INTECH Global Income Managed Volatility Fund

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1Q17 MATHEMATICAL

Overall Morningstar Rating

TM

Based on risk-adjusted returns as of 3/31/17

INTECH Global Income Managed Volatility Fund A: JGDAX C: JGDCX I: JGDIX S: JGDSX T: JDGTX

Class I Shares among 839 World Stock Funds

Dynamic Beta for Managing Equity Volatility Global equity exposure is key to an investor’s portfolio, but amidst the uncertainty of today’s markets should be paired with a strategy designed to lessen losses. INTECH Global Income Managed Volatility Fund is a long-only, global developed-markets equity fund that seeks smaller drawdowns and a smoother ride over time by balancing downside mitigation with upside participation for any market environment. The Fund employs a systematic “dynamic beta” investment approach designed to adjust to changing risk environments, seeking up to 45% less volatility versus the MSCI World High Dividend Yield Index.

Why Invest in the Fund 25 + Years of Volatility Research

Dynamic Beta Positioning As risk in the market increases, the portfolio shifts to take a more defensive posture, targeting a lower beta than the index. When risk levels decrease, the portfolio migrates to a more market-like stance, targeting a higher beta, allowing for the full potential to benefit from the upward trend in the market.

INTECH’s dedicated volatility management team, with over 25 years experience, is comprised of experts who have dedicated their life’s work, academic research and careers to developing this disciplined, repeatable and unemotional process based on the sole input of volatility.

Focus on Risk-Adjusted Return + Monthly Income Our process is designed to construct a portfolio of long-only stocks with the highest return potential and lowest risk. By seeking a smoother ride, the fund may help investors maintain equity market exposure and have the opportunity to build more wealth over time. Additionally, it may serve as a complementary income source to traditional fixed income.

Navigating Many Different Market Environments Fund and Benchmark Cumulative Returns (12/31/14 - 3/31/17) INTECH Global Income Managed Volatility Fund (Class I Shares)

MSCI World High Dividend Yield Index

25%

22.23%

20% 15%

12.04%

10% 5% 0% -5% -10% -15% 1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

Moderate Up Market Designed to Outperform

Down Market Designed to Outperform

Sharp Risk-On Up Market Potential to Underperform

During the first quarter’s moderate move higher, we saw the Fund outpace the market.

Volatility heightened in August and September. The Fund experienced less downside and outperformed its index.

The Fund lagged the market during the second half of 2016, as the riskiest stocks were rewarded.

4Q16

1Q17

10.19% Outperformance

Climbing out of a smaller hole can get you back on track faster - a key driver of overall outperformance in volatile markets.

Past performance is no guarantee of future results. Continued on back page.

INTECH GLOBAL INCOME MANAGED VOLATILITY FUND (AS OF 3/31/17)

1 yr

3 yr

5 yr

10 yr

Since Inception (12/15/11)

Class I Shares Class T Shares Class A Shares @ NAV Class A Shares @ MOP MSCI World IndexSM

4.75 4.53 4.40 -1.63 14.77

5.90 5.66 5.56 3.50 5.52

9.32 9.09 9.00 7.72 9.37

– – – – –

10.51 10.27 10.19 8.96 11.83

MSCI World High Dividend Yield Index

11.54

3.84

8.37

–

9.69

Fund Performance (%)

Adrian Banner, Ph.D. INTECH CEO & CIO A team of investment professionals consisting of Adrian Banner, Ph.D. (pictured), Vassilios Papathanakos, Ph.D., Phillip Whitman, Ph.D. and Joseph W. Runnels, CFA, works together to implement the mathematical investment process. The Research Team is comprised of Ph.D. mathematicians and physicists whose responsibilities include continual review of the investment process and trading implementation.

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.

Expense Ratios (%)

Class I

Class T

Class A

Gross

1.18

1.31

1.48

Net

0.58

0.75

0.82

Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/17.

Morningstar Rankings: Class I Shares Percentile Ranking (%)

1 yr

3 yr

98

20

World Stock Category Rank/Count 1,045/1,060 186/930

5 yr

10 yr

Since Inception (12/15/11)

26

–

59

202/787

–/–

447/762

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. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. There is no assurance that the investment process will consistently lead to successful investing. There is no assurance the stated objectives(s) will be met. Mutual fund investing involves market risk. Investment return and fund share value will fluctuate and it is possible to lose money by investing. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets. Real estate securities, including Real Estate Investment Trusts (REITs) may be subject to additional risks, including interest rate, management, tax, economic, environmental and concentration risks. INTECH’s focus on managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets, and may not achieve the desired level of protection in down markets. Not all Funds and Share classes may be available. Please consult your financial advisor. As of 3/31/17, INTECH Global Income Managed Volatility Fund Class I Shares Morningstar RatingsTM in the World Stock category: 4 stars out of 839 funds and 4 stars out of 673 funds, for the 3- and 5-year periods, respectively. The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchangetraded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Morningstar percentile ranking is based on a fund’s total return (including income and capital gains, if any, and excluding sales charges) relative to all funds in the same category for the period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. The top-performing funds in a category will always receive a rank of 1. Ratings and/or rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus. Methodology differences may have a material effect on the return and therefore the rating/ranking. © 2017 Morningstar, Inc. All Rights Reserved. When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period. MSCI World IndexSM reflects the equity market performance of global developed markets. MSCI World High Dividend Yield IndexSM reflects the performance of high dividend yield securities from global developed markets. Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. INTECH Investment Management LLC is a subsidiary of Janus Capital Group Inc. and serves as the sub-adviser on certain products. Janus and INTECH are registered trademarks of Janus International Holding LLC. © Janus International Holding LLC. Janus Distributors LLC C-0317-8456 07-15-17 198-15-40150 04-17