INTECH US Core Fund

---

1Q14

INTECH U.S. Core Fund DISCIPLINED U.S. LARGE CAP A: JDOAX

C: JLCCX

S: JLCIX

Class A Shares as of 3/31/14

I: JRMCX

T: JRMSX

Fund Overview U.S. Large Cap Core Equity Fund

25+ Years of Disciplined Investing

Diversification

Seeks to provide excess returns and asset class exposure. INTECH's active approach focuses on adding value by selecting stocks with high relative price movements and low correlations to one another.

Mathematical investment process is disciplined, repeatable and provides styleconsistent portfolios. INTECH is one of the largest quantitative equity managers in the United States.

Because the process is different from traditional, fundamental or quantitative strategies, returns may be less correlated and the Fund may provide additional diversification in an overall portfolio.

Fund Performance

Average Annual Total Returns

Performance (%)

1Q2014

YTD

1 yr

3 yr

5 yr

10 yr

Since Inception (2/28/03)

Class A Shares @ NAV

2.11

2.11

23.61

15.32

21.62

8.04

10.38

Class A Shares @ MOP

-3.78

-3.78

16.50

13.08

20.19

7.40

9.79

1.81

1.81

21.86

14.66

21.16

7.42

9.70

S&P 500® Index †

Annual Expense Ratio: Gross 0.98% / Net 0.98%

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. Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account. †

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/14.

Hypothetical Growth of $10,000 Since Inception $40,000 $30,000

INTECH U.S. Core Fund S&P 500® Index

$30,640 $27,903

$20,000 $10,000 $0

2/28/03 2004 2006 Illustration based on the Fund’s initial share class. Performance varies by share class.

Calendar Year Returns (%)

2008

2010

2012

3/31/14

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Class A Shares @ NAV

17.32

10.70

11.04

6.08

-36.73

22.50

16.07

4.85

14.53

34.78

S&P 500® Index

10.88

4.91

15.80

5.49

-37.00

26.46

15.06

2.11

16.00

32.39

Returns include reinvestment of dividends and capital gains. Continued on back page.

1Q14 Class A Shares as of 3/31/14

INTECH U.S. Core Fund

JANUS.COM

Subadvisor

Fund Details Morningstar Style Box™ LARGE MID SMALL VALUE

MARKET CAPITALIZATION

X

Category Large Growth

BLEND GROWTH

Top Holdings (% of Fund) Actavis, Inc. Allstate Corp. Ameriprise Financial, Inc. Comcast Corp. Delphi Automotive PLC Home Depot, Inc. Lockheed Martin Corp. Northrop Grumman Corp. Time Warner, Inc. TJX Cos., Inc. Total 17.36 Holdings are subject to change without notice. For a complete list of holdings as of the most recent publicly available disclosure period, visit janus.com/advisor/mutual-funds.

(% of Fund) Consumer Discretionary Financials Health Care Industrials Information Technology Consumer Staples Energy Materials Utilities Telecommunication Services Cash & Equivalents

Regions (% of Fund) North America Europe Cash & Equivalents

Portfolio Managers

Sector Allocation

INVESTMENT STYLE

99.42 0.03 0.55

INTECH

21.61 17.43 15.75 12.12 11.48 8.62 5.07 3.99 2.99 0.39 0.55

Adrian Banner, Ph.D. Vassilios Papathanakos, Ph.D. Joseph Runnels, CFA Phillip Whitman, Ph.D.

Fund Assets Distribution Frequency

$629.3 M Annually

Number of Holdings

356

Turnover (1-yr trailing)

56%

Weighted Average Market Cap

$50.4 B

3-Year Reward/Risk Statistics vs. S&P 500® Index Alpha 0.68 Beta 1.00 Standard Deviation 12.68 Index Standard Deviation 12.47 Statistics shown are for the Fund’s initial share class. Alpha compares the risk-adjusted performance of a portfolio to a benchmark index. A positive alpha means the portfolio has outperformed the index on a risk-adjusted basis. Beta is a measure of the volatility of a portfolio in comparison to a benchmark index. Less than one means the portfolio is less volatile than the index, while greater than one indicates more volatility than the index. Standard deviation measures historical volatility. Higher standard deviation implies greater volatility.

Ready to learn more? Contact your Financial Advisor today. 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 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. This Fund has a performance-based management fee that adjusts up or down based on the Fund’s performance relative to an approved benchmark index over a performance measurement period. See the Fund’s Prospectus or Statement of Additional Information for more details. 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. The proprietary mathematical process used by INTECH may not achieve the desired results. Since the Fund's portfolio is periodically re-balanced, this may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a "buy and hold" or index fund strategy. The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name. 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. 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. INTECH Investment Management LLC is an indirect subsidiary of Janus Capital Group Inc. and serves as the sub-adviser on certain products. © 2014 Morningstar, Inc. All Rights Reserved. Fund distributed by Janus Distributors LLC C-0314-60339 07-15-14

198-08-13620 04-14