Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at janus.com/info. You can also get this information at no cost by calling a Janus representative at 1-877-335-2687 or by sending an email request to prospectusrequest@janus.com.   [INTECH LOGO] 

Summary Prospectus dated October 28, 2013
INTECH Global Dividend Fund
                             
Ticker:
  JGDAX   Class A Shares   JGDSX   Class S Shares   JDGTX   Class T Shares    
    JGDCX   Class C Shares   JGDIX   Class I Shares            
 
INVESTMENT OBJECTIVE
 
INTECH Global Dividend Fund seeks long-term growth of capital and income.
 
FEES AND EXPENSES OF THE FUND
 
This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. For Class A Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janus mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 51 of the Fund’s Prospectus and in the “Purchases” section on page 70 of the Fund’s Statement of Additional Information.
 
                                                                                 
SHAREHOLDER FEES
(fees paid directly from your investment) 		            Class A               Class C               Class S               Class I               Class T  
                                                                                 
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)
            5.75%               None                None                None                None   
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)
            None                1.00%               None                None                None   
                                                                                 
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment) 		            Class A               Class C               Class S               Class I               Class T  
                                                                                 
Management Fees
    0.55%               0.55%               0.55%               0.55%               0.55%  
Distribution/Service (12b-1) Fees
    0.25%               1.00%               0.25%               None                None   
Other Expenses
    1.89%               1.95%               2.16%               1.90%               2.14%  
Total Annual Fund Operating Expenses (1)
    2.69%               3.50%               2.96%               2.45%               2.69%  
Fee Waiver (1)
    1.92%               2.00%               1.96%               1.93%               1.94%  
Total Annual Fund Operating Expenses After Fee Waiver (1)
    0.77%               1.50%               1.00%               0.52%               0.75%  
                                                                                 
(1)  Janus Capital has contractually agreed to waive its investment advisory fee and/or reimburse Fund expenses to the extent that the Fund’s total annual fund operating expenses (excluding the distribution and shareholder servicing fees – applicable to Class A Shares, Class C Shares, and Class S Shares; administrative services fees payable pursuant to the Transfer Agency Agreement; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 0.50% until at least November 1, 2014. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period of three years subsequent to the Fund’s commencement of operations (December 15, 2011), Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.
 
EXAMPLE:
The following Example is based on expenses without waivers. The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers or recoupments (if applicable) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
                                 
If Shares are redeemed:   1 Year   3 Years   5 Years   10 Years
Class A Shares
  $  831     $  1,362     $  1,918     $  3,423  
Class C Shares
  $  453     $  1,074     $  1,817     $  3,774  
Class S Shares
  $  299     $  915     $  1,557     $  3,280  
Class I Shares
  $  248     $  764     $  1,306     $  2,786  
Class T Shares
  $  272     $  835     $  1,425     $  3,022  
 
 
 
1  ï  INTECH Global Dividend Fund

 

                                 
If Shares are not redeemed:   1 Year   3 Years   5 Years   10 Years
Class A Shares
  $  831     $  1,362     $  1,918     $  3,423  
Class C Shares
  $  353     $  1,074     $  1,817     $  3,774  
Class S Shares
  $  299     $  915     $  1,557     $  3,280  
Class I Shares
  $  248     $  764     $  1,306     $  2,786  
Class T Shares
  $  272     $  835     $  1,425     $  3,022  
 
Portfolio Turnover:  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 116% of the average value of its portfolio.
 
PRINCIPAL INVESTMENT STRATEGIES
 
The Fund invests, under normal circumstances, at least 80% of its net assets in dividend-paying securities. The Fund invests primarily in common stocks from the universe of the Morgan Stanley Capital International (“MSCI”) World High Dividend Yield Index, utilizing INTECH’s mathematical investment process. The MSCI World High Dividend Yield Index is designed to reflect the performance of the high dividend yield securities contained within the broader MSCI World Index sm . The Fund may also invest in foreign equity and debt securities.
 
The Fund pursues its investment objective by applying a mathematical investment process to construct an investment portfolio from the universe of common stocks within its named benchmark index. The goal of this process is to build a portfolio of stocks in a more efficient combination than the named benchmark index. The process seeks to capitalize on the natural volatility of the market by searching for stocks within the index that have high relative volatility (providing the potential for excess returns) but that essentially move in opposite directions or have low correlation to each other (providing the potential for lower relative risk). By constructing the portfolio in this manner and periodically rebalancing the portfolio to maintain potentially more efficient weightings, INTECH’s mathematical investment process seeks to create a portfolio that, over time, produces returns in excess of its named benchmark index with risks similar to that of the benchmark index. The rebalancing techniques used by INTECH may result in a higher portfolio turnover compared to a “buy and hold” fund strategy.
 
The Fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to 1 / 3 of its total assets as determined at the time of the loan origination.
 
PRINCIPAL INVESTMENT RISKS
 
The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.
 
Foreign Exposure Risk.  The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due.
 
Eurozone Risk.  A number of countries in the European Union (“EU”) have experienced severe economic and financial difficulties. As a result, financial markets in the EU have been subject to extreme volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or

 
 
2  ï  Janus Investment Fund

 

have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. To the extent that the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively affect the value and liquidity of the Fund’s investments.
 
Dividend Risk.  Companies that issue dividend-yielding securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future.
 
Market Risk.  The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.
 
Investment Process Risk.  The proprietary mathematical investment process used by INTECH may not achieve the desired results. There is a risk that INTECH’s method of identifying stocks with higher volatility than the named benchmark index or its method of identifying stocks that tend to move in the same or opposite direction relative to each other (correlation) will not result in selecting stocks with continuing volatility or the expected correlation. In INTECH’s history, which spans more than 25 years, INTECH’s mathematical investment process has experienced periods of both underperformance and outperformance relative to an identified benchmark. Even when the proprietary mathematical investment process is working appropriately, INTECH expects that there will be periods of underperformance relative to the benchmark. On an occasional basis, INTECH makes changes to its mathematical investment process. These changes may result in changes to the portfolio, might not provide the intended results, and may adversely impact the Fund’s performance.
 
Portfolio Turnover Risk.  Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.
 
Securities Lending Risk.  The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.
 
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
 
PERFORMANCE INFORMATION
 
The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the Fund’s performance during the period indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.
 
The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.

 
 
3  ï  INTECH Global Dividend Fund

 

                                     
                                     
Annual Total Returns for Class I Shares (calendar year-end)
                                     
                                    2012
                                    12.35%
                                     
Best Quarter:   Third Quarter 2012   5.98%          Worst Quarter:   Second Quarter 2012   −2.66%
                                     
 
The Fund’s year-to-date return as of the calendar quarter ended September 30, 2013 was 12.88%.
 
                 
Average Annual Total Returns (periods ended 12/31/12)
      1 Year       Since
Inception
(12/15/11) 		 
Class I Shares
               
                 
Return Before Taxes
    12.35%       15.14%  
                 
Return After Taxes on Distributions
    11.63%       14.39%  
                 
Return After Taxes on Distributions and Sale of Fund Shares
    8.63%       12.67%  
                 
Morgan Stanley Capital International World Index sm
    15.83%       19.02%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Morgan Stanley Capital International World High Dividend Yield Index
    12.24%       15.80%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Class A Shares
               
                 
Return Before Taxes (1)
    5.59%       8.50%  
                 
Morgan Stanley Capital International World Index sm
    15.83%       19.02%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Morgan Stanley Capital International World High Dividend Yield Index
    12.24%       15.80%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Class C Shares
               
                 
Return Before Taxes (2)
    10.10%       13.98%  
                 
Morgan Stanley Capital International World Index sm
    15.83%       19.02%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Morgan Stanley Capital International World High Dividend Yield Index
    12.24%       15.80%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 

 
 
4  ï  Janus Investment Fund

 

                 
Average Annual Total Returns (periods ended 12/31/12)
      1 Year       Since
Inception
(12/15/11) 		 
                 
Class S Shares
               
                 
Return Before Taxes
    11.73%       14.53%  
                 
Morgan Stanley Capital International World Index sm
    15.83%       19.02%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Morgan Stanley Capital International World High Dividend Yield Index
    12.24%       15.80%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Class T Shares
               
                 
Return Before Taxes
    12.05%       14.84%  
                 
Morgan Stanley Capital International World Index sm
    15.83%       19.02%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Morgan Stanley Capital International World High Dividend Yield Index
    12.24%       15.80%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
(1)  Calculated assuming maximum permitted sales loads.
(2)  The one year return is calculated to include the contingent deferred sales charge.
 
After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.
 
After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.

 
 
5  ï  INTECH Global Dividend Fund

 

MANAGEMENT
 
Investment Adviser:  Janus Capital Management LLC
 
Investment Subadviser:  INTECH Investment Management LLC
 
Portfolio Management:  A team of investment professionals consisting of Adrian Banner , Ph.D. (Chief Executive Officer since November 2012 and Chief Investment Officer since January 2012), Vassilios Papathanakos , Ph.D. (Deputy Chief Investment Officer since November 2012), Joseph W. Runnels , CFA (Vice President of Portfolio Management since March 2003), and Phillip Whitman , Ph.D. (Director of Research since November 2012) works together to implement the mathematical investment process. No one person of the Fund’s investment team is primarily responsible for implementing the investment strategies of the Fund.
 
PURCHASE AND SALE OF FUND SHARES
 
Minimum Investment Requirements *
 
       
Class A Shares, Class C Shares ** , Class S Shares, and Class T Shares
Non-retirement accounts
  $ 2,500
       
Certain tax-deferred accounts or UGMA/UTMA accounts
  $ 500
       
Class I Shares
       
Institutional investors (investing directly with Janus)
  $ 1,000,000
       
Through an intermediary institution
     
• non-retirement accounts
  $ 2,500
• certain tax-deferred accounts or UGMA/UTMA accounts
  $ 500
       
*    Exceptions to these minimums may apply for certain tax-deferred, tax-qualified and retirement plans, and accounts held through certain wrap programs.
**   The maximum purchase in Class C Shares is $500,000 for any single purchase.
 
Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financial intermediaries and retirement platforms. Class I Shares may be purchased directly by certain institutional investors. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable) prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “Purchases,” “Exchanges,” and/or “Redemptions” in the Prospectus.
 
TAX INFORMATION
 
The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
 
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
 
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary’s website for more information.

 
 
6  ï  Janus Investment Fund

 

     
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at janus.com/reports. You can also get this information at no cost by calling a Janus representative at 1-800-525-3713 or by sending an email request to prospectusorder@janus.com.   [INTECH LOGO] 

Summary Prospectus dated October 28, 2013
INTECH Global Dividend Fund
                             
Ticker:
  JGDDX   Class D Shares*                    
*  Class D Shares are closed to certain new investors.
 
INVESTMENT OBJECTIVE
 
INTECH Global Dividend Fund seeks long-term growth of capital and income.
 
FEES AND EXPENSES OF THE FUND
 
This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.
 
                 
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment) 		            Class D  
                 
Management Fees
    0.55%  
Other Expenses
    2.02%  
Total Annual Fund Operating Expenses (1)
    2.57%  
Fee Waiver (1)
    1.92%  
Total Annual Fund Operating Expenses After Fee Waiver (1)
    0.65%  
                 
(1)  Janus Capital has contractually agreed to waive its investment advisory fee and/or reimburse Fund expenses to the extent that the Fund’s total annual fund operating expenses (excluding administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.50% until at least November 1, 2014. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period of three years subsequent to the Fund’s commencement of operations (December 15, 2011), Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.
 
EXAMPLE:
The following Example is based on expenses without waivers. The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers or recoupments (if applicable) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
                                 
    1 Year   3 Years   5 Years   10 Years
Class D Shares
  $  260     $  799     $  1,365     $  2,905  
 
Portfolio Turnover:  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 116% of the average value of its portfolio.
 
PRINCIPAL INVESTMENT STRATEGIES
 
The Fund invests, under normal circumstances, at least 80% of its net assets in dividend-paying securities. The Fund invests primarily in common stocks from the universe of the Morgan Stanley Capital International (“MSCI”) World High Dividend Yield Index, utilizing INTECH’s mathematical investment process. The MSCI World High Dividend Yield Index is designed to reflect the performance of the high dividend yield securities contained within the broader MSCI World Index sm . The Fund may also invest in foreign equity and debt securities.
 
The Fund pursues its investment objective by applying a mathematical investment process to construct an investment portfolio from the universe of common stocks within its named benchmark index. The goal of this process is to build a portfolio of stocks in a more efficient combination than the named benchmark index. The process seeks to capitalize on the
 
 
1  ï  INTECH Global Dividend Fund

 

natural volatility of the market by searching for stocks within the index that have high relative volatility (providing the potential for excess returns) but that essentially move in opposite directions or have low correlation to each other (providing the potential for lower relative risk). By constructing the portfolio in this manner and periodically rebalancing the portfolio to maintain potentially more efficient weightings, INTECH’s mathematical investment process seeks to create a portfolio that, over time, produces returns in excess of its named benchmark index with risks similar to that of the benchmark index. The rebalancing techniques used by INTECH may result in a higher portfolio turnover compared to a “buy and hold” fund strategy.
 
The Fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to 1 / 3 of its total assets as determined at the time of the loan origination.
 
PRINCIPAL INVESTMENT RISKS
 
The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.
 
Foreign Exposure Risk.  The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due.
 
Eurozone Risk.  A number of countries in the European Union (“EU”) have experienced severe economic and financial difficulties. As a result, financial markets in the EU have been subject to extreme volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. To the extent that the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively affect the value and liquidity of the Fund’s investments.
 
Dividend Risk.  Companies that issue dividend-yielding securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future.
 
Market Risk.  The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.
 
Investment Process Risk.  The proprietary mathematical investment process used by INTECH may not achieve the desired results. There is a risk that INTECH’s method of identifying stocks with higher volatility than the named benchmark index or its method of identifying stocks that tend to move in the same or opposite direction relative to each other (correlation) will not result in selecting stocks with continuing volatility or the expected correlation. In INTECH’s history, which spans more than 25 years, INTECH’s mathematical investment process has experienced periods of both underperformance and outperformance relative to an identified benchmark. Even when the proprietary mathematical investment process is working appropriately, INTECH expects that there will be periods of underperformance relative to the benchmark. On an occasional basis, INTECH makes changes to its mathematical investment process. These changes may result in changes to the portfolio, might not provide the intended results, and may adversely impact the Fund’s performance.

 
 
2  ï  Janus Investment Fund

 

Portfolio Turnover Risk.  Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.
 
Securities Lending Risk.  The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.
 
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
 
PERFORMANCE INFORMATION
 
The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the Fund’s performance during the period indicated. The table compares the Fund’s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.
 
The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.

 
 
3  ï  INTECH Global Dividend Fund

 

                                     
                                     
Annual Total Returns for Class D Shares (calendar year-end)
                                     
                                    2012
                                    11.90%
                                     
Best Quarter:   Third Quarter 2012   5.87%          Worst Quarter:   Second Quarter 2012   −2.75%
                                     
 
The Fund’s year-to-date return as of the calendar quarter ended September 30, 2013 was 12.74%.
 
                 
                 
Average Annual Total Returns (periods ended 12/31/12)
                 
      1 Year       Since
Inception
(12/15/11) 		 
                 
Class D Shares
               
                 
Return Before Taxes
    11.90%       14.70%  
                 
Return After Taxes on Distributions
    11.19%       13.96%  
                 
Return After Taxes on Distributions and Sale of Fund Shares
    8.33%       12.30%  
                 
Morgan Stanley Capital International World Index sm
    15.83%       19.02%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
Morgan Stanley Capital International World High Dividend Yield Index
    12.24%       15.80%  
(net of foreign withholding taxes)
               
(reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)
               
                 
 
After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.

 
 
4  ï  Janus Investment Fund

 

MANAGEMENT
 
Investment Adviser:  Janus Capital Management LLC
 
Investment Subadviser:  INTECH Investment Management LLC
 
Portfolio Management:  A team of investment professionals consisting of Adrian Banner , Ph.D. (Chief Executive Officer since November 2012 and Chief Investment Officer since January 2012), Vassilios Papathanakos , Ph.D. (Deputy Chief Investment Officer since November 2012), Joseph W. Runnels , CFA (Vice President of Portfolio Management since March 2003), and Phillip Whitman , Ph.D. (Director of Research since November 2012) works together to implement the mathematical investment process. No one person of the Fund’s investment team is primarily responsible for implementing the investment strategies of the Fund.
 
PURCHASE AND SALE OF FUND SHARES
 
         
Minimum Investment Requirements
To open a new regular Fund account   $ 2,500  
         
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account        
• without an automatic investment program
  $ 1,000  
• with an automatic investment program of $50 per month
  $ 500  
         
To add to any existing type of Fund account without an automatic investment program   $ 100  
         
To add to any existing type of Fund account with an automatic investment program   $ 50  
         
 
You may generally purchase, exchange, or redeem Fund Shares on any business day by written request, wire transfer, telephone, and in most cases, online at janus.com/individual. You may conduct transactions by mail (Janus, P.O. Box 55932, Boston, MA 02205-5932), or by telephone at 1-800-525-3713. Purchase, exchange, or redemption requests must be received in good order by the Fund or its agents prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “To Open an Account or Buy Shares,” “To Exchange Shares,” and/or “To Sell Shares” in the Prospectus.
 
TAX INFORMATION
 
The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
 
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
 
With respect to certain other classes of shares, the Fund and its related companies may pay select broker-dealer firms or other financial intermediaries for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing a broker-dealer or other intermediary or a salesperson to recommend the Fund over another investment or to recommend one share class over another.

 
 
5  ï  INTECH Global Dividend Fund
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