2Q14 Perkins International Value Fund DEFENSIVE INTERNATIONAL VALUE Class D Shares as of 6/30/14 D: JIFDX Fund Overview Diversified International Value Defensive Approach Results with Less Volatility Seeks high-quality stocks of companies with strong balance sheets and stable earnings trading at attractive valuations. Flexibility to invest in all non-U.S. markets and across the market-cap spectrum. Disciplined valuation process measures downside risk before upside potential and only invests in companies with favorable reward/risk ratios. This approach is consistent across the firm since its founding more than 30 years ago. Focused on mitigating losses in down market conditions while participating in up markets. This potentially allows us to compound strong returns over time with less volatility. Fund Performance Performance (%) Average Annual Total Returns Since Inception 5 yr 10 yr (4/1/13) 2Q2014 YTD 1 yr 3 yr Class D Shares 5.23 6.81 20.70 — — — 17.88 MSCI EAFE® Index 4.09 4.78 23.57 — — — 17.99 5.03 5.56 21.75 — — — 14.56 SM MSCI All Country World ex-U.S. Index Estimated Annual Expense Ratio: Gross 4.75% / Net 1.24%† 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 800.525.3713 or visit janus.com/allfunds. † Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/15. Returns include reinvestment of dividends and capital gains. 2Q14 Class D Shares as of 6/30/14 Perkins International Value Fund JANUS.COM Portfolio Managers Fund Details Morningstar Style Box™ Countries MARKET CAPITALIZATION X SMALL MID LARGE INVESTMENT STYLE VALUE Category Foreign Large Value BLEND GROWTH Top Holdings (% of Fund) America Movil S.A.B. de C.V. GlaxoSmithKline PLC Tesco PLC Danone S.A. BP PLC Royal Dutch Shell PLC Novartis A.G. G4S PLC Rogers Communications, Inc. Imperial Tobacco Group PLC Total Holdings are subject to change without notice. 3.00 2.81 2.73 2.73 2.71 2.68 2.55 2.38 2.32 2.29 26.20 Developed vs. Emerging Market Exposure (% of Fund) Non-U.S. Developed Non-U.S. Emerging U.S. Cash & Equivalents 77.22 6.27 0.29 16.22 (% of Fund) United Kingdom Japan Switzerland France Canada Mexico Germany Norway Sweden Ireland Total Country and/or regional weights based on MSCI classifications. 24.16 11.53 9.15 8.22 7.85 4.64 3.57 3.39 2.16 1.76 76.43 Gregory Kolb, CFA Tadd Chessen, CFA Chris Kirtley, CFA Subadvisor Perkins Fund Assets $12.8 M Distribution Frequency Annually Number of Holdings 73 Turnover (1-yr trailing) 35% Weighted Average Market Cap $59.6 B Sector Allocation (% of Fund) Consumer Staples 19.48 Industrials 17.58 Energy 9.83 Health Care 9.76 Telecommunication Services 9.28 Consumer Discretionary 5.67 Financials 4.16 Materials 4.15 Information Technology 2.39 Utilities 1.48 Cash & Equivalents 16.22 Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance. Learn more at janus.com/internationalvalue 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 800.525.3713 or download the file from janus.com/reports. Read it carefully before you invest or send money. Until three years from inception, Janus Capital may recover expenses previously waived or reimbursed if the expense ratio falls below certain limits. 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. MSCI EAFE® (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance. The MSCI EAFE® Index is composed of companies representative of the market structure of developed market countries. The index includes reinvestment of dividends, net of foreign withholding taxes. MSCI All Country World ex-U.S. IndexSM is an unmanaged, free float-adjusted, market capitalization weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to measure equity market performance in global developed and emerging markets outside the United States. 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. Perkins 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-0614-68528 10-15-14 297-08-27794 07-14