A Focus On Change Uncovers Opportunities for

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2Q14 GROWTH

“Change factors are major transitions that could greatly improve the performance of a company.”

Janus Contrarian Fund

Daniel R. Kozlowski, CFA Janus Contrarian Fund | Portfolio Manager

A: JCNAX C: JCNCX I: JCONX S: JCNIX R: JCNRX T: JSVAX

A Focus On Change Uncovers Opportunities for Growth Recognizing that even despite equity market highs, actively identifying investment ideas that avoid consensus and focus on change factors may provide early growth opportunities. The Janus Contrarian Fund is a U.S. centric equity fund, unconstrained by cap and style, that opportunistically invests in non-consensus ideas. Through deep fundamental analysis, we seek to identify underfollowed, underappreciated and undervalued companies undergoing significant, positive change at the company, industry or market-sentiment level.

Why Invest in the Fund Avoid Consensus

Opportunistic Portfolio

Concentrates research and analysis on evolving, misunderstood and even controversial investment ideas where we believe we have a differentiated view from the market. Aims to avoid stocks already well-known and valued by the market.

Change Presents Opportunities

Seeks to capitalize on non-consensus equity investments unconstrained by market cap and style. We seek to be early to evolving investments.

Offers exposure to securities undergoing changes specific to the company, industry or market sentiment that we believe will positively impact the stock price. This approach aims to provide long-term risk-adjusted returns greater than broad equity markets.

Taking a Differentiated View Helped Deliver Higher Quartile Total Returns vs. Majority of Peers Janus Contrarian Fund vs. Morningstar Large Blend Peers as of 6/30/2014

ST

10/1,622

8

TH

114/1,466

0

8

3

rd

th

9

27/1,141

114/1,466

TH

74/878

10

2nd Quartile

30

50

886/1,382

60 70 80

TH

3rd Quartile

64

40

Daniel R. Kozlowski, CFA, added a change-factor analysis overlay to the disciplined contrarian process.

4th Quartile

Percentile Rankings

20

90 100

1-Year

3-Year

PM Inception (7/1/11)

1st Quartile

1

5-Year

10-Year

Since Inception (2/29/00)

Past performance is no guarantee of future results. Based on the Fund’s “parent” share class (typically that with the longest history). Performance varies by share class.



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Janus Contrarian Fund

Fund Performance (%) as of 6/30/2014 Class A Shares @ NAV Class A Shares @ MOP Class I Shares Class T Shares S&P® 500 Index MSCI All Country World IndexSM

Daniel R. Kozlowski, CFA Portfolio Manager  5 years of investment experience 1 2000 to 2008: Equity research analyst and Co-Portfolio Manager of Janus Long/Short strategy 2008 to 2011: Founded and managed Plaisance Capital, LLC, before returning to Janus in 2011. Bachelor’s degree: University of Miami; MBA: University of Chicago

3 yr

5 yr

10 yr

32.68 25.02 33.11 32.86 24.61 22.95

17.44 15.14 17.74 17.58 16.58 10.25

16.66 15.28 16.81 16.81 18.83 14.28

9.90 9.25 10.06 10.06 7.78 7.46

7.81 7.37 7.96 7.96 4.53 3.94

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds. Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns. High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Expense Ratios (%)

Class A

Class I

Class T

Gross

0.85

0.52

0.76

Net

0.85

0.52

0.76

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/15.

Morningstar Rankings: Class T Shares Percentile Ranking (%) Large Blend Category Rank/Count

u

1 yr

Since Inception (2/29/00)

1 yr

3 yr

5 yr

10 yr

1

8

64

3

10/1,622 114/1,466 886/1,382 27/1,141

Since Inception (2/29/00) 9 74/878

For more information, please contact your Financial Advisor or visit janus.com.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) or download the file from janus.com/info. Read it carefully before you invest or send money. Performance for Class A Shares and Class I Shares prior to 7/6/09 reflects the performance of one or more similar share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance. There is no assurance that the investment process will consistently lead to successful investing. There is no assurance the stated objective(s) will be met. Research analysts include individuals who are considered both analysts and portfolio managers. A Fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility and differing financial and information reporting standards, all of which are magnified in emerging markets. Investments in derivatives can be highly volatile and involve additional risks than if the underlying securities were held directly. Such risks include gains or losses which, as a result of leverage, can be substantially greater than the derivatives’ original cost. There is also a possibility that derivatives may not perform as intended, which can reduce opportunity for gain or result in losses by offsetting positive returns in other securities. There are special risks associated with selling securities short. Stocks sold short have the potential risk of unlimited losses. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total-return includes both income and capital gains or losses and is not adjusted for sales charges. The top-performing funds in a category will always receive a rank of 1. ©2014 Morningstar, Inc. All Rights Reserved. Not all Funds and Share classes may be available. Please consult your financial advisor. S&P 500®Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. MSCI All Country World IndexSM is an unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes. A Fund’s portfolio may differ significantly from the securities held in an index. An index is unmanaged and not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio. Funds distributed by Janus Distributors LLC C-0714-68828 10-15-14

199-08-27729 07-14