0000950123-12-013161.txt : 20121119 0000950123-12-013161.hdr.sgml : 20121119 20121116190613 ACCESSION NUMBER: 0000950123-12-013161 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121119 DATE AS OF CHANGE: 20121116 EFFECTIVENESS DATE: 20121119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JANUS INVESTMENT FUND CENTRAL INDEX KEY: 0000277751 IRS NUMBER: 840592523 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-34393 FILM NUMBER: 121212922 BUSINESS ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 BUSINESS PHONE: 303-333-3863 MAIL ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 FORMER COMPANY: FORMER CONFORMED NAME: JANUS FUND /MD/ DATE OF NAME CHANGE: 19870701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JANUS INVESTMENT FUND CENTRAL INDEX KEY: 0000277751 IRS NUMBER: 840592523 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01879 FILM NUMBER: 121212923 BUSINESS ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 BUSINESS PHONE: 303-333-3863 MAIL ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 FORMER COMPANY: FORMER CONFORMED NAME: JANUS FUND /MD/ DATE OF NAME CHANGE: 19870701 0000277751 S000010466 Janus Government Money Market Fund C000028921 Class T JAGXX C000083514 Class D 0000277751 S000010468 Janus High-Yield Fund C000028924 Class T JAHYX C000077664 Class A C000077665 Class C C000077666 Class I C000077667 Class R C000077668 Class S C000083516 Class D C000114871 Class N 0000277751 S000010471 Perkins Mid Cap Value Fund C000028927 Class L JMIVX C000028928 Class T JMCVX C000077673 Class A C000077674 Class C C000077675 Class I C000077676 Class R C000077677 Class S C000083518 Class D C000114873 Class N 0000277751 S000010472 Janus Money Market Fund C000028930 Class T JAMXX C000083519 Class D 0000277751 S000010478 INTECH U.S. Core Fund C000028937 Class T JRMSX C000077697 Class A C000077698 Class C C000077699 Class I C000077700 Class S C000083524 Class D 0000277751 S000010479 Janus Short-Term Bond Fund C000028938 Class T JASBX C000077701 Class A C000077702 Class C C000077703 Class I C000077704 Class S C000083525 Class D C000114878 Class N 0000277751 S000010480 Perkins Small Cap Value Fund C000028939 Class L JSIVX C000028940 Class T JSCVX C000077705 Class A C000077706 Class C C000077707 Class I C000077708 Class R C000077709 Class S C000083526 Class D C000114879 Class N 0000277751 S000010481 Janus Growth Allocation Fund C000028941 Class T JSPGX C000077710 Class A C000077711 Class C C000077712 Class I C000077713 Class S C000083527 Class D 0000277751 S000010482 Janus Moderate Allocation Fund C000028942 Class T JSPMX C000077714 Class A C000077715 Class C C000077716 Class I C000077717 Class S C000083528 Class D 0000277751 S000010483 Janus Conservative Allocation Fund C000028943 Class T JSPCX C000077718 Class A C000077719 Class C C000077720 Class I C000077721 Class S C000083529 Class D 0000277751 S000010492 Janus Flexible Bond Fund C000028954 Class T JAFIX C000077742 Class A C000077743 Class C C000077744 Class I C000077745 Class R C000077746 Class S C000083536 Class D C000114884 Class N 0000277751 S000025890 Perkins Large Cap Value Fund C000077602 Class A C000077603 Class C C000077604 Class I C000077605 Class S C000077606 Class T C000083541 Class D C000114887 Class N 0000277751 S000025892 Janus World Allocation Fund C000077613 Class A C000077614 Class C C000077615 Class I C000077616 Class S C000077617 Class T 0000277751 S000025896 INTECH U.S. Growth Fund C000077635 Class A C000077636 Class C C000077637 Class I C000077638 Class S C000077639 Class T 0000277751 S000025897 INTECH International Fund C000077640 Class A C000077641 Class C C000077642 Class I C000077643 Class S C000077644 Class T 0000277751 S000025898 INTECH U.S. Value Fund C000077645 Class A C000077646 Class C C000077647 Class I C000077648 Class S C000077649 Class T 0000277751 S000029570 Perkins Value Plus Income Fund C000090764 Class A C000090765 Class C C000090766 Class D C000090767 Class I C000090768 Class S C000090769 Class T C000114890 Class N 0000277751 S000030901 Janus Global Bond Fund C000095874 Class I C000095875 Class S C000095876 Class T C000095877 Class A C000095878 Class C C000095879 Class D C000114892 Class N 0000277751 S000032050 Janus Real Return Fund C000099809 Class A C000099810 Class C C000099811 Class D C000099812 Class I C000099813 Class S C000099814 Class T 0000277751 S000035091 INTECH Global Dividend Fund C000107955 Class A C000107956 Class C C000107957 Class D C000107958 Class I C000107959 Class S C000107960 Class T 0000277751 S000035097 Perkins Select Value Fund C000107973 Class A C000107974 Class C C000107975 Class D C000107976 Class I C000107977 Class S C000107978 Class T C000114893 Class N 485BPOS 1 d31011e485bpos.htm 485BPOS e485bpos
     
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
         
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
       
     (No. 002-34393)
     þ  
 
        
     Pre- Effective Amendment No. ____
     o  
 
        
     Post-Effective Amendment No. 181
     þ  
and/or
         
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
        
     (No. 811-01879)
     þ  
 
        
     Amendment No. 164
     þ  
(Check appropriate box or boxes.)
JANUS INVESTMENT FUND
 
(Exact Name of Registrant as Specified in Charter)
151 Detroit Street, Denver, Colorado 80206-4805
 
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: 303-333-3863
Stephanie Grauerholz-Lofton — 151 Detroit Street, Denver, Colorado 80206-4805
 
(Name and Address of Agent for Service)
Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement and thereafter from day to day.
It is proposed that this filing will become effective (check appropriate box):
þ     immediately upon filing pursuant to paragraph (b)
o     on (date) pursuant to paragraph (b)
o     60 days after filing pursuant to paragraph (a)(1)
o     on (date) pursuant to paragraph (a)(1)
o     75 days after filing pursuant to paragraph (a)(2)
o     on (date) pursuant to paragraph (a)(2) of rule 485.
If appropriate, check the following box:
o      This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 

 

SIGNATURES
     Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Denver, and State of Colorado, on the 19th day of November, 2012.
         
  JANUS INVESTMENT FUND
 		  
 
  By:   /s/ Robin C. Beery    
    Robin C. Beery, President and
Chief Executive Officer 		  
 
     Janus Investment Fund is organized under an Amended and Restated Agreement and Declaration of Trust dated March 18, 2003 (“Declaration of Trust”), a copy of which is on file with the Secretary of State of The Commonwealth of Massachusetts. The obligations of the Registrant hereunder are not binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Registrant personally, but bind only the trust property of the Registrant, as provided in the Declaration of Trust of the Registrant. The execution of this Amendment to the Registration Statement has been authorized by the Trustees of the Registrant and this Amendment to the Registration Statement has been signed by an authorized officer of the Registrant, acting as such, and neither such authorization by such Trustees nor such execution by such officer shall be deemed to have been made by any of them personally, but shall bind only the trust property of the Registrant as provided in its Declaration of Trust.
     Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
         
Signature   Title   Date
 
        
/s/ Robin C. Beery
 
Robin C. Beery
  President and Chief Executive Officer (Principal Executive Officer)   November 19, 2012
 
        
/s/ Jesper Nergaard
 
Jesper Nergaard
  Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)   November 19, 2012

C-1

 

         
Signature   Title   Date
 
        
William F. McCalpin*
 
William F. McCalpin
  Chairman and Trustee    November 19, 2012
 
        
William D. Cvengros*
 
William D. Cvengros
  Trustee    November 19, 2012
 
        
John P. McGonigle*
 
John P. McGonigle
  Trustee    November 19, 2012
 
        
James T. Rothe*
 
James T. Rothe
  Trustee    November 19, 2012
 
        
William D. Stewart*
 
William D. Stewart
  Trustee    November 19, 2012
 
        
Linda S. Wolf*
 
Linda S. Wolf
  Trustee    November 19, 2012
         
/s/ Stephanie Grauerholz-Lofton    
 `    
*By:
  Stephanie Grauerholz-Lofton    
 
  Attorney-in-Fact    
    Pursuant to Powers of Attorney, dated April 11, 2008, incorporated by reference to Exhibit 15(c) to Post-Effective Amendment No. 123, filed on February 27, 2009; Power of Attorney, dated June 24, 2010, incorporated by reference to Exhibit (q)(4) to Post-Effective Amendment No. 132, filed on July 30, 2010; and Power of Attorney, dated January 5, 2011, incorporated by reference to Exhibit (q)(5) to Post-Effective Amendment No. 138, filed on January 28, 2011

C-2

 

INDEX OF EXHIBITS
     
Exhibit Number   Exhibit Title
EX-101.INS
  XBRL Instance Document
EX-101.SCH
  XBRL Taxonomy Extension Schema Document
EX-101.CAL
  XBRL Taxonomy Extension Calculation Linkbase
EX-101.LAB
  XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
  XBRL Taxonomy Extension Presentation Linkbase
EX-101.DEF
  XBRL Taxonomy Extension Definition Linkbase

C-3

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style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE<b></font> <b>Janus Growth Allocation Fund</b> seeks total return through a primary emphasis on growth of capital with a secondary emphasis on income. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. <b>SHAREHOLDER FEES</b><br/>(fees paid directly from your investment) <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE:</b> The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <b>If Shares are redeemed:</b> <b>If Shares are not redeemed:</b> <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18% of the average value of its portfolio. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> The Fund seeks to achieve its investment objective by investing in other Janus mutual funds (&#8220;underlying funds&#8221;) that represent a variety of asset classes and investment styles. The Fund pursues this objective by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 80% to stocks and 20% to bonds and money market securities. The target allocation and the allocation of the Fund&#8217;s assets among underlying funds are based on quantitative and qualitative analysis. Because it invests in other funds, the Fund is considered a &#8220;fund of funds.&#8221;<br/><br/>The Fund&#8217;s asset allocation is intended to diversify investments among stocks, bonds, and cash equivalents. The portfolio manager regularly reviews the allocation of Fund assets in the underlying funds and may modify the underlying funds&#8217; weightings or substitute other underlying funds to emphasize and mitigate risk exposures that may arise as a result of the implementation of the allocations. An independent asset allocation service provides evaluations of asset allocations that the portfolio manager may use in implementing the allocations among the underlying funds. The portfolio manager continually monitors asset class allocations and periodically rebalances the Fund&#8217;s investments in the underlying funds. The portfolio manager may change the Fund&#8217;s asset class allocations, the underlying funds, an underlying fund&#8217;s asset category, or weightings among asset classes or underlying funds without prior shareholder notice.<br/><br/>The Fund will normally allocate approximately 80% of its investments to underlying funds that provide varying exposure to common stocks of large U.S.-based companies, small- to mid-capitalization companies, and international companies (including those with exposure to emerging markets); and approximately 20% of its investments to underlying bond funds and money market instruments. Refer to Appendix A in this Prospectus for a brief description of the investment strategies of each of the currently available underlying funds. <br/><br/>When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment objective. As a result, the Fund may not achieve its investment objective. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking growth of capital and, to a lesser extent, income. Investments in a portfolio with common stock exposure tend to be more volatile than many other investment choices.<br/><br/><b>Main Risks Associated with the Fund</b><br/><b><i>Allocation Risk.</i></b> The Fund&#8217;s ability to achieve its investment objective depends largely upon the portfolio manager&#8217;s allocation of assets among the underlying funds and other securities, using the optimization process (a process that utilizes quantitative analysis of a number of factors, such as historical risk, performance, fund classifications, and the relationship among underlying funds) and the judgment of the portfolio manager. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund and any investments in which that fund concentrates.<br/><br/><b><i>Affiliated Fund Risk.</i></b> Janus Capital has the authority to select and substitute underlying affiliated mutual funds. The fees paid to Janus Capital by some Janus mutual funds are generally higher than the fees paid to Janus Capital by the Fund or by other funds and share classes available for investment by the Fund. These conditions may create a conflict of interest when selecting underlying affiliated mutual funds and share classes for investment. Janus Capital, however, is a fiduciary to the Fund and its shareholders and is legally obligated to act in their best interest when selecting underlying affiliated mutual funds.<br/><br/><b>Main Risks Associated with the Underlying Funds and Securities</b><br/>The biggest risk is that the underlying funds&#8217; returns will vary, and you could lose money.<br/><br/><b><i>Market Risk.</i></b> Approximately 80% of the Fund&#8217;s assets are allocated to equity investments through investments in underlying funds. The value of an underlying fund&#8217;s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if a portfolio manager&#8217;s belief about a company&#8217;s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of an underlying fund&#8217;s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> Approximately 20% of the Fund&#8217;s assets are allocated to fixed-income securities through investments in underlying funds. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause an underlying fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund&#8217;s portfolio manager would like or at the price that the portfolio manager believes the security is currently worth.<br/><br/><b><i>Foreign Exposure Risk.</i></b> Certain underlying funds may have significant exposure to foreign markets as a result of their investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, an underlying fund&#8217;s returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund&#8217;s performance than it would in a more geographically diversified portfolio. An underlying fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. In addition, an underlying fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of an underlying fund&#8217;s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when an underlying fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks. <br/><br/><b><i>Sovereign Debt Risk.</i></b> An underlying fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.<br/><br/><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/><b><i>Exchange-Traded Funds Risk.</i></b> Certain underlying funds may purchase shares of exchange-traded funds (&#8220;ETFs&#8221;) to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When an underlying fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br/><br/><b><i>Exchange-Traded Notes Risk.</i></b> Certain underlying funds may invest in exchange-traded notes (&#8220;ETNs&#8221;), which are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When an underlying fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. There may be restrictions on an underlying fund&#8217;s right to redeem its investment in an ETN, which is meant to be held until maturity. An underlying fund&#8217;s decision to sell its ETN holdings may be limited by the availability of a secondary market.<br/><br/><b><i>Derivatives Risk.</i></b> Certain underlying funds may invest in derivatives. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. <br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund&#8217;s inception. Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund commenced operations on July 6, 2009.<ul type="square"><li style="margin-left:-20px">The performance shown for Class&nbsp;T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers. </li><li style="margin-left:-20px">The performance shown for Class&nbsp;A Shares, Class&nbsp;C Shares, and Class&nbsp;S Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class&nbsp;J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers. </li><li style="margin-left:-20px"> The performance shown for Class&nbsp;I Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class&nbsp;J Shares, calculated using the fees and expenses of Class&nbsp;J Shares, net of any applicable fee and expense limitations or waivers.</li></ul>If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during periods prior to July 6, 2009, the performance shown for each respective share class may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class A Shares, Class C Shares, Class S Shares, and Class I Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> <b>Annual Total Returns for Class T Shares </b>(calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2009&nbsp;&nbsp;<b>18.37%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Fourth Quarter 2008<b>&nbsp;&nbsp;&#8722;18.05%</b></div> <b>Average Annual Total Returns </b>(periods ended 12/31/11) The Growth Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Dow Jones Wilshire 5000 Index (50%), the MSCI EAFE<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index (25%), the Barclays U.S. Aggregate Bond Index (20%), and the Morgan Stanley Capital International Emerging Markets Free Index<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top"><font style="FONT-VARIANT: small-caps">sm</font></sup><font style="FONT-VARIANT: small-caps"> (5%). </font><br/><br/>After-tax returns are calculated using distributions for the Fund&#8217;s Class T Shares (formerly named Class J Shares, the initial share class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T</div> <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font><br/><br/><font style="FONT-SIZE: 16pt">Janus Conservative Allocation Fund</font></b> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE</b></font> <b>Janus Conservative Allocation Fund</b> seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T</div> <b>SHAREHOLDER FEES</b><br/>(fees paid directly from your investment) <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE:</b> The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses (including the operating expenses of the underlying funds) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50000 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C Shares</div> 0.18 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T Shares</div> <b>If Shares are redeemed:</b> <b>If Shares are not redeemed:</b> <b>Portfolio Turnover: </b> The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 10% of the average value of its portfolio. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The Fund seeks to achieve its investment objective by investing in other Janus mutual funds (&#8220;underlying funds&#8221;) that represent a variety of asset classes and investment styles. The Fund pursues this objective by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 40% to stocks and 60% to bonds and money market securities. The target allocation and the allocation of the Fund&#8217;s assets among underlying funds are based on quantitative and qualitative analysis. Because it invests in other funds, the Fund is considered a &#8220;fund of funds.&#8221;<br/><br/>The Fund&#8217;s asset allocation is intended to diversify investments among stocks, bonds, and cash equivalents. The portfolio manager regularly reviews the allocation of Fund assets in the underlying funds and may modify the underlying funds&#8217; weightings or substitute other underlying funds to emphasize and mitigate risk exposures that may arise as a result of the implementation of the allocations. An independent asset allocation service provides evaluations of asset allocations that the portfolio manager may use in implementing the allocations among the underlying funds. The portfolio manager continually monitors asset class allocations and periodically rebalances the Fund&#8217;s investments in the underlying funds. The portfolio manager may change the Fund&#8217;s asset class allocations, the underlying funds, an underlying fund&#8217;s asset category, or weightings among asset classes or underlying funds without prior shareholder notice.<br/><br/>The Fund will normally allocate approximately 60% of its investments to underlying bond funds and money market instruments; and approximately 40% of its investments to underlying funds that provide varying exposure to common stocks of large U.S.-based companies, small- to mid-capitalization companies, and international companies (including those with exposure to emerging markets). Refer to Appendix A in this Prospectus for a brief description of the investment strategies of each of the currently available underlying funds.<br/><br/>When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment objective. As a result, the Fund may not achieve its investment objective. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking income and, to a lesser extent, growth of capital. Investments in a portfolio with common stock exposure tend to be more volatile than many other investment choices.<br/><br/><b>Main Risks Associated with the Fund</b><br/><b><i>Allocation Risk.</i></b> The Fund&#8217;s ability to achieve its investment objective depends largely upon the portfolio manager&#8217;s allocation of assets among the underlying funds and other securities, using the optimization process (a process that utilizes quantitative analysis of a number of factors, such as historical risk, performance, fund classifications, and the relationship among underlying funds) and the judgment of the portfolio manager. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund and any investments in which that fund concentrates.<br/><br/><b><i>Affiliated Fund Risk.</i></b> Janus Capital has the authority to select and substitute underlying affiliated mutual funds. The fees paid to Janus Capital by some Janus mutual funds are generally higher than the fees paid to Janus Capital by the Fund or by other funds and share classes available for investment by the Fund. These conditions may create a conflict of interest when selecting underlying affiliated mutual funds and share classes for investment. Janus Capital, however, is a fiduciary to the Fund and its shareholders and is legally obligated to act in their best interest when selecting underlying affiliated mutual funds.<br/><br/><b>Main Risks Associated with the Underlying Funds and Securities</b> <br/>The biggest risk is that the underlying funds&#8217; returns will vary, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> Approximately 60% of the Fund&#8217;s assets are allocated to fixed-income securities through investments in underlying funds. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause an underlying fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund&#8217;s portfolio manager would like or at the price that the portfolio manager believes the security is currently worth.<br/><br/><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/><b><i>Market Risk.</i></b> Approximately 40% of the Fund&#8217;s assets are allocated to equity investments through investments in underlying funds. The value of an underlying fund&#8217;s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if a portfolio manager&#8217;s belief about a company&#8217;s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of an underlying fund&#8217;s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.<br/><br/><b><i>Foreign Exposure Risk.</i></b> Certain underlying funds may have significant exposure to foreign markets as a result of their investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, an underlying fund&#8217;s returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund&#8217;s performance than it would in a more geographically diversified portfolio. An underlying fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. In addition, an underlying fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of an underlying fund&#8217;s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when an underlying fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks. <br/><br/><b><i>Sovereign Debt Risk.</i></b> An underlying fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. <br/><br/><b><i>Exchange-Traded Funds Risk.</i></b> Certain underlying funds may purchase shares of exchange-traded funds (&#8220;ETFs&#8221;) to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When an underlying fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br/><br/><b><i>Exchange-Traded Notes Risk.</i></b> Certain underlying funds may invest in exchange-traded notes (&#8220;ETNs&#8221;), which are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When an underlying fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. There may be restrictions on an underlying fund&#8217;s right to redeem its investment in an ETN, which is meant to be held until maturity. An underlying fund&#8217;s decision to sell its ETN holdings may be limited by the availability of a secondary market. <br/><br/><b><i>Derivatives Risk.</i></b> Certain underlying funds may invest in derivatives. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations.<br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i></i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund&#8217;s inception. Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund commenced operations on July 6, 2009. <ul type="square"><li style="margin-left:-20px">The performance shown for Class&nbsp;T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.</li><li style="margin-left:-20px">The performance shown for Class&nbsp;A Shares, Class&nbsp;C Shares, Class&nbsp;S Shares, and Class&nbsp;I Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.</li></ul>If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during periods prior to July 6, 2009, the performance shown for each respective share class may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class A Shares, Class C Shares, Class S Shares, and Class I Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. <br/><br/> The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> <b>Annual Total Returns for Class T Shares </b>(calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2009&nbsp;&nbsp;<b>10.64%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Third Quarter 2008 <b>&nbsp;&nbsp;&#8722;6.58%</b> </div> <i>janus.com/advisor/mutual-funds</i> <i>1-877-335-2687</i> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T Shares</div> <b>Average Annual Total Returns </b>(periods ended 12/31/11) The Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Barclays U.S. Aggregate Bond Index (60%), the Dow Jones Wilshire 5000 Index (28%), and the Morgan Stanley Capital International Europe, Australasia, Far East Index (&#8220;MSCI EAFE<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup>&#8221;) Index (12%).<br/><br/>After-tax returns are calculated using distributions for the Fund&#8217;s Class T Shares (formerly named Class J Shares, the initial share class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 11.44%. 2012-09-30 0.1144 <b>Best Quarter:</b> 2009-06-30 0.1837 <b>Worst Quarter:</b> 2008-12-31 -0.1805 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class A Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class C Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class S Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class I Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class T Shares</b></div> For Class A Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janus mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the &#8220;Purchases&#8221; section on page 45 of the Fund&#8217;s Prospectus and in the &#8220;Purchases&#8221; section on page 63 of the Fund&#8217;s Statement of Additional Information. 50000 <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> 0.1 The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">S&amp;P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Moderate Allocation Index</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions and Sale of Fund Shares</div> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. <br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>janus.com/advisor/mutual-funds</i> <i>1-877-335-2687</i> 0.0575 0 0 0 0 0 0.01 0 0 0 0.1428 The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 9.25%. 0.1271 -0.2528 0.3034 0.1231 -0.0255 2012-09-30 0.0925 <b>Best Quarter:</b> 2009-06-30 0.1064 <b>Worst Quarter:</b> 2008-09-30 -0.0658 <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Moderate Allocation Fund</font></b> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE<b></font> <b>Janus Moderate Allocation Fund</b> seeks total return through growth of capital and income. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. <b>ANNUAL FUND OPERATING EXPENSES</b><br />(expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE:</b> 0.1428 0.1271 -0.2528 0.3034 0.1219 -0.0261 The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses (including the operating expenses of the underlying funds) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> The Fund seeks to achieve its investment objective by investing in other Janus mutual funds (&#8220;underlying funds&#8221;) that represent a variety of asset classes and investment styles. The Fund pursues this objective by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 60% to stocks and 40% to bonds and money market securities. The target allocation and the allocation of the Fund&#8217;s assets among underlying funds are based on quantitative and qualitative analysis. Because it invests in other funds, the Fund is considered a &#8220;fund of funds.&#8221;<br /><br />The Fund&#8217;s asset allocation is intended to diversify investments among stocks, bonds, and cash equivalents. The portfolio manager regularly reviews the allocation of Fund assets in the underlying funds and may modify the underlying funds&#8217; weightings or substitute other underlying funds to emphasize and mitigate risk exposures that may arise as a result of the implementation of the allocations. An independent asset allocation service provides evaluations of asset allocations that the portfolio manager may use in implementing the allocations among the underlying funds. The portfolio manager continually monitors asset class allocations and periodically rebalances the Fund&#8217;s investments in the underlying funds. The portfolio manager may change the Fund&#8217;s asset class allocations, the underlying funds, an underlying fund&#8217;s asset category, or weightings among asset classes or underlying funds without prior shareholder notice.<br /><br />The Fund will normally allocate approximately 60% of its investments to underlying funds that provide varying exposure to common stocks of large U.S.-based companies, small- to mid-capitalization companies, and international companies (including those with exposure to emerging markets); and approximately 40% of its investments to underlying bond funds and money market instruments. Refer to Appendix A in this Prospectus for a brief description of the investment strategies of each of the currently available underlying funds. <br /><br />When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment objective. As a result, the Fund may not achieve its investment objective. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking growth of capital and income. Investments in a portfolio with common stock exposure tend to be more volatile than many other investment choices.<br /><br /> <b>Main Risks Associated with the Fund</b><br /> <b><i>Allocation Risk.</i></b> The Fund&#8217;s ability to achieve its investment objective depends largely upon the portfolio manager&#8217;s allocation of assets among the underlying funds and other securities, using the optimization process (a process that utilizes quantitative analysis of a number of factors, such as historical risk, performance, fund classifications, and the relationship among underlying funds) and the judgment of the portfolio manager. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund and any investments in which that fund concentrates. <br /><br /> <b><i>Affiliated Fund Risk.</i></b> Janus Capital has the authority to select and substitute underlying affiliated mutual funds. The fees paid to Janus Capital by some Janus mutual funds are generally higher than the fees paid to Janus Capital by the Fund or by other funds and share classes available for investment by the Fund. These conditions may create a conflict of interest when selecting underlying affiliated mutual funds and share classes for investment. Janus Capital, however, is a fiduciary to the Fund and its shareholders and is legally obligated to act in their best interest when selecting underlying affiliated mutual funds.<br /><br /> <b>Main Risks Associated with the Underlying Funds and Securities</b> <br />The biggest risk is that the underlying funds&#8217; returns will vary, and you could lose money.<br /><br /> <b><i>Market Risk.</i></b> Approximately 60% of the Fund&#8217;s assets are allocated to equity investments through investments in underlying funds. The value of an underlying fund&#8217;s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if a portfolio manager&#8217;s belief about a company&#8217;s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of an underlying fund&#8217;s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.<br /><br /> <b><i>Fixed-Income Securities Risk.</i></b> Approximately 40% of the Fund&#8217;s assets are allocated to fixed-income securities through investments in underlying funds. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause an underlying fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund&#8217;s portfolio manager would like or at the price that the portfolio manager believes the security is currently worth.<br /><br /> <b><i>Foreign Exposure Risk.</i></b> Certain underlying funds may have significant exposure to foreign markets as a result of their investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, an underlying fund&#8217;s returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund&#8217;s performance than it would in a more geographically diversified portfolio. An underlying fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br /><br /> <b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. In addition, an underlying fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of an underlying fund&#8217;s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when an underlying fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks. <br /><br /> <b><i>Sovereign Debt Risk.</i></b> An underlying fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. <br /><br /> <b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br /><br /> <b><i>Exchange-Traded Funds Risk.</i></b> Certain underlying funds may purchase shares of exchange-traded funds (&#8220;ETFs&#8221;) to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When an underlying fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br /><br /> <b><i>Exchange-Traded Notes Risk.</i></b> Certain underlying funds may invest in exchange-traded notes (&#8220;ETNs&#8221;), which are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When an underlying fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. There may be restrictions on an underlying fund&#8217;s right to redeem its investment in an ETN, which is meant to be held until maturity. An underlying fund&#8217;s decision to sell its ETN holdings may be limited by the availability of a secondary market.<br /><br /> <b><i>Derivatives Risk.</i></b> Certain underlying funds may invest in derivatives. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. <br /><br /> <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. <br /><br />The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower. <br /><br /><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at <font style="WHITE-SPACE: nowrap">janus.com/allfunds</font> or by calling <font style="WHITE-SPACE: nowrap">1-800-525-3713.</font></i> <b>Annual Total Returns for Class D Shares </b>(calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter: </b>Second Quarter 2009 <b>14.27% &nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter: </b>Fourth Quarter 2008<b> &#8722;11.62%</b> </div> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 10.34%. <b>Average Annual Total Returns</b> (periods ended 12/31/11) 0.1109 0.1019 -0.1601 0.2337 0.106 0.0139 The Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Dow Jones Wilshire 5000 Index (40%), the Barclays U.S. Aggregate Bond Index (40%), the MSCI EAFE<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index (18%), and the Morgan Stanley Capital International Emerging Markets Free Index<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top"><font style="FONT-VARIANT: small-caps">sm</font></sup> (2%). <br /><br />After-tax returns are calculated using distributions for the Fund&#8217;s Class D Shares for the periods following February 16, 2010; and for the Fund&#8217;s Class J Shares, the predecessor share class, for the periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. Class D <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18% of the average value of its portfolio. Class D Shares The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Conservative Allocation Fund</font></b> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE</b></font> <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <b>Janus Conservative Allocation Fund</b> seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital. The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br /><br />The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> <i>1-800-525-3713</i> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. <i>janus.com/allfunds</i> <b>ANNUAL FUND OPERATING EXPENSES<br></b>(expenses that you pay each year as a percentage of the value of your investment) <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <b>Portfolio Turnover: </b> <div style="display:none">~ http://www.janus.com/role/ScheduleShareholderFeesJanusModerateAllocationFund column period compact * ~</div> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 10% of the average value of its portfolio. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>EXAMPLE:</b> Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses (including the operating expenses of the underlying funds) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> The Fund seeks to achieve its investment objective by investing in other Janus mutual funds (&#8220;underlying funds&#8221;) that represent a variety of asset classes and investment styles. The Fund pursues this objective by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 40% to stocks and 60% to bonds and money market securities. The target allocation and the allocation of the Fund&#8217;s assets among underlying funds are based on quantitative and qualitative analysis. Because it invests in other funds, the Fund is considered a &#8220;fund of funds.&#8221; <br /><br />The Fund&#8217;s asset allocation is intended to diversify investments among stocks, bonds, and cash equivalents. The portfolio manager regularly reviews the allocation of Fund assets in the underlying funds and may modify the underlying funds&#8217; weightings or substitute other underlying funds to emphasize and mitigate risk exposures that may arise as a result of the implementation of the allocations. An independent asset allocation service provides evaluations of asset allocations that the portfolio manager may use in implementing the allocations among the underlying funds. The portfolio manager continually monitors asset class allocations and periodically rebalances the Fund&#8217;s investments in the underlying funds. The portfolio manager may change the Fund&#8217;s asset class allocations, the underlying funds, an underlying fund&#8217;s asset category, or weightings among asset classes or underlying funds without prior shareholder notice. <br /><br />The Fund will normally allocate approximately 60% of its investments to underlying bond funds and money market instruments; and approximately 40% of its investments to underlying funds that provide varying exposure to common stocks of large U.S.-based companies, small- to mid-capitalization companies, and international companies (including those with exposure to emerging markets). Refer to Appendix A in this Prospectus for a brief description of the investment strategies of each of the currently available underlying funds. <br /><br />When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment objective. As a result, the Fund may not achieve its investment objective. 0.18 <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking income and, to a lesser extent, growth of capital. Investments in a portfolio with common stock exposure tend to be more volatile than many other investment choices.<br /><br /><b>Main Risks Associated with the Fund</b><br/><b><i>Allocation Risk.</i></b> The Fund&#8217;s ability to achieve its investment objective depends largely upon the portfolio manager&#8217;s allocation of assets among the underlying funds and other securities, using the optimization process (a process that utilizes quantitative analysis of a number of factors, such as historical risk, performance, fund classifications, and the relationship among underlying funds) and the judgment of the portfolio manager. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund and any investments in which that fund concentrates. <br /><br /><b><i>Affiliated Fund Risk.</i></b> Janus Capital has the authority to select and substitute underlying affiliated mutual funds. The fees paid to Janus Capital by some Janus mutual funds are generally higher than the fees paid to Janus Capital by the Fund or by other funds and share classes available for investment by the Fund. These conditions may create a conflict of interest when selecting underlying affiliated mutual funds and share classes for investment. Janus Capital, however, is a fiduciary to the Fund and its shareholders and is legally obligated to act in their best interest when selecting underlying affiliated mutual funds.<br /><br /><b>Main Risks Associated with the Underlying Funds and Securities</b><br />The biggest risk is that the underlying funds&#8217; returns will vary, and you could lose money.<br /><br /><b><i>Fixed-Income Securities Risk.</i></b> Approximately 60% of the Fund&#8217;s assets are allocated to fixed-income securities through investments in underlying funds. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause an underlying fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund&#8217;s portfolio manager would like or at the price that the portfolio manager believes the security is currently worth.<br /><br /><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br /><br /><b><i>Market Risk.</i></b> Approximately 40% of the Fund&#8217;s assets are allocated to equity investments through investments in underlying funds. The value of an underlying fund&#8217;s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if a portfolio manager&#8217;s belief about a company&#8217;s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of an underlying fund&#8217;s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.<br /><br /><b><i>Foreign Exposure Risk.</i></b> Certain underlying funds may have significant exposure to foreign markets as a result of their investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, an underlying fund&#8217;s returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund&#8217;s performance than it would in a more geographically diversified portfolio. An underlying fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br /><br /><b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. In addition, an underlying fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of an underlying fund&#8217;s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when an underlying fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks.<br /><br /><b><i>Sovereign Debt Risk.</i></b> An underlying fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. <br /><br /><b><i>Exchange-Traded Funds Risk.</i></b> Certain underlying funds may purchase shares of exchange-traded funds (&#8220;ETFs&#8221;) to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When an underlying fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br /><br /><b><i>Exchange-Traded Notes Risk.</i></b> Certain underlying funds may invest in exchange-traded notes (&#8220;ETNs&#8221;), which are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When an underlying fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. There may be restrictions on an underlying fund&#8217;s right to redeem its investment in an ETN, which is meant to be held until maturity. An underlying fund&#8217;s decision to sell its ETN holdings may be limited by the availability of a secondary market.<br /><br /><b><i>Derivatives Risk.</i></b> Certain underlying funds may invest in derivatives. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. <br /><br /><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> Class&nbsp;A Class&nbsp;C Class S Class I Class T <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.<br /><br />The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower. <br /><br /><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <b>Annual Total Returns for Class D Shares</b> (calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2009&nbsp;&nbsp;<b>10.64%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Third Quarter 2008<b>&nbsp;&nbsp;&#8722;6.58% </b></div> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 9.32%. <b>Average Annual Total Returns </b>(periods ended 12/31/11) 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 The Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Barclays U.S. Aggregate Bond Index (60%), the Dow Jones Wilshire 5000 Index (28%), and the Morgan Stanley Capital International Europe, Australasia, Far East Index (&#8220;MSCI EAFE<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup>&#8221;) Index (12%).<br/><br/>After-tax returns are calculated using distributions for the Fund&#8217;s Class D Shares for the periods following February 16, 2010; and for the Fund&#8217;s Class J Shares, the predecessor share class, for the periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 2005-12-30 2005-12-30 2005-12-30 2005-12-30 <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> 0.0005 0.0005 0.0005 0.0005 0.0005 0.0025 0.01 0.0025 0 0 <b>Best Quarter:</b> <b>Worst Quarter:</b> 0.1427 0.0022 0.0033 0.0036 2009-06-30 0.002 0.0037 -0.1162 2008-12-31 0.1034 2012-09-30 0.0076 0.0076 0.0076 0.0076 0.0076 0.0128 0.0214 0.0142 0.0101 0.0118 Class A Class C Class S Class I Class T Class C Class A Class S Class I Class T 0.1 <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusModerateAllocationFund column period compact * ~</div> Class A Shares Class C Shares Class S Shares Class I Shares Class T Shares The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. Class&nbsp;A Class&nbsp;C Class S Class I Class T The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>1-800-525-3713</i> <i>janus.com/allfunds</i> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusModerateAllocationFund column period compact * ~</div> 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 Class C Shares Class A Shares Class S Shares Class I Shares Class T Shares <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleNoRedemptionTransposedJanusModerateAllocationFund column period compact * ~</div> Class A Shares Class C Shares Class S Shares Class I Shares Class T Shares 2012-09-30 0.0932 <b>Best Quarter:</b> 2009-06-30 0.1064 Class A Shares Class C Shares Class S Shares Class I Shares Class T Shares <b>Worst Quarter:</b> 2008-09-30 -0.0658 698 317 145 103 120 958 670 449 322 375 1237 1149 776 558 649 2031 2472 1702 1236 1432 <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusModerateAllocationFundBarChart column period compact * ~</div> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&amp;P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index Conservative Allocation Index <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusModerateAllocationFundClassDShares column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusModerateAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusModerateAllocationFundClassDShares column period compact * ~</div> 698 217 145 103 120 958 670 449 322 375 <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusModerateAllocationFundClassDSharesBarChart column period compact * ~</div> 1237 1149 776 558 649 2031 2472 1702 1236 1432 <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusModerateAllocationFundClassDShares column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusConservativeAllocationFundClassDShares column period compact * ~</div> 0.1851 0.1573 -0.3491 0.3579 0.134 -0.0649 <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusConservativeAllocationFundClassDShares column period compact * ~</div> -0.0649 -0.0691 -0.0407 -0.1193 -0.0817 0.0211 -0.0207 -0.0679 -0.0638 0.0164 0.0127 0.008 -0.0025 0.0075 0.0164 0.0101 0.0113 0.003 0.0427 0.0366 0.0342 0.031 0.0335 0.0226 0.0331 0.0388 0.0427 Return Before Taxes Return Before Taxes Return Before Taxes Return Before Taxes Class D Class D Shares <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class T Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class T Shares</b></div> <b>Class D Shares</b> <b>Class D Shares</b> <b>Class D Shares</b> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&amp;P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index Moderate Allocation Index <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Moderate Allocation Fund</font></b> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusConservativeAllocationFundClassDSharesBarChart column period compact * ~</div> <b>Class A Shares</b> <b>Class C Shares</b> <b>Class S Shares</b> <b>Class I Shares</b> <b>Class T Shares</b> <b>Class T Shares</b> <b>Class T Shares</b> If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 <b>Class T Shares</b> <b>Class T Shares</b> <b>Class T Shares</b> <b>Class A Shares</b> <b>Class C Shares</b> <b>Class S Shares</b> <b>Class I Shares</b> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund&nbsp;Shares S&#38;P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index Growth Allocation Index Return Before Taxes Return Before Taxes Return Before Taxes Return Before Taxes <div style="display:none">~ http://www.janus.com/role/ScheduleShareholderFeesJanusGrowthAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusGrowthAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusGrowthAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleNoRedemptionTransposedJanusGrowthAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusGrowthAllocationFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusGrowthAllocationFund column period compact * ~</div> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE</b></font> <b>Janus Moderate Allocation Fund</b> seeks total return through growth of capital and income. This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> <div style="display:none">~ http://www.janus.com/role/ScheduleShareholderFeesJanusConservativeAllocationFund column period compact * ~</div> <b>SHAREHOLDER FEES</b><br/>(fees paid directly from your investment) <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusConservativeAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleNoRedemptionTransposedJanusConservativeAllocationFund column period compact * ~</div> <b>EXAMPLE:</b> The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusConservativeAllocationFundBarChart column period compact * ~</div> <b>If Shares are redeemed:</b> <b>If Shares are not redeemed:</b> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusConservativeAllocationFund column period compact * ~</div> The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18% of the average value of its portfolio. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. The Fund seeks to achieve its investment objective by investing in other Janus mutual funds (&#8220;underlying funds&#8221;) that represent a variety of asset classes and investment styles. The Fund pursues this objective by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 60% to stocks and 40% to bonds and money market securities. The target allocation and the allocation of the Fund&#8217;s assets among underlying funds are based on quantitative and qualitative analysis. Because it invests in other funds, the Fund is considered a &#8220;fund of funds.&#8221; <br/><br/>The Fund&#8217;s asset allocation is intended to diversify investments among stocks, bonds, and cash equivalents. The portfolio manager regularly reviews the allocation of Fund assets in the underlying funds and may modify the underlying funds&#8217; weightings or substitute other underlying funds to emphasize and mitigate risk exposures that may arise as a result of the implementation of the allocations. An independent asset allocation service provides evaluations of asset allocations that the portfolio manager may use in implementing the allocations among the underlying funds. The portfolio manager continually monitors asset class allocations and periodically rebalances the Fund&#8217;s investments in the underlying funds. The portfolio manager may change the Fund&#8217;s asset class allocations, the underlying funds, an underlying fund&#8217;s asset category, or weightings among asset classes or underlying funds without prior shareholder notice.<br/><br/>The Fund will normally allocate approximately 60% of its investments to underlying funds that provide varying exposure to common stocks of large U.S.-based companies, small- to mid-capitalization companies, and international companies (including those with exposure to emerging markets); and approximately 40% of its investments to underlying bond funds and money market instruments. Refer to Appendix A in this Prospectus for a brief description of the investment strategies of each of the currently available underlying funds. <br/><br/>When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment objective. As a result, the Fund may not achieve its investment objective. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking growth of capital and income. Investments in a portfolio with common stock exposure tend to be more volatile than many other investment choices.<br/><br/><b>Main Risks Associated with the Fund</b><br/><b><i>Allocation Risk.</i></b> The Fund&#8217;s ability to achieve its investment objective depends largely upon the portfolio manager&#8217;s allocation of assets among the underlying funds and other securities, using the optimization process (a process that utilizes quantitative analysis of a number of factors, such as historical risk, performance, fund classifications, and the relationship among underlying funds) and the judgment of the portfolio manager. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund and any investments in which that fund concentrates.<br/><br/><b><i>Affiliated Fund Risk.</i></b> Janus Capital has the authority to select and substitute underlying affiliated mutual funds. The fees paid to Janus Capital by some Janus mutual funds are generally higher than the fees paid to Janus Capital by the Fund or by other funds and share classes available for investment by the Fund. These conditions may create a conflict of interest when selecting underlying affiliated mutual funds and share classes for investment. Janus Capital, however, is a fiduciary to the Fund and its shareholders and is legally obligated to act in their best interest when selecting underlying affiliated mutual funds.<br/><br/><b>Main Risks Associated with the Underlying Funds and Securities</b><br/>The biggest risk is that the underlying funds&#8217; returns will vary, and you could lose money.<br/><br/><b><i>Market Risk.</i></b> Approximately 60% of the Fund&#8217;s assets are allocated to equity investments through investments in underlying funds. The value of an underlying fund&#8217;s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if a portfolio manager&#8217;s belief about a company&#8217;s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of an underlying fund&#8217;s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> Approximately 40% of the Fund&#8217;s assets are allocated to fixed-income securities through investments in underlying funds. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause an underlying fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund&#8217;s portfolio manager would like or at the price that the portfolio manager believes the security is currently worth.<br/><br/><b><i>Foreign Exposure Risk.</i></b> Certain underlying funds may have significant exposure to foreign markets as a result of their investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, an underlying fund&#8217;s returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund&#8217;s performance than it would in a more geographically diversified portfolio. An underlying fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. In addition, an underlying fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of an underlying fund&#8217;s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when an underlying fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks.<br/><br/><b><i>Sovereign Debt Risk.</i></b> An underlying fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. <br/><br/> <b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/> <b><i>Exchange-Traded Funds Risk.</i></b> Certain underlying funds may purchase shares of exchange-traded funds (&#8220;ETFs&#8221;) to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When an underlying fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br/><br/> <b><i>Exchange-Traded Notes Risk.</i></b> Certain underlying funds may invest in exchange-traded notes (&#8220;ETNs&#8221;), which are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When an underlying fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. There may be restrictions on an underlying fund&#8217;s right to redeem its investment in an ETN, which is meant to be held until maturity. An underlying fund&#8217;s decision to sell its ETN holdings may be limited by the availability of a secondary market.<br/><br/><b><i>Derivatives Risk.</i></b> Certain underlying funds may invest in derivatives. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. <br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Growth Allocation Fund</font></b> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE</b></font> <b>Janus Growth Allocation Fund</b> seeks total return through a primary emphasis on growth of capital with a secondary emphasis on income. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18% of the average value of its portfolio. <b>EXAMPLE:</b> The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses (including the operating expenses of the underlying funds) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> The Fund seeks to achieve its investment objective by investing in other Janus mutual funds (&#8220;underlying funds&#8221;) that represent a variety of asset classes and investment styles. The Fund pursues this objective by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 80% to stocks and 20% to bonds and money market securities. The target allocation and the allocation of the Fund&#8217;s assets among underlying funds are based on quantitative and qualitative analysis. Because it invests in other funds, the Fund is considered a &#8220;fund of funds.&#8221; <br/><br/>The Fund&#8217;s asset allocation is intended to diversify investments among stocks, bonds, and cash equivalents. The portfolio manager regularly reviews the allocation of Fund assets in the underlying funds and may modify the underlying funds&#8217; weightings or substitute other underlying funds to emphasize and mitigate risk exposures that may arise as a result of the implementation of the allocations. An independent asset allocation service provides evaluations of asset allocations that the portfolio manager may use in implementing the allocations among the underlying funds. The portfolio manager continually monitors asset class allocations and periodically rebalances the Fund&#8217;s investments in the underlying funds. The portfolio manager may change the Fund&#8217;s asset class allocations, the underlying funds, an underlying fund&#8217;s asset category, or weightings among asset classes or underlying funds without prior shareholder notice.<br/><br/>The Fund will normally allocate approximately 80% of its investments to underlying funds that provide varying exposure to common stocks of large U.S.-based companies, small- to mid-capitalization companies, and international companies (including those with exposure to emerging markets); and approximately 20% of its investments to underlying bond funds and money market instruments. Refer to Appendix A in this Prospectus for a brief description of the investment strategies of each of the currently available underlying funds.<br/><br/>When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment objective. As a result, the Fund may not achieve its investment objective. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking growth of capital and, to a lesser extent, income. Investments in a portfolio with common stock exposure tend to be more volatile than many other investment choices.<br/><br/><b>Main Risks Associated with the Fund</b><br/><b><i>Allocation Risk.</i></b> The Fund&#8217;s ability to achieve its investment objective depends largely upon the portfolio manager&#8217;s allocation of assets among the underlying funds and other securities, using the optimization process (a process that utilizes quantitative analysis of a number of factors, such as historical risk, performance, fund classifications, and the relationship among underlying funds) and the judgment of the portfolio manager. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund and any investments in which that fund concentrates. <br/><br/><b><i>Affiliated Fund Risk.</i></b> Janus Capital has the authority to select and substitute underlying affiliated mutual funds. The fees paid to Janus Capital by some Janus mutual funds are generally higher than the fees paid to Janus Capital by the Fund or by other funds and share classes available for investment by the Fund. These conditions may create a conflict of interest when selecting underlying affiliated mutual funds and share classes for investment. Janus Capital, however, is a fiduciary to the Fund and its shareholders and is legally obligated to act in their best interest when selecting underlying affiliated mutual funds. <br/><br/><b>Main Risks Associated with the Underlying Funds and Securities</b><br/>The biggest risk is that the underlying funds&#8217; returns will vary, and you could lose money.<br/><br/><b><i>Market Risk.</i></b> Approximately 80% of the Fund&#8217;s assets are allocated to equity investments through investments in underlying funds. The value of an underlying fund&#8217;s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if a portfolio manager&#8217;s belief about a company&#8217;s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of an underlying fund&#8217;s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> Approximately 20% of the Fund&#8217;s assets are allocated to fixed-income securities through investments in underlying funds. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause an underlying fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund&#8217;s portfolio manager would like or at the price that the portfolio manager believes the security is currently worth. <br/><br/><b><i>Foreign Exposure Risk.</i></b> Certain underlying funds may have significant exposure to foreign markets as a result of their investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, an underlying fund&#8217;s returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund&#8217;s performance than it would in a more geographically diversified portfolio. An underlying fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. In addition, an underlying fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of an underlying fund&#8217;s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when an underlying fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks. <br/><br/><b><i>Sovereign Debt Risk.</i></b> An underlying fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.<br/><br/><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/><b><i>Exchange-Traded Funds Risk.</i></b> Certain underlying funds may purchase shares of exchange-traded funds (&#8220;ETFs&#8221;) to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When an underlying fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br/><br/><b><i>Exchange-Traded Notes Risk.</i></b> Certain underlying funds may invest in exchange-traded notes (&#8220;ETNs&#8221;), which are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When an underlying fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. There may be restrictions on an underlying fund&#8217;s right to redeem its investment in an ETN, which is meant to be held until maturity. An underlying fund&#8217;s decision to sell its ETN holdings may be limited by the availability of a secondary market.<br/><br/><b><i>Derivatives Risk.</i></b> Certain underlying funds may invest in derivatives. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. <br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. <br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at <font style="WHITE-SPACE: nowrap">janus.com/allfunds</font> or by calling <font style="WHITE-SPACE: nowrap">1-800-525-3713.</font></i> <b>Annual Total Returns for Class D Shares </b>(calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter: &nbsp;</b>Second Quarter 2009 &nbsp;<b>18.37%</b>&nbsp; &nbsp; &nbsp; &nbsp; <b>Worst Quarter: &nbsp;</b>Fourth Quarter 2008 &nbsp;<b>&#8722;18.05% </b></div> <b>Average Annual Total Returns</b> (periods ended 12/31/11) The Growth Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Dow Jones Wilshire 5000 Index (50%), the MSCI EAFE<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index (25%), the Barclays U.S. Aggregate Bond Index (20%), and the Morgan Stanley Capital International Emerging Markets Free Index<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top"><font style="FONT-VARIANT: small-caps">sm</font></sup><font style="FONT-VARIANT: small-caps"> (5%). </font><br/><br/>After-tax returns are calculated using distributions for the Fund&#8217;s Class D Shares for the periods following February 16, 2010; and for the Fund&#8217;s Class J Shares, the predecessor share class, for the periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 0.18 The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>1-800-525-3713</i> <i>janus.com/allfunds</i> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 11.53%. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 2012-09-30 0.1153 <b>Best Quarter:</b> 2009-06-30 0.1837 <b>Worst Quarter: </b> 2008-12-31 -0.1805 <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund&#8217;s inception. Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund commenced operations on July 6, 2009.<ul type="square"><li style="margin-left:-20px"> The performance shown for Class&nbsp;T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers. </li><li style="margin-left:-20px">The performance shown for Class&nbsp;A Shares, Class&nbsp;C Shares, and Class&nbsp;S Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class&nbsp;J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers. </li><li style="margin-left:-20px"> The performance shown for Class&nbsp;I Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class&nbsp;J Shares, calculated using the fees and expenses of Class&nbsp;J Shares, net of any applicable fee and expense limitations or waivers.</li></ul>If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during periods prior to July 6, 2009, the performance shown for each respective share class may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class A Shares, Class C Shares, Class S Shares, and Class I Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> 0.0005 0.0026 0.0076 109 340 590 1306 0.1851 0.1573 -0.3491 0.3579 0.1353 -0.0644 -0.0644 -0.0687 -0.0403 0.0211 -0.0207 0.0167 0.0103 0.0116 -0.0025 0.008 <b>Average Annual Total Returns </b>(periods ended 12/31/11) 0.043 0.0368 0.0344 0.0226 0.0331 2005-12-30 2005-12-30 2005-12-30 2005-12-30 2005-12-30 The Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Dow Jones Wilshire 5000 Index (40%), the Barclays U.S. Aggregate Bond Index (40%), the MSCI EAFE<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index (18%), and the Morgan Stanley Capital International Emerging Markets Free Index<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top"><font style="FONT-VARIANT: small-caps">sm</font></sup> (2%).<br/><br/>After-tax returns are calculated using distributions for the Fund&#8217;s Class T Shares (formerly named Class J Shares, the initial share class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. <b>Annual Total Returns for Class T Shares </b>(calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter: &nbsp;</b>Second Quarter 2009 &nbsp;<b>14.27%&nbsp; &nbsp; &nbsp; &nbsp; Worst Quarter: &nbsp;</b>Fourth Quarter 2008<b> &nbsp;&#8722;11.62%</b> </div> 0.0111 0.0189 0.0127 0.0087 0.0102 50000 0.18 The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>janus.com/advisor/mutual-funds</i> <i>1-877-335-2687</i> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 10.26%. 2012-09-30 0.1026 <b>Best Quarter:</b> 2009-06-30 0.1427 <b>Worst Quarter:</b> 2008-12-31 -0.1162 After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. Class D Class D Shares If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt"><b>Fund summary</b></font><br/><br/><font style="FONT-SIZE: 16pt"><b>Janus World Allocation Fund</b></font> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&amp;P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index Growth Allocation Index <b><font style="FONT-FAMILY: 'Times New Roman', Times">INVESTMENT OBJECTIVE</font></b> <b>Janus World Allocation Fund </b>seeks long-term growth of capital with a secondary emphasis on income. <b><font style="FONT-FAMILY: 'Times New Roman', Times">FEES AND EXPENSES OF THE FUND</font></b> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. 50000 <b>SHAREHOLDER FEES</b><br/>(fees paid directly from your investment) <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) November&nbsp;1, 2013 <b>EXAMPLE:</b> <b>The following Example is based on expenses without waivers. </b>The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses (including the operating expenses of the underlying funds) without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>If Shares are redeemed:</b> <b>If Shares are not redeemed:</b> <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio. 0.36 <b><font style="FONT-FAMILY: 'Times New Roman', Times">PRINCIPAL INVESTMENT STRATEGIES</font></b> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusGrowthAllocationFundClassDShares column period compact * ~</div> If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusGrowthAllocationFundClassDSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusGrowthAllocationFundClassDShares column period compact * ~</div> 0.0475 0 0 0 0 0 0 0.01 0 0 0 0 The Fund pursues its investment objective by investing in a diversified portfolio of other Janus mutual funds (&#8220;underlying funds&#8221;) and securities that provide exposure to issuers located throughout the world. Through its investment in the underlying funds, the Fund invests in issuers from several different countries, including the United States, and may, under unusual circumstances, be invested in a single country. The Fund may also have significant exposure to emerging markets. Because it invests in other funds, the Fund is considered a &#8220;fund of funds.&#8221; The Fund utilizes Janus Capital&#8217;s proprietary process to allocate assets across the following three asset categories (as defined by Janus Capital): <ul type="square"><li style="margin-left:-20px">&nbsp; <i>Core</i>&nbsp;&#8211; The Core category seeks to provide market-like exposure by investing in funds that in turn primarily invest in a broad range of traditional asset classes such as large-, mid-, and small-cap stocks, U.S. and non-U.S. stocks, growth and value stocks, and investment-grade bonds. While not a primary strategy, the underlying funds may also invest in emerging market stocks and high-yield bonds. A primary goal of the underlying funds in the Core category is to provide shareholders with access to a broad range of investable assets in proportion to each asset class&#8217; representation in today&#8217;s global, integrated market as determined by Janus Capital. </li></ul> <ul type="square"><li style="margin-left:-20px">&nbsp; <i>Alpha</i>&nbsp;&#8211; The Alpha category seeks to generate higher-than-market returns on a risk-adjusted basis by investing in funds that in turn invest in a broad range of traditional asset classes such as large-, mid-, and small-cap stocks, U.S. and non-U.S. stocks, growth and value stocks, emerging market stocks, investment-grade bonds, and high-yield bonds. Unlike funds in the Core category, the Alpha category is less focused on the asset class composition of the global market. Instead, the Alpha category is comprised of funds, unconstrained by asset class or investment style, that Janus Capital believes may generate higher-than-market returns over a market cycle. </li></ul> <ul type="square"><li style="margin-left:-20px">&nbsp; <i>Alternative</i>&nbsp;&#8211; The Alternative category is comprised of non-traditional investments with historically low correlation to the assets in the <i>Core</i> and <i>Alpha</i> categories, such as certain exchange-traded funds (&#8220;ETFs&#8221;), exchange-traded notes (&#8220;ETNs&#8221;), investments with hedge fund strategy exposure, commodities-related securities, real estate-related securities, and structured products. </li></ul> The Fund attempts to maximize returns by investing the Fund&#8217;s assets in underlying funds investing in stocks (U.S. and non-U.S.), bonds, cash equivalents, alternative asset classes (such as real estate-related securities and commodity-related securities), and alternative investment strategies (such as leveraged and sector-based strategies). The target allocation of the Fund&#8217;s assets among underlying funds is based on an optimization process that utilizes quantitative analysis of a number of factors, such as historical risk, performance, fund classifications, and the relationship among underlying funds, as well as the portfolio manager&#8217;s judgment. Janus Capital analyzes Fund allocations on a regular basis in order to integrate current market data and reallocates on a quarterly basis. <br/><br/> The Fund&#8217;s portfolio manager determines the overall composition of the Fund, oversees the investment process, and is responsible for the day-to-day management of the Fund. The portfolio manager consults with a committee comprised of Janus Capital investment professionals (&#8220;Asset Allocation Committee&#8221;) to regularly review the process and the allocation of the Fund&#8217;s assets among the underlying funds to determine modifications to the underlying funds&#8217; asset categories and/or weightings, or to substitute other underlying funds to emphasize and mitigate risk exposures that may arise as a result of the implementation of the allocations. The portfolio manager and Asset Allocation Committee normally review asset allocations on a quarterly basis. The portfolio manager oversees the implementation of trades on behalf of the Fund. <br/><br/> The Fund&#8217;s investments will be rebalanced to the identified optimal weightings on a quarterly basis, although more frequent changes can occur. The Fund&#8217;s asset class or category, category allocations, underlying funds, or underlying fund weightings may change without prior shareholder notice. <br/><br/> The Fund will normally allocate approximately 90% of its assets to Janus-managed mutual funds and approximately 10% to unaffiliated pooled investment vehicles (e.g., ETFs) and derivatives. For information on the potential underlying Janus funds currently available for investment by the Fund, including investment objectives and strategies, see &#8220;Investment Objectives and Strategies of the Underlying Funds&#8221; in Appendix A. <br/><br/> The Fund may invest in ETFs and ETNs to complement its investment in the underlying funds if there are asset classes not covered by the underlying funds or to better manage cash positions. <br/><br/> The Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests. The Fund may invest in derivative instruments (by taking long and/or short positions) including, but not limited to, swap agreements to earn income and enhance uncorrelated returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the Fund, or as alternatives to direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and <font style="WHITE-SPACE: nowrap">Form N-Q</font> reports, which are filed with the Securities and Exchange Commission. <br/><br/> When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment objective. As a result, the Fund may not achieve its investment objective. <b><font style="FONT-FAMILY: 'Times New Roman', Times">PRINCIPAL INVESTMENT RISKS</font></b> Class T Class N Class I Class S Class A Class C 0.006 0.006 0.006 0.006 0.006 0.006 0.0025 0.01 0.0025 0 0 0 0.006 0.0061 0.0077 0.0053 0.0053 0.0078 0.0145 0.0221 0.0162 0.0113 0.0113 0.0138 0.0101 0.0176 0.0126 0.0076 0.0076 0.0101 0.0475 0 0 0 0 0 0 0 0.01 0 0 0 0 0 <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> Class A Class C Class S Class I Class N Class T 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0025 0.01 0.0025 0 0 0.005 0 0.0011 0.0014 0.0029 0.0014 0.0005 0.0029 0.0029 0.0077 0.0155 0.0095 0.0055 0.0046 0.012 0.007 550 258 97 56 47 122 72 709 490 303 176 148 381 224 883 845 525 307 258 660 390 1384 1845 1166 689 579 1455 871 The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking growth of capital and, to a lesser extent, income. Investments in a portfolio with common stock and alternative investment exposure tend to be more volatile than many other investment choices.<br/><br/> <b>Main Risks Associated with the Fund</b><br/><b><i>Allocation Risk.</i></b> The Fund&#8217;s ability to achieve its investment objective depends largely upon the portfolio manager&#8217;s allocation of assets among the underlying funds and other securities, using the optimization process and the judgment of the portfolio manager. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund and any investments in which that fund concentrates.<br/><br/> <b><i>Derivatives Risk.</i></b> The Fund and certain underlying funds may invest in derivatives. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations.<br/><br/> <b><i>Commodity-Linked Derivative Investment Risk.</i></b> The Fund may invest in derivatives that have exposure to the commodities markets. This exposure may subject the Fund to greater volatility than investments in traditional securities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may therefore be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.<br/><br/> <b><i>Exchange-Traded Funds Risk.</i></b> The Fund may purchase shares of ETFs to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br/><br/> <b><i>Affiliated Fund Risk.</i></b> Janus Capital has the authority to select and substitute underlying affiliated mutual funds. The fees paid to Janus Capital by some Janus mutual funds are generally higher than the fees paid to Janus Capital by the Fund or by other funds and share classes available for investment by the Fund. These conditions may create a conflict of interest when selecting underlying affiliated mutual funds and share classes for investment. Janus Capital, however, is a fiduciary to the Fund and its shareholders and is legally obligated to act in their best interest when selecting underlying affiliated mutual funds.<br/><br/> <b>Main Risks Associated with the Underlying Funds and Securities</b><br/> The biggest risk is that the underlying funds&#8217; returns will vary, and you could lose money.<br/><br/> <b><i>Market Risk.</i></b> Underlying funds investing in equity securities are subject to the risks associated with investments in common stocks, which tend to be more volatile than many other investment choices. The value of an underlying fund&#8217;s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if a portfolio manager&#8217;s belief about a company&#8217;s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of an underlying fund&#8217;s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.<br/><br/> <b><i>Fixed-Income Securities Risk.</i></b> Through the Fund&#8217;s investments in underlying funds holding fixed-income securities, the Fund is subject to the risks associated with investments in a variety of fixed-income securities, which may be less volatile than underlying funds that invest most of their assets in common stocks; returns and yields will vary, and you could lose money. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause an underlying fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund&#8217;s portfolio manager would like or at the price that the portfolio manager believes the security is currently worth.<br/><br/> <b><i>Foreign Exposure Risk.</i></b> The Fund and certain underlying funds may have significant exposure to foreign markets as a result of their investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, the Fund&#8217;s and an underlying fund&#8217;s returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where the Fund or an underlying fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s or an underlying Fund&#8217;s performance than it would in a more geographically diversified portfolio. The Fund&#8217;s or an underlying fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/> <b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. In addition, the Fund&#8217;s or an underlying fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of the Fund&#8217;s or an underlying fund&#8217;s investments. To the extent that the Fund or an underlying fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when the Fund or an underlying fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks.<br/><br/> <b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/> <b><i>Sovereign Debt Risk.</i></b> An underlying fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.<br/><br/> <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The biggest risk is that the Fund&#8217;s returns will vary, and you could lose money. <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <b><font style="FONT-FAMILY: 'Times New Roman', Times">PERFORMANCE INFORMATION</font></b> 550 158 97 56 47 122 72 709 490 303 176 148 381 224 883 845 525 307 258 660 390 1384 1845 1166 689 579 1455 871 The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class I Shares, Class A Shares, Class C Shares, and Class S Shares of the Fund commenced operations on July 6, 2009, after the reorganization of each corresponding class of shares of Janus Adviser Modular Portfolio Construction<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Fund (&#8220;JAD predecessor fund&#8221;) into each respective share class of the Fund. Class T Shares of the Fund commenced operations on July 6, 2009. <ul type="square"><li style="margin-left:-20px"> The performance shown for Class&nbsp;I Shares, Class&nbsp;A Shares, Class&nbsp;C Shares, and Class&nbsp;S Shares for periods prior to July&nbsp;6, 2009, reflects the historical performance of the JAD predecessor fund&#8217;s Class&nbsp;I Shares, Class&nbsp;A Shares, Class&nbsp;C Shares and Class&nbsp;S Shares prior to the reorganization, calculated using the fees and expenses of each respective share class of the JAD predecessor fund, net of any applicable fee and expense limitations or waivers.</li><li style="margin-left:-20px"> The performance shown for Class&nbsp;T Shares for periods prior to July&nbsp;6, 2009, reflects the historical performance of the JAD predecessor fund&#8217;s Class&nbsp;I Shares prior to the reorganization, calculated using the fees and expenses of Class&nbsp;T Shares, without the effect of any fee and expense limitations or waivers.</li></ul> If Class T Shares of the Fund had been available during periods prior to July 6, 2009, the performance shown may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class I Shares, Class A Shares, Class C Shares, Class S Shares, and Class T Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.<br/><br/> The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at <font style="WHITE-SPACE: nowrap">janus.com/advisor/mutual-funds</font> or by calling <font style="WHITE-SPACE: nowrap">1-877-335-2687.</font></i> 0.0993 0.0637 0.0382 0.0179 0.0412 0.0687 0.0564 The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. 0.1254 0.0745 0.065 The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> 0.065 0.0488 0.0444 0.0784 0.0138 0.0463 0.0624 0.0666 0.065 0.0598 0.0777 0.0592 0.0561 0.065 0.0668 0.0698 0.0754 0.0777 0.0777 0.0727 <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> 0.0646 0.0467 0.045 0.0578 0.0592 0.0573 0.0624 0.0646 0.0646 0.0599 0.0754 0.0492 0.0487 0.0734 0.0731 0.0685 0.0738 0.0754 0.0754 0.0712 <i>janus.com/advisor/mutual-funds</i> <i>1-877-335-2687</i> <b>Annual Total Returns for Class I Shares </b>(calendar year-end) 1987-07-07 1987-07-07 1987-07-07 1987-07-07 1987-07-07 1987-07-07 1987-07-07 1987-07-07 1987-07-07 <b>Class D Shares</b> <b>Class D Shares</b> <b>Class D Shares</b> <font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt"><b>Fund summary</b></font><br/><br/><font style="FONT-SIZE: 16pt"><b>Janus High-Yield Fund</b></font> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVES</b></font> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2009&nbsp;&nbsp;<b>14.90%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Third Quarter 2011<b>&nbsp;&nbsp;&#8722;13.38%</b></div> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 8.19%. <b>Average Annual Total Returns </b>(periods ended 12/31/11) <b>Janus High-Yield Fund</b> seeks to obtain high current income. The World Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top"><font style="FONT-VARIANT: small-caps">sm</font></sup> (65%) and the Barclays Global Aggregate Bond Index (35%).<br/><br/>After-tax returns are calculated using distributions for the Fund&#8217;s Class I Shares for periods following July 6, 2009; and for the JAD predecessor fund&#8217;s Class I Shares for periods prior to July 6, 2009. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> 616 324 165 115 115 140 912 691 511 359 359 437 1230 1185 881 622 622 755 2128 2544 Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 1922 1375 1375 1657 After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes. This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. 2012-09-30 0.0819 <b>Best Quarter:</b> 2009-06-30 0.149 <b>Worst Quarter:</b> 2011-09-30 -0.1338 <b>SHAREHOLDER FEES<br></b>(fees paid directly from your investment) 0.0575 0 0 0 0 0 0.01 0 0 0 <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) Class T Shares Class N Shares Class I Shares Class S Shares Class C Shares <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T</div> <b>EXAMPLE:</b> Class A Shares 0.0007 0.0007 0.0007 0.0007 0.0007 0.0025 0.01 0.0025 0 0 0.0173 0.0184 0.0196 0.0176 0.0189 Class A Shares Class C Shares Class S Shares Class I Shares Class N Shares Class T Shares 0.0074 0.0074 0.0074 0.0074 0.0074 0.0279 0.0302 0.0257 0.027 0.0365 0.0146 0.0221 0.0171 0.0121 0.0146 616 224 165 115 115 140 912 691 511 359 359 437 -0.0133 -0.0144 -0.0131 -0.0136 -0.0124 1230 1185 881 622 622 755 1657 1375 1375 1922 2544 2128 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class&nbsp;A</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class&nbsp;C</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class N</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class R</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class&nbsp;A</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class&nbsp;C</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class N</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class R</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T</div> The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0667 0.2887 0.1154 -0.08 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class N Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class R Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T Shares</div> <b>If Shares are redeemed:</b> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class N Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class R Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T Shares</div> <b>If Shares are not redeemed:</b> 0.0667 0.0529 0.0434 0.0564 0.0432 0.0144 0.0478 0.0634 0.0627 0.0651 <b>Portfolio Turnover:</b> 0.0662 0.0524 0.0484 0.0716 0.0605 0.0142 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 61% of the average value of its portfolio. 0.0576 0.0629 0.0621 0.0645 841 467 305 260 273 1390 1117 933 799 838 1964 1888 1587 1365 1430 3514 3906 3337 2905 3032 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"> Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Barclays U.S. Aggregate Bond Index</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions and Sale of Fund&nbsp;Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class A Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class C Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class S Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class I Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class T Shares</div> <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> 841 367 305 260 273 1117 838 799 933 1390 1964 1888 1587 1365 1430 3514 3906 3337 3032 2905 <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Flexible Bond Fund</font></b> <b><font style="FONT-FAMILY: 'Times New Roman', Times"> INVESTMENT OBJECTIVE</font></b> <b><font style="FONT-FAMILY: 'Times New Roman', Times"> FEES AND EXPENSES OF THE FUND</font></b> <b>SHAREHOLDER FEES</b><br/>(fees paid directly from your investment) <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE:</b> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <font style="FONT-FAMILY: Times New Roman "><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> <font style="FONT-FAMILY: Times New Roman "><b>PRINCIPAL INVESTMENT RISKS</b></font> <font style="FONT-FAMILY: Times New Roman "><b>PERFORMANCE INFORMATION</b></font> <b>Annual Total Returns for Class T Shares </b>(calendar year-end) <b>Average Annual Total Returns </b>(periods ended 12/31/11) <b>If Shares are redeemed:</b> <b>If Shares are not redeemed:</b> <b>Portfolio Turnover:</b> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets in high-yield/high-risk securities rated below investment grade. Securities rated below investment grade may include their unrated equivalents or other high-yielding securities the portfolio managers believe offer attractive risk/return characteristics. The Fund may at times invest all of its assets in such securities. The Fund may also invest in bank loans, money market instruments, and foreign debt securities (which may include investments in emerging markets). Due to the nature of securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.<br/><br/>In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund&#8217;s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund&#8217;s direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and <font style="WHITE-SPACE: nowrap">Form N-Q</font> reports, which are filed with the Securities and Exchange Commission.<br/><br/>In addition to considering economic factors such as the effect of interest rates on the Fund&#8217;s investments, the portfolio managers apply a &#8220;bottom up&#8221; approach in choosing investments. This means that the portfolio managers look at income&#8210;producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund&#8217;s investment policies. <b>Class I Shares </b> <b>Class I Shares </b> <b>Class I Shares </b> <b> Class A Shares</b> <b>Class C Shares </b> <b>Class S Shares</b> <b>Class N Shares</b> <b>Class T Shares</b> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Barclays Global Aggregate Bond Index Barclays Global Aggregate Corporate Bond Index Return Before Taxes Return Before Taxes Return Before Taxes Return Before Taxes 2010-12-28 2010-12-28 2010-12-28 2010-12-28 2010-12-28 2010-12-28 2010-12-28 2010-12-28 2010-12-28 2010-12-28 <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth. <br/><br/> <b><i>High-Yield/High-Risk Bond Risk.</i></b> The Fund may invest without limit in higher-yielding/higher-risk bonds, also known as &#8220;junk&#8221; bonds. High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. <br/><br/><b><i>Bank Loan Risk.</i></b> Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund&#8217;s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings. <br/><br/><b><i>Foreign Exposure Risk.</i></b> The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due. The Fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries. <br/><br/><b><i>Portfolio Turnover Risk.</i></b> Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund&#8217;s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders. <br/><br/><b><i>Derivatives Risk.</i></b> Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. <br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> <div style="display:none">~ http://www.janus.com/role/ScheduleShareholderFeesJanusGlobalBondFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusGlobalBondFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusGlobalBondFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleNoRedemptionTransposedJanusGlobalBondFund column period compact * ~</div> <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusGlobalBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusGlobalBondFund column period compact * ~</div> <b>Janus Flexible Bond Fund</b> seeks to obtain maximum total return, consistent with preservation of capital. This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Fund pursues its investment objective by primarily investing, under normal circumstances, at least 80% of its net assets in bonds. Bonds include, but are not limited to, government notes and bonds, corporate bonds, convertible bonds, mortgage-backed securities, and zero-coupon bonds. The Fund will invest at least 65% of its assets in investment grade debt securities. As of June 30, 2012, the Fund&#8217;s weighted average maturity was 7.9 years. The Fund will limit its investment in high-yield/high-risk bonds, also known as &#8220;junk bonds,&#8221; to 35% or less of its net assets. The Fund generates total return from a combination of current income and capital appreciation, but income is usually the dominant portion. The Fund may also invest in asset-backed securities, money market instruments, bank loans, and foreign debt securities (which may include investments in emerging markets). Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other Funds.<br/><br/>In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund&#8217;s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund&#8217;s direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and <font style="WHITE-SPACE: nowrap">Form N-Q</font> reports, which are filed with the Securities and Exchange Commission. <br/><br/>In addition to considering economic factors such as the effect of interest rates on the Fund&#8217;s investments, the portfolio managers apply a &#8220;bottom up&#8221; approach in choosing investments. This means that the portfolio managers look at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund&#8217;s investment policies. Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken <font style="WHITE-SPACE: nowrap">and/or</font> that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth.<br/><br/><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. <br/><br/><b><i>Sovereign Debt Risk.</i></b> The Fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal <font style="WHITE-SPACE: nowrap">and/or</font> to pay the interest on its sovereign debt in a timely manner. <br/><br/><b><i>High-Yield/High-Risk Bond Risk. </i></b> High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.<br/><br/><b><i>Bank Loan Risk.</i></b> Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund&#8217;s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings.<br/><br/><b><i>Foreign Exposure Risk.</i></b> The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due. The Fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>Portfolio Turnover Risk.</i></b> Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund&#8217;s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.<br/><br/><b><i>Derivatives Risk.</i></b> Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. <br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Third Quarter 2009&nbsp;&nbsp;<b>5.58%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Second Quarter 2004<b>&nbsp;&nbsp;&#8722;2.99% </b> </div> After-tax returns are calculated using distributions for the Fund&#8217;s Class T Shares (formerly named Class J Shares, the initial share class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund&#8217;s inception. Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R Shares of the Fund commenced operations on July 6, 2009. Class N Shares of the Fund commenced operations on May 31, 2012. <ul type="square"><li style="margin-left:-20px">The performance shown for Class&nbsp;T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.</li><li style="margin-left:-20px">The performance shown for Class&nbsp;A Shares, Class&nbsp;C Shares, Class&nbsp;S Shares, and Class&nbsp;R Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.</li><li style="margin-left:-20px">The performance shown for Class&nbsp;I Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class&nbsp;J Shares, calculated using the fees and expenses of Class&nbsp;J Shares, net of any applicable fee and expense limitations or waivers.</li><li style="margin-left:-20px">The performance shown for Class N Shares for periods prior to December&nbsp;31, 2011, reflects the performance of the Fund&#8217;s Class&nbsp;T Shares, calculated using the fees and expenses of Class&nbsp;T Shares, net of any applicable fee and expense limitations or waivers.</li></ul> If Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R Shares of the Fund had been available during periods prior to July 6, 2009, or Class N Shares of the Fund had been available during periods prior to December 31, 2011, the performance shown for each respective share class may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class R Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. <br/><br/> The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 126% of the average value of its portfolio. <b>Annual Total Returns for Class T Shares </b>(calendar year-end) 0.025 0 0 0 0 0 0 0.01 0 0 0 0 0.0055 0.0055 0.0055 0.0055 0.0055 0.0055 0.0025 0.01 0.0025 0 0 0 0.0014 0.0013 0.0029 0.0009 0.0005 0.0029 0.0094 0.0168 0.0109 0.0064 0.006 0.0084 -0.0004 -0.0014 -0.0013 -0.0009 -0.0005 -0.0004 0.008 0.0155 0.0105 0.0055 0.0055 0.008 0.0041 0.0018 0.0059 0.006 0.0071 0.0131 0.0091 60 189 329 738 133 415 718 1579 0.0993 0.0637 0.0382 0.0179 0.0412 0.0687 0.0564 0.1254 0.0753 0.0663 0.0665 0.0531 0.0433 0.0432 0.0564 0.0659 0.0485 0.0526 0.0716 0.0605 344 271 111 65 61 86 542 530 347 205 192 268 757 913 601 357 335 466 1376 1987 1329 798 750 1037 0.0663 0.0496 0.0452 0.0784 0.0782 0.0594 0.0563 0.065 0.0648 0.0469 0.0451 0.0578 0.0755 0.0493 0.0488 0.0734 344 171 111 65 86 61 542 530 347 205 192 268 757 913 601 357 335 466 1376 1987 1329 798 750 1037 1987-07-07 1987-07-07 1987-07-07 1987-07-07 0.0357 0.0391 0.0196 0.0152 0.0421 0.0521 0.0463 0.0856 0.0337 0.0137 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class D</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class D Shares</div> 0.0137 0.0058 0.0093 0.0159 -0.012 -0.0003 0.0113 0.0162 0.0137 0.046 0.034 0.0324 0.0399 0.0341 0.0384 0.0409 0.0459 0.046 0.0381 0.0262 0.0256 0.0363 0.0298 0.0287 0.0325 0.0369 0.0381 0.0464 0.0292 0.029 0.048 0.0398 0.0358 0.0405 0.0447 0.0464 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions and Sale of Fund Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Barclays U.S. Aggregate Bond Index</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class D Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class D Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class D Shares</b></div> 0.0665 2010-12-28 2010-12-28 2010-12-28 2010-12-28 2010-12-28 <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Barclays Global Aggregate Corporate Bond Index</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return Before Taxes</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Return After Taxes on Distributions and Sale of Fund Shares</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Barclays Global Aggregate Bond Index</div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class D Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class D Shares</b></div> <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Class D Shares</b></div> <div style="display:none">~ http://www.janus.com/role/ScheduleShareholderFeesJanusShort-TermBondFund column period compact * ~</div> <font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt"><b>Fund summary</b></font><br/><br/><font style="FONT-SIZE: 16pt"><b>Janus Global Bond Fund</b></font> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE</b></font> <b>Janus Global Bond Fund </b>seeks total return, consistent with preservation of capital. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Class A Class C Class S Class I Class N <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) Class T <b>EXAMPLE:</b> <b>The following Example is based on expenses without waivers. </b>The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 222% of the average value of its portfolio. Class A Class C Class S Class I <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> Class N Class T <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> Class A Shares Class C Shares Class S Shares Class I Shares Class N Shares Class T Shares The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the Fund&#8217;s performance during the period indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <b>Annual Total Returns for Class D Shares</b> (calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2011&nbsp;&nbsp;<b>2.84%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Third Quarter 2011<b>&nbsp;&nbsp;0.60%</b></div> Class A Shares Class C Shares Class S Shares Class I Shares Class N Shares Class T Shares <b>Average Annual Total Returns</b> (periods ended 12/31/11) After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> November 1, 2013 2.22 Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money. <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. <br/><br/>The bar chart depicts the Fund&#8217;s performance during the period indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>1-800-525-3713</i> <i>janus.com/allfunds</i> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 2012-09-30 0.0782 <b>Best Quarter:</b> 2011-06-30 0.0284 <b>Worst Quarter:</b> 2011-09-30 0.006 The Fund's year-to-date return as of the calendar quarter ended September 30, 2012 was 7.82%. <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus High-Yield Fund</font></b> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVES</b></font> <b>Janus High-Yield Fund</b> seeks to obtain high current income. <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class D</div> Capital appreciation is a secondary investment objective when consistent with its primary investment objective. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE:</b> The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Class D Shares</div> <b>Class T Shares</b> <b>Class T Shares</b> <b>Class T Shares</b> <b>Class A Shares</b> <b>Class C Shares</b> <b>Class S Shares</b> <b>Class I Shares</b> <b>Class N Shares</b> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Barclays 1-3 Year U.S. Government/Credit Index Return Before Taxes Return Before Taxes Return Before Taxes Return Before Taxes <b>Portfolio Turnover:</b> Return Before Taxes The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 61% of the average value of its portfolio. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets in high-yield/high-risk securities rated below investment grade. Securities rated below investment grade may include their unrated equivalents or other high-yielding securities the portfolio managers believe offer attractive risk/return characteristics. The Fund may at times invest all of its assets in such securities. The Fund may also invest in bank loans, money market instruments, and foreign debt securities (which may include investments in emerging markets). Due to the nature of securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.<br/><br/>In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund&#8217;s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund&#8217;s direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and <font style="WHITE-SPACE: nowrap">Form N-Q</font> reports, which are filed with the Securities and Exchange Commission.<br/><br/>In addition to considering economic factors such as the effect of interest rates on the Fund&#8217;s investments, the portfolio managers apply a &#8220;bottom up&#8221; approach in choosing investments. This means that the portfolio managers look at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund&#8217;s investment policies. 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> 1992-09-01 1992-09-01 Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken <font style="WHITE-SPACE: nowrap">and/or</font> that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth.<br/><br/><b><i>High-Yield/High-Risk Bond Risk.</i></b> The Fund may invest without limit in higher-yielding/higher-risk bonds, also known as &#8220;junk&#8221; bonds. High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.<br/><br/><b><i>Bank Loan Risk.</i></b> Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund&#8217;s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings.<br/><br/><b><i>Foreign Exposure Risk.</i></b> The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due. The Fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>Portfolio Turnover Risk.</i></b> Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund&#8217;s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.<br/><br/><b><i>Derivatives Risk.</i></b> Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations.<br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <b>Annual Total Returns for Class D Shares </b>(calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2009&nbsp;&nbsp;<b>14.93%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Fourth Quarter 2008<b>&nbsp;&nbsp;&#8722;12.96%</b></div> <b>Average Annual Total Returns </b>(periods ended 12/31/11) After-tax returns are calculated using distributions for the Fund&#8217;s Class D Shares for the periods following February 16, 2010; and for the Fund&#8217;s Class J Shares, the predecessor share class, for the periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 0.61 Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money. <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>1-800-525-3713</i> <i>janus.com/allfunds</i> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth.<br/><br/><b><i>Foreign Exposure Risk.</i></b> The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s performance than it would in a more geographically diversified portfolio. The Fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due.<br/><br/><b><i>Eurozone Exposure Risk.</i></b> The Fund&#8217;s investment may include certain securities that are denominated and traded in, or based on, the euro, the official currency of the Eurozone. European markets have recently experienced volatility and adverse trends due to concerns about economic downturns, rising government debt levels, and the possible default of government debt in several European countries, including Greece, Ireland, Italy, Portugal, and Spain. A default or debt restructuring by any European country would adversely impact holders of that country&#8217;s debt and worldwide sellers of credit default swaps linked to that country&#8217;s creditworthiness. These trends have adversely affected the value and exchange rate of the euro and may continue to significantly affect the economies of all European countries, which in turn may have a material adverse affect on a Fund&#8217;s investments in such countries, other countries that depend on European countries for significant amounts of trade or investment, or issuers with exposure to European debt.<br/><br/><b><i>Emerging Markets Risk.</i></b> The risks of foreign investing mentioned above are heightened when investing in emerging markets. Emerging markets securities involve a number of additional risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies, any of which may have a detrimental effect on the Fund&#8217;s investments. In addition, the Fund&#8217;s investments may be denominated in foreign currencies and therefore, changes in the value of a country&#8217;s currency compared to the U.S. dollar may affect the value of the Fund&#8217;s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund&#8217;s performance. Some of the risks of investing directly in foreign and emerging market securities may be reduced when the Fund invests indirectly in foreign securities through various other investment vehicles including derivatives, which also involve other risks. As of June 30, 2012, approximately 10.1% of the Fund&#8217;s investments were in emerging markets.<br/><br/><b><i>Sovereign Debt Risk.</i></b> The Fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor&#8217;s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.<br/><br/><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/><b><i>High-Yield/High-Risk Bond Risk.</i></b> High-yield/high-risk bonds (also known as &#8220;junk bonds&#8221;) may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.<br/><br/><b><i>Bank Loan Risk.</i></b> Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund&#8217;s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings.<br/><br/><b><i>Exchange-Traded Funds Risk.</i></b> The Fund may purchase shares of exchange-traded funds (&#8220;ETFs&#8221;) to gain exposure to a particular portion of the market. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. ETFs are traded on an exchange at market prices that may vary from the net asset value of their underlying investments. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF&#8217;s expenses. ETFs have certain inherent risks generally associated with investments in a portfolio of securities in which the ETF is invested, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETFs also involve the risk that an active trading market for an ETF&#8217;s shares may not develop or be maintained.<br/><br/><b><i>Derivatives Risk.</i></b> Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by the Fund. If the value of a derivative does not correlate well with the particular market or other asset class to which the derivative is intended to provide exposure, the derivative may not produce the anticipated result. Derivatives can also reduce the opportunity for gain or result in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. To the extent the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund&#8217;s losses are theoretically unlimited.<br/><br/><b><i>Portfolio Turnover Risk.</i></b> Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund&#8217;s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.<br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets in bonds. Bonds include, but are not limited to, corporate bonds, government notes and bonds, convertible bonds, mortgage-backed securities, and zero-coupon bonds. The Fund invests in corporate debt securities of issuers in a number of different countries, which may include the United States. The Fund invests in securities of issuers located in developed and emerging market countries. The Fund may invest across all fixed-income sectors, including U.S. and non-U.S. government securities. The Fund&#8217;s investments may be denominated in local currency or U.S. dollar-denominated. The Fund may invest in debt securities with a range of maturities from short- to long-term. The Fund may invest up to 35% of its net assets in high-yield/high-risk debt securities. The Fund may also invest in preferred and common stock, money market instruments, municipal bonds, commercial and residential mortgage-backed securities, asset-backed securities, other securitized and structured debt products, private placements, and other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;). The Fund may also invest in bank loans, euro-denominated obligations, buy backs or dollar rolls, when-issued securities, and reverse repurchase agreements. Due to the nature of securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.<br/><br/>In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests. The Fund has invested in and is expected to continue to invest in collateralized forward foreign currency exchange contracts, futures, options, and swaps (including interest rate swaps, total return swaps, and credit default swaps) for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions) and to increase or decrease the Fund&#8217;s exposure to a particular market, to manage or adjust the risk profile of the Fund related to an investment or currency exposure, to adjust its currency exposure relative to its benchmark index, and to earn income and enhance returns. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund&#8217;s exposure to derivatives will vary, is not limited to those derivatives listed, and could be significant at times. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund&#8217;s direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and Form N-Q reports, which are filed with the Securities and Exchange Commission.<br/><br/>In addition to considering economic factors such as the effect of interest rates on the Fund&#8217;s investments, the portfolio managers apply a &#8220;bottom up&#8221; approach in choosing investments. This means that the portfolio managers look at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund&#8217;s investment policies. The Fund&#8217;s <font style="WHITE-SPACE: nowrap">year-to-date</font> return as of the calendar quarter ended September 30, 2012 was 10.80%. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. 0.0057 0.0019 0.0076 78 243 422 942 <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusShort-TermBondFund column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusGlobalBondFundClassDShares column period compact * ~</div> 0.0256 0.1604 0.0942 0.0277 0.111 <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusGlobalBondFundClassDSharesBarChart column period compact * ~</div> 0.0135 -0.1932 0.4086 0.158 <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleNoRedemptionTransposedJanusShort-TermBondFund column period compact * ~</div> 0.0332 <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusGlobalBondFundClassDShares column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusShort-TermBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusShort-TermBondFund column period compact * ~</div> 2012-09-30 0.108 <b>Best Quarter:</b> 2009-06-30 0.1493 <b>Worst Quarter:</b> 2008-12-31 -0.1296 -0.004 0.0332 0.0072 0.0215 0.0498 0.0662 0.034 0.0368 0.0754 <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Flexible Bond Fund</font></b> <b><font style="FONT-FAMILY: 'Times New Roman', Times">INVESTMENT OBJECTIVE</font></b> <b>Janus Flexible Bond Fund</b> seeks to obtain maximum total return, consistent with preservation of capital. 0.0744 0.0449 <b><font style="FONT-FAMILY: 'Times New Roman', Times">FEES AND EXPENSES OF THE FUND</font></b> 0.0458 0.0885 0.0785 0.0455 0.0466 0.0718 This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 126% of the average value of its portfolio. <b>EXAMPLE:</b> The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <b><font style="FONT-FAMILY: 'Times New Roman', Times">PRINCIPAL INVESTMENT STRATEGIES</font></b> The Fund pursues its investment objective by primarily investing, under normal circumstances, at least 80% of its net assets in bonds. Bonds include, but are not limited to, government notes and bonds, corporate bonds, convertible bonds, mortgage-backed securities, and zero-coupon bonds. The Fund will invest at least 65% of its assets in investment grade debt securities. As of June 30, 2012, the Fund&#8217;s weighted average maturity was 7.9 years. The Fund will limit its investment in high-yield/high-risk bonds, also known as &#8220;junk bonds,&#8221; to 35% or less of its net assets. The Fund generates total return from a combination of current income and capital appreciation, but income is usually the dominant portion. The Fund may also invest in asset-backed securities, money market instruments, bank loans, and foreign debt securities (which may include investments in emerging markets). Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other Funds.<br/><br/>In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund&#8217;s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund&#8217;s direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and Form N-Q reports, which are filed with the Securities and Exchange Commission.<br/><br/>In addition to considering economic factors such as the effect of interest rates on the Fund&#8217;s investments, the portfolio managers apply a &#8220;bottom up&#8221; approach in choosing investments. This means that the portfolio managers look at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund&#8217;s investment policies. <b><font style="FONT-FAMILY: 'Times New Roman', Times">PRINCIPAL INVESTMENT RISKS</font></b> Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money.<br/><br/> <b><i>Fixed-Income Securities Risk.</i></b> The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth.<br/><br/> <b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. <br/><br/> <b><i>Sovereign Debt Risk.</i></b> The Fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.<br/><br/> <b><i>High-Yield/High-Risk Bond Risk. </i></b> High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.<br/><br/> <b><i>Bank Loan Risk.</i></b> Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund&#8217;s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings.<br/><br/> <b><i>Foreign Exposure Risk.</i></b> The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due. The Fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/> <b><i>Portfolio Turnover Risk.</i></b> Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund&#8217;s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.<br/><br/> <b><i>Derivatives Risk.</i></b> Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations.<br/><br/> <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <b><font style="FONT-FAMILY: 'Times New Roman', Times">PERFORMANCE INFORMATION</font></b> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <b>Annual Total Returns for Class D Shares </b>(calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Third Quarter 2009&nbsp;&nbsp;<b>5.58%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Second Quarter 2004<b>&nbsp;&nbsp;&#8722;2.99%</b></div> <b>Average Annual Total Returns </b>(periods ended 12/31/11) After-tax returns are calculated using distributions for the Fund&#8217;s Class D Shares for the periods following February 16, 2010; and for the Fund&#8217;s Class J Shares, the predecessor share class, for the periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 1.26 Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses without waivers or recoupments (if applicable) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>1-800-525-3713</i> <i>janus.com/allfunds</i> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusGlobalBondFundClassDShares column period compact * ~</div> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 7.19%. 2012-09-30 0.0719 <b>Best Quarter:</b> 2009-09-30 0.0558 <b>Worst Quarter:</b> 2004-06-30 -0.0299 After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. 1995-12-29 1995-12-29 1995-12-29 1995-12-29 <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusFlexibleBondFundClassDShares column period compact * ~</div> <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> The Fund invests, under normal circumstances, at least 80% of its net assets in short- and intermediate-term securities such as corporate bonds or notes or government securities, including agency securities. The Fund may invest up to 35% of its net assets in high-yield/high risk bonds, also known as &#8220;junk bonds.&#8221; The Fund expects to maintain an average-weighted effective maturity of three years or less under normal circumstances. As of June 30, 2012, the Fund&#8217;s weighted average maturity was 2.4 years. The Fund may also invest in bank loans, mortgage-backed securities, asset-backed securities, and foreign debt securities (which may include investments in emerging markets). Due to the nature of securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. <br/><br/>&#8220;Effective&#8221; maturity differs from actual maturity, which may be longer. In calculating the &#8220;effective&#8221; maturity the portfolio managers will estimate the effect of expected principal payments and call provisions on securities held in the portfolio. This gives the portfolio managers some additional flexibility in the securities they purchase, but all else being equal, could result in more volatility than if the Fund calculated an actual maturity target.<br/><br/>In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund&#8217;s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund&#8217;s direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and Form N-Q reports, which are filed with the Securities and Exchange Commission.<br/><br/>In addition to considering economic factors such as the effect of interest rates on the Fund&#8217;s investments, the portfolio managers apply a &#8220;bottom up&#8221; approach in choosing investments. This means that the portfolio managers look at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund&#8217;s investment policies. Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth.<br/><br/><b><i>Sovereign Debt Risk.</i></b> The Fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.<br/><br/><b><i>Real Estate Risk.</i></b> The Fund may be affected by risks associated with investments in real estate-related securities. The value of securities of issuers in the real estate and real estate-related industries, including real estate investment trusts, is sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the issuer. These factors may impact the Fund&#8217;s investments in foreign real estate markets differently than U.S. real estate markets.<br/><br/><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/><b><i>Bank Loan Risk.</i></b> Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund&#8217;s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings.<br/><br/><b><i>Foreign Exposure Risk.</i></b> The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due. The Fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>High-Yield/High-Risk Bond Risk. </i></b> High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.<br/><br/><b><i>Portfolio Turnover Risk.</i></b> Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund&#8217;s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.<br/><br/><b><i>Derivatives Risk.</i></b> Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations.<br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund&#8217;s inception. Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund commenced operations on July 6, 2009. Class N Shares of the Fund commenced operations on May 31, 2012. <ul type="square"><li style="margin-left:-20px"> The performance shown for Class&nbsp;T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.</li><li style="margin-left:-20px"> The performance shown for Class&nbsp;A Shares, Class&nbsp;C Shares, Class&nbsp;S Shares, and Class&nbsp;I Shares for periods prior to July&nbsp;6, 2009, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.</li><li style="margin-left:-20px"> The performance shown for Class N Shares for periods prior to December&nbsp;31, 2011, reflects the performance of the Fund&#8217;s Class&nbsp;T Shares, calculated using the fees and expenses of Class&nbsp;T Shares, net of any applicable fee and expense limitations or waivers. </li></ul>If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during periods prior to July 6, 2009, or Class N Shares of the Fund had been available during periods prior to December 31, 2011, the performance shown for each respective share class may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class N Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. <br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower. <br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Short-Term Bond Fund</font></b> <b><font style="FONT-FAMILY: 'Times New Roman', Times">INVESTMENT OBJECTIVE</font></b> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusFlexibleBondFundClassDShares column period compact * ~</div> <b>Janus Short-Term Bond Fund</b> seeks as high a level of current income as is consistent with preservation of capital. <b><font style="FONT-FAMILY: 'Times New Roman', Times">FEES AND EXPENSES OF THE FUND</font></b> <b>SHAREHOLDER FEES<br></b>(fees paid directly from your investment) <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE:</b> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusFlexibleBondFundClassDSharesBarChart column period compact * ~</div> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>The following Example is based on expenses without waivers. </b>The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <b>If Shares are redeemed:</b> <b>If Shares are not redeemed:</b> <b>Portfolio Turnover:</b> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusFlexibleBondFundClassDShares column period compact * ~</div> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 93% of the average value of its portfolio. <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <b><font style="FONT-FAMILY: 'Times New Roman', Times">PRINCIPAL INVESTMENT STRATEGIES</font></b> <b><font style="FONT-FAMILY: 'Times New Roman', Times">PRINCIPAL INVESTMENT RISKS</font></b> <b><font style="FONT-FAMILY: 'Times New Roman', Times">PERFORMANCE INFORMATION</font></b> <b>Annual Total Returns for Class T Shares </b>(calendar year-end) <b>Average Annual Total Returns </b>(periods ended 12/31/11) After-tax returns are calculated using distributions for the Fund&#8217;s Class T Shares (formerly named Class J Shares, the initial share class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. 0.93 For Class A Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janus mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the &#8220;Purchases&#8221; section on page 51 of the Fund&#8217;s Prospectus and in the &#8220;Purchases&#8221; section on page 83 of the Fund&#8217;s Statement of Additional Information. 50000 Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money. <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>1-877-335-2687</i> <i>janus.com/advisor/mutual-funds</i> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2009&nbsp;&nbsp;<b>3.18%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Second Quarter 2008<b>&nbsp;&nbsp;&#8722;0.90%</b> </div> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 2.96%. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. <b>Best Quarter:</b> 2009-06-30 0.0318 <b>Worst Quarter:</b> 2008-06-30 -0.009 2012-09-30 0.0296 Class D Class D Shares <b>Class D Shares</b> <b>Class D Shares</b> <b>Class D Shares</b> <i>Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.</i> 0.0055 0.0019 0.0074 0.0069 -0.0005 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Barclays U.S. Corporate High-Yield Bond Index 76 237 411 918 0.0391 0.0196 0.0152 0.0421 0.0521 0.0463 0.0856 0.0348 0.015 0.015 0.0066 0.0101 0.0159 0.0465 0.0343 0.0327 0.0399 0.0383 0.0263 0.0258 0.0363 0.0465 0.0293 0.029 0.048 0.0475 0 0 0 0 0 0.01 0 0 0 Barclays 1-3 Year U.S. Government/Credit Index Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions Return Before Taxes <b>Class D Shares</b> <b>Class D Shares</b> <b>Class D Shares</b> 0.0055 0.0055 0.0055 0.0055 1992-09-01 0.0055 1992-09-01 1992-09-01 1992-09-01 0.0025 0.01 0.0025 0 0 0.007 0.0069 0.0094 0.0069 0.0094 0.015 0.0224 0.0174 0.0124 0.0149 0.0101 0.0176 0.0126 0.0076 0.0101 <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusHigh-YieldFundClassDShares column period compact * ~</div> -0.0049 -0.0048 -0.0048 -0.0048 -0.0048 <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusHigh-YieldFundClassDShares column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusHigh-YieldFundClassDSharesBarChart column period compact * ~</div> Class D Class D Shares <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusShort-TermBondFundClassDShares column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusShort-TermBondFundClassDShares column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusShort-TermBondFundClassDShares column period compact * ~</div> <div style="display:none">~ http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusHigh-YieldFundClassDShares column period compact * ~</div> 620 327 177 126 151 926 700 547 393 470 1253 1199 943 680 812 1498 1777 2049 2573 2177 177 227 620 126 151 926 700 547 393 470 1253 1199 943 680 812 2177 2573 2049 1498 1777 <b><font style="FONT-VARIANT: small-caps; FONT-SIZE: 18pt">Fund summary</font></b><br/><br/><b><font style="FONT-SIZE: 16pt">Janus Short-Term Bond Fund</font></b> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>INVESTMENT OBJECTIVE</b></font> <b>Janus Short-Term Bond Fund</b> seeks as high a level of current income as is consistent with preservation of capital. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>FEES AND EXPENSES OF THE FUND</b></font> This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE:</b> The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>The following Example is based on expenses without waivers. </b> The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 93% of the average value of its portfolio. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT STRATEGIES</b></font> The Fund invests, under normal circumstances, at least 80% of its net assets in short- and intermediate-term securities such as corporate bonds or notes or government securities, including agency securities. The Fund may invest up to 35% of its net assets in high-yield/high risk bonds, also known as &#8220;junk bonds.&#8221; The Fund expects to maintain an average-weighted effective maturity of three years or less under normal circumstances. As of June 30, 2012, the Fund&#8217;s weighted average maturity was 2.4 years. The Fund may also invest in bank loans, mortgage-backed securities, asset-backed securities, and foreign debt securities (which may include investments in emerging markets). Due to the nature of securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.<br/><br/>&#8220;Effective&#8221; maturity differs from actual maturity, which may be longer. In calculating the &#8220;effective&#8221; maturity the portfolio managers will estimate the effect of expected principal payments and call provisions on securities held in the portfolio. This gives the portfolio managers some additional flexibility in the securities they purchase, but all else being equal, could result in more volatility than if the Fund calculated an actual maturity target.<br/><br/>In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund&#8217;s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund&#8217;s direct investments. For more information on the Fund&#8217;s use of derivatives, refer to the Fund&#8217;s shareholder reports and Form N-Q reports, which are filed with the Securities and Exchange Commission.<br/><br/>In addition to considering economic factors such as the effect of interest rates on the Fund&#8217;s investments, the portfolio managers apply a &#8220;bottom up&#8221; approach in choosing investments. This means that the portfolio managers look at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund&#8217;s investment policies. <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PRINCIPAL INVESTMENT RISKS</b></font> Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money.<br/><br/><b><i>Fixed-Income Securities Risk.</i></b> The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth.<br/><br/> <b><i>Sovereign Debt Risk.</i></b> The Fund may invest in U.S. and foreign government debt securities (&#8220;sovereign debt&#8221;). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.<br/><br/><b><i>Real Estate Risk.</i></b> The Fund may be affected by risks associated with investments in real estate-related securities. The value of securities of issuers in the real estate and real estate-related industries, including real estate investment trusts, is sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the issuer. These factors may impact the Fund&#8217;s investments in foreign real estate markets differently than U.S. real estate markets.<br/><br/><b><i>Mortgage-Backed Securities Risk.</i></b> Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund&#8217;s returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.<br/><br/><b><i>Bank Loan Risk.</i></b> Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund&#8217;s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings.<br/><br/><b><i>Foreign Exposure Risk.</i></b> The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund&#8217;s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due. The Fund&#8217;s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.<br/><br/><b><i>High-Yield/High-Risk Bond Risk. </i></b>High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.<br/><br/><b><i>Portfolio Turnover Risk.</i></b> Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund&#8217;s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.<br/><br/><b><i>Derivatives Risk.</i></b> Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative&#8217;s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations.<br/><br/><i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> <font style="FONT-FAMILY: 'Times New Roman', Times"><b>PERFORMANCE INFORMATION</b></font> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund&#8217;s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund&#8217;s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund&#8217;s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.<br/><br/><i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> <b>Annual Total Returns for Class D Shares</b> (calendar year-end) <div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt"><b>Best Quarter:&nbsp;&nbsp;</b>Second Quarter 2009&nbsp;&nbsp;<b>3.18%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter:&nbsp;&nbsp;</b>Second Quarter 2008<b>&nbsp;&nbsp;&#8722;0.90%</b></div> <b>Average Annual Total Returns</b> (periods ended 12/31/11) After-tax returns are calculated using distributions for the Fund&#8217;s Class D Shares for the periods following February 16, 2010; and for the Fund&#8217;s Class J Shares, the predecessor share class, for the periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. November 1, 2013 0.93 Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund&#8217;s returns and yields will vary, and you could lose money. <div style="display:none">~ http://www.janus.com/role/ScheduleShareholderFeesJanusRealReturnFund column period compact * ~</div> <i>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</i> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. <i>1-800-525-3713</i> <i>janus.com/allfunds</i> <i>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</i> 0.0055 0.0097 After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. <div style="display:none">~ http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusRealReturnFund column period compact * ~</div> 0.0152 If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund&#8217;s other return figures. 0.0088 <i>Updated performance information is available at janus.com/allfunds or by calling 1-800-525-3713.</i> The Fund&#8217;s year-to-date return as of the calendar quarter ended September 30, 2012 was 3.05%. 2012-09-30