Morningstar Magazine - October/November 2016 - 19

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 1.800.525.3713 or download the file from janus.com/reports. Read if carefully before you invest or send money. Past performance is no guarantee of future results. There is no assurance the stated objectives will be met. INTECH U.S. Managed Volatility Fund. Class I Shares ratings as of 6/30/16: 4 stars out of 1,392 funds, 5 stars out of 1,392 funds, 5 stars out of 1,206 funds and 3 stars out of 895 funds for the Overall, 3-, 5- and 10-year periods, respectively in the Large Blend category. INTECH International Managed Volatility Fund. Class I Shares ratings as of 6/30/16: 5 stars out of 720 funds, 5 stars out of 720 funds and 5 stars out of 631 funds for the Overall, 3- and 5-year periods, respectively in the Foreign Large Blend category. INTECH GLOBAL Income Managed Volatility Fund. Class I Shares ratings as of 6/30/16: 5 stars out of 940 funds and 5 stars out of 940 funds for the Overall and 3-year period in the World Stock category. Do you know when to shift from offense to defense? INTECH can help. INTECH has an equity volatility management approach designed to systematically adjust with changing risk environments. 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. Investing involves risk, including the possible loss of principal and fluctuation of value. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating™ may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. 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 performance calculation methodology that differs from that used by Janus. Differences in the methodologies may lead to variances in calculating total performance returns, in some cases this variance may be significant, thereby potentially affecting the rating/ranking of the Fund(s). The rating/rankings are displayed for informational purposes only and should not be relied upon when making investment decisions. © 2016 Morningstar, Inc. All Rights Reserved. Janus and INTECH are registered trademarks of Janus International Holding LLC. © Janus International Holding LLC. Janus Distributors LLC. C-0916-4083 10-15-16 466-41-43196 09-16 INTECH U.S. MANAGED VOLATILITY FUND (JRSIX) INTECH INTERNATIONAL MANAGED VOLATILITY FUND (JMIIX) INTECH GLOBAL INCOME MANAGED VOLATILITY FUND (JGDIX) 3 YEAR MORNINGSTAR RATINGTM OUT OF 1,392 LARGE BLEND FUNDS AS OF 6/30/16 3 YEAR MORNINGSTAR RATINGTM OUT OF 720 FOREIGN LARGE BLEND FUNDS AS OF 6/30/16 3 YEAR MORNINGSTAR RATINGTM OUT OF 940 WORLD STOCK FUNDS AS OF 6/30/16 To learn more, visit Janus.com/VolatilityManagement http://www.janus.com/reports http://www.Janus.com/VolatilityManagement

Table of Contents for the Digital Edition of Morningstar Magazine - October/November 2016