INTECH US Growth Fund

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2Q14

INTECH U.S. Growth Fund DISCIPLINED U.S. LARGE CAP GROWTH A: JDRAX

C: JCGCX

S: JCGIX

I: JRMGX

Class A Shares as of 6/30/14

T: JDRTX

Fund Overview U.S. Large Cap Growth 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 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 Since Inception 5 yr 10 yr (1/2/03)

Performance (%)

2Q2014

YTD

1 yr

3 yr

Class A Shares @ NAV

4.54

6.06

26.56

15.39

19.08

7.09

8.79

Class A Shares @ MOP

-1.49

-0.05

19.31

13.13

17.67

6.68

8.42

5.13

6.31

26.92

16.26

19.24

8.20

9.49

®

Russell 1000 Growth Index Annual Expense Ratio: Gross 0.90% / Net 0.90%†

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. †

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. Growth Fund Russell 1000® Growth Index

$28,334 $26,316

$20,000 $10,000 $0

1/2/03 2004 2006 Based on the Fund's "parent" share class (typically that with the longest history). Performance varies by share class.

2008

2010

2012

6/30/14

Calendar Year Returns (%)

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Class A Shares @ NAV

12.34

7.23

7.22

10.53

-42.66

33.24

17.62

2.09

15.32

34.00

Russell 1000® Growth Index

6.30

5.26

9.07

11.81

-38.44

37.21

16.71

2.64

15.26

33.48

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

2Q14 Class A Shares as of 6/30/14

INTECH U.S. Growth 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) 3M Co. Actavis, Inc. Alliance Data Systems Corp. Apple, Inc. Huntington Ingalls Industries, Inc. International Business Machines Corp. Jazz Pharmaceuticals PLC Lockheed Martin Corp. McGraw Hill Financial, Inc. Time Warner, Inc. Total 11.05 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) Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Financials Materials Energy Telecommunication Services Utilities Cash & Equivalents

Regions (% of Fund) North America Latin America Asia/Pacific Ex Japan Cash & Equivalents

Portfolio Managers

Sector Allocation

INVESTMENT STYLE

99.26 0.14 0.13 0.47

INTECH

20.77 17.34 16.31 13.45 9.62 7.92 6.50 5.68 1.07 0.87 0.47

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

Fund Assets Distribution Frequency

$328.1 M Annually

Number of Holdings

398

Turnover (1-yr trailing)

107%

Weighted Average Market Cap

$47.1 B

3-Year Reward/Risk Statistics vs. Russell 1000® Growth Index Alpha -0.55 Beta 0.98 Standard Deviation 12.45 Index Standard Deviation 12.61 Statistics are for the Fund’s “parent” share class (typically that with the longest history). 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. 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. Russell 1000® Growth Index measures the performance of those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. 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-0614-68039 10-15-14

198-08-13621 07-14