billion.
BBVA: Banco Bilbao Vizcaya Argentaria (BBVA) attracts deposits

and offers retail, wholesale and investment banking services.
BBVA is reducing noncore assets, organically growing capital
and adding to its loss reserve (as directed by regulators). Given
questions around deteriorating commercial lending in Spain,
its possible that additional reserves will be built, which should
mean that capital would be retained as opposed to deployed to
shareholders.

For the 12 months ended 31 December 2013, Janus High Yield
Funds I$inc Shares, underperformed its benchmark, the Barclays
U.S. Corporate High Yield Index, returning 7.38% versus 7.44%
for the Index.
Detractors
Security selection in corporate credit was the top contributor

to outperformance, consistent with our philosophy of seeking
to identify high-yield corporate bonds from companies that
are committed to improving their capital structure. Credit
sector contributors included gaming, textile and independent
energy companies. Sector detractors were led by life insurers,
supermarkets and aerospace/defence companies.

services, spun off from Tyco International in 2012. We had
found the business model attractive, as the company has
Individual credit contributors were led by MGM Resorts, which

reported strong earnings and a solid outlook for convention
bookings heading into 2014.
54
Branded clothing maker Quiksilver also contributed. The

company recently reported higher-than-expected proceeds from
the sale of its Mervin Manufacturing subsidiary to Extreme
Holdings. The cash was used to repay debt.
Restaurant owner Landrys contributed, as well. The company
continued to deliver solid results during the year despite difficult
consumer spending trends. We continue to like the companys
solid free cash flow and conservative financial policies.
However, caution is warranted, as shareholder-friendly corporate

activity has begun to increase and longer-term U.S. Treasury
rates are likely to move higher. We believe that careful credit
selection also can help mitigate credit risk in this environment.
In addition, we have been focused on keeping higher-quality,
lower-yielding credit toward the shorter end of the yield curve,
with lower-quality, higher-yielding credit farther out the curve,
where its additional spread may help to cushion the effect of
rising longer-term Treasury rates.
Individual credit detractors were led by United Test and Assembly

(UTAC), a semiconductor testing company. UTAC recently
refinanced its second-lien debt by moving it into a first-lien position,
significantly impairing the value of our first-lien position. This was
unexpected and there is a pending lawsuit (we are not involved)
against the company to enforce bondholder rights per the covenants
and bond indenture. We sold the credit during the period.
As much as we expect credit security selection to drive

performance over the coming year, knowing which securities
not to own may be just as important. While keeping a close eye
on the interest rate cycle, we will be focused on companies that
are transforming and improving their balance sheets.
Insurer AIG was the second-biggest detractor, largely because

we held longer-duration securities that were negatively affected
by the rising-rate environment that characterised much of the
year.
MGM: MGM Resorts International operates gaming, hospitality

and entertainment resorts. As the largest operator in Las Vegas,
MGM should continue to benefit from the gaming sector recovery
and its business likely will experience additional growth in
free cash flow, in our opinion. Equally important, management
continues to focus on using that free cash flow to reduce the
leverage on MGMs balance sheet.
Chemical company Ashland also detracted. After performing

well in the first half of the year, this potential crossover story
weakened given the longer-duration nature of the securities in a
rising-rate environment.
Contributors
Small allocations to CMBS and cash detracted from relative

performance. Its worth noting that cash is not an active strategy
within the Fund, but a frictional component of the day-to-day
investing process.
Landrys: Landrys owns and operates restaurants including

Landrys Seafood House, Chart House, Saltgrass Steak House,
Bubba Gump Shrimp Co., Mortons, Claim Jumper and
McCormick & Schmicks. In our view, Landrys offers solid
operating fundamentals, a strong free cash flow profile and asset
ownership in desirable coastal locations.
We believe economic growth is likely to accelerate in 2014,

as the global economy enters a new stage of increased capital
expenditure and hiring. Stronger global growth, low inflation,
and still-accommodative monetary policy should be supportive
of risk asset performance, including high-yield credit.
Quiksilver: Quiksilver, Inc. designs and sells branded outdoor

lifestyle apparel, footwear, accessories, snowboards and related
products. We believe the companys margin improvement plan
is on track and will begin to yield significant benefits to the
business beginning in late 2014.

will be additional tapering as 2014 progresses. However, we believe
the Fed will keep short-term interest rates anchored throughout
2014. This means the yield curve, or the difference between
2-year and 30-year Treasury yields, likely will continue to
steepen.
Detractors
We believe that high-yield corporate credit generally will remain

attractive. As the economy improves, corporate management
teams should be in a good position to take on more risk. They
have significantly deleveraged their balance sheets and capital
structures over the last four years and put themselves in a much
better position to take advantage of an improving economy.
We believe our close attention to company fundamentals and
moderate-beta approach can help uncover good risk-adjusted
opportunities in this type of market.
United Test and Assembly: United Test and Assembly (UTAC)

is a Singapore-based provider of semiconductor assembly and
testing services. We had invested in the companys credit on
the idea that UTAC likely would benefit from accelerating
growth in the semiconductor and assembly business and that
its fundamentals would improve. However, the companys
unexpected debt refinancing changed our view of the risk in
holding this credit, and we sold it during the period.
AIG: AIG is an international insurer that offers propertycasualty insurance, life insurance and retirement services. Over
the past few years, AIG has simplified itself and transformed
its balance sheet by selling noncore assets and deleveraging its
capital structure. AIG has now repaid all of the $182 billion
owed to the U.S. government, and we believe its core business
55
Fund Overviews
units are on a strong footing. AIG remains focused on reducing
high-cost debt and improving its ratings.
Ashland: Ashland is a diversified chemical company that
recently made a debt-financed acquisition of a specialty chemical
company. This has provided Ashland with a more stable, highermargin business that should improve its credit profile, in our
opinion. Following this transaction, Ashlands management
team has been focused on deleveraging and debt paydown,
which we believe will result in investment grade ratings.
Thank you for your investment in the Janus High Yield Bond
Fund.

For the 12 months ended 31 December 2013, Janus US ShortTerm Bond Funds I$inc Shares, outperformed its benchmark,
the Barclays U.S. Government/Credit 1-3 Year Bond Index,
returning 1.14% versus 0.64% for the index.
Short-term credit spreads tightened in 2013, supported by global
central banks continued accommodative monetary policy, signs
of global economic improvement and progress on resolving fiscal
issues in the U.S., Europe and Japan. While longer-term Treasury
rates rose on news that the Federal Reserve (Fed) would taper
quantitative easing (QE), short-term rates remained anchored by
expectations that the Fed will leave the federal funds rate target
near zero for an extended period. Inflation pressure remained
low, both in the U.S. and abroad, which kept rates contained on
the front end of the yield curve.
Our security selection and overweight to corporate credit were
the top contributors to outperformance, consistent with our
philosophy of seeking the best opportunities across corporate
and government fixed income markets using a bottom-up,
fundamentally driven process. From a credit sector standpoint,
contributors were led by banking, independent energy, and
metals and mining. Technology and railroads detracted.
Individual credit contributors were led by financial services
company CIT Group. This was a solid performer for the fund
all year, as its management team has continued to execute
on goals including improving its cost of funding and gaining
market share.
Telecommunications company Verizon also was among the
top contributors. We invested in Verizons record-breaking
$49 billion corporate bond issuance in September. It debuted
to robust demand, and credit spreads continued to tighten
throughout the fourth quarter.
Steelmaker ArcelorMittal also contributed. Arcelor reported
significantly improved earnings during the period, with the
global growth picture looking brighter as the year progressed.
56
Detractors were led by Taiwan Semiconductor Manufacturing

Corp. While semiconductor sector earnings have been soft and
overall demand lacklustre, the industry just went through an
inventory correction and we believe semiconductor companies
stand to benefit from improving global growth.
Detractors also included Korea National Oil Corp., an oil
company owned by the South Korean government. This is an
issuer that generally got caught in the emerging market selloff during the period, even though South Korea is a solidly
developed nation.
Ingersoll-Rand also detracted, due to the longer duration of the
bonds we held, which made them more sensitive to the rise in
longer-term interest rates.
Our underweight to Treasury securities was also beneficial to
relative performance, as were small allocations to asset-backed
securities (ABS) and bank loans.
There is little doubt now that the U.S. economy is recovering at a
steady pace. While interest rates likely will be pressured higher,
we expect a tug-of-war between rates and pricing of risk assets.
As rates increase, risk asset prices may stall or sell off, in turn
pressuring rates downward.
Meanwhile, deflationary pressures from abroad likely will
keep U.S. inflation expectations low. Uncertainty around the
sustainability of Chinas growth may weigh on risk assets early in
2014, and the U.S. housing industry is strong but price increases
lately have cooled. All of these factors should contain rates on
the front end of the yield curve.
Our goal in this environment is patience, which entails
huddling at the short end of the curve inside of two years
maturity for a big portion of the assets - while waiting for
opportunities. Security selection remains very important,
as we do not expect a general widening in credit spreads.
While the credit cycle is well past its peak, strong earnings
and margin expansion should allow for incremental credit
metric improvement. When credit markets become dislocated
through rising rates or supply issues, we anticipate taking
advantage of the lack of liquidity in the market to scoop up
dislocated bonds.
We believe Europe will remain relatively stable and offer
incremental opportunities for the Fund, on a dollardenominated-bond basis. Weakness in emerging markets and
Asian economies likely will be supportive of U.S. Treasurys on
balance. We envision a difficult market environment for most
asset classes, as most are fully priced, but on a relative basis
we believe the Fund will remain competitive and relatively less
volatile than its peers.
As long as two-year Treasury rates remain exceptionally low,
we expect continued demand for higher yielding short-term
corporate credit. However, as always, we believe that security

selection ultimately will drive outcomes in these markets.
Contributors
lending, advisory and commercial banking services to smalland middle-market businesses. CITs management team has
Verizon Communications: Verizon is an integrated
ArcelorMittal: ArcelorMittal is a steel company. We believe
that Arcelors bonds will perform well over the longer term,
especially as Chinas economy improves. Despite the recent soft
pricing environment, Arcelor has continued to execute on its
cost-reduction program, which should enhance its credit profile
over time.
Detractors
Taiwan Semiconductor: Taiwan Semiconductor Manufacturing
Company Ltd. manufactures and markets integrated circuits.
Despite recent overall sector weakness, Taiwan Semiconductor
has continued to increase its market share. We also like its
conservative financial policies.
Korea National Oil: Korea National Oil Corporation provides
petroleum products. The company, which benefits from the
full backing and support of the South Korean government,
has continued to raise production capacity, partly through its
strategy of international investments.
Ingersoll Rand: Ingersoll Rand is a diversified global industrial
company. In our view, it has a balanced product portfolio and
geographic exposure that offers stability across the economic
cycle. We think the company has improving fundamentals, with
its exposure to growth in both non-residential and residential
construction end markets via its heating, ventilation and air
conditioning (HVAC) business. The management team recently
spun out a noncore business to shareholders, and after that
transaction the company is expected to focus on deleveraging
its balance sheet and improving its credit profile.
Thank you for your investment in the Janus US Short-Term
Bond Fund.
57
Janus Asia Fund

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

Common Stock
82.5%
Agricultural Operations
1,156,000 Golden Agri-Resources, Ltd. . . . . . . . . . . . . . 0.4
Airlines
1,348,800 AirAsia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Apparel Manufacturers
1,370,000 Sitoy Group Holdings, Ltd.. . . . . . . . . . . . . . 0.7
Automotive Cars and Light Trucks
1,240,000 Geely Automobile Holdings, Ltd. . . . . . . . . . 0.5
11,193 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 2.2
698,000 Yulon Motor Co., Ltd.. . . . . . . . . . . . . . . . . . 1.1
3.8
Automotive Truck Parts and Equipment Original
6,864 Hyundai Mobis. . . . . . . . . . . . . . . . . . . . . . . 1.7
Beverages Wine and Spirits
2,410,200 LT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7
Building Products Cement and Aggregate
314,500 Indocement Tunggal Prakarsa Tbk PT . . . . . 0.5
Casino Hotels
364,200 Genting Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Cellular Telecommunications
828,000 China Unicom Hong Kong, Ltd. . . . . . . . . . . 1.1
Circuit Boards
723,950 Zhen Ding Technology Holding, Ltd. . . . . . . 1.5
Coal
480,000 China Shenhua Energy Co., Ltd. . . . . . . . . . 1.3
Commercial Banks Non U.S.
173,400 Bangkok Bank PCL (NVDR) . . . . . . . . . . . . . 0.8
1,567,000 Bank Danamon Indonesia Tbk PT . . . . . . . . 0.4
1,259,000 Bank Mandiri Persero Tbk PT . . . . . . . . . . . . 0.7
3,916,000 China Construction Bank Corp. . . . . . . . . . . 2.5
126,000 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . 1.5
3,692,000 Industrial & Commercial Bank of
China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2.2
302,991 Metropolitan Bank & Trust . . . . . . . . . . . . . . 0.5
33,880 Shinhan Financial Group Co., Ltd. . . . . . . . . 1.3
9.9
Consumer Products Miscellaneous
925,800 Samsonite International S.A.. . . . . . . . . . . . . 2.6
Distribution/Wholesale
376,000 Li and Fung, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.4
Diversified Financial Services
1,897,922 Chinatrust Financial Holding Co., Ltd. . . . . . 1.1
53,990 Hana Financial Group, Inc. . . . . . . . . . . . . . 2.0
3.1
Diversified Minerals
59,465 Iluka Resources, Ltd. . . . . . . . . . . . . . . . . . . 0.4
Diversified Operations
92,000 Hutchison Whampoa, Ltd. . . . . . . . . . . . . . . 1.1
126,000 Keppel Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 1.0
2.1
E-Commerce
530,000 econtext Asia, Ltd. . . . . . . . . . . . . . . . . . . . . 0.4
Electric Generation
490,000 China Resources Power
Holdings Co., Ltd. . . . . . . . . . . . . . . . . . . 1.0
Electric Integrated
25,230 Korea Electric Power Corp. . . . . . . . . . . . . . 0.7
Electrical Companies & Equipment
3,198,000 Shanghai Electric Group Co., Ltd. . . . . . . . . 1.0
Fair
Value
499,382
906,342
788,008
599,692
2,508,672
1,264,830
4,373,194
1,909,201
838,718
517,290
1,141,324
1,238,693
1,744,279
1,513,545
939,568
486,485
812,790
2,954,430
1,707,830
2,494,986
515,917
1,518,696
11,430,702
2,817,762
484,912
1,296,062
2,246,178
3,542,240
458,118
1,250,558
1,117,580
2,368,138
407,378
1,161,494
830,880
1,163,062
The accompanying notes are an integral part of the financial statements.
58
Percentage
of Net
Assets
Electronic Components Miscellaneous

480,700 Hon Hai Precision Industry Co., Ltd. . . . . . . 1.1%
Electronic Components Semiconductors
96,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.3
3,800 Samsung Electronics Co., Ltd. . . . . . . . . . . . 4.2
5.5
Electronic Measuring Instruments
252,000 Chroma ATE, Inc.. . . . . . . . . . . . . . . . . . . . . 0.5
Electronic Parts Distributors
513,779 WT Microelectronics Co., Ltd. . . . . . . . . . . . 0.5
Energy Alternate Sources
3,475,000 China Suntien Green
Energy Corp., Ltd. . . . . . . . . . . . . . . . . . . 1.1
Engineering and Construction
1,219,200 Louis XIII Holdings, Ltd. . . . . . . . . . . . . . . . 1.1
Finance Investment Bankers/Brokers
574,500 CITIC Securities Co., Ltd. Class A . . . . . . . 1.4
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. . . . . . . . . . 1.0
Food Retail
82,000 Beijing Jingkelong Co., Ltd. . . . . . . . . . . . . . .
Internet Content Entertainment
4,572 NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
132,900 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.1
2.0
Investment Companies
2,525,500 Langham Hospitality Investments, Ltd. . . . . . 1.1
Life and Health Insurance
490,600 AIA Group, Ltd. (ADR). . . . . . . . . . . . . . . . . 2.2
Medical Wholesale Drug Distributors
211,200 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 0.5
Metal Copper
50,304,000 CST Mining Group, Ltd.. . . . . . . . . . . . . . . . 0.4
Oil Companies Exploration and Production
660,000 CNOOC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
147,366 Niko Resources, Ltd. . . . . . . . . . . . . . . . . . . 0.3
1.5
Oil Companies Integrated
1,543,000 China Petroleum & Chemical Corp. . . . . . . . 1.1
Petrochemicals
5,218 LG Chem, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.3
Property and Casualty Insurance
4,516 Samsung Fire & Marine Insurance
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Real Estate Management/Services
5,065,600 Siam Future Development PCL . . . . . . . . . . 0.8
Real Estate Operating/Development
2,164,000 Central China Real Estate, Ltd. . . . . . . . . . . . 0.6
18,387,000 Century Properties Group, Inc. . . . . . . . . . . 0.5
36,000 Cheung Kong Holdings, Ltd. . . . . . . . . . . . . 0.5
35,340,000 CSI Properties, Ltd. . . . . . . . . . . . . . . . . . . . 1.2
3,880,000 Evergrande Real Estate Group, Ltd. . . . . . . . 1.3
1,272,000 IJM Land Bhd. . . . . . . . . . . . . . . . . . . . . . . . 0.9
1,191,500 Shun Tak Holdings, Ltd.. . . . . . . . . . . . . . . . 0.6
84,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 0.9
6.5
REIT Diversified
814,597 Religare Health Trust . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
$
1,292,081
1,428,723
4,940,877
6,369,600
528,523
607,741
1,304,136
1,228,008
1,567,024
619,204
557,546
1,072,808
29,928
1,076,710
1,226,886
2,303,596
1,211,618
2,461,231
606,037
434,663
1,227,396
352,424
1,579,820
1,259,635
1,481,041
1,108,460
871,241
667,007
547,016
568,276
1,504,027
1,481,149
990,715
700,703
1,065,440
7,524,333
500,406
Total Return Swaps Outstanding at 31 December 2013
Percentage
of Net
Assets
REIT Warehouse and Industrial

442,800 AIMS AMP Capital Industrial REIT. . . . . . . .
Retail Automobile
1,843,000 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . .
Retail Jewellery
1,103,600 Chow Tai Fook Jewellery Group, Ltd.. . . . . .
Retail Major Department Stores
7,665 Hyundai Department Store Co., Ltd. . . . . . .
524,000 Lifestyle International Holdings, Ltd. . . . . . .
Retail Miscellaneous
610,660 Robinsons Retail Holdings, Inc. . . . . . . . . . .
Semiconductor Components/Integrated Circuits
1,413,000 Taiwan Semiconductor
Manufacturing Co., Ltd. . . . . . . . . . . . . . .
Semiconductors
45,660 SK Hynix, Inc. . . . . . . . . . . . . . . . . . . . . . . .
Steel Producers
6,035 POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Telecommunication Services
2,270,000 China Telecom Corp., Ltd. . . . . . . . . . . . . . .
Transportation Marine
842,000 China Shipping Development
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . .
806,831 First Steamship Co., Ltd. . . . . . . . . . . . . . . .
0.4%
Fair
Value
$
1.6
1.4
1,645,299
1.1
0.8
1.9
1,169,511
970,423
2,139,934
0.7
759,721
4.4
5,002,392
1.6
1,867,355
1.0
1,147,591
0.5
0.5
1.0
653,708
540,143
1,193,851
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82.5
94,293,545
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 90.9
103,909,247
Adjustments from last traded to bid market prices . . . . . . . . (0.2)
(214,552)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90.7
$ 103,694,695
Fully Funded Equity Swaps at 31 December 2013

Return
Received Termination
by the Fund
Date
Fair Value
Goldman
Sachs & Co.
Fully Funded
585,674 Swap
Hindustan Zinc,
Ltd.
15-Sep-14 $
Goldman
Sachs & Co.
Fully Funded
59,097 Swap
Strides Arcolab,
Ltd.
16-Jul-14
344,139
Goldman
Sachs & Co.
Fully Funded
813,100 Swap
Baoshan Iron
and Steel Co.
30-Jul-14
549,329
Goldman
Sachs & Co.
Fully Funded
880,000 Swap
PC Jeweller, Ltd.
6-Jan-15
1,217,104
Goldman
Sachs & Co.
Fully Funded
1,090,500 Swap
Goldman
Sachs & Co.
Fully Funded
990,700 Swap
Goldman
Sachs & Co.
Daqin Railway
Co., Ltd.
1,254,576
14-Mar-14
1,331,174
SAIC Motor
Corp., Ltd.
1-Apr-14
2,313,962
Fully Funded
97,654 Swap
ITC, Ltd.
7-May-14
508,123
Goldman
Sachs & Co.
Fully Funded
60,482 Swap
ICICI Bank, Ltd. 21-May-14
1,074,362
Goldman
Sachs & Co.
Fully Funded
10,538 Swap
Havells India,
Ltd.
Goldman
Sachs & Co.
Fully Funded
329,568 Swap
Total
DLF, Ltd.
Reliant Industries
Ltd.
15-Dec-15 $
Credit Suisse
1-month LIBOR
plus 75 basis
130,698 points
Adani
Enterprises Ltd.
15-Dec-15
UBS Financial
Services, Inc.
1-month USD
LIBOR plus
637,800 50 basis points
China Pacific
Insurance
66,658
9,879
3-Dec-14
50,814
$
127,351
Forward Currency Contracts, Open as at 31 December 2013

1,592,392
Return
Paid
by the Fund
Credit Suisse
Total
1.4
Notional
Counterparty Amount
Return
Received Termination Unrealised
Appreciation
by the Fund
Date
1-month LIBOR
plus 75 basis
77,781 points
501,905
1,789,763
Return
Paid
by the Fund
Notional
Counterparty Amount
30-May-14
134,743
9-Jun-14
888,190
$
Currency
Purchased
Citibank
EUR
EUR
EUR
EUR
EUR
USD
USD
Currency
Sold
14,792
2,430
210
35
12
45
8
USD
USD
USD
USD
USD
EUR
EUR
20,230 $
3,324
287
48
17
33
6
Currency
Market
Value $U.S.
20,346
3,343
289
48
17
45
8
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
116
19
2
Total
137
Total Financial Assets at fair value through profit or loss
$ 103,822,183
Financial Liabilities at fair value through profit or loss

Notional
Counterparty Amount
Return
Paid
by the Fund
Return
(Depreciation)
by the Fund
Date
UBS Financial
Services, Inc.
38,000
1-month USD
LIBOR plus
50 basis points
Daqin Railway
Co., Ltd.
Class A
487,900
1-month USD
LIBOR plus
50 basis points
Daqin Railway
Co., Ltd.
Class A
12-Nov-14
(6,314)
396,100
1-month USD
LIBOR plus
50 basis points
Daqin Railway
Co., Ltd.
Class A
18-Nov-14
(5,126)
108,903
3-month
LIBOR plus
70 basis points
Strides
Arcolab, Ltd.
UBS Financial
Services, Inc.
UBS Financial
Services, Inc.
UBS Financial
Services, Inc.
29-Sep-14
18-Mar-14
(492)
(953,437)
Total
(965,369)
Total Financial Liabilities at fair value through profit or loss
(965,369)
9,615,702
59
Janus Balanced Fund

Percentage
of Net
Assets

Asset-Backed/Commercial Mortgage-Backed Securities
1.2%
149,000 AmeriCredit Automobile Receivables
Trust, 3.3800%, due 9/4/18 . . . . . . . . . . . .
Trust, 2.6800%, due 9/10/18 . . . . . . . . . . 0.1
Trust, 3.3100%, due 8/10/19 . . . . . . . . . . .
539,000 Aventura Mall Trust 2013-AVM,
3.7427%, due 5/12/32 . . . . . . . . . . . . . . . 0.1
126,382 Beacon Container Finance LLC,
3.7200%, due 20/9/27 (144A) . . . . . . . . . .
170,000 Boca Hotel Portfolio Trust, 3.2166%,
due 15/8/26 . . . . . . . . . . . . . . . . . . . . . . . .
228,000 Commercial Mortgage Trust,
3.3674%, due 13/10/28 . . . . . . . . . . . . . . 0.1
5.6500%, due 10/12/49 . . . . . . . . . . . . . . .
5.8670%, due 10/12/49 . . . . . . . . . . . . . . 0.1
79,714 CSX Transportation, Inc., 8.3750%,
due 15/10/14 . . . . . . . . . . . . . . . . . . . . . . .
259,544 FREMF Mortgage Trust, 2.0000%,
due 25/1/20 (144A) . . . . . . . . . . . . . . . . . 0.1
247,000 GS Mortgage Securities Corp II,
3.4350%, due 10/12/27 (144A) . . . . . . . . 0.1
154,000 GS Mortgage Securities Corp II,
2.7679%, due 8/11/29 (144A) . . . . . . . . . .
100,000 GS Mortgage Securities Corp Trust
2013-NYC5, 3.6490%,
due 10/1/30 . . . . . . . . . . . . . . . . . . . . . . . .
101,000 GS Mortgage Securities Corp.
Trust II, 3.5510%,
due 10/4/34 (144A) . . . . . . . . . . . . . . . . . .
373,000 Hilton U.S.A. Trust 2013-HLT,
4.4065%, due 5/11/30 . . . . . . . . . . . . . . . 0.1
230,278 JPMorgan Chase Commercial
Mortgage Securities Corp.,
3.9166%, due 15/8/29 . . . . . . . . . . . . . . . 0.1
Mortgage Securities Trust,
3.1566%, due 15/4/30 (144A) . . . . . . . . . .
208,000 LB-UBS Commercial Mortgage Trust,
5.4930%, due 15/2/40 . . . . . . . . . . . . . . . 0.1
71,000 Santander Drive Auto Receivables
Trust, 2.5200%, due 17/9/18 . . . . . . . . . . .
Trust, 3.3000%, due 17/9/18 . . . . . . . . . . .
488,000 Wachovia Bank Commercial
Mortgage Trust, 5.3830%,
due 15/12/43 . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
Total Asset-Backed/Commercial Mortgage-Backed

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
Common Stock
42.4
Aerospace and Defence
45,833 Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
Agricultural Chemicals
16,054 Syngenta A.G. (ADR) . . . . . . . . . . . . . . . . . . 0.4
Applications Software
17,500 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
78,336 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 0.8
1.2
154,424
224,061
88,302
491,503
126,737
170,493
229,133
51,263
388,797
84,152
222,173
216,546
153,610
98,761
99,663
374,884
232,872
143,583
220,130
71,266
82,422
526,157
172,377
4,623,309
6,255,746
1,283,357
1,335,600
2,932,116
4,267,716
60
Percentage
of Net
Assets
Athletic Footwear
52,051 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . .
41,938 Diageo PLC (ADR) . . . . . . . . . . . . . . . . . . . .
Casino Hotels
49,996 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . .
Chemicals Diversified
88,334 E.I. du Pont de Nemours & Co. . . . . . . . . . .
62,197 LyondellBasell Industries
N.V. Class A . . . . . . . . . . . . . . . . . . . . . .
Commercial Services Finance
18,085 Automatic Data Processing, Inc. . . . . . . . . . .
Computers
10,073 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
8,511 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . .
Cosmetics and Toiletries
42,816 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . .
Diversified Banking Institutions
40,730 JPMorgan Chase & Co.. . . . . . . . . . . . . . . . .
15,473 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,000 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
85,737 General Electric Co. . . . . . . . . . . . . . . . . . . .
1.2%
Fair
Value
$
4,093,290
0.4
1,388,735
1.1
3,943,185
1.6
5,739,060
1.4
3.0
4,993,175
10,732,235
0.4
1,461,449
1.6
5,652,062
0.3
889,059
0.8
2,792,031
0.7
2,381,890
0.6
0.3
0.7
1.6
2,170,088
1,061,940
2,403,208
5,635,236
Electric Distribution
18,685 Ameren Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.2
29,041 Edison International . . . . . . . . . . . . . . . . . . . 0.3
0.5
Electric Transmission
41,326 Brookfield Infrastructure
Partners L.P. . . . . . . . . . . . . . . . . . . . . . . . 0.5
11,723 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
74,958 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 1.1
1.3
52,957 Microchip Technology, Inc.. . . . . . . . . . . . . . 0.6
28,482 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.0
Finance Credit Card
12,092 American Express Co. . . . . . . . . . . . . . . . . . 0.3
8,286 Greenhill & Co., Inc. . . . . . . . . . . . . . . . . . . 0.1
Financial Services
16,413 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4
Food Confectionery
23,743 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Food Miscellaneous/Diversified
35,540 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Food Retail
25,723 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Gas Distribution
11,124 National Grid PLC (ADR) . . . . . . . . . . . . . . . 0.2
Instruments Controls
26,545 Honeywell International, Inc. . . . . . . . . . . . . 0.7
88,644 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 0.6
Medical Drugs
50,663 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 0.5
105,557 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
675,650
1,344,597
2,020,247
1,620,806
541,837
4,130,935
4,672,772
2,369,826
1,307,893
3,677,719
1,097,107
480,091
1,287,764
2,308,532
1,460,498
1,016,830
726,620
2,425,417
1,966,689
1,941,913
5,574,464
Percentage
of Net
Assets
35,898 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 0.5%

30,491 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 0.8
3.4
Medical HMO
60,510 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
25,903 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 0.5
Metal Diversified
10,195 Rio Tinto PLC (ADR) . . . . . . . . . . . . . . . . . . 0.2
Multimedia
24,607 Viacom, Inc. Class B . . . . . . . . . . . . . . . . . 0.6
Oil and Gas Drilling
15,405 Noble Corp. PLC . . . . . . . . . . . . . . . . . . . . . 0.2
17,118 Seadrill, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.4
42,971 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.5
Pipelines
64,790 Enterprise Products Partners L.P. . . . . . . . . . 1.2
Private Equity
180,333 Blackstone Group L.P. . . . . . . . . . . . . . . . . . . 1.5
7,902 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.2
Real Estate
38,790 Annaly Capital Management, Inc. . . . . . . . . . 0.1
REIT Health Care
19,196 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Resorts and Theme Parks
20,352 Six Flags Entertainment Corp. . . . . . . . . . . . 0.2
Retail Building Products
15,846 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4
Retail Restaurants
10,269 McDonalds Corp. . . . . . . . . . . . . . . . . . . . . . 0.3
Super-Regional Banks
110,608 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 1.3
Telephone Integrated
25,808 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . 0.2
28,028 Verizon Communications, Inc. . . . . . . . . . . . 0.4
0.6
Television
111,319 CBS Corp. Class B . . . . . . . . . . . . . . . . . . . 2.0
Tobacco
70,341 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.8
49,820 Philip Morris International, Inc. . . . . . . . . . . 1.2
2.0
Toys
88,258 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
Transportation Railroad
10,390 Canadian Pacific Railway, Ltd.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 0.4
21,576 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 1.1
1.5
Wireless Equipment
21,273 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.4
Corporate Bonds
29.6
990,000 ADS Tactical, Inc., 11.0000%, senior
secured notes, due 1/4/18 . . . . . . . . . . . . . 0.4
Fair
Value
$
1,907,979
2,792,670
12,217,026
4,150,381
1,821,240
575,304
2,149,175
577,225
703,208
1,280,433
5,367,507
4,295,577
5,680,491
715,447
386,736
1,099,547
749,361
1,304,760
996,401
4,468,563
821,985
1,377,296
2,199,281
7,095,473
2,700,391
4,340,817
7,041,208
4,199,315
1,572,215
3,624,768
5,196,983
1,435,928
149,963,220
925,650
Percentage
of Net
Assets
Aerospace and Defence Equipment

254,000 Exelis, Inc., 4.2500%, company
guaranteed notes, due 1/10/16 . . . . . . . . . 0.1%
guaranteed notes, due 1/10/21 . . . . . . . . . .
190,000 TransDigm, Inc., 7.7500%, company
guaranteed notes, due 15/12/18 . . . . . . . . 0.1
0.2
Airlines
218,000 Southwest Airlines Co., 5.1250%,
senior unsecured notes,
due 1/3/17. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
350,000 United Continental Holdings, Inc.,
6.3750%, company guaranteed
notes, due 1/6/18 . . . . . . . . . . . . . . . . . . . 0.1
0.2
1,281,000 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
83,000 Jaguar Land Rover Automotive PLC,
notes, due 1/2/23 . . . . . . . . . . . . . . . . . . . .
1.1
Banks
328,000 Santander UK PLC, 5.0000%,
subordinated notes,
due 7/11/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
45,000 Constellation Brands, Inc., 3.7500%,
company guaranteed notes,
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . .
Brewery
450,000 SABMiller Holdings, Inc.,
7.5000%, senior secured notes,
due 30/11/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
328,000 SABMiller Holdings, Inc., 2.2000%,
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
0.2
Broadcast Services and Programming
600,000 Dish DBS Corp., 6.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Building Residential and Commercial
92,000 D.R. Horton, Inc., 4.7500%,
due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . .
500,000 D.R. Horton, Inc., 3.6250%,
due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
600,000 Lennar Corp., 4.1250%, company
guaranteed notes, due 1/12/18 . . . . . . . . . 0.2
164,000 M.D.C. Holdings, Inc., 5.3750%,
due 15/12/14 . . . . . . . . . . . . . . . . . . . . . . .
605,000 Meritage Homes Corp., 7.0000%,
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
268,417
115,847
204,725
588,989
236,937
366,625
603,562
1,316,228
2,377,897
403,931
83,415
4,181,471
329,856
42,413
510,750
327,840
838,590
639,000
97,750
509,375
606,000
170,302
642,812
61
Janus Balanced Fund

Percentage
of Net
Assets
115,000 Toll Brothers Finance Corp., 4.0000%,

due 31/12/18 . . . . . . . . . . . . . . . . . . . . . . . %
90,000 Toll Brothers Finance Corp.,
notes, due 15/2/22 . . . . . . . . . . . . . . . . . . .
notes, due 15/4/23 . . . . . . . . . . . . . . . . . . .
0.5
294,000 Hanson, Ltd., 6.1250%, company
55,000 Vulcan Materials Co., 7.0000%,
due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . .
0.1
Cable/Satellite Television
96,000 CCO Holdings LLC / CCO Holdings
Capital Corp., 5.2500%, company
450,000 Mediacom LLC / Mediacom Capital
Corp., 7.2500%, senior unsecured
notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.2
0.2
Casino Hotels
224,000 Caesars Entertainment Resort
Properties LLC, 11.0000%,
secured notes, due 1/10/21 . . . . . . . . . . . . 0.1
400,000 Marina District Finance Co., Inc.,
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
95,000 MGM Resorts International, 6.6250%,
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . .
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
158,000 Wynn Las Vegas LLC / Wynn Las
Vegas Capital Corp., 4.2500%,
due 30/5/23 (144A) . . . . . . . . . . . . . . . . . .
0.6
Casino Services
200,000 CCM Merger, Inc., 9.1250%,
due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.1
1,930,000 Sprint Communications, Inc.,
7.0000%, senior unsecured notes,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.7
150,000 Sprint Corp., 7.8750%, company
351,000 Sprint Corp., 7.1250%, company
474,000 Sprint Nextel Corp., 7.2500%,
due 15/9/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
117,300
93,600
47,558
2,284,697
324,135
62,838
386,973
90,120
167,850
479,250
737,220
230,720
434,500
102,363
153,000
307,328
643,499
148,323
2,019,733
210,000
2,098,874
161,625
357,143
510,735
62
Percentage
of Net
Assets
150,000 T-Mobile USA, Inc., 6.6330%, company

guaranteed notes, due 28/4/21 . . . . . . . . . . . %
300,000 T-Mobile USA, Inc., 6.5420%,
due 28/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.0
1,188,000 LyondellBasell Industries N.V.,
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Chemicals Specialty
172,000 Ashland, Inc., 3.8750%, senior
unsecured notes, due 15/4/18 . . . . . . . . . . 0.1
175,000 Ashland, Inc., 4.7500%,
due 15/8/22 (144A) . . . . . . . . . . . . . . . . . .
233,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.1
0.2
Commercial Banks Eastern U.S.
679,000 CIT Group, Inc., 4.2500%, senior
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
unsecured notes, due 1/8/23 . . . . . . . . . . . 0.1
281,000 HSBC Bank N.A., 4.8750%,
subordinated notes, due 24/8/20 . . . . . . . 0.1
0.7
Commercial Banks Western U.S.
322,000 SVB Financial Group, 5.3750%, senior
192,000 Zions Bancorp, 4.5000%, senior
458,000 Zions Bancorp, 5.8000%, junior
0.3
Computer Aided Design
132,000 Autodesk, Inc., 1.9500%, senior
unsecured notes, due 15/12/17 . . . . . . . . . .
200,000 Autodesk, Inc., 3.6000%, senior
unsecured notes, due 15/12/22 . . . . . . . . . 0.1
0.1
Consulting Services
204,000 Verisk Analytics, Inc., 4.8750%,
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.4
350,000 Reynolds Group Issuer, Inc. /
Reynolds Group Issuer LLC,
notes, due 15/4/19 . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
$
158,438
319,875
3,606,690
1,320,963
175,010
167,125
221,350
563,485
709,555
591,938
107,231
515,045
561,150
303,696
2,788,615
355,623
203,448
417,925
976,996
130,702
185,031
315,733
216,249
1,062,094
305,443
1,583,786
377,125
Percentage
of Net
Assets
Containers Metal and Glass

450,000 Greif, Inc., 7.7500%, senior
unsecured notes, due 1/8/19 . . . . . . . . . . . 0.1%
Data Processing and Management
300,000 First Data Corp., 12.6250%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
442,000 First Data Corp., 11.7500%,
due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
210,000 Fiserv, Inc., 3.1250%, company
123,000 Fiserv, Inc., 3.1250%, company
0.3
Dialysis Centres
632,000 Fresenius Medical Care U.S. Finance II,
Inc., 5.6250%, company guaranteed
notes, due 31/7/19 . . . . . . . . . . . . . . . . . . 0.2
152,000 Fresenius Medical Care U.S. Finance II,
notes, due 31/1/22 (144A) . . . . . . . . . . . . .
0.2
200,000 American Builders & Contractors
Supply Co., Inc., 5.6250%,
due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.1
69,000 Bank of America Corp., 4.5000%,
senior unsecured notes, due 1/4/15 . . . . . . . .
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 17/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 12/7/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
junior subordinated notes,
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.1
680,000 Citigroup, Inc., 5.0000%,
34,000 Citigroup, Inc., 5.3500%, junior
subordinated notes, due 29/4/49 . . . . . . . .
subordinated notes, due 29/12/49 . . . . . . 0.1
120,000 Goldman Sachs Group, Inc.,
5.6250%, subordinated notes,
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . . .
due 22/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
154,000 Morgan Stanley, 4.0000%, notes,
due 24/7/15 . . . . . . . . . . . . . . . . . . . . . . . .
108,000 Morgan Stanley, 4.7500%, senior
unsecured notes, due 22/3/17 . . . . . . . . . . .
924,000 Morgan Stanley, 4.1000%,
1,270,000 Morgan Stanley, 5.0000%,
76,000 Royal Bank of Scotland Group PLC,
due 18/9/15 . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
513,000
353,625
468,520
217,515
128,427
1,168,087
685,720
161,120
846,840
201,500
72,208
258,690
311,577
359,551
329,514
699,492
29,980
373,637
132,326
389,849
160,859
117,951
895,921
1,276,632
77,762
Percentage
of Net
Assets

due 10/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3%
due 19/12/23 . . . . . . . . . . . . . . . . . . . . . . 0.1
1.9
186,000 Carlyle Holdings Finance LLC,
notes, due 1/2/23 (144A) . . . . . . . . . . . . . 0.1
300,000 General Electric Capital Corp.,
7.1250%, junior subordinated
notes, due 15/6/22 . . . . . . . . . . . . . . . . . . 0.1
notes, due 15/12/49 . . . . . . . . . . . . . . . . . 0.1
due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . .
0.3
117,000 FMG Resources August 2006 Pty, Ltd.,
7.0000%, company guaranteed notes,
due 1/11/15 (144A). . . . . . . . . . . . . . . . . . .
notes, due 1/11/19 (144A) . . . . . . . . . . . . 0.1
notes, due 1/4/22 (144A) . . . . . . . . . . . . . 0.2
0.3
128,000 GE Capital Trust I, 6.3750%, company
272,000 Ingersoll-Rand Global Holding Co.,
Ltd., 4.2500%, company
0.1
450,000 NGL Energy Partners L.P. / NGL
Finance Energy Corp., 6.8750%,
due 15/10/21 . . . . . . . . . . . . . . . . . . . . . . 0.1
Electric Generation
31,000 AES Corp., 7.7500%, senior
Electric Integrated
316,000 CMS Energy Corp., 4.2500%, senior
210,000 PPL WEM Holdings PLC, 3.9000%,
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.1
due 1/5/21 (144A) . . . . . . . . . . . . . . . . . . .
0.3
318,000 National Semiconductor Corp.,
due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
820,000 Samsung Electronics America, Inc.,
notes, due 10/4/17 (144A) . . . . . . . . . . . . 0.3
0.4
Fair
Value
1,004,841
444,691
6,935,481
178,002
335,789
311,034
31,574
856,399
121,607
323,234
547,500
992,341
138,560
266,176
404,736
463,500
34,410
333,071
219,574
124,594
677,239
371,925
815,393
1,187,318
63
Janus Balanced Fund

Percentage
of Net
Assets
Electronic Connectors
490,000 Amphenol Corp., 4.7500%, senior
unsecured notes, due 15/11/14 . . . . . . . . . 0.1%
317,000 FLIR Systems, Inc., 3.7500%, senior
Engineering Research and Development Services
233,000 URS Corp., 3.8500%,
due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.1
223,000 URS Corp., 5.0000%,
due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . .
0.1
Entertainment
Properties LLC, 8.0000%, senior
400,000 Dreamworks Animation SKG, Inc.,
notes, due 15/8/20 . . . . . . . . . . . . . . . . . . 0.1
200,000 Mohegan Tribal Gaming Authority,
due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.4
Finance Auto Loans
766,000 Ford Motor Credit Co. LLC, 3.8750%,
due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 3/2/17 . . . . . . . . . . . . . . . . . . . . . . . . .
due 12/6/17 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 20/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
128,000 General Motors Financial Co., Inc.,
notes, due 15/5/18 (144A) . . . . . . . . . . . . .
notes, due 15/5/23 (144A) . . . . . . . . . . . . .
0.8
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
150,000 E*TRADE Financial Corp., 6.0000%,
due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . .
86,000 Lazard Group LLC, 6.8500%, senior
Fair
Value
506,423
330,801
237,543
220,011
457,554
627,000
425,000
216,500
1,268,500
790,601
90,430
171,628
306,077
370,184
618,831
401,559
128,320
175,490
3,053,120
372,099
288,267
160,125
97,041
64
Percentage
of Net
Assets

unsecured notes, due 14/11/20 . . . . . . . . . 0.1%
423,000 Raymond James Financial, Inc.,
due 15/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
150,000 TD Ameritrade Holding Corp.,
notes, due 1/12/19 . . . . . . . . . . . . . . . . . . .
0.7
Finance Mortgage Loan Banker
374,000 Northern Rock Asset Management
PLC, 5.6250%, covered,
due 22/6/17 (144A) . . . . . . . . . . . . . . . . . 0.1
Finance Leasing Companies
635,000 LeasePlan Corp. N.V., 2.5000%, senior
unsecured notes, due 16/5/18. . . . . . . . . . . 0.2
Food Confectionery
608,000 WM Wrigley Jr. Co., 2.4000%, senior
608,000 WM. Wrigley Jr. Co., 3.3750%, senior
0.3
Food Dairy Products
500,000 FAGE Dairy Industry S.A. / FAGE
USA Dairy Industry, Inc., 9.8750%,
due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.1
Food Meat Products
500,000 Smithfield Foods, Inc., 6.6250%,
due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2
965,000 Tyson Foods, Inc., 6.6000%, company
guaranteed notes, due 1/4/16 . . . . . . . . . . . 0.3
0.5
594,000 Post Holdings, Inc., 6.7500%,
due 1/12/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
80,000 Sun Merger Sub, Inc., 5.2500%,
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . .
0.2
Food Retail
440,000 Roundys Supermarkets, Inc.,
10.2500%, secured notes,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
74,000 Safeway, Inc., 3.9500%, senior
1,742,000 SUPERVALU, Inc., 6.7500%, senior
0.8
Health Care Services
2,050,000 Tenet Healthcare Corp., 8.1250%,
senior unsecured notes, due 1/4/22 . . . . . . . 0.6
Instruments Scientific
151,000 Thermo Fisher Scientific, Inc.,
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . .
due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
$
424,704
447,707
834,589
173,369
2,425,802
424,299
617,980
604,952
601,924
1,206,876
525,000
532,500
1,077,758
1,610,258
616,275
84,000
700,275
451,000
74,080
345,998
1,728,935
2,600,013
2,214,000
149,772
69,488
Percentage
of Net
Assets

due 15/1/23 . . . . . . . . . . . . . . . . . . . . . . . . %
due 1/2/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
Investment Management and Advisory Services
413,000 Ameriprise Financial, Inc., 7.5180%,
due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
465,000 Neuberger Berman Group LLC /
Neuberger Berman Finance Corp.,
due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.2
due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.1
0.4
542,000 Primerica, Inc., 4.7500%, senior
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
Lodging
200,000 Playa Resorts Holdings B.V., 8.0000%,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Machinery Farm
767,000 CNH Capital LLC, 3.6250%,
due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Medical Biomedical and Genetic
370,000 Life Technologies Corp., 6.0000%,
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.1
Medical Drugs
156,000 AbbVie, Inc., 1.7500%, senior
300,000 Capsugel S.A., 7.0000%, senior
1,315,000 Endo Finance Co., 5.7500%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,066,000 Forest Laboratories, Inc., 5.0000%,
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.3
428,000 VPII Escrow Corp., 6.7500%,
due 15/8/18 (144A) . . . . . . . . . . . . . . . . . 0.1
1.0
Fair
Value
68,998
319,592
91,349
699,199
460,495
490,575
308,430
1,259,500
559,230
150,686
158,053
308,739
213,250
781,381
425,693
83,492
509,185
155,877
306,188
1,324,862
1,072,663
472,405
3,331,995
Percentage
of Net
Assets
Medical Generic Drugs

189,000 Actavis, Inc., 1.8750%, senior
unsecured notes, due 1/10/17 . . . . . . . . . . . %
234,000 Perrigo Co., 4.0000%, company
0.1
Medical Hospitals
250,000 HCA Holdings, Inc., 7.7500%, senior
350,000 HCA, Inc., 6.5000%, senior secured
notes, due 15/2/20 . . . . . . . . . . . . . . . . . . 0.1
0.2
Medical Products
1,900,000 Biomet, Inc., 6.5000%, company
guaranteed notes, due 1/8/20 . . . . . . . . . . 0.6
Mining
550,000 AK Steel Corp., 8.7500%, senior
Multi-Line Insurance
93,000 American International Group, Inc.,
due 18/10/16 . . . . . . . . . . . . . . . . . . . . . . .
notes, due 15/3/37 . . . . . . . . . . . . . . . . . . .
debentures, due 15/5/58 . . . . . . . . . . . . . . 0.3
176,000 ING U.S., Inc., 5.6500%, company
0.3
Office Furnishings Original
66,000 Interface, Inc., 7.6250%, company
Oil Field Services
710,000 Hiland Partners L.P. / Hiland Partners
Finance Corp., 7.2500%, company
guaranteed notes,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.2
583,000 Nabors Industries, Inc., 5.0000%,
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/9/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.2
Oil and Gas Services
18,000 El Paso LLC, 6.5000%, senior secured
notes, due 15/9/20 . . . . . . . . . . . . . . . . . . .
1,205,000 Forum Energy Technologies, Inc.,
notes, due 1/10/21 . . . . . . . . . . . . . . . . . . 0.4
0.4
200,000 Aurora USA Oil & Gas, Inc.,
notes, due 1/4/20 (144A) . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
187,197
230,039
417,236
273,750
385,438
659,188
2,004,500
617,375
103,709
147,735
572,265
171,204
994,913
71,280
765,025
607,509
34,095
641,604
19,392
1,271,275
1,290,667
207,000
470,868
1,486,159
65
Janus Balanced Fund

Percentage
of Net
Assets

due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5%
279,000 Cimarex Energy Co., 5.8750%,
due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
34,000 Continental Resources, Inc., 7.1250%,
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2
512,000 Devon Energy Corp., 2.2500%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.1
325,000 Halcon Resources Corp., 8.8750%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
600,000 Linn Energy LLC / Linn Energy
Finance Corp., 7.0000%,
due 1/11/19 (144A) . . . . . . . . . . . . . . . . . 0.2
32,000 Petrohawk Energy Corp., 7.2500%,
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . .
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
127,000 Plains Exploration & Production Co.,
notes, due 15/11/20 . . . . . . . . . . . . . . . . . .
notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . .
notes, due 1/2/22 . . . . . . . . . . . . . . . . . . . .
notes, due 15/2/23 . . . . . . . . . . . . . . . . . . 0.2
350,000 Samson Investment Co., 10.5000%,
due 15/2/20 (144A) . . . . . . . . . . . . . . . . . 0.1
550,000 SandRidge Energy, Inc., 8.1250%,
due 15/10/22 . . . . . . . . . . . . . . . . . . . . . . 0.2
550,000 SM Energy Co., 6.5000%, senior
382,000 Whiting Petroleum Corp., 5.0000%,
due 15/3/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2.7
Oil Refining and Marketing
235,000 Motiva Enterprises LLC, 5.7500%,
due 15/1/20 (144A) . . . . . . . . . . . . . . . . . 0.1
Pipelines
650,000 Crestwood Midstream Partners L.P. /
Crestwood Midstream Finance
Corp., 6.0000%, company
213,000 DCP Midstream Operating L.P.,
notes, due 1/10/15 . . . . . . . . . . . . . . . . . . 0.1
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
1,915,784
296,438
38,718
592,800
507,226
329,875
609,000
34,576
273,916
140,318
55,954
165,344
623,839
383,250
585,750
585,750
392,505
9,695,070
267,215
672,750
220,143
450,443
66
Percentage
of Net
Assets
58,000 El Paso Pipeline Partners Operating

Co. LLC, 6.5000%, company
guaranteed notes, due 1/4/20 . . . . . . . . . . . %
195,000 Energy Transfer Partners L.P.,
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
609,000 Enterprise Products Operating LLC,
notes, due 15/3/23 . . . . . . . . . . . . . . . . . . 0.1
466,000 Kinder Morgan Finance Co. LLC,
due 5/1/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
139,000 Kinder Morgan, Inc., 5.0000%, senior
secured notes, due 15/2/21 . . . . . . . . . . . . .
secured notes, due 15/11/23 . . . . . . . . . . . 0.1
252,000 Plains All American Pipeline L.P. /
PAA, 3.9500%, senior unsecured
notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.1
64,000 Spectra Energy Partners L.P.,
due 25/9/18 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/3/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1
633,000 Western Gas Partners L.P., 5.3750%,
senior unsecured notes, due 1/6/21 . . . . . . 0.2
213,000 Williams Cos., Inc., 3.7000%, senior
1.2
Publishing Newspapers
34,000 Gannett Co., Inc., 6.3750%, company
guaranteed notes, due 1/9/15 . . . . . . . . . . .
Publishing Periodicals
339,000 UBM PLC, 5.7500%, notes,
due 3/11/20 (144A) . . . . . . . . . . . . . . . . . 0.1
Real Estate
350,000 Howard Hughes Corp., 6.8750%,
due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Real Estate Private
129,000 Retail Opportunity Investments
Partnership L.P., 5.0000%, company
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 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
206,000 Post Apartment Homes L.P.,
due 15/10/17 . . . . . . . . . . . . . . . . . . . . . . 0.1
REIT Diversified
310,000 American Tower Trust I,
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . .
Fair
Value
66,898
174,684
198,126
579,625
502,876
137,608
240,390
265,116
64,942
341,153
679,142
186,255
4,780,151
36,635
352,926
365,750
128,686
122,550
344,466
441,000
908,016
222,927
302,993
Percentage
of Net
Assets
259,000 American Tower Trust I, 3.0700%,

senior secured notes,
due 15/3/23 (144A) . . . . . . . . . . . . . . . . . 0.1%
255,000 Goodman Funding Pty, Ltd.,
notes, due 12/11/20 (144A) . . . . . . . . . . . 0.1
0.2
REIT Health Care
101,000 Senior Housing Properties Trust,
due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.1
0.1
REIT Hotels
68,000 Host Hotels & Resorts L.P., 6.7500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . .
REIT Office Property
443,000 Alexandria Real Estate Equities, Inc.,
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.1
116,000 Reckson Operating Partnership L.P.,
due 31/3/16 . . . . . . . . . . . . . . . . . . . . . . . .
246,000 SL Green Realty Corp. / SL Green
Operating Partnership / Reckson
Operating Partnership, 5.0000%,
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.4
Rental Auto/Equipment
250,000 Ahern Rentals, Inc., 9.5000%, secured
notes, due 15/6/18 (144A) . . . . . . . . . . . . 0.1
172,000 NES Rentals Holdings, Inc., 7.8750%,
secured notes, due 1/5/18 (144A) . . . . . . . 0.1
350,000 United Rentals North America, Inc.,
notes, due 15/6/23 (144A) . . . . . . . . . . . . .
0.2
Retail Arts and Crafts
220,000 Michaels Stores, Inc., 5.8750%,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
513,000 CVS Caremark Corp., 2.2500%, senior
641,000 CVS Caremark Corp., 4.0000%, senior
0.3
Retail Regional Department Stores
163,000 Macys Retail Holdings, Inc.,
notes, due 1/12/16 . . . . . . . . . . . . . . . . . . 0.1
Retail Restaurants
496,000 Brinker International, Inc., 3.8750%,
senior unsecured notes, due 15/5/23. . . . . . . 0.1
200,000 Wok Acquisition Corp., 10.2500%,
due 30/6/20 (144A) . . . . . . . . . . . . . . . . . 0.1
0.2
Fair
Value
243,253
282,817
829,063
112,405
123,837
236,242
68,981
446,508
125,762
262,536
558,770
1,393,576
271,875
182,750
357,000
811,625
221,650
513,445
640,943
1,154,388
182,957
447,362
218,250
665,612
Percentage
of Net
Assets
Rubber Tires
150,000 Continental Rubber Of America
Corp., 4.5000%, senior secured
notes, due 15/9/19 (144A) . . . . . . . . . . . . . %
Security Services
339,000 ADT Corp., 4.1250%, senior
860,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.2
Software
300,000 Blackboard, Inc., 7.7500%, senior
Steel Producers
163,000 ArcelorMittal, 5.0000%, senior
283,000 Natural Resource Partners L.P.,
due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
121,000 Reliance Steel & Aluminum Co.,
notes, due 15/4/23 . . . . . . . . . . . . . . . . . . .
0.2
173,000 SBA Tower Trust, 2.9330%,
Telecommunications,
due 15/12/17 (144A) . . . . . . . . . . . . . . . . .
Telecommunications
400,000 CommScope Holding Co., Inc.,
notes, due 15/1/19 . . . . . . . . . . . . . . . . . . 0.1
1,013,000 CenturyLink, Inc., 6.7500%, senior
122,000 Sprint Capital Corp., 6.9000%,
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . . .
260,000 Verizon Communications, Inc.,
due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 14/9/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,158,000 Verizon Communications, Inc.,
due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 15/9/33 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/9/43 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.2
Transportation
250,000 CMA CGM S.A., 8.5000%, senior
200,000 Syncreon Group B.V. / Syncreon
Global Finance U.S., Inc.,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.1
440,000 Eletson Holdings, 9.6250%, senior
Fair
Value
159,720
301,438
825,717
299,250
175,632
290,783
118,914
585,329
176,431
440,500
1,030,728
133,895
269,025
449,316
1,245,723
630,967
320,535
4,080,189
246,250
208,000
454,250
453,200
67
Janus Balanced Fund

Percentage
of Net
Assets
Transportation Services
58,000 Asciano Finance, Ltd., 3.1250%,
due 23/9/15 (144A) . . . . . . . . . . . . . . . . . . %
Transportation Truck
319,000 J.B. Hunt Transport Services, Inc.,
notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.1
Trucking and Leasing
40,000 Penske Truck Leasing Co. L.P. /
PTL Finance Corp., 2.5000%,
due 15/3/16 (144A) . . . . . . . . . . . . . . . . . .
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.1
66,000 Penske Truck Leasing Co. L.P. / PTL
Finance Corp., 4.8750%, senior
due 17/1/23 (144A) . . . . . . . . . . . . . . . . . 0.1
0.2
Water Treatment Systems
750,000 Nuverra Environmental Solutions,
notes, due 15/4/18. . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
59,337
330,589
41,003
343,763
67,826
259,543
712,135
735,000
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.6
104,974,220
Government Obligations
16.2
U.S. Treasury Notes/Bonds
1,636,000 0.3750%, due 31/8/15 . . . . . . . . . . . . . . . . . 0.5
4,116,000 0.2500%, due 30/9/15 . . . . . . . . . . . . . . . . . 1.2
4,013,000 0.2500%, due 31/10/15 . . . . . . . . . . . . . . . . 1.1
13,991,000 0.2500%, due 30/11/15 . . . . . . . . . . . . . . . . 3.9
210,000 0.3750%, due 15/2/16 . . . . . . . . . . . . . . . . . 0.1
2,900,000 0.8750%, due 15/9/16 . . . . . . . . . . . . . . . . . 0.8
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 . . . . . . . . . . . . . . . . . 0.5
127,000 0.7500%, due 31/10/17 . . . . . . . . . . . . . . . . .
242,000 0.7500%, due 31/12/17 . . . . . . . . . . . . . . . . 0.1
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 . . . . . . . . . . . . . . . . . 0.6
2,956,000 1.5000%, due 31/8/18 . . . . . . . . . . . . . . . . . 0.8
13,535,000 1.3750%, due 30/9/18 . . . . . . . . . . . . . . . . . 3.8
4,406,000 1.2500%, due 31/10/18 . . . . . . . . . . . . . . . . 1.2
358,000 1.0000%, due 30/9/19 . . . . . . . . . . . . . . . . . 0.1
2,226,000 2.5000%, due 15/8/23 . . . . . . . . . . . . . . . . . 0.6
1,010,000 3.6250%, due 15/8/43 . . . . . . . . . . . . . . . . . 0.3
1,010,000 3.7500%, due 15/11/43 . . . . . . . . . . . . . . . . 0.3
16.2
1,638,588
4,112,543
4,007,590
13,963,942
209,836
2,917,560
835,913
51,000
1,676,332
124,718
236,669
73,582
363,423
2,176,528
2,941,220
13,370,577
4,320,118
338,044
2,137,917
954,055
976,386
57,426,541
Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . 16.2
57,426,541
Mortgage-Backed Securities
6.8
Fannie Mae
58,390 5.5000%, due 1/1/25 . . . . . . . . . . . . . . . . . . .
106,845 5.5000%, due 1/7/25 . . . . . . . . . . . . . . . . . . .
140,503 5.0000%, due 1/9/29 . . . . . . . . . . . . . . . . . . .
59,142 5.0000%, due 1/1/30 . . . . . . . . . . . . . . . . . . .
35,719 5.5000%, due 1/1/33 . . . . . . . . . . . . . . . . . . .
26,900 5.0000%, due 1/11/33 . . . . . . . . . . . . . . . . . .
52,981 5.0000%, due 1/12/33 . . . . . . . . . . . . . . . . . .
63,906
117,331
153,203
64,902
39,587
29,355
57,838
68
Percentage
of Net
Assets
165,818 6.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . 0.1%

180,476 6.0000%, due 1/12/35 . . . . . . . . . . . . . . . . . 0.1
27,143 6.0000%, due 1/2/37 . . . . . . . . . . . . . . . . . . .
183,716 6.0000%, due 1/9/37 . . . . . . . . . . . . . . . . . . 0.1
142,810 6.0000%, due 1/10/38 . . . . . . . . . . . . . . . . . .
67,754 7.0000%, due 1/2/39 . . . . . . . . . . . . . . . . . . .
128,242 5.0000%, due 1/6/40 . . . . . . . . . . . . . . . . . . .
171,237 5.0000%, due 1/6/40 . . . . . . . . . . . . . . . . . . 0.1
50,286 4.5000%, due 1/10/40 . . . . . . . . . . . . . . . . . .
419,501 5.0000%, due 1/2/41 . . . . . . . . . . . . . . . . . . 0.1
51,505 5.0000%, due 1/3/41 . . . . . . . . . . . . . . . . . . .
64,101 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . . .
126,770 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . . .
104,168 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . .
120,215 4.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . .
87,549 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . .
228,765 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1
109,345 5.0000%, due 1/6/41 . . . . . . . . . . . . . . . . . . .
709,916 5.5000%, due 1/6/41 . . . . . . . . . . . . . . . . . . 0.2
734,110 5.0000%, due 1/7/41 . . . . . . . . . . . . . . . . . . 0.2
60,575 5.0000%, due 1/7/41 . . . . . . . . . . . . . . . . . . .
168,925 4.5000%, due 1/8/41 . . . . . . . . . . . . . . . . . . 0.1
3,153 5.0000%, due 1/9/41 . . . . . . . . . . . . . . . . . . .
677,743 5.0000%, due 1/2/42 . . . . . . . . . . . . . . . . . . 0.2
706,705 4.5000%, due 1/6/42 . . . . . . . . . . . . . . . . . . 0.2
1,017,983 4.0000%, due 1/9/42 . . . . . . . . . . . . . . . . . . 0.4
2,382,519 4.5000%, due 1/9/42 . . . . . . . . . . . . . . . . . . 0.8
488,315 4.5000%, due 1/11/42 . . . . . . . . . . . . . . . . . 0.1
664,087 4.5000%, due 1/2/43 . . . . . . . . . . . . . . . . . . 0.2
903,928 4.5000%, due 1/2/43 . . . . . . . . . . . . . . . . . . 0.4
Freddie Mac Gold Pool
55,207 5.0000%, due 1/1/19 . . . . . . . . . . . . . . . . . . .
36,657 5.0000%, due 1/2/19 . . . . . . . . . . . . . . . . . . .
49,694 5.5000%, due 1/8/19 . . . . . . . . . . . . . . . . . . .
65,325 5.0000%, due 1/6/20 . . . . . . . . . . . . . . . . . . .
136,503 5.5000%, due 1/12/28 . . . . . . . . . . . . . . . . . .
199,143 5.0000%, due 1/1/36 . . . . . . . . . . . . . . . . . . 0.1
102,830 5.5000%, due 1/10/36 . . . . . . . . . . . . . . . . . .
163,535 5.0000%, due 1/5/39 . . . . . . . . . . . . . . . . . . 0.1
481,714 6.0000%, due 1/4/40 . . . . . . . . . . . . . . . . . . 0.2
128,215 4.5000%, due 1/1/41 . . . . . . . . . . . . . . . . . . .
421,794 5.0000%, due 1/3/41
. . . . . 0.2
287,772 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1
73,778 5.0000%, due 1/9/41
......
3,241,014 5.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 1.1
Ginnie Mae
163,936 5.1000%, due 15/1/32 . . . . . . . . . . . . . . . . . 0.1
186,786 4.9000%, due 15/10/34 . . . . . . . . . . . . . . . . 0.2
88,209 6.0000%, due 20/11/34 . . . . . . . . . . . . . . . . .
20,717 5.5000%, due 15/9/35 . . . . . . . . . . . . . . . . . .
106,347 5.5000%, due 15/3/36 . . . . . . . . . . . . . . . . . .
48,701 6.0000%, due 20/1/39 . . . . . . . . . . . . . . . . . .
100,854 6.5000%, due 15/7/39 . . . . . . . . . . . . . . . . . .
430,997 5.5000%, due 15/8/39 . . . . . . . . . . . . . . . . . 0.2
143,255 5.5000%, due 15/8/39 . . . . . . . . . . . . . . . . . .
92,353 5.0000%, due 15/10/39 . . . . . . . . . . . . . . . . .
157,003 5.5000%, due 15/10/39 . . . . . . . . . . . . . . . . 0.2
150,289 5.0000%, due 15/11/39 . . . . . . . . . . . . . . . . .
46,290 5.0000%, due 15/1/40 . . . . . . . . . . . . . . . . . .
37,264 5.0000%, due 15/4/40 . . . . . . . . . . . . . . . . . .
54,363 5.0000%, due 15/5/40 . . . . . . . . . . . . . . . . . .
47,724 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . .
149,218 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . .
157,624 5.0000%, due 15/2/41 . . . . . . . . . . . . . . . . . 0.1
453,274 5.0000%, due 15/4/41 . . . . . . . . . . . . . . . . . 0.2
64,712 5.0000%, due 15/5/41 . . . . . . . . . . . . . . . . . .
146,299 4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . . .
39,752 4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . . .
Fair
Value
$
186,258
202,754
30,560
198,330
163,804
72,650
139,904
186,636
53,567
458,667
56,350
68,412
134,860
113,758
128,341
95,814
251,020
119,268
784,903
803,439
66,097
179,752
3,444
762,692
750,579
1,038,875
2,528,313
519,594
705,027
965,149
58,553
38,889
53,107
69,460
151,102
218,304
114,851
177,413
542,114
136,514
456,602
314,645
79,878
3,626,924
183,577
204,021
98,599
23,399
118,188
54,875
115,570
490,271
167,650
102,431
178,372
166,209
51,379
41,368
59,492
52,958
165,590
173,563
521,743
72,155
157,349
42,874

337,219
37,077
18,104
466,894
19,298
52,727
116,197
57,008
49,022
35,303
89,797
65,126
75,285
204,047
51,882
56,380
127,899
54,261
67,772
Percentage
of Net
Assets
4.5000%, due 15/8/41 . . . . . . . . . . . . . . . . . 0.2%

5.0000%, due 15/9/41 . . . . . . . . . . . . . . . . . .
5.5000%, due 20/9/41 . . . . . . . . . . . . . . . . . .
4.5000%, due 20/10/41 . . . . . . . . . . . . . . . . 0.2
6.0000%, due 20/10/41 . . . . . . . . . . . . . . . . .
6.0000%, due 20/12/41 . . . . . . . . . . . . . . . . .
5.5000%, due 20/1/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/1/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/2/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/3/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/4/42 . . . . . . . . . . . . . . . . . .
3.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/5/42 . . . . . . . . . . . . . . . . . .
5.5000%, due 20/7/42 . . . . . . . . . . . . . . . . . 0.2
6.0000%, due 20/7/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/8/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/9/42 . . . . . . . . . . . . . . . . . .
6.0000%, due 20/11/42 . . . . . . . . . . . . . . . . .
6.0000%, due 20/2/43 . . . . . . . . . . . . . . . . . .
Total Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . 6.8

Preferred Stock
0.8
22,750 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.2
16,390 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . 0.1
0.3
3,600 Citigroup Capital XIII, 7.8750%. . . . . . . . . . .
Finance Credit Card
10,925 Discover Financial Services,
6.5000% . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,025 Charles Schwab Corp., 6.0000% . . . . . . . . . .
48,625 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.4
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Fair
Value
$
368,472
40,578
19,938
500,451
21,747
59,264
128,151
64,159
55,226
39,732
101,062
65,988
84,737
225,556
58,441
63,522
143,962
60,919
76,350
23,753,183
569,432
428,435
997,867
98,100
Currency
Purchased
Citibank
AUD
17
AUD
17
AUD
17
CAD
3,234
CAD
16
CNH
18,944
CNH
32
CNH
20
CNH
41
CNH
79
EUR
162,800
EUR
455
EUR
324,767
EUR
1,743,198
EUR
68,902
EUR
7,578,412
EUR
53,055
EUR
35,008,617
EUR
12
EUR
53,067,798
EUR
21
EUR
2,268
USD
45
USD
45
USD
45
USD
14
Currency
Sold
USD
15 $
USD
15
USD
15
USD
3,039
USD
15
USD
3,119
USD
5
USD
3
USD
7
USD
13
USD
222,725
USD
622
USD
444,311
USD 2,384,852
USD
94,239
USD 10,365,169
USD
72,564
USD 47,882,090
USD
16
USD 72,582,045
USD
29
USD
3,102
AUD
51
AUD
51
AUD
51
CAD
15
Currency
Market
Value $U.S.
15
15
15
3,043
15
3,127
5
3
7
13
223,943
625
446,740
2,397,891
94,780
10,424,637
72,980
48,156,803
16
72,998,467
29
3,120
45
45
45
14
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
1,218
3
2,429
13,039
541
59,468
416
274,713
416,422
18
Total
768,279
$ 347,626,526
251,712
66,520
1,250,635
Currency
Purchased
2,664,834
Tranche Loans
1.1
Casino Hotels
249,118 MGM Resorts International,
3.5000%, due 13/12/19 . . . . . . . . . . . . . . 0.1
Media
536,000 Tribune Co., 4.0000%,
due 20/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.2
Medical Drugs
123,700 Quintiles Transnational Corp.,
4.5000%, due 8/6/18 . . . . . . . . . . . . . . . . .
Mining
4.2500%, due 30/6/19 . . . . . . . . . . . . . . . 0.1
2,661,000 Maxim Crane Works L.P., 10.2500%,
due 6/11/18 . . . . . . . . . . . . . . . . . . . . . . . 0.7
2,667,652
Total Tranche Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
3,840,601
347,245,908
Adjustments from last traded to bid market prices . . . . . . . . (0.1)
(387,661)
$ 346,858,247
249,586
532,650
123,545
267,168
Currency
Sold
Citibank
AUD
3,379 USD
AUD
3,395 USD
AUD
3,395 USD
EUR
460,298 USD
EUR
39,875 USD
EUR
9,448 USD
EUR
40,823 USD
EUR
321,315 USD
EUR
10,462 USD
EUR
9,941 USD
EUR
15,254 USD
Credit Suisse
USD
906,740 GBP
USD
325,640 GBP
HSBC
USD
783,503 GBP
JPMorgan Chase & Co.
USD
453,908 GBP
Royal Bank of Canada
USD
1,093,962 GBP
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
3,012 $
3,026
3,026
634,272
54,999
13,019
56,253
443,182
14,430
13,712
21,020
3,011
3,025
3,025
633,171
54,851
12,996
56,155
441,992
14,391
13,675
20,984
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
(1)
(1)
(1)
(1,101)
(148)
(23)
(98)
(1,190)
(39)
(37)
(36)
563,000
200,000
932,103
331,119
9-Jan-14
9-Jan-14
(25,363)
(5,479)
479,000
792,993
16-Jan-14
(9,490)
279,000
461,867
23-Jan-14
(7,959)
669,000
1,107,540
16-Jan-14
(13,578)
Total
(64,544)
(64,544)
69

Percentage
of Net
Assets

Common Stock
88.7%
Airlines
59,800 AirAsia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
88,000 Sitoy Group Holdings, Ltd.. . . . . . . . . . . . . . 1.0
1,364 Linx S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
55,000 Geely Automobile Holdings, Ltd. . . . . . . . . . 0.5
342 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 1.5
26,414 Yulon Motor Co., Ltd.. . . . . . . . . . . . . . . . . . 0.9
2.9
237 Hyundai Mobis. . . . . . . . . . . . . . . . . . . . . . . 1.3
Beverages Non-Alcoholic
3,500 Fomento Economico Mexicano
S.A.B. de C.V. . . . . . . . . . . . . . . . . . . . . . . 0.7
65,179 LT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,203 Cemex S.A.B. de C.V. (ADR) . . . . . . . . . . . . . 0.3
16,500 Indocement Tunggal Prakarsa
Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.8
Casino Hotels
14,100 Genting Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
320 Millicom International Cellular
S.A. (SDR). . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Circuit Boards
20,550 Zhen Ding Technology Holding, Ltd. . . . . . . 1.0
Coal
7,500 China Shenhua Energy Co., Ltd. . . . . . . . . . 0.5
Commercial Banks
1,060 OTP Bank PLC . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,754 TCS Group Holding PLC (GDR) . . . . . . . . . . 0.5
0.9
3,600 Bangkok Bank PCL (NVDR) . . . . . . . . . . . . . 0.4
71,000 Bank Danamon Indonesia Tbk PT . . . . . . . . 0.4
58,000 Bank Mandiri Persero Tbk PT . . . . . . . . . . . . 0.7
23,798 BBVA Banco Continental S.A. . . . . . . . . . . . . 0.9
3,182 First Gulf Bank PJSC . . . . . . . . . . . . . . . . . . 0.3
4,338 Grupo Financiero Santander Mexico
S.A.B. de C.V. (ADR) . . . . . . . . . . . . . . . . . 1.2
1,349 ICICI Bank, Ltd. (ADR) . . . . . . . . . . . . . . . . 1.0
71,000 Industrial & Commercial Bank of
China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
7,352 Itau Unibanco Holding S.A. (ADR) . . . . . . . . 2.1
13,091 Metropolitan Bank & Trust . . . . . . . . . . . . . . 0.4
9,774 Sberbank of Russia (ADR) . . . . . . . . . . . . . . 2.5
1,493 Shinhan Financial Group Co., Ltd. . . . . . . . . 1.3
4,811 Turkiye Halk Bankasi A/S . . . . . . . . . . . . . . . 0.5
12.6
36,000 Samsonite International S.A.. . . . . . . . . . . . . 2.1
5,694 Adani Enterprises, Ltd. . . . . . . . . . . . . . . . . . 0.5
16,000 Li and Fung, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.4
0.9
10,700 BM&F Bovespa S.A. . . . . . . . . . . . . . . . . . . . 1.0
Fair
Value
40,183
50,617
27,703
26,599
76,653
47,864
151,116
65,921
33,910
22,681
14,231
27,140
41,371
44,186
31,876
49,513
23,649
20,132
27,538
47,670
19,507
22,042
37,444
45,140
16,287
59,170
50,142
47,981
99,767
22,291
122,956
66,925
27,238
636,890
109,571
24,165
20,635
44,800
50,168
70
Percentage
of Net
Assets
1,680,940 Bolsa de Volares de Colombia . . . . . . . . . . . . 0.4%

16,270 FirstRand, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.0
4,200 Grupo BTG Pactual . . . . . . . . . . . . . . . . . . . 1.0
3.4
2,507 Iluka Resources, Ltd. . . . . . . . . . . . . . . . . . . 0.4
4,698 AVI, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,745 Imperial Holdings, Ltd. . . . . . . . . . . . . . . . . 0.7
1.2
E-Commerce
23,000 econtext Asia, Ltd. . . . . . . . . . . . . . . . . . . . . 0.3
Electrical Companies & Equipment
96,000 Shanghai Electric Group Co., Ltd. . . . . . . . . 0.7
10,000 Hon Hai Precision Industry Co., Ltd. . . . . . . 0.5
151 Samsung Electronics Co., Ltd. . . . . . . . . . . . 3.9
17,000 Chroma ATE, Inc.. . . . . . . . . . . . . . . . . . . . . 0.7
Energy Alternate Sources
71,000 China Suntien Green Energy
Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
65,000 Louis XIII Holdings, Ltd. . . . . . . . . . . . . . . . 1.2
Food Meat Products
8,480 San Miguel Pure Foods Co., Inc. . . . . . . . . . 0.9
Food Retail
2,723 Shoprite Holdings, Ltd. . . . . . . . . . . . . . . . . 0.9
2,220 X5 Retail Group N.V. (GDR) . . . . . . . . . . . . . 0.7
1.6
Gold Mining
456 Randgold Resources, Ltd. . . . . . . . . . . . . . . . 0.6
Hotels
7,000 Melco International Development,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,371 Orascom Development Holding A.G. . . . . . . 0.7
1.2
Hotels and Motels
26,000 Shangri-La Asia, Ltd. . . . . . . . . . . . . . . . . . . 1.0
211 NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
5,300 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.0
2.0
Investment Companies
77,500 Langham Hospitality Investments,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Medical Drugs
4,139 Strides Arcolab, Ltd. . . . . . . . . . . . . . . . . . . . 0.5
Metal Diversified
25,103 Hindustan Zinc, Ltd. . . . . . . . . . . . . . . . . . . 1.0
1,439 MMC Norilsk Nickel OJSC (ADR) . . . . . . . . 0.5
1.5
Metal Iron
9,616 London Mining PLC . . . . . . . . . . . . . . . . . . . 0.4
2,341 Vale S.A. (ADR) . . . . . . . . . . . . . . . . . . . . . . 0.7
1.1
3,800 BB Seguridade Participacoes S.A. . . . . . . . . . 0.8
Fair
Value
$
19,330
55,878
48,679
174,055
19,314
25,796
33,833
59,629
17,679
34,914
26,879
196,335
35,654
52,047
26,646
65,470
45,487
42,735
37,229
79,964
28,614
25,729
38,684
64,413
50,699
49,691
48,928
98,619
37,181
24,104
53,777
23,916
77,693
17,911
35,701
53,612
39,468
Percentage
of Net
Assets
Non-Ferrous Metals
6,711 Grupo Mexico S.A.B. de C.V. . . . . . . . . . . . .
Oil and Gas Producers
3,277 Africa Oil Corp. . . . . . . . . . . . . . . . . . . . . . .
2,259 Cobalt International Energy, Inc. . . . . . . . . .
6,307 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . .
Fair
Value
Percentage
of Net
Assets
Fair
Value
Tobacco
0.4%
22,237
0.6
28,413
0.7
0.7
1.4
37,160
34,231
71,391

28,600 China Petroleum & Chemical Corp. . . . . . . . 0.5
4,739 Pacific Rubiales Energy Corp. . . . . . . . . . . . . 1.6
4,243 Petroleo Brasileiro S.A. (ADR). . . . . . . . . . . . 1.1
3.2
Pharmaceuticals
7,200 Brazil Pharma S.A. . . . . . . . . . . . . . . . . . . . . 0.4
309 Samsung Fire & Marine Insurance
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
Real Estate Private
5,049 Etalon Group (GDR). . . . . . . . . . . . . . . . . . . 0.5
74,000 Central China Real Estate, Ltd. . . . . . . . . . . . 0.4
14,109 DLF, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
31,701 Emlak Konut Gayrimenkul Yatirim
Ortakligi AS . . . . . . . . . . . . . . . . . . . . . . . 0.6
145,000 Evergrande Real Estate Group, Ltd. . . . . . . . 1.1
1,100 Multiplan Empreendimentos
Imobilirios S.A. . . . . . . . . . . . . . . . . . . . . 0.5
108,250 Shun Tak Holdings, Ltd.. . . . . . . . . . . . . . . . 1.3
5.5
REIT Diversified
61,371 Religare Health Trust . . . . . . . . . . . . . . . . . . 0.7
REIT Hotels
57,000 Concentradora Fibra Hotelera
Mexicana S.A. de C.V. . . . . . . . . . . . . . . . . 1.8
Retail Automobile
80,000 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . . 1.5
Retail Consumer Electronics
4,800 Via Varejo S.A. . . . . . . . . . . . . . . . . . . . . . . . 1.0
Retail Jewellery
18,000 Chow Tai Fook Jewellery Group, Ltd.. . . . . . 0.5
3,190 CIE Financiere Richemont S.A.. . . . . . . . . . . 0.6
56,545 PC Jeweller, Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.5
2.6
21,000 Lifestyle International Holdings, Ltd. . . . . . . 0.8
1,676 SACI Falabella . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.1
28,130 Robinsons Retail Holdings, Inc. . . . . . . . . . . 0.7
Schools
15,100 Anhanguera Educacional
Participacoes S.A. . . . . . . . . . . . . . . . . . . . 1.9
10,498 Taiwan Semiconductor Manufacturing
Co., Ltd. (ADR). . . . . . . . . . . . . . . . . . . . . 3.6
Semiconductors
1,920 SK Hynix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.3
Special Purpose Acquisitions
4,918 Atlas Mara Co-Nvest, Ltd. . . . . . . . . . . . . . . 1.2
481 China Telecom Corp., Ltd. (ADR). . . . . . . . . 0.5
23,348
81,831
58,469
163,648
20,633
75,845
26,760
22,809
45,538
38,027
31,021
55,352
4,293 ITC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,464 Globaltrans Investment PLC (GDR) . . . . . . .
96,685 LLX Logistica S.A. . . . . . . . . . . . . . . . . . . . .
Warehousing and Harbor Transport Services
1,488 DP World, Ltd. . . . . . . . . . . . . . . . . . . . . . . .
Web Portals/Internet Service Providers
934 Mail.ru Group, Ltd. (GDR) . . . . . . . . . . . . . .
0.4%
22,339
1.1
55,078
0.9
44,266
0.5
26,238
0.8
41,656
4,521,220
Preferred Stock
0.9
Petrochemicals
315 LG Chem, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.9
45,525
45,525
Warrant
0.1
3,148
Total Warrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,148
4,725,997
Adjustments from last traded to bid market prices . . . . . . . . . (0.2)
(10,793)
4,715,204
23,269
63,659
279,675
37,700
91,312
77,689
51,176
26,835
31,924
78,212
136,971
38,891
15,040
53,931
34,996
95,379
183,085
66,960
59,385
24,324
71

Currency
Purchased
Currency
Sold
Citibank
EUR
649,993
EUR
820,921
EUR
1,795
EUR
12,206
EUR
26
EUR
9,711
EUR
9
USD
12
Credit Suisse
AUD
300
AUD
500
USD
2,000
USD
45,923
USD
21,771
USD
1,172
USD
2,425
USD
USD
USD
USD
USD
USD
USD
EUR
889,011 $
1,122,791
2,455
16,699
36
13,286
13
9
USD
USD
JPY
JPY
AUD
JPY
JPY
268
445
200,000
4,593,000
23,200
120,000
250,000
Currency
Market
Value $U.S.

Settle
Date
894,112
1,129,233
2,469
16,790
36
13,359
13
12
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
268
446
1,899
43,625
20,698
1,140
2,374
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
Unrealised
Appreciation
$
5,101
6,442
14
91
73
1
101
2,298
1,073
32
51
Total
15,277
Fully Funded Equity Swaps at 31 December 2013

Notional
Counterparty Amount
Return
Paid
by the Fund
Return
Received Termination
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
51,147
20,500
Fully Funded
Swap
SAIC Motor
Corp., Ltd.
1-Apr-14
47,882
Goldman Sachs
& Co.
Goldman Sachs
& Co.
Total
57,075
156,104

Notional
Counterparty Amount
Return
Paid
by the Fund
Return
Appreciation
by the Fund
Date
UBS Financial
Services, Inc.
11,300
1-month USD
LIBOR plus
50 basis points
China Pacific
Insurance
16,237
1-month
LIBOR plus
75 basis points
Moscow
Exchange
MICEX
Credit Suisse
Securities
(USA) LLC
3-Dec-14
15-Dec-15
2,189
471
Total
2,660
4,733,141
72
Notional
Counterparty Amount
Return
Paid
by the Fund
Return
(Depreciation)
by the Fund
Date
Morgan Stanley
& Co., Inc.
US federal
funds rate plus
1.85 basis
points
China
Construction
Bank Corp.
81,363
28-Apr-14
Total
(3,882)
(3,882)

Currency
Purchased
Citibank
EUR
3,574
EUR
4,371
USD
5,322
USD
4,193
Credit Suisse
AUD
1,500
AUD
1,000
AUD
500
JPY
250,000
JPY
100,000
USD
442
Currency
Sold
Currency
Market
Value $U.S.
Settle
Date
USD
USD
EUR
EUR
4,925 $
6,023
3,886
3,061
4,916
6,013
5,345
4,211
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
USD
USD
USD
USD
USD
AUD
1,396
908
454
2,424
954
500
1,338
892
446
2,375
950
447
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
Unrealised
(Depreciation)
$
(9)
(10)
(23)
(18)
(58)
(16)
(8)
(49)
(4)
(5)
Total
(200)
(4,082)
Janus Europe Fund

Percentage
of Net
Assets

Common Stock
97.8%
Advertising Agencies
64,418 WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
49,501 Moncler SpA . . . . . . . . . . . . . . . . . . . . . . . . 0.5
197,906 C&C Group PLC . . . . . . . . . . . . . . . . . . . . . 0.6
25,287 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . 1.4
37,261 Remy Cointreau S.A. . . . . . . . . . . . . . . . . . . 1.4
3.4
Brewery
16,497 Carlsberg A/S Class B. . . . . . . . . . . . . . . . . 0.9
33,531 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.7
16,075 Millicom International Cellular
S.A. (SDR). . . . . . . . . . . . . . . . . . . . . . . . . 0.8
123,559 Mobistar S.A. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
846,919 Vodafone Group PLC . . . . . . . . . . . . . . . . . . 1.6
3.5
355,911 Alent PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
79,937 K+S A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
2.2
Commercial Banks
441,488 HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . 2.3
94,963 TCS Group Holding PLC (GDR) . . . . . . . . . . 0.7
3.0
193,400 Banco Bilbao Vizcaya Argentaria S.A. . . . . . . 1.1
271,467 Banco Santander Central Hispand
S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
141,853 Standard Chartered PLC . . . . . . . . . . . . . . . . 1.5
5.6
62,248 BNP Paribas S.A. . . . . . . . . . . . . . . . . . . . . . 2.4
76,085 Deutsche Bank A.G. . . . . . . . . . . . . . . . . . . . 1.7
125,198 UBS A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
355,056 UniCredit SpA . . . . . . . . . . . . . . . . . . . . . . . 1.3
6.5
52,154 BHP Billiton PLC . . . . . . . . . . . . . . . . . . . . . 0.8
Electric Integrated
74,630 Fortum Oyj . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
62,169 GDF Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.5
Electric Products Equipment
12,066 Vossloh A.G. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Entertainment
93,557 SFX Entertainment, Inc. . . . . . . . . . . . . . . . . 0.5
Financial Services
281,416 Arrow Global Group PLC . . . . . . . . . . . . . . . 0.6
Food Catering
62,348 Compass Group PLC . . . . . . . . . . . . . . . . . . 0.5
52,503 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
52,297 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . 1.0
2.9
Food Retail
120,765 X5 Retail Group N.V. (GDR) . . . . . . . . . . . . . 1.0
Fair
Value
1,069,980
782,116
841,101
2,094,016
2,272,548
5,207,665
1,327,054
1,251,520
2,578,574
1,164,053
1,705,114
2,415,903
5,285,070
1,520,755
1,788,590
3,309,345
3,519,886
1,083,832
4,603,718
1,730,543
1,766,164
1,032,610
2,322,025
1,652,144
8,503,486
3,526,349
2,638,247
1,726,785
1,910,201
9,801,582
1,173,239
1,241,097
1,062,779
2,303,876
874,785
816,141
901,836
726,419
2,794,716
1,562,313
4,357,029
Percentage
of Net
Assets
Gambling Non-Hotel
195,634 Codere S.A. . . . . . . . . . . . . . . . . . . . . . . . . .
Gold Mining
55,010 Randgold Resources, Ltd. . . . . . . . . . . . . . . .
Hotels
85,377 Orascom Development
Holding A.G. . . . . . . . . . . . . . . . . . . . . . .
Hotels and Motels
47,631 Accor S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial Gases
11,620 Linde A.G. . . . . . . . . . . . . . . . . . . . . . . . . . .
49,140 Sensata Technologies Holding N.V.* . . . . . . .
Insurance
322,530 Partnership Assurance Group . . . . . . . . . . . .
Internet Gambling
1,465,309 Bwin.Party Digital Entertainment
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
142,282 ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . .
69,268 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . .
Machinery General Industrial
25,760 Feintool International Holding A.G. . . . . . . .
Medical Drugs
34,842 AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . .
133,484 GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . .
13,658 Novo Nordisk A/S Class B . . . . . . . . . . . . .
10,695 Roche Holding A.G. . . . . . . . . . . . . . . . . . . .
36,724 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49,472 Shire PLC . . . . . . . . . . . . . . . . . . . . . . . . . . .
106,099 Swedish Orphan Biovitrum A.B. . . . . . . . . . .
13,180 UCB S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .
151,201 Meda A.B. Class A . . . . . . . . . . . . . . . . . . .
Medical Products
18,316 Covidien PLC (U.S. Shares)* . . . . . . . . . . . .
Metal Diversified
446,633 Glencore Xstrata PLC . . . . . . . . . . . . . . . . . .
56,327 Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . .
Metal Iron
488,916 London Mining PLC . . . . . . . . . . . . . . . . . . .
Motion Pictures and Services
230,000 Leone Film Group SpA . . . . . . . . . . . . . . . . .
Oil Field Services
179,164 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . .
84,819 BG Group PLC . . . . . . . . . . . . . . . . . . . . . . .
62,946 Genel Energy PLC . . . . . . . . . . . . . . . . . . . .
603,587 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . .
199,748 Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . .
0.1%
Fair
Value
134,987
1.7
2,509,402
0.7
1,012,615
1.1
1,633,743
1.2
1,766,821
0.9
1,384,965
0.8
1,139,377
1.4
2,171,085
1.0
0.7
1.7
1,437,049
1,117,189
2,554,238
1.0
1,469,889
1.0
1.7
1.2
1.4
1.9
1.1
0.5
0.5
9.3
1,499,021
2,589,101
1,820,144
2,172,548
2,832,156
1,698,237
800,691
713,565
14,125,463
0.9
1,394,914
0.6
906,746
1.1
1.5
2.6
1,681,001
2,311,515
3,992,516
0.4
662,028
0.7
1,127,920
1.7
2,639,499
0.9
0.5
1.5
1.4
4.3
1,324,616
814,453
2,381,432
2,055,597
6,576,098

163,110 Royal Dutch Shell PLC Class A . . . . . . . . . 2.9
55,735 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
4.5
Pharmaceuticals
27,125 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 0.7
4,246,454
2,481,880
6,728,334
1,030,498
1,472,251
73
Janus Europe Fund

Percentage
of Net
Assets

375,524 Atrium European Real Estate, Ltd. . . . . . . . . 1.0%
103,407 Countrywide PLC . . . . . . . . . . . . . . . . . . . . . 0.5
1.5
1,614,409 Emlak Konut Gayrimenkul Yatirim
Ortakligi AS . . . . . . . . . . . . . . . . . . . . . . . 0.8
94,718 LEG Immobilien A.G. . . . . . . . . . . . . . . . . . . 2.6
3.4
Satellite Telecommunications
31,573 SES S.A. (FDR) . . . . . . . . . . . . . . . . . . . . . . . 0.5
Software
28,640 SAP A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
Steel Producers
131,549 ArcelorMittal . . . . . . . . . . . . . . . . . . . . . . . . 1.1
108,900 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . 1.3
2.4
Steel Pipe and Tubing
66,126 Vallourec S.A. . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Textile Apparel
14,498 LVMH Moet Hennessy Louis Vuitton
S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
Tobacco
119,061 Imperial Tobacco Group PLC . . . . . . . . . . . . 2.3
80,382 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 1.2
3.5
Transportation
10,567 Panalpina Welt A.G. . . . . . . . . . . . . . . . . . . . 0.9
339 AP Moeller-Maersk A/S Class B . . . . . . . . . 1.7
100,224 Globaltrans Investment PLC (GDR) . . . . . . . 0.8
49,168 Koninklijke Vopak N.V. . . . . . . . . . . . . . . . . 1.4
21,993 Kuehne + Nagel International A.G. . . . . . . . . 1.3
155,839 TNT Express N.V. . . . . . . . . . . . . . . . . . . . . . 0.7
3.4
55,772 DP World, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.5
Wireless Equipment
363,870 Telefonaktiebolaget L.M. Ericsson
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
Fair
Value
1,569,691
740,553
2,310,244
1,148,447
4,068,138
5,216,585
742,913
1,784,558
1,722,821
1,706,191
1,926,441
3,632,632
2,618,590
1,922,435
3,350,453
1,878,459
5,228,912
1,287,755
2,674,721
1,158,448
2,090,623
2,099,335
1,051,602
5,241,560
714,916
3,229,374
148,214,714
Contract Amount
Schedule of Purchased Options Call
3,000 Violin Memory, Inc., expires June
2014, exercise price USD 5 Call . . . . . . . . 0.2
182,122
Total Schedule of Purchased Options Call. . . . . . . . . . . . . . . . 0.2
182,122
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
182,122
Preferred Stock
1.8
13,884 Volkswagen A.G. . . . . . . . . . . . . . . . . . . . . . 1.8
2,834,419
2,834,419
74
Percentage
of Net
Assets
Warrant
0.1%
Fair
Value
91,313
Total Warrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
91,313
151,322,568
Adjustments from last traded to bid market prices . . . . . . . . . . (0.1)
(88,353)
151,234,215
* Part of this holding is pledged as collateral.
Currency
Purchased
Citibank
EUR
EUR
EUR
SEK
SEK
SEK
SEK
USD
USD
USD
USD
USD
Currency
Sold
Currency
Market
Value $U.S.
Settle
Date
Unrealised
Appreciation
23
37
54
41
Total
155
151,234,370
6
4,270
9
144
19,489
133
116
19
27,850
21
32,426
23
USD
USD
SEK
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
8 $
5,842
81
16
2,165
15
13
14
20,192
15
23,532
17
6
4,247
9
16
2,202
15
13
14
20,246
15
23,573
17
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14

Percentage
of Net
Assets
Contract Amount
Schedule of Written Options Puts

(64,000) Burberry Group PLC, expires January
2014, exercise price GBP 14.50 . . . . . . . . . %
(3,000) Violin Memory, Inc., expires June
2014, exercise price USD 2.50 . . . . . . . . (0.1)
Fair
Value
(21,224)
(77,400)
Total Schedule of Written Options Puts . . . . . . . . . . . . . . . . (0.1)
(98,624)
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)
(98,624)
Futures
(21) Dax Index Future . . . . . . . . . . . . . . . . . . . . (0.1)
Total Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)
(187,675)
(187,675)

Currency
Purchased
Citibank
USD
4,454,054
USD
135,065
USD
2,973
Currency
Sold
EUR
EUR
EUR
3,257,023 $
98,609
2,174
Currency
Market
Value $U.S.
3,237,971
98,188
2,161
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
(19,052)
(421)
(13)
Total
(19,486)
(305,785)
75

Percentage
of Net
Assets

Common Stock
95.8%
Biotechnology
24,754 Puma Biotechnology, Inc. . . . . . . . . . . . . . . . 1.4
64,129 Relypsa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
2.2
Commercial Services
98,826 HMS Holdings Corp. . . . . . . . . . . . . . . . . . . 1.2
Diagnostic Equipment
44,798 GenMark Diagnostics, Inc. . . . . . . . . . . . . . . 0.3
Diagnostic Kits
45,726 Quidel Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Dialysis Centres
28,219 DaVita Healthcare Partners, Inc. . . . . . . . . . . 0.9
Drug Delivery Systems
96,288 Nektar Therapeutics . . . . . . . . . . . . . . . . . . . 0.6
Heart Monitors
24,199 HeartWare International, Inc. . . . . . . . . . . . . 1.2
4,760 Mettler-Toledo International, Inc. . . . . . . . . . 0.6
21,243 Thermo Fisher Scientific, Inc.. . . . . . . . . . . . 1.3
33,297 Aegerion Pharmaceuticals, Inc. . . . . . . . . . . . 1.3
25,033 Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . 1.8
16,603 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 2.4
32,019 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.8
117,947 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . 4.6
58,574 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 1.6
12,243 Life Technologies Corp. . . . . . . . . . . . . . . . . 0.5
134,798 NPS Pharmaceuticals, Inc. . . . . . . . . . . . . . . 2.2
124,969 OvaScience, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6
77,951 PTC Therapeutics, Inc. . . . . . . . . . . . . . . . . . 0.7
5,877 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 0.9
39,640 Stemline Therapeutics, Inc. . . . . . . . . . . . . . 0.4
35,021 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 1.4
183,736 XOMA Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
21.9
Medical Drugs
64,625 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
67,405 Alkermes PLC. . . . . . . . . . . . . . . . . . . . . . . . 1.5
18,199 Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
52,738 AstraZeneca PLC (ADR) . . . . . . . . . . . . . . . . 1.7
19,088 Clovis Oncology, Inc. . . . . . . . . . . . . . . . . . . 0.6
41,790 Endo Health Solutions, Inc. . . . . . . . . . . . . . 1.5
39,969 Forest Laboratories, Inc. . . . . . . . . . . . . . . . . 1.3
87,093 GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . . 1.2
23,187 Insys Therapeutics, Inc. . . . . . . . . . . . . . . . . 0.5
180,466 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 1.1
26,344 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 1.8
44,400 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 2.2
57,445 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.9
11,550 Novo Nordisk A/S Class B . . . . . . . . . . . . . 1.1
78,449 Repros Therapeutics, Inc. . . . . . . . . . . . . . . . 0.8
16,790 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 2.4
17,607 Salix Pharmaceuticals, Ltd. . . . . . . . . . . . . . . 0.8
17,460 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
21,385 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 1.6
51,488 Strides Arcolab, Ltd. . . . . . . . . . . . . . . . . . . . 0.2
301,423 Swedish Orphan Biovitrum A.B. . . . . . . . . . . 1.7
33,680 UCB S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
Fair
Value
2,562,782
1,603,225
4,166,007
2,246,315
596,261
1,412,476
1,788,238
1,092,869
2,273,738
1,154,728
2,365,408
2,362,755
3,330,891
4,644,690
5,409,931
8,863,718
2,965,602
928,019
4,092,467
1,142,217
1,322,828
1,617,585
776,944
2,602,060
1,236,543
41,296,250
3,355,868
3,412,846
2,740,687
2,021,545
3,131,055
1,150,434
2,819,153
2,399,339
2,323,781
897,569
2,095,210
3,334,097
4,066,596
3,666,140
2,117,351
1,435,617
4,691,714
1,583,574
1,852,266
3,021,487
299,851
3,129,120
2,508,317
76
Percentage
of Net
Assets
36,469 Valeant Pharmaceuticals International,

Inc. (U.S. Shares) . . . . . . . . . . . . . . . . . . . 2.2%
68,584 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
34.3
15,337 Actavis PLC . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
35,455 Mylan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
19,514 Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . 1.5
10,753 Pharmstandard OJSC (GDR). . . . . . . . . . . . . 0.1
3.8
Medical HMO
85,036 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1
Medical Hospitals
142,430 NMC Health PLC . . . . . . . . . . . . . . . . . . . . . 0.5
281,200 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 0.4
1.5
Medical Imaging Systems
64,081 Novadaq Technologies, Inc. . . . . . . . . . . . . . 0.6
Medical Information Systems
14,754 athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . 1.1
Medical Instruments
76,544 Endologix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7
25,533 St. Jude Medical, Inc. . . . . . . . . . . . . . . . . . . 0.8
1.5
Medical Products
33,216 Covidien PLC (U.S. Shares) . . . . . . . . . . . . . 1.2
18,437 Henry Schein, Inc. . . . . . . . . . . . . . . . . . . . . 1.1
21,414 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
27,458 Varian Medical Systems, Inc. . . . . . . . . . . . . 1.1
4.3
Pharmaceuticals
64,716 ACADIA Pharmaceuaticals, Inc. . . . . . . . . . . 0.9
42,889 Conatus Pharmaceuticals, Inc. . . . . . . . . . . . 0.1
133,426 Dyax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
83,739 Lipocine, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
76,958 Neurocrine Biosciences, Inc.. . . . . . . . . . . . . 0.4
2.3
Pharmacy Services
52,288 Catamaran Corp. (U.S. Shares) . . . . . . . . . . . 1.3
84,076 Express Scripts Holding Co. . . . . . . . . . . . . . 3.1
42,877 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.4
5.8
Physical Practice Management
25,913 MEDNAX, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7
REIT Health Care
22,726 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Soap and Cleaning Preparations
14,997 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.6
Therapeutics
31,442 BioMarin Pharmaceutical, Inc. . . . . . . . . . . . 1.2
25,410 Pharmacyclics, Inc.. . . . . . . . . . . . . . . . . . . . 1.3
27,312 Questcor Pharmaceuticals, Inc.. . . . . . . . . . . 0.8
22,155 Synageva BioPharma Corp.. . . . . . . . . . . . . . 0.8
4.1
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.8
Fair
Value
$
4,281,461
2,242,011
64,577,089
2,576,616
1,538,747
2,994,618
106,616
7,216,597
5,832,619
1,033,133
1,982,882
806,902
2,789,784
1,056,696
1,984,413
1,334,927
1,581,770
2,916,697
2,262,009
2,106,612
1,609,048
2,133,212
8,110,881
1,617,252
276,634
1,004,698
690,847
718,788
4,308,219
2,482,634
5,905,499
2,588,056
10,976,189
1,383,236
1,301,745
1,190,127
2,209,429
2,687,870
1,487,138
1,433,872
7,818,309
180,888,024
Percentage
of Net
Assets
Corporate Bonds
0.8%
1,123,000 InterMune, Inc., 2.5000%,
due 15/12/17 . . . . . . . . . . . . . . . . . . . . . . 0.8
Fair
Value
1,547,634
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1,547,634
182,435,658
(105,503)
$ 182,330,155
Currency
Purchased
Currency
Sold
Citibank
AUD
18 USD
16 $
AUD
43 USD
38
EUR
179,815 USD
245,937
EUR
2,361 USD
3,229
EUR
42,351,932 USD 57,925,713
EUR
13 USD
18
EUR
63 USD
87
EUR
35 USD
48
EUR
6,748 USD
9,229
EUR
31 USD
42
EUR
571,749 USD
783,124
EUR
797,533 USD 1,091,097
EUR
166 USD
227
EUR
5,760 USD
7,889
EUR
2,315 USD
3,171
USD
27 AUD
30
Credit Suisse
EUR
50,000 USD
68,605
HSBC
USD
815,434 CHF
727,000
USD
659,176 EUR
479,000
USD
777,167 CHF
690,000
Currency
Market
Value $U.S.
Settle
Date
Unrealised
Appreciation
16
38
247,348
3,248
58,258,049
18
87
48
9,282
42
786,480
1,097,063
228
7,923
3,185
27
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
1,411
19
332,336
53
3,356
5,966
1
34
14
68,779
9-Jan-14
174
815,320
16-Jan-14
114
658,901
773,825
16-Jan-14
16-Jan-14
275
3,342
Total
$ 182,677,250
347,095

Currency
Purchased
Citibank
AUD
3,455
EUR
469,804
EUR
779
USD
47,288
Credit Suisse
CHF
140,000
USD
609,914
USD
724,757
USD
55,772
USD
68,387
HSBC
USD
813,507
Currency
Sold
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
USD
USD
USD
EUR
3,079 $
647,372
1,074
34,565
3,078
646,249
1,072
47,547
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
(1)
(1,123)
(2)
(259)
USD
EUR
CHF
CHF
EUR
157,086
451,000
660,000
50,000
50,000
156,998
620,386
740,131
56,070
68,779
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
(88)
(10,472)
(15,374)
(298)
(392)
EUR
593,000
815,717
16-Jan-14
(2,210)
Total
(30,219)
(30,219)
77

Percentage
of Net
Assets

98.0%
Common Stock
3,257 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Airlines
12,440 United Continental Holdings, Inc. . . . . . . . . 1.1
Apparel
1,513 CIE Financiere de Richemont S.A. . . . . . . . . 0.3
19,100 Prada SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,511 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Athletic Footwear
3,239 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . . 0.6
1,288 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 0.7
28,000 Isuzu Motors, Ltd. . . . . . . . . . . . . . . . . . . . . 0.4
8,362 Maruti Suzuki India, Ltd. . . . . . . . . . . . . . . . 0.5
1.6
Automotive Parts and Equipment
22,000 NGK Spark Plug Co., Ltd. . . . . . . . . . . . . . . 1.2
3,620 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
3,496 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . 0.9
Brewery
8,118 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 1.0
6,290 Comcast Corp. Class A . . . . . . . . . . . . . . . 0.7
991 Liberty Global PLC . . . . . . . . . . . . . . . . . . . . 0.2
2,315 Liberty Global PLC Class A . . . . . . . . . . . . 0.5
964 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.3
1.7
7,279 T-Mobile U.S., Inc. . . . . . . . . . . . . . . . . . . . . 0.6
1.1
45,990 Alent PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
3,602 LyondellBasell Industries N.V.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.3
Commercial Banks
43,686 HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . 1.1
76,500 Seven Bank, Ltd.. . . . . . . . . . . . . . . . . . . . . . 0.7
1.8
379,000 China Construction Bank Corp. . . . . . . . . . . 0.7
5,342 Qatar National Bank SAQ . . . . . . . . . . . . . . . 0.6
2.4
564 MasterCard, Inc. Class A . . . . . . . . . . . . . . 1.1
1,439 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Computers
1,216 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
Computers Integrated Systems
1,788 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.2
Consulting Services
4,454 Verisk Analytics, Inc. Class A . . . . . . . . . . . 0.7
Fair
Value
379,603
470,605
150,655
169,964
115,320
254,715
288,678
173,920
238,474
701,072
520,278
300,243
398,241
416,805
326,860
83,561
206,012
130,622
747,055
244,865
213,702
458,567
270,317
289,169
559,486
479,120
298,618
777,738
285,937
252,341
348,127
148,891
1,035,296
471,199
125,481
682,310
81,336
292,717
78
Percentage
of Net
Assets

67,800 Samsonite International S.A.. . . . . . . . . . . . .
8,013 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . .
7,378 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . .
5,616 BNP Paribas S.A. . . . . . . . . . . . . . . . . . . . . .
7,951 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . .
8,055 Deutsche Bank A.G. . . . . . . . . . . . . . . . . . . .
7,402 JPMorgan Chase & Co.. . . . . . . . . . . . . . . . .
20,548 UBS A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
$
206,356
0.8
357,139
1.1
481,119
1.0
1.0
0.9
1.0
0.9
4.8
437,641
414,327
384,215
432,868
389,855
2,058,906
3,514 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.6
2,640 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.2
E-Commerce/Products
550 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.5
4,680 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
19,000 Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.7
E-Commerce/Services
185 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.5
Partners L.P. . . . . . . . . . . . . . . . . . . . . . . . 1.1
17,524 ARM Holdings PLC (ADR) . . . . . . . . . . . . . . 0.8
17,699 ON Semiconductor Corp.. . . . . . . . . . . . . . . 0.3
109 Samsung Electronics Co., Ltd. . . . . . . . . . . . 0.3
1.4
2,899 Amphenol Corp. Class A . . . . . . . . . . . . . . 0.6
1,640 Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.6
Electronic Security Devices
4,569 Tyco International, Ltd. (U.S. Shares) . . . . . . 0.4
Enterprise Software/Services
4,515 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Finance Credit Card
1,415 Visa, Inc. Class A . . . . . . . . . . . . . . . . . . . . 0.7
1.5
Finance Other Services
1,037 IntercontinentalExchange
Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Food Confectionery
4,666 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
5,916 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Food Retail
6,232 Shoprite Holdings, Ltd. . . . . . . . . . . . . . . . . 0.2
6,711 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.9
1.1
Hotels and Motels
38,000 Shangri-La Asia, Ltd. . . . . . . . . . . . . . . . . . . 0.2
7,982 Sensata Technologies Holding N.V. . . . . . . . . 0.7
271,280
254,866
526,146
219,335
256,885
282,230
758,450
215,044
470,130
239,949
318,869
145,840
141,725
606,434
258,533
700,921
187,512
172,744
349,311
315,092
664,403
233,242
453,675
433,186
97,804
388,097
485,901
74,099
309,462
Percentage
of Net
Assets

7,800 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.2%
5,909 Youku Tudou, Inc. (ADR) . . . . . . . . . . . . . . . 0.4
0.6
Internet Gambling
63,679 Bwin.Party Digital Entertainment
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
4,252 T. Rowe Price Group, Inc.. . . . . . . . . . . . . . . 0.8
159,400 AIA Group, Ltd. (ADR). . . . . . . . . . . . . . . . . 1.8
21,288 ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . 0.7
19,294 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 1.0
3.5
2,060 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.8
2.9
Medical Drugs
3,832 Alkermes PLC. . . . . . . . . . . . . . . . . . . . . . . . 0.4
5,829 AstraZeneca PLC (ADR) . . . . . . . . . . . . . . . . 0.8
3,995 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6
1,393 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 0.9
6,349 Shire PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
2,395 Valeant Pharmaceuticals
International, Inc. (U.S. Shares) . . . . . . . . 0.6
9,732 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
7.0
Medical HMO
4,004 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Metal Processors and Fabricators
1,007 Precision Castparts Corp. . . . . . . . . . . . . . . . 0.6
Multimedia
9,699 Twenty-First Century Fox, Inc. . . . . . . . . . . . 0.8
3,234 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.6
1.4
Oil Field Services
1,412 Core Laboratories N.V. . . . . . . . . . . . . . . . . . 0.6
21,088 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.6
3,108 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.6
4,344 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 0.8
9,853 Cobalt International Energy, Inc. . . . . . . . . . 0.4
2,841 EOG Resources, Inc.. . . . . . . . . . . . . . . . . . . 1.1
7,679 Genel Energy PLC . . . . . . . . . . . . . . . . . . . . 0.3
6,326 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 1.0
51,517 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . . 0.6
18,779 Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . . 0.6
4.8
5,849 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
7,104 Royal Dutch Shell PLC (ADR). . . . . . . . . . . . 1.2
2.2
Oil Field Machinery and Equipment
4,145 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.8
5,563 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . 0.6
Fair
Value
$
72,007
179,043
251,050
129,788
356,190
799,674
295,766
428,064
1,523,504
267,184
348,058
439,478
220,565
1,275,285
232,126
155,809
346,068
296,622
254,006
254,961
389,254
299,803
215,606
281,173
318,139
3,043,567
274,634
271,185
341,210
247,078
588,288
269,621
427,365
696,986
261,321
344,566
162,082
476,833
136,677
430,864
279,603
265,840
2,096,465
451,133
506,302
957,435
329,652
280,375
Percentage
of Net
Assets
Pharmacy Services
5,441 Express Scripts Holding Co. . . . . . . . . . . . . . 0.9%
5,078 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.6
3,428 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . 0.8
10,000 Mitsubishi Estate Co., Ltd. . . . . . . . . . . . . . . 0.7
1.5
7,952 Brookfield Asset Management, Inc.
Class A (U.S. Shares). . . . . . . . . . . . . . . . . 0.8
252,000 Shun Tak Holdings, Ltd.. . . . . . . . . . . . . . . . 0.3
1.1
REIT Diversified
3,550 American Tower Corp. . . . . . . . . . . . . . . . . . 0.7
10,465 Lexington Realty Trust . . . . . . . . . . . . . . . . . 0.2
0.9
REIT Health Care
2,389 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
REIT Regional Malls
1,533 Simon Property Group, Inc. . . . . . . . . . . . . . 0.5
4,988 Lowe's Cos., Inc. . . . . . . . . . . . . . . . . . . . . . 0.6
Retail Discount
1,898 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 0.5
Retail Jewellery
78,000 Chow Tai Fook Jewellery Group, Ltd.. . . . . . 0.3
2,362 Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.8
2,230 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . 0.3
Retail Pet Food and Supplies
2,521 PetSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
24,393 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
84,000 Taiwan Semiconductor Manufacturing
Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.1
Steel Producers
10,351 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . 0.6
Steel Pipe and Tubing
3,588 Vallourec S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
7,300 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Telecommunication Equipment
8,863 CommScope Holding Co., Inc. . . . . . . . . . . . 0.4
8,760 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . . 0.8
200,000 Tower Bersama Infrastructure
Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.0
Television
3,437 CBS Corp. Class B . . . . . . . . . . . . . . . . . . . 0.5
Tobacco
12,314 Imperial Tobacco Group PLC . . . . . . . . . . . . 1.1
12,300 Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . 0.9
2.0
Toys
4,683 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,400 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.4
0.9
Transactional Software
2,657 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
$
382,176
306,508
688,684
350,993
298,699
649,692
308,777
148,197
456,974
283,361
106,848
390,209
136,842
233,261
247,155
225,881
116,286
219,146
335,432
129,964
183,403
190,997
297,382
488,379
251,885
195,452
294,920
167,688
361,263
95,398
456,661
219,074
476,678
399,525
876,203
222,817
186,286
409,103
188,009
79

Percentage
of Net
Assets
Transportation
1,447 Panalpina Welt A.G. . . . . . . . . . . . . . . . . . . .
76 AP Moeller-Maersk A/S Class B . . . . . . . . .
6,304 Canadian Pacific Railway, Ltd.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . .
1,262 Kansas City Southern . . . . . . . . . . . . . . . . . .
0.6%
Fair
Value
$
242,573
1.9
824,868
2.2
0.4
2.6
953,525
156,273
1,109,798
10,479 Koninklijke Vopak N.V. . . . . . . . . . . . . . . . . 1.4
1.8
518 Google, Inc. Class A . . . . . . . . . . . . . . . . . 1.3
Wireless Equipment
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.2
580,528
42,644,898
612,922
183,305
796,227
193,928
Currency
Purchased
Citibank
EUR
1,332
EUR
7,668
EUR
207,207
EUR
214,429
EUR
1,231,705
EUR
2,569
EUR
2,600
EUR
13,808
EUR
1,438
USD
8,474
13,201
$ 42,979,275

Currency
Purchased
344,296
42,989,194
$ 42,966,074
80
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
344,296
1,833
10,548
285,028
294,963
1,694,297
3,533
3,576
18,993
1,978
8,451
Unrealised
Appreciation
Total
Citibank
EUR
EUR
EUR
(23,120)
1,825 $
10,503
283,402
293,279
1,684,631
3,514
3,557
18,890
1,970
6,144
Settle
Date
8
45
1,626
1,684
9,666
19
19
103
8
23
334,343
528,271
(0.1)
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
Currency
Market
Value $U.S.
Preferred Stock
0.8
1,226 Volkswagen A.G., % . . . . . . . . . . . . . . . . . . . 0.8
Adjustments from last traded to bid market prices . . . . . . . .
Currency
Sold
1,905
10,804
1,911
Currency
Sold
USD
USD
USD
2,625 $
14,888
2,633
Currency
Market
Value $U.S.
2,620
14,862
2,628
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(5)
(26)
(5)
Total
(36)
(36)

Percentage
of Net
Assets

Common Stock
97.0%
Advertising Services
6,521 Marin Software, Inc. . . . . . . . . . . . . . . . . . . . 0.1
10,746 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
20,424 RealPage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
12,506 Red Hat, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
7,310 Salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 0.5
3.1
12,457 T-Mobile U.S., Inc. . . . . . . . . . . . . . . . . . . . . 0.5
Commercial Services
2,593 Corporate Executive Board Co.. . . . . . . . . . . 0.3
2,488 MasterCard, Inc. Class A . . . . . . . . . . . . . . 2.6
14,134 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
Computer Services
6,197 Cognizant Technology Solutions
Corp. Class A . . . . . . . . . . . . . . . . . . . . . 0.8
Computer Software
15,724 Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8
5,578 Cornerstone OnDemand, Inc. . . . . . . . . . . . 0.4
16,140 SS&C Technologies Holdings, Inc. . . . . . . . . 0.8
2.0
Computers
12,293 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9
8,803 Jack Henry & Associates, Inc.. . . . . . . . . . . . 0.7
14,076 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.5
Computers Peripheral Equipment
1,723 Stratasys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Consulting Services
9,087 Gartner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.6
816 W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . 0.3
49,200 BM&F Bovespa S.A. . . . . . . . . . . . . . . . . . . . 0.3
E-Commerce/Products
3,529 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.8
33,074 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
5,461 MercadoLibre, Inc. . . . . . . . . . . . . . . . . . . . . 0.8
65,600 Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
6.1
E-Commerce/Services
15,008 ChannelAdvisor Corp. . . . . . . . . . . . . . . . . . 0.8
10,923 Ctrip.com International, Ltd. (ADR) . . . . . . . 0.7
699 Netflix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,431 QIWI PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.5
6,126 Zillow, Inc. Class A . . . . . . . . . . . . . . . . . . 0.6
3.8
22,743 Freescale Semiconductor, Ltd. . . . . . . . . . . . 0.5
25,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5
99,845 ON Semiconductor Corp.. . . . . . . . . . . . . . . 1.0
Fair
Value
66,775
820,135
477,513
700,836
403,439
2,401,923
419,053
200,776
2,078,625
1,232,485
625,773
592,009
297,531
714,356
1,603,896
6,897,724
521,226
640,317
1,161,543
232,088
645,631
607,450
1,253,081
208,423
230,680
1,407,330
1,815,432
588,641
974,437
4,785,840
625,984
541,999
257,351
681,166
360,136
500,678
2,967,314
2,360,141
2,033,984
365,025
372,063
822,723
Percentage
of Net
Assets
205 Samsung Electronics Co., Ltd. . . . . . . . . . . . 0.3%

13,387 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
5.7
Electronic Design Automation
81,666 Cadence Design Systems, Inc. . . . . . . . . . . . 1.4
9,253 Synopsys, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.9
300 Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.2
68,302 National Instruments Corp. . . . . . . . . . . . . . 2.8
3.0
Electronics Military
11,235 Ultra Electronics Holdings PLC . . . . . . . . . . 0.5
9,080 Advent Software, Inc. . . . . . . . . . . . . . . . . . . 0.4
18,327 Informatica Corp. . . . . . . . . . . . . . . . . . . . . . 1.0
100,931 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 4.9
9,136 PROS Holdings, Inc.. . . . . . . . . . . . . . . . . . . 0.5
4,208 Workday, Inc. Class A . . . . . . . . . . . . . . . . 0.4
7.2
Entertainment
Finance Credit Card
5,140 Discover Financial Services. . . . . . . . . . . . . . 0.4
2.0
Food Retail
Industrial Automation and Robotics
9,400 FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.2
Internet Applications Software
10,900 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 0.9
31,700 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.4
2,231 Shutterstock, Inc. . . . . . . . . . . . . . . . . . . . . . 0.2
21,745 Youku Tudou, Inc. (ADR) . . . . . . . . . . . . . . . 0.9
1.5
Internet Content Information/News
1,133 LinkedIn Corp. Class A . . . . . . . . . . . . . . . 0.3
4,267 Qunar Cayman Islands, Ltd. (ADR) . . . . . . . 0.1
6,089 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
3,063 Yelp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.2
Internet Gambling
234,324 Bwin.Party Digital Entertainment
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Internet Infrastructure Software
31,770 TIBCO Software, Inc. . . . . . . . . . . . . . . . . . . 0.9
Media
16,689 News Corp. Class A . . . . . . . . . . . . . . . . . . 0.4
Multimedia
8,970 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.9
1.7
Fair
Value
$
266,547
614,731
4,475,073
3,015,175
1,144,958
375,394
1,520,352
128,217
2,187,030
2,315,247
162,207
358,643
317,709
760,571
3,861,620
364,526
349,937
5,654,363
327,228
1,252,346
287,583
1,539,929
76,162
1,718,587
743,880
695,274
292,643
186,579
658,873
1,138,095
245,668
113,204
387,565
211,194
957,631
477,591
714,190
300,736
777,545
615,122
685,308
1,300,430
81

Percentage
of Net
Assets
REIT Diversified
17,175 American Tower Corp. . . . . . . . . . . . . . . . . .
5,881 Zulily, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
153,447 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
24,528 Cypress Semiconductor Corp. . . . . . . . . . . .
10,670 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . .
386,000 Taiwan Semiconductor
Manufacturing Co., Ltd. . . . . . . . . . . . . . .
1.7%
Fair
Value
$
1,370,909
0.3
243,650
1.5
0.3
1.0
1,201,490
257,544
792,248
1.8
4.6
1,366,541
3,617,823
8,455 Aveva Group PLC . . . . . . . . . . . . . . . . . . . . . 0.4

14,397 NICE Systems, Ltd. (ADR) . . . . . . . . . . . . . . 0.8
1.3
703,500 Tower Bersama Infrastructure
Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
2.7
Toys
5,350 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.9
6,296 Google, Inc. Class A . . . . . . . . . . . . . . . . . 8.9
12,320 Yandex N.V. Class A. . . . . . . . . . . . . . . . . . 0.7
9.6
Wireless Equipment
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
302,937
Software
423,486
589,701
1,013,187
1,791,754
335,564
2,127,318
711,876
653,186
7,055,991
531,608
7,587,599
1,414,886
76,037,849
Contract Amount
Schedule of Purchased Options Calls
45 Quallcomm, Inc. Call, expires
April 2014, exercise price
USD 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Whole Foods Market Call,
expires May 2014, exercise price
USD 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Currency
Sold
Citibank
EUR
4,719,876 USD
EUR
11,577,011 USD
EUR
44 USD
EUR
70,233 USD
EUR
239,111 USD
EUR
26 USD
EUR
51,873 USD
EUR
120,805 USD
EUR
2,309 USD
Credit Suisse
USD
426,936 JPY
USD
335,966 JPY
USD
57,238 JPY
HSBC
USD
719,257 JPY
USD
604,133 JPY
USD
512,083 JPY
USD
239,605 JPY
6,455,484 $
15,834,145
60
96,085
327,126
35
71,050
165,467
3,158
Currency
Market
Value $U.S.
Settle
Date
Unrealised
Appreciation
6,492,522
15,924,991
60
96,610
328,915
35
71,354
166,176
3,176
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
42,700,000
35,000,000
6,000,000
405,569
332,433
56,988
9-Jan-14
9-Jan-14
9-Jan-14
21,367
3,533
250
74,100,000
703,833
16-Jan-14
15,424
62,300,000
591,772
23-Jan-14
12,361
52,700,000
25,000,000
500,567
237,460
16-Jan-14
16-Jan-14
11,516
2,145
25,658
37,038
90,846
525
1,789
304
709
18
Total
$ 76,225,532
197,825

Percentage
of Net
Assets
Contract Amount

(45) Qualcomm, Inc. Put, expires
April 2014, exercise price
USD 62.50 . . . . . . . . . . . . . . . . . . . . . . . . . %
(10) Whole Foods Market Put, expires
May 2014, exercise price
USD 55 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,909)
(2,685)
Total Schedule of Written Options Puts . . . . . . . . . . . . . . . . . .
(4,594)
$
(4,594)
2,823
Total Schedule of Purchased Options Calls . . . . . . . . . . . . . . . .
28,481
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28,481
76,066,330
Adjustments from last traded to bid market prices . . . . . . . . . . .
(38,623)
$ 76,027,707
82
Currency
Purchased

Currency
Purchased
Currency
Sold
Citibank
EUR
450,442 USD
Credit Suisse
USD
53,148 GBP
USD
97,692 GBP
HSBC
USD
179,928 GBP
USD
82,058 GBP
USD
135,034 GBP
USD
191,321 GBP
620,692 $
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
619,615
29-Jan-14
(1,077)
33,000
60,000
54,635
99,336
9-Jan-14
9-Jan-14
(1,487)
(1,644)
110,000
182,107
16-Jan-14
(2,179)
50,000
83,000
82,772
137,402
23-Jan-14
23-Jan-14
(714)
(2,368)
117,000
193,696
16-Jan-14
(2,375)
Total
(11,844)
(16,438)
Janus US Fund
Percentage
of Net
Assets

Common Stock
91.9%
285 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 2.2
413 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
112 Salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 0.4
2.5
Athletic Footwear
225 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . . 1.2
395 Diageo PLC (ADR) . . . . . . . . . . . . . . . . . . . . 0.9
147 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . 1.1
2.0
Brewery
493 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 1.7
367 T-Mobile U.S., Inc. . . . . . . . . . . . . . . . . . . . . 0.8
104 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Computers
142 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3
357 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1
Consulting Services
271 Verisk Analytics, Inc. Class A . . . . . . . . . . . 1.2
510 Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
305 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 1.3
107 W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . 1.7
167 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
325 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.7
2.4
E-Commerce/Products
396 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
500 Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.9
E-Commerce/Services
95 Ctrip.com International, Ltd. (ADR) . . . . . . . 0.3
0.8
265 Brookfield Infrastructure
Partners L.P. . . . . . . . . . . . . . . . . . . . . . . . 0.7
225 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 0.8
759 ARM Holdings PLC (ADR) . . . . . . . . . . . . . . 0.9
368 Amphenol Corp. Class A . . . . . . . . . . . . . . 2.2
328 Tyco International, Ltd. (U.S. Shares) . . . . . . . 0.9
Fair
Value
33,217
31,520
6,181
37,701
17,694
13,080
16,745
29,825
25,312
12,346
30,077
9,069
79,678
16,240
17,810
26,347
19,889
27,329
10,636
25,090
35,726
21,737
7,427
29,164
4,714
6,974
11,688
10,393
12,400
13,811
32,818
22,895
13,461
Percentage
of Net
Assets
252 Informatica Corp. . . . . . . . . . . . . . . . . . . . . . 0.7%
248 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.3
Finance Credit Card
103 Visa, Inc. Class A . . . . . . . . . . . . . . . . . . . . 1.4
Food Retail
350 Whole Foods Market, Inc. . . . . . . . . . . . . . . 1.3
560 Sensata Technologies Holding N.V. . . . . . . . . 1.4
46 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
64 T. Rowe Price Group, Inc.. . . . . . . . . . . . . . . 0.4
1,400 AIA Group, Ltd. (ADR). . . . . . . . . . . . . . . . . 0.5
84 Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . 0.7
53 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.0
121 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.4
578 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . 2.8
5.9
Medical Drugs
292 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
66 Endo Health Holdings, Inc. . . . . . . . . . . . . . 0.3
187 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8
50 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.5
105 Valeant Pharmaceuticals
International, Inc. (U.S. Shares) . . . . . . . . 0.8
361 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
4.2
147 Perrigo Co., PLC. . . . . . . . . . . . . . . . . . . . . . 1.5
Medical HMO
159 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
52 athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5
99 Precision Castparts Corp. . . . . . . . . . . . . . . . 1.8
Multimedia
693 Twenty-First Century Fox, Inc. . . . . . . . . . . . 1.6
214 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.1
2.7
83 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.5
78 Antero Resources Corp. . . . . . . . . . . . . . . . . 0.3
76 EOG Resources, Inc.. . . . . . . . . . . . . . . . . . . 0.8
246 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 1.2
2.3
146 Dresser-Rand Group, Inc. . . . . . . . . . . . . . . . 0.6
Pharmacy Services
312 Express Scripts Holding Co. . . . . . . . . . . . . . 1.5
Pipelines
223 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . 0.5
222 CBRE Group, Inc. Class A . . . . . . . . . . . . . 0.4
REIT Diversified
188 American Tower Corp. . . . . . . . . . . . . . . . . . 1.0
REIT Health Care
126 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
$
10,458
9,488
19,946
22,937
20,241
21,711
2,928
5,361
7,023
11,177
14,827
20,444
43,436
89,884
15,420
4,452
11,934
7,065
12,327
11,801
62,999
22,559
10,906
6,994
26,661
24,379
16,350
40,729
6,979
4,948
12,756
16,755
34,459
8,706
21,915
8,028
5,839
15,006
7,217
83
Janus US Fund
Percentage
of Net
Assets
Retail Apparel and Shoe

418 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Retail Auto Parts
6 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . .
Retail Discount
153 Costco Wholesale Corp. . . . . . . . . . . . . . . . .
Retail Diversified
690 Sally Beauty Holdings, Inc. . . . . . . . . . . . . . .
356 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . .
75 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . .
Retail Perfume and Cosmetics
109 Ulta Salon Cosmetics & Fragrance,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
187 PetSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
230 Dunkin Brands Group, Inc. . . . . . . . . . . . . .
204 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . .
1.7%
Fair
Value
$
Currency
Purchased
25,853
0.2
2,868
1.2
18,209
1.4
20,859
1.5
22,688
0.3
4,371
0.7
10,521
0.9
13,604
0.7
1.1
1.8
11,086
15,991
27,077

899 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
71 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 0.3
0.8
92 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . . 0.3
Television
185 CBS Corp. Class B . . . . . . . . . . . . . . . . . . . 0.8
Toys
277 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
162 Canadian Pacific Railway, Ltd.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 1.6
254 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 2.9
4.5
31 FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
73 Google, Inc. Class A . . . . . . . . . . . . . . . . . 5.4
Wireless Equipment
165 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.7
7,039
5,272
12,311
3,794
11,792
13,180
24,514
42,671
67,185
4,457
3,593 $
3,484
1,729
1,747
290,215
294,761
JPY
JPY
JPY
JPY
JPY
JPY
USD
USD
USD
Unrealised
Appreciation
3,613
3,503
1,736
1,754
291,880
296,453
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
20
19
7
7
1,665
1,692
8,000
18,000
20,000
40,000
30,000
644,000
76
171
190
380
285
6,117
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
1
6
13
15
322
7,535
3,415
2,063
7,566
3,439
2,064
16-Jan-14
16-Jan-14
16-Jan-14
31
24
1
Total
3,823
1,391,690
Percentage
of Net
Assets
Contract Amount
Schedule of Written Option Put

(4) Oracle Corp. 21/3/2014,
expires March 2014,
exercise price USD 31 . . . . . . . . . . . . . . . . . %
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
(51)
11,138
1,385,636
1,810
734
Total Schedule of Purchased Options Calls . . . . . . . . . . . . . . . 0.2
2,544
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,544
1,388,180
(313)
$
1,387,867
(51)
$
(51)
81,811
Contract Amount
Schedule of Purchased Options Calls
4 Oracle Corp., expires March 2014,
exercise price USD 34 . . . . . . . . . . . . . . . . 0.2
2 Oracle Corp., expires March 2014,
exercise price USD 35 . . . . . . . . . . . . . . . . .
84
USD
USD
USD
USD
USD
USD
Settle
Date
Total Schedule of Written Option Put . . . . . . . . . . . . . . . . . . . .
Citibank
EUR
2,626
EUR
2,547
EUR
1,262
EUR
1,275
EUR
212,189
EUR
215,513
Credit Suisse
USD
76
USD
172
USD
196
USD
393
USD
300
USD
6,439
HSBC
EUR
5,500
EUR
2,500
EUR
1,500
Currency
Market
Value $U.S.
Currency
Sold
Currency
Purchased
Currency
Market
Value $U.S.
Currency
Sold
Citibank
EUR
1,189 USD
EUR
1,164 USD
Credit Suisse
JPY
10,000 USD
JPY
10,000 USD
HSBC
EUR
200 USD
USD
41,874 GBP
USD
23,048 EUR
USD
2,856 EUR
1,639 $
1,604
Settle
Date
Unrealised
(Depreciation)
1,636
1,601
29-Jan-14
29-Jan-14
(3)
(3)
97
97
95
95
9-Jan-14
9-Jan-14
(2)
(2)
276
25,600
16,801
275
42,381
23,111
16-Jan-14
16-Jan-14
16-Jan-14
(1)
(507)
(63)
2,080
2,861
23-Jan-14
(5)
Total
(586)
(637)

Percentage
of Net
Assets

Common Stock
97.9%
21,317 Omnicom Group, Inc. . . . . . . . . . . . . . . . . . 2.0
45,124 Potash Corp. of Saskatchewan, Inc.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 1.8
18,977 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
47,456 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 2.2
4.0
Computers
8,081 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7
Computers Memory Devices
83,205 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6
Consulting Services
14,604 Gartner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
3.5
Decision Support Software
27,304 MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
E-Commerce/Products
9,150 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 4.5
37,732 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6
7.1
70,191 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0
47,902 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 2.3
19,094 LPL Financial Holdings, Inc. . . . . . . . . . . . . 1.1
Footwear and Related Apparel
21,547 Wolverine World Wide, Inc. . . . . . . . . . . . . . 0.9
Health Care
6,558 Premier, Inc. Class A . . . . . . . . . . . . . . . . . 0.3
23,725 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 5.0
Medical Drugs
56,589 GlaxoSmithKline PLC (ADR) . . . . . . . . . . . . 3.8
36,711 Sanofi (ADR) . . . . . . . . . . . . . . . . . . . . . . . . 2.4
7.6
Medical Products
52,052 Varian Medical Systems, Inc. . . . . . . . . . . . . 5.0
Multimedia
7,874 FactSet Research Systems, Inc. . . . . . . . . . . . 1.1
45,127 Dresser-Rand Group, Inc. . . . . . . . . . . . . . . . 3.3
Patient Monitoring Equipment
35,435 Masimo Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.3
Retail-Catalog Shopping
22,744 MSC Industrial Direct Co., Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
Fair
Value
1,585,345
1,487,287
1,448,325
1,776,278
3,224,603
2,024,320
4,534,329
2,092,606
1,037,614
1,753,015
2,790,629
1,193,731
3,648,929
2,071,109
5,720,038
Percentage
of Net
Assets

127,351 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
Semiconductor Equipment
27,802 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . .
37,998 Amdocs, Ltd. (U.S. Shares) . . . . . . . . . . . . . .
58,831 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . .
33,655 C.H. Robinson Worldwide, Inc. . . . . . . . . . .
67,287 Expeditors International of
Washington, Inc.. . . . . . . . . . . . . . . . . . . .
1.2%
Fair
Value
$
997,158
2.2
1,792,117
1.9
1,567,038
5.2
4,162,881
2.4
1,963,433
3.7
6.1
2,977,449
4,940,882

Wireless Equipment
14,293 Crown Castle International Corp. . . . . . . . . . 1.3
2.5
1,049,535
978,885
2,028,420
78,779,489
78,779,489
3,489,891
(36,772)
$ 78,742,717
2,152,982
3,223,171
1,832,731
897,991
731,736
241,072
4,075,968
4,008,576
1,108,695
3,021,287
1,968,811
6,098,793
1,420,320
4,043,920
854,959
2,690,923
1,035,765
1,839,307
85

Currency
Purchased
Currency
Market
Value $U.S.
Currency
Sold
Citibank
EUR
13,443,658
EUR
32,996
EUR
53,102
EUR
2,296
EUR
250
EUR
406
EUR
18
EUR
261,427
EUR
471
EUR
761
EUR
33
EUR
13
EUR
177
USD 18,387,200 $
USD
45,130
USD
72,629
USD
3,140
USD
343
USD
556
USD
24
USD
357,655
USD
645
USD
1,041
USD
45
USD
18
USD
244
18,492,693
45,389
73,046
3,158
344
558
24
359,610
649
1,047
45
18
244
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
105,493
259
417
18
1
2
1,955
4
6
Total
108,155
$ 78,850,872

Currency
Purchased
Citibank
EUR
Currency
Market
Value $U.S.
Currency
Sold
301
USD
415 $
414
Settle
Date
29-Jan-14
Unrealised
(Depreciation)
$
(1)
Total
(1)
(1)
86

Percentage
of Net
Assets

Common Stock
98.2%
22,740 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 1.5
Airlines
59,312 United Continental Holdings, Inc. . . . . . . . . 1.3
18,286 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Athletic Footwear
19,247 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . . 0.8
Banks
49,151 PacWest Bancorp. . . . . . . . . . . . . . . . . . . . . . 1.1
16,229 Monster Beverage Corp. . . . . . . . . . . . . . . . . 0.6
20,228 Brown-Forman Corp. Class B . . . . . . . . . . 0.8
5,146 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.4
1.3
Casino Hotels
37,990 MGM Resorts International . . . . . . . . . . . . . 0.5
39,923 T-Mobile U.S., Inc. . . . . . . . . . . . . . . . . . . . . 0.7
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
3,512 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . 0.4
1.4
11,062 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Computers
10,159 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0
23,674 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.6
Consulting Services
15,285 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . 0.9
49,725 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.2
34,490 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 1.2
24,722 Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
48,488 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.4
50,617 JPMorgan Chase & Co.. . . . . . . . . . . . . . . . . 1.6
3.0
21,039 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
28,820 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.3
16,499 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
2.9
E-Commerce/Products
3,761 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.8
29,905 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1.7
E-Commerce/Services
1,160 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.7
Fair
Value
2,650,347
2,243,774
1,395,588
1,513,584
2,075,155
1,099,839
1,528,630
1,765,771
697,283
2,463,054
893,525
1,343,010
1,954,497
666,086
2,620,583
2,529,773
964,606
5,700,316
1,076,930
1,744,340
1,596,671
2,216,243
2,249,093
1,174,542
2,526,710
2,960,082
5,486,792
1,339,974
2,224,904
1,592,813
5,157,691
1,499,849
1,641,486
3,141,335
1,348,384
Percentage
of Net
Assets
53,490 Brookfield Infrastructure Partners L.P. . . . . . . .
37,596 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . .
49,525 ON Semiconductor Corp.. . . . . . . . . . . . . . .
19,932 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
16,449 Amphenol Corp. Class A . . . . . . . . . . . . . .
54,735 Cadence Design Systems, Inc. . . . . . . . . . . .
25,266 National Instruments Corp. . . . . . . . . . . . . .
32,383 Tyco International, Ltd. (U.S. Shares) . . . . . .
15,577 Informatica Corp. . . . . . . . . . . . . . . . . . . . . .
66,731 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . .
1.1%
Fair
Value
$
2,097,878
1.1
2,071,916
0.2
0.5
0.7
408,086
915,277
1,323,363
0.8
1,466,922
0.4
767,385
0.4
809,017
0.7
1,328,998
0.4
1.4
1.8
646,446
2,553,128
3,199,574
Finance Credit Card

11,131 Visa, Inc. Class A . . . . . . . . . . . . . . . . . . . . 1.4
3.7
67,920 E*TRADE Financial Corp. . . . . . . . . . . . . . . 0.7
1.8
7,356 IntercontinentalExchange Group, Inc.. . . . . . . 0.9
Food Confectionery
18,764 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Food Retail
36,728 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.6
3,796 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
23,640 T. Rowe Price Group, Inc.. . . . . . . . . . . . . . . 1.1
8,695 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . 0.7
10,312 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0
3.5
Medical Drugs
25,766 Alkermes PLC. . . . . . . . . . . . . . . . . . . . . . . . 0.6
12,817 Allergan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
15,966 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 0.8
15,832 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6
50,277 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
6.0
Medical HMO
25,649 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
2,236,041
2,086,096
2,478,650
6,800,787
1,333,949
2,009,404
3,343,353
1,654,512
1,824,424
1,451,858
1,428,979
2,880,837
1,889,107
241,615
1,980,323
1,205,823
1,571,838
1,742,316
2,329,799
774,757
6,418,710
1,624,234
1,047,646
1,423,712
1,092,245
1,502,647
1,462,326
1,010,398
1,643,554
10,806,762
1,759,265
87

Percentage
of Net
Assets

7,094 athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . .
8,445 Precision Castparts Corp. . . . . . . . . . . . . . . .
Multimedia
56,206 Twenty-First Century Fox, Inc. . . . . . . . . . . .
20,193 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . .
Oil Field Services
5,757 Core Laboratories N.V. . . . . . . . . . . . . . . . . .
16,508 Helmerich & Payne, Inc. . . . . . . . . . . . . . . .
14,521 Anadarko Petroleum Corp. . . . . . . . . . . . . . .
83,720 Cobalt International Energy, Inc. . . . . . . . . .
18,176 EOG Resources, Inc.. . . . . . . . . . . . . . . . . . .
36,901 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
$
954,143
1.2
2,274,239
1.2
0.8
2.0
1,977,327
1,542,745
3,520,072
0.6
1,099,299
0.8
1,387,993
0.6
0.8
1.6
1.4
4.4
1,151,806
1,377,194
3,050,660
2,513,327
8,092,987

15,392 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1
23,288 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 1.2
23,821 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
3.3
40,580 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . 1.1
Pharmacy Services
24,346 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8
2.3
REIT Diversified
20,019 American Tower Corp. . . . . . . . . . . . . . . . . . 0.9
70,001 Lexington Realty Trust . . . . . . . . . . . . . . . . . 0.4
1.3
REIT Health Care
12,955 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
REIT Regional Malls
20,077 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Retail Auto Parts
1,831 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5
13,069 Lowes Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 0.4
Retail Discount
16,281 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 1.1
Retail Gardening Products
10,427 Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . 0.4
24,244 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
7,766 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . 0.2
9,965 PetSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Retail Restaurants
16,783 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . 0.7
1,922,615
2,356,745
1,837,314
6,116,674
1,072,621
2,045,232
2,779,888
1,469,525
4,249,413
2,011,042
1,597,917
714,710
2,312,627
742,062
1,310,554
1,241,762
875,108
647,569
1,937,602
808,927
1,545,070
452,602
724,954
1,315,619
88
Percentage
of Net
Assets

120,881 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5%
18,818 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 0.8
1.3
7,919 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . 0.3
48,825 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 1.1
Television
20,443 CBS Corp. Class B . . . . . . . . . . . . . . . . . . . 0.7
Tobacco
16,414 Philip Morris International, Inc. . . . . . . . . . . 0.8
Toys
25,036 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
7,341 Kansas City Southern . . . . . . . . . . . . . . . . . . 0.5
1.9
15,672 FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
Wireless Equipment
Fair
Value
$
946,498
1,397,237
2,343,735
510,459
1,972,530
959,301
1,268,377
1,303,037
1,430,152
1,191,213
1,011,019
909,036
2,344,440
3,253,476
2,253,163
4,904,226
2,155,613
179,378,848
179,378,848
(40,194)
$ 179,338,654
Currency
Purchased
Citibank
EUR
25
EUR
46
EUR
14,277
EUR
29
EUR
9,152
EUR
3,904
EUR
1,220,327
Currency
Sold
USD
USD
USD
USD
USD
USD
USD
34 $
63
19,532
40
12,535
5,340
1,669,070
Currency
Market
Value $U.S.
34
63
19,639
40
12,589
5,371
1,678,646
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
107
54
31
9,576
Total
9,768
$ 179,348,422

Currency
Purchased
Citibank
EUR
17,116
Currency
Sold
USD
23,585 $
Currency
Market
Value $U.S.
23,544
Settle
Date
29-Jan-14
Unrealised
(Depreciation)
$
(41)
Total
(41)
(41)
89

Percentage
of Net
Assets

Common Stock
97.5%
429,110 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 4.0
Athletic Footwear
149,897 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . . 3.0
111,982 Monster Beverage Corp. . . . . . . . . . . . . . . . . 1.9
226,912 Diageo PLC (ADR) . . . . . . . . . . . . . . . . . . . . 1.9
Casino Hotels
145,368 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . 3.0
398,178 MGM Resorts International . . . . . . . . . . . . . 2.4
5.4
103,904 E.I. du Pont de Nemours & Co. . . . . . . . . . . 1.7
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1
5.8
Computers
12,308 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
81,490 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0
E-Commerce/Products
17,200 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.8
145,575 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0
3.8
E-Commerce/Services
14,688 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 4.4
114,101 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 1.4
4.2
2.9
191,738 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Food Retail
115,367 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 4.9
35,675 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 2.5
61,824 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 1.2
11.5
Medical Drugs
243,493 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 3.3
122,000 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.0
5.3
31,456 Precision Castparts Corp. . . . . . . . . . . . . . . . 2.2
Multimedia
117,516 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
Fair
Value
Pharmacy Services
188,352 Express Scripts Holding Co. . . . . . . . . . . . . .
Private Equity
416,451 Blackstone Group L.P. . . . . . . . . . . . . . . . . . .
REIT Regional Malls
135,030 Tanger Factory Outlet Centers . . . . . . . . . . .
135,190 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
122,749 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . .
129,636 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . .
Television
173,122 CBS Corp. Class B . . . . . . . . . . . . . . . . . . .
15,115 Google, Inc. Class A . . . . . . . . . . . . . . . . .
3.4%
Fair
Value
$ 13,229,844
3.4
13,118,206
1.1
4,323,661
2.1
8,361,502
2.5
9,622,294
2.5
9,625,473
2.8
11,034,796
4.3
16,939,532
15,655,483
22,406,126
379,766,969
379,766,969
13,205,281
Adjustments from last traded to bid market prices . . . . . . . . . .
(121,641)
6,906,142
$ 379,645,328
$ 16,061,588
11,787,900
7,589,020
7,513,964
11,465,173
9,365,147
20,830,320
6,750,643
3,706,980
6,859,188
7,990,612
14,849,800
17,073,331
5,273,748
10,994,225
16,267,973
6,628,302
4,563,538
11,191,840
5,923,157
7,335,896
6,574,808
19,492,409
11,151,885
9,819,187
4,593,523
45,057,004
12,858,865
7,786,040
20,644,905
8,471,101
21,050,516
9,064,009
90
Percentage
of Net
Assets
Currency
Purchased
Citibank
AUD
20
AUD
34
EUR
7,669
EUR
23
EUR
504,207
EUR
943
EUR
23
EUR
14
EUR
44,834,814
EUR
115,788
EUR
772,103
EUR
2,321
EUR
615,633
EUR
1,152
USD
42
Currency
Sold
USD
18 $
USD
30
USD
10,504
USD
32
USD
689,801
USD
1,290
USD
32
USD
19
USD 61,321,607
USD
158,366
USD 1,056,023
USD
3,174
USD
843,232
USD
1,578
AUD
47
Currency
Market
Value $U.S.
18
30
10,549
32
693,572
1,297
32
19
61,673,426
159,275
1,062,082
3,192
846,846
1,585
42
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
45
3,771
7
351,819
909
6,059
18
3,614
7
Total
366,249
$ 380,011,577

Currency
Purchased
Citibank
AUD
3,494
EUR
593,422
EUR
637
EUR
4,298
USD
32,300
Currency
Sold
USD
USD
USD
USD
EUR
3,114 $
817,713
878
5,922
23,610
Currency
Market
Value $U.S.
3,113
816,294
876
5,912
32,477
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(1)
(1,419)
(2)
(10)
(177)
Total
(1,609)
(1,609)
91

Percentage
of Net
Assets

Common Stock
94.3%
142,227 HEICO Corp. Class A . . . . . . . . . . . . . . . . 1.8
72,083 Intrepid Potash, Inc. . . . . . . . . . . . . . . . . . . . 0.3
Apparel
55,624 Vince Holdings Corp. . . . . . . . . . . . . . . . . . . 0.5
79,786 Carters, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
96,552 Quiksilver, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3
2.0
240,324 RealPage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Auction House Art Dealer
186,360 Ritchie Bros Auctioneers, Inc.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 1.3
Audio and Video Products
57,560 DTS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Auto Repair Centers
32,997 Monro Muffler Brake, Inc. . . . . . . . . . . . . . . 0.6
Chemicals Specialty
63,317 Sensient Technology Corp. . . . . . . . . . . . . . . 1.0
Commercial Banks Southern U.S.
37,236 Bank of America Corp. . . . . . . . . . . . . . . . . . 0.6
Commercial Services
33,157 Corporate Executive Board Co.. . . . . . . . . . . 0.7
10,559 CoStar Group, Inc. . . . . . . . . . . . . . . . . . . . . 0.6
51,348 HMS Holdings Corp. . . . . . . . . . . . . . . . . . . 0.4
162,976 SP Plus Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
2.9
82,217 Euronet Worldwide, Inc. . . . . . . . . . . . . . . . 1.2
17,291 WEX, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.7
Computer Services
33,790 FleetMatics Group PLC. . . . . . . . . . . . . . . . . 0.4
56,056 j2 Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9
1.3
Computer Software
189,810 Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.2
31,193 Cornerstone OnDemand, Inc. . . . . . . . . . . . 0.5
32,975 Envestnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4
232,997 SS&C Technologies Holdings, Inc. . . . . . . . . 3.2
6.3
Computers Peripheral Equipment
13,750 Stratasys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
64,154 Prestige Brands Holdings, Inc. . . . . . . . . . . . 0.7
52,896 SodaStream International, Ltd. . . . . . . . . . . . 0.8
1.5
153,891 Broadridge Financial Solutions, Inc. . . . . . . . 1.8
Decision Support Software
67,368 MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Diagnostic Kits
132,925 Quidel Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
61,319 WESCO International, Inc.. . . . . . . . . . . . . . 1.7
E-Commerce/Services
50,570 ChannelAdvisor Corp. . . . . . . . . . . . . . . . . . 0.6
13,346 QIWI PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
5,990,601
1,141,795
1,705,988
5,727,837
846,761
6,574,598
5,618,775
4,273,235
1,380,289
1,859,711
3,072,141
2,107,185
2,567,347
1,948,980
1,167,140
4,243,896
9,927,363
3,934,083
1,712,328
5,646,411
1,461,418
2,803,360
4,264,778
7,146,347
1,663,835
1,328,893
10,312,446
20,451,521
1,852,125
2,296,713
2,625,758
4,922,471
6,081,772
2,945,329
4,106,053
5,584,321
2,109,275
747,376
92
Percentage
of Net
Assets
24,196 Zillow, Inc. Class A . . . . . . . . . . . . . . . . . . 0.6%

1.4
Electric Products Equipment
45,946 Belden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Electric Products Miscellaneous
415,106 GrafTech International, Ltd. . . . . . . . . . . . . . 1.4
27,877 CTS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
7,616 Sparton Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
83,675 Measurement Specialties, Inc. . . . . . . . . . . . . 1.5
70,640 National Instruments Corp. . . . . . . . . . . . . . 0.7
2.2
145,144 Advent Software, Inc. . . . . . . . . . . . . . . . . . . 1.5
34,488 Guidewire Software, Inc. . . . . . . . . . . . . . . . 0.5
47,054 Rally Software Development Corp. . . . . . . . . 0.3
12,725 Tyler Technologies, Inc. . . . . . . . . . . . . . . . . 0.4
2.7
Entertainment
Filtration and Separation Products
107,524 Polypore International, Inc. . . . . . . . . . . . . . 1.3
15,358 MarketAxess Holdings, Inc. . . . . . . . . . . . . . 0.3
Food Dairy Products
36,418 Whitewave Foods Co. Class A . . . . . . . . . . 0.3
Footwear and Related Apparel
198,816 Wolverine World Wide, Inc. . . . . . . . . . . . . . 2.0
Growth-Small Cap
61,300 iShares Russell 2000 Growth Index
Fund ETF . . . . . . . . . . . . . . . . . . . . . . . . . 2.5
Hazardous Waste Disposal
24,208 Clean Harbors, Inc. . . . . . . . . . . . . . . . . . . . 0.4
119,227 Heritage-Crystal Clean,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.2
Health Care Cost Containment
84,935 ExamWorks Group, Inc. . . . . . . . . . . . . . . . . 0.8
Heart Monitors
16,875 HeartWare International, Inc. . . . . . . . . . . . . 0.5
Industrial Automation and Robotics
47,795 Nordson Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1
22,482 Artisan Partners Asset
Management, Inc. . . . . . . . . . . . . . . . . . . . 0.4
21,014 Financial Engines, Inc. . . . . . . . . . . . . . . . . . 0.4
118,025 WisdomTree Investments, Inc. . . . . . . . . . . . 0.7
1.5
Leisure
50,303 Diamond Resorts International,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Machine Tools and Related Products
110,586 Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . 1.7
31,282 Tennant Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
68,997 Wabtec Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.6
2.2
Fair
Value
$
1,977,539
4,834,190
3,236,896
4,661,640
555,031
212,867
767,898
5,168,627
5,078,236
2,261,893
7,340,129
5,078,589
1,692,326
915,200
1,299,604
8,985,719
1,258,068
4,182,684
4,530,306
1,026,989
835,429
6,751,792
8,306,763
1,451,512
2,442,961
3,894,473
2,537,008
1,585,575
3,551,169
1,465,602
1,460,053
2,090,222
5,015,877
928,593
5,758,213
2,121,232
5,124,408
7,245,640
Percentage
of Net
Assets
Fair
Value
Medical
94,149 LDR Holding Corp. . . . . . . . . . . . . . . . . . . . 0.7%
55,864 Zeltiq Aesthetics, Inc. . . . . . . . . . . . . . . . . . . 0.3
1.0
89,301 Exact Sciences Corp. . . . . . . . . . . . . . . . . . . 0.3
29,045 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.4
1.4
Medical Drugs
146,104 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 0.5
28,702 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6
1.6
Medical Imaging Systems
174,401 Novadaq Technologies, Inc. . . . . . . . . . . . . . 0.9
Medical Instruments
179,346 Endologix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9
38,938 Techne Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
60,114 Volcano Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.4
2.4
Oil Field Services
18,062 Targa Resources Corp. . . . . . . . . . . . . . . . . . 0.5
85,077 Midcoast Energy Partners L.P. . . . . . . . . . . . . 0.5
53,506 Phillips 66 Partners L.P . . . . . . . . . . . . . . . . 0.6
87,877 Dresser-Rand Group, Inc. . . . . . . . . . . . . . . . 1.6
27,351 Dril-Quip, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9
2.5
Patient Monitoring Equipment
118,432 Masimo Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1
Pharmaceuticals
33,484 ACADIA Pharmaceuticals, Inc. . . . . . . . . . . . 0.3
Pipelines
79,793 DCP Midstream Partners L.P. . . . . . . . . . . . . 1.2
2 Kinder Morgan Energy Partners L.P. . . . . . . .
1.2
Printing Commercial
79,479 VistaPrint N.V. (U.S. Shares) . . . . . . . . . . . . . 1.4
Real Estate
37,700 Re/Max Holdings, Inc. . . . . . . . . . . . . . . . . . 0.4
101,541 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Recreational Vehicles
55,450 Arctic Cat, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.0
Retail Convenience Store
32,557 Caseys General Stores, Inc.. . . . . . . . . . . . . . 0.7
Retail Discount
87,051 Gordmans Stores, Inc. . . . . . . . . . . . . . . . . . 0.2
14,838 Container Store Group, Inc. . . . . . . . . . . . . . 0.2
Retail Restaurants
46,443 AFC Enterprises, Inc. . . . . . . . . . . . . . . . . . . 0.5
8,145 Biglari Holdings, Inc. . . . . . . . . . . . . . . . . . . 1.3
1.8
2,221,917
1,056,388
3,278,305
1,043,929
1,470,548
2,136,615
4,651,092
1,696,267
1,831,762
1,665,989
5,194,018
2,875,872
3,100,360
3,127,795
3,686,261
1,313,491
8,127,547
1,592,527
1,663,255
2,029,483
5,240,105
3,006,695
8,246,800
3,461,767
836,765
Percentage
of Net
Assets
Retail Sporting Goods

75,474 Hibbett Sports, Inc. . . . . . . . . . . . . . . . . . . .
Retirement and Aged Care
94,913 Capital Senior Living Corp. . . . . . . . . . . . . .
Security Services
24,681 Ascent Capital Group,
Inc. Class A . . . . . . . . . . . . . . . . . . . . . .
535,343 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
78,670 NICE Systems, Ltd. (ADR) . . . . . . . . . . . . . .
Telecommunication Equipment Fiber Optics
20,306 IPG Photonics Corp.. . . . . . . . . . . . . . . . . . .
Telecommunications
50,273 Ringcentral, Inc. Class A . . . . . . . . . . . . . .
Theatres
223,325 National CineMedia, Inc. . . . . . . . . . . . . . . .
Therapeutics
22,939 Synageva BioPharma Corp.. . . . . . . . . . . . . .
80,081 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . .
113,125 HUB Group, Inc. Class A . . . . . . . . . . . . . .
42,182 Landstar System, Inc. . . . . . . . . . . . . . . . . . .
60,497 Old Dominion Freight Line, Inc. . . . . . . . . .
61,068 Saia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.5%
Fair
Value
$
5,072,608
0.7
2,276,963
0.6
2,111,706
1.3
4,191,736
1.0
3,222,323
0.5
1,575,949
0.3
923,515
1.4
4,457,567
0.5
1,484,612
1.7
5,666,532
1.4
4,511,425
0.7
1.0
0.6
2.3
2,423,356
3,207,550
1,957,229
7,588,135
Virtual Reality Products

167,687 RealD, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,432,047
310,490,993
310,490,993
(199,304)
$ 310,291,689
4,017,578
161
4,017,739
4,518,381
1,209,039
4,593,625
1,948,572
3,159,541
2,287,129
667,681
691,599
1,788,056
4,126,582
5,914,638
93

Currency
Purchased
Citibank
AUD
49
AUD
20
EUR
17,474,411
EUR
1,310,644
EUR
2,313
EUR
325,507
EUR
22,920
EUR
35
EUR
392,278
EUR
19,950
EUR
34
EUR
15
USD
26
Currency
Sold
USD
44 $
USD
18
USD 23,900,154
USD 1,792,598
USD
3,163
USD
445,847
USD
31,393
USD
48
USD
536,672
USD
27,294
USD
47
USD
20
AUD
29
Currency
Market
Value $U.S.
44
18
24,037,275
1,802,883
3,181
447,758
31,528
48
539,606
27,443
47
20
26
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
137,121
10,285
18
1,911
135
2,934
149
Total
152,553
$ 310,444,242

Currency
Purchased
Citibank
AUD
3,418
EUR
102,265
EUR
319,839
EUR
9,318
Currency
Sold
USD
USD
USD
USD
3,046 $
141,052
440,725
12,840
Currency
Market
Value $U.S.
3,045
140,673
439,960
12,818
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(1)
(379)
(765)
(22)
Total
(1,167)
(1,167)
94

Percentage
of Net
Assets

Common Stock
91.0%
16,224 General Dynamics Corp. . . . . . . . . . . . . . . . 1.2
10,309 Rockwell Collins, Inc.. . . . . . . . . . . . . . . . . . 0.6
1.8
178,516 BBA Aviation PLC . . . . . . . . . . . . . . . . . . . . . 0.7
19,875 Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
79,500 Nitto FC Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.4
1.1
87,613 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 2.5
35,694 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2.3
Brewery
42,594 Molson Coors Brewing Co.
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
61,014 Grupo Televisa S.A.B. (ADR) . . . . . . . . . . . . 1.4
Casino Hotels
30,050 Kangwon Land, Inc. . . . . . . . . . . . . . . . . . . . 0.7
2,835,052 America Movil S.A.B. de C.V. . . . . . . . . . . . . 2.5
84,600 NTT DOCOMO, Inc. . . . . . . . . . . . . . . . . . . 1.1
50,989 Rogers Communications, Inc.
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
6.2
Chemicals Specialty
39,800 Nippon Fine Chemical Co., Ltd.. . . . . . . . . . 0.2
Commercial Banks
59,195 BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
46,466 CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.9
35,302 Fulton Financial Corp. . . . . . . . . . . . . . . . . . 0.4
15,045 Hancock Holding Co. . . . . . . . . . . . . . . . . . . 0.4
4.4
19,573 Diebold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
13,000 Kose Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
10,800 Pola Orbis Holdings, Inc. . . . . . . . . . . . . . . . 0.3
29,496 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 1.9
2.5
Dental Supplies and Equipment
5,900 Nakanishi, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7
254,170 Orkla A.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
Electric Integrated
15,308 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
48,088 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
41,300 GDF Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
98,288 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
4.8
Electric Products Miscellaneous
13,600 Icom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
72,000 Cosel Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.6
83,419 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 2.5
Fair
Value
1,550,204
762,041
2,312,245
947,594
939,492
463,605
1,403,097
3,279,354
2,960,460
2,391,653
1,846,284
881,397
3,307,365
1,386,029
2,307,731
1,054,715
8,055,840
248,348
2,209,157
2,422,272
461,750
551,851
5,645,030
646,105
412,385
385,165
2,401,269
3,198,819
843,338
1,983,594
968,537
1,317,130
971,206
2,957,486
6,214,359
328,343
834,951
3,191,611
Percentage
of Net
Assets
36,440 Danone S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%
29,215 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
38,101 Unilever N.V. . . . . . . . . . . . . . . . . . . . . . . . . 1.2
4.9
Food Retail
541,040 Tesco PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
Food Wholesale/Distribution
61,494 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Leisure and Recreational Products
35,000 Sansei Yusoki Co., Ltd. . . . . . . . . . . . . . . . . . 0.1
Machinery Pumps
20,000 Tsurumi Manufacturing Co., Ltd. . . . . . . . . . 0.2
Medical Drugs
33,476 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 2.3
37,476 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 2.3
64,331 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5
6,642 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 1.4
8,004 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
10.4
Medical HMO
11,878 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
8,751 WellPoint, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.3
Medical Instruments
47,200 As One Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
11,400 Fukuda Denshi Co., Ltd. . . . . . . . . . . . . . . . 0.4
2,740 Medikit Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1
22,657 Medtronic, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.9
2.3
Medical Products
5,046 Becton, Dickinson and Co. . . . . . . . . . . . . . . 0.4
26,317 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.6
2.0
Metal Products Distributors
13,800 Furusato Industries, Ltd. . . . . . . . . . . . . . . . 0.1
Metal Products Fasteners
8,700 Kitagawa Industries Co., Ltd. . . . . . . . . . . . . 0.1
15,100 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Networking Products
37,687 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.7
Non-Hazardous Waste Disposal
29,256 Republic Services, Inc. . . . . . . . . . . . . . . . . . 0.8
Office Automation and Equipment
27,500 Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
26,854 Canadian Natural Resources, Ltd. . . . . . . . . . 0.7
14,772 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 0.7
1.4
62,796 BP PLC (ADR) . . . . . . . . . . . . . . . . . . . . . . . 2.4
41,921 Cenovus Energy, Inc. . . . . . . . . . . . . . . . . . . 0.9
22,828 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
6.9
43,550 NKSJ Holdings, Inc. . . . . . . . . . . . . . . . . . . . 0.9
Protection Safety
7,300 Secom Joshinetsu Co., Ltd. . . . . . . . . . . . . . . 0.1
Fair
Value
$
2,622,637
2,139,202
1,534,354
6,296,193
2,995,107
2,219,933
143,603
196,030
2,831,585
3,066,067
2,992,030
1,970,459
1,856,007
849,115
13,565,263
814,712
808,505
1,623,217
1,110,852
465,030
79,111
1,300,285
2,955,278
557,533
1,977,459
2,534,992
174,712
89,239
823,554
846,073
971,299
869,741
908,702
913,944
1,822,646
3,052,514
1,199,886
3,245,247
1,398,340
8,895,987
1,209,424
174,163
95

Percentage
of Net
Assets
Publishing Books
34,850 Daekyo Co., Ltd. . . . . . . . . . . . . . . . . . . . . .
72,206 UBM PLC . . . . . . . . . . . . . . . . . . . . . . . . . . .
66,000 Cheung Kong Holdings, Ltd. . . . . . . . . . . . .
REIT Mortgage
50,211 American Capital Agency Corp. . . . . . . . . . .
46,412 Hatteras Financial Corp. . . . . . . . . . . . . . . . .
213,469 Two Harbors Investment Corp.. . . . . . . . . . .
42,030 Western Asset Mortgage Capital
Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Savings/Loans/Thrifts
16,482 Washington Federal, Inc. . . . . . . . . . . . . . . .
Schools
67,300 Shingakukai Co., Ltd. . . . . . . . . . . . . . . . . . .
Security Services
530,459 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,500 Secom Co., Ltd. . . . . . . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
$
241,097
0.6
784,258
0.8
1,041,839
0.7
0.6
1.6
968,570
758,372
1,980,993
0.5
3.4
625,406
4,333,341
0.3
383,866
0.2
277,407
1.8
0.9
2.7
2,305,487
1,174,186
3,479,673
74,772 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 2.6
32,707 Telenor A.S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.6
79,479 Vivendi S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
2.2
Tobacco
17,761 KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
78,895 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 1.9
2.9
31,866 Hamburger Hafen und Logistik A.G. . . . . . . 0.6
Water
37,706 Suez Environnement S.A. . . . . . . . . . . . . . . . 0.5
3,394,649
779,997
2,094,241
2,874,238
1,253,978
2,536,207
3,790,185
675,586
117,674,399
117,674,399
(93,296)
$ 117,581,103
Currency
Sold
Citibank
EUR
117 USD
EUR
31 USD
EUR
12 USD
EUR
262 USD
EUR
64 USD
EUR
1,104,529 USD
EUR
21,940 USD
EUR
5,802 USD
EUR
2,223 USD
EUR
24 USD
EUR
65 USD
EUR
25 USD
EUR
5,876 USD
Credit Suisse
USD
137,707 EUR
USD
87,487 JPY
USD
1,287,945 JPY
USD
592,583 JPY
USD
684,396 JPY
HSBC
USD
1,920,930 JPY
USD
1,654,132 EUR
USD
2,137,728 JPY
160 $
43
16
358
87
1,510,690
30,008
7,935
3,040
33
89
35
8,048
Currency
Market
Value $U.S.
Settle
Date
Unrealised
Appreciation
161
43
16
360
87
1,519,357
30,180
7,981
3,057
33
89
35
8,082
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
8,667
172
46
17
34
100,000
8,750,000
130,000,000
60,000,000
70,000,000
137,557
83,108
1,234,752
569,886
664,866
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
150
4,379
53,193
22,697
19,530
197,900,000
1,879,737
16-Jan-14
41,193
1,202,000
220,000,000
1,653,442
2,089,652
16-Jan-14
16-Jan-14
690
48,076
Total
$ 117,779,950
198,847
779,384
96
Currency
Purchased
Currency
Purchased
Currency
Sold
Citibank
EUR
72,058 USD
EUR
239 USD
USD
1,283 EUR
Credit Suisse
JPY
14,999,999 USD
USD
24,342 EUR
USD
1,614,600 EUR
USD
33,810 EUR
USD
1,815,938 EUR
USD
163,966 EUR
99,293 $
329
938
Currency
Market
Value $U.S.
Settle
Date
Unrealised
(Depreciation)
99,121
328
1,290
29-Jan-14
29-Jan-14
29-Jan-14
(172)
(1)
(7)
143,985
18,000
1,200,000
25,000
142,471
24,760
1,650,695
34,390
9-Jan-14
9-Jan-14
9-Jan-14
9-Jan-14
(1,514)
(418)
(36,095)
(580)
1,322,500
1,819,195
23-Jan-14
(3,257)
120,000
165,069
16-Jan-14
(1,103)
Total
(43,147)
(43,147)

Percentage
of Net
Assets

Common Stock
94.7%
24,770 Ralph Lauren Corp. . . . . . . . . . . . . . . . . . . . 0.7
75,000 Check Point Software Technologies,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
30,721 Citrix Systems, Inc. . . . . . . . . . . . . . . . . . . . 0.3
260,000 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 1.6
2.7
60,831 Johnson Controls, Inc. . . . . . . . . . . . . . . . . . 0.5
Banks
60,000 Texas Capital Bancshares, Inc. . . . . . . . . . . . 0.6
70,000 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
Brewery
150,000 Molson Coors Brewing Co.
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
Building Heavy Construction
51,864 Granite Construction, Inc. . . . . . . . . . . . . . . 0.3
91,600 D.R. Horton, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3
147,506 Rogers Communications, Inc.
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
80,000 Vodafone Group PLC (ADR) . . . . . . . . . . . . . 0.5
1.6
Commercial Banks
170,000 CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.5
300,078 Fulton Financial Corp. . . . . . . . . . . . . . . . . . 0.7
2.2
28,693 Bank of Hawaii Corp. . . . . . . . . . . . . . . . . . . 0.3
148,227 First Republic Bank . . . . . . . . . . . . . . . . . . . 1.3
1.6
71,569 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
Computer Services
140,000 Accenture PLC Class A
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 2.0
310,000 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
69,770 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.5
155,000 Owens & Minor, Inc. . . . . . . . . . . . . . . . . . . 1.1
170,000 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.5
2.3
Electric Integrated
48,000 Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . 0.4
270,000 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
1.8
140,000 Altera Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
140,000 Synopsys, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.0
1.4
Fair
Value
3,548,160
4,373,639
4,839,000
1,943,103
9,731,800
16,513,903
3,120,630
3,732,000
5,805,800
8,422,500
1,814,203
2,044,512
6,674,646
3,144,800
9,819,446
8,862,100
3,925,020
12,787,120
1,696,904
7,759,683
9,456,587
3,602,068
11,510,800
7,796,500
3,109,649
5,666,800
8,858,700
4,502,960
13,361,660
2,476,800
8,124,300
10,601,100
4,554,200
2,450,205
5,679,800
8,130,005
Percentage
of Net
Assets

190,000 Tyco International, Ltd.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 1.4%
45,000 Jacobs Engineering Group, Inc. . . . . . . . . . . 0.5
80,000 KBR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.9
95,000 Emcor Group, Inc. . . . . . . . . . . . . . . . . . . . . 0.7
255,000 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Environmental Consulting and Engineering
125,000 Tetra Tech, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
Fiduciary Banks
41,200 State Street Corp. . . . . . . . . . . . . . . . . . . . . . 0.5
Finance Credit Card
215,000 Raymond James Financial, Inc.. . . . . . . . . . . 1.9
Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Health Care Products
80,000 Patterson Cos., Inc. . . . . . . . . . . . . . . . . . . . 0.6
Insurance
42,911 Renaissancere Holdings, Ltd. . . . . . . . . . . . . 0.7
Insurance Brokers
144,006 Marsh & McLennan Cos, Inc.. . . . . . . . . . . . 1.2
Internet Security
100,000 Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . 0.4
40,000 Ameriprise Financial, Inc.. . . . . . . . . . . . . . . 0.9
45,000 Franklin Resources, Inc. . . . . . . . . . . . . . . . . 0.4
85,700 Invesco., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.8
25,600 Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . 0.3
Machine Tools and Related Products
82,000 Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7
Machinery Farm
33,100 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Medical Drugs
105,000 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 1.6
225,000 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 1.9
80,000 Novartis A.G. (ADR). . . . . . . . . . . . . . . . . . . 1.1
274,602 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
6.0
135,000 Teva Pharmaceutical Industries,
Ltd. (ADR) . . . . . . . . . . . . . . . . . . . . . . . . 0.9
25,000 McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . 0.7
Medical Instruments
50,000 Medtronic, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.5
Medical Labs and Testing Services
76,241 Laboratory Corp. of America
Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
Fair
Value
7,797,599
2,834,550
2,551,200
5,385,750
4,031,800
9,756,300
3,497,500
3,023,668
7,833,000
11,220,850
3,148,880
3,296,000
6,681,000
4,176,957
6,964,130
2,358,000
4,602,000
2,597,850
3,119,480
10,319,330
2,000,640
4,269,740
3,023,023
9,616,950
11,261,251
6,430,400
8,411,059
35,719,660
5,410,800
4,035,000
2,869,500
6,966,140
97

Percentage
of Net
Assets
Medical Products
120,973 Baxter International, Inc. . . . . . . . . . . . . . . .
80,000 Hill-Rom Holdings, Inc. . . . . . . . . . . . . . . . .
70,101 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . .
60,000 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . .
1.4%
0.6
0.9
0.9
3.8
Fair
Value
$
Miscellaneous Machinery
164,198 Babcock & Wilcox Co. . . . . . . . . . . . . . . . . . 1.0
170,000 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.6
200,000 American International Group, Inc. . . . . . . . 1.7
3.3
Multimedia
35,000 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.5
Networking Products
210,000 Republic Services, Inc. . . . . . . . . . . . . . . . . . 1.2
Oil Field Services
75,000 Schlumberger, Ltd. (U.S. Shares) . . . . . . . . . 1.1
35,000 Ensco PLC Class A. . . . . . . . . . . . . . . . . . . 0.3
57,272 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 0.8
60,000 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.7
65,000 Occidental Petroleum Corp. . . . . . . . . . . . . . 1.0
256,651 Plains GP Holdings L.P. Class A . . . . . . . . . 1.3
190,000 QEP Midstream Partners L.P. . . . . . . . . . . . . 0.7
132,276 QEP Resources, Inc. . . . . . . . . . . . . . . . . . . . 0.7
37,256 Whiting Petroleum Corp. . . . . . . . . . . . . . . . 0.4
5.6
60,000 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.4
50,000 Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
40,808 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2.6
82,398 HollyFrontier Corp. . . . . . . . . . . . . . . . . . . . 0.7
Pipelines
105,345 Plains All American Pipeline L.P.. . . . . . . . . . 0.9
Reinsurance
80,000 Berkshire Hathaway, Inc. Class B . . . . . . . . 1.6
REIT Apartments
70,468 American Campus Communities, Inc. . . . . . 0.4
17,918 AvalonBay Communities, Inc.. . . . . . . . . . . . 0.4
50,000 Home Properties, Inc.. . . . . . . . . . . . . . . . . . 0.4
1.2
REIT Diversified
110,000 Potlatch Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.8
80,000 Rayonier, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
280,000 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . 1.5
2.9
REIT Health Care
50,000 HCP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
75,000 Caseys General Stores, Inc.. . . . . . . . . . . . . . 0.9
Retail Discount
36,935 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 0.5
80,000 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8
8,413,672
3,307,200
5,267,389
5,591,400
22,579,661
5,613,930
9,271,800
10,210,000
19,481,800
2,674,000
4,704,847
6,972,000
6,758,250
2,001,300
4,542,815
4,086,600
6,181,500
6,870,547
4,411,800
4,054,259
2,305,029
32,452,550

31,450 Kohls Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%
39,255 Macys, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.7
Retail Restaurants
25,000 McDonalds Corp. . . . . . . . . . . . . . . . . . . . . . 0.4
Savings/Loans/Thrifts
160,000 Washington Federal, Inc. . . . . . . . . . . . . . . . 0.6
Security Services
145,000 ADT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
155,000 Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . 1.3
65,000 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 0.8
2.1
100,000 MKS Instruments, Inc. . . . . . . . . . . . . . . . . . 0.5
Semiconductors
47,615 Hittite Microwave Corp. . . . . . . . . . . . . . . . . 0.5
110,000 Semtech Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.0
280,000 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . 1.0
35,000 PNC Financial Services Group, Inc. . . . . . . . 0.5
280,000 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 2.2
3.7
70,000 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
54,000 Kirby Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Fair
Value
$
1,784,788
2,096,217
3,881,005
2,425,750
3,726,400
5,868,150
7,894,150
4,826,250
12,720,400
2,994,000
2,939,274
2,780,800
5,720,074
5,888,400
2,715,300
12,712,001
21,315,701
2,461,200
5,359,500
7,560,000
7,494,600
4,150,000
3,147,521
14,792,121
557,829,590
557,829,590
(115,195)
4,374,150
$ 557,714,395
4,094,357
5,453,711
9,484,800
2,269,774
2,118,445
2,681,000
7,069,219
4,591,400
3,368,000
8,839,600
16,799,000
1,816,000
5,268,750
2,906,415
4,944,000
98
Percentage
of Net
Assets
Currency
Purchased
Citibank
EUR
20
EUR
446
EUR
2,244
EUR
15,283,596
EUR
74,657
EUR
44,576,164
EUR
23
EUR
175,688
EUR
759
EUR
562,103
EUR
14
EUR
91,791
Currency
Sold
USD
27 $
USD
611
USD
3,069
USD 20,903,726
USD
102,110
USD 60,967,844
USD
32
USD
240,357
USD
1,039
USD
769,007
USD
19
USD
125,726
Currency
Market
Value $U.S.
27
614
3,087
21,023,656
102,696
61,317,633
32
241,671
1,045
773,212
19
126,265
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
3
18
119,930
586
349,789
1,314
6
4,205
539
Total
476,390
$ 558,190,785

Currency
Purchased
Citibank
EUR
131,607
EUR
623
Currency
Sold
USD
USD
181,349 $
859
Currency
Market
Value $U.S.
181,034
857
Settle
Date
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(315)
(2)
Total
(317)
(317)
99

Shares
Percentage
of Net
Assets

Common Stock
98.5%
30,920 BAE Systems PLC . . . . . . . . . . . . . . . . . . . . . 0.4
4,500 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 1.3
7,200 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . 1.3
3.0
60,668 Cobham PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.5
4,500 Potash Corp of Saskatchewan, Inc.
(U.S. Shares) . . . . . . . . . . . . . . . . . . . . . . . 0.3
Airport Development/Maintenance
79,178 Auckland International Airport, Ltd. . . . . . . 0.4
609 Hugo Boss A.G. . . . . . . . . . . . . . . . . . . . . . . 0.2
Appliances
6,819 Electrolux A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.3
9,000 Daihatsu Motor Co., Ltd. . . . . . . . . . . . . . . . 0.3
4,819 Daimler A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1.2
9,442 Coca-Cola Amatil, Ltd. . . . . . . . . . . . . . . . . . 0.2
Building Heavy Construction
4,344 Skanska A.B. Class B . . . . . . . . . . . . . . . . . 0.2
1,752 Vinci S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.4
Building and Construction Miscellaneous
4,565 Koninklijke Boskalis
Westminster N.V. . . . . . . . . . . . . . . . . . . . 0.5
3,728 Bouygues S.A.. . . . . . . . . . . . . . . . . . . . . . . . 0.3
30,736 Ferrovial S.A. . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.9
Building and Construction Products Miscellaneous
7,012 Cie de Saint-Gobain . . . . . . . . . . . . . . . . . . . 0.7
268 Geberit A.G. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.9
2,727 CRH PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Cable/Satellite TV
40,005 British Sky Broadcasting Group
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
4,300 Shaw Communications, Inc.
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.3
Casino Hotels
49,200 Wynn Macau, Ltd. . . . . . . . . . . . . . . . . . . . . 0.4
Casino Services
1,300 Sankyo Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . 0.1
1,903 Millicom International Cellular
S.A. (SDR). . . . . . . . . . . . . . . . . . . . . . . . . 0.3
10,300 NTT DOCOMO, Inc. . . . . . . . . . . . . . . . . . . 0.3
3,400 Rogers Communications,
Inc. Class B . . . . . . . . . . . . . . . . . . . . . . 0.3
1.2
900 Agrium, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
584 BASF S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
222,695
668,971
653,040
1,544,706
275,730
148,376
229,776
86,706
178,696
152,322
416,965
569,287
101,399
88,773
115,007
203,780
241,169
140,616
594,674
976,459
385,587
81,290
466,877
68,648
559,034
104,656
663,690
223,031
59,882
189,563
168,748
153,882
130,603
642,796
82,340
62,252
100
Percentage
of Net
Assets
Shares
1,100
18,719
6,380
2,162
3,258
E.I. du Pont de Nemours & Co. . . . . . . . . . .

Israel Chemicals, Ltd. . . . . . . . . . . . . . . . . . .
Koninklijke DSM N.V. . . . . . . . . . . . . . . . . .
Orica, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . .
Yara International A.S.A . . . . . . . . . . . . . . . .
0.1%
0.3
0.9
0.1
0.3
2.0
Chemicals Specialty
1,050 Lonza Group A.G. . . . . . . . . . . . . . . . . . . . . . 0.2
3,001 Australia & New Zealand Banking
Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
5,900 Bank of Montreal . . . . . . . . . . . . . . . . . . . . . 0.9
1,700 Bank of Nova Scotia . . . . . . . . . . . . . . . . . . . 0.2
11,465 Bendigo and Adelaide Bank, Ltd. . . . . . . . . . 0.2
41,000 BOC Hong Kong Holdings, Ltd. . . . . . . . . . . 0.3
2,100 Canadian Imperial Bank of Commerce . . . . . 0.3
5,000 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . 0.1
11,200 Hang Seng Bank, Ltd. . . . . . . . . . . . . . . . . . . 0.3
6,000 Oversea-Chinese Banking Corp., Ltd. . . . . . . 0.1
1,100 Royal Bank of Canada. . . . . . . . . . . . . . . . . . 0.1
3,300 Toronto-Dominion Bank. . . . . . . . . . . . . . . . 0.6
3,000 United Overseas Bank, Ltd. . . . . . . . . . . . . . 0.1
3.4
Commercial Services
2,808 Edenred . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,621 Recall Holdings, Ltd. . . . . . . . . . . . . . . . . . . .
0.2
1,600 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1
10,100 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
12,300 Western Union Co. . . . . . . . . . . . . . . . . . . . . 0.4
1.4
1,500 Seagate Technology PLC . . . . . . . . . . . . . . . . 0.2
1,300 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
9,136 Husqvarna A.B. Class B . . . . . . . . . . . . . . . 0.1
0.8
Containers Paper and Plastic
24,157 Amcor, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
24,157 Orora, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.5
600 Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . 0.1
5,000 ITOCHU Corp. . . . . . . . . . . . . . . . . . . . . . . 0.1
2,000 Jardine Cycle & Carriage, Ltd. . . . . . . . . . . . 0.1
9,000 Marubeni Corp. . . . . . . . . . . . . . . . . . . . . . . 0.1
5,200 Mitsubishi Corp. . . . . . . . . . . . . . . . . . . . . . 0.3
3,800 Mitsui & Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.1
5,100 Sumitomo Corp.. . . . . . . . . . . . . . . . . . . . . . 0.1
0.9
12,512 Investec PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,900 Anglo American PLC . . . . . . . . . . . . . . . . . . 0.1
1,760 BHP Billiton PLC . . . . . . . . . . . . . . . . . . . . . 0.1
12,244 BHP Billiton, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.8
1.0
11,591 ALS, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
5,304 Industrivarden A.B. Class C . . . . . . . . . . . . 0.2
6,000 Keppel Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 0.1
8,500 Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . 0.5
90,000 NWS Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.3
13,306 Orkla A.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
$
71,467
156,109
501,654
46,050
140,241
1,060,113
99,608
86,344
393,352
106,328
120,259
131,397
179,373
67,771
181,563
48,510
73,958
311,047
50,507
1,750,409
93,979
5,875
99,854
46,464
459,853
212,175
718,492
84,240
120,588
55,016
240,258
415,862
227,511
25,015
252,526
49,914
61,687
56,991
64,622
99,614
52,873
63,986
449,687
90,654
63,380
54,463
415,239
533,082
91,160
100,885
53,218
262,990
137,193
103,843
Shares
Percentage
of Net
Assets
3,242 Siemens A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.8%

4,500 Swire Pacific, Ltd. Class A . . . . . . . . . . . . . 0.1
5,146 Wartsila Oyj Abp . . . . . . . . . . . . . . . . . . . . . 0.5
2.9
Diversified Operations Commercial Services
8,106 Brambles, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.1
26,168 Contact Energy, Ltd. . . . . . . . . . . . . . . . . . . . 0.2
2,000 OGE Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.1
0.3
Electric Integrated
1,300 Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . 0.1
4,900 American Electric Power Co., Inc. . . . . . . . . 0.5
6,500 CLP Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1
2,900 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.1
1,000 Consolidated Edison, Inc.. . . . . . . . . . . . . . . 0.1
900 DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . 0.1
1,000 Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . 0.1
61,228 Energias de Portugal S.A. . . . . . . . . . . . . . . . 0.5
1,200 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,800 FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . 0.1
1,600 Fortis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
19,184 Fortum Oyj . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1,300 Integrys Energy Group, Inc. . . . . . . . . . . . . . 0.1
1,600 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . 0.3
1,300 Northeast Utilities . . . . . . . . . . . . . . . . . . . . 0.1
19,432 Origin Energy, Ltd. . . . . . . . . . . . . . . . . . . . . 0.6
1,500 PG&E Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,100 Pinnacle West Capital Corp. . . . . . . . . . . . . . 0.1
10,000 Power Assets Holdings, Ltd. . . . . . . . . . . . . . 0.2
2,400 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,100 Public Service Enterprise Group,
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,300 SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,400 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,889 SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,200 Wisconsin Energy Corp. . . . . . . . . . . . . . . . . 0.1
2,000 Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1
5.1
3,344 Red Electrica Corp S.A. . . . . . . . . . . . . . . . . 0.4
48,266 Terna Rete Elettrica Nazionale SpA . . . . . . . . 0.5
0.9
Electric Utilities
8,000 Cheung Kong Infrastructure
Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.1
2,100 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
15,400 Hoya Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
5,992 Koninklijke Phillips N.V. . . . . . . . . . . . . . . . 0.4
1.4
2,600 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,946 Rexel S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Energy Equipment and Services
5,876 Aker Solutions A.S.A. . . . . . . . . . . . . . . . . . . 0.2
2,391 ABB, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
11,000 Sembcorp Industries, Ltd. . . . . . . . . . . . . . . 0.1
2,741 WorleyParsons, Ltd. . . . . . . . . . . . . . . . . . . . 0.1
0.3
13,100 CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
19,675 ICAP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
$
442,802
52,754
253,210
1,498,055
66,211
110,360
67,800
178,160
67,080
229,026
51,387
77,633
55,280
59,751
69,010
224,881
75,924
59,364
45,871
438,857
70,733
136,992
55,107
244,071
60,420
58,212
79,508
72,216
67,284
61,009
57,554
88,215
49,608
55,880
2,610,873
223,100
241,146
464,246
50,503
97,062
427,380
219,624
744,066
67,496
103,541
105,050
62,952
47,868
40,618
151,438
440,815
147,113
Percentage
of Net
Assets
Shares

14,000 Singapore Exchange, Ltd. . . . . . . . . . . . . . . .
Financial Services
3,648 ASX, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,100 Campbell Soup Co. . . . . . . . . . . . . . . . . . . .
1,900 ConAgra Foods, Inc.. . . . . . . . . . . . . . . . . . .
13,800 General Mills, Inc. . . . . . . . . . . . . . . . . . . . .
11,400 Kellogg Co.. . . . . . . . . . . . . . . . . . . . . . . . . .
2,500 Kraft Foods Group, Inc. . . . . . . . . . . . . . . . .
708 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
3,444 Suedzucker A.G.. . . . . . . . . . . . . . . . . . . . . .
9,797 Tate & Lyle PLC . . . . . . . . . . . . . . . . . . . . . .
1,291 Unilever N.V. . . . . . . . . . . . . . . . . . . . . . . . .
1,254 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . .
Food Retail
646
1,135
38,012
4,249
12,041
14,311
Casino Guichard Perrachon S.A.. . . . . . . . . .

Delhaize Group S.A. . . . . . . . . . . . . . . . . . . .
J. Sainsbury PLC. . . . . . . . . . . . . . . . . . . . . .
Koninklijke Ahold N.V.. . . . . . . . . . . . . . . . .
Tesco PLC. . . . . . . . . . . . . . . . . . . . . . . . . . .
WM. Morrison Supermarkets
PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,848 Woolworths, Ltd. . . . . . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
$
80,564
0.2
119,712
1.0
0.1
1.3
1.3
0.3
0.1
0.2
0.3
0.1
0.1
4.8
523,688
64,030
688,758
696,199
134,800
51,842
92,951
131,227
51,989
51,532
2,487,016
0.1
0.1
0.5
0.1
0.1
74,441
67,448
229,719
76,276
66,657
0.1
0.5
1.5
61,843
206,932
783,316
Food Wholesale/Distribution
29,088 Metcash, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,600 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.3
Gas Distribution
2,800 CenterPoint Energy, Inc. . . . . . . . . . . . . . . . . 0.1
13,130 Centrica PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.1
10,326 Enagas S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
17,197 Gas Natural SDG S.A. . . . . . . . . . . . . . . . . . . 0.9
15,800 National Grid PLC . . . . . . . . . . . . . . . . . . . . 0.4
2,000 NiSource, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,900 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . 0.7
2.8
Gas Transportation
33,894 SNAM Rete Gas SpA. . . . . . . . . . . . . . . . . . . 0.4
Human Resources
1,048 Adecco S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,481 Randstad Holding N.V. . . . . . . . . . . . . . . . . . 0.1
0.3
Insurance
15,605 Direct Line Insurance Group PLC . . . . . . . . . 0.1
31,031 Insurance Australia Group, Ltd. . . . . . . . . . . 0.4
26,794 Old Mutual PLC . . . . . . . . . . . . . . . . . . . . . . 0.2
1,397 Vienna Insurance Group A.G.. . . . . . . . . . . . 0.1
0.8
5,100 CI Financial Corp. . . . . . . . . . . . . . . . . . . . . 0.3
3,800 IGM Financial, Inc. . . . . . . . . . . . . . . . . . . . 0.4
0.7
152,144 Legal & General Group PLC . . . . . . . . . . . . . 1.1
2,600 Power Corp. of Canada . . . . . . . . . . . . . . . . 0.2
3,300 Power Financial Corp. . . . . . . . . . . . . . . . . . 0.2
95,948 Standard Life PLC. . . . . . . . . . . . . . . . . . . . . 1.0
2.5
Lottery Services
62,551 Tatts Group, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.3
Machinery Construction and Mining
2,733 Atlas Copco A.B. Class B . . . . . . . . . . . . . . 0.1
82,055
57,760
139,815
64,904
75,588
269,813
442,253
206,141
65,760
350,064
1,474,523
189,576
82,966
96,057
179,023
64,490
161,222
83,890
69,614
379,216
169,744
200,680
370,424
560,992
78,213
111,854
571,264
1,322,323
173,102
69,367
101

Shares
Percentage
of Net
Assets

1,837 Metso Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%
10,480 Zardoya Otis S.A. . . . . . . . . . . . . . . . . . . . . . 0.3
0.5
Media
733 RTL Group S.A. . . . . . . . . . . . . . . . . . . . . . . 0.2
Medical Drugs
6,100 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
4,114 AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . . 0.5
19,700 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 2.0
3,000 Eisai Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,700 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,800 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 0.5
2,100 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 0.2
759 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
8,551 Orion Oyj Class B . . . . . . . . . . . . . . . . . . . 0.5
10,000 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
3,507 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 1.9
958 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,400 Takeda Pharmaceutical Co., Ltd. . . . . . . . . . 0.1
4,378 Teva Pharmaceutical Industries, Ltd. . . . . . . 0.3
8.4
Medical Products
1,372 Cochlear, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Metal Copper
1,964 Antofagasta PLC . . . . . . . . . . . . . . . . . . . . . . 0.1
1,900 Freeport-McMoRan Copper &
Gold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Metal Diversified
3,254 Boliden A.B. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,691 Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
Metal Processors and Fabrication
3,300 SKF A.B. Class B . . . . . . . . . . . . . . . . . . . . 0.2
Mining
4,200 Teck Cominco, Ltd. Class B . . . . . . . . . . . . 0.2
MRI/Medical Diagnostic Imaging
26,402 Sonic Healthcare, Ltd. . . . . . . . . . . . . . . . . . 0.8
Multi-Industry
11,000 TonenGeneral Sekiya, K.K. . . . . . . . . . . . . . . 0.2
1,337 Allianz S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
9,937 AXA S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
3,600 Cincinnati Financial Corp. . . . . . . . . . . . . . . 0.4
14,187 CNP Assurances . . . . . . . . . . . . . . . . . . . . . . 0.5
33,444 Mapfre S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
15,919 Sampo Oyj Class A . . . . . . . . . . . . . . . . . . 1.4
382 Zurich Insurance Group A.G. . . . . . . . . . . . . 0.2
3.8
Multimedia
2,287 Lagardere S.C.A. . . . . . . . . . . . . . . . . . . . . . . 0.2
8,548 Pearson PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,000 Thomson Reuters Corp. . . . . . . . . . . . . . . . . 0.4
0.9
Networking Products
2,200 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.2
Office Automation and Equipment
6,400 Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
$
78,387
189,574
267,961
94,711
322,141
243,479
1,047,056
116,108
239,700
90,264
256,452
105,105
60,597
240,195
306,300
979,978
101,631
64,156
175,171
4,348,333
72,164
26,795
71,706
98,501
49,823
95,459
145,282
86,581
109,340
390,775
100,817
239,737
276,257
188,532
290,783
143,215
782,202
110,728
2,031,454
85,005
189,790
189,107
463,902
424,305
98,714
202,412
102
Shares
Percentage
of Net
Assets
Oil Field Services

5,167 AMEC PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%
1,031 Fugro N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.3
1,700 Ensco PLC Class A. . . . . . . . . . . . . . . . . . . 0.2
9,322 Seadrill, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
0.9
900 Keyera Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,900 Baytex Energy Trust . . . . . . . . . . . . . . . . . . . 0.2
4,700 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . 0.6
1,400 Vermilion Energy, Inc. . . . . . . . . . . . . . . . . . 0.2
1.0
400 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1
4,100 Husky Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.3
3,123 OMV A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
5,676 Repsol S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,676 Repsol S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,113 Royal Dutch Shell PLC Class B . . . . . . . . . 0.2
2,582 Statoil A.S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,768 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.6
Paper and Related Products
2,700 MeadWestvaco Corp. . . . . . . . . . . . . . . . . . . 0.2
Pharmaceuticals
6,200 Daiichi Sankyo Co., Ltd.. . . . . . . . . . . . . . . . 0.2
Pipelines
2,000 Spectra Energy Corp. . . . . . . . . . . . . . . . . . . 0.1
1,300 TransCanada Corp. . . . . . . . . . . . . . . . . . . . . 0.1
2,000 Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.2
0.4
5,382 Admiral Group PLC . . . . . . . . . . . . . . . . . . . 0.2
12,257 Gjensidige Forsikring A.S.A . . . . . . . . . . . . . 0.5
1,259 Tryg A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.9
Publishing Books
29,696 Reed Elsevier N.V.. . . . . . . . . . . . . . . . . . . . . 1.2
53,000 Singapore Press Holdings, Ltd. . . . . . . . . . . . 0.3
1,452 Axel Springer A.G. . . . . . . . . . . . . . . . . . . . . 0.2
30,142 Reed Elsevier PLC . . . . . . . . . . . . . . . . . . . . 0.8
3,649 Wolters Kluwer N.V. . . . . . . . . . . . . . . . . . . . 0.2
1.2
778 Swiss Prime Site A.G. . . . . . . . . . . . . . . . . . . 0.1
2,900 Brookfield Office Properties, Inc. . . . . . . . . . 0.1
2,800 Daito Trust Construction Co., Ltd. . . . . . . . . 0.4
44,500 Hopewell Holdings, Ltd. . . . . . . . . . . . . . . . 0.3
54,000 Keppel Land, Ltd.. . . . . . . . . . . . . . . . . . . . . 0.3
78,000 Sino Land Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.2
11,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 0.3
1.6
Reinsurance
3,970 Hannover Rueck S.E. . . . . . . . . . . . . . . . . . . 0.7
1,729 Muenchener Rueckversicherungs
A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
2,801 SCOR S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
$
93,079
61,431
154,510
97,206
380,666
477,872
54,173
113,696
332,055
82,186
527,937
49,964
130,091
149,457
143,040
3,873
79,934
79,766
62,598
108,300
807,023
99,711
113,236
71,240
59,412
77,140
207,792
116,734
233,884
121,786
472,404
629,087
173,082
93,277
448,656
104,131
646,064
60,239
55,838
261,412
150,648
142,961
106,629
139,522
857,010
340,665
380,904
102,356
Shares
Percentage
of Net
Assets
1,595 Swiss Re A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.3%

1.9
1,573 Hennes & Mauritz A.B. Class B . . . .
0.1
700 Lawson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Retail Diversified
6,984 Wesfarmers, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.5
14,005 Marks & Spencer Group PLC . . . . . . . . . . . . 0.2
Retail Office Supplies
17,500 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Retail Restaurants
1,200 Darden Restaurants, Inc. . . . . . . . . . . . . . . . 0.1
500 McDonald's Corp. . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Rubber Tires
4,496 Cie Generale des Etablissements
Michelin Class B . . . . . . . . . . . . . . . . . . 1.0
5,487 Nokian Renkaat Oyj . . . . . . . . . . . . . . . . . . . 0.5
1.5
Satellite Telecommunications
1,712 Eutelsat Communications S.A. . . . . . . . . . . . 0.1
15,825 Inmarsat PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4
12,060 SES S.A. (FDR) . . . . . . . . . . . . . . . . . . . . . . . 0.7
1.2
Savings/Loans/Thrifts Eastern U.S.
5,900 People's United Financial, Inc. . . . . . . . . . . . 0.2
Security Services
20,985 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
11,902 Securitas A.B. Class B . . . . . . . . . . . . . . . . 0.2
0.4
1,500 Linear Technology Corp. . . . . . . . . . . . . . . . 0.1
Semiconductors
3,000 Maxim Integrated Products, Inc.. . . . . . . . . . 0.2
Shipbuilding
103,000 Yangzijiang Shipbuilding Holdings,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Soap and Cleaning Preparations
6,389 Reckitt Benckiser Group PLC . . . . . . . . . . . . 1.0
Steel Producers
3,500 Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
3,300 BCE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,600 Bell Aliant, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.3
264,000 PCCW, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
25,000 Singapore Telecommunications,
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
53,000 StarHub, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
4,720 Tele2 A.B. Class B . . . . . . . . . . . . . . . . . . . 0.1
13,687 Telenor A.S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.7
2.1
5,200 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
6,343 Belgacom S.A.. . . . . . . . . . . . . . . . . . . . . . . . 0.4
168,203 Bezeq Israeli Telecommunication
Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
4,979 Elisa Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,900 Nippon Telegraph & Telephone
Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Fair
Value
$
Shares
234
28,101
12,768
111,581
0.2%
0.5
0.2
1.1
4.3
Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . .

British American Tobacco PLC . . . . . . . . . . .
Imperial Tobacco Group PLC . . . . . . . . . . . .
Lorillard, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Philip Morris International, Inc. . . . . . . . . . .
Reynolds American, Inc.. . . . . . . . . . . . . . . .
Swedish Match A.B. . . . . . . . . . . . . . . . . . . .
0.2
0.1
0.1
1.3
0.3
0.5
0.2
2.7
88,297
59,991
65,498
689,248
156,834
254,949
106,791
1,421,608
1,800 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

1,700 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
131,000 ComfortDelGro Corp., Ltd. . . . . . . . . . . . . . 0.4
12,086 Toll Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1
1.2
Travel Services
1,671 Flight Centre Travel Group, Ltd.. . . . . . . . . . 0.1
39,438 TUI Travel PLC . . . . . . . . . . . . . . . . . . . . . . . 0.6
0.7
Water
4,753 Severn Trent PLC . . . . . . . . . . . . . . . . . . . . . 0.3
7,114 Suez Environnement Co. . . . . . . . . . . . . . . . 0.2
0.5
99,018
80,886
179,904
134,176
127,463
261,639
51,154,361
51,154,361
(38,329)
$ 51,116,032
72,462
2,300
1,119
1,692
13,600
1,800
5,100
3,322
100,312
278,075
477,768
263,196
740,964
53,377
198,083
390,356
641,816
89,208
91,205
126,519
217,724
68,325
83,730
123,560
272,604
106,335
522,944
2,184,096
Tobacco
274,573
65,244
48,515
113,759
Fair
Value
Swisscom A.G. . . . . . . . . . . . . . . . . . . . . . . .
TDC A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TeliaSonera A.B. . . . . . . . . . . . . . . . . . . . . . .
Telstra Corp, Ltd. . . . . . . . . . . . . . . . . . . . . .
146,748
970,673
52,322
Percentage
of Net
Assets
Toys
208,711
336,803
61,283
606,797
70,930
269,744
340,674
96,746
507,016
186,830
142,924
166,103
118,143
72,527
180,223
53,477
326,409
1,059,806
182,832
187,640
285,349
131,914
370,918
103

Currency
Purchased
Citibank
EUR
340
EUR
889
EUR
99
EUR
377
EUR
20
EUR
21
EUR
18
EUR
10,299
EUR
940
EUR
181
EUR
746
EUR
110,083
EUR
12,284
EUR
46,701
EUR
42,174
EUR
32
EUR
31
EUR
28
EUR
171
EUR
36
EUR
36
EUR
25
EUR
2,511
EUR
2,510
EUR
2,201
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
USD
USD
EUR
466 $
1,218
136
517
28
29
25
14,090
1,286
247
1,021
150,561
16,801
63,874
57,682
44
43
38
235
49
49
35
3,434
3,433
3,011
1
Currency
Market
Value $U.S.
468
1,223
137
519
28
29
25
14,167
1,293
248
1,027
151,426
16,897
64,241
58,013
44
43
38
235
49
49
35
3,454
3,453
3,028
1
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
2
5
1
2
77
7
1
6
865
96
367
331
20
20
17
Total
1,817
$ 51,117,849

Currency
Purchased
Citibank
EUR
EUR
EUR
679
1,537
649
Currency
Sold
USD
USD
USD
936 $
2,118
894
Currency
Market
Value $U.S.
934
2,114
892
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(2)
(4)
(2)
Total
(8)
(8)
104
INTECH US Core Fund

Percentage
of Net
Assets

Common Stock
98.9%
11,900 Interpublic Group of Cos., Inc.. . . . . . . . . . . 0.1
8,100 Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1,500 General Dynamics Corp. . . . . . . . . . . . . . . . 0.1
1,100 L-3 Communications Holdings, Inc.. . . . . . . 0.1
9,100 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 0.9
20,100 Northrop Grumman Corp. . . . . . . . . . . . . . . 1.5
7,200 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.5
4.0
700 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Airlines
700 Delta Air Lines, Inc. . . . . . . . . . . . . . . . . . . . .
30,200 Southwest Airlines Co. . . . . . . . . . . . . . . . . . 0.4
0.4
Apparel
600 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,200 VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
400 Citrix Systems, Inc. . . . . . . . . . . . . . . . . . . . .
12,500 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 0.3
0.3
Athletic Footwear
1,600 NIKE, Inc. Class B . . . . . . . . . . . . . . . . . . . 0.1
23,800 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . 0.3
5,200 General Motors Co. . . . . . . . . . . . . . . . . . . . 0.1
0.4
Automotive Parts and Equipment
6,600 BorgWarner, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3
27,000 Delphi Automotive PLC . . . . . . . . . . . . . . . . 1.1
4,300 Johnson Controls, Inc. . . . . . . . . . . . . . . . . . 0.2
1.3
Banks
7,700 Huntington Bancshares, Inc.. . . . . . . . . . . . . 0.1
14,600 KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
3,700 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . 0.1
600 Monster Beverage Corp. . . . . . . . . . . . . . . . . .
2,900 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
2,400 Beam, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
800 Brown-Forman Corp. Class B . . . . . . . . . . .
17,700 Constellation Brands, Inc. Class A . . . . . . . 0.9
1.0
5,800 Discovery Communications, Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
7,200 Scripps Networks Interactive, Inc.
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.8
Business and Office Equipment
7,300 Xerox Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,600 Cablevision Systems Corp. Class A . . . . . . 0.1
Fair
Value
210,630
1,105,569
143,325
117,546
1,352,806
2,303,661
653,040
118,272
5,794,219
81,585
19,229
568,968
588,197
33,678
448,848
25,300
467,875
493,175
125,824
367,234
212,524
579,758
369,006
1,623,510
220,590
1,844,100
74,305
195,932
270,237
152,847
40,662
240,526
434,035
163,344
60,456
1,245,726
1,469,526
524,436
622,152
1,146,588
88,841
100,408
3,705,105
Percentage
of Net
Assets
3,600 DIRECTV . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%

8,300 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.8
3.6
Casino Hotels
300 Wynn Macau, Ltd. . . . . . . . . . . . . . . . . . . . . .
Casino Services
3,200 International Game Technology . . . . . . . . . . .
1,500 Air Products & Chemicals, Inc. . . . . . . . . . . 0.1
300 CF Industries Holdings, Inc.. . . . . . . . . . . . . .
1,200 Dow Chemical Co. . . . . . . . . . . . . . . . . . . . . .
1,900 E.I. du Pont de Nemours & Co. . . . . . . . . . . 0.1
1,200 Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,400 FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
6,100 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . 0.9
800 Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . . . . 0.1
1.6
Chemicals Specialty
1,700 Eastman Chemical Co. . . . . . . . . . . . . . . . . . 0.1
400 International Flavors &
Fragrances, Inc. . . . . . . . . . . . . . . . . . . . . .
0.1
Coal
3,000 CONSOL Energy, Inc.. . . . . . . . . . . . . . . . . . 0.1
5,600 Peabody Energy Corp. . . . . . . . . . . . . . . . . . 0.1
0.2
Coatings and Paint Products
5,800 Sherwin-Williams Co. . . . . . . . . . . . . . . . . . 0.7
Commercial Banks
20,900 BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
6,300 M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . 0.5
22,900 Regions Financial Corp. . . . . . . . . . . . . . . . . 0.2
800 Zions Bancorp . . . . . . . . . . . . . . . . . . . . . . . .
Commercial Services
500 Graham Holdings Co.. . . . . . . . . . . . . . . . . . 0.2
800 Automatic Data Processing, Inc. . . . . . . . . . . .
16,700 Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
33,800 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.7
6,500 McGraw Hill Financial, Inc. . . . . . . . . . . . . . 0.4
2,300 Moodys Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,100 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
11,100 Total System Services, Inc. . . . . . . . . . . . . . . 0.3
1,500 Western Union Co. . . . . . . . . . . . . . . . . . . . . .
2.6
800 Autodesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . .
Computer Services
1,800 Accenture PLC Class A (U.S. Shares). . . . . . . 0.1
400 Cognizant Technology Solutions
Corp. Class A . . . . . . . . . . . . . . . . . . . . . .
11,700 Computer Sciences Corp. . . . . . . . . . . . . . . . 0.5
6,200 International Business Machines Corp. . . . . . . 0.9
1.5
Computers
2,700 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
12,800 Hewlett-Packard Co. . . . . . . . . . . . . . . . . . . 0.2
5,000 Netapp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.5
Fair
Value
$
248,724
1,124,650
5,178,887
58,263
58,112
167,670
69,912
53,280
123,443
125,124
256,564
144,504
1,156,926
75,208
2,172,631
137,190
34,392
171,582
114,120
109,368
223,488
1,064,300
779,988
733,446
226,481
23,968
331,660
64,648
1,153,803
981,552
250,638
508,300
180,481
141,143
369,408
25,875
3,675,848
40,264
147,996
40,392
653,796
1,162,934
2,005,118
1,514,997
358,144
205,700
2,078,841
105
INTECH US Core Fund

Percentage
of Net
Assets

3,200 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1%
1,100 Seagate Technology PLC . . . . . . . . . . . . . . . . .
7,700 Western Digital Corp. . . . . . . . . . . . . . . . . . . 0.4
0.5
1,700 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.5
600 Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
400 Owens-Illinois, Inc. . . . . . . . . . . . . . . . . . . . .
Containers Paper and Plastic

3,800 Bemis Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1
8,800 Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
5,600 Avon Products, Inc. . . . . . . . . . . . . . . . . . . . 0.1
2,000 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 0.1
2,900 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 0.1
0.3
Cruise Lines
1,800 Carnival Corp. (U.S. Shares). . . . . . . . . . . . . 0.1
2,600 Dun & Bradstreet Corp. . . . . . . . . . . . . . . . . 0.2
13,400 Fidelity National Information
Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5
400 Fiserv, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.7
Dialysis Centres
13,200 DaVita Healthcare Partners, Inc. . . . . . . . . . . 0.6
4,400 W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . 0.8
7,100 Bank of America Corp. . . . . . . . . . . . . . . . . . 0.1
5,100 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,700 Goldman Sachs Group, Inc. . . . . . . . . . . . . . 0.3
0.9
Diversified Manufacturing Operations
11,536 Eaton Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
400 Illinois Tool Works, Inc. . . . . . . . . . . . . . . . . .
0.6
500 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,800 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
5,100 General Electric Co. . . . . . . . . . . . . . . . . . . . 0.1
0.8
E-Commerce/Services
500 Netflix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.5
700 Ameren Corp.. . . . . . . . . . . . . . . . . . . . . . . . .
1,000 Edison International . . . . . . . . . . . . . . . . . . . .
Electric Generation
2,900 AES Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Electric Integrated
13,200 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.2
700 Consolidated Edison, Inc.. . . . . . . . . . . . . . . .
1,900 Dominion Resources, Inc.. . . . . . . . . . . . . . . 0.1
2,200 DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
$
80,480
61,776
646,030
788,286
157,692
553,638
711,330
30,996
14,312
45,308
155,648
299,640
455,288
96,432
130,420
236,089
462,941
72,306
319,150
719,312
23,620
1,062,082
836,484
1,123,848
110,547
265,761
478,602
462,928
1,317,838
878,120
33,632
911,752
70,125
946,092
142,953
1,159,170
184,085
464,960
649,045
25,312
46,300
71,612
42,079
353,364
38,696
122,911
146,058
106

13,999
3,500
6,500
2,600
8,000
4,700
800
15,500
Percentage
of Net
Assets
Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . 0.7%

Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . 0.2
PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Public Service Enterprise Group, Inc. . . . . . . 0.1
SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
Wisconsin Energy Corp. . . . . . . . . . . . . . . . . 0.4
2.3
1,600 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
5,500 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,900 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Electronic Forms
11,600 Adobe Systems, Inc. . . . . . . . . . . . . . . . . . . . 0.5
600 Agilent Technologies, Inc.. . . . . . . . . . . . . . . .
13,800 FLIR Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.3
0.3
Electronics Miscellaneous
8,700 Jabil Circuit, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1
6,000 Jacobs Engineering Group, Inc. . . . . . . . . . . 0.3
18,700 CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Entertainment Software
43,400 Electronic Arts, Inc. . . . . . . . . . . . . . . . . . . . 0.7
Environment Control
700 Stericycle, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fiduciary Banks
28,800 State Street Corp. . . . . . . . . . . . . . . . . . . . . . 1.5
Finance Credit Card
3,300 Visa, Inc. Class A . . . . . . . . . . . . . . . . . . . . 0.5
1.3
31,300 Charles Schwab Corp. . . . . . . . . . . . . . . . . . 0.6
14,200 E*TRADE Financial Corp. . . . . . . . . . . . . . . 0.2
0.8
Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.8
6,200 NASDAQ OMX Group, Inc. . . . . . . . . . . . . . 0.2
1.0
Financial Services
7,700 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4
32,400 SLM Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.0
Food Confectionery
9,800 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
3,600 J.M. Smucker Co. . . . . . . . . . . . . . . . . . . . . . 0.3
0.9
Food Meat Products
13,200 Hormel Foods Corp. . . . . . . . . . . . . . . . . . . 0.4
15,400 Tyson Foods, Inc. Class A . . . . . . . . . . . . . 0.4
0.8
10,100 Campbell Soup Co. . . . . . . . . . . . . . . . . . . . 0.3
30,700 ConAgra Foods, Inc.. . . . . . . . . . . . . . . . . . . 0.7
Fair
Value
$
966,071
221,445
178,035
222,612
240,720
150,588
37,544
640,770
3,318,814
73,952
242,484
316,436
142,780
133,168
275,948
694,608
34,314
415,380
449,694
151,728
377,940
629,255
995,596
81,319
2,113,632
653,256
537,120
734,844
1,925,220
813,800
278,888
1,092,688
1,088,163
246,760
1,334,923
604,142
851,472
1,455,614
952,854
373,032
1,325,886
596,244
515,284
1,111,528
437,128
1,034,590
Percentage
of Net
Assets
5,900 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . 0.2%

5,700 Kellogg Co.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
3,600 McCormick & Co., Inc. . . . . . . . . . . . . . . . . 0.2
1.6
Food Retail
29,200 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
2,100 Safeway, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
600 Whole Foods Market, Inc. . . . . . . . . . . . . . . .
0.9
Gas Distribution
1,900 AGL Resources, Inc. . . . . . . . . . . . . . . . . . . . 0.1
8,700 NiSource, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2
9,500 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . 0.6
0.9
Gold Mining
9,700 Newmont Mining Corp. . . . . . . . . . . . . . . . . 0.2
Health Care Products
1,400 C.R. Barb, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2
3,100 Hospira, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,300 Patterson Cos., Inc. . . . . . . . . . . . . . . . . . . . .
0.3
3,200 Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . 0.1
Home Decoration Products
22,000 Newell Rubbermaid, Inc. . . . . . . . . . . . . . . . 0.5
Home Furnishings
3,100 Harman International Industries. . . . . . . . . . 0.2
Hotels and Motels
600 Wyndham Worldwide Corp. . . . . . . . . . . . . .
Independent Power Producer
24,800 NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . 0.5
Industrial Audio and Video Products
1,300 Rockwell Automation, Inc. . . . . . . . . . . . . . . 0.1
Industrial Gases
700 Airgas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,800 Praxair, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
1,800 PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1
0.7
Insurance
9,800 Lincoln National Corp. . . . . . . . . . . . . . . . . . 0.4
8,500 MetLife, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
11,800 Principal Financial Group, Inc.. . . . . . . . . . . 0.4
9,200 Prudential Financial, Inc. . . . . . . . . . . . . . . . 0.6
1.7
Insurance Brokers
5,500 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,500 Marsh & McLennan Cos, Inc.. . . . . . . . . . . . 0.1
0.4
2,100 TripAdvisor, Inc.. . . . . . . . . . . . . . . . . . . . . . 0.1
Internet Security
11,300 Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2
500 VeriSign, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
12,600 Ameriprise Financial, Inc.. . . . . . . . . . . . . . . 1.0
3,700 BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8
1.8
9,000 Aflac, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Fair
Value
$
294,469
348,099
248,112
2,362,398
1,154,276
68,397
34,698
1,257,371
89,737
286,056
852,720
1,228,513
223,391
187,516
127,968
53,560
369,044
171,328
713,020
253,735
44,214
712,256
153,608
78,295
364,084
442,379
74,214
1,002,150
1,076,364
505,876
458,320
581,858
848,424
2,394,478
461,395
72,540
533,935
173,943
266,454
29,890
296,344
1,449,630
1,170,939
2,620,569
601,200
Percentage
of Net
Assets
6,350 Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . 0.3%

23,900 Unum Group . . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.3
7,500 Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
600 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . 0.1
Machinery Pumps
12,000 Flowserve Corp. . . . . . . . . . . . . . . . . . . . . . . 0.7
Media
9,950 News Corp. Class A . . . . . . . . . . . . . . . . . . 0.1
10,600 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
5,300 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.1
5,000 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.6
11,300 Life Technologies Corp. . . . . . . . . . . . . . . . . 0.6
600 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . .
3.7
Medical Drugs
1,500 Abbott Laboratories . . . . . . . . . . . . . . . . . . . .
1,500 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
24,300 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 0.9
3,200 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 0.1
600 Forest Laboratories, Inc. . . . . . . . . . . . . . . . . .
2,000 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 0.1
13,091 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 0.5
1,100 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,400 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1.8
10,000 Actavis PLC . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
31,400 Mylan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
2.1
Medical HMO
14,083 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
20,100 Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
6,200 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4
3,800 UnitedHealth Group, Inc. . . . . . . . . . . . . . . . 0.2
8,800 WellPoint, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.6
3.1
1,700 Cardinal Health, Inc. . . . . . . . . . . . . . . . . . . 0.1
500 McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . 0.1
0.7
Medical Instruments
88,300 Boston Scientific Corp. . . . . . . . . . . . . . . . . . 0.8
300 Edwards Lifesciences Corp. . . . . . . . . . . . . . .
500 Intuitive Surgical, Inc. . . . . . . . . . . . . . . . . . 0.1
600 Medtronic, Inc.. . . . . . . . . . . . . . . . . . . . . . . .
3,800 St. Jude Medical, Inc. . . . . . . . . . . . . . . . . . . 0.2
1.1
Medical Labs and Testing Services
3,600 Laboratory Corp. of America
Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Medical Products
5,400 Baxter International, Inc. . . . . . . . . . . . . . . . 0.3
3,900 Becton, Dickinson and Co. . . . . . . . . . . . . . . 0.3
8,400 CareFusion Corp. . . . . . . . . . . . . . . . . . . . . . 0.2
500 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
0.8
Metal Copper
1,500 Freeport-McMoRan Copper &
Gold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
$
496,253
838,412
1,935,865
446,925
83,208
945,960
179,299
1,210,096
1,482,675
844,800
796,590
856,540
44,580
5,235,281
57,495
79,215
1,291,545
163,200
36,018
183,180
655,205
33,693
143,836
2,643,387
1,680,000
1,362,760
3,042,760
965,953
1,758,348
639,964
286,140
813,032
4,463,437
787,472
113,577
80,700
981,749
1,061,366
19,728
192,040
34,434
235,410
1,542,978
328,932
375,570
430,911
334,488
37,570
1,178,539
56,610
107
INTECH US Core Fund

Percentage
of Net
Assets
Metal Iron
1,500 Cliffs Natural Resources, Inc. . . . . . . . . . . . . . %
800 Precision Castparts Corp. . . . . . . . . . . . . . . . 0.1
Mining
4,300 Alcoa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Multi-Industry
500 Range Resources Corp. . . . . . . . . . . . . . . . . . .
1,100 Transocena, Ltd. (U.S. Shares) . . . . . . . . . . . 0.1
0.1
42,900 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.6
14,900 Assurant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
7,100 Cincinnati Financial Corp. . . . . . . . . . . . . . . 0.3
6,100 Hartford Financial Services
Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
15,500 XL Group PLC . . . . . . . . . . . . . . . . . . . . . . . 0.3
3.1
Multimedia
36,200 Time Warner, Inc.. . . . . . . . . . . . . . . . . . . . . 1.7
4,200 Viacom, Inc. Class B . . . . . . . . . . . . . . . . . 0.3
26,000 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.3
4.3
Networking Products
1,800 Republic Services, Inc. . . . . . . . . . . . . . . . . . .
4,500 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.2
0.2
Office Supplies and Forms
3,000 Avery Dennison Corp. . . . . . . . . . . . . . . . . . 0.1
Oil Field Services
3,300 Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . 0.1
1,200 Schlumberger, Ltd. (U.S. Shares) . . . . . . . . . 0.1
0.2
1,900 Nabors Industries, Ltd. . . . . . . . . . . . . . . . . . .
2,600 Rowan Cos. PLC Class A . . . . . . . . . . . . . . 0.1
0.1
400 Apache Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
900 Southwestern Energy Co. . . . . . . . . . . . . . . . .
3,500 WPX Energy, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1
0.1
300 Anadarko Petroleum Corp. . . . . . . . . . . . . . . .
14,600 Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . 0.3
9,000 Chesapeake Energy Corp.. . . . . . . . . . . . . . . 0.2
4,000 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,500 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 0.1
2,400 EOG Resources, Inc.. . . . . . . . . . . . . . . . . . . 0.2
8,800 EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,200 Occidental Petroleum Corp. . . . . . . . . . . . . . 0.1
700 Pioneer Natural Resources Co. . . . . . . . . . . . 0.1
1.7
1,462 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,400 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 0.1
1,100 Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,400 Murphy Oil Corp. . . . . . . . . . . . . . . . . . . . . 0.1
0.4
400 National Oilwell Varco, Inc. . . . . . . . . . . . . . .
Fair
Value
$
39,315
215,440
45,709
42,155
54,362
96,517
2,339,765
988,913
371,827
221,003
493,520
4,415,028
2,523,864
1,400,164
366,828
1,986,400
6,277,256
80,820
59,760
201,915
261,675
150,570
167,475
108,132
275,607
32,281
91,936
124,217
34,376
35,397
71,330
141,103
23,796
565,896
244,260
282,600
92,805
402,816
790,064
114,120
128,849
2,645,206
182,618
141,680
91,300
90,832
506,430
31,812
108
Percentage
of Net
Assets

4,150 Marathon Petroleum Corp. . . . . . . . . . . . . . . 0.3%
500 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . .
0.3
Pharmacy Services
Pipelines
1,800 ONEOK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,400 Spectra Energy Corp. . . . . . . . . . . . . . . . . . . 0.1
3,900 Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.1
0.3
4,800 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.3
5,800 Nielsen Holdings N.V. . . . . . . . . . . . . . . . . . 0.2
Reinsurance
600 Berkshire Hathaway, Inc. Class B . . . . . . . . .
REIT Apartments
500 Apartment Investment &
Management, Co. Class A . . . . . . . . . . . .
REIT Diversified
26,200 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . 0.6
REIT Regional Malls
4,000 General Growth Properties, Inc. . . . . . . . . . . 0.1
REIT Storage
3,200 Public Storage . . . . . . . . . . . . . . . . . . . . . . . 0.3
18,900 Gap, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
4,400 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
600 PVH Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,900 Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3
1.1
Retail Auto Parts
200 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,400 OReilly Automotive, Inc. . . . . . . . . . . . . . . . 0.2
0.3
51,900 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . 2.9
7,900 Lowes Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3
3.2
Retail Computer Equipment
10,000 GameStop Corp. Class A . . . . . . . . . . . . . . 0.3
Retail Consumer Electronics
11,500 Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . 0.3
Retail Discount
600 Costco Wholesale Corp. . . . . . . . . . . . . . . . . .
11,300 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 0.7
0.7
Retail Drug Store
18,200 Walgreen Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.7
Retail Jewellery
1,200 Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
50,900 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2.3
2,800 Bed Bath & Beyond, Inc. . . . . . . . . . . . . . . . 0.1
1,200 CVS Caremark Corp. . . . . . . . . . . . . . . . . . . .
1,900 Dollar General Corp. . . . . . . . . . . . . . . . . . . 0.1
2,200 Dollar Tree, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1
1,800 Family Dollar Stores, Inc. . . . . . . . . . . . . . . . 0.1
1,300 Michael Kors Holdings, Ltd. . . . . . . . . . . . . . 0.1
2,400 Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.6
Fair
Value
$
380,680
25,200
405,880
259,888
111,924
192,348
150,423
454,695
434,592
266,162
71,136
12,955
827,134
80,280
481,664
738,612
272,140
81,612
442,087
1,534,451
95,588
308,904
404,492
4,273,446
391,445
4,664,891
492,600
458,620
71,406
889,197
960,603
1,045,408
111,336
3,243,857
224,840
85,884
114,608
124,124
116,946
105,547
151,848
923,797
Percentage
of Net
Assets
Retail Office Supplies

5,400 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
1,600 Macys, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
300 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . .
2,200 McDonalds Corp. . . . . . . . . . . . . . . . . . . . . .
2,600 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . .
1,800 Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . .
0.1%
Fair
Value
$
85,806
0.1
85,440
0.1
0.2
0.1
0.1
0.5
159,834
213,466
203,814
136,098
713,212
333,900
Rubber Tires
14,000 Goodyear Tire & Rubber Co. . . . . . . . . . . . . 0.2
Savings/Loans/Thrifts Eastern U.S.
10,300 Hudson City Bancorp, Inc. . . . . . . . . . . . . . . 0.1
3,200 Peoples United Financial, Inc. . . . . . . . . . . . .
0.1
1,100 Linear Technology Corp. . . . . . . . . . . . . . . . .
900 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 0.1
0.1
33,300 Applied Materials, Inc. . . . . . . . . . . . . . . . . . 0.4
Semiconductors
6,500 LSI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,300 Micron Technology, Inc. . . . . . . . . . . . . . . . . 0.3
0.3
Steel Producers
1,300 United States Steel Corp. . . . . . . . . . . . . . . . .
3,000 Comerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,300 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . 0.1
500 PNC Financial Services Group, Inc. . . . . . . . .
1,700 SunTrust Banks, Inc.. . . . . . . . . . . . . . . . . . . .
3,100 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 0.1
8,372 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 0.3
0.6
4,300 Harris Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Telecommunications
600 Corning, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
10,900 Frontier Communications Corp.. . . . . . . . . . .
16,003 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
2,500 Verizon Communications, Inc. . . . . . . . . . . . 0.1
0.5
Television
1,600 CBS Corp. Class B . . . . . . . . . . . . . . . . . . . 0.1
Tobacco
26,800 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7
4,600 Lorillard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2
12,900 Reynolds American, Inc.. . . . . . . . . . . . . . . . 0.4
1.3
Tools Hand Held
7,700 Snap-on, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Toys
4,100 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
900 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
300 Norfolk Southern Corp. . . . . . . . . . . . . . . . . .
400 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 0.1
0.1
97,129
48,384
145,513
Percentage
of Net
Assets
500 FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
Vitamins and Nutrition Products
1,600 Mead Johnson Nutrition Co. . . . . . . . . . . . .
1,300 Google, Inc. Class A . . . . . . . . . . . . . . . . .
22,800 Yahoo!, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
0.1%
Fair
Value
$
71,885
0.1
134,016
1.1
0.6
1.7
1,456,923
922,032
2,378,955
Wireless Equipment
14,800 Crown Castle International Corp. . . . . . . . . . 0.8
1,086,764
142,045,615
142,045,615
(22,107)
$ 142,023,508
50,105
66,825
116,930

589,077
71,630
376,448
448,078
38,350
142,620
111,459
38,790
62,577
125,240
380,089
860,775
300,183
10,692
50,685
61,377
562,665
122,850
685,515
101,984
1,028,852
233,128
644,871
1,906,851
Currency
Purchased
Citibank
EUR
11,988,533
EUR
18,963,160
EUR
2,291
EUR
125,024
EUR
177,719
EUR
114,379
EUR
220,637
EUR
22
EUR
17
EUR
13
Currency
Sold
USD 16,396,992 $
USD 25,936,352
USD
3,133
USD
171,245
USD
243,422
USD
156,481
USD
301,851
USD
30
USD
23
USD
18
Currency
Market
Value $U.S.
16,491,066
26,085,157
3,151
171,979
244,465
157,337
303,501
30
23
18
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
94,074
148,805
18
734
1,043
856
1,650
Total
247,180
$ 142,270,688

Currency
Purchased
Citibank
EUR
110,272
EUR
177,990
Currency
Sold
USD
USD
152,095 $
245,263
Currency
Market
Value $U.S.
151,686
244,837
Settle
Date
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(409)
(426)
Total
(835)
(835)
843,304
225,541
42,822
268,363
27,849
67,200
95,049
109

Percentage
of Net
Assets

Common Stock
95.0%
129,100 MRV Engenharia e Participacoes S.A. . . . . . . 0.2
Casino Hotels
134,066 Crown, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
252,000 Wharf Holdings, Ltd. . . . . . . . . . . . . . . . . . . 0.9
1,070,942 Spark Infrastructure Group . . . . . . . . . . . . . 0.7
Partners L.P. . . . . . . . . . . . . . . . . . . . . . . . 1.2
Home Builders
91,688 IIDA Group Holdings Co., Ltd. . . . . . . . . . . 0.9
151,013 LGI Homes, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.2
2.1
Hotels and Motels
41,603 Whitbread PLC . . . . . . . . . . . . . . . . . . . . . . 1.2
Metal Copper
251,520 Copper Mountain Mining Corp. . . . . . . . . . . 0.2
Real Estate
93,133 American Homes 4 Rent . . . . . . . . . . . . . . . . 0.7
877,373 Concentradora Fibra Dabhos S.A.
de C.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.5
Real Estate Private
217,590 Northstar Realty Finance Corp. . . . . . . . . . . 1.4
818,583 Atrium European Real Estate, Ltd. . . . . . . . . 2.2
107,100 BR Malls Participacoes S.A.. . . . . . . . . . . . . . 0.4
40,430 CBRE Group, Inc. Class A . . . . . . . . . . . . . 0.5
930,740 Corp Inmobiliaria Vesta S.A.B.
de C.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
173,253 Countrywide PLC . . . . . . . . . . . . . . . . . . . . . 0.8
133,233 First Capital Realty, Inc. . . . . . . . . . . . . . . . . 1.1
451,941 Foxtons Group PLC . . . . . . . . . . . . . . . . . . . 1.2
128,670 Gazit-Globe, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.8
371,853 Kennedy-Wilson Holdings, Inc. . . . . . . . . . . 3.8
156,400 LPS Brasil Consultoria de
Imoveis S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.5
141,000 Mitsubishi Estate Co., Ltd. . . . . . . . . . . . . . . 2.0
290 Sonae Sierra Brasil S.A. . . . . . . . . . . . . . . . . . .
407,916 Songbird Estates PLC . . . . . . . . . . . . . . . . . . 0.5
15.6
12,829 Alexander & Baldwin, Inc. . . . . . . . . . . . . . . 0.3
177,541 Brookfield Asset Management,
Inc. Class A (U.S. Shares) . . . . . . . . . . . . 3.3
7,435 Brookfield Property Partners L.P. . . . . . . . . . 0.1
2,222,000 CapitaLand, Ltd.. . . . . . . . . . . . . . . . . . . . . . 2.5
263,200 Cyrela Commercial Properties SA
Empreendimentos e Participacoes . . . . . . . 1.1
73,700 First Juken Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.5
16,304 GAGFAH S.A.. . . . . . . . . . . . . . . . . . . . . . . . 0.1
955,715 Global Logistic Properties, Ltd.. . . . . . . . . . . 1.0
1,271,000 Hang Lung Properties, Ltd.. . . . . . . . . . . . . . 1.9
204,000 Hysan Development Co., Ltd.. . . . . . . . . . . . 0.4
200,700 Iguatemi Empresa de Shopping
Centers S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.9
287,319 Indiabulls Real Estate, Ltd. . . . . . . . . . . . . . . 0.2
49,282 LEG Immobilien A.G. . . . . . . . . . . . . . . . . . . 1.4
71,000 Mitsui Fudosan Co., Ltd. . . . . . . . . . . . . . . . 1.2
Fair
Value
461,364
2,016,620
1,927,216
1,553,549
2,448,112
1,830,451
2,686,522
4,516,973
2,583,767
397,847
1,508,755
1,687,969
3,196,724
839,600 PDG Realty SA Empreendimentos

e Participacoes . . . . . . . . . . . . . . . . . . . . .
368,172 Phoenix Mills, Ltd. . . . . . . . . . . . . . . . . . . . .
88,905 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . .
106,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . .
Recreational Centers
200,249 Clubcorp Holdings, Inc. . . . . . . . . . . . . . . . .
REIT Apartments
20,572 AvalonBay Communities, Inc.. . . . . . . . . . . .
124,010 Education Realty Trust, Inc. . . . . . . . . . . . . .
32,060 Mid-America Apartment
Communities, Inc. . . . . . . . . . . . . . . . . . .
66,040 Post Properties, Inc. . . . . . . . . . . . . . . . . . . .
REIT Diversified
81,643 American Assets Trust, Inc.. . . . . . . . . . . . . .
45,827 American Tower Corp. . . . . . . . . . . . . . . . . .
811,119 Astro Japan Property Group . . . . . . . . . . . . .
714,816 Charter Hall Group . . . . . . . . . . . . . . . . . . .
1,395,962 Cromwell Property Group . . . . . . . . . . . . . .
95,370 Digital Realty Trust, Inc. . . . . . . . . . . . . . . . .
92,968 DuPont Fabros Technology, Inc. . . . . . . . . . .
119,545 Land Securities Group PLC . . . . . . . . . . . . .
308,111 Lexington Realty Trust . . . . . . . . . . . . . . . . .
99 Mori Hills REIT Investment Corp. . . . . . . . .
77,711 Shaftesbury PLC . . . . . . . . . . . . . . . . . . . . . .
129,986 STAG Industrial, Inc. . . . . . . . . . . . . . . . . . .
8,395 Unibail-Rodamco S.E. . . . . . . . . . . . . . . . . .
2,926,586
4,706,859
774,112
1,063,309
1,622,278
1,706,787
2,221,596
2,488,027
1,725,465
2,012,168
8,273,730
957,401
4,211,654
2,241
1,119,453
32,885,080
535,354
6,893,917
148,254
5,336,603
2,728,443
2,343,124
1,033,158
239,977
2,189,296
4,015,937
878,723
1,897,327
320,531
2,911,680
2,552,332
110
Percentage
of Net
Assets
REIT Health Care

32,672 Health Care REIT, Inc. . . . . . . . . . . . . . . . . .
REIT Hotels
3,028,800 Ascott Residence Trust . . . . . . . . . . . . . . . . .
336,968 Chatham Lodging Trust . . . . . . . . . . . . . . . .
842,847 Concentradora Fibra Hotelera
Mexicana S.A. de C.V. . . . . . . . . . . . . . . . .
60,387 Pebblebrook Hotel Trust . . . . . . . . . . . . . . . .
REIT Mortgage
47,723 American Capital Agency Corp. . . . . . . . . . .
165,763 Colony Financial, Inc. . . . . . . . . . . . . . . . . .
260,141 CYS Investments, Inc.. . . . . . . . . . . . . . . . . .
128,112 Starwood Property Trust, Inc. . . . . . . . . . . . .
REIT Multi-Housing
57,180 Equity Lifestyle Properties, Inc. . . . . . . . . . .
52,679 Alexandria Real Estate Equities, Inc. . . . . . . .
35,566 Boston Properties, Inc. . . . . . . . . . . . . . . . . .
235,813 Great Portland Estates PLC . . . . . . . . . . . . . .
0.3%
0.6
0.8
0.6
18.5
Fair
Value
$
644,230
1,355,111
1,706,087
1,344,483
39,074,567
1.7
3,552,417
1.2
0.5
2,432,228
1,093,768
0.9
1.4
4.0
1,947,324
2,986,989
8,460,309
1.2
1.7
1.2
1.1
0.6
2.2
1.1
0.9
1.5
0.3
0.4
1.3
1.0
14.5
2,566,039
3,657,912
2,498,096
2,329,124
1,215,021
4,684,575
2,297,239
1,907,062
3,145,813
656,302
806,736
2,650,415
2,150,845
30,565,179
0.8
1,750,239
1.4
3.3
2,892,916
6,890,995
0.6
0.9
6.2
1,350,211
1,857,504
12,991,626
0.4
1.6
0.9
1.7
4.6
920,577
3,363,331
1,927,645
3,548,702
9,760,255
1.0
2,071,631
1.6
1.7
1.1
4.4
3,351,438
3,569,760
2,338,709
9,259,907
REIT Regional Malls

34,299 Macerich Co. . . . . . . . . . . . . . . . . . . . . . . . . 1.0
45,052 Tanger Factory Outlet Centers . . . . . . . . . . . 0.7
4.2
REIT Shopping Centres
67,257 Acadia Realty Trust . . . . . . . . . . . . . . . . . . . . 0.8
86,355 Ramco-Gershenson Properties Trust . . . . . . . 0.6
248,946 Westfield Group . . . . . . . . . . . . . . . . . . . . . . 1.1
2.5
2,673,000 AIMS AMP Capital Industrial REIT. . . . . . . . 1.4
359 Nippon Prologis REIT, Inc. . . . . . . . . . . . . . . 1.7
2,019,868
5,315,405
1,442,565
8,777,838
1,669,991
1,359,228
2,242,342
5,271,561
3,029,795
3,430,089
Percentage
of Net
Assets
59,431 ProLogis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.0%

78,833 Terreno Realty Corp. . . . . . . . . . . . . . . . . . . 0.7
4.8
Resorts and Theme Parks
26,785 Vail Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.0
Retirement and Aged Care
70,548 Capital Senior Living Corp. . . . . . . . . . . . . . 0.8
Fair
Value
$
2,195,975
1,395,344
10,051,203
2,015,036
1,692,447
200,208,053
Preferred Stock
0.2
REIT Hotels
13,100 FelCor Lodging Trust, Inc., 1.9500% . . . . . . . 0.2
317,675
317,675
200,525,728
(259,952)
$ 200,265,776
Currency
Purchased
Citibank
AUD
28
AUD
25
EUR
2,249
EUR
10,996,403
EUR
2,249
EUR
17
EUR
148,365
EUR
347
EUR
17
EUR
19
EUR
23
EUR
19
EUR
23
EUR
502
EUR
46,556
USD
18,291
USD
39
Currency
Sold
USD
25 $
USD
22
USD
3,076
USD 15,040,033
USD
3,076
USD
23
USD
202,977
USD
475
USD
23
USD
26
USD
32
USD
26
USD
32
USD
687
USD
63,676
EUR
13,261
AUD
44
Currency
Market
Value $U.S.
Settle
Date
25
22
3,094
15,126,322
3,094
23
204,087
477
23
26
32
26
32
691
64,041
18,242
39
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
18
86,289
18
1,110
2
4
365
49
Total
87,855
$ 200,353,631

Percentage
of Net
Assets
Contract Amount

(475) Equity Residential, expires
January 2014, exercise price
USD 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .%
(620) Ventas, Inc., expires January 2014,
exercise price USD 55 . . . . . . . . . . . . . . . . . .
Total Written Options Puts . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
(10,629)
(17,361)
(27,990)

Currency
Purchased
Citibank
AUD
EUR
EUR
3,305
73,879
403
Currency
Sold
USD
USD
USD
2,946 $
101,803
555
Currency
Market
Value $U.S.
2,945
101,626
554
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(1)
(177)
(1)
Total
(179)
(28,169)
111

Percentage
of Net
Assets

2,237,000 AmeriCredit Automobile Receivables
Trust, 3.3800%, due 9/4/18 . . . . . . . . . . .
Trust, 2.6800%, due 9/10/18 . . . . . . . . . .
Trust, 3.3100%, due 8/10/19 . . . . . . . . . .
2,762,000 Aventura Mall Trust 2013-AVM,
3.7427%, due 5/12/32 . . . . . . . . . . . . . . .
2,676,840 Beacon Container Finance LLC,
3.7200%, due 20/9/27 (144A) . . . . . . . . .
1,700,000 Boca Hotel Portfolio Trust, 3.2166%,
due 15/8/26 . . . . . . . . . . . . . . . . . . . . . . .
1,864,000 Commercial Mortgage Pass Through
Certificates, 3.4244%,
due 10/3/31 (144A) . . . . . . . . . . . . . . . . .
1,132,000 Commercial Mortgage Trust,
3.3674%, due 13/10/28 . . . . . . . . . . . . . .
5.6500%, due 10/12/49 . . . . . . . . . . . . . .
5,312,000 Commercial Mortgage Trust,
5.8670%, due 10/12/49 . . . . . . . . . . . . . .
653,657 CSX Transportation, Inc.,
8.3750%, due 15/10/14 . . . . . . . . . . . . . .
4,697,647 FREMF Mortgage Trust, 2.0000%,
due 25/1/20 (144A) . . . . . . . . . . . . . . . . .
3,558,000 GS Mortgage Securities Corp II,
3.4350%, due 10/12/27 (144A) . . . . . . . .
2.7679%, due 8/11/29 (144A) . . . . . . . . .
3.7679%, due 8/11/29 . . . . . . . . . . . . . . .
1,610,000 GS Mortgage Securities Corp Trust
2013-NYC5, 3.6490%,
due 10/1/30 . . . . . . . . . . . . . . . . . . . . . . .
899,000 GS Mortgage Securities Corp. Trust II,
3.5510%, due 10/4/34 (144A) . . . . . . . . .
1,990,000 Hilton U.S.A. Trust 2013-HLT,
4.4065%, due 5/11/30 . . . . . . . . . . . . . . .
1,227,545 JPMorgan Chase Commercial
Mortgage Securities Corp.,
3.9166%, due 15/8/29 . . . . . . . . . . . . . . .
3.1566%, due 15/4/30 (144A) . . . . . . . . .
Mortgage Securities Trust
2013-JWRZ MZ, 2.8044%,
due 16/2/25 . . . . . . . . . . . . . . . . . . . . . . .
2013-JWRZ MZ, 4.8447%,
due 16/2/25 . . . . . . . . . . . . . . . . . . . . . . .
2013-JWRZ MZ, 3.9066%,
due 15/4/30 . . . . . . . . . . . . . . . . . . . . . . .
2,227,000 LB-UBS Commercial Mortgage Trust,
5.4930%, due 15/2/40 . . . . . . . . . . . . . . .
1,627,000 Santander Drive Auto Receivables
Trust, 2.5200%, due 17/9/18 . . . . . . . . . .
Trust, 3.3000%, due 17/9/18 . . . . . . . . . .
4,881,000 Wachovia Bank Commercial
due 15/12/43 . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
3,042,000 Wachovia Bank Commercial

due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . . 0.3%
6.1%
0.2
0.3
2,318,426
3,652,620
0.1
1,122,547
0.2
2,518,610
0.2
2,684,359
0.2
1,704,932
0.2
1,779,720
0.1
1,137,625
0.1
924,817
0.6
5,834,146
0.1
690,048
0.4
4,021,242
0.3
3,119,320
0.4
3,363,459
0.1
1,559,836
0.1
1,590,059
0.1
887,099
0.2
2,000,051
0.1
1,241,371
0.2
2,074,969
0.2
2,348,000
0.2
2,655,407
0.1
1,197,836
0.2
2,356,876
0.2
1,633,087
0.2
1,621,661
0.5
5,262,655
112
Percentage
of Net
Assets

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1
Corporate Bonds
53.6
2,456,000 Exelis, Inc., 4.2500%, company
2,106,000 TransDigm, Inc., 7.7500%, company
0.6
Airlines
767,000 Southwest Airlines Co., 5.2500%,
due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,107,000 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) . . . . . . . . . . . . . . . . . 1.0
due 2/10/43 (144A) . . . . . . . . . . . . . . . . . 0.4
1,220,000 Jaguar Land Rover Automotive PLC,
notes, due 1/2/23 . . . . . . . . . . . . . . . . . . . 0.1
1.8
Banks
3,003,000 Santander UK PLC, 5.0000%,
570,000 Constellation Brands, Inc., 3.7500%,
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,353,000 D.R. Horton, Inc., 4.7500%,
due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
996,000 M.D.C. Holdings, Inc., 5.3750%,
due 15/12/14 . . . . . . . . . . . . . . . . . . . . . . 0.1
1,081,000 Toll Brothers Finance Corp.,
notes, due 31/12/18 . . . . . . . . . . . . . . . . . 0.1
notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.1
notes, due 15/4/23 . . . . . . . . . . . . . . . . . . 0.1
0.5
2,395,000 Hanson, Ltd., 6.1250%, company
Fair
Value
3,318,798
64,619,576
2,595,400
1,068,813
2,269,215
5,933,428
791,637
2,290,026
3,081,663
3,201,690
10,074,268
4,401,494
1,226,100
18,903,552
3,019,988
537,225
1,437,563
1,034,275
1,102,620
985,920
604,260
5,164,638
2,640,488
Percentage
of Net
Assets
670,000 Vulcan Materials Co., 7.0000%, senior

unsecured notes, due 15/6/18 . . . . . . . . . . 0.1%
0.3
Casino Hotels
1,690,000 MGM Resorts International, 7.5000%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,011,000 Wynn Las Vegas LLC / Wynn Las
Vegas Capital Corp., 4.2500%,
due 30/5/23 (144A) . . . . . . . . . . . . . . . . . 0.2
0.5
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
5,185,000 LyondellBasell Industries N.V.,
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Chemicals Specialty
2,195,000 Ashland, Inc., 3.8750%, senior
2,247,000 Ashland, Inc., 4.7500%,
due 15/8/22 (144A) . . . . . . . . . . . . . . . . . 0.2
3,036,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.3
0.7
8,353,000 CIT Group, Inc., 4.2500%, senior
1,267,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
5,177,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.5
2,469,000 HSBC Bank N.A., 4.8750%,
2.0
3,093,000 SVB Financial Group, 5.3750%,
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,083,000 Zions Bancorp, 4.5000%, senior
6,866,000 Zions Bancorp, 5.8000%, junior
1.1
1,783,000 Autodesk, Inc., 1.9500%, senior
2,839,000 Autodesk, Inc., 3.6000%, senior
0.4
Consulting Services
2,040,000 Verisk Analytics, Inc., 4.8750%,
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
$
765,475
3,405,963
1,901,250
1,490,715
1,887,826
5,279,791
3,739,913
5,765,316
2,233,413
2,145,885
2,884,199
7,263,497
8,728,884
1,430,126
5,578,218
3,094,065
2,668,419
21,499,712
3,415,968
2,207,195
6,265,225
11,888,388
1,765,473
2,626,512
4,391,985
Percentage
of Net
Assets

due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.7%
due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.3
2,244,000 Fiserv, Inc., 3.1250%, company
0.3
Dialysis Centres
1,888,000 Fresenius Medical Care U.S.
Finance II, Inc., 5.8750%,
due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.2
588,000 Bank of America Corp.,
due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,316,000 Bank of America Corp.,
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,617,000 Bank of America Corp., 8.0000%,
junior subordinated notes, due
29/12/49 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
subordinated notes, due 29/4/49 . . . . . . . .
4,027,000 Citigroup, Inc., 5.9000%, junior
1,672,000 Goldman Sachs Group, Inc.,
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 22/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4
7,623,000 Morgan Stanley, 3.4500%, senior
6,860,000 Morgan Stanley, 5.0000%,
subordinated notes,
due 24/11/25 . . . . . . . . . . . . . . . . . . . . . . 0.6
due 18/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,184,000 Royal Bank of Scotland Group PLC,
due 10/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5
due 19/12/23 . . . . . . . . . . . . . . . . . . . . . . 0.2
4.2
2,622,000 Carlyle Holdings Finance LLC,
notes, due 1/2/23 (144A) . . . . . . . . . . . . . 0.2
2,900,000 General Electric Capital Corp.,
notes, due 15/6/22 . . . . . . . . . . . . . . . . . . 0.3
notes, due 15/12/49 . . . . . . . . . . . . . . . . . 0.6
Fair
Value
8,885,032
3,762,285
14,809,807
2,324,302
1,188,212
3,512,514
2,001,280
615,339
3,350,848
7,366,190
521,121
3,780,495
1,843,736
3,724,668
7,938,363
1,416,504
6,895,830
819,571
5,235,270
2,420,088
45,928,023
2,509,249
3,245,973
5,287,573
2,162,490
113

Percentage
of Net
Assets

due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . . %
1.1
1,507,000 FMG Resources August 2006 Pty, Ltd.,
notes, due 1/11/15 (144A) . . . . . . . . . . . . 0.1
notes, due 1/11/19 (144A) . . . . . . . . . . . . 0.3
0.4
1,566,000 GE Capital Trust I, 6.3750%,
due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . 0.2
3,619,000 Ingersoll-Rand Global Holding Co.,
0.5
Electric Generation
301,000 AES Corp., 7.7500%, senior
Electric Integrated
2,759,000 CMS Energy Corp., 4.2500%, senior
2,068,000 PPL WEM Holdings PLC, 3.9000%,
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.2
1,387,000 PPL WEM Holdings PLC, 5.3750%,
due 1/5/21 (144A) . . . . . . . . . . . . . . . . . . 0.1
0.7
8,919,000 Samsung Electronics America, Inc.,
notes, due 10/4/17 (144A) . . . . . . . . . . . . 0.8
3,224,000 Amphenol Corp., 4.7500%, senior
3,463,000 FLIR Systems, Inc., 3.7500%, senior
2,465,000 URS Corp., 3.8500%,
due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.3
2,368,000 URS Corp., 5.0000%,
due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.2
0.5
Finance Auto Loans
2,133,000 Ford Motor Credit Co. LLC,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 20/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
322,270
11,365,065
1,566,338
3,017,224
4,583,562
1,695,195
3,541,514
5,236,709
334,110
2,908,044
2,162,282
1,477,025
6,547,351
8,868,884
3,332,059
3,613,769
2,513,063
2,336,264
4,849,327
2,472,960
2,585,711
7,767,749
4,868,020
114
Percentage
of Net
Assets
2,347,000 General Motors Financial Co., Inc.,

notes, due 15/5/23 (144A) . . . . . . . . . . . . 0.2%
1.9
Finance Credit Card
2,825,000 American Express Co., 6.8000%,
due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
3,539,000 Charles Schwab Corp., 7.0000%,
due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,526,000 E*TRADE Financial Corp., 6.0000%,
due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . 0.2
3,842,000 Lazard Group LLC, 4.2500%, senior
8,510,000 Raymond James Financial, Inc.,
due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1,182,000 TD Ameritrade Holding Corp.,
notes, due 1/12/19 . . . . . . . . . . . . . . . . . . 0.1
1.9
Finance Mortgage Loan Banker
3,813,000 Northern Rock Asset Management
PLC, 5.6250%, covered,
due 22/6/17 (144A) . . . . . . . . . . . . . . . . . 0.4
8,161,000 LeasePlan Corp. N.V., 2.5000%, senior
Food Confectionery
3,855,000 WM Wrigley Jr. Co., 2.4000%, senior
6,000,000 WM. Wrigley Jr. Co., 3.3750%, senior
0.9
Food Meat Products
4,429,000 Tyson Foods, Inc., 6.6000%, company
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
Food Retail
4,549,000 Safeway, Inc., 4.7500%, senior
0.5
Gas-Transportation
412,000 Southern Star Central Gas Pipeline,
Inc., 6.0000%, senior unsecured
notes, due 1/6/16 (144A) . . . . . . . . . . . . . .
Hotels and Motels
2,161,000 Starwood Hotels & Resorts
Worldwide, Inc., 7.1500%, senior
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
2,238,451
19,932,891
3,020,631
3,938,907
1,629,005
545,009
3,839,322
8,945,031
1,366,147
20,263,421
4,325,810
7,942,261
3,835,675
5,940,036
9,775,711
4,946,520
1,009,050
952,024
4,575,425
5,527,449
451,213
2,583,752
778,616
Percentage
of Net
Assets

due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 15/1/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,675,000 Thermo Fisher Scientific, Inc.,
due 1/2/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . . .
0.4
2,864,000 Ameriprise Financial, Inc., 7.5180%,
due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
5,566,000 Neuberger Berman Group LLC /
due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.5
3,698,000 Neuberger Berman Group LLC /
due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.4
1.2
6,708,000 Primerica, Inc., 4.7500%, senior
1,199,000 Cintas Corp. No 2, 2.8500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,279,000 Cintas Corp. No. 2, 4.3000%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Machinery Farm
2,358,000 CNH Capital LLC, 3.6250%,
due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,605,000 Life Technologies Corp.,
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
825,000 Life Technologies Corp.,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.6
Medical Drugs
5,408,000 VPII Escrow Corp., 6.7500%,
due 15/8/18 (144A) . . . . . . . . . . . . . . . . . 0.6
2,971,000 Actavis, Inc., 1.8750%, senior
2,105,000 Perrigo Co., 4.0000%, company
0.5
463,000 Timken Co., 6.0000%, senior
Fair
Value
641,271
662,013
1,662,471
479,075
4,223,446
3,193,360
5,872,130
3,827,430
12,892,920
6,921,247
1,237,483
1,329,929
2,567,412
2,402,213
5,298,163
894,552
6,192,715
5,969,080
2,942,659
681,826
2,069,371
5,693,856
479,570
Percentage
of Net
Assets
1,165,000 American International Group, Inc.,
due 18/10/16 . . . . . . . . . . . . . . . . . . . . . .
notes, due 15/3/37 . . . . . . . . . . . . . . . . . .
debentures, due 15/5/58 . . . . . . . . . . . . . .
2,424,000 ING U.S., Inc., 5.6500%, company
guaranteed notes, due 15/5/53 . . . . . . . . .
0.1%
Fair
Value
1,299,149
0.2
1,943,670
0.7
7,620,480
0.2
1.2
2,357,946
13,221,245
Office Furnishings Original

821,000 Interface, Inc., 7.6250%, company
Oil Field Services
2,098,000 Korea National Oil Corp., 4.0000%,
due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.2
1,437,000 Nabors Industries, Inc., 6.1500%,
due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5
due 15/9/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.7
183,000 El Paso LLC, 6.5000%, senior secured
notes, due 15/9/20 . . . . . . . . . . . . . . . . . . .
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 1.0
3,520,000 Cimarex Energy Co., 5.8750%,
due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
7,289,000 Continental Resources, Inc., 5.0000%,
due 15/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.7
2,598,000 Devon Energy Corp., 2.2500%, senior
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . .
2,419,000 Petrohawk Energy Corp., 6.2500%,
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,589,000 Plains Exploration & Production Co.,
notes, due 15/11/20 . . . . . . . . . . . . . . . . . 0.2
notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . 0.1
notes, due 1/2/22 . . . . . . . . . . . . . . . . . . . 0.1
notes, due 15/2/23 . . . . . . . . . . . . . . . . . . 0.7
886,680
2,237,328
1,616,283
5,192,485
386,071
7,194,839
197,150
11,431,679
3,740,000
589,873
7,580,560
2,573,774
475,420
2,671,786
1,755,635
648,410
1,590,607
7,441,280
115

Percentage
of Net
Assets
1,224,000 Whiting Petroleum Corp., 6.5000%,

due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 15/3/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4
4.3
1,562,000 Motiva Enterprises LLC, 5.7500%,
due 15/1/20 (144A) . . . . . . . . . . . . . . . . . 0.2
Pipelines
2,227,000 DCP Midstream Operating L.P.,
notes, due 1/10/15 . . . . . . . . . . . . . . . . . . 0.2
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.5
1,698,000 El Paso Pipeline Partners Operating
1,725,000 Energy Transfer Partners L.P.,
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
6,322,000 Enterprise Products Operating LLC,
notes, due 15/3/23 . . . . . . . . . . . . . . . . . . 0.6
3,644,000 Kinder Morgan Finance Co. LLC,
due 5/1/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,200,000 Kinder Morgan, Inc., 5.0000%, senior
2,200,000 Kinder Morgan, Inc., 5.6250%, senior
due 25/9/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
3,603,000 Spectra Energy Partners L.P.,
due 15/3/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3
7,937,000 Western Gas Partners L.P.,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
2,909,000 Williams Cos., Inc., 3.7000%, senior
3.8
352,000 Gannett Co., Inc., 6.3750%, company
3,360,000 UBM PLC, 5.7500%, notes,
due 3/11/20 (144A) . . . . . . . . . . . . . . . . . 0.3
Real Estate Private
Partnership L.P., 5.0000%,
due 15/12/23 . . . . . . . . . . . . . . . . . . . . . . 0.1
1,209,000 CBRE Services, Inc., 6.6250%,
due 15/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
1,306,620
4,279,538
46,085,182
1,776,124
2,301,680
5,090,106
456,754
1,786,827
1,752,657
6,017,065
3,932,357
1,187,983
2,141,121
697,113
3,680,158
8,515,576
2,543,731
40,103,128
379,280
3,498,025
668,371
1,299,675
116
Percentage
of Net
Assets
4,745,000 Jones Lang LaSalle, Inc., 4.4000%,

due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.5%
0.6
2,231,000 Post Apartment Homes L.P.,
due 15/10/17 . . . . . . . . . . . . . . . . . . . . . . 0.2
REIT Diversified
3,999,000 American Tower Trust I,
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.4
3,734,000 American Tower Trust I,
due 15/3/23 (144A) . . . . . . . . . . . . . . . . . 0.3
1,926,000 Goodman Funding Pty, Ltd.,
notes, due 12/11/20 (144A) . . . . . . . . . . . 0.2
5,088,000 Goodman Funding Pty, Ltd.,
notes, due 15/4/21 (144A) . . . . . . . . . . . . 0.5
1.4
REIT Health Care
due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,156,000 Senior Housing Properties Trust,
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
REIT Hotels
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
4,947,000 Alexandria Real Estate Equities, Inc.,
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.5
2,131,000 SL Green Realty Corp. / SL Green
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
3,797,000 SL Green Realty Corp. / SL Green
due 15/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.1
2,700,000 CVS Caremark Corp., 2.2500%,
due 5/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 5/12/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.6
957,000 Macys Retail Holdings, Inc.,
notes, due 1/12/16 . . . . . . . . . . . . . . . . . . 0.1
Retail Restaurants
6,273,000 Brinker International, Inc.,
due 15/5/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
4,565,615
5,865,290
2,414,319
3,908,619
3,506,969
2,136,100
5,655,403
15,207,091
1,100,675
1,278,176
2,378,851
616,775
4,986,175
2,274,244
4,466,628
11,727,047
2,702,341
3,375,703
6,078,044
1,074,173
5,657,863
Percentage
of Net
Assets
Rubber Tires
908,000 Continental Rubber Of America Corp.,
due 15/9/19 (144A) . . . . . . . . . . . . . . . . .
Security Services
2,808,000 ADT Corp., 4.1250%, senior
10,866,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . .
Steel Producers
2,105,000 ArcelorMittal, 5.0000%, senior
1,559,000 Reliance Steel & Aluminum Co.,
notes, due 15/4/23 . . . . . . . . . . . . . . . . . .
2,212,000 SBA Tower Trust, 2.9330%,
Telecommunications,
due 15/12/17 (144A) . . . . . . . . . . . . . . . .
1,541,000 Sprint Capital Corp., 6.9000%,
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . .
due 14/9/18 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/33 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/43 . . . . . . . . . . . . . . . . . . . . . . .
0.1%
Fair
Value
966,838
0.2
2,496,868
1.1
10,432,838
0.3
2,268,138
Percentage
of Net
Assets
12.7%
31,468,000 0.2500%, due 30/11/15 . . . . . . . . . . . . . . . . 3.0
6,943,000 0.7500%, due 30/6/17 . . . . . . . . . . . . . . . . . 0.6
3,105,000 0.7500%, due 31/12/17 . . . . . . . . . . . . . . . . 0.3
5,040,000 0.8750%, due 31/1/18 . . . . . . . . . . . . . . . . . 0.5
4,231,000 2.3750%, due 31/5/18 . . . . . . . . . . . . . . . . . 0.4
53,647,000 1.5000%, due 31/8/18 . . . . . . . . . . . . . . . . . 5.0
11,999,000 1.3750%, due 30/9/18 . . . . . . . . . . . . . . . . . 1.1
10,842,000 1.2500%, due 31/10/18 . . . . . . . . . . . . . . . . 1.0
944,000 1.7500%, due 31/10/18 . . . . . . . . . . . . . . . . 0.1
2,495,000 1.0000%, due 30/9/19 . . . . . . . . . . . . . . . . . 0.2
5,545,000 3.6250%, due 15/8/43 . . . . . . . . . . . . . . . . . 0.5
12.7
0.1
0.4
1,532,121
3,800,259
0.2
2,255,874
0.2
1,691,248
0.5
4,902,209
1.3
13,674,985
0.6
6,811,441
0.3
2.9
3,476,572
30,556,455
due 23/9/15 (144A) . . . . . . . . . . . . . . . . . .
3,358,000 J.B. Hunt Transport Services, Inc.,
notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.3
due 15/3/16 (144A) . . . . . . . . . . . . . . . . . 0.1
4,281,000 Penske Truck Leasing Co. L.P. /
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.5
Finance Corp., 4.8750%, senior
due 17/1/23 (144A) . . . . . . . . . . . . . . . . . 0.2
0.8
476,745
3,479,989
615,040
4,392,990
351,460
2,153,427
7,512,917
571,224,275
22.0
Fannie Mae
899,209 5.5000%, due 1/1/25 . . . . . . . . . . . . . . . . . . 0.1
2,099,307 5.5000%, due 1/7/25 . . . . . . . . . . . . . . . . . . 0.2
3,183,555 5.0000%, due 1/9/29 . . . . . . . . . . . . . . . . . . 0.3
1,277,136 5.0000%, due 1/1/30 . . . . . . . . . . . . . . . . . . 0.1
544,013 5.5000%, due 1/1/33 . . . . . . . . . . . . . . . . . . 0.1
351,323 5.0000%, due 1/11/33 . . . . . . . . . . . . . . . . . .
689,408 5.0000%, due 1/12/33 . . . . . . . . . . . . . . . . . 0.1
3,137,911 6.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . 0.3
980,363 6.0000%, due 1/2/37 . . . . . . . . . . . . . . . . . . 0.1
3,688,660 6.0000%, due 1/9/37 . . . . . . . . . . . . . . . . . . 0.4
1,102,978 7.0000%, due 1/2/39 . . . . . . . . . . . . . . . . . . 0.1
1,674,656 5.0000%, due 1/5/39 . . . . . . . . . . . . . . . . . . 0.2
2,990,947 5.0000%, due 1/6/40 . . . . . . . . . . . . . . . . . . 0.3
3,160,760 5.0000%, due 1/6/40 . . . . . . . . . . . . . . . . . . 0.3
655,209 4.5000%, due 1/10/40 . . . . . . . . . . . . . . . . . 0.1
821,835 4.0000%, due 1/12/40 . . . . . . . . . . . . . . . . . 0.1
7,934,686 5.0000%, due 1/2/41 . . . . . . . . . . . . . . . . . . 0.9
671,315 5.0000%, due 1/3/41 . . . . . . . . . . . . . . . . . . 0.1
1,503,432 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.2
2,336,688 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.2
1,356,216 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.1
2,451,111 4.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.2
1,282,532 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1
1,743,490 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.2
2,687,833 5.0000%, due 1/6/41 . . . . . . . . . . . . . . . . . . 0.3
3,724,783 5.5000%, due 1/6/41 . . . . . . . . . . . . . . . . . . 0.4
1,124,477 5.0000%, due 1/7/41 . . . . . . . . . . . . . . . . . . 0.1
2,106,535 5.0000%, due 1/7/41 . . . . . . . . . . . . . . . . . . 0.2
3,268,276 5.0000%, due 1/7/41 . . . . . . . . . . . . . . . . . . 0.3
3,120,796 4.5000%, due 1/8/41 . . . . . . . . . . . . . . . . . . 0.3
49,995 5.0000%, due 1/9/41 . . . . . . . . . . . . . . . . . . .
2,362,967 4.5000%, due 1/10/41 . . . . . . . . . . . . . . . . . 0.2
1,561,586 5.0000%, due 1/10/41 . . . . . . . . . . . . . . . . . 0.2
5,952,982 5.0000%, due 1/2/42 . . . . . . . . . . . . . . . . . . 0.6
4,434,870 4.5000%, due 1/11/42 . . . . . . . . . . . . . . . . . 0.4
9,510,896 4.5000%, due 1/2/43 . . . . . . . . . . . . . . . . . . 1.0
719,348 5.0000%, due 1/1/19 . . . . . . . . . . . . . . . . . . 0.1
553,407 5.0000%, due 1/2/19 . . . . . . . . . . . . . . . . . . 0.1
767,547 5.5000%, due 1/8/19 . . . . . . . . . . . . . . . . . . 0.1
1,377,669 5.0000%, due 1/6/20 . . . . . . . . . . . . . . . . . . 0.1
2,556,495 5.5000%, due 1/12/28 . . . . . . . . . . . . . . . . . 0.3
3,736,802 5.0000%, due 1/1/36 . . . . . . . . . . . . . . . . . . 0.4
1,910,388 5.5000%, due 1/10/36 . . . . . . . . . . . . . . . . . 0.2
3,130,450 5.0000%, due 1/5/39 . . . . . . . . . . . . . . . . . . 0.3
10,471,174 6.0000%, due 1/4/40 . . . . . . . . . . . . . . . . . . 1.1
1,721,507 4.5000%, due 1/1/41 . . . . . . . . . . . . . . . . . . 0.2
3,749,301 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.4
2,367,608 5.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.2
488,080 4.5000%, due 1/9/41 . . . . . . . . . . . . . . . . . . .
Fair
Value
$ 31,407,141
6,870,585
3,036,594
4,944,714
4,392,802
53,378,764
11,853,236
10,630,668
948,277
2,355,924
5,237,857
135,056,562
135,056,562
984,151
2,305,335
3,471,324
1,401,514
602,924
383,390
752,614
3,524,710
1,103,795
3,982,085
1,182,685
1,832,864
3,262,937
3,445,009
697,956
848,091
8,675,486
734,462
1,604,532
2,485,809
1,481,081
2,616,811
1,407,299
1,908,096
2,931,762
4,118,223
1,226,989
2,315,325
3,576,929
3,320,812
54,603
2,509,644
1,704,070
6,699,133
4,718,952
10,097,227
762,943
587,096
820,255
1,464,877
2,829,905
4,096,344
2,133,704
3,396,107
11,784,122
1,832,938
4,099,425
2,649,522
519,040
117


Ginnie Mae
1,482,814
2,669,439
2,651,756
1,363,076
5,788,380
951,178
1,521,771
1,715,499
4,565,738
2,527,166
3,762,400
2,442,253
5,022,777
1,440,845
2,591,936
764,274
564,542
875,205
2,495,869
894,445
2,508,941
3,147,517
999,467
2,900,736
693,720
653,117
3,143,235
829,823
378,528
2,730,954
2,374,438
3,822,119
2,480,559
891,676
4,104,766
1,277,735
2,791,759
4,899,637
1,233,819
1,197,763
1,312,219
1,209,212
1,257,081
Percentage
of Net
Assets
4.0000%, due 15/8/24 . . . . . . . . . . . . . . . . . 0.1%

5.1000%, due 15/1/32 . . . . . . . . . . . . . . . . . 0.3
4.9000%, due 15/10/34 . . . . . . . . . . . . . . . . 0.3
6.0000%, due 20/11/34 . . . . . . . . . . . . . . . . 0.1
5.5000%, due 20/3/35 . . . . . . . . . . . . . . . . . 0.5
5.5000%, due 15/9/35 . . . . . . . . . . . . . . . . . 0.1
5.5000%, due 15/3/36 . . . . . . . . . . . . . . . . . 0.2
5.5000%, due 20/3/36 . . . . . . . . . . . . . . . . . 0.2
6.0000%, due 20/1/39 . . . . . . . . . . . . . . . . . 0.5
5.5000%, due 15/8/39 . . . . . . . . . . . . . . . . . 0.3
5.5000%, due 15/8/39 . . . . . . . . . . . . . . . . . 0.4
5.0000%, due 15/9/39 . . . . . . . . . . . . . . . . . 0.3
5.0000%, due 15/9/39 . . . . . . . . . . . . . . . . . 0.5
5.0000%, due 15/10/39 . . . . . . . . . . . . . . . . 0.2
5.0000%, due 15/11/39 . . . . . . . . . . . . . . . . 0.3
5.0000%, due 15/1/40 . . . . . . . . . . . . . . . . . 0.1
5.0000%, due 15/4/40 . . . . . . . . . . . . . . . . . 0.1
5.0000%, due 15/5/40 . . . . . . . . . . . . . . . . . 0.1
5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . 0.3
5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . 0.1
5.0000%, due 15/2/41 . . . . . . . . . . . . . . . . . 0.3
4.5000%, due 15/5/41 . . . . . . . . . . . . . . . . . 0.3
5.0000%, due 15/5/41 . . . . . . . . . . . . . . . . . 0.1
5.0000%, due 20/6/41 . . . . . . . . . . . . . . . . . 0.3
5.0000%, due 20/6/41 . . . . . . . . . . . . . . . . . 0.1
4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . . 0.1
5.0000%, due 15/9/41 . . . . . . . . . . . . . . . . . 0.3
5.5000%, due 20/9/41 . . . . . . . . . . . . . . . . . 0.1
6.0000%, due 20/10/41 . . . . . . . . . . . . . . . . .
6.0000%, due 20/12/41 . . . . . . . . . . . . . . . . 0.3
5.5000%, due 20/1/42 . . . . . . . . . . . . . . . . . 0.2
6.0000%, due 20/1/42 . . . . . . . . . . . . . . . . . 0.4
6.0000%, due 20/2/42 . . . . . . . . . . . . . . . . . 0.3
6.0000%, due 20/3/42 . . . . . . . . . . . . . . . . . 0.1
6.0000%, due 20/4/42 . . . . . . . . . . . . . . . . . 0.4
3.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.1
6.0000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.3
5.5000%, due 20/7/42 . . . . . . . . . . . . . . . . . 0.5
6.0000%, due 20/7/42 . . . . . . . . . . . . . . . . . 0.1
6.0000%, due 20/8/42 . . . . . . . . . . . . . . . . . 0.1
6.0000%, due 20/9/42 . . . . . . . . . . . . . . . . . 0.1
6.0000%, due 20/11/42 . . . . . . . . . . . . . . . . 0.1
6.0000%, due 20/2/43 . . . . . . . . . . . . . . . . . 0.1
Total Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . 22.0
Fair
Value
$
1,571,463
2,989,253
2,896,438
1,523,629
6,434,436
1,074,327
1,691,205
1,898,595
5,144,526
2,957,514
4,279,836
2,712,354
5,578,473
1,598,077
2,866,510
848,286
626,714
957,781
2,769,724
992,538
2,762,650
3,406,724
1,114,411
3,231,246
756,624
704,423
3,440,074
913,889
426,575
3,069,556
2,618,706
4,301,556
2,794,501
1,003,526
4,619,698
1,294,648
3,142,251
5,416,097
1,389,798
1,349,489
1,477,021
1,357,603
1,416,192
234,363,844
Preferred Stock
2.0
117,300 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.3
175,100 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . 0.5
0.8
55,000 Citigroup Capital XIII, 7.8750%. . . . . . . . . . 0.1
Finance Credit Card
251,350 Discover Financial Services,
6.5000% . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
14,675 Charles Schwab Corp.,
6.0000% . . . . . . . . . . . . . . . . . . . . . . . . . . .
248,975 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.6
2,936,019
4,577,114
7,513,133
1,498,750
5,791,104
322,703
6,403,637
21,529,327
118
Percentage
of Net
Assets
Tranche Loans
Casino Hotels
due 13/12/19 . . . . . . . . . . . . . . . . . . . . . .
Media
2,984,000 Tribune Co., 4.0000%,
due 20/11/20 . . . . . . . . . . . . . . . . . . . . . .
Medical Drugs
2,989,411 Quintiles Transnational Corp.,
4.5000%, due 8/6/18 . . . . . . . . . . . . . . . .
Mining
4.2500%, due 30/6/19 . . . . . . . . . . . . . . .
Fair
Value
1.4%
0.6
6,056,683
0.3
2,965,350
0.3
2,985,674
0.2
2,509,179
14,516,886
1,041,310,470
(1,844,031)
$1,039,466,439
Currency
Purchased
Citibank
CNH
30
CNH
18,583
CNH
18
EUR
79,929
EUR
8,002,849
EUR
46,452,507
EUR 149,270,793
EUR
11,580,009
EUR
19,577,442
EUR
787,543
GBP
1,845
GBP
1,845
GBP
11
GBP
11
USD
5
USD
5
USD
447,648
USD
5
USD
6,853
USD
8,439
USD
11,218
USD
94,040
USD
37,557
USD
4
USD
3
USD
3
USD
47
USD
52
USD
184,754
Currency
Sold
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
EUR
AUD
EUR
EUR
EUR
EUR
EUR
CNH
CNH
AUD
AUD
AUD
AUD
Currency
Market
Value $U.S.
5 $
5
3,059
3,067
3
3
109,350
109,948
10,945,681
11,008,479
63,534,163
63,898,675
204,161,097
205,332,424
15,838,244
15,929,112
26,776,518
26,930,142
1,077,140
1,083,320
3,015
3,053
3,015
3,053
18
18
18
18
3
5
3
5
324,863
446,871
6
5
4,973
6,841
6,124
8,424
8,133
11,188
68,181
93,787
27,230
37,456
23
4
20
3
3
3
53
47
58
52
206,996
184,414
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
598
62,798
364,512
1,171,327
90,868
153,624
6,180
38
38
777
12
15
30
253
101
340
Total
1,851,519
$ 1,041,317,958

Currency
Purchased
Citibank
AUD
2,947
AUD
756,645
AUD
3,308
USD
76,584
USD
105,374
USD
364,524
USD
69,384
USD
5,292
USD
50,197
USD
697
USD
13,175
Currency
Sold
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
AUD
AUD
2,627 $
674,390
2,948
55,979
77,023
266,134
50,656
3,864
36,648
786
14,792
Currency
Market
Value $U.S.
2,626
674,105
2,947
77,003
105,950
366,086
69,681
5,315
50,412
700
13,178
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(1)
(285)
(1)
(419)
(576)
(1,562)
(297)
(23)
(215)
(3)
(3)
Total
(3,385)
(3,385)
119

Percentage
of Net
Assets

Trust, 4.0000%, due 8/5/17 . . . . . . . . . . .
Trust, 3.3800%, due 9/4/18 . . . . . . . . . . .
Trust, 2.6800%, due 9/10/18 . . . . . . . . . .
Trust, 3.3100%, due 8/10/19 . . . . . . . . . .
5.8670%, due 10/12/49 . . . . . . . . . . . . . .
30,776 FREMF Mortgage Trust, 2.0000%,
due 25/1/20 (144A) . . . . . . . . . . . . . . . . .
100,000 GS Mortgage Securities Corp. Trust II,
3.5510%, due 10/4/34 (144A) . . . . . . . . .
24,000 LB-UBS Commercial Mortgage Trust,
5.4930%, due 15/2/40 . . . . . . . . . . . . . . .
42,660 Morpheus European
Loan Conduit No 19 PLC,
0.9476%, due 1/11/29 . . . . . . . . . . . . . . .
Trust, 2.5200%, due 17/9/18 . . . . . . . . . .
99,494 Taurus 2013 GMF1 PLC, 2.9680%,
due 21/5/24 . . . . . . . . . . . . . . . . . . . . . . .
72,493 TDA CAM 2 Fondo de Titulizacion
de Activos, 0.4500%,
due 26/10/32 . . . . . . . . . . . . . . . . . . . . . .
due 15/12/43 . . . . . . . . . . . . . . . . . . . . . .
due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . .
66,908 Windermere XI Cmbs PLC, 0.7766%,
due 24/4/17 . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
7.9%
1.0
103,490
0.2
16,582
0.1
13,121
0.1
8,120
0.3
35,145
0.3
26,345
1.0
98,676
0.2
25,400
0.7
69,397
0.1
11,041
1.3
137,376
0.9
94,315
0.4
45,284
0.2
21,820
1.1
109,977

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9
Corporate Bonds
47.2
17,000 TransDigm, Inc., 7.7500%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.2
67,000 DAA Finance PLC, 6.5872%,
due 9/7/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
due 2/10/18 (144A) . . . . . . . . . . . . . . . . . 0.2
due 2/10/23 (144A) . . . . . . . . . . . . . . . . . 0.8
due 2/10/43 (144A) . . . . . . . . . . . . . . . . . 0.3
notes, due 15/3/20 . . . . . . . . . . . . . . . . . . 1.9
73,000 Renault S.A., 4.6250%,
due 18/9/17 . . . . . . . . . . . . . . . . . . . . . . . 1.0
4.2
816,089
18,318
108,287
24,660
81,400
35,488
188,336
107,876
437,760
120
Percentage
of Net
Assets

10,000 Toll Brothers Finance Corp., 4.0000%,
due 31/12/18 . . . . . . . . . . . . . . . . . . . . . .
Casino Hotels
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . .
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . .
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . .
26,000 Sprint Communications, Inc.,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . .
Chemicals Specialty
19,000 Ashland, Inc., 3.8750%,
due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . .
18,000 Ashland, Inc., 4.7500%,
due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . .
24,000 Ashland, Inc., 6.8750%,
due 15/5/43 . . . . . . . . . . . . . . . . . . . . . . .
103,000 CIT Group, Inc., 4.2500%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . .
10,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . .
68,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . .
19,000 CIT Group, Inc., 5.0000%,
due 1/8/23 . . . . . . . . . . . . . . . . . . . . . . . .
100,000 Bank of Ireland, 2.7500%, senior
50,000 Bank of Ireland, 10.0000%,
subordinated notes,
due 12/2/20 . . . . . . . . . . . . . . . . . . . . . . .
100,000 BBVA Senior Finance SAU, 4.3750%,
bank guaranteed notes,
due 21/9/15 . . . . . . . . . . . . . . . . . . . . . . .
100,000 CaixaBank, 5.0000%, subordinated
notes, due 14/11/23 . . . . . . . . . . . . . . . . .
0.1%
Fair
Value
10,200
0.1
11,853
0.2
15,750
0.3
26,277
0.1
0.7
14,130
68,010
0.3
28,275
0.2
19,333
0.1
17,190
0.2
0.5
22,799
59,322
1.0
107,634
0.1
11,288
0.7
73,270
0.2
2.0
18,383
210,575
1.3
138,483
0.8
80,602
1.4
144,862
1.4
4.9
139,825
503,772

45,000 Zions Bancorp, 5.8000%,
due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Consulting Services
due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 1.1
41,063
117,328
Percentage
of Net
Assets
Dialysis Centres
39,000 Fresenius Medical Care U.S.
due 31/1/22 (144A) . . . . . . . . . . . . . . . . .
29/12/49 . . . . . . . . . . . . . . . . . . . . . . . . . .
31,000 Citigroup, Inc., 5.9000%,
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . .
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . .
due 22/1/18 . . . . . . . . . . . . . . . . . . . . . . .
due 22/3/17 . . . . . . . . . . . . . . . . . . . . . . .
subordinated notes,
due 22/5/23 . . . . . . . . . . . . . . . . . . . . . . .
subordinated notes,
due 24/11/25 . . . . . . . . . . . . . . . . . . . . . .
due 10/6/23 . . . . . . . . . . . . . . . . . . . . . . .
due 19/12/23 . . . . . . . . . . . . . . . . . . . . . .
0.4%
Fair
Value
41,340
0.5
56,774
0.3
29,102
0.1
14,335
0.1
6,029
1.7
162,728
0.9
97,931
0.6
61,319
1.2
123,206
0.6
6.0
61,511
612,935

notes, due 15/6/22 . . . . . . . . . . . . . . . . . . 1.9
notes, due 1/11/15 (144A) . . . . . . . . . . . . 0.1
notes, due 1/11/19 (144A) . . . . . . . . . . . . 0.3
0.4
guaranteed notes,
due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Electric Integrated
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.2
50,000 URS Corp., 5.0000%, company
guaranteed notes, due 1/4/22
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Finance Auto Loans
notes, due 15/5/18 (144A) . . . . . . . . . . . . 0.1
notes, due 15/5/23 (144A) . . . . . . . . . . . . 0.2
0.3
201,474
13,512
25,904
39,416
26,422
23,003
49,330
14,035
18,121
32,156
Percentage
of Net
Assets
Finance Credit Card

due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . .
13,000 E*TRADE Financial Corp., 6.0000%,
senior unsecured notes, due
15/11/17 . . . . . . . . . . . . . . . . . . . . . . . . . .
33,000 Lazard Group LLC, 4.2500%,
due 14/11/20 . . . . . . . . . . . . . . . . . . . . . .
due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
53,463
0.1
13,878
0.3
32,977
0.4
0.8
36,789
83,644
Food Confectionery
50,000 WM Wrigley Jr. Co., 2.4000%,
due 21/10/18 . . . . . . . . . . . . . . . . . . . . . . 0.5
50,000 WM. Wrigley Jr. Co., 3.3750%,
due 21/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.5
1.0
due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
Food Retail
8,000 Safeway, Inc., 3.9500%,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
36,000 Safeway, Inc., 4.7500%,
due 1/12/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.4
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/1/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/2/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . .
0.4
1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
104,000 Neuberger Berman Group
LLC / Neuberger Berman
due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 1.0
26,000 Neuberger Berman Group
LLC / Neuberger Berman
due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.3
2.1
49,750
49,500
99,250
8,400
8,009
36,209
44,218
6,943
5,956
5,594
14,888
4,060
37,441
78,050
109,720
26,910
214,680
121

Percentage
of Net
Assets

68,000 Primerica, Inc., 4.7500%,
due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . .
Machinery Farm
37,000 CNH Capital LLC, 3.6250%,
due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . .
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . .
Medical Products
23,000 FMC Finance VIII S.A., 5.2500%,
due 31/7/19 . . . . . . . . . . . . . . . . . . . . . . .
Money Center Banks
100,000 Lloyds Bank PLC, 6.5000%,
subordinated notes,
due 24/3/20 . . . . . . . . . . . . . . . . . . . . . . .
debentures, due 15/5/58 . . . . . . . . . . . . . .
19,000 ING U.S., Inc., 5.6500%,
due 15/5/53 . . . . . . . . . . . . . . . . . . . . . . .
0.7%
Fair
Value
70,162
0.4
37,694
0.4
41,419
0.1
0.5
7,590
49,009
0.3
35,689
1.5
159,743
0.6
0.2
0.8

due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5
due 15/9/21 . . . . . . . . . . . . . . . . . . . . . . .
0.5
2,000 El Paso LLC, 6.5000%,
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . .
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 1.0
due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5
24,000 Devon Energy Corp., 2.2500%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.2
notes, due 15/11/20 . . . . . . . . . . . . . . . . . 0.1
notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . 0.1
69,255
18,482
87,737
52,102
3,008
55,110
2,155
92,559
39,313
4,555
52,000
23,776
13,258
5,486
122
Percentage
of Net
Assets

notes, due 1/2/22 . . . . . . . . . . . . . . . . . . . 0.1%
notes, due 15/2/23 . . . . . . . . . . . . . . . . . . 0.6
34,000 Whiting Petroleum Corp., 5.0000%,
company guaranteed notes, due
15/3/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
3.3
Pipelines
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.9
31,000 El Paso Pipeline Partners
Operating Co. LLC, 7.0000%,
due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3
52,000 Enterprise Products Operating LLC,
notes, due 15/3/23 . . . . . . . . . . . . . . . . . . 0.5
due 5/1/16 . . . . . . . . . . . . . . . . . . . . . . . . 2.0
10,000 Kinder Morgan, Inc., 5.0000%,
due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/11/23 . . . . . . . . . . . . . . . . . . . . . . 0.2
26,000 Western Gas Partners L.P., 5.3750%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
4.3
Real Estate Private
due 15/12/23 . . . . . . . . . . . . . . . . . . . . . . 0.1
REIT Diversified
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.3
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.1
24,000 CVS Caremark Corp., 2.2500%,
due 5/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 5/12/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.5
Retail Restaurants
25,000 Brinker International, Inc., 3.8750%,
due 15/5/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Security Services
13,000 ADT Corp., 4.1250%,
due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Steel Producers
18,000 ArcelorMittal, 5.0000%, senior
Fair
Value
13,228
58,240
34,935
337,350
94,562
35,205
49,492
205,036
9,900
17,518
27,895
439,608
5,985
31,277
13,103
24,021
29,997
54,018
22,548
11,560
19,395
Percentage
of Net
Assets
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . .
due 14/9/18 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/33 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/43 . . . . . . . . . . . . . . . . . . . . . . .
0.1%
Fair
Value
13,170
0.3
26,903
0.4
43,448
1.1
110,802
0.5
55,368
0.3
2.7
28,179
277,870
Percentage
of Net
Assets
Spain Government Bond

28,000 2.7500%, due 31/3/15 . . . . . . . . . . . . . . . . .
45,000 4.0000%, due 30/7/15 . . . . . . . . . . . . . . . . .
18,000 3.2500%, due 30/4/16 . . . . . . . . . . . . . . . . .
36,000 3.7500%, due 31/10/18 . . . . . . . . . . . . . . . .
139,000 4.3000%, due 31/10/19 . . . . . . . . . . . . . . . .
55,000 4.4000%, due 31/10/23 . . . . . . . . . . . . . . . .
0.4%
0.6
0.2
0.5
2.0
0.7
4.4
7,805
11,916
4,892,011
29.6
Brazilian Government Bond
12,000 100.0000%, due 1/1/17 . . . . . . . . . . . . . . . . 0.4
120 100.0000%, due 1/1/19 . . . . . . . . . . . . . . . . 0.4
13,000 100.0000%, due 1/1/23 . . . . . . . . . . . . . . . . 0.4
1.2
German Governmant Bond
74,000 1.0000%, due 12/10/18 . . . . . . . . . . . . . . . . 1.0
55,000 1.5000%, due 15/5/23 . . . . . . . . . . . . . . . . . 0.7
58,000 2.5000%, due 4/7/44 . . . . . . . . . . . . . . . . . . 0.7
2.4
German Government Bond
19,000 2.0000%, due 15/8/23 . . . . . . . . . . . . . . . . . 0.3
Irish Government Bond
95,000 4.5000%, due 18/4/20 . . . . . . . . . . . . . . . . . 1.4
153,000 3.9000%, due 20/3/23 . . . . . . . . . . . . . . . . . 2.2
3.6
Italian Government Bond
143,000 4.7500%, due 1/9/21 . . . . . . . . . . . . . . . . . . 2.1
Mexican Government Bond
20,000 4.7500%, due 14/6/18 . . . . . . . . . . . . . . . . . 1.4
17,700 8.0000%, due 7/12/23 . . . . . . . . . . . . . . . . . 1.5
2.9
New Zealand Government Bond
342,000 6.0000%, due 15/4/15 . . . . . . . . . . . . . . . . . 2.8
222,000 5.5000%, due 15/4/23 . . . . . . . . . . . . . . . . . 1.9
4.7
Portuguese Government Bond
95,000 4.4500%, due 15/6/18 . . . . . . . . . . . . . . . . . 1.2
39,000 4.7500%, due 14/6/19 . . . . . . . . . . . . . . . . . 0.5
20,000 4.9500%, due 25/10/23 . . . . . . . . . . . . . . . . 0.2
39,000 5.6500%, due 15/2/24 . . . . . . . . . . . . . . . . . 0.5
2.4
4,111
45,592
43,435
43,975
133,002
102,081
73,036
75,739
250,856
26,272
143,101
218,141
361,242
213,108
149,830
151,169
300,999
290,984
193,309
484,293
129,362
52,237
25,449
51,863
258,911
39,284
64,265
25,614
51,851
203,723
77,122
461,859

312,000 0.2500%, due 30/11/15 . . . . . . . . . . . . . . . . 3.1
164,000 1.5000%, due 31/8/18 . . . . . . . . . . . . . . . . . 1.6
24,000 1.3750%, due 30/9/18 . . . . . . . . . . . . . . . . . 0.2
4.9
United Kindom Treasury
49,000 1.7500%, due 7/9/22 . . . . . . . . . . . . . . . . . . 0.7

due 11/7/22 . . . . . . . . . . . . . . . . . . . . . . .
due 17/1/23 (144A) . . . . . . . . . . . . . . . . . 0.1
0.1
Fair
Value
Fannie Mae
19,873 5.0000%, due 1/9/29 . . . . . . . . . . . . . . . . . .
23,906 6.0000%, due 1/9/37 . . . . . . . . . . . . . . . . . .
20,698 5.0000%, due 1/6/40 . . . . . . . . . . . . . . . . . .
9,396 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . .
15,149 4.5000%, due 1/4/41 . . . . . . . . . . . . . . . . . .
8,387 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . .
45,426 4.5000%, due 1/6/42 . . . . . . . . . . . . . . . . . .
8,620 5.0000%, due 1/6/20 . . . . . . . . . . . . . . . . . .
Ginnie Mae
6,764 6.0000%, due 20/1/39 . . . . . . . . . . . . . . . . .
486,825 5.5000%, due 20/5/41 . . . . . . . . . . . . . . . . .
17,586 4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . .
6,234 5.0000%, due 15/9/41 . . . . . . . . . . . . . . . . .
2,474 6.0000%, due 20/10/41 . . . . . . . . . . . . . . . .
8,474 6.0000%, due 20/12/41 . . . . . . . . . . . . . . . .
8,292 6.0000%, due 20/1/42 . . . . . . . . . . . . . . . . .
9,016 6.0000%, due 20/2/42 . . . . . . . . . . . . . . . . .
6,419 6.0000%, due 20/3/42 . . . . . . . . . . . . . . . . .
14,966 6.0000%, due 20/4/42 . . . . . . . . . . . . . . . . .
2,437 6.0000%, due 20/5/42 . . . . . . . . . . . . . . . . .
33,014 5.5000%, due 20/7/42 . . . . . . . . . . . . . . . . .
7,540 6.0000%, due 20/7/42 . . . . . . . . . . . . . . . . .
7,518 6.0000%, due 20/8/42 . . . . . . . . . . . . . . . . .
52,737 6.0000%, due 20/9/42 . . . . . . . . . . . . . . . . .
8,232 6.0000%, due 20/2/43 . . . . . . . . . . . . . . . . .
311,398
163,180
23,708
498,286
74,143
3,062,971
8.8
0.2
0.2
0.2
0.1
0.2
0.1
0.5
21,669
25,808
22,560
10,028
16,116
9,203
48,246
0.1
9,165
0.1
5.1
0.2
0.1
0.1
0.1
0.1
0.1
0.2
0.3
0.1
0.1
0.5
0.1
7,622
538,724
18,915
6,823
2,788
9,525
9,332
10,157
7,224
16,844
2,743
36,493
8,493
8,471
59,359
9,274
Total Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . 8.8
915,582
Preferred Stock
1.6
1,050 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.3
1,400 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . 0.3
0.6
Finance Credit Card
1,700 Discover Financial Services, 6.5000% . . . . . . . 0.4
150 Charles Schwab Corp., 6.0000% . . . . . . . . . .
2,300 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.6
26,282
36,595
62,877
39,168
3,299
59,156
164,500
Tranche Loans
1.9
Casino Hotels
due 13/12/19 . . . . . . . . . . . . . . . . . . . . . . 0.4
37,786
123

Percentage
of Net
Assets
due 5/4/20 . . . . . . . . . . . . . . . . . . . . . . . .
Media
27,000 Tribune Co., 4.0000%,
due 20/11/20 . . . . . . . . . . . . . . . . . . . . . .
Medical Drugs
18,653 Quintiles Transnational Corp.,
4.5000%, due 8/6/18 . . . . . . . . . . . . . . . .
Mining
22,000 FMG Resources August 2006
Pty, Ltd., 4.2500%,
due 30/6/19 . . . . . . . . . . . . . . . . . . . . . . .
0.8%
Fair
Value
91,101
0.3
26,831
0.2
18,630
0.2
22,268
196,616
10,047,769
(0.1)
(12,722)
$ 10,035,047
Currency
Purchased
Currency
Sold
Citibank
EUR
70,878 USD
EUR
10,659 USD
EUR
1,891,354 USD
EUR
10,759 USD
EUR
2,206 USD
EUR
91,990 USD
EUR
485 USD
EUR
1,864,140 USD
EUR
13 USD
GBP
11 USD
GBP
11 USD
GBP
1,807 USD
GBP
1,807 USD
USD
3,355 EUR
USD
3,234 EUR
USD
4 EUR
USD
164 EUR
CAD
432,000 USD
EUR
9,000 USD
GBP
7,000 USD
GBP
323,000 USD
KRW 108,425,001 USD
NOK
1,562,000 USD
96,942
14,582
2,586,848
14,719
3,017
125,817
664
2,549,627
18
19
19
2,953
2,953
2,432
2,345
3
119
Currency
Market
Value $U.S.
$
405,687
12,320
11,410
525,492
102,646
251,505
Settle
Date
97,498
14,662
2,601,689
14,799
3,034
126,539
668
2,564,255
18
19
19
2,991
2,991
3,346
3,225
4
164
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
406,507
12,380
11,588
534,705
103,068
257,386
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
Unrealised
Appreciation
$
556
80
14,841
80
17
722
4
14,628
38
38
9
9
820
60
178
9,213
422
5,881
Total
$ 10,082,643
47,596

Currency
Purchased
Currency
Sold
Citibank
EUR
15,268 USD
JPY
31,181,000 USD
JPY
1,154,000 USD
USD
1,739,730 EUR
USD
11,560 GBP
USD
486,521 NZD
124
21,039
302,367
10,981
1,267,000
7,000
593,000
Currency
Market
Value $U.S.
$
Settle
Date
21,002
29-Jan-14
296,180
10,962
1,742,851
11,588
486,664
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
Unrealised
(Depreciation)
$
(37)
(6,187)
(19)
(3,121)
(28)
(143)
Total
(9,535)
(9,535)

Percentage
of Net
Assets

484,000 Credit Suisse Commercial Mortgage
Trust Series 2007-C5, 5.8700%,
due 15/9/40 . . . . . . . . . . . . . . . . . . . . . . .
465,750 Extended Stay America Trust SA
2013-ESHM MC, 7.6250%,
due 5/12/19 . . . . . . . . . . . . . . . . . . . . . . .
Mortgage Securities Trust, 6.1666%,
due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . .
100,000 LCP Proudreed PLC, 1.1234%,
due 25/8/16 . . . . . . . . . . . . . . . . . . . . . . .
270,000 WMG Acquisition Corp., 6.2500%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . .
Fair
Value
2.3%
0.8
485,027
0.6
475,356
0.2
174,144
0.2
156,050
0.5
390,911

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
1,681,488
Common Stock
Casino Hotels
25,959 MGM Resorts International . . . . . . . . . . . . .
Hotels and Motels
8,835 Hilton Worldwide Holdings, Inc. . . . . . . . . .
18,143 CommScope Holding Co., Inc. . . . . . . . . . . .
8,571 Nuverra Environmental
Solutions, Inc.. . . . . . . . . . . . . . . . . . . . . .
1.8
0.8
610,555
0.3
196,579
0.5
343,266
0.2
143,907
1,294,307
Corporate Bonds
82.2
1,125,000 ADS Tactical, Inc., 11.0000%,
due 1/4/18 . . . . . . . . . . . . . . . . . . . . . . . . 1.4
320,000 TransDigm, Inc., 7.5000%,
due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Airlines
312,000 U.S. Airways Group, Inc., 6.1250%,
due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
62,000 United Continental Holdings, Inc.,
notes, due 1/6/18 . . . . . . . . . . . . . . . . . . . 0.1
0.5
100,000 Boardriders S.A., 8.8750%,
due 15/12/17 (144A) . . . . . . . . . . . . . . . . 0.2
505,000 Boardriders S.A., 8.8750%,
due 15/12/17 . . . . . . . . . . . . . . . . . . . . . . 1.1
133,000 Quiksilver, Inc. / QS Wholesale, Inc.,
due 1/8/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
281,000 Quiksilver, Inc. / QS Wholesale, Inc.,
notes, due 1/8/20 . . . . . . . . . . . . . . . . . . . 0.4
1.9
471,000 Chrysler Group LLC / CG Co-Issuer,
Inc., 8.2500%, secured notes,
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.7
1,051,875
345,600
315,900
64,945
380,845
148,565
750,252
144,970
318,935
1,362,722
Percentage
of Net
Assets

notes, due 15/5/18 . . . . . . . . . . . . . . . . . .
notes, due 15/3/20 . . . . . . . . . . . . . . . . . .
200,000 Peugeot S.A., 7.3750%, senior
403,000 Peugeot S.A., 6.5000%, senior
Automotive Medical and Heavy Duty Trucks
75,000 Navistar International Corp.,
notes, due 1/11/21 . . . . . . . . . . . . . . . . . .
342,000 Crown Media Holdings, Inc.,
notes, due 15/7/19 . . . . . . . . . . . . . . . . . .
due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . .
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . .
0.3%
Fair
Value
222,861
1.5
1,035,846
0.4
307,444
0.9
3.8
601,923
2,706,192
0.1
78,000
0.5
389,880
0.2
146,475
0.2
0.4
143,438
289,913
Building and Construction Material

179,000 Heidelberg Cement A.G., 8.0000%,
due 31/1/17 . . . . . . . . . . . . . . . . . . . . . . . 0.4
47,000 Ply Gem Industries, Inc., 9.3750%,
due 15/4/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
31,000 USG Corp., 6.3000%,
due 15/11/16 . . . . . . . . . . . . . . . . . . . . . . .
233,000 USG Corp., 7.8750%,
due 30/3/20 (144A) . . . . . . . . . . . . . . . . . 0.4
384,000 USG Corp., 5.8750%, company
1.0
762,000 Cemex S.A.B. de C.V. (ADR),
due 15/10/18 . . . . . . . . . . . . . . . . . . . . . . 1.1
Capital Corp., 5.2500%,
due 30/9/22 . . . . . . . . . . . . . . . . . . . . . . . .
Capital Corp., 5.1250%,
due 15/2/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
456,000 Dish DBS Corp., 5.1250%,
due 1/5/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
66,000 Harron Communications L.P. /
Harron Finance Corp., 9.1250%,
due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.1
288,412
50,995
33,403
263,290
399,840
747,528
793,242
24,408
54,085
458,280
73,425
538,118
125

Percentage
of Net
Assets
705,000 Unitymedia Hessen GmbH & Co.

K.G. / Unitymedia NRW GmbH,
due 15/9/22 . . . . . . . . . . . . . . . . . . . . . . . 1.4%
2.2
Casino Hotels
173,000 Boyd Gaming Corp., 9.1250%,
due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
39,000 Caesars Entertainment Operating Co.,
Inc., 11.2500%, senior secured
notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . 0.1
77,000 Marina District Finance Co., Inc.,
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
notes, due 1/3/18 . . . . . . . . . . . . . . . . . . . 0.2
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
210,000 Pinnacle Entertainment, Inc.,
notes, due 15/4/21 . . . . . . . . . . . . . . . . . . 0.3
242,000 Station Casinos LLC, 7.5000%,
due 1/3/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
2.2
Casino Services
59,000 CCM Merger, Inc., 9.1250%,
due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.1
624,000 Peninsula Gaming LLC / Peninsula
Gaming Corp., 8.3750%,
due 15/2/18 (144A) . . . . . . . . . . . . . . . . . 0.9
1.0
90,000 Cricket Communications, Inc.,
notes, due 15/10/20 . . . . . . . . . . . . . . . . . 0.1
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.1
271,000 Sprint Corp., 7.8750%,
due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4
205,000 Sprint Corp., 7.1250%,
due 15/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3
94,000 T-Mobile USA, Inc., 6.4640%,
due 28/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
384,000 T-Mobile USA, Inc., 6.5420%,
due 28/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
1,001,432
1,611,630
189,003
39,780
65,920
83,641
133,875
307,807
217,044
104,393
228,900
258,939
1,629,302
61,950
683,280
745,230
102,938
263,175
78,400
292,002
208,588
100,110
409,439
126
Percentage
of Net
Assets
186,000 T-Mobile USA, Inc., 6.1250%,

due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3%
55,000 T-Mobile USA, Inc., 6.5000%,
due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2.3
Chemicals Specialty
439,000 Ashland, Inc., 4.7500%,
due 15/8/22 (144A) . . . . . . . . . . . . . . . . . 0.6
95,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.1
0.7
Coal
95,000 Peabody Energy Corp., 4.7500%,
due 15/12/41 . . . . . . . . . . . . . . . . . . . . . . 0.1
112,000 CIT Group, Inc., 5.2500%,
due 15/3/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
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) . . . . . . . . . . . . . . . . . 0.5
380,000 CIT Group, Inc., 5.3750%,
due 15/5/20 . . . . . . . . . . . . . . . . . . . . . . . 0.6
1.4
100,000 Bank of Ireland, 10.0000%,
subordinated notes,
due 30/7/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
351,000 Bank of Ireland, 10.0000%,
subordinated notes,
due 12/2/20 . . . . . . . . . . . . . . . . . . . . . . . 0.7
notes, due 14/11/23 . . . . . . . . . . . . . . . . . 0.8
1.7
Commercial Services
60,000 Envision Healthcare Corp., 8.1250%,
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
176,000 Cardtronics, Inc., 8.2500%,
due 1/9/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
245,000 TransUnion Holding Co., Inc.,
due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
149,000 TransUnion Holding Co., Inc.,
due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.8
150,000 Jarden Corp., 7.5000%,
due 15/1/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
360,000 Reynolds Group Issuer, Inc. / Reynolds
Group Issuer LLC, 9.0000%,
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
189,720
55,825
1,700,197
419,245
90,250
509,495
75,584
120,540
85,785
427,768
405,650
1,039,743
147,350
565,823
559,300
1,272,473
65,325
190,080
259,700
160,920
610,700
221,816
387,900
Percentage
of Net
Assets
560,000 Schaeffler Holding, 6.8750%,

due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 1.1%
1.9
485,000 Ardagh Packaging Finance PLC /
Ardagh MP Holdings USA, Inc.,
notes, due 15/10/20 . . . . . . . . . . . . . . . . . 1.0
338,000 Greif, Inc., 7.7500%, senior
1.5
303,000 First Data Corp., 12.6250%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4
129,000 First Data Corp., 11.7500%,
due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.6
Dialysis Centres
due 31/7/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.4
0.5
Disposable Medical Products
100,000 ConvaTec Finance International S.A.,
notes, due 15/12/18 . . . . . . . . . . . . . . . . . 0.2
226,000 ConvaTec Finance International S.A.,
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.5
due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.1
40,000 HD Supply, Inc., 11.0000%,
0.2
279,000 Societe Generale S.A., 7.8750%,
due 31/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.4
notes, due 1/11/19 (144A) . . . . . . . . . . . . 0.4
108,000 Park-Ohio Industries, Inc., 8.1250%,
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
E-Commerce/Products
76,000 Mood Media Corp., 9.2500%,
due 15/10/20 (144A) . . . . . . . . . . . . . . . . 0.1
304,000 Enel SpA, 8.7500%, subordinated
notes, due 24/9/73 . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
827,148
1,436,864
728,044
385,320
1,113,364
357,161
136,740
493,901
95,480
270,300
365,780
155,443
231,932
387,375
122,915
47,600
170,515
281,023
289,446
119,340
67,830
331,700
Percentage
of Net
Assets
795,000 NGL Energy Partners L.P. / NGL

due 15/10/21 . . . . . . . . . . . . . . . . . . . . . . 1.1%
1.6
Electric Integrated
86,000 IPALCO Enterprises, Inc., 5.0000%,
due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
100,000 Techem GmbH, 6.1250%,
due 1/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
435,000 Trionista TopCo GmbH, 5.0000%,
due 30/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.8
1.0
Engines Internal Combustion
17,000 Briggs & Stratton Corp., 6.8750%,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . .
100,000 Infor U.S., Inc., 10.0000%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Entertainment
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
63,000 Dreamworks Animation SKG, Inc.,
notes, due 15/8/20 . . . . . . . . . . . . . . . . . . 0.1
296,000 Mohegan Tribal Gaming Authority,
due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
171,000 Penn National Gaming, Inc.,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.1
Financial Services
736,000 AG Spring Finance, Ltd., 7.5000%,
due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 1.5
100,000 Baggot Securities, Ltd.,
due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.2
200,000 Credit Suisse Group A.G., 7.5000%,
due 11/12/23 . . . . . . . . . . . . . . . . . . . . . . 0.3
375,000 ROC Finance LLC / ROC Finance 1
Corp., 12.1250%, secured notes,
due 1/9/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2.5
Food Dairy Products
464,000 FAGE Dairy Industry S.A. / FAGE
due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.7
Food Meat Products
120,000 JBS USA LLC / JBS USA Finance, Inc.,
notes, due 1/2/20 (144A) . . . . . . . . . . . . . 0.2
notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
818,850
1,150,550
90,515
150,559
614,393
764,952
18,764
154,755
284,240
66,938
320,420
169,290
840,888
1,058,000
145,023
211,560
387,188
1,801,771
487,200
130,800
189,145
127

Percentage
of Net
Assets

notes, due 1/6/21 (144A) . . . . . . . . . . . . . 0.1%
53,000 Smithfield Foods, Inc., 6.6250%,
due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.7
due 1/12/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.3
Food Retail
131,000 Roundys Supermarkets, Inc.,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.2
1,091,000 SUPERVALU, Inc., 6.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.5
1.7
280,000 Tenet Healthcare Corp., 8.0000%,
due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1.4
Investment Company
236,000 Elli Finance U.K. PLC, 8.7500%,
due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.6
Lodging
370,000 NH Hotels S.A., 6.8750%, senior
270,000 Playa Resorts Holdings B.V., 8.0000%,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.1
408,000 Frigoglass Finance B.V., 8.2500%,
due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.8
Medical Drugs
525,000 Capsugel Finance, Co., S.C.A.,
notes, due 1/8/19 . . . . . . . . . . . . . . . . . . . 1.1
84,000 Capsugel S.A., 7.0000%,
due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
389,000 Endo Finance Co., 5.7500%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5
319,000 Forest Laboratories, Inc., 5.0000%,
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.4
2.1
Fair
Value
109,988
56,445
486,378
89,225
49,450
73,980
212,655
134,275
1,082,818
1,217,093
304,850
95,152
595,080
995,082
434,704
539,815
287,888
827,703
589,307
809,755
85,733
391,917
320,993
1,608,398
128
Percentage
of Net
Assets
Medical Hospitals
28,000 HCA Holdings, Inc., 7.7500%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . . %
286,000 HCA, Inc., 7.5000%,
due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.5
Medical Instruments
62,000 Physio-Control International, Inc.,
due 15/1/19 (144A) . . . . . . . . . . . . . . . . . 0.1
Medical Products
542,000 Biomet, Inc., 6.5000%,
due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Metal Diversified
570,000 Vedanta Resources PLC, 6.0000%,
due 31/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8
Metal Processors and Fabrication
275,000 Schaeffler Finance, B.V., 8.7500%,
senior secured notes, due 15/2/19. . . . . . . 0.6
notes, due 22/5/38 . . . . . . . . . . . . . . . . . . 0.3
debentures, due 15/5/58 . . . . . . . . . . . . . . 0.6
0.9
Oil Field Services
419,000 Calfrac Holdings L.P., 7.5000%,
due 1/12/20 (144A) . . . . . . . . . . . . . . . . . 0.6
261,000 Hiland Partners L.P. / Hiland Partners
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.4
1.0
72,000 Drill Rigs Holdings, Inc., 6.5000%,
due 1/10/17 (144A) . . . . . . . . . . . . . . . . . 0.1
153,000 Sidewinder Drilling, Inc., 9.7500%,
due 15/11/19 (144A) . . . . . . . . . . . . . . . . 0.2
0.3
127,000 Diamondback Energy, Inc., 7.6250%,
due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
327,000 Forum Energy Technologies, Inc.,
notes, due 1/10/21 . . . . . . . . . . . . . . . . . . 0.5
40,000 Antero Resources Finance Corp.,
notes, due 1/12/20 . . . . . . . . . . . . . . . . . . 0.1
541,000 Aurora USA Oil & Gas, Inc., 9.8750%,
due 15/2/17 (144A) . . . . . . . . . . . . . . . . . 0.8
210,000 Aurora USA Oil & Gas, Inc., 7.5000%,
due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
30,660
314,600
345,260
69,750
571,810
554,325
430,778
241,237
428,895
670,132
429,475
281,228
710,703
78,120
136,170
214,290
134,620
344,985
42,200
582,928
217,350
Percentage
of Net
Assets
24,000 Bonanza Creek Energy, Inc., 6.7500%,

due 15/4/21 (144A) . . . . . . . . . . . . . . . . . . %
264,000 Chaparral Energy, Inc., 9.8750%,
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4
588,000 Chaparral Energy, Inc., 8.2500%,
due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 1.0
due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.6
143,000 EP Energy LLC / EP Energy Finance,
Inc., 9.3750%, senior unsecured
notes, due 1/5/20 . . . . . . . . . . . . . . . . . . . 0.2
36,000 EP Energy LLC / Everest Acquisition
Finance, Inc., 7.7500%, company
650,000 EV Energy Partners L.P. / EV Energy
due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
48,000 Kodiak Oil & Gas Corp., 8.1250%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
149,000 Kodiak Oil & Gas Corp., 5.5000%,
due 1/2/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
55,000 Legacy Reserves L.P. / Legacy
Reserves Finance Corp., 6.6250%,
due 1/12/21 (144A) . . . . . . . . . . . . . . . . . 0.1
due 1/11/19 (144A) . . . . . . . . . . . . . . . . . 0.3
257,000 Oasis Petroleum, Inc., 6.5000%,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4
226,000 Oasis Petroleum, Inc., 6.8750%,
due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
494,000 Samson Investment Co., 10.5000%,
due 15/2/20 (144A) . . . . . . . . . . . . . . . . . 0.7
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 15/10/22 . . . . . . . . . . . . . . . . . . . . . . 0.4
due 15/2/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
25,260
299,640
640,920
300,913
766,102
439,875
165,701
40,500
656,500
228,355
154,280
53,520
149,000
53,488
968,624
214,165
276,275
240,690
540,930
194,713
319,500
62,220
Percentage
of Net
Assets

unsecured notes, due 15/2/19 . . . . . . . . . . %
unsecured notes, due 1/1/23 . . . . . . . . . . . .
148,000 Stone Energy Corp., 7.5000%,
due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.2
59,000 Venoco, Inc., 8.8750%, company
517,000 W&T Offshore, Inc., 8.5000%,
due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.7
11.5
284,000 Dresser-Rand Group, Inc., 6.5000%,
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
32,000 Frontier Oil Corp., 6.8750%,
due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . .
579,000 PBF Holding Co. LLC / PBF Finance
notes, due 15/2/20 . . . . . . . . . . . . . . . . . . 0.9
0.9
195,000 Resolute Forest Products, Inc.,
notes, due 15/5/23 (144A) . . . . . . . . . . . . 0.2
Pharmaceuticals
39,000 Endo Health Solutions, Inc., 7.0000%,
due 15/7/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . .
0.1
Pipelines
34,000 Atlas Pipeline Partners L.P. / Atlas
Pipeline Finance Corp., 6.6250%,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . .
731,000 Crestwood Midstream Partners
L.P. / Crestwood Midstream
due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 1.0
461,000 Holly Energy Partners L.P. / Holly
Energy Finance Corp., 6.5000%,
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
380,000 Sabine Pass Liquefaction LLC,
due 1/2/21 (144A) . . . . . . . . . . . . . . . . . . 0.5
149,000 Sabine Pass Liquefaction LLC,
due 15/4/23 (144A) . . . . . . . . . . . . . . . . . 0.2
78,000 Targa Resources Partners L.P. / Targa
Resources Partners Finance Corp.,
notes, due 1/8/22 . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
$
10,675
75,615
32,666
155,400
58,410
549,313
8,515,728
303,880
34,680
631,110
665,790
181,350
41,925
59,125
101,050
35,700
796,790
40,365
484,050
373,350
140,060
82,875
129

Percentage
of Net
Assets
93,000 Targa Resources Partners

L.P. / Targa Resources Partners
due 1/5/23 (144A) . . . . . . . . . . . . . . . . . . 0.1%
2.7
Fair
Value
90,559
2,043,749
Poultry
68,000 Simmons Foods, Inc., 10.5000%,
secured notes, due 1/11/17 . . . . . . . . . . . .
198,000 Gannett Co., Inc., 5.1250%,
due 15/10/19 . . . . . . . . . . . . . . . . . . . . . .
132,000 Nielsen Finance LLC / Nielsen
Finance Co., 4.5000%,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . .
Radio
202,000 Entercom Radio LLC, 10.5000%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . .
320,000 Townsquare Radio LLC / Townsquare
Radio, Inc., 9.0000%,
due 1/4/19 (144A) . . . . . . . . . . . . . . . . . .
0.1
72,590
0.3
206,415
0.2
129,030
0.3
229,775
0.5
0.8
348,000
577,775
Real Estate
139,000 Grainger PLC, 5.0000%,
due 16/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
315,000 Howard Hughes Corp., 6.8750%,
due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5
0.8
Real Estate Private
55,000 Forest City Enterprises, Inc.,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
679,000 Kennedy-Wilson, Inc., 8.7500%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.0
456,000 Ahern Rentals, Inc.,
due 15/6/18 (144A) . . . . . . . . . . . . . . . . . 0.7
27,000 NES Rentals Holdings, Inc.,
due 1/5/18 (144A) . . . . . . . . . . . . . . . . . .
0.7
65,000 Michaels Stores, Inc., 5.8750%,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
Retail Propane Distribution
344,000 Ferrellgas Partners L.P. / Ferrellgas
Partners Finance Corp., 8.6250%,
due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5
64,000 JC Penney Corp., Inc., 6.3750%,
due 15/10/36 . . . . . . . . . . . . . . . . . . . . . . 0.1
234,170
329,175
563,345
56,306
748,598
495,900
28,688
524,588
65,488
363,780
48,160
130
Percentage
of Net
Assets
Retail Restaurants
654,000 Landrys, Inc., 9.3750%,
senior notes, due 1/5/20 (144A) . . . . . . . . 0.9%
505,000 Wok Acquisition Corp., 10.2500%,
due 30/6/20 (144A) . . . . . . . . . . . . . . . . . 0.8
1.7
Retail Toy Store
31,000 Toys R Us Property Co. II LLC,
due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . .
261,000 Toys R Us, Inc., 10.3750%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.4
Software
410,000 Blackboard, Inc., 7.7500%,
due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.6
Steel Producers
46,000 Edgen Murray Corp., 8.7500%,
due 1/11/20 (144A) . . . . . . . . . . . . . . . . . 0.1
150,000 Natural Resource Partners L.P.,
due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.3
Steel-Specialty
71,000 Permian Holdings, Inc., 10.5000%,
due 15/1/18 (144A) . . . . . . . . . . . . . . . . . 0.1
439,000 CommScope Holding Co., Inc.,
due 1/6/20 (144A) . . . . . . . . . . . . . . . . . . 0.6
Telecommunications
291,000 Intelsat Luxembourg S.A., 7.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
203,000 TW Telecom Holdings, Inc., 6.3750%,
due 1/9/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.7
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/11/28 . . . . . . . . . . . . . . . . . . . . . . 0.5
due 15/3/32 . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.9
Television
59,000 Gray Television, Inc., 7.5000%,
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Theatres
77,000 National CineMedia LLC, 7.8750%,
due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Transportation
150,000 CMA CGM S.A., 8.5000%,
due 15/4/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
716,130
551,081
1,267,211
32,085
225,113
257,198
408,975
52,900
154,125
207,025
70,290
458,755
313,188
211,628
524,816
28,535
345,838
312,475
686,848
62,983
85,085
147,750
Percentage
of Net
Assets
329,000 Syncreon Group B.V. / Syncreon

Global Finance U.S., Inc., 8.6250%,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5%
0.7
598,000 CMA CGM S.A., 8.7500%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 1.1
165,000 Eletson Holdings, 9.6250%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2
1.3
489,000 Florida East Coast Railway Corp.,
due 1/2/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
56,000 Watco Cos. LLC / Watco
due 1/4/23 (144A) . . . . . . . . . . . . . . . . . . 0.1
0.8
Travel Services
252,000 Carlson Wagonlit B.V., 7.5000%,
due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5
notes, due 15/4/18 . . . . . . . . . . . . . . . . . . 0.9
Fair
Value
342,160
489,910
811,298
169,950
981,248
512,839
55,720
568,559

94,525 Rice Drilling B LLC, 2.5000%,
due 25/10/18 . . . . . . . . . . . . . . . . . . . . . .
due 6/11/18 . . . . . . . . . . . . . . . . . . . . . . .
Retail Drug Store
95,000 Rite Aid Corp., 5.7500%,
due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . .
184,538 JC Penney Corp., Inc., 6.0000%,
due 21/5/18 . . . . . . . . . . . . . . . . . . . . . . .
Transportation
313,000 Syncreon Group B.V., 5.2500%,
due 11/10/20 . . . . . . . . . . . . . . . . . . . . . .
0.1%
Fair
Value
96,179
1.4
1,014,529
0.1
97,227
0.2
180,293
0.4
311,241
5,168,138
69,288,398
(268,670)
$ 69,019,728
376,117
651,700
60,411,036
Preferred Stock
1.0
Steel Producers
28,175 ArcelorMittal, 6.0000% . . . . . . . . . . . . . . . . 1.0
733,429
733,429
Tranche Loans
7.0
Casino Hotels
312,000 Ceasars Entertainment Operating Co.,
Inc., 4.4884%, due 28/1/18 . . . . . . . . . . . 0.4
433,000 Riverboat Corp. of Mississippi,
10.0000%, due 29/11/16 . . . . . . . . . . . . . 0.6
1.0
280,000 Oxbow Carbon & Minerals LLC,
8.0000%, due 19/1/20 . . . . . . . . . . . . . . . 0.4
23,000 Filtration Group, Inc., 8.2500%,
due 15/11/21 . . . . . . . . . . . . . . . . . . . . . . .
Financial Services
1,000,000 AB Acquisitions, Ltd., 5.2200%,
due 9/7/18 . . . . . . . . . . . . . . . . . . . . . . . . 2.3
42,000 Del Monte Foods, Inc., 8.2500%,
due 26/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Home Furnishings
193,000 Norcraft Cos. L.P., 5.2500%,
due 24/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
533,000 Templar Energy LLC, 8.0000%,
due 4/11/20 . . . . . . . . . . . . . . . . . . . . . . . 0.7
Percentage
of Net
Assets
294,494
434,083
728,577
284,725
23,489
1,661,212
42,368
193,965
534,333
131

Currency
Purchased
Currency
Sold
Citibank
EUR
6,349 USD
8,683 $
EUR
951,879 USD 1,301,907
EUR
28 USD
38
EUR
7,067,623 USD 9,666,549
EUR
22,227,512 USD 30,401,079
EUR
4,257 USD
5,822
EUR
4,125,201 USD 5,642,132
EUR
3,285 USD
4,493
EUR
57,234 USD
78,301
EUR
56 USD
76
EUR
38 USD
52
EUR
8,410 USD
11,506
EUR
233,984 USD
320,111
EUR
178,541 USD
244,260
GBP
1,995 USD
3,261
GBP
16 USD
27
GBP
1,995 USD
3,261
GBP
16 USD
27
USD
55 AUD
62
USD
1 GBP
1
USD
1 GBP
1
USD
54 AUD
61
USD
2,696 EUR
1,955
USD
1 EUR
1
USD
1 EUR
1
USD
190 EUR
138
USD
1 EUR
1
USD
4,538 EUR
3,293
EUR
123,000 USD
168,372
EUR
93,000 USD
127,337
EUR
928,000 USD 1,274,246
GBP
52,000 USD
85,132
Currency
Market
Value $U.S.
Settle
Date
8,733
1,309,376
38
9,722,010
30,575,499
5,855
5,674,502
4,519
78,729
76
52
11,569
321,861
245,595
3,303
27
3,303
27
55
1
1
54
2,689
1
1
189
1
4,530
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
169,196
127,928
1,276,532
86,082
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
Unrealised
Appreciation
$
50
7,469
55,461
174,420
33
32,370
26
428
63
1,750
1,335
42
42
8
824
591
2,286
950
Total
278,156
$ 69,297,884

Currency
Purchased
Currency
Sold
Citibank
AUD
4,051 USD
AUD
3,975 USD
EUR
53,342 USD
USD
10,815,014 EUR
JPMorgan Chase & Co
USD
399,385 GBP
USD
849,247 GBP
USD
511,433 EUR
USD
1,437,210 EUR
3,611 $
3,543
73,573
7,895,900
244,000
522,000
374,000
1,051,000
Currency
Market
Value $U.S.
Settle
Date
3,609
3,541
73,375
10,861,364
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
403,926
864,138
514,464
1,445,727
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
Unrealised
(Depreciation)
$
(2)
(2)
(198)
(46,350)
(4,541)
(14,891)
(3,031)
(8,517)
Total
(77,532)
(77,532)
132

Percentage
of Net
Assets

0.8%
273,087 LCP Proudreed PLC, 0.7834%,
due 25/8/16 . . . . . . . . . . . . . . . . . . . . . . . 0.8
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Corporate Bonds
92.0
140,000 WPP PLC, 6.0000%, company
0.1
307,000 DAA Finance PLC, 6.5872%,
due 9/7/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
522,000 Ford Motor Co., 4.7500%, senior
due 2/10/18 (144A) . . . . . . . . . . . . . . . . . 0.3
due 2/10/23 (144A) . . . . . . . . . . . . . . . . . 1.2
due 2/10/43 (144A) . . . . . . . . . . . . . . . . . 0.4
339,000 Renault S.A., 4.6250%, senior
3.7
Banks
466,000 HSBC Holdings PLC, 3.3750%,
350,000 Santander Finance Preferred SAU,
11.3000%, bank guaranteed notes,
due 27/7/14 . . . . . . . . . . . . . . . . . . . . . . . 1.1
300,000 Santander International,
due 27/3/17 . . . . . . . . . . . . . . . . . . . . . . . 0.8
1,000,000 Santander U.S. Debt SAU,
due 7/10/15 . . . . . . . . . . . . . . . . . . . . . . . 2.0
200,000 Santander UK PLC, 5.0000%,
5.5
550,000 Pernod-Ricard S.A., 4.8750%, senior
notes, due 31/12/18 . . . . . . . . . . . . . . . . . 0.1
Casino Hotels
notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . 0.3
notes, due 1/2/19 . . . . . . . . . . . . . . . . . . . 0.1
0.4
Fair
Value
445,368
445,368
257,735
45,441
20,147
65,588
496,180
472,541
141,795
618,640
207,706
500,957
1,941,639
653,270
602,791
441,858
1,030,886
201,131
2,929,936
817,232
54,060
139,500
74,183
213,683
Percentage
of Net
Assets
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . .
826,000 LyondellBasell Industries N.V.,
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . .
Chemicals Specialty
79,000 Ashland, Inc., 4.7500%,
due 15/8/22 (144A) . . . . . . . . . . . . . . . . .
280,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . .
0.5%
Fair
Value
256,650
1.8
918,447
0.1
75,445
0.5
0.6
266,000
341,445

374,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.8
1.5
360,000 Bank of Ireland, 10.0000%,
subordinated notes,
due 19/12/22 . . . . . . . . . . . . . . . . . . . . . . 1.1
200,000 Barclays PLC, 8.0000%, junior
subordinated notes,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.5
1,222,000 BBVA U.S. Senior SAU, 4.6640%,
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 2.5
300,000 BBVA U.S. Senior SAU, 3.7500%,
due 17/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.8
notes, due 14/11/23 . . . . . . . . . . . . . . . . . 0.8
284,000 ICICI Bank, Ltd., 4.8000%, senior
295,000 Standard Chartered PLC, 1.6250%,
due 20/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.7
6.9
556,000 SVB Financial Group, 5.3750%,
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 1.1
304,000 Zions Bancorp, 4.5000%, senior
347,000 Zions Bancorp, 5.8000%, junior
2.3
Consulting Services
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.7
Dialysis Centres
due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.4
410,685
402,985
813,670
596,735
277,346
1,285,210
439,131
419,475
286,623
399,049
3,703,569
614,057
322,125
316,638
1,252,820
198,228
160,071
358,299
236,380
133

Percentage
of Net
Assets

due 29/12/49 . . . . . . . . . . . . . . . . . . . . . .
due 14/2/17 . . . . . . . . . . . . . . . . . . . . . . .
due 22/1/18 . . . . . . . . . . . . . . . . . . . . . . .
450,000 JPMorgan Chase & Co., 5.1500%,
subordinated notes, due 1/10/15 . . . . . . .
notes, due 21/9/17 . . . . . . . . . . . . . . . . . .
subordinated notes,
due 24/11/25 . . . . . . . . . . . . . . . . . . . . . .
due 31/5/20 . . . . . . . . . . . . . . . . . . . . . . .
due 10/6/23 . . . . . . . . . . . . . . . . . . . . . . .
due 19/12/23 . . . . . . . . . . . . . . . . . . . . . .
200,000 Societe Generale S.A., 7.8750%,
due 31/12/49 . . . . . . . . . . . . . . . . . . . . . .
405,000 UBS A.G., 3.1250%, subordinated
notes, due 28/6/16 . . . . . . . . . . . . . . . . . .
223,000 Carlyle Holdings Finance LLC,
notes, due 1/2/23 (144A) . . . . . . . . . . . . .
275,000 GE Capital European Funding,
notes, due 15/6/17 . . . . . . . . . . . . . . . . . .
notes, due 15/6/22 . . . . . . . . . . . . . . . . . .
notes, due 15/12/49 . . . . . . . . . . . . . . . . .
due 15/11/67 . . . . . . . . . . . . . . . . . . . . . .
Diversified Manufacturing Operations
guaranteed notes, due 15/6/43 . . . . . . . . .
200,000 BHP Billiton Finance, Ltd., 2.1250%,
due 29/11/18 . . . . . . . . . . . . . . . . . . . . . .
Electric Integrated
due 1/5/16 (144A) . . . . . . . . . . . . . . . . . .
695,000 Samsung Electronics America, Inc.,
notes, due 10/4/17 (144A) . . . . . . . . . . . .
1.4%
Fair
Value
820,444
1.3
678,714
0.8
425,016
0.9
481,163
1.1
570,392
0.7
374,131
0.6
334,739
0.5
287,802
1.5
807,912
0.6
326,712
0.4
201,450
0.9
10.7
479,151
5,787,626
0.4
213,411
0.7
405,791
0.6
335,790
0.6
311,034
0.7
3.0
365,820
1,631,846
1.1
0.5
576,523
281,724
0.5
253,033
1.3
691,094
134
Percentage
of Net
Assets

106,000 FLIR Systems, Inc., 3.7500%, senior
guaranteed notes,
due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.1
guaranteed notes,
due 1/4/22 (144A) . . . . . . . . . . . . . . . . . . 0.2
0.3
Finance Auto Loans
366,000 Ford Motor Credit Co. LLC,
due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 2/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 20/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.9
notes, due 15/5/18 (144A) . . . . . . . . . . . . 0.7
3.2
Finance Credit Card
due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
187,000 Charles Schwab Corp., 7.0000%,
due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 1.3
2.1
452,000 LeasePlan Corp. N.V., 2.5000%,
due 16/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.8
Financial Services
200,000 Credit Suisse Group A.G., 7.5000%,
due 11/12/23 . . . . . . . . . . . . . . . . . . . . . . 0.4
Food Confectionery
283,000 WM Wrigley Jr. Co., 2.4000%, senior
Food Meat Products
373,000 Tyson Foods, Inc., 6.6000%,
due 1/4/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Food Retail
1.0
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
110,615
45,877
128,258
174,135
408,094
415,582
492,136
399,998
1,715,810
433,046
208,131
54,162
182,872
660,104
1,105,269
439,885
211,560
281,581
416,584
195,210
316,830
512,040
37,691
Percentage
of Net
Assets

due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1%
due 15/1/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/2/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . . .
0.4
due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 15/3/20 (144A) . . . . . . . . . . . . . . . . . 0.3
due 15/3/22 (144A) . . . . . . . . . . . . . . . . . 0.5
1.4
476,000 Primerica, Inc., 4.7500%, senior
213,000 Cintas Corp. No. 2, 4.3000%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Machinery Farm
326,000 CNH Capital LLC, 3.6250%,
due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
43,000 Life Technologies Corp.,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.9
Money Center Banks
692,000 Lloyds Bank PLC, 6.5000%,
Mortgage Banks
200,000 Bank of Ireland Mortgage Bank,
2.7500%, covered, due 22/3/18 . . . . . . . . 0.5
due 18/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3
notes, due 15/3/37 . . . . . . . . . . . . . . . . . . 0.7
debentures, due 15/5/58 . . . . . . . . . . . . . . 0.9
248,000 ING U.S., Inc., 5.6500%, company
2.4
Fair
Value
29,780
31,702
81,387
23,345
203,905
307,740
164,580
274,275
746,595
491,132
221,481
332,113
421,092
46,625
467,717
1,105,423
281,123
175,619
394,965
482,355
241,242
1,294,181
Percentage
of Net
Assets
Multimedia
223,000 Viacom, Inc., 5.8500%, senior
Oil Field Services
366,000 Korea National Oil Corp.,
due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.7
due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.9
due 15/9/21 . . . . . . . . . . . . . . . . . . . . . . . .
0.9
381,000 Anadarko Petroleum Corp.,
due 15/9/36 . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 1.5
due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
400,000 CNOOC Finance 2012, Ltd.,
notes, due 2/5/22 (144A) . . . . . . . . . . . . . 0.7
17,000 Continental Resources, Inc.,
notes, due 1/4/21 . . . . . . . . . . . . . . . . . . . .
150,000 Continental Resources, Inc.,
notes, due 15/9/22 . . . . . . . . . . . . . . . . . . 0.3
128,000 Devon Energy Corp., 2.2500%, senior
119,000 Petrohawk Energy Corp.,
notes, due 1/6/15 . . . . . . . . . . . . . . . . . . . 0.2
316,000 Petrohawk Energy Corp.,
notes, due 15/8/18 . . . . . . . . . . . . . . . . . . 0.6
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
notes, due 15/11/20 . . . . . . . . . . . . . . . . . 1.1
notes, due 1/5/21 . . . . . . . . . . . . . . . . . . . 0.3
notes, due 1/2/22 . . . . . . . . . . . . . . . . . . . 0.1
notes, due 15/2/23 . . . . . . . . . . . . . . . . . . 0.7
7.0
78,000 Motiva Enterprises LLC,
due 15/1/20 (144A) . . . . . . . . . . . . . . . . . 0.2
Pipelines
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 1.3
Fair
Value
235,262
390,306
456,414
21,058
477,472
429,175
740,480
141,313
385,988
19,359
156,000
126,806
122,154
341,438
86,151
560,168
174,445
76,058
368,480
3,728,015
88,692
729,046
135

Percentage
of Net
Assets

due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . .
due 1/2/43 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/1/18 (144A) . . . . . . . . . . . . . . . . .
senior secured notes, due 15/2/21. . . . . . .
secured notes, due 15/11/23 . . . . . . . . . . .
due 25/9/18 . . . . . . . . . . . . . . . . . . . . . . .
due 15/3/24 . . . . . . . . . . . . . . . . . . . . . . .
299,000 Western Gas Partners L.P.,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . .
297,000 Williams Cos., Inc., 3.7000%, senior
Property Trust
450,000 Prologis International Funding II S.A.,
notes, due 23/10/18 . . . . . . . . . . . . . . . . .
31,000 UBM PLC, 5.7500%, notes,
due 3/11/20 (144A) . . . . . . . . . . . . . . . . .
Real Estate
630,000 Deutsche Annington Finance B.V.,
notes, due 2/10/17 . . . . . . . . . . . . . . . . . .
Real Estate Private
due 15/12/23 . . . . . . . . . . . . . . . . . . . . . .
503,000 Jones Lang LaSalle, Inc., 4.4000%,
due 15/11/22 . . . . . . . . . . . . . . . . . . . . . .
REIT Diversified
due 15/3/23 (144A) . . . . . . . . . . . . . . . . .
457,000 Goodman Funding Pty, Ltd.,
notes, due 15/4/21 (144A) . . . . . . . . . . . .
0.2%
Fair
Value
0.8
84,331
433,745
1.2
630,749
0.1
54,449
0.2
93,431
0.3
173,517
0.3
179,769
0.6
320,796
0.5
5.5
259,707
2,959,540
1.2
621,939
0.1
32,273
1.2
639,035
0.1
32,920
0.9
483,984
0.4
233,861
1.0
1.4
507,963
741,824
REIT Hotels
8,000 Host Hotels & Resorts L.P.,
notes, due 1/6/16 . . . . . . . . . . . . . . . . . . . .
notes, due 1/4/22 . . . . . . . . . . . . . . . . . . . 0.6
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4
1.0
8,115
281,209
237,990
519,199
136
Percentage
of Net
Assets

100,000 Next PLC, 5.3750%, senior
unsecured notes, due 26/10/21 . . . . . . . . .
due 5/12/23 . . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
402,000 Brinker International, Inc.,
due 15/5/23 . . . . . . . . . . . . . . . . . . . . . . .
630,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . .
Steel Producers
151,000 Reliance Steel & Aluminum Co.,
notes, due 15/4/23 . . . . . . . . . . . . . . . . . .
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . .
due 14/9/18 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/33 . . . . . . . . . . . . . . . . . . . . . . .
due 15/9/43 . . . . . . . . . . . . . . . . . . . . . . .
0.3%
Fair
Value
181,340
0.3
163,986
0.7
362,579
1.1
604,886
0.3
148,397
0.6
332,543
0.4
238,434
1.4
690,634
0.6
334,516
0.3
3.3
170,248
1,766,375
due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.1
due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 1.0
due 11/7/22 . . . . . . . . . . . . . . . . . . . . . . . .
due 17/1/23 (144A) . . . . . . . . . . . . . . . . . 0.1
1.1
519,237
49,245,514
Preferred Stock
3.2
5,700 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.3
8,975 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . 0.4
0.7
23,300 Citigroup Capital XIII, 7.8750%. . . . . . . . . . 1.2
Finance Credit Card
15,200 Discover Financial Services, 6.5000% . . . . . . . 0.7
58,314
17,470
40,980
577,687
142,671
234,607
377,278
634,924
350,208
Percentage
of Net
Assets

725 Charles Schwab Corp., 6.0000% . . . . . . . . . . . %
12,225 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.6
Tranche Loans
Casino Hotels
3.5000%, due 13/12/19 . . . . . . . . . . . . . .
Media
145,000 Tribune Co., 4.0000%, due 20/11/20. . . . . . .
Mining
127,470 FMG Resources August 2006
Pty, Ltd., 4.2500%, due 30/6/19 . . . . . . . .
Fair
Value
$
15,943
314,427
1,692,780
0.8
0.3
158,104
0.3
144,094
0.2
129,024
431,222
51,814,884
(136,340)
$ 51,678,544
Currency
Purchased
Currency
Sold
Citibank
EUR
4,698 USD
EUR
49,634 USD
EUR
3,092 USD
EUR
1,609,683 USD
EUR
3,860,059 USD
EUR
703,601 USD
EUR
459,484 USD
EUR
851,870 USD
EUR
11,909 USD
EUR
752,671 USD
EUR
5,200 USD
EUR
6,293 USD
EUR
10,515 USD
EUR
1,108,486 USD
USD
1,129 EUR
USD
1,035 EUR
USD
1,869 EUR
USD
1,650 EUR
USD
1,599 EUR
USD
8,681 EUR
USD
3,602 EUR
CAD
1,991,000 USD
EUR
3,324,000 USD
GBP
933,000 USD
USD
54,632 CAD
USD
54,124 JPY
USD
148,606 EUR
Currency
Market
Value $U.S.
Settle
Date
6,427 $
67,904
4,230
2,201,600
5,279,492
962,331
628,447
1,165,122
16,292
1,029,445
7,114
8,610
14,386
1,516,102
819
750
1,355
1,196
1,159
6,294
2,612
6,462
68,275
4,253
2,214,231
5,309,781
967,852
632,053
1,171,807
16,381
1,035,351
7,153
8,657
14,465
1,524,800
1,127
1,032
1,864
1,646
1,595
8,658
3,592
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
1,869,729
4,564,218
1,517,907
58,000
5,581,001
108,000
1,873,509
4,572,405
1,544,518
54,577
53,012
148,561
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
Unrealised
Appreciation
$
35
371
23
12,631
30,289
5,521
3,606
6,685
89
5,906
39
47
79
8,698
2
3
5
4
4
23
10
3,780
8,187
26,611
55
1,112
45
Total
$ 51,792,404
113,860

Currency
Purchased
Currency
Sold
Citibank
EUR
6,798 USD
AUD
364,000 USD
CHF
9,000 USD
JPY
173,295,000 USD
USD
83,129 GBP
9,367 $
324,473
10,111
1,680,469
51,000
Currency
Market
Value $U.S.
Settle
Date
9,351
29-Jan-14
324,429
10,094
1,646,081
84,427
23-Jan-14
23-Jan-14
23-Jan-14
23-Jan-14
Unrealised
(Depreciation)
$
(16)
(44)
(17)
(34,388)
(1,298)
Total
(35,763)
(35,763)
137

Percentage
of Net
Assets

6,697,000 Credit Suisse Commercial Mortgage
Trust Series 2007-C5, 5.8700%,
due 15/9/40 . . . . . . . . . . . . . . . . . . . . . . .
9,003,750 Extended Stay America Trust SA
2013-ESHM MC, 7.6250%,
due 5/12/19 . . . . . . . . . . . . . . . . . . . . . . .
6.1666%, due 15/4/18 . . . . . . . . . . . . . . .
Fair
Value
1.9%
0.6
6,711,208
0.9
9,189,452
0.4
3,794,135

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
19,694,795
Common Stock
Casino Hotels
346,595 MGM Resorts International . . . . . . . . . . . . .
Hotels and Motels
114,435 Hilton Worldwide Holdings, Inc. . . . . . . . . .
254,410 CommScope Holding Co., Inc. . . . . . . . . . . .
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.7
0.8
8,151,914
0.2
2,546,179
0.5
4,813,437
0.2
2,026,335
17,537,865
Corporate Bonds
85.4
21,755,000 ADS Tactical, Inc., 11.0000%,
due 1/4/18 . . . . . . . . . . . . . . . . . . . . . . . . 1.9
4,616,000 TransDigm, Inc., 7.5000%,
due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1,492,000 Phibro Animal Health Corp.,
notes, due 1/7/18 (144A) . . . . . . . . . . . . . 0.2
Airlines
5,902,000 U.S. Airways Group, Inc., 6.1250%,
due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
2,160,000 United Continental Holdings, Inc.,
notes, due 1/6/18 . . . . . . . . . . . . . . . . . . . 0.2
0.8
3,464,000 Quiksilver, Inc. / QS Wholesale, Inc.,
due 1/8/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
7,619,000 Quiksilver, Inc. / QS Wholesale, Inc.,
notes, due 1/8/20 . . . . . . . . . . . . . . . . . . . 0.8
1.2
Automotive Medical and Heavy Duty Trucks
2,201,000 Navistar International Corp.,
notes, due 1/11/21 . . . . . . . . . . . . . . . . . . 0.2
6,979,000 Crown Media Holdings, Inc.,
notes, due 15/7/19 . . . . . . . . . . . . . . . . . . 0.8
20,340,925
4,985,280
1,596,440
5,975,775
2,262,600
8,238,375
3,775,760
8,647,565
12,423,325
2,289,040
7,956,060
138
Percentage
of Net
Assets

2,265,000 Meritage Homes Corp., 7.1500%,
due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2%
4,093,000 Meritage Homes Corp., 7.0000%,
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.6
1,520,000 Ply Gem Industries, Inc., 9.3750%,
due 15/4/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,310,000 USG Corp., 7.8750%, company
(144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,589,000 USG Corp., 5.8750%, company
0.6
6,017,000 Block Communications, Inc.,
due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 0.6
11,072,000 Dish DBS Corp., 5.1250%, company
2,772,000 Harron Communications L.P. / Harron
due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.3
4,442,000 Mediacom Broadband LLC /
Mediacom Broadband Corp.,
due 1/4/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
3,547,000 Mediacom LLC / Mediacom Capital
notes, due 15/2/22 . . . . . . . . . . . . . . . . . . 0.4
2.9
Casino Hotels
1,265,000 Boyd Gaming Corp., 9.1250%,
due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,193,000 Caesars Entertainment Operating Co.,
Inc., 11.2500%, senior secured
notes, due 1/6/17 . . . . . . . . . . . . . . . . . . . 0.1
1,044,000 Caesars Entertainment Resort
2,659,000 Marina District Finance Co., Inc.,
due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,645,000 MGM Resorts International,
notes, due 1/3/18 . . . . . . . . . . . . . . . . . . . 0.2
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.7
due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
2,457,525
4,348,813
6,806,338
1,649,200
2,610,300
1,654,546
5,914,046
6,408,105
388,643
779,570
11,127,360
3,083,850
4,564,155
3,777,555
30,129,238
1,382,013
1,216,860
1,075,320
2,888,339
2,097,375
2,612,610
6,753,765
3,333,825
Percentage
of Net
Assets
4,740,000 Pinnacle Entertainment, Inc.,

notes, due 15/4/21 . . . . . . . . . . . . . . . . . . 0.6%
2,863,000 Station Casinos LLC, 7.5000%,
due 1/3/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
2.9
Casino Services
2,314,000 CCM Merger, Inc., 9.1250%,
due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.2
7,368,000 Peninsula Gaming LLC / Peninsula
Gaming Corp., 8.3750%,
due 15/2/18 (144A) . . . . . . . . . . . . . . . . . 0.8
1.0
2,700,000 Cricket Communications, Inc.,
notes, due 15/10/20 . . . . . . . . . . . . . . . . . 0.3
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 1.1
due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.3
7,033,000 Sprint Corp., 7.8750%,
due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.7
3,441,000 Sprint Corp., 7.1250%,
due 15/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,816,000 T-Mobile USA, Inc., 6.4640%,
due 28/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
7,480,000 T-Mobile USA, Inc., 6.5420%,
due 28/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.8
3,205,000 T-Mobile USA, Inc., 6.1250%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,240,000 T-Mobile USA, Inc., 6.5000%,
due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1
4.1
Chemicals Specialty
8,399,000 Ashland, Inc., 4.7500%,
due 15/8/22 (144A) . . . . . . . . . . . . . . . . . 0.7
2,882,000 Ashland, Inc., 6.8750%,
due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.3
1.0
Coal
2,485,000 Peabody Energy Corp., 4.7500%,
due 15/12/41 . . . . . . . . . . . . . . . . . . . . . . 0.2
3,472,000 CIT Group, Inc., 5.2500%,
due 15/3/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4
3,122,000 CIT Group, Inc., 6.6250%,
due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.3
9,028,000 CIT Group, Inc., 5.5000%,
due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 1.0
Fair
Value
5,166,600
3,063,410
29,590,117
2,429,700
8,067,960
10,497,660
3,088,125
11,442,674
3,457,440
7,578,058
3,501,218
1,934,040
7,975,549
3,269,100
1,258,600
43,504,804
8,021,045
2,737,900
10,758,945
1,977,128
3,736,740
3,523,958
Percentage
of Net
Assets
3,064,000 CIT Group, Inc., 5.3750%,

due 15/5/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3%
2.0
4,200,000 Banco Bilbao Vizcaya Argentaria S.A.,
notes, due 9/5/18 . . . . . . . . . . . . . . . . . . . 0.4
Commercial Services
1,191,000 Envision Healthcare Corp.,
notes, due 1/6/19 . . . . . . . . . . . . . . . . . . . 0.1
6,030,000 Cardtronics, Inc., 8.2500%,
due 1/9/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
2,404,000 TransUnion Holding Co.,
Inc., 8.1250%, senior
unsecured notes,
due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,637,000 TransUnion Holding Co.,
Inc., 9.6250%, senior
unsecured notes,
due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.3
6,130,000 Reynolds Group Issuer,
Inc. / Reynolds Group Issuer LLC,
notes, due 15/4/19 . . . . . . . . . . . . . . . . . . 0.7
due 15/8/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
notes, due 15/8/19 . . . . . . . . . . . . . . . . . . 0.3
1.1
4,774,000 Greif, Inc., 7.7500%,
due 1/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
5,409,000 First Data Corp., 12.6250%,
due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.6
2,108,000 First Data Corp., 11.7500%,
due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2
0.8
Dialysis Centres
due 31/7/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.5
0.7
Disposable Medical Products
4,725,000 ConvaTec Finance International S.A.,
due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
3,270,820
20,259,188
4,522,770
1,296,701
6,512,400
2,548,240
5,007,960
14,068,600
6,605,075
1,155,510
3,391,613
11,152,198
5,442,360
6,375,858
2,234,480
8,610,338
1,738,170
5,150,540
6,888,710
4,849,031
9,727,670
139

Percentage
of Net
Assets
3,581,000 American Builders & Contractors
due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.4%
1,046,000 HD Supply, Inc., 11.0000%,
0.5
4,936,000 FMG Resources August 2006 Pty,
guaranteed notes,
due 1/11/19 (144A) . . . . . . . . . . . . . . . . . 0.5
3,565,000 Park-Ohio Industries, Inc., 8.1250%,
due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
E-Commerce/Products
2,408,000 Mood Media Corp., 9.2500%,
due 15/10/20 (144A) . . . . . . . . . . . . . . . . 0.2
9,587,000 NGL Energy Partners L.P. / NGL
due 15/10/21 . . . . . . . . . . . . . . . . . . . . . . 1.0
Electric Integrated
5,179,000 IPALCO Enterprises, Inc., 5.0000%,
senior secured notes, due 1/5/18. . . . . . . . 0.5
Engines Internal Combustion
2,701,000 Briggs & Stratton Corp., 6.8750%,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
Entertainment
7,087,000 Caesars Entertainment Resort
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.7
1,655,000 Dreamworks Animation SKG, Inc.,
notes, due 15/8/20 . . . . . . . . . . . . . . . . . . 0.2
7,803,000 Mohegan Tribal Gaming Authority,
due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.8
3,286,000 Penn National Gaming, Inc.,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
2.0
Finance Commercial
1,881,000 Jefferies Finance LLC / JFIN Co-Issuer
notes, due 1/4/20 . . . . . . . . . . . . . . . . . . . 0.2
Financial Services
6,208,000 ROC Finance LLC / ROC Finance 1
Corp., 12.1250%, secured notes,
due 1/9/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Food Dairy Products
9,692,000 FAGE Dairy Industry S.A. / FAGE
due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 1.0
Food Meat Products
4,741,000 JBS USA LLC / JBS USA Finance, Inc.,
notes, due 1/2/20 (144A) . . . . . . . . . . . . . 0.4
Fair
Value
3,607,858
1,244,740
4,852,598
5,559,170
3,939,325
2,149,140
9,874,610
5,450,898
2,981,229
7,405,915
1,758,438
8,446,747
3,253,140
20,864,240
1,965,645
6,409,760
10,176,600
5,167,689
140
Percentage
of Net
Assets

notes, due 1/6/21 . . . . . . . . . . . . . . . . . . . 0.5%
notes, due 1/6/21 (144A) . . . . . . . . . . . . . 0.3
3,042,000 Smithfield Foods, Inc., 6.6250%,
due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1.5
1,515,000 Post Holdings, Inc., 6.7500%,
due 1/12/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,155,000 Post Holdings, Inc., 7.3750%,
due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,867,000 Sun Merger Sub, Inc., 5.8750%,
due 1/8/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.5
Food Retail
2,105,000 Roundys Supermarkets, Inc.,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.2
16,216,000 SUPERVALU, Inc., 6.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.4
1.6
due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1.4
Lodging
4,846,000 Playa Resorts Holdings B.V., 8.0000%,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Media
2,259,000 IAC/Interactive Corp., 4.8750%,
due 30/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.2
Medical Drugs
1,589,000 Capsugel S.A., 7.0000%,
due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2
6,318,000 Endo Finance Co., 5.7500%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.6
5,255,000 Forest Laboratories, Inc., 5.0000%,
due 15/12/21 . . . . . . . . . . . . . . . . . . . . . . 0.5
1.3
Medical Hospitals
946,000 HCA Holdings, Inc., 7.7500%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1
4,797,000 HCA, Inc., 7.5000%,
due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair
Value
4,922,995
3,317,433
3,239,730
16,647,847
1,571,813
1,241,625
1,918,342
4,731,780
2,157,625
16,094,379
18,252,004
2,818,774
2,462,447
9,109,800
14,391,021
5,167,048
2,321,123
1,621,773
6,365,385
5,287,844
13,275,002
1,035,870
5,276,700
Percentage
of Net
Assets
3,623,000 Universal Health Services, Inc.,

notes, due 1/10/18 . . . . . . . . . . . . . . . . . . 0.4%
1.0
Medical Instruments
3,213,000 Physio-Control International, Inc.,
due 15/1/19 (144A) . . . . . . . . . . . . . . . . . 0.3
Medical Products
10,201,000 Biomet, Inc., 6.5000%,
due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . 1.0
notes, due 15/3/37 . . . . . . . . . . . . . . . . . . 0.1
debentures, due 15/5/58 . . . . . . . . . . . . . . 1.3
1.4
Oil Field Services
6,365,000 Hiland Partners L.P. / Hiland Partners
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.7
2,558,000 Drill Rigs Holdings, Inc., 6.5000%,
due 1/10/17 (144A) . . . . . . . . . . . . . . . . . 0.3
4,799,000 Sidewinder Drilling, Inc., 9.7500%,
due 15/11/19 (144A) . . . . . . . . . . . . . . . . 0.4
0.7
3,296,000 Diamondback Energy, Inc., 7.6250%,
due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,310,000 Forum Energy Technologies, Inc.,
notes, due 1/10/21 . . . . . . . . . . . . . . . . . . 0.6
1,191,000 Antero Resources Finance Corp.,
notes, due 1/12/20 . . . . . . . . . . . . . . . . . . 0.1
10,023,000 Aurora USA Oil & Gas, Inc., 9.8750%,
due 15/2/17 (144A) . . . . . . . . . . . . . . . . . 1.0
6,224,000 Aurora USA Oil & Gas, Inc., 7.5000%,
due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.6
717,000 Bonanza Creek Energy, Inc., 6.7500%,
due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.1
2,673,000 Chaparral Energy, Inc., 9.8750%,
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3
3,584,000 Chaparral Energy, Inc., 8.2500%,
due 1/9/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 1.4
due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.8
Fair
Value
3,885,668
10,198,238
3,614,625
10,762,055
618,075
13,611,645
14,229,720
6,858,288
2,775,430
4,271,110
7,046,540
3,493,760
6,657,050
1,256,505
10,799,782
6,441,840
754,643
3,033,855
3,906,560
15,679,779
8,671,230
Percentage
of Net
Assets

due 15/9/22 . . . . . . . . . . . . . . . . . . . . . . .
4,800,000 EP Energy LLC / EP Energy
Finance, Inc., 9.3750%,
due 1/5/20 . . . . . . . . . . . . . . . . . . . . . . . .
1,228,000 EP Energy LLC / Everest Acquisition
Finance, Inc., 7.7500%,
due 1/9/22 . . . . . . . . . . . . . . . . . . . . . . . .
8,968,000 EV Energy Partners L.P. / EV Energy
due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . .
7,519,000 Halcon Resources Corp., 9.7500%,
due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . .
4,287,000 Halcon Resources Corp., 8.8750%,
due 15/5/21 . . . . . . . . . . . . . . . . . . . . . . .
1,488,000 Hilcorp Energy I L.P. / Hilcorp Finance
Co., 7.6250%, senior notes,
due 15/4/21 (144A) . . . . . . . . . . . . . . . . .
1,998,000 Kodiak Oil & Gas Corp., 8.1250%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . .
3,099,000 Kodiak Oil & Gas Corp., 5.5000%,
due 1/2/22 . . . . . . . . . . . . . . . . . . . . . . . .
2,354,000 Legacy Reserves L.P. / Legacy Reserves
due 1/12/21 (144A) . . . . . . . . . . . . . . . . .
7,334,000 Linn Energy LLC / Linn Energy
due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . .
6,870,000 Linn Energy LLC / Linn Energy
due 1/11/19 (144A) . . . . . . . . . . . . . . . . .
2,783,000 Oasis Petroleum, Inc., 6.5000%,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . .
5,886,000 Oasis Petroleum, Inc., 6.8750%,
due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . .
11,466,000 Samson Investment Co., 10.5000%,
due 15/2/20 (144A) . . . . . . . . . . . . . . . . .
3,637,000 SandRidge Energy, Inc., 7.5000%,
due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . .
due 15/10/22 . . . . . . . . . . . . . . . . . . . . . .
due 15/2/23 . . . . . . . . . . . . . . . . . . . . . . .
1,186,000 SM Energy Co., 6.6250%,
due 15/2/19 . . . . . . . . . . . . . . . . . . . . . . .
1,879,000 SM Energy Co., 6.5000%,
due 15/11/21 . . . . . . . . . . . . . . . . . . . . . .
1,177,000 SM Energy Co., 6.5000%,
due 1/1/23 . . . . . . . . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
2,251,600
0.5
5,562,000
0.1
1,381,500
0.9
9,057,679
0.8
7,876,153
0.4
4,351,305
0.2
1,621,920
0.2
2,227,770
0.3
3,099,000
0.2
2,289,265
0.7
7,517,350
0.7
6,973,050
0.3
2,991,725
0.6
6,268,590
1.1
12,555,269
0.4
3,827,943
0.5
4,929,885
0.2
2,503,080
0.1
1,266,055
0.2
2,001,135
0.1
1,240,264
141

Percentage
of Net
Assets
4,683,000 Stone Energy Corp., 7.5000%,

due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.5%
3,093,000 Venoco, Inc., 8.8750%,
due 15/2/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
8,451,000 W&T Offshore, Inc., 8.5000%,
due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.9
15.1
4,601,000 Dresser-Rand Group, Inc., 6.5000%,
due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,189,000 Frontier Oil Corp., 6.8750%,
due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.2
8,491,000 PBF Holding Co. LLC / PBF Finance
notes, due 15/2/20 . . . . . . . . . . . . . . . . . . 0.9
1.1
5,683,000 Resolute Forest Products, Inc.,
notes, due 15/5/23 (144A) . . . . . . . . . . . . 0.5
Pharmaceuticals
due 15/7/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Pipelines
1,459,000 Atlas Pipeline Partners L.P. / Atlas
Pipeline Finance Corp., 6.6250%,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.1
10,198,000 Crestwood Midstream Partners
due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 1.0
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
3,594,000 Holly Energy Partners L.P. / Holly
due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,801,000 Regency Energy Partners L.P. / Regency
due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
6,173,000 Sabine Pass Liquefaction LLC,
due 1/2/21 (144A) . . . . . . . . . . . . . . . . . . 0.6
3,606,000 Sabine Pass Liquefaction LLC,
due 15/4/23 (144A) . . . . . . . . . . . . . . . . . 0.3
3,382,000 Targa Resources Partners L.P. / Targa
Resources Partners Finance Corp.,
notes, due 1/8/22 . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
4,917,150
3,062,070
8,979,188
159,295,140
4,923,070
2,372,329
9,255,190
11,627,519
5,285,190
725,625
959,975
1,685,600
1,531,950
11,115,819
619,965
3,773,699
1,940,578
6,064,972
3,389,640
3,593,375
142
Percentage
of Net
Assets
2,881,000 Targa Resources Partners

L.P. / Targa Resources Partners
due 1/5/23 (144A) . . . . . . . . . . . . . . . . . . 0.3%
1,219,000 Tesoro Logistics, L.P. / Tesoro
Logistics Finance Corp., 5.8750%,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.1
3.4
Poultry
1,102,000 Simmons Foods, Inc.,
due 1/11/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
5,200,000 Gannett Co., Inc., 5.1250%,
due 15/10/19 . . . . . . . . . . . . . . . . . . . . . . 0.5
4,574,000 Nielsen Finance LLC / Nielsen
Finance Co., 4.5000%,
due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.4
Radio
7,479,000 Entercom Radio LLC, 10.5000%,
due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8
5,653,000 Townsquare Radio LLC / Townsquare
Radio, Inc., 9.0000%,
due 1/4/19 (144A) . . . . . . . . . . . . . . . . . . 0.6
1.4
Real Estate
8,273,000 Howard Hughes Corp., 6.8750%,
due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.8
Real Estate Private
1,387,000 Forest City Enterprises, Inc.,
due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
17,562,000 Kennedy-Wilson, Inc., 8.7500%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.8
7,852,000 Ahern Rentals, Inc.,
due 15/6/18 (144A) . . . . . . . . . . . . . . . . . 0.9
1,199,000 NES Rentals Holdings, Inc.,
due 1/5/18 (144A) . . . . . . . . . . . . . . . . . . 0.1
2,195,000 United Rentals N.A., Inc., 8.3750%,
due 15/9/20 (144A) . . . . . . . . . . . . . . . . . 0.2
1.2
Research and Development
2,000,000 Jaguar Holding Co. II / Jaguar
Merger Sub, Inc., 9.5000%,
due 1/12/19 (144A) . . . . . . . . . . . . . . . . . 0.2
1,054,000 Michaels Stores, Inc., 5.8750%,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
2,805,374
1,252,523
36,087,895
1,176,385
5,421,000
4,471,085
8,507,362
6,147,638
14,655,000
8,645,285
1,419,941
19,362,105
8,539,050
1,273,938
2,458,400
12,271,388
2,260,000
1,061,905
Percentage
of Net
Assets
Retail Propane Distribution

2,352,000 Ferrellgas Partners L.P. / Ferrellgas
Partners Finance Corp., 8.6250%,
due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . .
3,060,000 JC Penney Corp., Inc., 6.3750%,
due 15/10/36 . . . . . . . . . . . . . . . . . . . . . .
Retail Restaurants
12,394,000 Landrys, Inc., 9.3750%, senior
notes, due 1/5/20 (144A) . . . . . . . . . . . . .
8,147,000 Wok Acquisition Corp., 10.2500%,
due 30/6/20 (144A) . . . . . . . . . . . . . . . . .
0.2%
Fair
Value
2,487,240
0.2
2,302,650
1.3
13,571,429
0.8
2.1
8,890,414
22,461,843
Retail Toy Store

1,520,000 Toys R Us Property Co. II LLC,
due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,448,000 Toys R Us, Inc., 10.3750%,
due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3
0.5
Software
7,937,000 Blackboard, Inc., 7.7500%, senior
Steel Producers
1,462,000 Edgen Murray Corp., 8.7500%,
due 1/11/20 (144A) . . . . . . . . . . . . . . . . . 0.2
3,869,000 Natural Resource Partners L.P.,
due 1/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4
0.6
Steel-Specialty
2,136,000 Permian Holdings, Inc., 10.5000%,
due 15/1/18 (144A) . . . . . . . . . . . . . . . . . 0.2
10,398,000 CommScope Holding Co., Inc.,
due 1/6/20 (144A) . . . . . . . . . . . . . . . . . . 1.0
1,395,000 Level 3 Communications, Inc.,
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
740,000 Level 3 Communications, Inc.,
due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
0.2
Telecommunications
5,171,000 Intelsat Luxembourg S.A., 7.7500%,
due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.6
3,390,000 TW Telecom Holdings, Inc.,
notes, due 1/9/23 . . . . . . . . . . . . . . . . . . . 0.3
0.9
3,095,000 Level 3 Financing, Inc., 9.3750%,
due 1/4/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,573,200
3,836,400
5,409,600
7,917,158
1,681,300
3,975,398
5,656,698
2,114,640
10,865,910
1,611,225
812,150
2,423,375
5,565,289
3,534,075
9,099,364
3,478,006
1,298,343
Percentage
of Net
Assets

due 15/11/28 . . . . . . . . . . . . . . . . . . . . . . 0.7%
due 15/3/32 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.6
Television
904,000 Gray Television, Inc., 7.5000%,
due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Theatres
3,545,000 National CineMedia LLC, 7.8750%,
due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4
Transportation
5,081,000 Syncreon Group B.V. / Syncreon
Global Finance U.S., Inc.,
due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5
2,132,000 Eletson Holdings, 9.6250%,
due 15/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2
4,568,000 Florida East Coast Railway Corp.,
due 1/2/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
1,676,000 Watco Cos. LLC / Watco Finance
Corp., 6.3750%, company
guaranteed notes,
due 1/4/23 (144A) . . . . . . . . . . . . . . . . . . 0.2
0.6
3,668,000 Swift Services Holdings, Inc.,
due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.4
10,832,000 Nuverra Environmental Solutions,
Inc., 9.8750%, company
Fair
Value
6,241,182
5,321,773
16,339,304
965,020
3,917,225
5,284,240
2,195,960
4,790,690
1,667,620
6,458,310
4,098,990
10,615,360
896,228,328
Preferred Stock
0.6
Steel Producers
253,125 ArcelorMittal, 6.0000% . . . . . . . . . . . . . . . . 0.6
6,589,148
6,589,148
Tranche Loans
1,156,990 Orleans Homebuilders, Inc.,
10.5000%, due 14/2/16 . . . . . . . . . . . . . .
Casino Hotels
5,954,000 Ceasars Entertainment Operating Co.,
Inc., 4.4884%, due 28/1/18 . . . . . . . . . . .
10,960,000 Riverboat Corp. of Mississippi,
10.0000%, due 29/11/16 . . . . . . . . . . . . .
6.4
0.1
1,158,436
0.5
5,619,921
1.1
1.6
10,987,400
16,607,321
5,310,000 Oxbow Carbon & Minerals LLC,
8.0000%, due 19/1/20 . . . . . . . . . . . . . . . 0.5
287,000 Filtration Group, Inc., 8.2500%,
due 15/11/21 . . . . . . . . . . . . . . . . . . . . . . .
5,399,606
293,099
143

Percentage
of Net
Assets
Financial Services
9,000,000 Extended Stay America, Inc.,
9.6150%, due 1/12/19 . . . . . . . . . . . . . . .
574,000 Del Monte Foods, Inc., 8.2500%,
due 26/5/21 . . . . . . . . . . . . . . . . . . . . . . .
Home Furnishings
2,442,000 Norcraft Cos. L.P., 5.2500%,
due 24/10/20 . . . . . . . . . . . . . . . . . . . . . .
7,168,000 Templar Energy LLC, 8.0000%,
due 4/11/20 . . . . . . . . . . . . . . . . . . . . . . .
2,281,535 Rice Drilling B LLC, 2.5000%,
due 25/10/18 . . . . . . . . . . . . . . . . . . . . . .
due 6/11/18 . . . . . . . . . . . . . . . . . . . . . . .
3,427,410 JC Penney Corp., Inc., 6.0000%,
due 21/5/18 . . . . . . . . . . . . . . . . . . . . . . .
Transportation
4,430,000 Syncreon Group B.V., 5.2500%,
due 11/10/20 . . . . . . . . . . . . . . . . . . . . . .
0.9%
Fair
Value
9,241,875
0.1
579,023
0.2
2,454,210
0.7
7,185,920
0.2
2,321,462
1.4
13,613,949
0.3
3,348,580
0.4
4,405,103
66,608,584
1,006,658,720
(0.4)
(4,085,652)
$ 1,002,573,068
Currency
Purchased
Citibank
AUD
58
CNH
22,654
CNH
3,102
CNH
13
CNH
5,552,031
CNH
23
CNH
16
CNH
3,353
CNH
26
CNH
5,349
CNH
5,489
EUR
12,980,044
EUR
47,945,505
EUR
39,376,945
EUR
294,347
EUR
4,921
EUR
482,210
EUR
84,412
EUR
5,300
EUR
15,409,935
EUR
920,124
GBP
11
GBP
11
GBP
1,972
GBP
1,972
USD
176
USD
2,837
USD
61
USD
52
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
USD
USD
AUD
EUR
AUD
AUD
52 $
3,729
511
2
913,968
4
3
552
4
882
906
17,753,105
65,576,168
53,856,753
402,693
6,740
659,706
115,483
7,251
21,076,523
1,258,475
18
18
3,224
3,224
198
2,059
68
58
Currency
Market
Value $U.S.
52
3,738
512
2
916,213
4
3
553
4
883
906
17,854,959
65,952,397
54,165,744
404,895
6,769
663,313
116,114
7,291
21,197,445
1,265,695
18
18
3,265
3,265
176
2,832
61
52
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
9
1
2,245
101,854
376,229
308,991
2,202
29
3,607
631
40
120,922
7,220
41
41
Total
924,069
$ 1,003,497,137

Currency
Purchased
Citibank
AUD
3,387
AUD
13,414,402
AUD
3,993
AUD
10,932
AUD
129,721
EUR
324,734
USD
80,895
USD
8,747,731
USD
129,166
144
Currency
Sold
USD
3,019 $
USD 11,956,122
USD
3,559
USD
9,744
USD
115,841
USD
447,471
EUR
59,060
EUR 6,386,604
AUD
145,016
Currency
Market
Value $U.S.
3,018
11,951,065
3,557
9,740
115,570
446,695
81,242
8,785,221
129,197
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(1)
(5,057)
(2)
(4)
(271)
(776)
(347)
(37,490)
(31)
Total
(43,979)
(43,979)

Percentage
of Net
Assets

3.2%
Trust, 1.9300%, due 8/8/18 . . . . . . . . . . . 0.6
940,000 Gracechurch Card Funding PLC,
0.8666%, due 15/6/17 (144A) . . . . . . . . . 0.2
3,577,000 Permanent Master Issuer PLC,
1.7936%, due 15/7/42 (144A) . . . . . . . . . 0.8
2,043,114 Santander Consumer Acquired
Receivables Trust, 2.0100%,
due 15/8/16 (144A) . . . . . . . . . . . . . . . . . 0.4
Trust, 1.8900%,
due 15/5/17 (144A) . . . . . . . . . . . . . . . . . .
Trust, 1.9400%, due 15/3/18 . . . . . . . . . . 0.5
350,670 SMART Trust, 1.5400%,
due 14/3/15 (144A) . . . . . . . . . . . . . . . . . 0.1
2,374,125 SMART Trust, 2.5200%,
due 14/11/16 (144A) . . . . . . . . . . . . . . . . 0.5
693,000 SMART Trust, 0.9700%,
due 14/3/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2
Corporate Bonds
69.8
Advertising Services
265,000 WPP Finance UK, 5.8750%, company
2,284,000 TransDigm, Inc., 7.7500%, company
0.9
Airlines
1,518,000 Southwest Airlines Co., 5.2500%,
due 1/10/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,331,000 Hanesbrands, Inc., 6.3750%,
due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.3
due 2/10/18 (144A) . . . . . . . . . . . . . . . . . 1.6
2,456,000 PepsiCo, Inc., 0.7000%, senior
Brewery
4,278,000 SABMiller Holdings, Inc., 0.9319%,
due 1/8/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1,429,000 Lennar Corp., 5.6000%, company
Casino Hotels
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.6
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair
Value
3,042,003
945,305
3,612,191
2,045,001
22,134
2,376,123
351,153
2,398,504
692,861
15,485,275
271,320
1,725,687
2,461,010
4,186,697
1,566,760
1,460,773
7,697,002
2,459,583
4,303,997
1,507,595
2,618,325
645,750
Percentage
of Net
Assets

due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2%
0.9
4,551,000 Sprint Nextel Corp., 6.0000%, senior
Chemicals Specialty
1,961,000 Ecolab, Inc., 1.0000%, senior
1.6
Commercial Banks Central U.S.
1,284,000 Associated Banc-Corp., 1.8750%,
due 12/3/14 . . . . . . . . . . . . . . . . . . . . . . . 0.3
6,389,000 CIT Group, Inc., 4.7500%,
due 15/2/15 (144A) . . . . . . . . . . . . . . . . . 1.3
2.6
4,447,000 BBVA U.S. Senior SAU, 4.6640%,
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 0.9
2,301,000 Intesa Sanpaolo SpA, 3.1250%, bank
1,302,000 Nordea Bank A.B., 0.8750%,
due 13/5/16 (144A) . . . . . . . . . . . . . . . . . 0.3
1.7
705,000 Regions Financial Corp., 7.7500%,
due 10/11/14 . . . . . . . . . . . . . . . . . . . . . . 0.2
253,000 Zions Bancorp, 4.0000%,
due 20/6/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
2,237,000 Total System Services, Inc.,
due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
3,153,000 Seagate Technology PLC, 3.7500%,
due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.7
2,589,000 Dun & Bradstreet Corp.,
due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.2
due 1/4/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair
Value
1,181,345
4,445,420
4,977,656
2,622,975
3,397,433
1,967,881
7,988,289
1,285,826
6,636,573
5,957,738
12,594,311
4,677,026
2,346,014
1,296,278
8,319,318
743,967
263,273
2,178,601
3,196,354
2,619,252
3,184,003
5,803,255
831,964
1,416,734
145

Percentage
of Net
Assets

due 11/1/16 . . . . . . . . . . . . . . . . . . . . . . .
due 17/3/16 . . . . . . . . . . . . . . . . . . . . . . .
due 12/7/16 . . . . . . . . . . . . . . . . . . . . . . .
8,343,000 Citigroup, Inc., 5.0000%,
1,200,000 Citigroup, Inc., 4.8750%,
subordinated notes, due 7/5/15. . . . . . . . .
due 7/2/16 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . .
1,763,000 JPMorgan Chase & Co., 4.8750%,
6,292,000 JPMorgan Chase & Co., 5.1500%,
unsecured notes, due 20/11/14 . . . . . . . . .
due 18/9/15 . . . . . . . . . . . . . . . . . . . . . . .
371,000 UBS A.G., 5.8750%, subordinated
notes, due 15/7/16 . . . . . . . . . . . . . . . . . .
due 29/6/15 . . . . . . . . . . . . . . . . . . . . . . .
due 30/6/15 . . . . . . . . . . . . . . . . . . . . . . .
due 21/9/15 . . . . . . . . . . . . . . . . . . . . . . .
due 8/1/16 . . . . . . . . . . . . . . . . . . . . . . . .
0.6%
Fair
Value
2,895,411
0.6
2,650,512
0.2
1,163,755
1.8
8,582,143
0.3
1,259,302
1.2
5,598,664
0.2
757,564
0.4
1,778,084
1.4
6,727,721
0.5
2,213,694
0.6
2,900,215
0.3
1,338,425
0.2
1,179,081
1.1
5,294,982
0.1
10.0
412,773
47,001,024
0.2
0.5
0.6
0.4
1.7
notes, due 1/11/15 (144A) . . . . . . . . . . . . 0.1
notes, due 1/11/19 (144A) . . . . . . . . . . . . 0.3
0.4
Electric Generation
209,000 AES Corp., 7.7500%, senior
Electric Integrated
236,000 Duke Energy Corp., 6.3000%, senior
unsecured notes, due 1/2/14 . . . . . . . . . . . .
715,000 Nisource Finance Corp., 5.4000%,
due 15/7/14 . . . . . . . . . . . . . . . . . . . . . . . 0.2
747,508
2,349,977
3,155,482
1,793,767
8,046,734
643,373
1,211,845
1,855,218
231,990
237,042
732,678
146
Percentage
of Net
Assets
2,486,000 PPL WEM Holdings PLC,

due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.6%
0.8
3,840,000 Samsung Electronics America, Inc.,
notes, due 10/4/17 (144A) . . . . . . . . . . . . 0.8
2,199,000 FLIR Systems, Inc., 3.7500%, senior
1,672,000 URS Corp., 3.8500%,
due 1/4/17 (144A) . . . . . . . . . . . . . . . . . . 0.4
Entertainment
862,500 Clubcorp Holdings, Inc., 10.0000%,
due 1/12/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,364,000 GLP Capital L.P., 4.3750%, company
0.5
Finance Auto Loans
1,120,000 Ford Motor Credit Co., 1.7000%,
due 9/5/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/1/15 . . . . . . . . . . . . . . . . . . . . . . . 0.7
due 15/5/15 . . . . . . . . . . . . . . . . . . . . . . . 1.1
due 3/2/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
due 12/6/17 . . . . . . . . . . . . . . . . . . . . . . . 0.3
4,265,000 General Motors Financial Co., Inc.,
notes, due 15/5/16 (144A) . . . . . . . . . . . . 0.9
notes, due 15/5/18 (144A) . . . . . . . . . . . . 0.1
1,273,000 PACCAR Financial Corp.,
due 14/8/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3
4.0
1,381,000 E*TRADE Financial Corp.,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
2,341,000 E*TRADE Financial Corp., 6.0000%,
due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . 0.5
4,042,000 Raymond James Financial, Inc.,
due 15/4/16 . . . . . . . . . . . . . . . . . . . . . . . 0.9
293,000 TD Ameritrade Holding Corp.,
notes, due 1/12/14 . . . . . . . . . . . . . . . . . . 0.1
1.8
1,147,000 International Lease Finance Corp.,
due 15/6/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair
Value
2,599,339
3,569,059
3,818,423
2,294,738
1,704,601
959,531
1,398,100
2,357,631
1,133,467
3,286,261
4,745,088
1,796,762
1,628,903
4,328,975
680,698
1,279,567
18,879,721
1,505,290
2,499,018
4,278,089
302,579
8,584,976
1,158,470
Percentage
of Net
Assets
Food Confectionery
1,435,000 WM. Wrigley Jr. Co.,
due 30/6/14 (144A) . . . . . . . . . . . . . . . . . 0.3%
2,438,000 WM. Wrigley Jr. Co., 1.4000%,
due 21/10/16 . . . . . . . . . . . . . . . . . . . . . . 0.5
0.8
Food Retail
757,000 Stater Bros Holdings, Inc., 7.7500%,
due 15/4/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2
2,567,000 Stater Bros Holdings, Inc., 7.3750%,
due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.5
0.7
due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
826,000 Cintas Corp. No 2, 2.8500%,
due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Machinery
1,393,000 Eaton Corp PLC, 0.9500%, company
2,642,000 Tyco Electronics Group, 2.3750%,
due 17/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.5
0.8
Machinery Farm
429,000 Case New Holland, Inc., 7.8750%,
due 1/12/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Medical
2,305,000 Thermo Fisher Scientific, Inc.,
due 1/2/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Medical Drugs
2,671,000 GlaxoSmithKline Capital PLC,
notes, due 8/5/15 . . . . . . . . . . . . . . . . . . . 0.6
1,892,000 Mylan, Inc., 1.3500%, senior
1,573,000 Mylan, Inc., 6.0000%, company
4,837,000 Perrigo Co., 1.3000%, company
1.8
due 15/9/14 . . . . . . . . . . . . . . . . . . . . . . . 1.4
due 24/8/15 . . . . . . . . . . . . . . . . . . . . . . . 0.7
2.1
Multimedia
1,916,000 NBCUniversal Enterprise, Inc.,
notes, due 15/4/16 (144A) . . . . . . . . . . . . 0.4
Fair
Value
1,457,244
2,443,364
3,900,608
760,800
2,727,438
3,488,238
320,373
852,511
1,398,844
2,608,269
4,007,113
508,365
2,296,709
2,682,509
1,889,873
1,676,538
4,823,592
316,209
8,706,212
7,057,498
3,142,195
10,199,693
1,927,550
Percentage
of Net
Assets
2,839,000 NBCUniversal Media LLC, 2.1000%,

due 1/4/14 . . . . . . . . . . . . . . . . . . . . . . . . 0.6%
2,324,000 Time Warner, Inc., 3.1500%,
due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.5
1.5
Oil Field Services
2,843,000 Petrofac, Ltd., 3.4000%, company
due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4
2,581,000 Rowan Cos., Inc., 5.0000%, company
1.3
2,522,000 Canadian Natural Resources, Ltd.,
due 14/11/14 . . . . . . . . . . . . . . . . . . . . . . 0.5
due 15/3/16 . . . . . . . . . . . . . . . . . . . . . . . 1.0
1/10/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
3,276,000 Petrohawk Energy Corp., 7.8750%,
due 1/6/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.7
notes, due 15/6/19 . . . . . . . . . . . . . . . . . . 0.3
notes, due 15/11/20 . . . . . . . . . . . . . . . . . 0.5
notes, due 1/2/22 . . . . . . . . . . . . . . . . . . . 0.1
due 15/3/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4
4.6
7,057,000 Phillips 66, 1.9500%, company
686,000 Sunoco, Inc., 4.8750%, company
314,000 Cascades, Inc., 7.8750%, company
Pipelines
4,452,000 Crosstex Energy L.P. / Crosstex Energy
notes, due 1/12/17 . . . . . . . . . . . . . . . . . . 0.9
Fair
Value
2,851,289
2,408,552
7,187,391
2,866,477
1,178,516
2,095,432
2,799,561
6,073,509
2,542,996
4,281,862
1,279,685
3,086,935
1,120,453
3,362,814
1,267,223
2,569,923
643,739
1,788,878
21,944,508
7,157,379
707,047
337,550
4,685,730
4,272,510
147

Percentage
of Net
Assets
1,437,000 Enbridge Energy Management LLC,

notes, due 13/8/15 . . . . . . . . . . . . . . . . . .
due 5/1/16 . . . . . . . . . . . . . . . . . . . . . . . .
due 15/1/18 (144A) . . . . . . . . . . . . . . . . .
281,000 Kinder Morgan Kansas, Inc.,
due 1/3/15 . . . . . . . . . . . . . . . . . . . . . . . .
2,997,000 Plains All American Pipeline L.P. /
PAA, 3.9500%, senior unsecured
notes, due 15/9/15 . . . . . . . . . . . . . . . . . .
due 25/9/18 . . . . . . . . . . . . . . . . . . . . . . .
1,006,000 TransCanada PipeLines, Ltd.,
due 2/3/15 . . . . . . . . . . . . . . . . . . . . . . . .
0.3%
Fair
Value
0.9
1,447,124
4,112,572
0.4
1,925,269
0.1
294,215
0.7
3,152,985
0.1
584,479
0.2
4.5
1,009,216
21,484,100
Poultry
4,715,000 Pilgrims Pride Corp., 7.8750%,
due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 1.1
2,144,000 ACE INA Holdings, Inc., 2.6000%,
due 23/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.5
2,882,000 Gannett Co., Inc., 6.3750%, company
1,717,000 Nielsen Finance LLC / Nielsen Finance
Co., 7.7500%, company guaranteed
notes, due 15/10/18 . . . . . . . . . . . . . . . . . 0.4
REIT Hotels
1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,154,000 Reckson Operating Partnership L.P.,
due 31/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.7
REIT Regional Malls
568,000 Simon Property Group L.P.,
due 30/1/14 . . . . . . . . . . . . . . . . . . . . . . . 0.1
861,000 ProLogis L.P., 5.6250%, company
911,000 ProLogis L.P., 5.7500%, company
0.4
due 5/12/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Retail Restaurants
1,232,000 Brinker International, Inc.,
due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3
Savings/Loans/Thrifts Southern U.S.
1,640,000 Amsouth Bank, 5.2000%,
subordinated notes, due 1/4/15. . . . . . . . . 0.4
5,162,925
2,219,115
3,105,355
1,862,945
55,794
3,419,434
569,862

1,937,000 TSMC Global, Ltd., 0.9500%,
due 3/4/16 (144A) . . . . . . . . . . . . . . . . . . 0.4%
2,267,000 TSMC Global, Ltd., 1.6250%,
due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.5
0.9
Steel Producers
1.2
529,000 PNC Funding Corp., 5.2500%, bank
3,666,000 British Telecommunications PLC,
due 22/6/15 . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.8
due 14/9/18 . . . . . . . . . . . . . . . . . . . . . . . 0.8
2.4
3,334,000 Asciano Finance, Ltd., 3.1250%,
23/9/15 (144A) . . . . . . . . . . . . . . . . . . . . . 0.7
143,000 FedEx Corp., 7.3750%, company
0.7
483,000 J.B. Hunt Transport Services, Inc.,
notes, due 15/9/15 . . . . . . . . . . . . . . . . . . 0.1
due 15/3/16 (144A) . . . . . . . . . . . . . . . . . 0.5
1,816,000 Penske Truck Leasing Co., L.P. /
due 11/7/14 (144A) . . . . . . . . . . . . . . . . . 0.4
0.9
Fair
Value
1,926,399
2,176,628
4,103,027
1,832,370
1,193,524
2,645,996
5,671,890
568,327
3,731,819
3,658,742
4,060,802
11,451,363
3,410,879
143,330
3,554,209
500,546
2,645,696
1,831,018
4,476,714
915,941
332,149,062
999,526
1,915,467
24.2
4,335,000 0.2500%, due 28/2/14 . . . . . . . . . . . . . . . . . 0.9
2,475,000 1.2500%, due 15/3/14 . . . . . . . . . . . . . . . . . 0.5
5,514,000 0.2500%, due 30/4/14 . . . . . . . . . . . . . . . . . 1.2
1,581,000 0.2500%, due 30/6/14 . . . . . . . . . . . . . . . . . 0.3
13,085,000 0.6250%, due 15/7/14 . . . . . . . . . . . . . . . . . 2.8
287,000 0.5000%, due 15/8/14 . . . . . . . . . . . . . . . . . 0.1
9,733,000 0.2500%, due 31/8/14 . . . . . . . . . . . . . . . . . 2.0
1,463,000 0.2500%, due 15/9/14 . . . . . . . . . . . . . . . . . 0.3
12,597,000 0.2500%, due 31/10/14 . . . . . . . . . . . . . . . . 2.6
24,863,000 0.2500%, due 15/1/15 . . . . . . . . . . . . . . . . . 5.2
3,123,000 0.2500%, due 15/2/15 . . . . . . . . . . . . . . . . . 0.7
4,336,270
2,480,945
5,517,121
1,582,328
13,122,318
287,695
9,741,935
1,464,343
12,608,816
24,885,328
3,125,439
1,106,914
1,213,879
1,718,422
148
Percentage
of Net
Assets

70,000
7,015,000
9,963,000
9,654,000
9,654,000
Percentage
of Net
Assets
0.3750%, due 15/3/15 . . . . . . . . . . . . . . . . . . %

0.2500%, due 31/7/15 . . . . . . . . . . . . . . . . . 1.5
0.3750%, due 31/8/15 . . . . . . . . . . . . . . . . . 2.1
0.2500%, due 30/11/15 . . . . . . . . . . . . . . . . 2.0
0.6250%, due 15/12/16 . . . . . . . . . . . . . . . . 2.0
24.2

Tranche Loans
Entertainment
565,637 Pinnacle Entertainment, 3.7500%,
due 5/8/16 . . . . . . . . . . . . . . . . . . . . . . . .
Hotels and Motels
3,320,724 Hilton, 3.7500%, due 23/9/20 . . . . . . . . . . .
Mining
4.2500%, due 30/6/19 . . . . . . . . . . . . . . .
Fair
Value
$
70,150
7,015,274
9,978,761
9,635,329
9,615,162
115,467,214
115,467,214
1.0
0.1
569,528
0.7
3,345,629
0.2
1,008,040
4,923,197
468,024,748
(512,832)
$ 467,511,916
Currency
Purchased
Citibank
CHF
2,102,362
CHF
1,775
CHF
17,742
CHF
201,905
EUR
568,783
EUR
39,501,407
EUR
6,271
EUR
8,120,693
EUR
56,231
EUR
1,193,897
GBP
104,673
GBP
94,641
GBP
1,873
GBP
1,011,894
GBP
2,550,824
USD
78
USD
1
USD
43
USD
1
USD
33
USD
278
USD
828
USD
56
Currency
Sold
USD 2,346,164 $
USD
1,985
USD
19,840
USD
225,319
USD
777,938
USD 54,026,983
USD
8,579
USD 11,106,859
USD
76,929
USD 1,632,920
USD
171,090
USD
154,917
USD
3,061
USD 1,653,957
USD 4,169,363
CHF
69
GBP
1
CHF
38
AUD
1
GBP
20
EUR
202
CHF
736
AUD
63
Currency
Market
Value $U.S.
2,358,052
1,991
19,900
226,461
782,401
54,336,950
8,626
11,170,582
77,350
1,642,289
173,272
156,664
3,100
1,675,051
4,222,537
78
1
43
1
33
277
825
56
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
Appreciation
$
11,888
6
60
1,142
4,463
309,967
47
63,723
421
9,369
2,182
1,747
39
21,094
53,174
1
3
Total
479,326
$ 467,991,242

Currency
Purchased
Citibank
AUD
3,306
EUR
15,253
EUR
321,645
EUR
236,856
USD
332,657
USD
33,631
USD
354
USD
1,372
USD
148
USD
170
Currency
Sold
USD
USD
USD
USD
EUR
CHF
EUR
GBP
GBP
EUR
2,947 $
21,018
443,214
326,689
242,869
30,086
258
832
91
124
Currency
Market
Value $U.S.
2,946
20,982
442,445
325,811
334,083
33,745
356
1,378
150
171
Settle
Date
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
29-Jan-14
Unrealised
(Depreciation)
$
(1)
(36)
(769)
(878)
(1,426)
(114)
(2)
(6)
(2)
(1)
Total
(3,235)
(3,235)
149
Balance Sheets
Janus Asia
Fund
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) . . . . . . . . . . . . . . . . . . . . . . . .
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
$103,822,183
9,968,390
1,210,000
$5,153,979
201,208
$347,626,526
3,311,422
1,253,560
36,151
44,161
116,334,445
254
5,355,441
965,369
1,253,560
649
7,284
84,884
Janus Emerging
Markets Fund
As of
31 December
2013
As of
31 December
2012
$170,387,771
305,982
$4,733,141
226,682
187,198
$4,636,843
567,027
227,201
4,165,140
208,111
1,620,398
8,841
356,940,438
46,889
250
349,135
66,771
580,242
5,416
171,742,456
5,824
1,075
5,153,920
27
12,182
124
15,145
843
5,459,392
1,154
152,469
2,468
4,500
781
40,081
64,544
1,108,746
1,196,765
270,250
385,073
9,721
34,851
130,735
347,912
1,811,666
67,201
127,585
166,844
10,082
26,916
77,657
4,082
2,517
6,026
765
486
61,726
19,171
191,626
5,754
741
812
48,448
2,311,746
201,453
3,200,685
2,635,863
75,602
266,552
114,022,699
214,552
5,153,988
37,966
353,739,753
387,661
169,106,593
144,843
5,078,318
10,793
5,192,840
46,748
$114,237,251
$5,191,954
$354,127,414
$169,251,436
$5,089,111
$5,239,588
Peter Sandys
Director
16 April 2014
150
Janus Balanced
Fund
Carl OSullivan
Director
Janus Europe
Fund
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund
Janus US
Fund
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
151,234,370
180,062
38,000
3,500,537
244,085
$182,677,250
6,032,560
$62,770,109
347,553
$42,979,275
451,318
$7,971,400
100,949
$76,225,532
2,323,456
$27,056,693
290,541
$1,391,690
158,664
$1,115,676
86,633
477,636
71,586
64,288
119,212
152,185,154
15,308
552
181,555
3,168
308
3,967
3,949,480
64,255
1,162
5,849,875
38,787
1,170
29,465
194,694,524
32,285
88,481
12,400
15,130
63,265,958
128,327
698
16,644
4,166
12,443
43,592,871
19,331
146
2,960
9,887
2,461
8,107,134
2,487
663
3,170,033
18,685
654
81,741,510
37,846
23,981
4,599
654
27,414,314
3,580
488
1,839
95
1,556,356
1,550
385
1,204,244
305,785
51,047
222,786
794
52,695
90,876
23,625
12,782
83,256
4,340
221,567
2,937
578
37,805
30,219
3,017,429
2,331,959
225,858
309,280
15,479
23,538
103,101
169,459
646,329
87,114
68,947
117,343
10,781
12,871
56,786
36
43,089
8,737
4,797
52
3,073
60,152
15,410
10,873
5,988
335
1,274
50,367
16,438
2,683,598
340,175
98,976
81,433
6,482
8,417
70,678
50,135
14,984
11,867
49,499
6,713
5,591
48,340
637
6,099
14
1,652
247
144
40,302
2,799
340
69
1,357
193
188
29,385
843,646
267,227
6,056,863
1,169,630
119,936
84,247
3,306,197
187,129
49,095
34,331
151,341,508
88,353
3,682,253
27,265
188,637,661
105,503
62,096,328
35,245
43,472,935
23,120
8,022,887
21,528
78,435,313
38,623
27,227,185
10,506
1,507,261
313
1,169,913
1,069
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
151
Balance Sheets
Janus US All Cap
Growth Fund
Assets:
Receivables:
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payables:
Janus US Twenty
Fund
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
$78,850,872
3,116,945
$145,434,482
312,787
34
$179,348,422
3,345,697
$8,557,749
82,051
$380,011,577
7,441,213
$347,210,914
332,595
219,548
52,454
24,068
82,263,887
33,696
100,526
145,881,525
32,946
13,793
80,464
182,821,322
6,668
9,006
3,590
14,409
8,673,473
523,667
3,332,624
49,023
24,574
391,382,678
410,315
83,841
23,577
348,061,242
1,516,714
103,844
137,237
5,347
10,451
63,827
209,080
263,453
83,546
212,862
5,328
26,584
88,341
41
14,939
4,066
7,641
27,932
667
12,363
72,022
13,234
67,667
14,009
527
1,563
40,848
1,609
1,078,136
374,208
389,214
15,975
40,846
123,073
402,334
168,810
333,378
391,499
15,984
60,800
98,526
1,837,421
889,194
139,671
137,848
2,023,061
1,471,331
80,426,466
36,772
144,992,331
33,238
182,681,651
40,194
8,535,625
519
389,359,617
121,641
346,589,911
308,270
$80,463,238
$145,025,569
$182,721,845
$8,536,144
$389,481,258
$346,898,181
152
Janus US Research
Fund
Janus US Venture
Fund
Perkins Global
Value Fund
Perkins US Strategic
Value Fund
INTECH Global
Dividend Fund(a)
INTECH US Core
Fund
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
$310,444,242
18,559,165
$36,443,998
309,000
$117,779,950
11,104,711
$3,426,707
87,992
$558,190,785
32,078,016
$549,245,118
102,988
$51,117,849
613,864
437,372
869
2,160,474
89,257
331,691,379
16,548
5,648
36,775,194
709,924
1,819
91,806
247,784
32,222
11,399
129,979,615
7,325
7,254
4,443
3,533,721
444,995
655,790
591,369,586
981,506
200,561
546,611
551,076,784
1,167
719,901
1,363,910
187,971
154,692
3,130
26,831
108,133
66,129
1,535,600
11,006
47,534
45,029
2,344
6,267
40,739
43,147
649,064
6,240
6
8,235
82,381
8,342
46,397
37
10,711
4,674
387
540
39,268
317
919,513
771,704
472,067
1,651
55,813
186,299
2,565,735
1,754,648
789,073
110,356
329,125,644
199,304
35,020,546
18,886
129,190,542
93,296
$329,324,948
$35,039,432
$129,283,838
As of
31 December
2013
As of
31 December
2012
$142,270,688
1,364,731
$121,205,161
23,990
20,609
66,930
93,145
86,049
51,998,446
367,273
128,233
429
144,131,354
197,231
99,158
44,527
121,570,067
530,071
1,211,714
320,230
696,124
514,161
1,365
87,549
127,084
235
3,281
89,458
835
260,622
119,310
58,272
267
14,360
72,893
175,291
53,072
84,505
55,531
509
20,505
53,954
2,407,364
3,488,298
92,982
526,559
443,367
3,423,365
2,988
588,962,222
115,195
547,588,486
162,613
51,905,464
38,329
143,604,795
22,107
121,126,700
10,425
$3,426,353
$589,077,417
$547,751,099
$51,943,793
$143,626,902
$121,137,125
153
Balance Sheets
Alternatives Fund(b)
Assets:
Receivables:
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payables:
Janus Flexible
Income Fund
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
$200,353,631
9,713,813
$159,918,025
102,024
$1,041,317,958
18,793,226
$1,612,519,441
630,008
2,000,000
2,000,000
7,648
94,792
743,475
62,673
210,976,032
410,235
416,681
27,966
160,874,931
766,409
77,399
7,863,271
1,068,818,263
3,222,291
10,976,983
1,627,348,723
28,169
122,099
187,770
76,608
2,006
21,304
95,546
41,978
1,492
127,278
29,486
1,322
25,428
76,600
3,385
2,976,540
1,639,367
702,705
800,906
9,880
106,505
295,615
4,241,646
226,660
2,109,315
1,024,872
1,374,885
15,490
254,779
422,115
533,504
303,584
6,534,903
9,669,762
2,000,000
210,442,528
259,952
160,571,347
557,605
1,062,283,360
1,844,031
1,617,678,961
2,846,304
$2,000,000
$210,702,480
$161,128,952
$1,064,127,391
$1,620,525,265
154
Janus Global
Real Estate Fund
Janus Global Flexible

Income Fund
Janus Global
High Yield Fund
Janus Global Investment

Grade Bond Fund
Janus High Yield

Fund
As of
As of
31 December 31 December
2013
2012
As of
31 December
2013
$10,082,643
219,778
$9,857,678
217,744
$69,297,884
5,402,813
$48,482,878
128,153
$51,792,404
1,404,918
20,669
632
117,588
2,987
10,444,297
118,322
27,288
10,221,032
36,977
108,171
10,566
1,141,070
184
75,997,665
1,151,637
694
788,581
177
50,552,120
34,161
3,931
662,580
16,496
53,914,490
812,554
492,131
43,697,907
9,535
26,933
10,062
989
56,774
123,614
2,149
9,638
1,580
31,747
77,532
2,437,373
53,530
32,466
104,745
10
6,785
77,640
226,628
27,095
21,783
85,951
2,569
7,425
41,264
35,763
144,637
232,264
42,758
2,505
4,364
50,225
215,606
5,371
44,835
10,484
50,423
2,451
6,536
36,690
43,979
10,320,186
1,061,845
721,576
682,523
89,677
115,356
273,065
104,293
168,728
2,790,081
412,715
512,516
372,396
13,308,207
10,340,004
12,722
10,052,304
22,764
73,207,584
268,670
50,139,405
200,838
53,401,974
136,340
43,325,511
105,067
$10,352,726 $10,075,068
$73,476,254
$50,340,243
$53,538,314
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
As of
31 December
2013
As of
31 December
2012
$41,805,305 $1,003,497,137 $1,230,809,230

587,917
34,256,109
13,387,378
2,291,241
404,959
94,922
29,751
17,261,221
20,713,191
1,057,400,630 1,265,344,509
Janus US Short-Term
Bond Fund
As of
31 December
2013
As of
31 December
2012
Company Total
in US Dollar
As of
31 December
2013
As of
31 December
2012
$467,991,242 $550,123,325 $5,629,840,879 $5,148,752,491

3,226,082
9,130,120
173,113,573
27,656,784
1,644,891
227,235
52,273
3,126,606
3,090,222
477,434,152
1,587,816
3,379,962
564,221,223
1,341,655
13,405,502
9,925,177
767,032
709,059
123,880
219,899
273,341
3,235
498,247
261,395
466,491
5,167
45,875
149,215
848,880
9,040,343
1,842,293
315,119
555,534
5,883
90,753
145,904
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
9,056,256
28,647,130
37
14,946,788
3,722,591
4,407,902
206,884
859,404
1,917,380
26,765,545
1,429,625
12,844,709
51,875,642
63,764,372
1,044,092,423 1,238,578,964
4,085,652
4,917,565
476,004,527
512,832
551,376,514
543,004
$43,430,578 $1,048,178,075 $1,243,496,529
3,857,779
1,146,278
5,209
1,152
28,376,693
9,158,062
2,713,985
1,397,557
31,757,519
37,049,536
195,016
74,389
425,936
130,430
5,871,983,753 5,225,593,914
5,820,108,111 5,161,829,542
8,689,140
10,063,975
$476,517,359 $551,919,518 $5,828,797,251 $5,171,893,517
155
Income Statements
Janus Asia
Fund
Year Ended
31 December
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 (Loss)/Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 (Loss)/Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance Costs:
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. . . . . . . . . . . . . . . . .
16 April 2014
156
Janus Emerging
Markets Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$178
2,547,625
2,882
$661
108,511
2,935
$3,919,700
3,154,130
31,577
$2,889,975
2,184,567
138,910
$1,354
147,585
89
$581
127,325
11,851,683
14,402,368
1,056,536
1,168,643
39,114,361
46,219,768
17,095,369
22,308,821
(3,407)
145,621
534,682
662,588
43,371
15,416
70,153
45,676
4,028
19,001
7,348
21,742
71,451
298,186
(194,371)
103,815
14,298,553
51,156
17,131
5,377
32,529
1,346
18,828
6,460
3,832
39,120
175,779
(89,656)
86,123
1,082,520
2,254,676
1,140,007
116,078
279,719
64,252
7,014
17,278
37,425
75,047
145,596
4,137,092
(7,991)
4,129,101
42,090,667
1,510,565
675,405
129,094
197,879
65,968
6,333
17,112
28,142
33,101
118,834
2,782,433
(22,421)
2,760,012
19,548,809
60,438
24,130
8,708
5,517
42,428
2,711
20,856
6,334
1,189
56,556
228,867
(116,878)
111,989
33,632
59,832
23,893
8,552
5,506
79,310
3,459
20,676
10,485
1,052
62,731
275,496
(161,271)
114,225
548,363
(710,757)
(488)
(101,047)
176,586
(10,599)
25,746
(763,934)
242,818
(535,567)
138,101
$13,663,335
Peter Sandys
Director
Janus Balanced
Fund
$1,097,667
Carl OSullivan
Director
$41,569,063
$19,151,343
(10,095)
(35,955)
(9,186)
22,378
$(12,418)
$561,555
Janus Europe
Fund
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Janus Global
Technology Fund
Janus US
Fund
Janus US All Cap

Growth Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
1,762,814
38
53,538
$20,060
1,023,721
13,525
$2,473
457,160
116,645
$444
573,617
6,461
$538
135,823
978
$299
338,906
18,576
$627
281,442
442,042
$8
14,737
97
$59
18,701
37
$467
1,181,385
29,624
$44,309
3,056,774
653,112
14,866,608
16,629,422
399,338
452,914
49,276,629
50,333,935
13,432,944
14,009,222
8,175,112
8,755,634
1,313,920
1,451,259
13,574,809
13,932,590
6,191,255
6,915,366
354,284
369,126
194,881
213,678
24,284,415
25,495,891
(12,464,113)
(8,709,918)
710,112
46,811
86,266
64,880
2,373
13,138
12,396
24,080
35,665
995,721
(70,974)
924,747
15,704,675
24,998
8,539
2,374
26,275
2,064
13,064
3,363
268
33,599
114,544
(70,942)
43,602
409,312
1,709,867
824,764
149,170
183,287
79,184
5,561
19,134
18,689
35,085
77,891
3,102,632
7,657
3,110,289
47,223,646
917,167
444,601
135,169
113,075
77,881
4,402
18,960
13,475
12,584
50,798
1,788,112
5,448
1,793,560
12,215,662
88,720
24,217
3,070
43,659
43,666
5,487
20,856
9,943
7,989
53,729
301,336
(157,572)
143,764
8,611,870
93,723
23,839
3,858
11,991
66,163
3,869
20,676
10,852
2,130
47,230
284,331
(133,529)
150,802
1,300,457
581,068
246,320
76,092
59,105
34,896
5,295
19,134
8,510
13,748
49,290
1,093,458
(10,784)
1,082,674
12,849,916
472,707
223,865
86,506
56,829
53,424
4,401
18,960
9,543
6,231
63,444
995,910
(68,505)
927,405
5,987,961
14,757
5,859
2,554
1,435
23,405
2,809
19,001
4,138
313
21,684
95,955
(69,535)
26,420
342,706
13,513
5,577
2,230
1,399
30,973
3,459
18,828
7,830
270
30,605
114,684
(90,614)
24,070
189,608
1,196,145
631,676
60,040
142,440
26,973
6,196
17,278
27,954
40,088
69,646
2,218,436
28,576
2,247,012
23,248,879
6,779,667
2,829,155
87,975
701,672
110,149
6,894
17,112
123,411
126,278
272,694
11,055,007
2,095
11,057,102
(19,767,020)
(334,483)
(135,604)
61,088
(4,240)
24,521
(138,832)
70,258
(108,104)
(5,600)
(95,724)
1,592
(22,910)
13,956
(65,681)
28,117
(57,430)
(10,498)
(3,498)
(756)
(4,534)
786
(243,583)
3,534
(818,305)
(652,508)
15,630,159
429,593
$47,155,072
$12,101,958
$8,183,255
$1,291,503
$12,812,352
$5,920,033
$338,452
$185,860
$23,008,830
$(21,237,833)
157
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:
Janus US Twenty
Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$421
1,580,612
36,332
$184
127,644
1,204
$3,680
4,078,644
183,104
$10,579
6,354,059
163,182
$2,563
1,896,345
98,118
$3,851
330,036
480,989
33,712,496
35,329,861
1,627,068
1,756,100
115,069,152
119,334,580
86,886,474
93,414,294
72,766,244
74,763,270
4,502,064
5,316,940
159,932
77,075
6,928
139,021
31,647
5,861
19,134
10,994
26,869
47,279
524,740
(231,855)
292,885
35,036,976
124,892
59,462
6,129
14,324
37,815
2,746
18,960
9,621
1,277
47,410
322,636
(90,961)
231,675
1,524,425
3,928,900
1,572,304
182,793
434,212
66,154
7,865
17,278
43,720
90,754
150,553
6,494,533
13,998
6,508,531
112,826,049
4,402,722
1,697,185
210,346
500,085
85,873
6,894
17,112
84,687
77,995
173,572
7,256,471
(21,731)
7,234,740
86,179,554
1,097,376
444,744
31,433
220,877
51,134
5,774
17,278
18,832
57,051
66,757
2,011,256
(114,226)
1,897,030
72,866,240
464,460
210,118
32,733
49,399
48,752
4,402
17,112
12,518
6,026
32,696
878,216
(25,173)
853,043
4,463,897
(806,435)

(427,579)
39,675
(33,830)
(1,470)
(894,108)
(186,629)

$33,842,637
$1,489,125
$111,745,312
158
Janus US Venture
Fund
(1,610,776)
113,244
$84,682,022
(589,376)
180,418
(97,169)
(2,643)
$72,457,282
$4,364,085
Perkins Global
Value Fund
Value Fund
INTECH Global
Dividend Fund(a)
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
$148
918,171
456
$493
113,453
23
$23,371
11,233,447
83,119
$106,333
16,221,460
154,428
$34
1,751,963
803
5,001,906
5,920,681
346,631
460,600
135,608,179
146,948,116
69,761,157
86,243,378
49,192
23,183
4,548
34,623
28,977
2,888
19,001
8,628
18,758
39,801
229,599
(145,362)
84,237
5,836,444
39,371
18,332
4,423
3,845
33,397
3,459
18,828
7,523
810
34,588
164,576
(94,136)
70,440
390,160
8,655,580
2,058,010
17,715
646,432
78,493
6,522
20,856
111,722
151,222
288,075
12,034,627
57,758
12,092,385
134,855,731
10,269,945
2,417,812
17,786
791,805
115,241
5,987
20,676
110,502
124,340
314,019
14,188,113
3,249
14,191,362
72,052,016
INTECH US Core
Fund
Year Ended
31 December
2012

Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$166
2,386,128
13,086
$1,491
3,848,731
16,736
4,887,715
6,640,515
38,085,804
40,485,184
23,762,179
27,629,137
492
306
46,051
57,997
4,539
19,134
14,984
29,814
54,536
227,853
(222,283)
5,570
6,634,945
1,246,512
262,510
3,167
150,538
32,125
4,840
19,134
20,105
35,486
71,742
1,846,159
(16,346)
1,829,813
38,655,371
1,666,027
376,527
8,718
203,261
50,244
4,441
18,960
37,649
38,202
81,744
2,485,773
(35,479)
2,450,294
25,178,843
(196,212)
(805)
(215,647)
90,308
(22,182)
(299)
(2,939,427)
(47,418)
(4,197,857)
(111,776)
(206,330)
38,329
(685,571)
11,682
(1,067,877)
(21,830)
$5,514,893
$367,679
$131,868,886
$67,742,383
$6,466,139
$37,981,482
$24,089,136
159
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:
Janus Flexible
Income Fund

Income Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$6,934
6,314,525
260,275
$9,364
4,603,730
646,243
$52,637,257
707,654
19,939
$47,539,929
60,792
18,120
$424,663
4,204
108
$110,358
346
8,808,696
15,390,430
35,439,453
40,698,790
(35,619,466)
17,745,384
68,099,519
115,718,360
(344,601)
84,374
(29,705)
80,999
2,145,090
306,310
11,734
243,074
63,927
5,310
20,856
31,433
45,072
99,073
2,971,879
(6,209)
2,965,670
12,424,760
1,374,694
82,138
2,602
162,216
65,202
8,073
20,676
25,393
30,105
87,624
1,858,723
(57,037)
1,801,686
38,897,104
10,025,031
4,234,311
149,222
1,543,628
179,084
9,327
20,856
159,387
244,988
598,814
17,164,648
51,728
17,216,376
529,008
9,156,999
3,842,707
193,952
1,452,509
200,913
8,736
20,676
179,927
374,282
531,909
15,962,610
206,569
16,169,179
99,549,181
84,129
37,294
11,305
35,332
2,711
17,199
4,653
7,397
35,489
235,509
(88,019)
147,490
(63,116)
21,845
9,638
2,916
7,855
1,854
17,033
1,871
2,830
6,628
72,470
(34,539)
37,931
43,068
(2,508,202)
(2,556,359)
(20,950,605)
(18,977,551)
(71,433)
(14,096)

(1,177,505)
(297,653)
(713,842)
247,001
(810,365)
(1,002,273)
(117,926)
970,184
(8,070)
(10,042)
(270)
22,764

$8,441,400
$(22,234,235)
$81,423,888
$(152,661)
$51,466
160
$35,873,904
Janus Global
High Yield Fund

Grade Bond Fund
Janus High
Yield Fund
Janus US Short-Term
Bond Fund
Company Total
in US Dollar
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$4,059,547
22,194
1,294
$2,754,080
3,819
31,835
$2,278,031
56,794
775
$1,050,183
1,057
$80,471,212
378,633
99,005
$89,825,119
247,585
1,137,553
$13,149,985
17,958
$13,188,397
191
$157,000,522
42,652,566
917,203
$157,539,633
38,351,849
4,005,163
3,464,438
7,547,473
3,866,511
6,656,245
632,750
2,968,350
2,313,521
3,364,761
18,379,689
99,328,539
86,122,400
177,332,657
(783,647)
12,384,296
9,903,945
23,092,533
566,044,557
766,614,848
420,470,120
620,366,765
523,824
383,253
23,640
68,481
40,079
3,027
20,856
20,661
19,306
91,178
1,194,305
(113,933)
1,080,372
6,467,101
373,919
254,477
28,691
44,206
44,777
2,454
20,676
23,219
13,396
65,130
870,945
(115,432)
755,513
5,900,732
306,601
156,248
28,063
63,363
39,339
2,994
20,856
17,853
16,952
63,120
715,389
(118,590)
596,799
2,371,551
219,521
131,850
27,970
30,040
38,736
2,454
20,676
19,509
9,529
48,168
548,453
(103,908)
444,545
2,920,216
8,343,674
2,841,430
1,185,509
1,491,051
150,378
9,312
20,856
143,192
265,805
407,862
14,859,069
(34,320)
14,824,749
84,503,790
9,328,551
3,078,910
1,712,163
1,676,083
185,184
9,246
20,676
228,664
256,046
441,210
16,936,733
97,276
17,034,009
160,298,648
3,033,378
1,914,785
64,600
529,672
72,868
7,896
17,411
61,700
106,512
177,247
5,986,069
51,484
6,037,553
6,346,743
2,945,706
1,952,139
67,802
527,348
87,589
7,520
17,244
76,028
109,182
199,306
5,989,864
106,879
6,096,743
16,995,790
46,491,995
17,286,331
2,125,064
6,522,230
1,374,194
121,119
440,694
804,671
1,343,172
2,784,745
79,294,215
(1,531,348)
77,762,867
688,851,981
50,319,122
18,385,740
2,766,699
6,554,817
1,551,757
105,083
417,253
1,031,633
1,229,842
2,792,658
85,154,604
(814,086)
84,340,518
536,026,247
(2,067,522)
(1,302,205)
(611,680)
(210,950)
(42,384,635)
(50,010,387)
(1,020,117)
(692,820)
(71,663,374)
(73,764,368)
298
67,832
(359)
140,855
(45,409)
31,273
(3,195)
83,386
12,750
(831,913)
7,935
1,329,807
(30,172)
(1,474)
314,633
(9,588,856)
(1,379,245)
(9,430,909)
2,647,744
$4,467,709
$4,739,023
$1,745,735
$2,789,457
$41,299,992
$111,626,003
$5,296,454
$16,616,129
$606,220,506
$455,478,714
161
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 . . . . . . . . . . . . . . . . . . .
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 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Assets attributable to holders of redeemable
ordinary shares at 31 December . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Balanced
Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$13,663,335
$1,097,667
$41,569,063
$19,151,343
$(12,418)
$561,555
65,088,758
(64,699,542)
781,075
(919,134)
1,675,827
(1,388,034)
100,324,355
(4,942,393)
147,628
(325,175)
210,752,606
(67,445,691)
95,381,962
(177,547)
143,306,915
389,216
(138,059)
287,793
109,045,297
920,120
184,875,978
19,540,559
(150,477)
849,348
5,191,954
4,271,834
169,251,436
149,710,877
5,239,588
4,390,240
$114,237,251
$5,191,954
$354,127,414
$169,251,436
$5,089,111
$5,239,588
Janus US All Cap

Growth Fund
Year Ended
31 December
2013
at 1 January 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Research
Fund
Janus US Twenty
Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$23,008,830
$(21,237,833)
$33,842,637
$1,489,125
$111,745,312
$84,682,022
13,243,100
(100,814,261)
319,536,431
(926,458,247)
273,515,009
(133,171,945)
2,185,056
(3,613,903)
137,297,408
(206,459,643)
87,294,829
(261,001,763)
(87,571,161)
(606,921,816)
140,343,064
(1,428,847)
(69,162,235)
(173,706,934)
(64,562,331)
(628,159,649)
174,185,701
60,278
42,583,077
(89,024,912)
145,025,569
773,185,218
8,536,144
8,475,866
346,898,181
435,923,093
$80,463,238
$145,025,569
$182,721,845
$8,536,144
$389,481,258
$346,898,181
162
Janus Emerging
Markets Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Janus Europe
Fund
Year Ended
31 December
2013
Janus Global Life

Sciences Fund
Janus Global
Research Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
15,630,159
429,593
$47,155,072
$12,101,958
$8,183,255
$1,291,503
138,702,392
(6,612,208)
1,591,885
(400,379)
239,075,159
(159,618,640)
42,940,640
(48,013,886)
31,639,777
(4,371,392)
132,090,184
1,191,506
79,456,519
(5,073,246)
147,720,343
1,621,099
126,611,591
3,709,518
2,088,419
151,429,861
3,709,518
Janus US Venture
Fund
Janus Global
Technology Fund
Year Ended
31 December
2013
Janus US
Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
$12,812,352
$5,920,033
$338,452
$185,860
406,548
(2,627,537)
53,350,441
(14,926,548)
5,451,503
(19,393,713)
20,439
(22,299)
83,373
(214,120)
27,268,385
(2,220,989)
38,423,893
(13,942,210)
(1,860)
(130,747)
7,028,712
35,451,640
(929,486)
51,236,245
(8,022,177)
336,592
55,113
62,131,573
55,102,861
8,044,415
8,973,901
27,237,691
35,259,868
1,170,982
1,115,869
$188,743,164
$62,131,573
$43,496,055
$8,044,415
$78,473,936
$27,237,691
$1,507,574
$1,170,982
Perkins Global
Value Fund
Value Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
$72,457,282
$4,364,085
$5,514,893
$367,679
$131,868,886
322,207,748
(100,379,514)
22,422,684
(14,754,743)
124,756,732
(4,414,140)
1,412,796
(774,562)
221,828,234
7,667,941
120,342,592
294,285,516
12,032,026
35,039,432
$329,324,948
Year Ended
31 December
2012
INTECH Global
Dividend Fund(a)
Year Ended
31 December
2012
INTECH US Core
Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
$67,742,383
$6,466,139
$37,981,482
$24,089,136
305,456,165
(395,998,733)
207,996,213
(632,934,385)
45,477,654
40,434,325
(55,926,030)
82,316,489
(168,414,595)
638,234
(90,542,568)
(424,938,172)
45,477,654
(15,491,705)
(86,098,106)
125,857,485
1,005,913
41,326,318
(357,195,789)
51,943,793
22,489,777
(62,008,970)
23,007,406
3,426,353
2,420,440
547,751,099
904,946,888
121,137,125
183,146,095
$35,039,432
$129,283,838
$3,426,353
$589,077,417
$547,751,099
$51,943,793
$143,626,902
$121,137,125
Year Ended
31 December
2013
Year Ended
31 December
2012
163
Statements of Changes in Net Assets


at 1 January 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year Ended
31 December
2013
Year Ended
31 December
2012
2,000,000
Year Ended
31 December
2013
Janus Flexible
Income Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$8,441,400
$35,873,904
$(22,234,235)
$81,423,888
140,232,033
(99,099,905)
44,102,266
(23,381,226)
496,547,624
(1,030,711,263)
1,053,908,748
(385,996,052)
2,000,000
41,132,128
20,721,040
(534,163,639)
667,912,696
2,000,000
49,573,528
56,594,944
(556,397,874)
749,336,584
161,128,952
104,534,008
1,620,525,265
871,188,681
$2,000,000
$210,702,480
$161,128,952
$1,064,127,391
$1,620,525,265
164
Janus Global Real Estate

Fund

Income Fund
Year Ended
31 December
2013
Janus Global
High Yield Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012

Grade Bond Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Janus High Yield

Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
$5,296,454
Company Total in
US Dollar
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$16,616,129
$606,220,506
$455,478,714
$(152,661)
$51,466
$4,467,709
$4,739,023
$1,745,735
$2,789,457
$41,299,992
430,319
10,023,602
56,180,237
(37,511,935)
45,344,007
(30,665,400)
59,899,761
(51,537,760)
31,669,093
(6,957,703)
329,626,413
(566,244,859)
430,319
10,023,602
18,668,302
14,678,607
8,362,001
24,711,390
(236,618,446)
(60,625,275)
(80,698,613) 188,102,824
43,489,073
(438,598,627)
277,658
10,075,068
23,136,011
19,417,630
10,107,736
27,500,847
(195,318,454)
51,000,728
(75,402,159) 204,718,953
649,709,579
16,880,087
10,075,068
50,340,243
30,922,613
43,430,578
15,929,731 1,243,496,529 1,192,495,801
5,171,893,517
7,194,155
5,154,904,478
108,952
$10,075,068 $73,476,254
$50,340,243
$53,538,314
$10,352,726
$111,626,003
Janus US Short-Term
Bond Fund
378,913,357 403,040,890 473,592,908 3,570,527,657 2,878,559,442

(439,538,632) (483,739,503) (285,490,084) (3,527,038,584) (3,317,158,069)
551,919,518
347,200,565
$43,430,578 $1,048,178,075 $1,243,496,529 $476,517,359 $551,919,518 $5,828,797,251 $5,171,893,517
165
Notes to the Financial Statements

1. ACCOUNTING POLICIES
The significant accounting policies and estimation techniques
adopted by the Company are as follows:
BASIS OF PRESENTATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with
accounting standards generally accepted in Ireland, the
Companies Acts and the UCITS Regulations. Accounting
standards generally accepted in Ireland in preparing financial
statements giving a true and fair view are those published by the
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 year amounts.
The format and certain wordings of the financial statements
have been adapted from those contained in the Companies
(Amendment) Act, 2012 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 of
causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year are
outlined below.
The Financial Statements of the Company have been prepared
on a going concern basis.
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 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

Extended Stay America Trust SA 2013-ESHM MC

LCP Proudreed PLC
Oxbow Carbon & Minerals LLC
LCP Proudreed PLC
Extended Stay America Trust SA 2013-ESHM MC
Oxbow Carbon & Minerals LLC
Extended Stay America, Inc.
Fair Value (USD) at

31 December 2013
Fair Value as a %
of Net Assets
$475,356
$156,050
$284,725
$445,368
$9,189,452
$5,399,606
$9,241,875
0.6%
0.2%
0.4%
0.8%
0.9%
0.5%
0.9%
The following table presents the position that were fair valued by Janus Global Pricing Committee at 31 December 2012.
These estimated fair values may not reflect amounts that could be realised upon immediate sale or amounts that ultimately
may be realised.
Fund Name
Security Name

Digital Domain Private Placement

Sino-Forest Corp
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
166
Fair Value (USD) at

31 December 2012
Fair Value as a %
of Net Assets
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.
R EPURCHASE AGREEMENTS
Securities purchased under agreements to resell are valued at
amortised cost, which approximates fair value, and is adjusted
for any movements in foreign exchange rates. Interest rates vary
for each repurchase agreement and are set at the initiation of
the agreement. It is the Companys policy to take custody of
securities purchased under repurchase agreements and to value
the securities on a daily basis to protect the Company in the
event the securities are not repurchased by the counterparty.
The Company will generally obtain additional collateral if the
market value of the underlying securities is less than the face
value of the purchase agreement plus any accrued interest.
In the event of default on the obligation to repurchase, the

Company has the right to liquidate the collateral and apply the
proceeds in satisfaction of the obligation. In the event of default
or bankruptcy by the counterparty to the agreement, realisation
and/or retention of the collateral or proceeds may be subject to
legal proceedings.
FUTURES CONTRACTS ON SECURITIES
Futures are contracts for delayed delivery of securities or money
market instruments in which the seller agrees to make delivery
at a specified future date of an instrument, at a specified
price or yield. Initial margin deposits are made upon entering
into future contracts and are generally made in cash or cash
equivalents. Futures contracts are fair valued based upon their
daily quoted daily settlement price. For open futures contracts,
changes in the fair value of the contract are recognised as
unrealised gains or losses by marking-to-market the value
of the contract at the Balance Sheet date. When the contract is
closed, the difference between the proceeds from (or cost of)
the closing transactions and the original transaction is recorded
as a realised gain or loss. Futures contracts are held at fair
value through profit or loss. The Variation margin receivable or
payable at the 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 year which they arise.
OPTIONS
Options are rights to buy or sell an underlying asset or
instrument for a specified price (the exercise price) during, or
at the end of, a specified year. The seller (or writer) of the option
receives a payment, or premium, from the buyer, which the
writer keeps regardless of whether the buyer uses (or exercises)
the option. The premium on purchased put options exercised
is subtracted from the proceeds of the sale of the underlying
security or foreign currency in determining the realised gain
or loss. The premium on purchased call options exercised
is added to the cost of the securities or foreign currencies
purchased. Premiums paid from the purchase of options,
which expire unexercised are treated as realised losses. The
premium on written call options exercised is added to the
proceeds from the sale of the underlying security of foreign
currency in determining the realised gain or loss. The premium
on written put options exercised is subtracted from the cost
of the securities or foreign currencies purchased. Premiums
received from written options, which expire unexercised are
treated as realised gains. A call option gives the holder (buyer)
the right to buy the underlying asset from the seller (writer) of
the option. A put option gives the holder the right to sell the
underlying asset to the writer of the option. Options can trade
on exchanges or in the OTC market and may be bought or sold
on a wide variety of underlying assets or instruments, including
financial indices, individual securities, and other derivative
instruments, such as futures contracts, foreign currencies,
forward contracts, structured investments (derivative securities
which are specifically designed to combine the characteristics
of one or more underlying securities in a single note) and yield
curve options. Options that are written on futures contracts
167

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 Europe, Janus Global Technology Fund,
Janus US Fund and Janus Global Real Estate Fund with Credit
Suisse and Morgan Stanley as at 31 December 2013 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
168
means to perform the valuation and approved for that purpose by

the Custodian. The counterparty to derivative instruments not
traded on an 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-the-counter 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 31 December 2013 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 31 December 2013
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, AHKD$acc, B$acc, E$acc, Eacc,
I$acc, Iacc, Iacc(Unhedged), Iacc IHKD$acc, U$acc, Uacc,
Uacc, VAUD$acc, Z$acc, Zacc
Distributing (dis or inc) Share Classes
Equity & Balanced Funds (with the exception of the Janus
Asia Fund, Janus Balanced Fund, Janus Global Research
Fund, Janus US All Cap Growth Fund, Janus US Research
Fund, Janus US Twenty Fund, Perkins Global Value Fund
and Perkins US Strategic Value Fund) and Alternative
Investment Funds with the exception of Janus Global Real
Estate Fund A$dis, I$dis, Z$inc
Janus Asia Fund, Janus Global Research Fund and Janus
US Research Fund A$dis, I$dis
Janus Asia Fund, Janus Global Research Fund, Janus

US Research Fund and Perkins Global Value Fund Z$inc
Janus All Cap Growth Fund, Janus US Twenty Fund,

Perkins US Strategic Value Fund and INTECH US Core Fund
A$dis, I$dis
Janus Balanced Fund A$inc, Ainc, AAUD$inc, ACAD$inc,
AHKD$inc, ARMB(CNH)inc, Einc, I$inc, Iinc, Vinc, VAUD$inc
INTECH Global Dividend Fund A$inc, Aacc, Ainc, Eacc,
Einc, I$inc, Iacc, Iinc, Uinc, Zacc, Zinc
Janus Global Real Estate Fund A$inc, B$inc, I$inc
Janus Global Investment Grade Bond Fund A$inc, Ainc,
B$inc, Binc, Einc, I$inc, Iinc
Janus Flexible Income Fund A$inc, AAUD$inc, ARMB(CNH)inc,
B$inc, Binc, Einc, I$inc, Uinc, V$inc, VAUD$inc
Janus Global Flexible Income Fund Einc, I$inc
Janus Global High Yield Fund A$inc, Ainc, AAUD$inc,
B$inc, Binc, Einc, I$inc, Iinc, IAUD$inc, Uinc
Janus High Yield Fund A$inc, AAUD$inc, AHKD$inc,
ARMB(CNH)inc, B$inc, Binc, Einc, I$inc, IAUD$inc,
IRMB(CNH)inc, V$inc, VAUD$inc, U$inc
Janus US Short-Term Bond Fund A$inc, AAUD$inc, B$inc,
Einc, I$inc, Iinc, 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 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 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 more
frequently at the
discretion of the
Directors
Monthly
Monthly
Monthly
Included
Monthly
Quarterly
Monthly
Quarterly
Monthly
Included
Included
Quarterly
Monthly
Monthly
Monthly
Included
Monthly
Monthly
Monthly
Monthly
Monthly
Included
Included
Monthly
Monthly
Monthly
Monthly
Included
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.
169

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$inc, Class ARMB(CNH)inc and IRMB(CNH)
inc Shares of the Janus High Yield Fund, Class A$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.
170
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
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 year.
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, 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 SubInvestment Advisers with responsibility for investing and
managing the cash and other assets of the Equity & Balanced
Funds (except for the Perkins Global Value Fund and Perkins
US Strategic Value Fund), the Janus Global Real Estate Fund

and the Fixed Income Funds on a discretionary basis and
for providing related advisory and administrative services.
JCM is a limited liability company organised under the laws
of the state of Delaware and is registered as an investment
adviser with the US Securities and Exchange Commission.
JCM which indirectly owns JCIL is owned by Janus Capital
Group Inc.
JCIL has delegated to JCSL responsibility for providing
discretionary investment management and advisory services
the whole or part of the assets of the Janus Asia Fund 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 31 December 2013 JCM had assets
under management of approximately $110.4 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 31 December 2013, approximately
96.81% (31 December 2012: 95.67%) 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 31 December 2013, JCM owned
approximately 99.61% (31 December 2012: 77.8%) of Perkins.
Perkins is ultimately owned by Janus Capital Group, Inc.
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 year ended
31 December 2013, Arthur Cox invoiced fees of 195,505
(2012 177,386) for services to the Company, all of which
were paid during the year.
171

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 year ended 31 December 2013 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH US Core Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Diversified Alternatives Fund(b) . . . . . . . . . . . . . . . . . . . . . . . .
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.25%
1.00%
1.25%
1.25%
1.50%
1.25%
1.50%
1.25%
1.25%
1.50%
1.25%
1.50%
1.25%
1.50%
0.85%^
1.00%
1.25%
1.25%
1.00%
1.00%
1.00%
1.00%
1.00%
0.65%
Annual Percentage
(of a Funds Net
Asset Value for
Class I Shares)*
1.00%
0.80%
1.10%
1.00%
1.50%
1.00%
1.50%
0.95%
0.95%
0.95%
0.95%
1.50%
1.00%
1.50%
0.80%^
0.95%
1.10%
1.00%
0.55%
0.70%
0.80%
0.60%
0.65%
0.65%
Annual Percentage
(of a Funds Net
Asset Value for
Class U Shares)*
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.75%
0.75%
0.90%
0.80%
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 the INTECH
Sub-Advised Fund and the 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 & Balanced 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.
172
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 8 in the Fund Expense Limits and Total
Expense Ratios.
The Prospectus provides that where the total fees (including
all fees of the Administrator, the Custodian and any Company
representative in any jurisdiction) and out-of-pocket expenses,
excluding transaction costs and trade commissions, allocated to a
Fund in any fiscal year exceed the total expense limits set out in
the Prospectus, the amount of such excess may be carried forward
to succeeding fiscal years provided that such carry forward will
be subject to the expense caps applicable to the relevant fiscal
year. The resulting contingent liability has not been disclosed,
as it cannot be calculated with any reasonable accuracy. This
provision does not apply to the Janus Asia Fund, Janus Europe
Fund, Janus Global Research Fund, INTECH US Core Fund,
Janus Emerging Markets Fund, Janus US Fund, Perkins Global
Value Fund, Janus Global 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.
Fees charged by the administrator and custodian are shown as
separate line items on the Income Statement.
6. OTHER INCOME
Included in other income are amounts relating to a commission
recapture program.
The Company has entered into a commission recapture
agreement with Russell Investment Group enabling the
Company to benefit from brokerage discounts. Income from the
Frank Russell Securities, Inc. commission recapture program
for the year ended 31 December 2013 amounted to $169,644
(31 December 2012 : $501,366).
4. TAXATION
7. SECURITIES LENDING
The Directors have been advised that under current Irish
law and practice the Company qualifies as an investment
undertaking as defined in Section 739B of the Taxes
Consolidation Act, 1997 (of Ireland) (as amended). On that
basis it is not generally chargeable to Irish tax on its income
and gains.
Tax may however arise on the happening of a chargeable event
in the Company. A chargeable event includes any payments
of distributions to Shareholders, any encashment, repurchase,
redemption, cancellation or transfer of Shares and any deemed
disposal of Shares as described in the Companys Prospectus.
No Irish tax will arise on the Company in respect of chargeable
events in respect of:
(i)
a Shareholder who is neither resident nor ordinarily

resident in Ireland at the time of the chargeable
event and has made the necessary signed statutory
declarations to that effect which are held by the
Company or the Company has been authorised by the
Irish Revenue to make gross payments in the absence
of appropriate declarations; and
(ii)
Certain exempted Irish resident investors as defined

in the Prospectus and who have provided the
Company with the necessary signed statutory
declarations.
Dividends, interest and capital gains (if any) received on

investments made by the Company may be subject to
withholding taxes imposed by the country from which the
investment income/gains are received and such taxes may not
be recoverable by the Company or its shareholders.
5. C ASH AT BANK
All cash balances, for the year ended 31 December 2013 and
31 December 2012, were held by the Company under the
control of Citibank International plc, Ireland branch with
the exception of cash held as collateral and some residual
balances held by Brown Brothers Harriman Trustee Services
(Ireland) Limited. As at the 31 December 2013, Credit
Suisse First Boston and UBS held cash as collateral for
financial derivatives on Janus Asia Fund, Janus Emerging
Markets Fund and Janus Europe Fund.
As at 31 December 2013 and 31 December 2012 the Company

had no securities on loan.
8. SOFT COMMISSION A RRANGEMENTS
The Company commenced a soft commission arrangement
in July 2007 where the Investment Adviser and connected
persons have entered into arrangements with brokers in
respect of which certain goods and services used to support
the investment decision process were received. The Investment
Adviser and connected persons do not make direct payment
for these services but do transact an agreed amount of
business with the brokers on behalf of the Company and
commission is paid on these transactions. The goods and
services utilised for the Company include computer hardware
and software used for economic and political analysis, portfolio
analysis including valuation and performance measurement,
market analysis, data and quotation services and investment
related publications. The Investment Adviser considers these
arrangements are to the benefit of the Company and has
satisfied itself that it obtains best execution on behalf of
the Company.
9. CROSS LIABILITY
The Company has segregated liability between Funds. This
ensures that the liabilities incurred on behalf of a Fund will
generally be discharged solely out of the assets of that Fund
and there generally can be no recourse to the other Funds
to satisfy those liabilities. Notwithstanding the foregoing,
there can be no assurance that, should an action be brought
against the Company in the courts of another jurisdiction, the
segregated nature of the Funds would necessarily be upheld.
In addition, whether or not there is a cross-liability between
Funds, proceedings involving an individual Fund could involve
the Company as a whole which could potentially affect the
operation of all Funds.
10. EFFICIENT PORTFOLIO M ANAGEMENT
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
173

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 year, the Company
entered into futures contracts and forward currency transactions
for the purpose of hedging currency risk on investment and
cash holdings, to hedge benchmark risk and also to attempt to
hedge the value of certain Classes of Australian Dollar and Euro
denominated Shares. Contracts outstanding at 31 December 2013
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, repurchase
agreements, 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,
swaps, tranche loans, fully funded equity 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 year end are disclosed in the Portfolio
Investments.
Additionally, the Funds were engaged in the efficient portfolio
management techniques of repurchase agreements, all of which
the counterparty was JP Morgan. No such agreements were held
by the Funds at the period end and the costs associated with
these agreements were embedded and therefore not separately
identifiable. The repurchase agreements were contractually
collateralized to 102% of the total repurchase agreement
amount. All of the collateral was delivered to a tri party
account and released when the repurchase agreement matured.
As at period end all collateral amounts had been refunded.
The income and losses generated during the year from the
engagement of the efficient portfolio management techniques of
repurchase agreements are detailed below. The Funds did not
engage in any other efficient portfolio management techniques
of reverse repurchase and stock lending arrangements.
The table below shows the income generated from repurchase
agreements during the year ended 31 December 2013:
Fund Name
Income
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$149
$2,447
$43
$550
$435
$271
174
Fund Name
Income
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(a) . . . . . . . . . . . . . . . . . . . . . . . .
INTECH US Core 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 Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . .
$433
$196
$3,608
$2,447
$141
$23,112
$161
$6,985
$14,398
$751
$549
$18,680
$4,558
11. EXCHANGE R ATES

The functional and presentational currency of the Company is
US Dollar. All amounts disclosed in the financial statements
are in US Dollar, with the exception of the Janus Europe Fund,
which is Euro. The average foreign exchange rate of Euro/USD:
0.7528 (31 December 2012: 0.7777) was used in the aggregation
of the financial statements.
The following exchange rates have been used to translate assets
and liabilities in currencies other than US Dollar:
As at 31 December 2013:
AED
AUD
BRL
CAD
CHF
CLP
CNH
COP
DKK
EUR
GBP
HKD
IDR
ILS
INR
JPY
KES
KRW
LKR
MXN
MYR
NGN
NOK
NZD
PEN
PHP
PLN
QAR
RON
SEK
SGD
THB
TRY
TWD
ZAR
AED
AUD
BRL
CAD
CHF
CLP
CNH
COP
DKK
EUR
GBP
HKD
IDR
ILS
INR
JPY
KES
KRW
LKR
MXN
MYR
NGN
NOK
NZD
PEN
PHP
PLN
QAR
RON
SEK
SGD
THB
TRY
TWD
ZAR
3.6729
1.1202
2.3589
1.0621
0.8918
525.2101
6.0569
1,930.5019
5.4222
0.7270
0.6040
7.7540
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
3.2436
6.4299
1.2616
32.8504
2.1460
29.8000
10.4500
3.6729
0.9632
2.0470
0.9944
0.9144
478.2401
6.2230
1,766.7845
5.6515
0.7577
0.6157
7.7506
9,630.2003
3.7345
54.7855
86.6176
85.7486
1,070.6638
127.5022
12.9251
3.0570
156.1037
5.5556
1.2107
41.0492
3.0927
3.6406
6.5002
1.2212
30.5698
1.7830
29.0377
8.4650

The following exchange rates have been used to translate assets and
liabilities in the Janus Europe Fund in currencies other than Euro:
CHF
DKK
GBP
HUF
NOK
PLN
SEK
TRY
USD
CHF
DKK
GBP
HUF
NOK
PLN
SEK
TRY
USD
1.2268
7.4588
1.2036
296.9570
8.3408
4.1527
8.8450
2.9520
1.3756
1.2068
7.4589
1.2306
7.3323
8.5790
2.3532
1.3198
12. TRANSACTION COSTS

The following table details the transaction costs for the period
ended 31 December 2013 and 31 December 2012.
Fund Name
Janus Asia Fund

Janus Balanced Fund
Janus Europe Fund
Janus US Fund
INTECH US Core Fund
Janus Global Diversified Alternatives
Fund(b)
Janus Global Investment Grade Fund
Year Ended
Year Ended
31 December 2013 31 December 2012
$270,622
$115,459
$25,557
735,040
$181,671
$101,659
$54,085
$1,070
$49,546
$126,483
$499,756
$390,452
$165,999
$559,604
$66,475
$99,705
$18,120
$69,072
$35,477
9,867
$82,065
$20,403
$53,596
$733
$3,174,418
$9,322
$113,885
$45,719
$4,445
$920,676
$137,956
N/A
$152,223
$14,547
$2
$3,089
$9
$135,103
$90,027
$431
$3
$731
$9
$23,463
13. FINANCIAL INSTRUMENTS AND FINANCIAL DERIVATIVE INSTRUMENTS

As an investment company, in pursuing their investment
objectives set out in the Prospectus, the Funds hold a number
of financial instruments, and derivatives for efficient portfolio
management, which means that the assessment and monitoring
of these risks attached to these instruments is fundamental to the
financial position and results of the Company. These comprise of:
Equity and non-equity shares, fixed income securities and
floating rate securities. These are held in accordance with the
Funds investment objectives and policies;
Cash, liquid resources and short-term debtors and creditors
that arise directly from operations; and
Redeemable ordinary Shares which represent investors
monies which are invested on their behalf;
As defined by FRS 29, risk can be separated into the following

components: Market Risk, Credit Risk and Liquidity Risk.
Each type of risk is discussed in turn below and qualitative
and quantitative analyses are provided where relevant to give
the reader an understanding of the risk management methods
used by the Investment Adviser and the Board of Directors. The
main risks arising from the Companys financial instruments
are market price, foreign currency, interest rate, liquidity and
credit risk. The main risks relating to the Companys use of
financial derivative instruments are counterparty risk, credit
risk, increased margin calls and unlimited risk of loss. Further
details of these and other risks are set out in the Prospectus
under the heading Risk Factors and Special Considerations.
A SSESSMENT AND MONITORING OF R ISK
Day-to-day risk management of the Company is undertaken by
the Investment Adviser. The Investment Adviser together with
the Sub-Investment Advisers identify, monitor and manage
all applicable risks pertaining to the Company to the extent
required under the UCITS Regulations. The Investment Adviser
has undertaken to report to the designated Directors on a
monthly basis matters arising in relation to the monitoring
of certain material risks arising from a Funds investments in
financial instruments. In addition to the Investment Adviser
undertaking a daily review of its investments in financial
instruments, other risk management issues are also reported on
a monthly basis to the designated Directors by the individual
or individuals within the relevant service providers responsible
for monitoring risk including certain operational risks relating
to the Companys key service providers.
The Investment Adviser has appointed the following four
Sub-Investment Advisers with responsibility for investing
and managing the assets of the Funds and for assisting in
identifying, monitoring and managing the relevant risks.
1. JANUS C APITAL M ANAGEMENT LLC (JCM) AND JANUS C APITAL
SINGAPORE PTE. LIMITED (JCSL)
JCM and JCSL generally take a bottom-up approach to
building portfolios. In other words, they seek to identify
individual companies with earnings growth potential that
may not be recognised by the market at large. Those Funds in
the Fundamental Equity and Balanced Funds and Alternative
Investment Funds categories with the exception of the Perkins
US Strategic Value Fund follow an investment strategy in which
companies are considered principally on their own fundamental
qualitative and quantitative characteristics. Commonly referred
to as stock picking or bottom up investing, portfolios of
fundamental-based investment funds are built one security
at a time following intensive in house research into each
company. Areas of research focus can include the companys
management, financials, competitive strengths and weaknesses,
earnings growth prospects and numerous other metrics. This
approach rests on a belief that some companies have inherent
strengths for creating shareholder value over time, have superior
prospects to their peer groups and should therefore outperform
even in challenging industry and economic circumstances. The
175

purpose of a fundamental investment approach is to identify
and invest in such companies.
2. INTECH INVESTMENT M ANAGEMENT LLC (INTECH)
INTECH, the Sub-Investment Adviser for the Risk Managed
Equity Funds, applies a mathematical approach to building
portfolios. INTECH developed the formulas underlying this
mathematical process. The process is designed to take advantage
of market volatility (variation in stock prices), rather than using
research or market/economic trends to predict the future stocks.
The process seeks to generate a return in excess of the relevant
Risk Managed Equity Funds benchmark over the long term,
while controlling the risk relative to the benchmark.
INTECHs investment and risk process is unique in that it is
based on a rigorous mathematical theory its risk process
employs a proprietary optimisation process to identify the target
security weights in the portfolio. Using a precise mathematical
formula and applying that within specific risk constraints, the
process attempts to identify a portfolio that is more efficient
than the benchmark index.
3. PERKINS INVESTMENT M ANAGEMENT LLC (PERKINS)
Perkins, the Sub-Investment Adviser for the Perkins Global
Value Fund and Perkins US Strategic Value Fund, generally
takes a value approach to building portfolios. The value
approach emphasises investments in companies that Perkins
believes are undervalued relative to their intrinsic worth.
Perkins seeks investment in companies with solid balance
sheets and strong cash flows, which are trading at low prices
relative to their competitors or which are trading at low price/
earnings, or price/book ratios, or low price/cash flow.
Within Perkinss investment process, there are several factors
which Perkins uses to manage risk. In addition to those referred
to above, Perkins aims to calculate and carefully monitor the
risk/reward ratio for each security in the portfolio, seeking a
minimum of a 1.5:1 reward to risk ratio, but ideally aiming
for a ratio of 2:1, Perkins monitors position sizes carefully and
is price sensitive. Perkins may also consult with JCMs Risk
Committee regarding the Funds exposures and risk levels.
Janus Global Diversified Alternatives Fund has not been taken
into consideration for this note as the only activity was a
subscription placed on 31 December 2013.
M ARKET R ISK
This risk comprises of three types of risk, Market Price Risk,
Foreign Currency Risk and Interest Rate Risk.
M ARKET PRICE R ISK
Market price risk arises mainly from uncertainty about future
prices of financial instruments held, which are classified as
financial assets at fair value through profit or loss. It represents
the potential loss the Company might suffer through holding
176
market positions in the face of price movements. The value of

Shares of a Fund and the related income may rise or fall, as the
fair value price of the securities in which the Fund invests may
fluctuate. Each Fund seeks to maintain a diversified portfolio
but certain Funds may be less diversified leading to an increased
concentration of investments which will increase the risk of that
Fund suffering proportionately higher loss should a particular
investment decline in value. There can be no assurance that
the Funds will achieve their investment objectives. Certain
Sub-Investment Advisers may take a bottom up approach
to building portfolios. In other words, they seek to identify
individual companies with earnings growth potential that may
not be recognised by the market at large.
[This page intentionally left blank]

The table below sets out the overall exposure to market price risk of each sub-fund as at 31 December 2013:
Analysis by Investment Type*

Janus Asia Fund (US$)
Janus Balanced Fund (US$)
Janus Emerging Markets Fund (US$)
Janus Europe Fund ()
Janus Global Life Sciences Fund (US$)
Janus Global Research Fund (US$)
Janus Global Technology Fund (US$)
Janus US Fund (US$)
Janus US All Cap Growth Fund (US$)
Janus US Research Fund (US$)
Janus US Twenty Fund (US$)
Janus US Venture Fund (US$)
Perkins Global Value Fund (US$)
Perkins US Strategic Value Fund (US$)
INTECH Global Dividend Fund(a) (US$)
INTECH US Core Fund (US$)
Janus Global Real Estate Fund (US$)
Janus Flexible Income Fund (US$)
Janus Global Flexible Income Fund (US$)
Janus Global High Yield Fund (US$)
Janus Global Investment Grade Bond Fund (US$)
Janus High Yield Fund (US$)
Janus US Short-Term Bond Fund (US$)
Asset-Backed/
Commercial
Mortgage-Backed
Securities
Common Stocks
Corporate
Bonds
Fully Funded
Equity Swaps
Futures
Government
Bonds
4,623,309
64,619,576
816,089
1,681,488
445,368
19,694,795
15,485,275
94,293,545
149,963,220
4,521,220
148,214,714
180,888,024
42,644,898
76,037,849
1,385,636
78,779,489
179,378,848
379,766,969
310,490,993
117,674,399
557,829,590
51,154,361
142,045,615
200,208,053
1,294,307
17,537,865
104,974,220
1,547,634
571,224,275
4,892,011
60,411,036
49,245,514
896,228,328
332,149,062
9,615,702
156,104
(187,675)
57,426,541
135,056,562
3,062,971
115,467,214
* The analysis above is based on the last traded prices as incorporated into the Dealing Net Asset Value of 31 December 2013 and excludes hedge and trading forward currency contracts.
The table below sets out the overall exposure to market price risk of each sub-fund as at 31 December 2012:
Analysis by Investment Type*

Janus Asia Fund (US$)
Janus Balanced Fund (US$)
Janus Emerging Markets Fund (US$)
Janus Europe Fund ()
Janus Global Life Sciences Fund (US$)
Janus Global Research Fund (US$)
Janus Global Technology Fund (US$)
Janus US Fund (US$)
Janus US All Cap Growth Fund (US$)
Janus US Research Fund (US$)
Janus US Twenty Fund (US$)
Janus US Venture Fund (US$)
Perkins Global Value Fund (US$)
Perkins US Strategic Value Fund (US$)
INTECH US Core Fund (US$)
Janus Global Real Estate Fund (US$)
Janus Flexible Income Fund (US$)
Janus Global Flexible Income Fund (US$)
Janus Global High Yield Fund (US$)
Janus Global Investment Grade Bond Fund (US$)
Janus High Yield Fund (US$)
Janus US Short-Term Bond Fund (US$)
Asset-Backed/
Commercial
Mortgage-Backed
Securities
Common Stocks
Convertible
Bonds
Corporate
Bonds
Fully Funded
Equity Swaps
Government
Obligations
2,066,655
42,492,109
410,020
80,171
2,448,771
17,217,305
4,534,463
91,879,934
4,575,524
3,527,802
60,603,940
7,892,864
25,218,350
1,115,688
143,065,127
8,358,149
338,914,540
33,462,458
3,109,808
492,075,180
120,713,733
155,257,694
27,152
47,773,432
851,119,068
5,207,695
44,718,288
40,061,056
1,099,638,612
396,814,588
353,973
12,010,071
326,641,838
2,519,790
91,018
121,215,740
* The analysis above is based on the last traded prices as incorporated into the Dealing Net Asset Value of 31 December 2012 and excludes hedge and trading forward currency contracts.
178
Mortgage
Backed
Securities
Preferred
Stocks
Total
Return
Swaps
Schedule
of Purchased
Options
Schedule
of Written
Options
Tranche
Loans
Warrants
23,753,183
234,363,844
915,582
2,664,834
45,525
2,834,419
344,296
317,675
21,529,327
164,500
733,429
1,692,780
6,589,148
(838,018)
(1,222)
182,122
28,481
2,544
(98,624)
(4,594)
(51)
(27,990)
3,840,601
14,516,886
196,616
5,168,138
431,222
66,608,584
4,923,197
3,148
91,313
Mortgage
Backed
Securities
Preferred
Stocks
Repurchase
Agreements
Total
Return
Swaps
Schedule
of Purchased
Options
Schedule
of Written
Options
Tranche
Loans
11,549,937
291,649,358
1,565,369
679,895
69,618
317,807
12,464,168
73,650
77,987
511,511
3,342,300
300,000
4,000,000
2,200,000
100,000
1,800,000
2,400,000
200,000
8,600,000
3,000,000
300,000
57,300,000
500,000
4,900,000
78,200,000
2,000,000
900,000
49,400,000
13,100,000
2,453
(2,980)
29,508
(4,340)
(2,570)
(1,383)
570,649
12,789,102
57,382
1,774,440
293,998
80,894,022
2,287,933
179

As at the 31 December 2013 and 31 December 2012, for the
funds listed in the following table, should the market value
have increased or decreased by 5% (2012:5%) with all other
variables remaining constant, the increase or decrease in net

assets attributable to holders of participating shares for the year
is shown;
Volatilty
Fund
Benchmark
Currency
Janus Asia Fund

Janus Balanced Fund
Janus Europe Fund
Janus US Fund
INTECH US Core Fund
MSCI All Country Asia Ex-Japan Index

Balanced Index
MSCI Emerging Markets Index
MSCI Europe Index
MSCI World Health Care Index
MSCI World Growth Index
MSCI World Information Technology Index
Russell 1000 Growth Index
Russell 1000 Index
MSCI World Index
Russell 3000 Value Index
S&P 500 Index
MSCI World Index
FTSE/EPRA NAREIT Global Index
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Increase or
decrease in financial
assets or liabilities at
fair value through
profit or loss
2013
2012
2013
2012
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5,359,711
15,309,784
234,623
7,777,372
10,691,023
2,193,120
3,659,890
64,699
3,786,607
8,879,734
20,337,041
13,357,622
4,418,629
24,565,449
7,185,744
2,660,121
9,427,514
267,947
8,757,053
233,192
178,306
3,630,838
405,755
1,255,805
55,087
7,479,108
427,226
19,421,280
1,655,193
123,061
24,417,820
5,990,979
8,153,678
The analysis is based on the last traded prices as incorporated in the year end Dealing Net Asset Value.
FOREIGN CURRENCY R ISK

The base currency of all the sub-funds is US Dollar, with
the exception of the Janus Europe Fund which is the Euro.
Each of the Funds has the flexibility to invest a portion of
its net assets in non base currency securities. As long as
a Fund holds a foreign asset or liability, its value will be
affected by the value of the local currency relative to the
base currency of the Fund. The Funds may hedge against
currency fluctuations by utilising futures contracts and for
ward currency contracts.
The Investment Adviser has identified three principal areas
where foreign currency risk could impact the Company:
Movements in rates affect the fair value of investments;
Movements in rates affect short-term timing differences; and
The Company may be subject to short-term exposure to

exchange rate movements, for instance, where there is an
exchange difference between the date an investment purchase
or sale is entered into and the date when settlement of the
proceeds occurs. When the Company enters into such a
transaction which will involve the buying and selling of foreign
currency in order to complete it, a forward currency contract
can be entered into at the same time as the initial transaction in
order to minimise exchange rate risk.
The Company receives income in currencies other than
US Dollar, and Euro in the case of the Janus Europe Fund,
and the value of this income can be affected by movements
in exchange rates. The Company converts all receipts of
income into US Dollar and Euro as appropriate on or near
the date of receipt. However it does not hedge or otherwise
seek to avoid movement risk on income accrued but not
received.
Movements in rates affect the income received.

The Company can hedge the initial investment and subsequent
gains of the value of investments that are priced in other
currencies. The hedging is done by buying forward currency
contracts to minimise the amount of foreign currency risk. For
more information on foreign currency contracts please refer
to the section Foreign Currency Contracts in the Portfolio
Investments of the Financial Statements. The Investment
Adviser also employs forward currency contracts to hedge the
currency exposure of the Classes and the US Dollar and Euro
as applicable provided the conditions set out in the Prospectus
are met. (Class Level Hedging).
180
Janus US Research Fund, INTECH US Core Fund and Janus

US All Cap Growth Fund had partial but insignificant
exposure to foreign currencies other than their functional
currency.
The following sets out the total exposure to foreign currency
risk including short-term assets and liabilities of Janus Asia
Fund, Janus Balanced Fund, Janus Emerging Markets Fund,
Janus Europe Fund, Janus Global Life Sciences Fund, Janus
Global Research Fund, Janus Global Technology Fund, Janus US
Fund, Janus US Twenty Fund, Janus US Venture Fund, Perkins
Global Value Fund, Perkins US Strategic Value Fund, INTECH

Bond Fund, Janus High Yield Fund and Janus US Short-Term
Bond Fund as at 31 December 2013 and 31 December 2012 as
applicable:
Global Dividend Fund, Janus Global Real Estate Fund, Janus

Flexible Income Fund, Janus Global Flexible Income Fund,
Janus Global High Yield Fund, Janus Global Investment Grade
Fund
Janus Asia Fund

as at 31 December
2013
Fund
Janus Asia Fund

as at 31 December
2012
Fund
Janus Balanced Fund

as at 31 December
2013
Fund
Janus Balanced Fund

as at 31 December
2012
Currency
Monetary Assets
in USD
AUD $
CAD
HKD
IND
JPY
KRW
MYR
PHP
SGD
THB
TWD
Currency
Currency
Monetary Assets
in USD
CAD $
EUR
GBP
Monetary Liabilities
in USD
1,960 $
5,023
53,438
60,421
(53,438)
(53,438)
Non-Monetary Liabilities
in USD
4,815,922
4,815,922
Non-Monetary Assets
in USD
in USD
115,191 $
32,151
1,913,783
252,477
50,474
950,224
109,452
119,723
165,188
51,758
91,074
493,687
4,345,182
Non-Monetary Assets
in USD
in USD
458,118 $
352,424
40,955,127
1,816,564
1,226,886
22,249,973
3,038,381
3,734,180
4,327,104
2,430,013
13,704,775
94,293,545
Non-Monetary Assets
in USD
in USD
2,568 $
8,448
11,016
Non-Monetary Assets
in USD
(1,607)
(1,607)
in USD
1,509 $
63,694
2,319
9,021
3,711
1,071
10,059
2,524
15,311
109,219
Monetary Assets
in USD
CAD $
EUR
GBP
Currency
1,771 $
90,270
1,366,195
6,080
565,125
12,755
518,599
2,560,795
Monetary Assets
in USD
AUD $
CAD
HKD
IND
JPY
KRW
MYR
PHP
SGD
SLR
THB
TWD
in USD
Net Exposure
$ 459,889
352,424
41,045,397
3,182,759
1,232,966
22,249,973
3,038,381
4,299,305
4,339,859
2,430,013
14,221,767
96,852,733
Hedging
Net Exposure
$ 116,700
32,151
1,977,477
254,796
50,474
959,245
113,163
120,794
175,247
51,758
93,598
508,998
4,454,401
Hedging
Net Exposure
$
$
2,568
8,448
(3,625,623)
1,190,299
(3,625,623)
1,201,315
in USD
2,664,794
2,664,794
Hedging
Hedging
Net Exposure
$
$
(1,932,655)
(1,932,655)
1,960
5,023
732,139
739,122
181
Fund
Currency
Janus Emerging
Markets Fund
as at 31 December
2013
Fund
182
AUD $
BRL
CAD
CHF
CLP
COP
EUR
GBP
HKD
HUF
IDR
INR
JPY
KES
MXN
MYR
PEN
PHP
SEK
SGD
THB
TRY
TWD
UAE
ZAR
Currency
Janus Emerging
Markets Fund
as at 31 December
2012
Monetary Assets
in USD
$
508
125
466
33,460
234
536
25,891
4,699
41
65,960
Monetary Assets
in USD
AUD $
BRL
CAD
CHF
COP
EUR
GBP
HKD
IDR
INR
JPY
KES
KRW
MXN
MYR
NGN
PHP
QAR
SGD
SLR
TRY
TWD
UAE
ZAR
in USD
(83)
(83)
in USD
8 $
192
120
177,944
375,094
43,273
120
4,265
307
42
41
601,406
Non-Monetary Assets
in USD
19,314 $
400,742
81,832
38,684
15,040
19,330
106,995
891,488
20,132
86,625
240,625
48,928
643,852
147,459
84,370
45,140
125,456
60,289
37,700
19,507
58,260
211,958
16,287
190,167
3,610,180
Non-Monetary Assets
in USD
$
(26,587)
(165,039)
(47)
(191,673)
in USD
in USD
129,861 $
146,404
66,664
35,560
48,211
67,971
801,847
132,423
316,172
87,093
541,346
123,759
66,423
30,736
129,363
43,939
46,237
38,834
141,926
105,975
25,732
3,126,476
(2,889)
(2,889)
Hedging
Net Exposure
(17,753) $
1,561
401,250
81,832
38,684
15,040
19,330
125
106,995
891,954
20,132
120,085
240,625
(45,719)
3,443
643,852
147,995
84,370
45,140
151,347
60,289
37,700
19,507
58,260
216,574
16,328
190,167
(63,472)
3,612,585
Hedging
Net Exposure
(112,660) $
17,209
120,009
66,664
35,560
48,211
120
67,971
811,863
507,517
316,172
(80,014)
7,079
43,273
541,346
123,759
66,543
30,736
129,363
4,265
44,246
46,237
38,834
141,921
106,016
25,732
(192,674)
3,340,646
Fund
Janus Europe Fund

as at 31 December
2013
Fund
Janus Europe Fund

as at 31 December
2012
Fund
Janus Global Life

Sciences Fund
as at 31 December
2013
Fund
Janus Global Life

Sciences Fund
as at 31 December
2012
Currency
Monetary Assets
in Euro
CHF
DKK
GBP
SEK
TRL
USD
NOK
Currency
Currency
Monetary Assets
in USD
BRL $
CHF
DKK
EUR
GBP
HKD
SEK
in USD
853 $
16
14,056
14,925
Non-Monetary Assets
in USD
(6,581) $
(6,581)
(3,734)
(3,734)
in USD
$
4,691,713
2,117,351
4,360,584
4,547,042
806,902
299,851
3,129,120
19,952,563
Net Exposure
Hedging
Net Exposure
418,753
86,669
1,427,591
164,267
59,812
214,270
2,371,362
Hedging
Net Exposure
$
$
179
(2,228,348)
2,463,365
2,119,075
(2,095,005)
2,292,248
4,574,748
806,902
716,080
3,129,120
(4,323,353) 16,101,717
in USD
1,391,422 $
1,765,220
626,910
946,347
1,062,871
271,896
442,032
6,506,698
Hedging

12,567,371
5,826,974
(21,224)
52,155,837
2,238
8,469,728
2,800,590
3,377,932
14,182,279
105,712
(21,224)
3,380,170
96,108,491
in Euro
417,350
86,669
1,429,360
164,267
59,812
209,724
2,367,182
Non-Monetary Assets
in USD
$
(99,228)
(20,955)
(42,753)
(45,242)
(6,789)
(105,948)
(320,915)
in Euro
12,563,644
5,821,919
52,109,806
8,467,490
2,800,590
10,804,347
92,567,796
Non-Monetary Assets
in Euro
(10,522)
(5,787)
(78,858)
(31,681)
(70,511)
(197,359)
in USD
179 $
99,228
22,679
69,422
72,948
6,789
416,229
105,948
793,422
Non-Monetary Assets
in Euro
(148,295)
(299,611)
(103,956)
(74,069)
(625,931)
in Euro
11,925
5,787
80,823
31,681
75,057
205,273
Monetary Assets
in USD
BRL $
CHF
DKK
EUR
GBP
HKD
INR
SEK
Currency
152,022
304,666
171,211
74,069
105,712
807,680
Monetary Assets
in Euro
CHF
DKK
GBP
SEK
NOK
USD
in Euro
Hedging
Net Exposure
$
$ 1,385,694
(888,734)
876,486
626,926
(468,611)
491,792
1,062,871
271,896
442,032
(1,357,345)
5,157,697
183
Fund
Currency
Janus Global
Research Fund
as at 31 December
2013
Fund
Fund
Fund
Currency
Janus Global
Technology Fund
as at 31 December
2012
Monetary Assets
in USD
GBP $
HKD
IDR
JPY
KRW
SEK
TWD
in USD
346
22,815
23,161
in USD
230,680 $
3,173,154
695,274
335,564
3,825,761
266,547
1,414,886
1,900,812
11,842,678
Non-Monetary Assets
in USD
in USD
120,254 $
45,022
203,850
160,066
91,866
570,939
800,533
340,518
699,962
53,393
90,371
3,176,774
Non-Monetary Assets
in USD
(8,695) $
(12,836)
(54,797)
(76,328)
in USD
953,524 $
1,788,827
824,868
2,920,420
4,142,630
1,800,514
95,398
238,474
2,932,482
430,403
252,341
549,950
148,891
297,382
97,804
17,473,908
Non-Monetary Assets
in USD
(7,604)
(11,221)
(3,269)
(22,094)
in USD
$
700
12,836
3,712
54,797
72,045
Non-Monetary Assets
in USD
(14,986) $
(81,827)
(21,096)
(3,910)
(18,975)
(140,794)
in USD
$
444
530
7,604
22,505
30,527
11,329
3,269
2,727
78,935
Monetary Assets
in USD
BRL $
GBP
HKD
IDR
JPY
KRW
SEK
TWD
in USD
16,699 $
81,827
22,743
10,796
2,417
5,620
13,286
1,014
18,975
173,377
Monetary Assets
in USD
AUD $
BRL
CAD
CHF
DKK
EUR
GBP
HKD
JPY
SEK
TWD
Currency
Janus Global
Technology Fund
as at 31 December
2013
184
CAD $
CHF
DKK
EUR
GBP
HKD
IDR
INR
JPY
KRW
QAR
SEK
TRL
TWD
ZAR
Currency
Janus Global
Research Fund
as at 31 December
2012
Monetary Assets
in USD
Net Exposure
$ 955,237
1,788,827
826,515
2,931,216
4,145,047
1,802,224
108,684
238,474
2,933,496
430,403
252,341
549,950
148,891
297,382
97,804
17,506,491
Hedging
Net Exposure
$ 120,254
45,466
204,380
160,066
91,866
593,444
831,060
340,518
700,070
53,393
93,098
3,233,615
Hedging
Net Exposure
$
$ 221,985
(749,946)
2,423,908
695,274
335,564
(2,828,620)
1,000,853
266,547
1,414,886
1,900,812
(3,578,566)
8,259,829
in USD
964,404 $
211,548
182,776
1,145,152
296,299
430,748
803,828
4,034,755
Hedging
Hedging
Net Exposure
$ (245,234) $ 719,170
211,548
182,776
(822,184)
323,314
296,299
430,748
826,643
(1,067,418)
2,990,498
Fund
Janus US Fund
as at 31 December
2013
Fund
Janus US Fund
as at 31 December
2012
Fund

as at 31 December
2013
Fund

as at 31 December
2012
Fund

as at 31 December
2013
Fund

as at 31 December
2012
Currency
Monetary Assets
in USD
CAD $
EUR
GBP
HKD
JPY
SEK
Currency
Currency
Monetary Assets
in USD
BRL $
CHF
EUR
GBP
HKD
Currency
Currency
23,577
23,577
Monetary Assets
in USD
SEK $
(71,793) $
(71,793)
in USD
1,588 $
1,588
in USD
1,665,989 $
1,665,989
Non-Monetary Assets
in USD
in USD
2,107,836 $
13,972,634
4,464,430
11,097,751
13,996,165
45,638,816
Non-Monetary Assets
in USD
in USD
$
12,077,502
12,077,502
Non-Monetary Assets
in USD
in USD
71,793 $
71,793
Monetary Assets
in USD
HKD $
in USD
in USD
3,752 $
34,381
23,874
13,535
18,600
94,142
Non-Monetary Assets
in USD
in USD
$
16,745
52,203
7,023
7,427
83,398
Non-Monetary Assets
in USD
in USD
24,574 $
24,574
Non-Monetary Assets
in USD
(711)
(711)
in USD
37 $
26
63
Monetary Assets
in USD
EUR $
GBP
Currency
40 $
95
18
711
864
Monetary Assets
in USD
BRL $
CAD
EUR
GBP
HKD
JPY
in USD
in USD
Hedging
Net Exposure
$
(12,629)
(42,380)
(7,029)
(62,038)
Hedging
Net Exposure
(26,670)
(22,412)
(17,148)
(66,230)
Hedging
40
4,211
9,823
7,023
416
21,513
3,789
26
7,711
1,462
13,535
1,452
27,975
Net Exposure
$
24,574
12,077,502
12,102,076
Hedging
Net Exposure
$ 2,107,836
13,972,634
4,488,007
11,097,751
13,996,165
45,662,393
Hedging
Net Exposure
$ 1,665,989
1,665,989
Hedging
Net Exposure
1,588
1,588
185
Fund
Currency
Perkins Global
Value Fund
as at 31 December
2013
Fund
Fund
Fund
Currency
INTECH Global
Dividend Fund(a)
as at 31 December
2013
Monetary Assets
in USD
AUD $
CAD
CHF
DKK
EUR
GBP
HKD
IRS
JPY
NOK
NZD
SEK
SGD
in USD
6,234 $
12,572
1,952
80,329
18,254
8,891
5,512
6,894
1,347
141,985
Non-Monetary Assets
in USD
in USD
in USD
3,605,445 $
3,262,543
2,197,310
394,389
12,554,776
6,625,209
1,422,279
616,629
2,432,496
1,352,689
340,136
1,284,286
1,279,680
37,367,867
Hedging
Net Exposure
$
$ 4,440,899
6,987,238
(5,485,109)
5,449,405
14,179,087
1,041,839
(6,379,529)
4,513,242
2,376,472
3,307,365
2,765,337
2,536,206
(11,864,638) 47,597,090
in USD
42,113 $
203,883
276,247
309,843
526,629
148,393
56,773
100,067
1,663,948
Non-Monetary Assets
in USD
in USD
4,416,319 $
6,987,238
10,924,862
14,163,994
1,041,839
10,865,663
2,376,472
3,307,365
2,763,591
2,536,206
59,383,549
Non-Monetary Assets
in USD
(24,109)
(24,109)
in USD
36,861 $
36,861
Non-Monetary Assets
in USD
(258,531) $
(904,122)
(196,335)
(1,358,988)
in USD
214 $
27,270
2,288
558
1,283
31,613
Monetary Assets
in USD
CAD $
in USD
283,111 $
913,774
15,093
27,108
1,746
196,335
1,437,167
Monetary Assets
in USD
CAD $
CHF
EUR
GBP
JPY
KRW
MXN
NOK
Currency
Value Fund
as at 31 December
2013
186
CAD $
CHF
EUR
GBP
HKD
JPY
KRW
MXN
NOK
SEK
Currency
Perkins Global
Value Fund
as at 31 December
2012
Monetary Assets
in USD
Hedging
Net Exposure
$
42,327
203,883
(135,309)
144,099
312,131
(315,826)
211,361
148,393
56,773
101,350
(451,135)
1,220,317
Hedging
Net Exposure
Hedging
36,861
36,861
Net Exposure
$ 3,611,679
3,275,115
2,197,310
396,341
12,635,105
6,643,463
1,422,279
625,520
2,438,008
1,359,583
340,136
1,284,286
1,281,027
37,509,852
Fund
Janus Global Real

Estate Fund
as at 31 December
2013
Fund
Janus Global Real

Estate Fund
as at 31 December
2012
Fund

Income Fund
as at 31 December
2013
Currency
Monetary Assets
in USD
AUD $
BRL
CAD
EUR
GBP
HKD
ILS
INR
JPY
MXN
SEK
SGD
Currency
Currency
162,462 $
19,757
182,453
40,253
21,365
80,162
30,951
999
32,490
570,892
Monetary Assets
in USD
AUD $
BRL
CAD
EUR
GBP
HKD
ILS
INR
JPY
MXN
SEK
SGD
in USD
10,842,790 $
11,276,200
2,691,116
5,640,994
6,439,360
14,190,397
2,583,211
6,998,808
3,374,993
303,172
14,774,900
79,115,941
Non-Monetary Assets
in USD
in USD
11,854,752 $
7,079,800
2,619,443
10,009,361
12,950,542
10,894,803
1,675,641
13,713,987
4,660,458
13,448,609
88,907,396
Non-Monetary Assets
in USD
(100)
(100)
in USD
1,469
4,162
5,664
11,295
Non-Monetary Assets
in USD
in USD
76,325 $
5,675
14,990
66,500
37,604
12,404
13,452
988
227,938
Monetary Assets
in USD
BRL $
CAD
EUR
GBP
JPY
KRW
MXN
NOK
NZD
PLN
in USD
in USD
133,003 $
2,719,307
441,853
300,999
484,293
4,079,455
Hedging
Net Exposure
$ 12,017,214
7,079,800
2,639,200
10,191,814
12,990,795
10,894,803
21,365
1,675,641
13,794,149
4,691,409
999
13,481,099
89,478,288
Hedging
Net Exposure
$ 10,919,115
11,281,875
2,706,106
5,707,494
6,476,964
14,190,397
12,404
2,583,211
7,012,260
3,374,893
304,160
14,774,900
79,343,779
Hedging
Net Exposure
$
$ 133,003
406,507
406,507
(1,730,470)
990,306
534,705
980,720
307,141
307,141
103,068
103,068
300,999
257,386
257,386
(486,664)
(2,371)
5,664
(608,327)
3,482,423
187
Fund
Currency

Income Fund
as at 31 December
2012
Fund
Fund
Fund
Currency
Janus Global
Investment Grade
Bond Fund
as at 31 December
2013
Monetary Assets
in USD
AUD $
CAD
CHF
EUR
GBP
JPY
UAE
in USD
286,148
81,401
27
367,576
Non-Monetary Assets
in USD
Hedging
Net Exposure
Hedging
Net Exposure
$
3,720 $
3,720
2,247,013
8,220,225
935,469
1,410,237
3,186,202
9,634,182
in USD
479,151
8,307,624
2,453,750
11,240,525
Net Exposure
$ (386,536) $ 12,571,835
(1,181,982)
2,562,863
(1,568,518) 15,134,698
in USD
$
5,946,294
404,893
6,351,187
Hedging
$
300,502 $ 300,502
(374,105)
(13,944)
248,264
248,264
131,148
102,614
1,430,962
2,311,566
211,130
597,465
800,814
800,814
300,788
300,788
(102,978)
313,693
227,864
504,620
504,620
194,613
197,091
(136,425)
1,023
200,612
200,612
99,808
3,578,797
6,323,928
in USD
12,915,818 $
3,744,845
16,660,663
Non-Monetary Assets
in USD
in USD
$
360,161
131,148
102,614
869,437
386,335
403,010
227,864
137,448
99,808
2,717,825
Non-Monetary Assets
in USD
$
(1,663,979)
(1,663,979)
in USD
$
26,918
69,875
96,793
Non-Monetary Assets
in USD
in USD
42,553 $
1,663,979
1,706,532
Monetary Assets
in USD
AUD $
EUR
GBP
in USD
11,167
13,661
2,478
27,306
Monetary Assets
in USD
EUR $
GBP
Currency
Janus Global High

Yield Fund
as at 31 December
2012
188
AUD $
BRL
CAD
CHP
COP
EUR
GBP
JPY
KRW
MXN
MYR
NOK
NZD
PLN
SGD
TRL
Currency
Janus Global High

Yield Fund
as at 31 December
2013
Monetary Assets
in USD
Hedging
Net Exposure
$
324,429 $ 324,429
1,818,931
1,818,931
10,094
489,245
4,423,843
13,017,615
1,460,092
3,995,243
1,593,070
1,593,070
27
9,630,459
21,238,560
Fund
Janus Global
Investment Grade
Bond Fund
as at 31 December
2012
Currency
Monetary Assets
in USD
AUD $
CAD
CHF
EUR
GBP
HKD
JPY
NOK
in USD
495,141
495,143
Non-Monetary Assets
in USD
in USD
$
394,053.00
375,169
6,722,083
2,073,764
91,018
9,656,087
Hedging
Net Exposure
$
231,076 $ 231,076
820,175.00
1,214,228
375,169
3,606,452
10,823,676
1,125,488
3,199,252
1,660,854
1,660,854
(81,647)
9,371
7,362,398
17,513,628
189

Certain Class level hedges as included in the analysis of the
Portfolio Investments are entered into in order to hedge the
value of the AUD$ Share Class and the Euro Share Class and are
not included in the above analysis.
The following table demonstrates the impact on net assets
attributable to holders of shares of a movement in local currencies
against the Funds functional currency by way of illustration. In
the interests of providing consistent comparisons across the Funds
the table assumes a 5% upward movement in the value of the local

currencies (a negative 5% would have similar negative results).
As at 31 December 2013 and 31 December 2012, had the
exchange rate between the local currencies held by the Funds
and its functional currency increased or decreased by 5%
with all other variables held constant, the increase or decrease
respectively in net assets attributable to holders of participating
shares is listed in the table below.
Fund
Functional
Currency
Janus Asia Fund

Janus Balanced Fund
Janus Europe Fund
Janus US Fund
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
INTEREST R ATE R ISK

The Fixed Income investment process begins with an investment
outlook that provides a broad framework of macroeconomic
factors followed by Janus Capital Management LLC (JCM)s
views on the valuation and expected performance of various
sectors.
The risk management process is well integrated with the
Investment Advisers investment process. The Investment
Adviser has a dedicated Risk Management Group that ensures
that risk is continuously monitored versus the benchmarks.
The Risk Management Group meets weekly with the Portfolio
Managers to highlight the risk and positioning of the portfolios.
For interest rate sensitive portfolios, the Investment Advisers
risk measurement tools quantify interest rate, curve, and sector
risk versus the respective benchmarks. The Risk Management
Group also generates tracking error and scenario analysis
reports. These reports quantify intended and unintended
risks versus the respective benchmarks and enables the Sub
Investment Adviser to structure optimal portfolios based on its
investment outlook.
The Investment Advisers basic investment philosophy for the
credit portfolios is to add value through in-depth fundamental
research. The Investment Adviser has developed a proprietary
190
Increase/(decrease) in
net asset value 2013
Increase/(decrease) in
net asset value 2012
4,842,717
60,066
180,629
4,805,425
805,086
875,325
412,991
1,076
605,104
83,299
2,379,855
1,843
1,875,493
4,473,914
174,121
756,735
1,061,928
222,720
36,956
167,032
118,568
257,885
161,681
149,525
1,399
2,283,120
79
61,016
N/A
3,967,189
316,196
481,709
875,681
system that brings together Relative Value, Quantitative Default

analysis, Risk Management and Attribution for the Credit
portfolio on one platform. This system gives the Investment
Adviser the ability to look across analytics and quantitative
scores across bonds and bank loans and enables the Investment
Adviser to have a consistent way to analyse credits . To maximise
the Investment Advisers risk adjusted return within the sector,
JCM and the Sub-Investment Advisers use a combination of
fundamental analysis and the Investment Advisers proprietary
system outputs.
The Investment Advisers Risk management tool quantifies the
tail risk for the Credit portfolio, sectors and issues. The output
of this tool factors default frequency, correlations between
sectors, seniority in capital structure and recovery values. The
Investment Adviser also has credit reviews on a periodic basis
where the analyst presents the credit analysis of the names held
by a Fund to the group.
For Janus Asia Fund, Janus Emerging Markets Fund, Janus
Europe Fund, Janus Global Life Sciences Fund, Janus Global
Research Fund, Janus Global Technology Fund, Janus US
Fund, Janus US 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
US Core Fund, Janus Global Real Estate Fund and INTECH

Global Dividend Fund the majority of the financial assets are
equity shares which neither pay interest nor have a maturity
date. These assets and liabilities are not subject to significant
amounts of risk due to fluctuations in prevailing levels of
market interest rates. Any excess cash and cash equivalents are
invested at short term interest rates.
interest rates rise and vice versa. Shorter-term securities

are less sensitive to interest rate changes than longer-term
securities, but they also usually offer lower yields. Each of
the above Funds varies the average maturity profile of its
portfolio based on an analysis of interest rate trends and
other factors.
Janus Balanced, Janus Flexible Income, Janus Global Flexible

Fund, Janus Global High Yield Fund, Janus Global Investment
Grade Bond Fund, Janus High Yield and the Janus US ShortTerm Bond Funds invest in floating and fixed rate bonds. The
basis of calculation for the floating rate notes is based on the
date of change of each coupon rate as opposed to the bond
maturity date in the Portfolio Investments. The floating rate
notes held by the Funds at the year end are tracking the US
LIBOR one or three month indices.
Any change to the interest rates relevant for particular securities

may result in either income increasing or decreasing, or the
Sub-Investment Adviser being unable to secure similar returns
on the expiry of contracts or the sale of securities. In addition,
changes to prevailing rates or changes in expectations of future
rates may result in an increase or decrease in the value of
securities held.
The performance of the debt or interest bearing component

depends primarily on interest rates. Generally, the value
of debt securities will tend to decrease in value when
At the Balance Sheet date the following sub-funds are exposed

to interest rate risk to the extent disclosed in the following
Interest Risk Table. It includes for each Sub-Fund the assets and
liabilities at fair value, categorised by the earlier of contractual
repricing or maturity dates:
Interest rate risk

Janus Balanced Fund
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
1,460,369
3,311,422
4,771,791
85,136,462
85,136,462
106,032,975
106,032,975
155,384,381
6,002,490
161,386,871
348,014,187
3,311,422
6,002,490
357,328,099
64,544
3,136,141
3,200,685
64,544
3,136,141
3,200,685
4,771,791
85,136,462
106,032,975
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
6,032,560
6,032,560
1,547,634
1,547,634
181,235,119
5,984,714
187,219,833
182,782,753
6,032,560
5,984,714
194,800,027
30,219
6,026,644
6,056,863
30,219
6,026,644
6,056,863
6,032,560
1,547,634
Assets
Financial assets at fair value through profit or loss

Cash and foreign currency
Debtors
Total assets
Liabilities
Financial liabilities at fair value through profit or loss

Bank overdraft and foreign currency
Creditors - amounts falling due within one year
Total liabilities
Total interest sensitivity gap
Assets

Debtors
Total assets
Liabilities

Total liabilities
191

Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
6,327,589
18,793,226
25,120,815
321,927,551
321,927,551
662,619,270
662,619,270
52,287,580
8,707,079
60,994,659
1,043,161,990
18,793,226
8,707,079
1,070,662,295
3,385
6,531,518
6,534,903
3,385
6,531,518
6,534,903
25,120,815
321,927,551
662,619,270
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
219,778
219,778
3,167,231
3,167,231
6,387,625
6,387,625
540,509
141,876
682,385
10,095,365
219,778
141,876
10,457,019
9,535
94,758
104,293
9,535
94,758
104,293
219,778
3,167,231
6,387,625
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
5,402,813
5,402,813
18,317,849
18,317,849
49,038,635
49,038,635
2,210,070
1,296,968
3,507,038
69,566,554
5,402,813
1,296,968
76,266,335
77,532
2,712,549
2,790,081
77,532
2,712,549
2,790,081
5,402,813
18,317,849
49,038,635
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
1,404,918
1,404,918
19,525,991
19,525,991
27,226,829
27,226,829
5,175,924
717,168
5,893,092
51,928,744
1,404,918
717,168
54,050,830
35,763
476,753
512,516
35,763
476,753
512,516
1,404,918
19,525,991
27,226,829
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
192

Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
34,256,109
34,256,109
197,965,191
197,965,191
786,632,894
786,632,894
22,984,704
19,647,384
42,632,088
1,007,582,789
34,256,109
19,647,384
1,061,486,282
43,979
13,264,228
13,308,207
43,979
13,264,228
13,308,207
34,256,109
197,965,191
786,632,894
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2013
$
86,016,150
3,226,082
89,242,232
363,162,750
363,162,750
18,845,848
18,845,848
479,326
6,216,828
6,696,154
468,504,074
3,226,082
6,216,828
477,946,984
3,235
1,426,390
1,429,625
3,235
1,426,390
1,429,625
89,242,232
363,162,750
18,845,848
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
The interest rate profile of these Funds financial assets and liabilities at 31 December 2012 was:
Interest rate risk
Janus Balanced Fund
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2012
$
5,275,789
305,982
5,581,771
27,066,433
27,066,433
46,308,417
46,308,417
91,881,975
1,048,703
92,930,678
170,532,614
305,982
1,048,703
171,887,299
347,912
2,287,951
2,635,863
347,912
2,287,951
2,635,863
5,581,771
27,066,433
46,308,417
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2012
$
123,740,177
630,008
124,370,185
509,246,934
509,246,934
982,368,532
982,368,532
10,101
14,199,274
14,209,375
1,615,365,744
630,008
14,199,274
1,630,195,026
4,241,646
5,428,116
9,669,762
4,241,646
5,428,116
9,669,762
124,370,185
509,246,934
982,368,532
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
193

Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2012
$
128,230
217,744
345,974
3,422,315
3,422,315
6,283,361
6,283,361
46,536
145,610
192,146
9,880,442
217,744
145,610
10,243,796
123,614
45,114
168,728
123,614
45,114
168,728
345,974
3,422,315
6,283,361
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2012
$
2,000,000
128,153
2,128,153
8,115,258
8,115,258
38,535,628
38,535,628
32,830
1,941,089
1,973,919
48,683,716
128,153
1,941,089
50,752,958
226,628
186,087
412,715
226,628
186,087
412,715
2,128,153
8,115,258
38,535,628
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2012
$
2,044,165
587,917
2,632,082
16,051,033
16,051,033
23,762,386
23,762,386
52,789
1,304,685
1,357,474
41,910,373
587,917
1,304,685
43,802,975
215,606
156,790
372,396
215,606
156,790
372,396
2,632,082
16,051,033
23,762,386
Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2012
$
52,588,063
13,387,378
65,975,441
202,638,536
202,638,536
980,497,105
980,497,105
3,090
21,147,901
21,150,991
1,235,726,794
13,387,378
21,147,901
1,270,262,073
1,341,655
25,423,890
26,765,545
1,341,655
25,423,890
26,765,545
65,975,441
202,638,536
980,497,105
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
Assets

Debtors
Total assets
Liabilities

Total liabilities
194

Less than
1 year
$
1-5 years
$
Over
5 years
$
Non interest
bearing
$
Total
2012
$
87,214,840
9,130,120
96,344,960
439,725,794
439,725,794
23,694,932
23,694,932
30,763
4,967,778
4,998,541
550,666,329
9,130,120
4,967,778
564,764,227
848,880
11,995,829
12,844,709
848,880
11,995,829
12,844,709
96,344,960
439,725,794
23,694,932
Assets

Debtors
Total assets
Liabilities

Total liabilities
The following table shows, for the purposes of FRS 29, the impact
on each of the Fixed Income Funds and the Janus Balanced
Fund of a 1% move In interest rates calculated by reference to
the duration of the respective portfolios as at 31 December 2013
and 2012 assuming no convexity. It also assumes that both the
securities and derivatives held in these Funds as at 31 December
2013 and the overall balance of long and short positions would
remain unchanged in the event such a shift in interest rates was
anticipated or actually occurred, which would not generally be
the case. Furthermore, as with the analysis of market price risk
above, as the sub funds portfolios are managed on an active
and dynamic basis with frequent changes in the holdings, the
directors believe that this sensitivity should not be relied on
as a measure of future performance. Finally, it should also be
considered that although duration is widely used as a measure
of portfolio interest rate sensitivity, it is only useful as a measure
for interest rate changes which are relatively small in size and
it is itself sensitive to changes in the level and term structure
of interest rates, which may cause portfolio duration to change
independently of changes in the actual portfolio held.
Impact of +/Interest rate move
Fund
2013 Duration
Janus Balanced Fund

Bond Fund
Janus US Short Term Bond Fund
4.60 years
5.08 years
4.86 years
4.00 years
4.60%
5.08%
4.86%
4.00%
5.35 years
3.53 years
1.75 years
5.35%
3.53%
1.75%
Fund
2012 Duration
Janus Balanced Fund

Bond Fund
Janus US Short Term Bond Fund
5.0 8 years
4.93 years
5.19 years
4.16 years
5.08%
4.93%
5.19%
4.16%
5.13 years
4.16 years
1.97 years
5.13%
4.16%
1.97%
Impact of +/Interest rate move
LIQUIDITY R ISK
Liquidity risk is the risk that the Company may not be able
to generate sufficient cash resources to settle its obligations
in full as they fall due or can only do so on terms that are
materially disadvantageous. The Company is exposed to daily

cash redemptions of redeemable shares. Each Fund therefore
invests the majority of its assets in investments that are traded
in an active market and can be readily disposed of; it invests
only a limited proportion of its assets in investments not
actively traded on a listed exchange. Listed securities of each
Fund are considered readily realisable, as they are listed on a
regulated stock exchange. The Investment Advisers may make
use of derivative instruments and debt securities, if appropriate,
such as exchange traded futures contracts to allow exposure to
markets whilst maintaining sufficient liquidity.
Where any Fund acquires securities on the over-the-counter
markets, there is no guarantee that the Fund will be able to
realise the fair value of such securities due to their tendency to
have limited liquidity and comparatively high price volatility.
The Company has the ability to borrow in the short term to
ensure settlement. No such borrowings have arisen during the
year. In order to manage the Companys overall liquidity and to
facilitate an orderly disposition of securities the Directors are
able to refuse to repurchase any shares in excess of one tenth
of the shares in issue in a Fund on any one valuation day by
way of the provisions in the prospectus. The Company did not
withhold any redemptions during 2013 and 2012.
The assets of the Funds comprise mainly readily realisable
securities. The main liability of the Funds tends to be
outstanding payables on the purchase of investments and the
redemption of any redeemable ordinary Shares that investors
wish to sell. Substantially all financial liabilities of each subfund are payable within two months.
CREDIT R ISK
The Company will be exposed to a credit risk on parties with
whom it trades and will also bear the risk of settlement default.
The Company minimises concentrations of credit risk by
undertaking transactions with a large number of customers and
counterparties on recognised and reputable exchanges.
All Fund assets are currently held within Citibank
International plc, Ireland branchs sub custodian network,
with the exception of Term Loans and Financial Derivative
Instruments as appropriate. Bankruptcy or insolvency of the
195

Custodian may cause Funds rights with respect to securities
held by the Custodian to be delayed or limited. The Company
monitors this risk by monitoring the credit quality and
financial position of the Custodian. The Custodians credit
rating at 31 December 2013 is A (31 December 2012: A+ Brown Brothers Harriman Trustee Services (Ireland) Limited)
by Fitch Ratings Limited. Brown Brothers Harriman Trustee
Services (Ireland) Limited was Custodian to the Company up
to 30 April 2013.
Rating
A
AA
AAA
B
BB
BBB
C
CCC
Unrated
Rating
A
AA
AAA
B
BB
BBB
C
CCC
Unrated
The Company may invest in financial assets which are rated

(by well known rating agencies) or unrated. Unrated securities
are treated by the Investment Adviser as non-investment grade
securities unless the Investment Adviser or relevant SubInvestment Adviser determines that such securities are the
equivalent of investment grade securities.
Details of the credit rating carried of investments held in
corporate and government bonds are as follows:
Janus
Balanced Fund
%
Janus Global
Life Sciences
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
%
1.7%
0.3%
0.3%
5.2%
10.8%
11.5%
1.9%
24.0%
0.8%
6.0%
1.3%
1.6%
1.7%
17.1%
33.8%
0.2%
36.2%
8.2%
8.5%
3.9%
2.0%
26.4%
30.8%
0.2%
17.0%
39.1%
30.2%
0.9%
14.7%
7.6%
12.0%
3.4%
0.4%
2.0%
22.3%
55.8%
0.8%
39.2%
28.8%
1.8%
17.4%
7.1%
13.6%
3.0%
1.7%
3.8%
14.7%
35.7%
0.5%
25.2%
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
%
Janus US Short
Term Bond Fund
%
3.5
0.8
14.4
1.1
4.1
18.8
3.5
11.4
2.6
39.4
0.7
11.2
27.8
6.1
16.6
6.0
25.0
0.4
16.3
30.9
2.4
49.0
25.9
2.4
12.6
4.1
21.6
7.5
0.2
0.3
14.3
49.9
2.1
47.2
26.1
3.5
12.8
4.3
22.0
4.0
24.5
2.8
11.5
31.4
3.3
* Primary Source is Standard and Poors with the secondary sources Moodys Investor Services and Fitch Ratings Limited.
COUNTERPARTY R ISK
JCIL undertakes a detailed review of all counterparties before
any arrangements are entered into. The credit quality of all
counterparties is monitored on a regular basis. JCIL reports
to the board on a commitment basis as part of the UCITS IV
monthly reporting.
Details of the counterparties are included in the Portfolio
Investments.
FAIR VALUE ESTIMATION
The Company under FRS 29, is required to classify fair value
measurements for Funds using a fair value hierarchy that
reflects the significance of the inputs used in making the
measurements. The fair value hierarchy has the following levels:
Level 1 Quoted prices in active markets for identical securities.
196
Level 2 Prices determined using other significant observable

inputs. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing a security and
are developed based on market data obtained from sources
independent of the reporting entity.
Level 3 Prices determined using significant unobservable
inputs. In situations where quoted prices or observable inputs
are unavailable or deemed less relevant (for example, when
there is little or no market activity for an investment at the
end of the year), unobservable inputs are inputs that reflect
the reporting entitys own assumptions about the factors
market participants would use in pricing the security and
would be based on the best information available under the
circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities. The table below provides a summary within the fair value hierarchy of the Funds financial assets and liabilities
measures at last traded prices at 31 December 2013.
Level 1 Quoted Prices

Janus Asia Fund
Common Stocks
Forward Currency Contracts
Fully Funded Equity Swaps
Return Swaps
Total Investments in Securities
Janus Balanced Fund
Common Stocks
Corporate Bonds
Mortgage Backed Securities
Government Bonds
Asset Backed Securities
Preferred Stocks
Tranche Loans
Common Stocks
Warrant
Preferred Stocks
Return Swaps
Janus Europe Fund
Common Stocks
Warrant
Preferred Stocks
Futures
Call Option Purchased
Put Options Written
Common Stocks
Corporate Bonds
Common Stocks
Preferred Stocks
Common Stocks
Put Options Written
Level 2 Other Significant

Observable Inputs
94,293,545
94,293,545
149,963,220
149,963,220
4,521,220
4,521,220
148,214,714
148,214,714
137
9,615,702
(838,018)
8,777,821
Level 3 Significant
Unobservable
Inputs
Total
94,293,545
137
9,615,702
(838,018)
103,071,366
149,963,220
104,974,220
23,753,183
57,426,541
4,623,309
2,664,834
3,840,601
703,735
347,949,643
3,148
45,525
15,077
156,104
(1,222)
218,632
4,521,220
3,148
45,525
15,077
156,104
(1,222)
4,739,852
91,313
2,834,419
(187,675)
(19,331)
182,122
(98,624)
2,802,224
148,214,714
91,313
2,834,419
(187,675)
(19,331)
182,122
(98,624)
151,016,938
180,888,024
180,888,024
1,547,634
316,876
1,864,510
180,888,024
1,547,634
316,876
182,752,534
42,644,898
42,644,898
344,296
13,165
357,461
42,644,898
344,296
13,165
43,002,359
76,037,849
76,037,849
185,981
28,481
(4,594)
209,868
76,037,849
185,981
28,481
(4,594)
76,247,717
104,974,220
23,753,183
57,426,541
4,623,309
2,664,834
3,840,601
703,735
197,986,423
197

Janus US Fund
Common Stocks
Put Options Written
Common Stocks
Common Stocks
Common Stocks
Common Stocks
Common Stocks
Common Stocks
Common Stocks
INTECH US Core Fund
Common Stocks
Common Stocks
Preferred Stocks
Put Options Written
Corporate Bonds
Government Bonds
Preferred Stocks
Tranche Loans
198

Observable Inputs
1,385,636
1,385,636
78,779,489
78,779,489
179,378,848
179,378,848
Total
108,154
108,154
78,779,489
108,154
78,887,643
9,727
9,727
179,378,848
9,727
179,388,575
379,766,969
379,766,969
364,640
364,640
379,766,969
364,640
380,131,609
310,490,993
310,490,993
151,386
151,386
310,490,993
151,386
310,642,379
117,674,399
117,674,399
155,700
155,700
117,674,399
155,700
117,830,099
557,829,590
557,829,590
476,073
476,073
557,829,590
476,073
558,305,663
51,154,361
51,154,361
1,809
1,809
51,154,361
1,809
51,156,170
142,045,615
142,045,615
246,345
246,345
142,045,615
246,345
142,291,960
200,208,053
200,208,053
317,675
87,676
(27,990)
377,361
200,208,053
317,675
87,676
(27,990)
200,585,414
3,237
2,544
(51)
5,730
Level 3 Significant
Unobservable
Inputs
571,224,275
234,363,844
135,056,562
64,619,576
21,529,327
14,516,886
1,848,134
1,043,158,604
1,385,636
3,237
2,544
(51)
1,391,366
571,224,275
234,363,844
135,056,562
64,619,576
21,529,327
14,516,886
1,848,134
1,043,158,604

Corporate Bonds
Government Bonds
Preferred Stocks
Tranche Loans
Common Stocks
Corporate Bonds
Preferred Stocks
Tranche Loans

Corporate Bonds
Government Bonds
Tranche Loans
Total
4,892,011
915,582
3,062,971
816,089
164,500
196,616
38,061
10,085,830
4,892,011
915,582
3,062,971
816,089
164,500
196,616
38,061
10,085,830
1,294,307
1,294,307
60,411,036
1,681,488
733,429
5,168,138
200,624
68,194,715
1,294,307
60,411,036
1,681,488
733,429
5,168,138
200,624
69,489,022
49,245,514
445,368
1,692,780
431,222
78,097
51,892,981
49,245,514
445,368
1,692,780
431,222
78,097
51,892,981
17,537,865
17,537,865
896,228,328
19,694,795
6,589,148
57,366,709
880,090
980,759,070
9,241,875
9,241,875
17,537,865
896,228,328
19,694,795
6,589,148
66,608,584
880,090
1,007,538,810
332,149,062
115,467,214
15,485,275
4,923,197
476,091
468,500,839
332,149,062
115,467,214
15,485,275
4,923,197
476,091
468,500,839

Corporate Bonds
$
Preferred Stocks
Tranche Loans
Common Stocks
Corporate Bonds
Preferred Stocks
Tranche Loans
Level 3 Significant
Unobservable
Inputs

Observable Inputs
As at 31 December 2013, the analysis of fair value hierarchy is based on last traded prices.
Forward currency contracts, future contracts and swap contracts are reported at their unrealised appreciation/(depreciation) at measurement
date, which represents the change in the contracts value from trade date. Options are reported at their market value at the measurement date
as at 31 December 2013.
The following tables presents the movement in level 3 instruments for the year ended 31 December 2013 by class of financial instrument:
Tranche Loans
Opening balance
Purchases
Sales
Transfers into Level 3
Gain/(losses) recognised in profit and loss
Closing balance
12,375,000
(3,000,000)
(133,125)
9,241,875
Total
12,375,000
(3,000,000)
(133,125)
9,241,875
199

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities. The table below provides a summary within the fair value hierarchy of the Funds financial assets and liabilities
measures at last traded prices at 31 December 2012.

Janus Asia Fund
Common Stocks
Repurchase Agreement
Total Return Swaps
Janus Balanced Fund
Common Stocks
Corporate Bonds
Commercial Mortgage Backed Securities
U.S. Government Obligations
Preferred Stocks
Tranche Loans
Common Stocks
Convertible Bonds
Preferred Stocks
Total Return Swaps
Janus Europe Fund
Common Stocks
Put Option Written
Call Option Written
Common Stocks
Common Stocks
Common Stocks
Janus US Fund
Common Stocks
200

Observable Inputs
Level 3 Significant
Unobservable
Inputs
Total
4,534,463
4,534,463
300,000
(98)
353,973
2,453
656,328
4,534,463
300,000
(98)
353,973
2,453
5,190,791
91,879,934
91,879,934
47,773,432
11,549,937
12,010,071
2,066,655
679,895
4,000,000
570,649
(345,871)
78,304,768
91,879,934
47,773,432
11,549,937
12,010,071
2,066,655
679,895
4,000,000
570,649
(345,871)
170,184,702
4,575,524
4,575,524
27,152
69,618
(4,894)
(2,980)
88,896
4,575,524
27,152
69,618
(4,894)
(2,980)
4,664,420
3,527,802
3,527,802
(1,091)
(3,249)
(4,340)
3,527,802
(1,091)
(3,249)
3,523,462
60,603,940
60,603,940
2,200,000
(168,045)
2,031,955
60,603,940
2,200,000
(168,045)
62,635,895
7,892,86 4
7,892,86 4
100,000
(15,346)
84,654
7,892,86 4
100,000
(15,346)
7,977,518
25,218,350
25,218,350
1,800,000
(1,286)
1,798,714
25,218,350
1,800,000
(1,286)
27,017,064
1,115,688
1,115,688
(1,742)
(1,742)
1,115,688
(1,742)
1,113,946

Common Stocks
Common Stocks
Common Stocks
Common Stocks
Common Stocks
Common Stocks
Put Options Written
Put Options Purchased
INTECH US Core Fund
Common Stocks
Common Stocks
Preferred Stocks
Put Options Written
Corporate Bonds
Preferred Stocks
Tranche Loans

Observable Inputs
Level 3 Significant
Unobservable
Inputs
Total
143,065,127
143,065,127
2,400,000
(206,487)
2,193,513
143,065,127
2,400,000
(206,487)
145,258,640
8,358,149
8,358,149
200,000
(13,115)
186,885
8,358,149
200,000
(13,115)
8,545,034
338,914,540
338,914,540
8,600,000
(397,690)
8,202,310
338,914,540
8,600,000
(397,690)
347,116,850
33,462,458
33,462,458
3,000,000
(65,703)
2,934,297
33,462,458
3,000,000
(65,703)
36,396,755
3,109,808
3,109,808
300,000
11,545
311,545
3,109,808
300,000
11,545
3,421,353
492,075,180
492,075,180
57,300,000
(524,458)
(2,570)
29,508
56,802,480
492,075,180
57,300,000
(524,458)
(2,570)
29,508
548,877,660
120,713,733
120,713,733
500,000
(173,438)
326,562
120,713,733
500,000
(173,438)
121,040,295
155,257,694
155,257,694
317,807
4,900,000
(40,466)
(1,383)
5,175,958
155,257,694
317,807
4,900,000
(40,466)
(1,383)
160,433,652
851,119,068
291,649,358
326,641,838
42,492,109
12,464,168
78,200,000
12,789,102
(4,231,544)
1,611,124,099
851,119,068
291,649,358
326,641,838
42,492,109
12,464,168
78,200,000
12,789,102
(4,231,544)
1,611,124,099
201

Corporate Bonds
Preferred Stocks
Tranche Loans

Observable Inputs
Level 3 Significant
Unobservable
Inputs
Total
5,207,695
1,565,369
2,519,790
410,020
73,650
57,382
(77,078)
9,756,828
5,207,695
1,565,369
2,519,790
410,020
73,650
57,382
(77,078)
9,756,828
44,718,288
80,171
77,987
2,000,000
1,774,440
(193,798)
48,457,088
44,718,288
80,171
77,987
2,000,000
1,774,440
(193,798)
48,457,088

Corporate Bonds
$
Preferred Stocks
Tranche Loans
40,061,056
91,018
511,511
900,000
293,998
(162,817)
41,694,766
40,061,056
91,018
511,511
900,000
293,998
(162,817)
41,694,766

Corporate Bonds
Preferred Stocks
Tranche Loans
$ 1,099,638,612
2,448,771
3,342,300
49,400,000
80,894,022
(1,338,565)
1,234,385,140
$ 1,099,638,612
2,448,771
3,342,300
49,400,000
80,894,022
(1,338,565)
1,234,385,140

Corporate Bonds
Preferred Stocks
Tranche Loans

Corporate Bonds
Tranche Loans
396,814,588
121,215,740
17,217,305
13,100,000
2,287,933
(818,117)
549,817,449
396,814,588
121,215,740
17,217,305
13,100,000
2,287,933
(818,117)
549,817,449
As at 31 December 2012, the analysis of fair value hierarchy is based on last traded prices.
Forward currency contracts, future contracts and swap contracts are reported at their unrealised appreciation/(depreciation) at measurement
date, which represents the change in the contracts value from trade date. Options are reported at their market value at the measurement date
as at 31 December 2012.
The following table presents the movement in level 3 instruments for the year ended 31 December 2012 by class of financial instrument:
Opening balance
Purchases
Sales
Transfers into Level 3
Gains/(losses) recognised
in profit and loss
Closing balance
202
Common Stocks
Total
$105,020
$105,020
(105,020)
(105,020)

14. NET A SSET COMPARISON
31 December 2013
Janus Asia Fund

Class A$acc
Class Eacc
Class I$acc
Class Iacc
Class Uacc
Class Z$inc
Janus Balanced Fund
Class A$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$inc
Class A$acc
Class Aacc
Class B$acc
Class Eacc
Class I$acc
Class Iacc
Class Uacc
Janus Europe Fund
Class A$acc
Class Aacc
Class ASEKacc
Class Eacc
Class Iacc
Class U$acc
Class Uacc
Class Zacc
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
$ 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$
$
1,206,816
1,149,724
880,196
2,513
936,357
910,601
2,904
3,389,036
8,457,650
2,247
2,305,116
101,650,328
2,211
2,256
35,621,017
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
31 December 2011
NAV Per
Share
Net Assets
10.93
10.92
11.10
11.08
2,278,727
1,993,107
$ 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
$ 30,189,784
$
39,153,910
3,036 HKD$
13,413,684
$
5,979
49,749,501
$
17,194,983
8.63
8.66
17.03
18.45
10.09
14.99
10.05
18.81
11.18
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
1,056,738
942,419
803,548
2,271
822,862
762,402
8.14
7.94
8.04
8.41
8.23
8.03
$ 10.31
22.54
SEK 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
1,000,871
2,184
1,085,364
15.72
10.47
16.39
203

31 December 2013
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$acc
Class Aacc
Class B$acc
Class I$acc
Class Iacc
Class U$acc
Class Uacc
Janus US Fund
Class A$acc
Class Aacc
Class B$acc
Class I$acc
Class Iacc
Class A$acc
Class A$dis
Class Aacc
Class B$acc
Class Eacc
Class I$acc
Class I$dis
Class Iacc
Class U$acc
Class Uacc
Class Uacc
204
$ 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
31 December 2012
$ 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
$ 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
306,670
304,598
288,145
308,018
300,143
$
$
$ 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
$
$
$
$
306,808
3,695
1,736,111
7,006
304,015
4,412,919
6,084
294,172
3,666
36,421,579
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
AUD$
$
$
31 December 2011
NAV Per
Share
Net Assets
13.46
13.67
11.79
15.07
12.70
$ 17,841,686
22,328,342
13,880,707
81,651
970,475
$
$
$
$
11.97
9.77
10.78
11.20
10.61
12.88
10.29
11.53
758,242
25,540
1,799,481
351,898
2,536
4,515,551
26,640
1,494,013
$
$
$
$
10.43
8.51
9.47
9.85
9.39
11.08
8.86
10.04
$ 10,591,296
8,306,913
8,036,402
179,063
124,017
$
$
4.87
5.00
4.30
5.45
12.81
$ 12,200,587
10,948,422
8,711,256
3,072,381
327,222
$
$
4.11
4.25
3.66
4.55
10.70
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
278,514
242,365
199,766
204,949
190,275
$
$
10.11
9.89
9.99
10.25
10.02
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
$ 413,554,236
4,667,046
58,704,396
10,372,285
5,725
246,824,652
34,543,851
4,513,027
$
$
$
$
12.86
9.95
13.28
11.31
9.47
14.19
10.34
9.66
$
$
$
$
10.99
11.24
9.73
12.18
10.18

31 December 2013
31 December 2012
Net Assets
NAV Per
Share

Class A$acc
Class A$dis
Class Aacc
Class B$acc
Class I$acc
Class I$dis
Class Iacc
Class Z$inc
$ 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

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
$ 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$
$
$
$

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
$ 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

Class A$acc
Class Aacc
Class B$acc
Class Eacc
Class I$acc
Class Iacc
Class U$acc
Class Uacc
Class Z$inc
1,283,463
1,627,084
6,436
31,064
1,658,941
8,210
3,084
3,145
124,662,411
NAV Per
Share
Net Assets
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
4,347,151
261,345
2,833,674
568,914
400,148
27,463
37,171
$
$
$
$
$
12.87
8.74
11.67
11.61
14.27
9.15
8.74
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
$
$
14.47
10.11
14.91
12.58
11.49
15.92
10.58
17.29
$ 166,147,941
302,478
58,270,416
20,997,669
2,607
189,462,069
108,079
631,834
$
$
11.92
8.33
12.36
10.47
9.65
12.98
8.63
14.21
$ 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
$
$
13.55
12.03
14.52
11.93
15.06
12.63
12.02
$ 10,056,343
30,748
9,085,504
3,679,106
97,055
31,939
26,711
$
$
11.71
11.39
11.45
11.98
11.70
$ 14.27
13.82
$ 13.74
10.31
$ 14.74
19.24
$ 10.28
10.35
$ 111.08
31 December 2011
1,272,722
763,460
457,986
479,108
453,077
$
$
$
$
$
616,182
554,760
418,881
429,478
401,139
$
$
$
$
$
11.54
10.25
12.46
10.27
12.70
10.65
10.22
10.60
10.43
10.47
10.74
10.56
205

31 December 2013
31 December 2012
NAV Per
Share
Net Assets

Class A$acc
$ 171,741,290
Class A$dis
19,615,742
Class Aacc
62,484,251
Class B$acc
1,873,812
Class Eacc
105,592
Class I$acc
310,465,453
Class I$dis
1,126,277
Class Iacc
21,651,241
Class IUacc
3,756
Class U$acc
3,114
Class Uacc
3,177
Class Uacc
3,712
$
$
$
$

Class A$acc
$
3,339
Class A$inc
250,444
Class Aacc
73,637
Class Ainc
156,170
Class Eacc
17,530
Class Einc
66,726
Class I$acc
3,353
Class I$inc
3,352
Class Iacc
3,578
Class Iinc
3,578
Class U$acc
3,067
Class Uacc
3,129
Class Uinc
3,354
Class ZU
51,352,536
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
NAV Per
Share
Net Assets
$ 205,625,321
8,684,166
52,046,255
1,643,127
25,794
238,405,251
984,533
40,333,660
2,994
$
$
$
$
15.64
10.76
13.96
13.79
10.60
17.24
11.21
10.66
9.70
$ 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

Class I$acc
$ 2,000,000
10
$
$
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
$
$

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
206
$ 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
19.49
13.41
17.31
17.01
13.08
21.65
14.07
13.30
11.69
10.38
10.45
12.15
31 December 2011
$
$
$
NAV Per
Share
Net Assets
$ 335,518,488
21,652,656
71,919,186
1,879,654
2,682
426,480,325
9,347,891
38,146,006
$
$
$
$
14.47
9.96
13.02
12.89
9.93
15.83
10.29
9.88
$ 51,693,803
87,625
36,655,151
978,066
73,995,761
233,286
19,502,403
$
$
$
$
$
16.50
9.59
15.14
15.15
17.25
9.75
9.33
13.89
11.81
12.13
12.68
11.76
11.78
10.11
2,888,816
421,968
3,780,799
141,180
90,757
97,190,750
19,739
$
$
10.40
8.94
9.15
9.59
8.94
8.92
7.55
$
$
$

31 December 2013
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
$ 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$

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
2,451,006
2,619,846
127,369
118,502
2,440,838
2,583,090
2,997
3,058
3,010
3,010
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
31 December 2012
NAV Per
Share
Net Assets
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
$
$
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
$ 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$
31 December 2011
$
$
$
$
19.77
12.55
22.33
17.37
12.54
11.64
10.68
10.48
10.39
12.58
22.63
9.95
NAV Per
Share
Net Assets
$ 32,864,890
9,913,006
173,733,001
5,033,836
13,803,196
2,316,230
9,214
112,766
573,243,342
60,159,200
$
$
9.96
9.88
9.95
9.93
9.93
9.91
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
1,188,005
1,680,718
9,607,856
12,129,033
3,064
915,054
915,052
849,467
2,716
19,008
936,067
936,059
868,470
868,978
3,066
$
$
AUD$
$
$
$
$
AUD$
10.18
9.60
10.17
9.59
10.26
10.07
9.59
9.58
10.06
9.94
10.30
9.60
10.28
9.59
10.27
$
$
18.58
11.99
21.04
16.49
11.99
11.16
10.09
10.06
12.04
21.09
207

31 December 2013
Net Assets

Class A$acc
$ 1,532,652
Class A$inc
1,430,664
Class Aacc
2,223,714
Class Ainc
5,381,617
Class B$acc
917,033
Class B$inc
974,069
Class Binc
974,747
Class Eacc
636,658
Class Einc
1,547,079
Class I$acc
3,306,685
Class I$inc
1,060,636
Class Iacc
1,181,488
Class Iinc
1,043,455
Class Z$inc
31,327,817
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
208
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
$ 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$ 10.10
80,579,336
$ 111.39

Class A$acc
$ 264,391,461
Class A$inc
29,447,336
Class Aacc
54,777,431
Class AAUD$inc
2,891
Class ACHFinc
2,344,611
Class B$acc
1,150,140
Class B$inc
6,208,510
Class Eacc
1,643,628
Class Einc
811,521
Class I$acc
11,739,687
Class I$inc
59,827,829
Class Iacc
11,246,571
Class ICHFinc
228,473
Class Iacc
1,680,426
Class Iinc
4,380,460
Class U$acc
205,831
Class U$inc
120,034
Class Uacc
3,113
Class Uinc
173,985
Class Z$acc
26,133,421
31 December 2012
$ 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
CHF 10.06
10.13
9.93
$ 10.01
$
9.99
10.19
10.05
$ 100.25
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
31 December 2011
$
$
$
$
$
$
$
$
$
$
$
$
10.02
9.80
10.07
9.85
9.90
9.80
9.85
9.76
9.74
10.15
9.80
10.23
9.86
$ 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
$ 56,910,025
$
68,347,409
$
85,623,142
3,078 AUD$
3,059 HKD$
3,059 HKD$
2,259,712
$
159,358,112
$
32,562,425
9,209
171,844
106,821,671
$
573,618,338
$
106,801,638
3,081 AUD$
20.12
8.89
22.62
10.31
10.17
10.00
17.88
8.91
9.22
10.16
10.06
12.27
8.92
18.57
10.32
$ 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
1,552,066
1,670,862
5,096,510
$ 217,318,925
14,232,151
98,379,371
1,734,106
5,902,845
2,694
12,849
5,616,822
4,000,802
15.98
11.12
18.07
14.47
11.14
9.98
9.96
11.16
$
$
CHF
$
$
$
$
CHF
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
NAV Per
Share
Net Assets
16.43
11.30
18.50
10.07
14.76
11.31
10.22
10.07
10.13
11.33
12.40
10.13
10.04
9.96
1,183,967
910,640
3,437,054
4,078,049
900,099
900,099
841,111
2,637
35,133
922,916
922,913
932,768
862,345
$
$
$
$

15. C APITAL SHARE TRANSACTIONS
For the year ended 31 December 2013

Janus Asia Fund
At beginning of the year . . . . .
Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class A$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class Iacc
Shares
Class Uacc
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

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class A$acc
Shares
20,609
20,609
Class Aacc
Shares
15,585
1,141
(1,340)
15,386
Class AAUD$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$acc
Shares
300
300
Class ARMB(CNH)inc
Shares
311
311
Class AHKD$acc
Shares
1,845
1,845
2,393
91,554
(7)
93,940
Class AHKD$inc
Shares
2,343
2,343
Class B$acc
Shares
721,556
46,943
(182,910)
585,589
Class VAUD$inc
Shares
321
321
Class Uacc
Shares
Class Zacc
Shares
221
221
339,878
339,878
Class E$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 Z$inc
Shares
Class Eacc
Shares
Class I$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 Uacc
Shares
185
185
Class Z$inc
Shares
300,030
300,030
Class Iacc
Shares
14,674
14,674
209

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 . . . . . . . . . . . . .
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

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
210
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 I$inc
Shares
Class Iacc
Shares
12,003,347
6,500,933
(4,649,578)
13,854,702
2,021
402,317
(400,788)
3,550
185
185
Class U$acc
Shares
300
300
Class Uacc
Shares
221
221
Class Uinc
Shares
202
202
Class ZUacc
Shares
344,024
344,024

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$inc
Shares
Class Iacc
Shares
190
190
300,034
300,034
Class B$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
3,309,519
1,400,128
(2,563,305)
2,146,342
321
321
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$acc
Shares
Class Einc
Shares
54,807
23,362
(34,944)
43,225
184,654
62,076
(138,217)
108,513
Class AHKD$acc
Shares
Class AHKD$inc
Shares
2,391
130,663
(41,584)
91,470
Class Uinc
Shares
185
185
Class B$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$inc
Shares
195
195
Class B$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
260,672
260,672
211

For the year ended 31 December 2012
Class A$acc
Shares
Class Eacc
Shares
264,063
11,781
(35,991)
239,853
1,756
(767)
989
Class A$acc
Shares
Class Aacc
Shares
Class AHK$acc
Shares
Class B$acc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
1,772,999
1,274,852
(686,946)
2,360,905
1,639,701
632,045
(716,639)
1,555,107
2,337
56
2,393
895,004
8,065
(181,513)
721,556
Class A$acc
Shares
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class Iacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
129,867
40,165
(30,090)
91,718
23,291
(24,247)
100,000
209
4,486
(2,750)
100,000
73,368
89,794
(79,852)
At end of year . . . . . . . . . . . . .
139,942
90,762
100,000
1,945
100,000
83,310
Class Iacc
Shares
Janus Asia Fund

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Janus Balanced Fund
Janus Europe Fund

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class Aacc
Shares
Class I$acc
Shares
230,063
230,063
Class Eacc
Shares
63,652
53,119
(8,376)
108,395
Class Iacc
Shares
225
225
Class Eacc
Shares
Class I$acc
Shares
Class Iacc
Shares
460
88,159
(4,892)
83,727
2,644,399
401,723
(447,411)
2,598,711
1,188,266
1,014,573
(1,340,970)
861,869
Class Iacc
Shares
209
2,434
2,643
66,201
30,952
(14,434)
82,719
Class A$acc
Shares
Class Aacc
Shares
Class B$acc
Shares
Class I$acc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
1,623,683
2,303,780
(2,243,921)
1,683,542
1,534,714
562,493
(668,014)
1,429,193
1,427,192
32,379
(385,564)
1,074,007
6,702
202,080
(153,916)
54,866
Class A$acc
Shares
Class A$dis
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
72,692
12,909
(13,912)
71,689
3,000
3,000
Class Aacc
Shares
Class B$acc
Shares
146,856
18,110
(29,073)
135,893
35,714
35,714
73,659
75,071
(137,137)
11,593
Class Eacc
Shares
Class I$acc
Shares
209
1,133
1,342
407,569
(97,098)
310,471
Class A$acc Class Aacc

Shares
Shares
Class B$acc
Shares
Class I$acc
Shares
Class Iacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
2,970,269
578,366
(1,374,864)
2,173,771
1,989,263
413,226
(1,143,619)
1,258,870
2,379,940
22,538
(532,601)
1,869,877
675,071
818
(643,031)
32,858
23,631
195
(16,494)
7,332
Janus US Fund
Class A$acc
Shares
Class Aacc
Shares
27,540
7,741
(14,672)
20,609
18,939
(3,354)
15,585

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

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
212
Class A$acc
Shares
32,167,551
8,358,894
(34,658,804)
5,867,641
Class B$acc
Shares
Class I$acc
Shares
20,000
20,000
Class I$dis
Shares
3,008
3,008
Class Iacc
Shares
114,951
(63,916)
51,035
Class Iacc
Shares
20,000
20,000
14,674
14,674
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
468,883
15,201
(445,013)
39,071
3,415,442
1,607,338
(3,466,971)
1,555,809
917,179
16,482
(372,695)
560,966
467
1,869
(358)
1,978
17,391,477
8,134,860
(24,584,006)
942,331
3,342,132
1,132,886
(3,122,183)
1,352,835
361,051
2,116,980
(1,694,913)
783,118

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 . . . . . . . . . . . . .
Class A$acc
Shares
337,798
88,241
(97,721)
328,318
Class A$acc
Shares
13,939,112
2,894,465
(8,136,493)
8,697,084
Class A$acc
Shares
871,065
704,999
(519,867)
1,056,197
Class A$acc
Shares
58,105
67,643
(17,074)
108,674
Class A$acc
Shares
23,180,250
3,961,538
(13,998,369)
13,143,419
Class A$dis
Shares
Class Aacc
Shares
Class I$dis
Shares
Class Iacc
Shares
29,912
8,176
38,088
187,595
6,128
(100,378)
93,345
3,000
3,000
3,285
45,548
(1,531)
47,302
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
36,322
693
(30,212)
6,803
3,641,989
1,781,439
(1,843,874)
3,579,554
2,005,692
59,810
(573,081)
1,492,421
209
5,036
(4,597)
648
14,601,262
714,412
(7,071,981)
8,243,693
12,529
291
(9,820)
3,000
34,356
71,352
(86,370)
19,338
Class A$dis
Shares
Class Aacc
Shares
Class B$acc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
563,580
394,129
(343,421)
614,288
358,250
5,315
(128,710)
234,855
7,639
381,882
(20,755)
368,766
3,000
14,867
(1,400)
16,467
Class Aacc
Shares
Class B$acc
Shares
41,096
48,724
(39,052)
50,768
40,000
40,000
2,020
2,020
29,347
29,347
Class Aacc
Shares
Class B$acc
Shares
Class Eacc
Shares
Class I$acc
Shares
Class I$dis
Shares
Class Iacc
Shares
2,174,437
214,514
(1,581,949)
807,002
4,268,378
1,043,360
(2,486,789)
2,824,949
145,869
11,665
(38,367)
119,167
209
1,634
1,843
26,933,889
4,742,705
(17,851,814)
13,824,780
908,338
42,252
(862,750)
87,840
2,982,955
3,447,878
(3,563,239)
2,867,594
Class B$acc
Shares
Class I$acc
Shares
Class Aacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
3,132,290
1,139,280
(2,536,652)
1,734,918
9,142
(3,784)
5,358
1,871,015
321,297
(1,504,989)
687,323
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
277,679
793,824
(259,568)
811,935
47,184
26,147
(25,774)
47,557
319,380
218,835
(83,284)
454,931
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
826,551
1,955,074
(727,069)
2,054,556
Class Aacc
Shares
Class A$acc
Shares
3,000
26,626
(826)
28,800
Class A$dis
Shares
Class A$dis
Shares

Income Fund
28,046
8,791
(25,745)
11,092
Class Iacc
Shares
40,000
40,000
Class A$acc
Shares
1,769,189
9,649,780
(4,082,630)
7,336,339
Class I$acc
Shares
48,984
(2,589)
46,395
Class I$acc
Shares
INTECH US Core Fund

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class B$acc
Shares
Class IUacc
Shares
234
234
Class I$dis
Shares
Class Iacc
Shares
23,922
(20,859)
3,063
1,615,533
748,349
(1,254,497)
1,109,385
Class B$inc
Shares
Class I$inc
Shares
Class Iacc
Shares
10,153
15
(2,163)
8,005
10,896,087
2,874,566
(1,767,306)
12,003,347
Class B$acc
Shares
Class B$inc
Shares
Class Binc
Shares
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
6,380,526
15,591,856
(4,880,431)
17,091,951
305,338
70,825
(40,382)
335,781
1,151,068
191,855
(483,693)
859,230
160,402
62
(50,240)
110,224
706
2,553,197
(177,491)
2,376,412
8,663
2,899,197
(165,025)
2,742,835
847,209
(189,800)
657,409
47,628,844
11,790,475
(5,731,003)
53,688,316
2,204,497
6,251,109
(2,636,777)
5,818,829
Class Eacc
Shares
Class Einc
Shares
Class I$inc
Shares
Class Iacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
250,000
250,000
194,704
194,704
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
116,664
127,437
(42,613)
201,488
175,134
184,475
(125,743)
233,866
730,058
133,282
(522,737)
340,603
64,544
2,992
(48,662)
18,874
Class B$acc
Shares
14,723
24,888
(3,106)
36,505
232
232
232
232
Class Ainc
Shares
977,568
2,553,948
(1,505,662)
2,025,854
4,289,425
2,413,437
(3,765,949)
2,936,913
251,421
251,421
2,021
2,021
Class V$inc
Shares
1,006
1,006
194,704
194,704
Class AAUD$inc
Shares
Class B$acc
Shares
Class B$inc
Shares
Class Binc
Shares
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
Class Iinc
Shares
Class IAUD$inc
Shares
292
29
(4)
317
90,909
90,909
95,393
4,296
99,689
68,497
3,095
71,592
209
21,028
(912)
20,325
1,477
304,841
(16,620)
289,698
90,909
90,909
97,511
113,404
210,915
65,261
97,493
(97,493)
65,261
70,027
4,611
74,638
292
32
(4)
320
213

Grade Bond Fund
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
Class Ainc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
118,191
181,972
(24,739)
275,424
92,925
109,078
(16,114)
185,889
263,751
174,496
(71,354)
366,893
319,997
301,188
(166,902)
454,283

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
2,828,562
4,264,518
(3,543,730)
3,549,350
7,689,410
1,947,084
(2,400,081)
7,236,413
2,925,516
854,473
(1,699,129)
2,080,860
Class AAUD$inc
Shares
Class B$inc
Shares
90,909
(5,511)
85,398
91,883
845
(282)
92,446
Class ARMB(CNH)inc
Shares
292
86,198
(26,591)
59,899
Class I$inc
Shares
Class Iacc
Shares
Class IAUD$inc
Shares
Class IRMB(CNH)inc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
64,341,779
8,582,353
(12,868,365)
60,055,767
4,445,331
1,945,616
(1,992,782)
4,398,165
292
30
(2)
320
1,984
1,984
Janus US Short-Term
Bond Fund
Class A$acc
Shares
Class A$inc
Shares
Class Aacc
Shares
Class ACHFinc
Shares

Shares issued. . . . . . . . . . . . . .
Shares redeemed. . . . . . . . . . .
At end of year . . . . . . . . . . . . .
13,595,523
13,376,177
(8,098,764)
18,872,936
1,279,325
2,134,727
(1,205,536)
2,208,516
4,206,165
3,347,366
(4,244,012)
3,309,519
169,511
(1,965)
167,546
Class Binc
Shares
2,336
55
2,391
Class V$inc
Shares
Class VAUD$inc
Shares
1,012
1,012
Class Eacc
Shares
65,965
620
66,585
Class AHK$acc
Shares
1,969
1,969
214
Class B$acc
Shares
979
979
Class Einc
Shares
209
54,598
54,807
2,788
185,627
(3,761)
184,654
Class I$acc
Shares
90,909
1,293,750
(94,894)
1,289,765
Class I$inc
Shares
94,136
2,937
97,073
70,490
311,512
(149,117)
232,885
Class Iinc
Shares
67,591
3,803
71,394
Class AHK$inc
Shares
Class B$acc
Shares
Class B$inc
Shares
Class Binc
Shares
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
2,375
192
2,567
126,389
28,790
(61,359)
93,820
17,882,895
470,019
(6,079,967)
12,272,947
2,729,702
22,295
(916,213)
1,835,784
701
42,966
(14,270)
29,397
13,204
2,056,838
(1,336,117)
733,925
8,707,544
1,359,627
(2,290,743)
7,776,428
Class ICHFinc
Shares
Class Iacc
Shares
Class Z$acc
Shares
627,482
627,482
Class B$acc
Shares
Class B$inc
Shares
Class Eacc
Shares
Class Einc
Shares
Class I$acc
Shares
Class I$inc
Shares
Class Iacc
Shares
119,856
36,987
(40,404)
116,439
530,041
221,583
(136,636)
614,988
208
125,384
(27,570)
98,022
997
119,740
(30,454)
90,283
1,139,217
(81,137)
1,058,080
503,449
3,868,732
(740,786)
3,631,395
257,914
5,273,898
(1,685,818)
3,845,994
Class Iacc
Shares
149,974
(9,860)
140,114
102,502
102,502
Class Iinc
Shares
314,992
314,992

16. 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 year
ended 31 December 2013 and 31 December 2012.
Janus Asia
Fund
For the years ended 31 December 2013 and 31 December 2012

Net realised gain/(loss)
Net realised gain/(loss) on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised gain/(loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised gain/(loss) on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised (loss)/gain on Forward Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised (loss)/gain on Foreign Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unrealised gain/(loss)
Net unrealised gain/(loss) on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unrealised (loss) on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unrealised gain/(loss) on Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unrealised (loss)/gain on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unrealised gain/(loss) 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 . . . . . .
Year Ended
31 December
2013
Janus Balanced
Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$78,090
80,424
(328)
780
$12,908,097
(34,855)
3,450,313
8,175
$6,568,808
14,496
541,155
(3,740)
$86,357
(3,080)
14,010
67,059
(1,254)
$(577,553)
14,432
(22,721)
(12,266)
20,889
(5,918)
8,645,853
(840,632)
234
$11,851,683
882,151
15,517
(98)
$1,056,536
21,733,021
1,049,610
$39,114,361
9,740,019
234,631
$17,095,369
(188,229)
1,758
19,971
1
$(3,407)
1,070,048
4,365
30,162
13,245
(1)
$534,682
Janus US Research
Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
$11,547,932
9
228,905
(13,721)
$(77,618,906)
(3,680,252)
6,130,678
(660,316)
(263,963)
$5,500,882
(107,154)
27,044
(1,122)
12,206,649
314,641
$24,284,415
64,386,295
(104,215)
(1,125,229)
471,795
$(12,464,113)
28,270,004
22,842
$33,712,496
Janus Global
Real Estate Fund

216
Year Ended
31 December
2012
$4,189,905
(71,956)
176,924
(125,519)
(123,126)
Janus US All Cap

Growth Fund

Year Ended
31 December
2013
Janus Emerging
Markets Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Janus US Twenty
Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
$637,752
519
29,397
605
$83,983,298
124
1,455,006
(177,562)
$24,802,108
556,800
745,960
(26,597)
941,366
17,429
$1,627,068
29,045,956
762,330
$115,069,152
61,051,761
(457,728)
214,170
$86,886,474
Janus Flexible
Income Fund

Income Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$5,028,194
246,861
(227,074)
281,783
343,338
$2,207,440
303,571
119,928
81,007
13,372
$(10,982,623)
383
7,386,542
(404,280)
$27,444,545
21,853,554
(208,668)
$(183,678)
4
(347,901)
5,154
$(37,144)
48,938
6,501
2,975,351
30,868
129,375
$8,808,696
32,735,465
(22,345)
1,015
$35,439,453
(37,699,166)
6,079,678
$(35,619,466)
20,778,827
(1,768,739)
$68,099,519
66,249
115,139
432
$(344,601)
28,531
(77,078)
547
$(29,705)
Year Ended
31 December
2013
Year Ended
31 December
2012
Janus Europe
Fund
Janus Global Life

Sciences Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
7,996,957
29,461
1,509,108
36,771
46,911
(111,855)
122,059
4,278
3,060
(3,894)
$16,064,507
(239)
1,512,506
(18,349)
$9,671,637
68,300
242,741
(1,602)
5,507,701
(187,675)
58,119
(438)
(18,452)
14,866,608
271,950
1,885
399,338
31,232,180
486,024
$49,276,629
Janus US Venture
Fund
Year Ended
31 December
2013
3,393,941
57,927
$13,432,944
Perkins Global
Value Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$18,787,405
280
594,746
33,727
$4,979,047
52,426
(755)
$1,057,943
35
96,950
(26,778)
53,132,997
217,089
$72,766,244
(560,355)
31,701
$4,502,064
3,729,118
144,638
$5,001,906
Janus Global
High Yield Fund
Year Ended
31 December
2013
Year Ended
31 December
2012
$1,569,640
61,476
1,199,988
(27,137)
$538,028
(4,847)
839,132
(26,746)
262,727
394,422
3,322
$3,464,438
2,473,575
40,843
6,526
$3,866,511
Year Ended
31 December
2013
Year Ended
31 December
2012
Janus Global
Technology Fund
Year Ended
31 December
2013
Janus US
Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$2,847,422
(5,613)
47,723
(9,246)
$(130,761)
1,083
2,136
$3,224,810
40
652,894
10,408
$1,828,541
43,059
28,423
959
$153,045
(1,482)
(69)
16,064
(49)
$38,243
4,612
150
5,266,247
28,579
$8,175,112
1,421,884
19,578
$1,313,920
9,475,120
24,267
187,270
$13,574,809
4,168,207
122,066
$6,191,255
180,219
1,577
4,979
$354,284
149,037
2,839
$194,881
Value Fund
INTECH Global
Dividend Fund(a)
Year Ended
31 December
2013
Year Ended
31 December
2012
$122,298
33,360
1,299
$52,714,336
(290,410)
(36,920)
1,996,751
(58,787)
$27,806,277
(11,945,270)
(89,492)
(21,458)
$657,551
3
139,649
(237,251)
169,096
20,578
$346,631
80,019,206
263,472
1,000,531
$135,608,179
46,922,274
6,441,404
647,422
$69,761,157
4,325,623
2,140
$4,887,715

Grade Bond Fund
Year Ended
31 December
2013
Janus Global
Research Fund
Janus High Yield

Fund
Year Ended
31 December
2013
INTECH US
Core Fund
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$18,304,214
(11,064)
1,097,189
(2,664)
$25,643,473
(38,418)
(6,861)
18,278,346
419,783
$38,085,804
(2,260,245)
424,230
$23,762,179
Janus US Short-Term
Bond Fund
Company Total
in US Dollar
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
Year Ended
31 December
2013
Year Ended
31 December
2012
$400,766
20
321,174
(16,331)
$508,642
464,739
4,090
$43,022,683
(888,122)
2,746,347
(128,350)
$25,134,553
(441,507)
2,836,327
(53,132)
$(1,661,876)
219
1,607,561
(132,177)
$1,133,578
(14,005)
5,445,002
(76,977)
$279,843,167
39,133
1,884,492
(1,008,738)
24,515,087
(1,125,957)
$80,935,626
(3,665,820)
(4,860,084)
(257,258)
32,484,127
(671,531)
(316,235)
240,915
2,441
$632,750
1,414,821
(88,297)
9,526
$2,313,521
(28,591,524)
2,218,655
$18,379,689
57,664,723
981,436
$86,122,400
(1,891,582)
1,294,208
$(783,647)
3,158,174
258,173
$9,903,945
247,473,999
(249,289)
397,384
(839,457)
15,108,542
6,194
$566,044,557
310,079,243
(104,215)
4,842,892
45,678
1,624,866
16,596
$420,470,120
217

17. PORTFOLIO A NALYSIS
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 US
Fund
Market Value % of Net

USD
Asset Value
Market Value
USD
Janus US All Cap

Growth Fund
% of Net
Asset Value
Market Value
USD
Janus US
Research Fund
% of Net
Asset Value
Market Value % of Net

USD
Asset Value
Transferable securities
admitted to an official
stock exchange listing . . . . 42,319,281
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
regulated market . . . . . 51,974,264
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
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%
99.8% 182,435,658
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
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
Euro
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
USD
Asset Value
Janus US All Cap

Growth Fund
Market Value
USD
Janus US
Research Fund
% of Net Market Value % of Net

Asset Value
USD
Asset Value
admitted to an official
stock exchange listing . . . . 1,965,661 37.86% 121,459,115 71.76% 2,892,807 55.21% 2,450,162 66.05% 24,785,555 39.89% 5,419,435 67.37% 11,071,897 40.65%
693,353 59.21%
83,360,154 57.48%
5,835,767 68.37%
dealt in on another
regulated market . . . . . 2,568,802 49.48% 45,071,458 26.63% 1,779,486 33.96% 1,077,640 29.05% 35,818,385 57.65% 2,473,430 30.75%
422,335 36.07%
59,704,973 41.17%
2,522,382 29.55%
Ancillary liquid assets. . . . .
300,000
5.78%
4,834,463 93.12%
4,000,000 2.36%
0.00%
14,146,453 51.94%
0.00% 2,200,000 3.54% 100,000 1.24%
1,800,000
170,530,573 100.75% 4,672,293 89.17% 3,527,802 95.10% 62,803,940 101.08% 7,992,865 99.36%
6.61%
0.00%
2,400,000
1.65%
27,018,350 99.19%
1,115,688
95.28%
145,465,127 100.30%
200,000
2.34%
8,558,149 100.26%
18. 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 31 December 2013 were $215,185 (approximately
162,000). Directors fees paid up to 31 December 2012 were $213,808 (approximately 162,000).
19. AUDITORS R EMUNERATION
Fees and expenses paid to our statutory auditors, pricewaterhouse Coopers Ireland, in respect of the financial year are as follows:
Audit of financial statements

Other assurance services
31 December 2013
$
390,520
33,208
423,728
31 December 2012
$
370,785
32,995
403,780
20. SIGNIFICANT EVENTS DURING THE YEAR

During the year ended 31 December 2013:
INTECH Global Dividend Fund commenced operations on 28 February 2013.
Effective 11:59 pm (Irish time) on 30 April 2013, Citibank International plc, Ireland branch was appointed custodian of the
Company in place of Brown Brothers Harriman Trustee Services (Ireland) Limited.
The Company issued an updated Prospectus dated 1 May 2013 and 1 October 2013. A summary of the main changes
incorporated in this update is disclosed on page 19 of these financial statements.
218
Janus US Twenty
Fund
Janus US
Venture Fund
Perkins US
Strategic Value
Fund
Perkins Global
Value Fund
INTECH Global
Dividend Fund(a)
INTECH US Core
Fund
Janus Global Real

Estate Fund
Janus Flexible
Income Fund
Janus Global
Investment
Grade Bond Fund
Janus Global Flexible Janus Global High

Income Fund
Yield Fund
Janus High
Yield Fund
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
Janus US Twenty
Fund
98,367,767
94.3% 117,674,399 91.0% 557,829,590
Janus US
Venture Fund
Perkins Global
Value Fund
94.7% 51,154,361
Value Fund
98.4% 142,045,615
INTECH US Core
Fund
98.9% 200,525,728
Janus Global Real

Estate Fund
14,516,886
1.4% 196,616
95.2% 1,041,310,470
97.9% 10,047,769
Janus Flexible
Income Fund

Income Fund(a)
1.9%
5,168,138
97.1% 69,288,398
Janus Global High

Yield Fund
7.0%
431,222
0.8%
Janus Global
Investment
Grade Bond Fund
Janus High
Yield Fund
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
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
147,443,209 42.50% 14,322,998 40.88% 2,580,125 75.30% 399,132,779 72.87% 91,094,744 75.20% 127,140,114 78.91% 1,068,662,857 65.95% 7,463,469 74.08%
11,938,641
23.72% 24,034,450 55.34%
210,359,658 16.92% 355,218,088 64.36%
191,471,331 55.20% 19,139,460 54.62%
34,712,244
68.96% 16,923,133 38.97%
975,964,046 78.49% 182,317,478 33.03%
8,600,000
2.48% 3,000,000
8.56%
529,683 15.46%
92,942,401 16.97% 29,618,989 24.45% 28,435,386 17.65% 468,492,786 28.91% 2,370,437 23.53%
300,000 8.76%
57,300,000 10.46%
500,000
0.41%
4,900,000
3.04%
78,200,000
4.83%
0.00%
2,000,000
347,514,540 100.18% 36,462,458 104.06% 3,409,808 99.52% 549,375,180 100.30% 121,213,733 100.06% 160,475,500 99.59% 1,615,355,643 99.68% 9,833,906 97.61%
48,650,885
3.97%
900,000 2.07%
49,400,000
3.97% 13,100,000
2.37%
96.64% 41,857,583 96.38% 1,235,723,704 99.37% 550,635,566 99.77%
Janus US Fund
Effective 13 May 2013, Barney Wilson became sole Portfolio Manager of the Fund. Mr. Wilson became a co-portfolio manager of
the Fund in May 2011 and became sole portfolio manager in May 2013 when Co-Portfolio Manager Jonathan Coleman assumed
portfolio management responsibilities for other Janus investment strategies.
Gibson Smith and Darrell Watters have managed the Fund from inception. Chris Diaz, CFA and Ryan Myerberg joined Mr. Smith and
Mr. Watters as Portfolio Managers of the Fund on 1 July 2013.
Gibson Smith and Darrell Watters have managed the Fund from inception. Chris Diaz, CFA and Ryan Myerberg joined Mr. Smith
and Mr. Watters as Portfolio Managers of the Fund on 1 July 2013.
Effective 1 June 2013, E. Marc Pinto, CFA replaced Ron Sachs as portfolio manager of the Fund, upon Mr. Sachs departure from
the firm.
Effective 13 May 2013, Jonathan Coleman and Maneesh Modi assumed portfolio management responsibility for the Janus US
Venture Fund and the related institutional Small Company Growth strategy from Chad Meade and Brian Schaub who announced
they were leaving the firm.
Perkins began managing the Perkins US Strategic Value Fund 22 September 2003. At that time, portfolio managers Tom Perkins
and Jeff Kautz managed the Fund. Effective 20 September 2010, Todd Perkins was added as a portfolio manager to the Fund. At
that time, it was also decided that Jeff Kautz would eventually be stepping down from day to day management of the strategy.
Mr. Kautz remained a part of the team during a transition period of six months. Effective 31st March 2011, Mr. Kautz no longer
219

has portfolio management responsibilities for this strategy. Mr. Kautz remains chief investment officer and portfolio manager of
Perkins Mid Cap Value and Value Plus Income strategies. Also effective 31st March 2011, Alec Perkins was added as portfolio
manager to the strategy.
Effective 1 April 2013, Todd Perkins retired from the firm and Justin Tugman, CFA was added as co-portfolio manager.
The Perkins Global Value Fund has been managed by Gregory Kolb, CFA, since inception. Effective 31 December 2013, Chris
Kirtley, CFA & Tadd Chessen, CFA were added as portfolio managers alongside Mr. Kolb.
Janus Global Diversified Alternatives Fund
Janus Global Diversified Alternatives Fund launched on 31 December 2013.
21. SUBSEQUENT EVENTS
A new prospectus was approved by the Central Bank of Ireland on 26 March 2014. The INTECH European Core Fund commenced
operations on 31 January 2014. There have been no other significant events affecting the Company since the year end.
22. A PPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved by the Board on 16 April 2014.
220
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.
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.
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.
221
Statements of Changes in Composition of Portfolio

JANUS ASIA FUND
Major Purchases for the year ended 31 December 2013
Samsung Electronics Co., Ltd.

Air Products & Chemicals, Inc.
Taiwan Semiconductor Manufacturing Co., Ltd.
AIA Group, Ltd.
PC Jeweller, Ltd.
China Construction Bank Corp.
SAIC Motor Corp., Ltd.
Industrial & Commercial Bank of China, Ltd.
Samsonite International S.A.
Hyundai Motor Co.
Fortescue Metals Group, Ltd.
econtext Asia, Ltd.
Zhen Ding Technology Holding, Ltd.
Nexon Co., Ltd.
Hana Financial Group, Inc.
Bank Negara Indonesia Persero Tbk PT
NCSoft Corp.
Hyundai Mobis
POSCO
DBS Group Holdings, Ltd.
Shares or
Principal
Amount
Cost
4,465
4,700,000
1,378,000
857,600
1,790,902
3,795,000
990,700
3,562,000
881,700
10,843
639,400
3,511,000
700,000
157,900
52,880
4,111,000
11,208
6,668
5,802
126,000
4,920,200
4,699,987
4,683,748
3,566,163
2,690,208
2,649,765
2,132,332
2,123,386
2,119,406
2,078,761
1,848,037
1,666,569
1,647,140
1,591,998
1,584,850
1,584,449
1,574,294
1,560,122
1,549,679
1,545,403
Shares or
Principal
Amount
Cost
15,200,000
13,991,000
13,535,000
9,391,000
9,471,000
8,255,000
7,669,000
6,682,000
6,064,000
5,573,000
5,988,000
5,468,000
5,221,000
5,551,000
4,571,000
4,386,000
4,116,000
100,407
4,013,000
3,330,000
15,199,958
13,962,530
13,525,701
9,378,481
9,309,277
8,230,416
7,653,168
6,584,808
5,981,096
5,760,755
5,755,883
5,463,183
5,215,745
4,947,066
4,554,510
4,481,683
4,107,919
4,064,475
4,007,717
3,692,403
Major Sales for the year ended 31 December 2013

AIA Group, Ltd.
econtext Asia, Ltd.
PC Jeweller, Ltd.
NCSoft Corp.
Ping An Insurance Group of China, Ltd.
Samsung Life Insurance Co., Ltd.
Autohome, Inc.
Samsung Electronics Co., Ltd.
Melco Crown Philippines Resorts Corp.
China Conch Venture Holdings, Ltd.
Boyaa Interactive International, Ltd.
Youku Tudou, Inc.
Hutchison Whampoa, Ltd.
Cheung Kong Holdings, Ltd.
Tencent Holdings, Ltd.
Harum Energy Tbk PT
Indocement Tunggal Prakarsa Tbk PT
Power Finance Corp.
Ping An Insurance Group
Haier Electronics Group Co., Ltd.
Iljin Display Co., Ltd.
Charoen Pokphand Foods PCL
Siam City Cement PCL
Kangwon Land, Inc.
YTL Corp Bhd
Astra International Tbk PT
Maruti Suzuki India, Ltd.
Shares or
Principal
Amount
Proceeds
4,700,000
651,400
4,361,500
404,800
2,981,000
948,000
6,996
161,000
11,818
35,225
851
2,952,300
389,000
917,000
29,800
59,000
45,000
13,700
2,156,000
362,000
380,000
104,500
355,000
37,960
666,200
41,500
19,250
989,000
806,500
20,218
4,700,000
2,736,179
1,770,863
1,751,111
1,716,486
1,413,727
1,288,640
1,270,411
1,113,028
1,067,531
1,021,816
921,150
866,598
808,800
779,170
738,654
711,346
706,111
674,584
652,611
651,016
634,848
628,286
587,356
557,710
519,876
515,888
460,721
450,445
436,244
JANUS BALANCED FUND


U.S. Treasury Notes/Bonds, 0.2500%, due 30/11/15
AbbVie, Inc.
Freddie Mac Gold Pool, 5.5000%, due 1/5/41
222

Time Warner Cable, Inc.
MasterCard, Inc. Class A
CIT Group, Inc.
Express Scripts Holding Co.
U.S. Treasury Notes/Bonds,2.7500%, due 15/11/23
Allergan, Inc.
Mylan, Inc.
Banc of America Large Loan Trust, 2.5060%, due 15/11/15
Valeant Pharmaceuticals International, Inc. (U.S. Shares)
Hess Corp.
Google, Inc. Class A
Shire PLC
Shares or
Principal
Amount
Proceeds
15,200,000
9,391,000
8,461,000
7,669,000
5,573,000
5,988,000
5,299,000
5,221,000
5,054,000
5,551,000
38,250
4,386,000
4,456,000
3,832,000
5,547
70,724
55,261
3,283,000
3,266,000
29,519
71,812
2,955,000
28,644
38,438
2,523,000
2,770
20,002
15,200,000
9,387,188
8,260,464
7,657,438
5,651,199
5,581,978
5,299,921
5,223,861
4,939,368
4,861,582
4,449,314
4,448,252
4,382,926
3,843,057
3,741,478
3,411,658
3,397,302
3,285,585
3,229,229
2,674,748
2,638,671
2,633,703
2,535,380
2,484,088
2,462,506
2,429,882
2,420,442
JANUS EMERGING MARKETS FUND


Linx S.A.
Paul Y. Engineering Group
Anhanguera Educacional Participacoes S.A.
Strides Arcolab, Ltd.
Concentradora Fibra Hotelera Mexicana S.A. de C.V.
Pacific Rubiales Energy Corp.
Evergrande Real Estate Group, Ltd.
Sitoy Group Holdings, Ltd.
Hyundai Motor Co.
Grupo Financiero Santander Mexico S.A.B. de C.V.
Samsung Fire & Marine Insurance Co., Ltd.
Petroleo Brasileiro S.A.
econtext Asia, Ltd.
BM&F Bovespa S.A.
PC Jeweller, Ltd.
Emlak Konut Gayrimenkul Yatirim Ortakligi AS
FirstRand, Ltd.
Bank Zachodni WBK S.A.
WT Microelectronics Co., Ltd.
Ophir Energy PLC
Shares or
Principal
Amount
Cost
200,000
13,884
1,612,000
13,200
6,420
64,000
4,739
145,000
140,000
342
5,134
312
4,376
155,000
772
10,700
29,747
41,856
16,270
725
44,000
8,468
199,999
190,598
142,815
118,413
112,179
106,176
97,143
82,268
78,299
77,635
75,677
74,834
74,091
73,556
72,323
66,385
62,285
61,282
55,406
55,349
55,009
53,571
Shares or
Principal
Amount
Cost
106,612
83,426
77,860
489,788
158,645
235,778
45,547
588,861
792,067
356,815
122,704
224,666
42,261
109,898
115,048
82,766
121,368
509,935
61,408
69,460
379,620
153,421
82,819
1,287,554
68,104
13,884
140,199
405
144,744
1,718,011
4,476,630
4,413,863
4,223,850
4,074,178
3,915,957
3,761,018
3,467,872
3,418,870
3,342,860
3,340,069
3,327,554
3,213,831
3,137,032
3,024,153
3,023,647
3,022,520
2,963,828
2,938,220
2,879,056
2,863,890
2,845,331
2,806,412
2,804,124
2,788,392
2,699,518
2,577,962
2,556,406
2,547,151
2,526,052
2,493,953
Linx S.A.
Petroleo Brasileiro S.A.
Genomma Lab Internacional S.A.B. de C.V.
Alliance Global Group, Inc.
Banco do Brasil S.A.
Pharmstandard OJSC
NMC Health PLC
First Gulf Bank PJSC
America Movil S.A.B. de C.V.
econtext Asia, Ltd.
Paul Y. Engineering Group
Samsung Fire & Marine Insurance Co., Ltd.
Bank Zachodni WBK S.A.
Banco Bilbao Vizcaya Argentaria S.A.
Kennedy-Wilson Holdings, Inc.
CITIC Securities Co., Ltd.
Sorouh Real Estate Co.
Central China Real Estate, Ltd.
Stella International Holdings, Ltd.
Gazprom OAO (ADR)
Luxoft Holding, Inc.
Indiabulls Real Estate, Ltd.
LG Chem, Ltd., %
Sberbank of Russia
Shares or
Principal
Amount
Proceeds
12,520
200,000
8,889
26,181
39,300
196,100
8,244
4,378
17,885
21,175
3,693
132,000
772
682,000
40,478
332
171,000
725
5,866
2,133,500
27,500
124,537
175,000
19,000
6,906
2,538
46,715
419
3,753
208,486
200,000
133,722
115,281
107,628
100,369
99,754
92,668
86,310
83,086
82,086
76,007
72,813
71,647
71,478
70,415
69,338
68,325
65,175
64,965
64,646
62,400
58,626
56,583
56,268
56,086
55,985
55,927
55,161
JANUS EUROPE FUND

LEG Immobilien A.G.

Nestle S.A.
Randgold Resources, Ltd.
HSBC Holdings PLC
Royal Dutch Shell PLC Class A
Petrofac, Ltd.
Sanofi
Turkiye Halk Bankasi A/S
Ophir Energy PLC
Telefonaktiebolaget L.M. Ericsson Class B
Imperial Tobacco Group PLC
Mobistar S.A.
Remy Cointreau S.A.
Societe Generale S.A.
K+S A.G.
Rio Tinto PLC
Swedish Match A.B.
Countrywide PLC
BNP Paribas S.A.
Vallourec S.A.
GlaxoSmithKline PLC
Deutsche Bank A.G.
Vodafone Group PLC
Total S.A.
Volkswagen A.G.
Standard Chartered PLC
AP Moeller-Maersk A/S Class B
ThyssenKrupp A.G.
Bwin.Party Digital Entertainment PLC
Shares or
Principal
Amount
Proceeds

Stock Spirits Group PLC
Countrywide PLC
Pegasus Hava Tasimaciligi A.S.
Campofrio Food Group S.A.
Quintiles Transnational Holdings, Inc.
Nestle S.A.
Constellium N.V.
Carnival PLC
Turkiye Halk Bankasi A/S
Logitech International S.A.
Prudential PLC
Mobistar S.A.
Arrow Global Group PLC
Renault S.A.
Randgold Resources, Ltd.
Partnership Assurance Group
Luxoft Holding, Inc.
Airbus Group N.V.
Orascom Development Holding A.G.
Millicom International Cellular S.A.
Burberry Group PLC
111,768
815,000
406,528
270,000
321,712
59,000
32,215
132,000
55,068
195,461
239,893
110,115
102,500
202,894
468,584
22,172
22,850
250,000
83,328
31,557
96,947
18,105
68,722
3,374,639
2,446,939
2,428,622
2,255,223
2,201,819
1,964,292
1,718,625
1,584,007
1,509,041
1,468,026
1,466,862
1,432,174
1,430,933
1,428,525
1,365,094
1,357,930
1,352,709
1,310,647
1,305,279
1,298,900
1,294,674
1,250,517
1,212,935
223

JANUS GLOBAL LIFE SCIENCES FUND
Shares or
Principal
Amount
Cost
8,700,000
91,184
47,547
65,038
62,391
13,966
14,004
91,586
23,315
161,943
58,077
67,671
51,953
45,327
26,003
26,457
29,202
116,950
98,489
81,721
49,449
18,548
37,921
273,861
114,213
167,475
28,043
59,654
22,487
43,823
171,206
104,173
8,699,976
5,424,873
4,255,892
4,093,628
3,931,839
3,556,380
3,278,858
3,218,636
3,210,285
3,161,170
2,996,592
2,891,177
2,833,803
2,785,071
2,778,447
2,738,399
2,731,131
2,693,577
2,551,231
2,524,676
2,488,725
2,329,699
2,279,897
2,145,138
2,144,082
2,088,965
1,944,419
1,913,034
1,865,665
1,829,120
1,769,705
1,713,566
Shares or
Principal
Amount
Cost
Canadian Pacific Railway, Ltd.

Apple, Inc.
FANUC Corp.
Keyence Corp.
Koninklijke Vopak N.V.
Kuehne + Nagel International A.G.
AP Moeller-Maersk A/S Class B
AIA Group, Ltd.
Brookfield Infrastructure Partners L.P.
Royal Dutch Shell PLC
Imperial Tobacco Group PLC
Japan Tobacco, Inc.
Unilever N.V.
Noble Energy, Inc.
Vallourec S.A.
Colgate-Palmolive Co.
SABMiller PLC
Schlumberger, Ltd. (U.S. Shares)
EOG Resources, Inc.
HSBC Holdings PLC
8,453
1,442
4,200
2,300
11,507
5,485
82
156,800
15,640
8,393
14,615
18,100
13,855
7,222
8,326
4,867
10,914
6,866
3,884
45,542
955,399
744,270
729,768
723,061
711,924
680,017
675,507
638,608
575,007
573,225
572,177
538,702
533,836
526,908
522,416
521,727
519,318
515,367
507,600
503,673

Gilead Sciences, Inc.
Johnson & Johnson
Aetna, Inc.
Roche Holding A.G.
Biogen Idec, Inc.
Abbott Laboratories
Celgene Corp.
NPS Pharmaceuticals, Inc.
AstraZeneca PLC
AbbVie, Inc.
Medivation, Inc.
Aegerion Pharmaceuticals, Inc.
Pharmacyclics, Inc.
Alexion Pharmaceuticals, Inc.
HMS Holdings Corp.
GlaxoSmithKline PLC
Zoetis, Inc.
Catamaran Corp. (U.S. Shares)
Perrigo Co.
UCB S.A.
Swedish Orphan Biovitrum A.B.
Repros Therapeutics, Inc.
Ironwood Pharmaceuticals, Inc.
Vertex Pharmaceuticals, Inc.
Alkermes PLC
HeartWare International, Inc.
Questcor Pharmaceuticals, Inc.
Nektar Therapeutics
PTC Therapeutics, Inc.

Celgene Corp.
Gilead Sciences, Inc.
Aetna, Inc.
Humana, Inc.
Teva Pharmaceutical Industries, Ltd.
Incyte Corp., Ltd.
Medivation, Inc.
Questcor Pharmaceuticals, Inc.
athenahealth, Inc.
Salix Pharmaceuticals, Ltd.
Alexion Pharmaceuticals, Inc.
Jazz Pharmaceuticals PLC
Meda A.B.
Omnicare, Inc.
Novartis A.G.
AbbVie, Inc.
AmerisourceBergen Corp.
Pharmacyclics, Inc.
Regeneron Pharmaceuticals, Inc.
Ariad Pharmaceuticals, Inc.
Biogen Idec, Inc.
Alkermes PLC
Aegerion Pharmaceuticals, Inc.
Life Technologies Corp.
Shares or
Principal
Amount
Proceeds
8,700,000
20,352
39,042
33,284
23,989
22,229
41,640
52,597
27,261
31,517
12,853
21,277
11,886
18,564
15,459
114,388
25,201
16,915
19,129
24,895
20,713
10,414
4,434
54,140
4,326
28,543
12,030
13,482
8,700,000
2,762,600
2,451,257
2,052,098
2,038,228
2,029,571
1,664,835
1,660,932
1,598,376
1,558,898
1,455,568
1,431,430
1,349,157
1,348,682
1,291,478
1,287,337
1,271,512
1,228,201
1,227,255
1,197,813
1,176,825
1,115,317
1,072,138
1,013,661
1,003,739
1,002,084
993,862
983,088
JANUS GLOBAL RESEARCH FUND
224
Shares or
Principal
Amount
Proceeds
FANUC Corp.
Unilever N.V.
Philip Morris International, Inc.
McCormick & Co., Inc.
Canadian Pacific Railway, Ltd.
Weir Group PLC
Reckitt Benckiser Group PLC
Isuzu Motors, Ltd.
Nabtesco Corp.
athenahealth, Inc.
Sanofi
Cisco Systems, Inc.
Japan Tobacco, Inc.
Delta Air Lines, Inc.
5,100
16,598
5,093
6,546
7,181
8,339
10,431
4,158
47,186
14,938
7,524
119,058
57,000
20,400
3,428
6,077
3,834
17,779
10,700
12,545
797,472
644,421
632,450
600,960
588,771
574,026
554,766
552,251
541,114
540,519
502,293
475,756
465,982
448,888
412,065
408,563
405,177
394,308
369,773
313,722
JANUS GLOBAL TECHNOLOGY FUND


Apple, Inc.
Oracle Corp.
National Instruments Corp.
Amphenol Corp. Class A
ARM Holdings PLC
TE Connectivity, Ltd. (U.S. Shares)
American Tower Corp.
eBay, Inc.
FANUC Corp.
Amdocs, Ltd. (U.S Shares)
Cadence Design Systems, Inc.
Amazon.com, Inc.
Taiwan Semiconductor Manufacturing Co., Ltd.
ANSYS, Inc.
QUALCOMM, Inc.
TIBCO Software, Inc.
Atmel Corp.
Teradata Corp.
American Express Co.
Rakuten, Inc.
Shares or
Principal
Amount
Cost
5,585
9,334
3,200,000
68,067
66,264
23,295
92,826
25,187
15,423
88,901
1,501
19,728
6,300
25,197
62,638
2,564
217,000
8,719
10,670
31,858
96,920
12,732
8,194
53,300
5,073,924
4,731,049
3,199,991
2,327,710
1,950,518
1,867,365
1,446,593
1,298,742
1,186,463
1,084,735
1,054,689
1,052,511
1,037,750
974,776
854,876
841,827
754,329
746,701
744,179
729,340
722,000
646,504
644,028
641,265

Microsoft Corp.
Cisco Systems, Inc.
VMware, Inc. Class A
CBS Corp. Class B
VistaPrint N.V.
Amazon.com, Inc.
Ctrip.com International, Ltd.
Crown Castle International Corp.
Zillow, Inc. Class A
Xilinx, Inc.
athenahealth, Inc.
Live Nation Entertainment, Inc.
Citrix Systems,Inc.
LinkedIn Corp. Class A
Apple, Inc.
Informatica Corp.
EMC Corp.
MicroStrategy, Inc. Class A
OpenTable, Inc.
Yelp, Inc.
Shares or
Principal
Amount
Proceeds
3,200,000
38,650
46,373
11,620
10,382
9,187
1,396
9,211
4,332
4,647
7,116
2,981
19,475
5,049
1,518
573
2,518
7,968
10,477
2,588
4,008
5,750
3,200,000
1,118,589
978,837
949,254
586,302
478,244
443,245
427,727
312,038
306,401
305,449
295,363
294,175
289,866
289,489
288,621
286,509
286,410
283,453
272,665
250,653
243,096
JANUS US FUND
Shares or
Principal
Amount
Cost

Union Pacific Corp.
Monsanto Co.
AbbVie, Inc.
Sally Beauty Holdings, Inc.
Visa, Inc. Class A
Unilever N.V.
Teradata Corp.
Biogen Idec, Inc.
PetSmart, Inc.
Starbucks Corp.
Zoetis, Inc.
Diageo PLC
Ball Corp.
Twenty-First Century Fox, Inc.
100,000
59
209
1,633
224
567
690
104
390
314
53
182
187
188
209
139
396
395
256
372
100,000
48,585
32,692
22,871
22,867
20,642
18,782
17,881
15,951
15,945
15,083
14,686
14,031
13,593
12,151
12,083
12,033
11,998
11,514
11,290
Shares or
Principal
Amount
Proceeds

AutoZone, Inc.
Nordstrom, Inc.
L Brands, Inc.
Oracle Corp.
CBS Corp. Class B
Precision Castparts Corp.
Praxair, Inc.
Coach, Inc.
Anheuser-Busch InBev N.V.
NIKE, Inc. Class B
FANUC Corp.
eBay, Inc.
Unilever N.V.
Apple, Inc.
AmerisourceBergen Corp.
AbbVie, Inc.
Motorola Solutions, Inc.
EMC Corp.
Fastenal Co.
Prada SpA
Polaris Industries, Inc.
Mead Johnson Nutrition Co.
Perrigo Co.
NVR, Inc.
Amazon.com, Inc.
100,000
62
484
437
773
267
210
436
87
177
314
177
219
100
284
390
183
211
35
294
275
218
506
269
1,400
175
83
149
140
96
11
33
150
100,000
27,449
26,797
26,518
25,402
23,994
22,903
21,285
19,855
19,723
18,296
16,885
15,609
15,506
15,037
15,010
14,961
14,747
14,377
13,732
13,705
13,591
13,133
13,026
12,955
12,945
10,676
10,381
10,352
10,274
10,078
9,897
9,339
225

JANUS US ALL CAP GROWTH FUND
Shares or
Principal
Amount
Cost
Oracle Corp.
Abbott Laboratories
LPL Financial Holdings, Inc.
Wolverine World Wide, Inc.
Sprouts Farmers Market, Inc.
Premier, Inc. Class A
Franks International N.V.
KLA-Tencor Corp.
Twitter, Inc.
Foundation Medicine, Inc.
51,180
43,029
800,000
20,325
13,427
15,130
6,981
6,351
1,561
3,323
3,876
1,749,981
1,498,051
799,998
765,066
615,766
272,340
188,487
139,722
89,911
86,398
69,768
Shares or
Principal
Amount
Cost
10,147
4,416
67,715
58,060
80,763
4,888
55,149
42,620
24,264
89,931
18,492
55,225
11,733
14,045
15,953
35,613
65,343
21,942
23,109
35,644
4,636,296
3,730,461
3,305,494
2,659,109
2,644,078
2,612,492
2,543,605
2,533,735
2,474,417
2,414,091
2,402,903
2,374,270
2,319,358
2,284,339
2,245,364
2,224,046
2,200,533
2,192,212
2,179,567
2,179,032
Shares or
Principal
Amount
Proceeds
TE Connectivity, Ltd. (U.S. Shares)

Apple, Inc.
Solera Holdings, Inc.
MSCI, Inc.
St. Jude Medical, Inc.
Amazon.com, Inc.
Varian Medical Systems, Inc.
Celgene Corp.
Microsoft Corp.
Masimo Corp.
Sensata Technologies Holding N.V.
Omnicom Group, Inc.
EMC Corp.
Salesforce.com, Inc.
GlaxoSmithKline PLC
Gartner, Inc.
Xilinx, Inc.
Expeditors International of Washington, Inc.
MSC Industrial Direct Co., Inc. Class A
Dresser-Rand Group, Inc.
eBay, Inc.
C.H. Robinson Worldwide, Inc.
Atmel Corp.
TransDigm, Inc.
Aon PLC
Sanofi
Potash Corp. of Saskatchewan, Inc. (U.S. Shares)
Verisk Analytics, Inc. Class A
KLA-Tencor Corp.
FactSet Research Systems, Inc.
139,009
11,204
77,454
120,089
98,303
13,657
55,758
29,152
107,001
135,101
92,444
51,139
124,238
43,545
58,891
41,633
59,047
56,603
2,622
25,132
33,951
31,742
28,308
245,139
11,768
28,494
30,882
37,960
23,809
22,379
12,033
5,877,470
5,133,831
4,444,150
4,315,530
4,310,817
4,095,826
4,023,222
3,591,296
3,313,838
3,175,228
3,126,776
3,118,514
3,004,323
2,999,389
2,763,469
2,324,239
2,293,751
2,244,982
2,182,463
2,078,882
2,033,354
1,709,884
1,675,588
1,651,592
1,609,482
1,579,913
1,553,521
1,494,267
1,400,878
1,220,496
1,201,916
Shares or
Principal
Amount
Proceeds
AbbVie, Inc.
Cisco Systems, Inc.
Ford Motor Co.
Incyte Corp., Ltd.
Estee Lauder Cos., Inc. Class A
Coca-Cola Co.
Actavis PLC
Enbridge Energy Management LLC
Nordstrom, Inc.
Microsoft Corp.
Whiting Petroleum Corp.
Omnicare, Inc.
Discover Financial Services
Actavis PLC
athenahealth, Inc.
Dover Corp.
Valero Energy Corp.
PBF Energy, Inc.
U.S. Bancorp
priceline.com, Inc.
Marriott International, Inc. Class A
Aetna, Inc.
Visa, Inc. Class A
Celgene Corp.
Citigroup, Inc.
Oracle Corp.
International Rectifier Corp.
Danaher Corp.
36,676
20,658
72,540
85,264
2,079
58,453
11,635
19,166
32,230
14,249
14,458
7,402
39,530
20,531
18,361
14,840
33,682
18,535
18,709
3,965
19,618
6,940
6,861
9,225
17,773
31,967
19,713
11,426
779
14,679
10,962
3,512
4,054
12,432
600,000
18,120
24,466
8,847
7,482
1,845,596
1,685,613
1,557,999
1,428,650
1,367,689
1,340,730
1,340,189
1,310,897
1,310,026
1,230,154
1,143,616
1,129,190
1,124,322
1,061,190
1,036,356
1,034,006
992,148
974,466
955,988
916,663
901,521
870,509
823,250
758,002
737,159
706,616
703,502
701,601
681,078
670,161
663,585
642,956
613,538
600,228
600,000
587,006
577,574
573,407
557,286
JANUS US RESEARCH FUND

Apple, Inc.
Citigroup, Inc.
Oracle Corp.
Monsanto Co.
Cobalt International Energy, Inc.
EOG Resources, Inc.
Valero Energy Corp.
Visa, Inc. Class A
Union Pacific Corp.
Danaher Corp.
U.S. Bancorp
Noble Energy, Inc.
Jones Lang LaSalle, Inc.
226
JANUS US TWENTY FUND

Chevron Corp.
Microsoft Corp.
LyondellBasell Industries N.V. Class A
priceline.com, Inc.
AbbVie, Inc.
Blackstone Group L.P.
Johnson & Johnson
QUALCOMM, Inc.
Boeing Co.
Las Vegas Sands Corp.
Regeneron Pharmaceuticals, Inc.
Starbucks Corp.
Diageo PLC
Phillips 66
Medivation, Inc.
Monster Beverage Corp.
Oracle Corp.
Whole Foods Market, Inc.
E.I. du Pont de Nemours & Co.
Verizon Communications, Inc.
U.S. Bancorp
Garmin, Ltd.
ARM Holdings PLC
ARM Holdings PLC
Union Pacific Corp.
Amazon.com, Inc.
Teradata Corp.
SPDR S&P 500 ETF Trust
Unilever PLC
Tanger Factory Outlet Centers
News Corp. Class A
CBS Corp. Class B
Shares or
Principal
Amount
Cost
150,440
461,765
15,730
195,490
14,688
243,493
416,451
111,807
136,312
8,700,000
86,675
135,084
145,368
35,675
122,749
74,914
226,912
117,516
122,000
111,982
191,738
86,443
113,692
77,818
108,460
100,325
152,857
127,640
338,361
66,418
121,087
31,735
17,200
81,490
28,587
112,666
7,759
135,030
128,989
75,829
18,409,275
15,677,509
14,236,646
13,202,004
12,303,203
11,055,595
10,641,381
9,822,407
8,920,656
8,699,976
8,479,876
8,455,783
8,381,409
8,306,550
7,853,062
7,132,125
6,875,047
6,710,995
6,656,926
6,650,105
6,522,314
6,383,065
6,110,733
6,058,933
5,989,530
5,333,276
5,284,543
5,150,696
5,066,492
5,012,226
5,001,082
4,973,360
4,968,619
4,957,549
4,754,733
4,725,768
4,475,350
4,389,553
4,296,624
4,266,384
Apple, Inc.
Celgene Corp.
eBay, Inc.
Chevron Corp.
United Parcel Service, Inc. Class B
Cie Financiere Richemont S.A.
EMC Corp.
Prudential PLC
L Brands, Inc.
CBS Corp. Class B
Oracle Corp.
Johnson & Johnson
News Corp. Class A
Iron Mountain, Inc.
AIA Group, Ltd.
Boeing Co.
C.H. Robinson Worldwide, Inc.
U.S. Bancorp
MGM Resorts International
Prada SpA
Turquoise Hill Resources, Ltd.
Microsoft Corp.
Verizon Communications, Inc.
Union Pacific Corp.
SPDR S&P 500 ETF Trust
Pernod-Ricard S.A.
Unilever PLC
Shares or
Principal
Amount
Proceeds
53,074
195,382
369,830
150,440
192,504
174,690
216,712
583,507
229,105
795,473
244,502
244,775
353,472
111,807
336,284
252,184
2,077,400
86,675
8,700,000
141,523
121,521
88,836
77,818
86,443
74,914
152,857
353,113
591,300
854,899
67,789
180,446
100,325
31,735
28,587
37,968
112,666
23,896,313
23,359,905
20,223,461
17,841,439
16,656,763
15,699,526
15,654,865
13,763,393
13,637,632
13,555,570
12,467,410
11,792,740
11,575,718
10,034,533
9,908,903
9,853,715
9,270,565
9,070,993
8,700,000
8,270,797
7,011,316
6,983,452
6,821,128
6,410,974
6,386,997
5,625,870
5,612,978
5,547,824
5,480,469
5,365,247
5,260,978
5,002,466
4,967,714
4,769,640
4,618,846
4,478,726
JANUS US VENTURE FUND

iShares Russell 2000 Growth Index Fund ETF

SS&C Technologies Holdings, Inc.
Broadridge Financial Solutions, Inc.
Blackbaud, Inc.
Wolverine World Wide, Inc.
RealPage, Inc.
Polypore International, Inc.
Dresser-Rand Group, Inc.
Kennametal, Inc.
WESCO International, Inc.
Solera Holdings, Inc.
Carters, Inc.
Advent Software, Inc.
Wabtec Corp.
HUB Group, Inc. Class A
Jones Lang LaSalle, Inc.
Ritchie Bros Auctioneers, Inc. (U.S. Shares)
Techne Corp.
HEICO Corp. Class A
Atmel Corp.
LPL Financial Holdings, Inc.
Hibbett Sports, Inc.
Shares or
Principal
Amount
Cost
176,700
19,200,000
216,114
260,517
186,559
114,972
368,661
234,091
125,862
85,158
110,586
65,490
80,081
71,324
145,144
49,965
107,930
44,864
200,307
58,153
107,999
535,343
96,328
69,880
20,682,554
19,199,947
7,001,139
6,874,321
6,050,811
5,230,546
5,190,304
4,953,833
4,948,077
4,920,320
4,908,788
4,723,724
4,511,459
4,498,265
4,424,728
4,247,127
4,129,483
4,081,704
4,081,204
3,979,787
3,970,140
3,914,414
3,854,735
3,835,447

iShares Russell 2000 Growth Index Fund ETF
International Rectifier Corp.
K12, Inc.
Broadridge Financial Solutions, Inc.
Yelp, Inc.
Quiksilver, Inc.
Surgical Care Affiliates, Inc.
World Fuel Services Corp.
Envestnet, Inc.
Deckers Outdoor Corp.
Conceptus, Inc.
Copano Energy LLC
Stratasys, Ltd.
Monro Muffler Brake, Inc.
LivePerson, Inc.
PAA Natural Gas Storage L.P.
MarketAxess Holdings, Inc.
Incyte Corp., Ltd.
Techne Corp.
Euronet Worldwide, Inc.
Fox Factory Holding Corp.
Resources Connection, Inc.
ExamWorks Group, Inc.
Financial Engines, Inc.
Landstar System, Inc.
Seattle Genetics, Inc.
SodaStream International, Ltd.
Caseys General Stores, Inc.
Potbelly Corp.
Shares or
Principal
Amount
Proceeds
19,200,000
115,400
195,861
142,553
136,495
73,921
447,143
116,798
76,722
111,397
50,990
85,761
61,624
28,748
50,432
256,222
104,876
41,224
64,361
26,080
65,631
116,113
187,527
81,788
44,018
33,879
42,690
28,099
27,847
48,281
19,200,000
13,850,924
4,434,281
3,810,420
3,758,592
3,455,189
3,319,211
3,272,786
3,072,838
3,053,909
2,718,094
2,654,971
2,525,283
2,508,014
2,495,254
2,444,527
2,386,832
2,233,280
2,190,889
2,168,118
2,135,739
2,094,354
2,067,013
2,052,581
2,003,391
1,873,817
1,810,801
1,720,028
1,653,727
1,584,159
227

PERKINS GLOBAL VALUE FUND
Wells Fargo & Co.

Microsoft Corp.
Johnson & Johnson
America Movil S.A.B. de C.V.
Royal Dutch Shell PLC Class A
PepsiCo, Inc.
PPL Corp.
Tesco PLC
BP PLC
Novartis A.G.
Oracle Corp.
GlaxoSmithKline PLC
Danone S.A.
Swedish Match A.B.
Procter & Gamble Co.
CIT Group, Inc.
Rogers Communications, Inc. Class B
Vivendi S.A.
G4S PLC
Molson Coors Brewing Co. Class B
Nestle S.A.
Pfizer, Inc.
Sysco Corp.
BB&T Corp.
Two Harbors Investment Corp.
Stryker Corp.
Orkla A.S.A.
Total S.A.
Roche Holding A.G.
General Dynamics Corp.
Grupo Televisa S.A.B.
Unilever N.V.
NTT DOCOMO, Inc.
Vodafone Group PLC
Shares or
Principal
Amount
Cost
74,772
85,663
32,946
2,785,771
90,617
34,929
96,663
525,417
62,957
37,860
83,419
2,800,000
104,310
35,833
78,895
29,116
46,466
50,536
93,279
530,459
41,539
29,230
66,927
62,064
59,195
208,654
27,440
245,947
31,804
6,756
20,799
61,747
37,277
62,259
430,810
3,220,581
3,118,645
3,055,244
3,054,093
3,025,003
2,937,097
2,920,623
2,912,237
2,878,108
2,872,785
2,844,333
2,799,992
2,716,620
2,607,794
2,505,254
2,402,618
2,251,526
2,236,672
2,166,219
2,163,043
2,156,916
2,068,977
2,065,115
2,064,331
2,048,126
1,990,467
1,966,107
1,929,063
1,784,939
1,779,826
1,778,023
1,705,444
1,441,998
1,373,765
1,362,913
Shares or
Principal
Amount
Cost
Shares or
Principal
Amount
Proceeds
43,600,000
155,000
240,000
215,000
260,000
170,000
120,973
211,100
255,000
310,000
45,000
147,506
145,000
166,300
256,651
164,198
155,000
185,000
120,000
140,000
140,000
105,000
80,000
43,599,879
11,420,701
9,260,414
9,214,377
8,862,211
8,813,964
8,458,294
8,436,043
8,157,577
7,883,106
7,028,085
6,542,719
6,020,496
5,888,367
5,883,005
5,490,583
5,429,048
5,280,082
4,945,544
4,858,688
4,823,096
4,802,739
4,716,831

Vodafone Group PLC
Lear Corp.
Applied Materials, Inc.
PNC Financial Services Group, Inc.
Jacobs Engineering Group, Inc.
Western Union Co.
Everest Re Group, Ltd.
Harris Teeter Supermarkets, Inc.
Devon Energy Corp.
Charles River Laboratories International, Inc.
Kroger Co.
Norfolk Southern Corp.
Robert Half International, Inc.
Exelon Corp.
Ameriprise Financial, Inc.
State Street Corp.
Goldcorp, Inc.
Stanley Black & Decker, Inc.
McKesson Corp.
Reinsurance Group of America, Inc.
Unilever PLC
43,600,000
120,000
270,000
125,000
550,000
115,000
135,000
430,000
50,000
150,000
120,000
131,600
230,000
85,000
166,300
190,000
75,000
98,800
195,000
61,000
40,000
80,000
125,000
43,600,000
9,844,309
8,994,383
8,187,137
7,825,450
7,775,083
7,437,800
7,228,952
7,028,532
6,949,683
6,630,575
6,505,729
6,370,186
6,309,001
6,265,820
6,162,050
6,061,099
5,991,859
5,477,382
5,438,868
5,400,919
5,356,072
5,049,427

Western Union Co.
WellPoint, Inc.
Vodafone Group PLC
Total S.A.
Aetna, Inc.
SK Telecom Co., Ltd.
First Niagara Financial Group, Inc.
Vivendi S.A.
Washington Federal, Inc.
Fulton Financial Corp.
Kose Corp.
Diebold, Inc.
Furusato Industries, Ltd.
GDF Suez
Hancock Holding Co.
Hirose Electric Co., Ltd.
POSCO
Stryker Corp.
Secom Co., Ltd.
QEP Resources, Inc.
Pfizer, Inc.
Novartis A.G.
Shares or
Principal
Amount
Proceeds
2,800,000
37,065
7,146
189,932
10,172
7,793
2,169
42,463
5,040
16,269
17,495
28,879
11,900
10,505
25,500
12,177
7,295
1,600
602
2,228
2,700
5,340
4,531
1,821
2,800,000
669,069
638,730
628,952
616,888
519,377
461,642
461,234
451,164
421,329
403,081
380,056
359,053
339,867
314,905
309,955
260,133
221,964
183,424
163,793
162,556
152,161
144,103
138,720
PERKINS US STRATEGIC VALUE FUND


Accenture PLC Class A (U.S. Shares)
Marsh & McLennan Cos, Inc.
Raymond James Financial, Inc.
Republic Services, Inc.
Citigroup, Inc.
Baxter International, Inc.
First Republic Bank
Oracle Corp.
EMC Corp.
Union Pacific Corp.
Rogers Communications, Inc. Class B
ADT Corp.
Robert Half International, Inc.
Plains GP Holdings L.P. Class A
Babcock & Wilcox Co.
Owens & Minor, Inc.
Weyerhaeuser Co.
Wells Fargo & Co.
Autodesk, Inc.
Synopsys, Inc.
CIT Group, Inc.
Nordstrom, Inc.
228
INTECH GLOBAL DIVIDEND FUND(a)

Shares or
Principal
Amount
Cost
Hewlett-Packard Co.
Bristol-Myers Squibb Co.
Reed Elsevier N.V.
Lorillard, Inc.
British Sky Broadcasting Group PLC
Genuine Parts Co.
Lockheed Martin Corp.
Roche Holding A.G.
ITOCHU Corp.
Woolworths, Ltd.
BHP Billiton, Ltd.
Compagnie Generale des Etablissements Michelin Class B
Northrop Grumman Corp.
General Mills, Inc.
Cisco Systems, Inc.
Legal & General Group PLC
Siemens A.G.
Fortum Oyj
Raytheon Co.
Delhaize Group
Takeda Pharmaceutical Co., Ltd.
Sampo Oyj Class A
Campbell Soup Co.
CA, Inc.
Mattel, Inc.
Bank of Montreal
Sonic Healthcare, Ltd.
ConAgra Foods, Inc.
Paychex, Inc.
Nippon Telegraph & Telephone Corp.
31,500
15,400
54,218
29,696
11,600
40,005
6,912
6,000
3,700
1,877
37,300
13,346
12,244
3,858
4,300
8,500
18,900
119,815
2,739
14,877
4,500
5,189
7,000
8,102
7,700
10,600
7,200
4,800
2,565
21,536
9,100
7,500
5,600
742,648
732,273
665,536
601,422
589,329
521,029
501,443
466,686
460,785
456,287
447,058
421,022
411,001
410,987
410,091
404,799
399,634
378,290
356,291
346,593
344,436
339,551
337,640
335,665
332,293
327,633
324,291
316,429
310,420
306,169
305,850
297,933
297,057
Shares or
Principal
Amount
Cost
20,100
28,800
20,100
24,300
9,100
11,500
29,200
32,900
3,700
28,300
88,300
31,400
18,200
12,500
43,400
8,100
30,400
34,300
9,800
19,500
1,964,845
1,905,715
1,423,929
1,307,045
1,176,145
1,071,478
1,068,627
975,977
970,093
963,071
955,707
924,838
915,540
904,891
902,340
857,046
851,889
821,477
809,046
804,294
Shares or
Principal
Amount
Proceeds
Hewlett-Packard Co.
Westpac Banking Corp.
ConAgra Foods, Inc.
Telstra Corp, Ltd.
Astellas Pharma, Inc.
Eli Lilly & Co.
Genuine Parts Co.
Power Assets Holdings, Ltd.
ITOCHU Corp.
Commonwealth Bank of Australia
Sanofi
Woolworths, Ltd.
Brambles, Ltd.
Safeway, Inc.
Delhaize Group
Takeda Pharmaceutical Co., Ltd.
Atlantic SpA
Ono Pharmaceutical Co., Ltd.
H&R Block, Inc.
HJ Heinz Co.
Shaw Communications, Inc. Class B
Mattel, Inc.
ProSiebenSat.1 Media A.G.
NYSE Euronext
ACS Actividades de Construccion y Servicios S.A.
IntercontinentalExchange Group, Inc.
Shionogi & Co., Ltd.
IMMOFINANZ A.G.
Seagate Technology PLC
Eaton Corp.
Compagnie Generale des Etablissements Michelin Class B
Fresnillo PLC
34,800
58,583
26,068
19,900
5,500
115,385
10,400
10,600
6,100
58,000
38,900
6,930
4,330
13,417
47,829
11,000
5,829
7,900
16,452
4,700
12,100
4,500
12,900
6,800
6,610
7,700
9,160
30,551
1,318
15,200
67,726
5,300
4,000
3,161
15,360
840,539
732,755
726,361
694,240
615,085
536,389
524,942
508,276
502,478
472,995
457,030
446,980
441,505
413,046
392,049
379,791
368,192
367,031
364,512
360,090
345,949
325,962
317,361
311,110
305,603
304,442
291,597
289,188
288,462
287,602
279,306
269,839
264,637
264,274
258,579
Shares or
Principal
Amount
Proceeds
6,600
41,300
37,100
10,000
22,700
36,000
36,600
24,100
19,500
5,100
12,000
30,300
23,000
22,600
21,100
11,500
12,800
40,600
23,000
30,000
3,181,806
2,613,436
1,916,438
1,806,971
1,383,056
1,363,959
1,309,563
1,189,700
1,183,708
1,141,665
1,086,848
1,076,488
1,059,067
1,050,468
1,045,003
1,010,941
1,010,802
968,138
956,764
953,101
INTECH US CORE FUND


State Street Corp.
Cigna Corp.
Delphi Automotive PLC
Lockheed Martin Corp.
Ameriprise Financial, Inc.
Kroger Co.
Weyerhaeuser Co.
BlackRock, Inc.
ConAgra Foods, Inc.
Boston Scientific Corp.
Mylan, Inc.
Walgreen Co.
Life Technologies Corp.
Electronic Arts, Inc.
Boeing Co.
H&R Block, Inc.
SLM Corp.
Dover Corp.
NYSE Euronext
Apple, Inc.
Ross Stores, Inc.
TJX Cos., Inc.
Sherwin-Williams Co.
Wyndham Worldwide Corp.
Gap, Inc.
Williams Cos., Inc.
Fastenal Co.
Walt Disney Co.
Biogen Idec, Inc.
Exxon Mobil Corp.
AT&T, Inc.
ONEOK, Inc.
Comcast Corp. Class A
Home Depot, Inc.
CA, Inc.
Valero Energy Corp.
BB&T Corp.
229

JANUS GLOBAL REAL ESTATE FUND

Boston Properties, Inc.
Nippon Prologis REIT, Inc.
Digital Realty Trust, Inc.
Post Properties, Inc.
Clubcorp Holdings, Inc.
LEG Immobilien A.G.
AvalonBay Communities, Inc.
Astro Japan Property Group
Kennedy-Wilson Holdings, Inc.
American Capital Agency Corp.
Chatham Lodging Trust
DDR Corp.
Simon Property Group, Inc.
Iguatemi Empresa de Shopping Centers S.A.
Mid-America Apartment Communities, Inc.
Northstar Realty Finance Corp.
Brookfield Asset Management, Inc. Class A (U.S. Shares)
Starwood Property Trust, Inc.
Lexington Realty Trust
Shares or
Principal
Amount
Cost
5,700,000
51,620
35,566
471
65,213
66,040
204,449
49,282
20,572
811,119
161,963
81,836
151,137
118,909
13,827
200,700
32,060
217,590
56,497
72,910
159,531
5,699,984
3,828,045
3,758,405
3,433,714
3,327,988
3,188,599
2,862,286
2,806,915
2,774,600
2,594,664
2,517,331
2,465,755
2,361,964
2,247,380
2,245,969
2,214,713
2,181,425
2,088,864
2,013,168
1,936,641
1,867,825
Shares or
Principal
Amount
Cost
100,898,000
89,778,000
86,469,000
81,522,000
59,547,000
55,770,000
54,642,000
51,285,000
48,868,000
44,575,000
39,548,000
31,468,000
29,854,200
29,095,000
16,427,326
17,500,000
17,317,000
17,486,000
16,328,000
13,530,011
104,047,822
89,512,261
83,772,256
72,988,278
60,610,974
55,205,958
54,526,554
51,214,955
48,213,675
44,531,583
39,582,909
31,405,619
29,788,610
28,499,387
18,031,044
17,499,951
17,061,123
16,506,926
16,313,616
15,668,880

DDR Corp.
Parkway Properties, Inc.
Lexington Realty Trust
Coresite Realty Corp.
Camden Property Trust
Fibra Uno Administracion S.A. de C.V.
Overseas Union Enterprise, Ltd.
Mapletree Logistics Trust
Kite Realty Group Trust
HCP, Inc.
Shui On Land, Ltd.
EPR Properties
UDR, Inc.
Vornado Realty Trust
Japan Hotel REIT Investment Corp.
Health Care REIT, Inc.
BR Properties S.A.
Ventas, Inc.
Countrywide PLC
DiamondRock Hospitality Co.
Brixmor Property Group, Inc.
Westfield Group
Nippon Prologis REIT, Inc.
Deutsche Wohnen A.G.
LTC Properties, Inc.
American Capital Agency Corp.
Shares or
Principal
Amount
Proceeds
5,700,000
219,099
154,797
217,723
78,097
33,909
761,200
924,000
2,231,600
329,981
49,230
4,090,000
38,120
75,748
20,657
3,972
29,129
202,800
22,870
156,218
143,450
60,137
542,500
96,411
112
55,674
20,690
34,113
5,700,000
3,526,435
2,821,764
2,583,579
2,535,576
2,489,652
2,285,430
2,121,643
2,058,526
2,051,793
1,997,454
1,952,222
1,944,466
1,889,663
1,877,044
1,816,893
1,801,728
1,651,348
1,480,470
1,417,731
1,409,522
1,218,082
1,125,876
1,115,063
1,076,591
1,027,885
823,173
768,075
JANUS FLEXIBLE INCOME FUND


Hilton Hotels Corp.
Fannie Mae Pool, 4.5000%, due 1/6/43
Freddie Mac Gold Pool, 6.0000%, due 1/4/40
230

Hilton Hotels Corp.
Banc of America Large Loan Trust, 2.5060%,
due 15/11/15
Shares or
Principal
Amount
Proceeds
100,898,000
86,469,000
81,522,000
59,547,000
54,642,000
51,285,000
51,055,000
50,225,000
48,868,000
44,575,000
42,862,000
42,364,000
36,131,000
34,901,000
29,854,200
28,120,000
27,591,000
27,575,000
102,213,590
80,694,046
71,677,223
60,385,250
54,508,236
51,185,262
49,793,574
49,365,569
48,010,224
44,541,156
42,923,373
42,392,862
36,129,185
34,971,528
29,854,200
29,398,308
27,736,581
26,094,670
25,488,000
22,800,000
23,204,282
22,903,135
JANUS GLOBAL FLEXIBLE INCOME FUND


Portuguese Government Bond, 3.6000%, due 15/10/14
New Zealand Government Bond, 6.0000%, due 15/4/15
Spain Government Bond, 2.7500%, due 31/3/15
Mexican Government Bond, 8.0000%, due 7/12/23
LyondellBasell Industries N.V., 5.0000%, senior unsecured
notes, due 15/4/19
Italian Government Bond, 4.7500%, due 1/9/21
Irish Government Bond, 4.5000%, 3.9000%, due 20/3/23
New Zealand Government Bond, 5.5000%, due 15/4/23
BRF S.A., 3.9500%, senior unsecured notes, due 22/5/23
Shares or
Principal
Amount
Cost
876,000
645,000
661,000
611,000
564,000
453,000
386,000
260,000
312,000
215,000
289,000
342,000
199,000
2,750,000
876,752
665,436
659,106
611,187
504,001
448,500
380,977
347,188
311,380
289,312
288,718
286,600
264,082
255,829
200,000
143,000
139,000
153,000
151,000
143,000
200,000
145,000
222,000
200,000
193,000
222,178
213,443
210,871
206,093
201,508
200,657
199,999
199,246
199,140
198,800
196,057

Ginnie Mae, 5.5000%, due 20/5/41
notes, due 15/4/19
Malaysia Government Bond, 4.2620%, due 15/9/16
Ford Motor Credit Co. LLC, 8.1250%, senior unsecured
notes, due 15/1/20
Brazilian Government International Bond, 8.5000%,
due 5/1/24
Shares or
Principal
Amount
Proceeds
876,000
645,000
611,000
497,000
564,000
453,000
739,000
386,000
260,000
3,500,000
289,000
2,750,000
171,000
227,000
876,458
654,917
611,732
499,300
495,145
444,233
408,708
379,579
360,684
313,013
288,902
247,906
235,552
227,625
200,000
670,000
151,000
224,847
223,245
211,177
160,000
207,909
350,000
200,000
206,108
200,000
JANUS GLOBAL HIGH YIELD FUND


SUPERVALU, Inc., 6.7500%, senior unsecured notes,
due 1/6/21
Linn Energy LLC / Linn Energy Finance Corp., 6.5000%,
company guaranteed notes, due 15/5/19
NGL Energy Partners L.P. / NGL Finance Energy Corp.,
6.8750%, company guaranteed notes, due 15/10/21
Chesapeake Energy Corp., 6.1250%, company guaranteed
notes, due 15/2/21
AG Spring Finance, Ltd., 7.5000%, senior secured notes,
due 1/6/18
Jaguar Land Rover Automotive PLC, 8.2500%, company
Maxim Crane Works L.P., 10.2500%, due 6/11/18
Renault S.A., 4.6250%, senior unsecured notes,
due 18/9/17
Bakkavor Finance 2 PLC, 8.7500%, senior secured notes,
due 15/6/20
CMA CGM S.A., 8.7500%, senior unsecured notes,
due 15/12/18
Capsugel Finance, Co., S.C.A., 9.8750%, company
Schaeffler Holding, 6.8750%, senior secured notes,
due 15/8/18
Cemex S.A.B. de C.V. (ADR), 4.9989%, senior secured
notes, due 15/10/18
Biomet, Inc., 6.5000%, company guaranteed notes,
due 1/8/20
Tenet Healthcare Corp., 8.1250%, senior unsecured notes,
due 1/4/22
Intelsat Luxembourg S.A., 7.7500%, company guaranteed
notes, due 1/6/21
Campofrio Food Group S.A., 8.2500%, company
Ahern Rentals, Inc., 9.5000%, secured notes, due 15/6/18
Landrys, Inc., 9.3750%, senior notes, due 1/5/20
Shares or
Principal
Amount
Cost
2,200,000
2,199,994
1,212,000
1,209,736
1,130,000
1,165,967
1,108,000
1,121,651
990,000
1,063,674
736,000
1,012,375
550,000
1,012,000
1,003,636
996,820
631,000
893,979
516,000
831,226
598,000
803,055
525,000
800,714
560,000
767,176
762,000
762,000
687,000
741,104
691,000
719,050
662,000
704,234
470,000
634,000
613,000
677,836
675,565
673,564
Shares or
Principal
Amount

2,200,000
Numericable Finance & Co., SCA, 8.7500%, senior
secured notes, due 15/2/19
625,000
due 18/9/17
631,000
Bakkavor Finance 2 PLC, 8.7500%, senior secured notes,
due 15/6/20
516,000
Beverage Packaging Holdings Luxembourg II S.A.,
9.5000%, secured notes, due 15/6/17
500,000
Campofrio Food Group S.A., 8.2500%, company
470,000
Quiksilver, Inc., 6.8750%, company guaranteed notes,
due 15/4/15
643,000
WEPA Hygieneprodukte GmbH, 6.5000%, senior secured
notes, due 15/5/20
407,000
Fiat Finance & Trade S.A., 6.6250%, company guaranteed
notes, due 15/3/18
405,000
Smithfield Foods, Inc., 6.6250%, senior unsecured notes,
due 15/8/22
480,000
Clear Channel Worldwide Holdings, Inc., 6.5000%,
484,000
SoftBank Corp., 4.5000%, company guaranteed notes,
due 15/4/20
518,000
VPI Escrow Corp., 6.3750%, company guaranteed notes,
due 15/10/20
470,000
Stater Brothers Holdings, Inc., 7.3750%, company
455,000
Ardagh Packaging Finance PLC / Ardagh Holdings USA,
Inc., 5.0000%, senior secured notes, due 15/11/22
380,000
Telenet Finance V Luxembourg SCA, 6.2500%, senior
secured notes, due 15/8/22
335,000
Pilgrims Pride Corp., 7.8750%, company guaranteed notes,
due 15/12/18
407,000
Blackboard, Inc., 11.5000%, due 4/4/19
438,000
Forest Oil Corp., 7.5000%, company guaranteed notes,
due 15/9/20
436,000
ConvaTec Healthcare E S.A., 10.5000%, company
375,000
Proceeds
2,200,000
998,734
940,642
937,546
733,101
670,968
657,735
593,373
546,333
544,263
521,402
509,972
504,032
500,291
498,986
476,687
452,953
438,000
431,417
430,922
231

JANUS GLOBAL INVESTMENT GRADE BOND FUND
Shares or
Principal
Amount

778,000
BBVA U.S. Senior SAU, 4.6640%, bank guaranteed notes,
due 9/10/15
1,022,000
notes, due 15/4/19
953,000
Santander U.S. Debt SAU, 3.7810%, bank guaranteed
notes, due 7/10/15
1,000,000
BBVA Senior Finance SAU, 4.3750%, bank guaranteed
notes, due 21/9/15
700,000
due 18/9/17
684,000
BBVA U.S. Senior SAU, 3.7500%, bank guaranteed notes,
due 17/1/18
700,000
Goldman Sachs Group, Inc., 2.3750%, senior unsecured
notes, due 22/1/18
922,000
JPMorgan Chase & Co., 5.1500%, subordinated notes,
due 1/10/15
830,000
Morgan Stanley, 4.7500%, senior unsecured notes,
due 22/3/17
831,000
Royal Bank of Scotland Group PLC, 6.1000%,
subordinated notes, due 10/6/23
875,000
Verizon Communications, Inc., 5.1500%, senior unsecured
notes, due 15/9/23
819,000
El Paso LLC, 7.0000%, senior secured notes, due 15/6/17
750,000
Bank of Ireland, 2.7500%, senior unsecured notes,
due 5/6/16
619,000
Bank of America Corp., 8.0000%, junior subordinated
notes, due 29/12/49
694,000
notes, due 15/6/21
779,000
ABC Supply Co.
770,000
notes, due 20/9/22
735,000
Bank of America Corp., 4.1000%, senior unsecured notes,
due 24/7/23
746,000
Pernod-Ricard S.A., 4.8750%, senior unsecured notes,
due 18/3/16
500,000
232
Cost
1,327,677
1,070,096
1,054,561
1,031,563
969,097
954,059
937,689
920,243
910,658
910,398
883,442
828,314
807,854
792,188
791,980
780,272
769,550
751,316
745,396
741,227

BBVA Senior Finance SAU, 4.3750%, bank guaranteed
notes, due 21/9/15
due 22/3/17
Express Scripts Holding Co., 2.6500%, company
Santander International Debt SAU, 4.5000%, bank
Bank of Ireland, 2.7500%, senior unsecured notes,
due 5/6/16
El Paso LLC, 7.0000%, senior secured notes, due 15/6/17
notes, due 15/1/15
ABC Supply Co.
due 24/7/23
Governor & Co. of the Bank of Ireland, 4.0000%, junior
Comcast Corp., 4.6500%, company guaranteed notes, due
15/7/42
Apple, Inc., 3.8500%, senior unsecured notes, due 4/5/43
ADT Corp., 4.1250%, senior unsecured notes, due 15/6/23
Verisk Analytics, Inc., 4.1250%, company guaranteed
notes, due 12/9/22
United Technologies Corp., 4.5000%, senior unsecured
notes, due 1/6/42
Qwest Communications International, Inc., 7.1250%,
Ingersoll-Rand Global Holding Co., Ltd., 4.2500%,
due 2/11/15
due 12/7/16
Shares or
Principal
Amount
Proceeds
778,000
1,382,452
700,000
1,004,782
859,000
949,760
878,000
907,908
600,000
840,053
619,000
750,000
832,490
824,167
750,000
770,000
776,503
768,075
746,000
749,309
505,000
741,886
746,000
766,000
717,000
691,886
662,353
652,489
642,000
643,199
657,000
637,783
590,000
620,584
591,000
600,278
565,000
591,591
530,000
570,796
JANUS HIGH YIELD FUND

Shares or
Principal
Amount

26,900,000
notes, due 15/2/21
16,367,000
SUPERVALU, Inc., 6.7500%, senior unsecured notes,
due 1/6/21
16,578,000
due 15/4/20
15,637,000
Maxim Crane Works L.P., 10.2500%, due 6/11/18
13,580,000
Sprint Communications, Inc., 7.0000%, senior unsecured
notes, due 15/8/20
11,816,000
Dish DBS Corp., 5.1250%, company guaranteed notes,
due 1/5/20
13,221,000
CommScope Holding Co., Inc., 6.6250%, senior unsecured
notes, due 1/6/20
12,405,000
Extended Stay America, Inc., 9.6150%, due 1/12/19
12,000,000
Extended Stay America Trust SA 2013-ESHM MC,
7.6250%, due 5/12/19
12,005,000
Intelsat Luxembourg S.A., 7.7500%, company guaranteed
notes, due 1/6/21
11,339,000
EOP Mezzanine Term Loan
10,000,000
PBF Holding Co. LLC / PBF Finance Corp., 8.2500%,
senior secured notes, due 15/2/20
9,528,000
FAGE Dairy Industry S.A. / FAGE USA Dairy Industry, Inc.,
9,084,000
Banco Bilbao Vizcaya Argentaria S.A., 9.0000%, junior
10,000,000
NGL Energy Partners L.P. / NGL Finance Energy Corp.,
9,711,000
TW Telecom Holdings, Inc., 6.3750%, company
9,708,000
Western Refining, Inc., 6.2500%, company guaranteed
notes, due 1/4/21
9,313,000
notes, due 15/3/23
9,406,000
Realogy Group LLC
9,406,707
Cost
26,899,925
17,643,347
16,577,902
15,828,176
13,376,300
13,306,012
13,305,746
12,472,026
12,366,600
12,310,586
11,910,244
10,487,500
10,395,253
10,290,251
10,061,850
9,716,816
9,708,000
9,502,780
Shares or
Principal
Amount

26,900,000
Blackboard, Inc., 11.5000%, due 4/4/19
16,889,000
due 15/4/20
15,637,000
Smithfield Foods, Inc., 6.6250%, senior unsecured notes,
due 15/8/22
11,595,000
VPI Escrow Corp., 6.3750%, company guaranteed notes,
due 15/10/20
12,171,000
Hilton Hotels Corp., 3.9590%, due 12/11/15
12,740,000
TransDigm, Inc., 5.5000%, company guaranteed notes,
due 15/10/20
11,851,000
Crosstex Energy L.P. / Crosstex Energy Finance Corp.,
10,371,000
Pilgrims Pride Corp., 7.8750%, company guaranteed notes,
due 15/12/18
10,387,000
Cenveo Corp., 8.8750%, secured notes, due 1/2/18
11,268,000
MGM Resorts International, 4.2500%, company guaranteed
notes, due 15/4/15
8,279,000
HCA, Inc., 6.5000%, senior secured notes, due 15/2/20
9,472,000
SL Green Realty Corp./SL Green Operating Partnership/
Reckson Operating Partnership, 7.7500%, senior
unsecured notes, due 15/3/20
8,055,000
EOP Mezzanine Term Loan
10,000,000
Caesars Entertainment Corp., 9.2500%, due 25/4/17
9,626,000
Realogy Group LLC
9,406,707
Level 3 Communications, Inc., 11.8750%, senior
7,938,000
Life Technologies Corp, 6.0000%, senior unsecured notes,
due 1/3/20
7,774,000
FMG Resources August 2006 Pty, Ltd., 6.8750%, company
8,748,000
Western Refining, Inc., 6.2500%, company guaranteed
notes, due 1/4/21
8,578,000
Proceeds
26,900,000
16,889,000
15,160,259
13,166,801
13,067,275
12,711,868
12,524,396
11,581,238
11,566,506
11,544,499
10,394,672
10,221,347
10,177,880
10,000,000
9,626,000
9,492,234
9,347,776
9,153,932
8,861,034
8,671,003
9,406,000
9,335,373
233

JANUS US SHORT-TERM BOND FUND

General Motors Co., 3.5000%, senior unsecured notes,
due 2/10/18
CIT Group, Inc., 4.7500%, senior unsecured notes,
due 15/2/15
Banc of America Large Loan Trust, 2.5060%, due 15/11/15
notes, due 15/4/19
due 11/1/16
Bank of America Corp., 1.2500%, senior unsecured
notes, 11/1/18
Pilgrims Pride Corp., 7.8750%, company guaranteed
notes, due 15/12/18
Intesa Sanpaolo SpA, 3.1250%, bank guaranteed
notes, due 15/1/16
Sprint Nextel Corp., 6.0000%, senior unsecured
notes, due 1/12/16
Crosstex Energy L.P. / Crosstex Energy Finance Corp.,
Perrigo Co., 1.3000%, company guaranteed notes,
due 8/11/16
Verizon Communications, Inc., 2.5000%, senior
234
Shares or
Principal
Amount
Cost
28,123,000
17,100,000
13,085,000
9,963,000
9,654,000
9,654,000
9,332,000
7,720,000
28,160,833
17,099,953
13,178,332
9,954,167
9,651,903
9,645,745
9,320,007
7,727,741
7,491,000
7,118,000
7,517,348
7,096,975
6,389,000
7,394,942
6,654,641
6,631,542
5,090,000
5,793,082
5,732,000
5,724,178
5,358,000
5,349,909
4,715,000
5,250,273
5,020,000
5,020,998
4,551,000
4,967,156
4,452,000
4,917,000
4,948,259
4,904,529
4,837,000
4,757,000
4,841,995
4,783,958
4,736,000
4,535,000
4,765,553
4,506,086

Rouse Co. LLC, 6.7500%, senior unsecured notes,
due 9/11/15
Banc of America Large Loan Trust, 2.5060%,
due 15/11/15
notes, due 15/4/19
AbbVie, Inc., 1.2000%, company guaranteed notes,
due 6/11/15
guaranteed notes, due 12/2/15 (144A)
Canadian Imperial Bank of Commerce, 1.4500%, senior
Crown Castle Holdings LLC, 2.3810%, senior secured
notes, due 15/12/17
Kraft Foods, Inc., 2.6250%, senior unsecured notes,
due 8/5/13
Bank of America Corp., 1.2500%, senior unsecured
notes, 11/1/18
URS Corp., 3.8500%, company guaranteed notes,
due 1/4/17
Shares or
Principal
Amount
Proceeds
39,227,000
17,100,000
39,274,011
17,100,000
11,324,000
11,767,082
13,105,942
11,707,874
11,299,000
11,439,000
8,153,000
11,693,694
11,430,794
8,175,851
6,362,000
7,118,000
7,176,541
7,165,294
6,592,000
6,671,690
5,898,000
6,024,927
5,832,000
5,751,000
5,551,000
5,871,799
5,765,833
5,569,787
5,448,000
5,513,458
5,407,000
5,474,583
5,358,000
5,185,000
5,327,217
5,193,415
4,698,000
4,917,000
4,966,621
4,882,544
Portfolio Turnover Rates

The following table provides the portfolio turnover rate (PTR) for each Fund which has been launched. The PTR provides an
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
Turnover
Rate
Fund Name Portfolio
Janus Asia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Janus Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Emerging Markets Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Europe Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Life Sciences Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US All Cap Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Research Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Twenty Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus US Venture Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Perkins Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Perkins US Strategic Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH Global Dividend Fund(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTECH US Core Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Global Diversified Alternatives Fund(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(170.39)%
(134.13)%
(33.38)%
(265.29)%
(200.25)%
(153.44)%
(235.42)%
1.91%
(4.14)%
(184.35)%
(30.61)%
(240.26)%
(424.98)%
(65.13)%
(192.73)%
(25.66)%
N/A
(101.37)%
(35.43)%
(12.95)%
(97.78)%
(133.71)%
(46.49)%
(101.79)%
235
Report of the Custodian to the Shareholders

We have enquired into the conduct of the Company for the
period 1 January 2013 to 30 April 2013, in our capacity as
custodian to the Company.
This report including the opinion has been prepared for and
solely for the Shareholders in the Company, in accordance
with the Central Banks UCITS Notice 4, and for no other
purpose. We do not, in giving this opinion, accept or assume
responsibility for any other purpose or to any other person to
whom this report is shown.
R ESPONSIBILITIES OF THE CUSTODIAN
Our duties and responsibilities are outlined in the Central
Banks UCITS Notice 4. One of those duties is to enquire into
the conduct of the Company in each annual accounting year
and report thereon to the Shareholders.
Our report shall state whether, in our opinion, the Company has
been managed in the period 1 January 2013 to 30 April 2013
in accordance with the provisions of the Articles of Association
and the UCITS Regulations. It is the overall responsibility of
the Company to comply with these provisions. If the Company
has not so complied, we as Custodian must state why this is the
case and outline the steps which we have taken to rectify the
situation.
as outlined in UCITS Notice 4 and to ensure that, in all material

respects, the Company has been managed (i) in accordance
with the limitations imposed on its investment and borrowing
powers by the provisions of its constitutional documentation
and the appropriate regulations and (ii) otherwise in accordance
with the Companys constitutional documentation and the
appropriate regulations.
OPINION
In our opinion, the Company has been managed during the
period 1 January 2013 to 30 April 2013, in all material respects:
(i) in accordance with the limitations imposed on the
investment and borrowing powers of the Company by the
Articles of Association and by the UCITS Regulations; and
(ii) otherwise in accordance with the provisions of the Articles
of Association and the UCITS Regulations.
BASIS OF CUSTODIAN OPINION

The Custodian conducts such reviews as it, in its reasonable
opinion, considers necessary in order to comply with its duties
236
Brown Brothers Harriman Trustee Services (Ireland) Limited

16 April 2014
Report of the Custodian to the Shareholders

We have enquired into the conduct of the Company for the
period 1 May 2013 to 31 December 2013, in our capacity as
custodian to the Company.
This report including the opinion has been prepared for and
solely for the Shareholders in the Company, in accordance
with the Central Banks UCITS Notice 4, and for no other
purpose. We do not, in giving this opinion, accept or assume
whom this report is shown.
R ESPONSIBILITIES OF THE CUSTODIAN
Our duties and responsibilities are outlined in the Central
Banks UCITS Notice 4. One of those duties is to enquire into
the conduct of the Company in each annual accounting year
and report thereon to the Shareholders.
Our report shall state whether, in our opinion, the Company has
been managed in the period 1 May 2013 to 31 December 2013
in accordance with the provisions of the Articles of Association
and the UCITS Regulations. It is the overall responsibility of
the Company to comply with these provisions. If the Company
has not so complied, we as Custodian must state why this is the
case and outline the steps which we have taken to rectify the
situation.
as outlined in UCITS Notice 4 and to ensure that, in all material

respects, the Company has been managed (i) in accordance
with the limitations imposed on its investment and borrowing
powers by the provisions of its constitutional documentation
and the appropriate regulations and (ii) otherwise in accordance
with the Companys constitutional documentation and the
appropriate regulations.
OPINION
In our opinion, the Company has been managed during the
period 1 May 2013 to 31 December 2013, in all material
respects:
(i) in accordance with the limitations imposed on the
investment and borrowing powers of the Company by the
Articles of Association and by the UCITS Regulations; and
(ii) otherwise in accordance with the provisions of the Articles
of Association and the UCITS Regulations.
BASIS OF CUSTODIAN OPINION

The Custodian conducts such reviews as it, in its reasonable
opinion, considers necessary in order to comply with its duties
Citibank International plc

16 April 2014
237
Independent Auditors Report to the Members

of Janus Capital Funds Plc
We have audited the financial statements of Janus Capital Funds
Plc for the year ended 31 December 2013 which comprise
the Balance Sheets, the Income Statements, the Statements of
Changes in Net Assets and the related notes for the company
and for each of its Funds and the Portfolio Investments for
each of the Funds. The financial reporting framework that has
been applied in their preparation is Irish law and accounting
standards issued by the Financial Reporting Council and
promulgated by the Institute of Chartered Accountants in
Ireland (Generally Accepted Accounting Practice in Ireland).
have been properly prepared in accordance with the

requirements of the Companies Acts 1963 to 2013 and
the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations, 2011 (as
amended).
Matters on which we are required to report by the Companies
Acts 1963 to 2013
We have obtained all the information and explanations
which we consider necessary for the purposes of our audit.
Respective responsibilities of directors and auditors

As explained more fully in the Directors Responsibilities
Statement set out on page 21, the directors are responsible for
the preparation of the financial statements giving a true and
fair view. Our responsibility is to audit and express an opinion
on the financial statements in accordance with Irish law and
International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices
Boards Ethical Standards for Auditors.
In our opinion proper books of account have been kept by

the company.
The financial statements are in agreement with the books of
account.
In our opinion the information given in the Directors
Report is consistent with the financial statements.
Matters on which we are required to report by exception
This report, including the opinions, has been prepared for

and only for the companys members as a body in accordance
with Section 193 of the Companies Act, 1990 and for no other
purpose. We do not, in giving these opinions, accept or assume
whom this report is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
We have nothing to report in respect of the provisions in the

Companies Acts 1963 to 2013 which require us to report to you
if, in our opinion, the disclosures of directors remuneration and
transactions specified by law are not made.
Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts
and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free
from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether the accounting
policies are appropriate to the companys circumstances and
have been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by
the directors; and the overall presentation of the financial
statements. In addition, we read all the financial and nonfinancial information in the Annual Report to identify material
inconsistencies with the audited financial statements and to
identify any information that is apparently materially incorrect
based on, or materially inconsistent with, the knowledge
acquired by us in the course of performing the audit. If we
become aware of any apparent material misstatements or
inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
give a true and fair view in accordance with Generally
Accepted Accounting Practice in Ireland of the state of the
companys and Funds affairs as at 31 December 2013 and of
their results for the year then ended; and
238
Joanne Kelly
for and on behalf of PricewaterhouseCoopers
Chartered Accountants and Statuary Audit Firm
Dublin
16 April 2014
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)
INDEPENDENT AUDITORS
PricewaterhouseCoopers
Chartered Accountants
One Spencer Dock
North Wall Quay
Dublin 1
Ireland
INVESTMENT ADVISER
SUB-INVESTMENT ADVISER
Janus Capital
International Limited
26th Floor, CityPoint
1 Ropemaker Street
London EC2Y 9HT
United Kingdom
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
CUSTODIAN
Brown Brothers
Harriman Trustee
Services (Ireland)
Limited*
Styne House
Upper Hatch Street
Dublin 2
Ireland
Citibank International plc,
Ireland Branch*
1 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
Citibank Europe plc

1 North Wall Quay
Dublin 1
Ireland
* Effective 11:59 pm (Irish time) on 30 April 2013, Citibank International plc, Ireland Branch was appointed custodian of the Company in place of
Brown Brothers Harriman Trustee Services (Ireland) Limited.
239
Directors and Other Information

Below is a list of the Funds Representatives/Paying Agents as of 31 December 2013.
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
BNP-Paribas
Securities Services
3 Rue dAntin
75002 Paris
France
Germany
Hong Kong
Italy
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
3. Allfunds Bank S.A. operating

through its Milan branch
Via. Santa Margherita 7
20121 Milan
Italy
Representative/Paying Agent
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
2. BNP Paribas
Milan Branch
Securities Services
Via Ansperto 5
20123 Milan
Italy
240
Country
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
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

Annual Report and Accounts

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Janus Capital Funds Plc

Annual Report and Accounts

INTECH SUB-ADVISED FUNDS

ALTERNATIVE INVESTMENT FUNDS

The above footnotes are consistently applied throughout the document.

Janus Asia Fund

Janus Balanced Fund

Janus Emerging Markets Fund

Janus Europe Fund

Janus Capital Funds Plc / 31 December 2013

Janus Global Life Sciences Fund

Janus Global Research Fund

Janus Global Technology Fund

Janus US All Cap Growth Fund

Janus Capital Funds Plc / 31 December 2013

Janus US Research Fund

Janus US Twenty Fund

Janus US Venture Fund

Perkins Global Value Fund

Janus Capital Funds Plc / 31 December 2013

Perkins US Strategic Value Fund

INTECH Global Dividend Fund(a)

INTECH US Core Fund

Janus Global Diversified Alternatives Fund(b)

Janus Capital Funds Plc / 31 December 2013

Janus Global Real Estate Fund

Janus Flexible Income Fund

Janus Global Flexible Income Fund

Janus Capital Funds Plc / 31 December 2013

Janus Global High Yield Fund

Janus Global Investment Grade Bond Fund

Janus Capital Funds Plc / 31 December 2013

Janus High Yield Fund

Janus US Short-Term Bond Fund

Janus Capital Funds Plc / 31 December 2013

Fund Expense Limits and Total Expense Ratios

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

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

Janus Capital Funds Plc / 31 December 2013

Janus Global High Yield Fund . . . . .

NA* 3.00% 3.00% NA* 0.85%

HKD Share Classes

1.05% NA* NA* NA* 2.02%

CNH Share Classes

GBP Share Classes

Janus Capital Funds Plc / 31 December 2013

Fund Expense Limits and Total Expense Ratios

SEK Share Classes

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

NA* Share class not yet launched

Janus Capital Funds Plc / 31 December 2013

CHF Share Classes

Background of the Company

EQUITY & BALANCED FUNDS

INTECH SUB-ADVISED FUNDS

Janus Global Diversified Alternatives Fund(b)

FIXED INCOME FUNDS

JANUS ASIA FUND

ALTERNATIVE INVESTMENT FUNDS

Not yet launched.

All Shares in this Fund were mandatorily redeemed on 30 November 2010.

JANUS BALANCED FUND

Janus Capital Funds Plc / 31 December 2013

Background of the Company