Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at janus.com/info. You can also get this information at no cost by calling a Janus representative at 1-877-335-2687 or by sending an email request to prospectusrequest@janus.com.   [PERKINS LOGO] 

Summary Prospectus dated April 1, 2013
Perkins International Value Fund
                             
Ticker:
  JIFAX   Class A Shares   JIFSX   Class S Shares   JIFNX   Class N Shares    
    JIFCX   Class C Shares   JIFIX   Class I Shares   JIFTX   Class T Shares    
 
INVESTMENT OBJECTIVE
 
Perkins International Value Fund seeks capital appreciation.
 
FEES AND EXPENSES OF THE FUND
 
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. 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 “Purchases” section on page 26 of the Fund’s Prospectus and in the “Purchases” section on page 52 of the Fund’s Statement of Additional Information.
 
                                                                                                 
SHAREHOLDER FEES
(fees paid directly from your investment) 		            Class A               Class C               Class S               Class I               Class N               Class T  
                                                                                                 
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)
            5.75%               None                None                None                None                None   
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)
            None                1.00%               None                None                None                None   
                                                                                         
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment) 		    Class A               Class C               Class S               Class I               Class N               Class T  
                                                                                                 
Management Fees
            0.80%               0.80%               0.80%               0.80%               0.80%               0.80%  
Distribution/Service (12b-1) Fees
            0.25%               1.00%               0.25%               None                None                None   
Other Expenses (1)
            3.61%               3.48%               3.66%               3.49%               3.41%               3.66%  
Total Annual Fund Operating Expenses (2)
            4.66%               5.28%               4.71%               4.29%               4.21%               4.46%  
Fee Waiver (2)
            3.19%               3.21%               3.17%               3.19%               3.17%               3.17%  
Total Annual Fund Operating Expenses After Fee Waiver (2)
            1.47%               2.07%               1.54%               1.10%               1.04%               1.29%  
(1)  Since the Fund is new, Other Expenses are based on the estimated annualized expenses that the Fund expects to incur in its initial fiscal year.
(2)  Janus Capital has contractually agreed to waive the Fund’s total annual fund operating expenses (excluding the distribution and shareholder servicing fees – applicable to Class A Shares, Class C Shares, and Class S Shares; administrative services fees payable pursuant to the Transfer Agency Agreement; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) to 0.98% until at least February 1, 2015. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period of three years subsequent to the Fund’s commencement of operations (April 1, 2013), Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.
 
EXAMPLE:
The following Example is based on expenses without waivers. 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
 
 
1  ï  Perkins International Value Fund

 

investment has a 5% return each year and that the Fund’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:
 
                 
If Shares are redeemed:   1 Year   3 Years
Class A Shares
  $  1,015     $  1,899  
Class C Shares
  $ 627     $ 1,577  
Class S Shares
  $ 472     $ 1,419  
Class I Shares
  $ 431     $ 1,301  
Class N Shares
  $ 423     $ 1,278  
Class T Shares
  $ 447     $ 1,349  
 
                 
If Shares are not redeemed:   1 Year   3 Years
Class A Shares
  $  1,015     $  1,899  
Class C Shares
  $ 527     $ 1,577  
Class S Shares
  $ 472     $ 1,419  
Class I Shares
  $ 431     $ 1,301  
Class N Shares
  $ 423     $ 1,278  
Class T Shares
  $ 447     $ 1,349  
 
Portfolio Turnover:  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance.
 
PRINCIPAL INVESTMENT STRATEGIES
 
The Fund pursues its investment objective by investing primarily in common stocks of companies of any size located outside of the United States, including in emerging markets. The Fund normally invests in issuers from several different countries, but under unusual circumstances, may invest in a single country. The Fund may also invest in non-U.S. debt securities. In addition, when the portfolio managers believe that market conditions are unfavorable for investing, or when they are otherwise unable to locate attractive investment opportunities, the Fund’s cash or similar investments may increase.
 
The Fund focuses on companies that have fallen out of favor with the market or that appear to be temporarily misunderstood by the investment community. The Fund’s portfolio managers generally look for companies with:
 
•  strong balance sheets and solid recurring free cash flows
•  attractive relative and absolute valuation ratios or that have underperformed recently
•  favorable reward to risk characteristics
 
PRINCIPAL INVESTMENT RISKS
 
The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.
 
Foreign Exposure Risk.  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’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. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

 
 
2  ï  Janus Investment Fund

 

Emerging Markets Risk.  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, imposition or enforcement of foreign ownership limits, seizure, nationalization, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’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’s performance.
 
Value Investing Risk.  Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected by the Fund’s portfolio managers. When the Fund’s investments in cash or similar investments increase due to a lack of favorable investment opportunities or other extraordinary factors, the Fund may not participate in market advances or declines to the same extent that it would if the Fund had been fully invested.
 
Market Risk.  The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio managers’ belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’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.
 
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.
 
PERFORMANCE INFORMATION
 
The Fund does not have a full calendar year of operations. Performance information for certain periods will be included in the Fund’s first annual and/or semiannual report.

 
 
3  ï  Perkins International Value Fund

 

MANAGEMENT
 
Investment Adviser:  Janus Capital Management LLC
 
Investment Subadviser:  Perkins Investment Management LLC
 
Portfolio Managers: Tadd H. Chessen , CFA, is Co-Portfolio Manager of the Fund, which he has co-managed since inception. J. Christian Kirtley , CFA, is Co-Portfolio Manager of the Fund, which he has co-managed since inception. Gregory R. Kolb , CFA, is Co-Portfolio Manager of the Fund, which he has co-managed since inception.
 
PURCHASE AND SALE OF FUND SHARES
 
Minimum Investment Requirements*
 
       
Class A Shares, Class C Shares**, Class S Shares, and Class T Shares
Non-retirement accounts
  $ 2,500
       
Certain tax-deferred accounts or UGMA/UTMA accounts
  $ 500
       
Class I Shares
       
Institutional investors (investing directly with Janus)
  $ 1,000,000
       
Through an intermediary institution
     
• non-retirement accounts
  $ 2,500
• certain tax-deferred accounts or UGMA/UTMA accounts
  $ 500
       
Class N Shares
       
No minimum investment requirements imposed by the Fund
    None
       
*    Exceptions to these minimums may apply for certain tax-deferred, tax-qualified and retirement plans, and accounts held through certain wrap programs.
**   The maximum purchase in Class C Shares is $500,000 for any single purchase.
 
Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financial intermediaries and retirement platforms. Class I Shares may be purchased directly by certain institutional investors. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable) prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “Purchases,” “Exchanges,” and/or “Redemptions” in the Prospectus.
 
TAX INFORMATION
 
The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
 
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
 
If you purchase Class A Shares, Class C Shares, Class S Shares, Class I Shares, or Class T Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary’s website for more information.

 
 
4  ï  Janus Investment Fund

 

     
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at janus.com/reports. You can also get this information at no cost by calling a Janus representative at 1-800-525-3713 or by sending an email request to prospectusorder@janus.com.   [PERKINS LOGO] 

Summary Prospectus dated April 1, 2013
Perkins International Value Fund
             
Ticker:
  JIFDX   Class D Shares*    
* Class D Shares are closed to certain new investors.
 
INVESTMENT OBJECTIVE
 
Perkins International Value Fund seeks capital appreciation.
 
FEES AND EXPENSES OF THE FUND
 
This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.
 
                 
         
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment) 		    Class D  
                 
Management Fees
            0.80%  
Other Expenses (1)
            3.95%  
Total Annual Fund Operating Expenses (2)
            4.75%  
Fee Waiver (2)
            3.51%  
Total Annual Fund Operating Expenses After Fee Waiver (2)
            1.24%  
(1)  Since the Fund is new, Other Expenses are based on the estimated annualized expenses that the Fund expects to incur in its initial fiscal year.
(2)  Janus Capital has contractually agreed to waive the Fund’s total annual fund operating expenses (excluding administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) to 0.98% until at least February 1, 2015. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period of three years subsequent to the Fund’s commencement of operations (April 1, 2013), Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.
 
EXAMPLE:
The following Example is based on expenses without waivers. 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’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:
 
                 
    1 Year   3 Years
Class D Shares
  $  476     $  1,430  
 
Portfolio Turnover:  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance.
 
PRINCIPAL INVESTMENT STRATEGIES
 
The Fund pursues its investment objective by investing primarily in common stocks of companies of any size located outside of the United States, including in emerging markets. The Fund normally invests in issuers from several different countries, but under unusual circumstances, may invest in a single country. The Fund may also invest in non-U.S. debt securities. In addition, when the portfolio managers believe that market conditions are unfavorable for investing, or when they are otherwise unable to locate attractive investment opportunities, the Fund’s cash or similar investments may increase.
 
The Fund focuses on companies that have fallen out of favor with the market or that appear to be temporarily misunderstood by the investment community. The Fund’s portfolio managers generally look for companies with:
 
•  strong balance sheets and solid recurring free cash flows
 
 
1  ï  Perkins International Value Fund

 

•  attractive relative and absolute valuation ratios or that have underperformed recently
•  favorable reward to risk characteristics
 
PRINCIPAL INVESTMENT RISKS
 
The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.
 
Foreign Exposure Risk.  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’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. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.
 
Emerging Markets Risk.  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, imposition or enforcement of foreign ownership limits, seizure, nationalization, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’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’s performance.
 
Value Investing Risk.  Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected by the Fund’s portfolio managers. When the Fund’s investments in cash or similar investments increase due to a lack of favorable investment opportunities or other extraordinary factors, the Fund may not participate in market advances or declines to the same extent that it would if the Fund had been fully invested.
 
Market Risk.  The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio managers’ belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’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.
 
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.
 
PERFORMANCE INFORMATION
 
The Fund does not have a full calendar year of operations. Performance information for certain periods will be included in the Fund’s first annual and/or semiannual report.

 
 
2  ï  Janus Investment Fund

 

MANAGEMENT
 
Investment Adviser:  Janus Capital Management LLC
 
Investment Subadviser:  Perkins Investment Management LLC
 
Portfolio Managers: Tadd H. Chessen , CFA, is Co-Portfolio Manager of the Fund, which he has co-managed since inception. J. Christian Kirtley , CFA, is Co-Portfolio Manager of the Fund, which he has co-managed since inception. Gregory R. Kolb , CFA, is Co-Portfolio Manager of the Fund, which he has co-managed since inception.
 
PURCHASE AND SALE OF FUND SHARES
 
         
Minimum Investment Requirements
To open a new regular Fund account   $ 2,500  
         
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account        
• without an automatic investment program
  $ 1,000  
• with an automatic investment program of $100 per month
  $ 500  
         
To add to any existing type of Fund account   $ 100  
         
 
You may generally purchase, exchange, or redeem Fund Shares on any business day by written request, wire transfer, telephone, and in most cases, online at janus.com/individual. You may conduct transactions by mail (Janus, P.O. Box 55932, Boston, MA 02205-5932), or by telephone at 1-800-525-3713. Purchase, exchange, or redemption requests must be received in good order by the Fund or its agents prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “To Open an Account or Buy Shares,” “To Exchange Shares,” and/or “To Sell Shares” in the Prospectus.
 
TAX INFORMATION
 
The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
 
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
 
With respect to certain other classes of shares, the Fund and its related companies may pay select broker-dealer firms or other financial intermediaries for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing a broker-dealer or other intermediary or a salesperson to recommend the Fund over another investment or to recommend one share class over another.

 
 
3  ï  Perkins International Value Fund
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