Janus Global Research Fund

International/Global Share Class: Class T Shares

Asset Class:

The Fund seeks long-term growth of capital. The Fund may invest in companies of any size located anywhere in the world, from larger, wellestablished companies to smaller, emerging growth companies.

Janus Global Rsrch;T Fund Performance as of Ticker Fund Inception Date Investment Style 12/31/2013 JAWWX 02/25/2005 Global Multi-Cap Growth

Fund Manager Manager Tenure Gross Expense Ratio Total Fund Assets ($M) Annual Turnover Ratio

James P. Goff 2005 1.03 999.2 67

Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap growth funds typically have an above-average price-to-cash ow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI.

Performance (Total Return %) as of 12/31/2013

1 Year 3 Year 5 Year 10 Year Since Incep.

Top Ten Holdings 09/30/13

Canadian Pacic Railway Ltd ORD AIA Group Ltd ORD 2.17 1.84 1.72 1.60 1.37 1.37 1.32 1.15 1.14 1.13

Risk Assessment Performance Volatility over 3 Years Best 3 Months 15.86

ended 03/31/2012

Fund
30

Lipper GL MultiCp Gr IX
25 20 15
24.21

25.75

AP Moeller Maersk A/S ORD Koninklijke Vopak NV ORD

18.52 16.77

Keyence Corp ORD Apple Inc ORD

10.12

10 5 0

8.89

8.48

9.71

Kuehne und Nagel International AG ORD Google Inc ORD Unilever NV DR Imperial Tobacco Group PLC ORD

Worst 3 Months -18.51

ended 09/30/2011

Growth of $10,000 as of 12/31/2013 in thousands Fund Lipper GL MultiCp Gr IX

$24.0 $22.0 $20.0 $18.0 $16.0 $14.0 $12.0 $10.0 $8.0 $6.0

Asset Allocation 09/30/13

05 06 07 08 09 10 11 12 13

Country Weightings 09/30/13

United States United Kingdom Japan Netherlands Switzerland Canada 46.59 9.27 6.63 5.77 5.21 3.49 2.69 2.68 2.10 1.72

Equities Other Cash

95.44 3.75 0.81

Hong Kong France Ireland Denmark

$22,690

$19,478

401k.GuardianLife.com
International fund investing entails special risk considerations such as currency uctuations, lower liquidity, economic and political risks and differences in accounting methods. These risks are even greater when investing in emerging markets. Effective March 15, 2013, and incident to shareholder approval, Janus Global Research Fund, Class S (JRGSX) and Class T (JARFX) merged into Janus Worldwide Fund, Class S (JWGRX) and Class T (JAWWX), respectively, creating a Combined Fund. The name of the Combined Fund is Janus Global Research Fund. It has adopted the management team, strategies, investment policies, inception date, and the historical performance of Janus Global Research Fund. The surviving tickers and cusips are that of Janus Worldwide Fund. For additional information, please see the prospectus for Janus Global Research Fund. Fund sheet data and production provided by Lipper. 2014 Thomson Reuters. The information contained herein is not represented or warranted to be accurate, complete, or timely. No offer or solicitation to buy or sell any of the securities herein is being made by Lipper.

Management Company Janus Capital Management LLC 151 Detroit Street Denver, CO 80206-4805 877-335-2687

 Pastperformanceisnotanindicationoffutureresults.  Totalreturnsarehistoricalandincludechangesinshareprice,deductionofallfundexpensesand reinvestmentofdividendsandcapitalgains,ifany.Thisinformationisforillustrativepurposesonly andisnotanindicationoffuturefundperformance.Investmentreturnsandprincipalvaluewillvary andsharesmaybeworthmoreorlessthanoriginalcostatredemption.Thetotalreturnfigures showndonotreflectthedeductionofTheGuardianAdvantageorTheGuardianChoicecontract chargesandfees,whichwillloweractualperformance.  TheTopTenHoldings,PortfolioProfileandSectorWeightingssectionsarepresentedtoillustrate examplesofthesecuritiesandtypesofindustriesinwhichtheFundmaybeinvestedandmaynotbe representativeoftheFundscurrentorfutureinvestmentportfolio,whichmaychangeatanytime.  Indexesarehypotheticalportfoliosofspecifiedsecurities(commonexamplesaretheS&P500and theBarclaysCapitalAggregateBond),theperformanceofwhichisoftenusedasabenchmarkin judgingtherelativeperformanceofsecuritiessuchasmutualfunds,stocks,orvariable-annuity subaccounts.Indexesareunmanagedportfoliosandshouldonlybecomparedwithsecuritiesor fundsthathavesimilarinvestmentobjectives.  InvestmentoptionsareavailablethroughTheGuardianAdvantage,agroupvariableannuity contractandTheGuardianChoice,agroupvariablefundingagreementissuedbyTheGuardian Insurance&AnnuityCompany,Inc.(GIAC),aDelawarecorporationwhoseprincipalplaceof businessis7HanoverSquare,NewYork,NY10004.GIACisawhollyownedsubsidiaryofThe GuardianLifeInsuranceCompanyofAmerica,NewYork,NY.InvestmentsofferedunderThe GuardianAdvantagegroupvariableannuityandTheGuardianChoicearenotdepositsor obligationsof,orguaranteedorendorsedbyanybankordepositoryinstitution,noraretheyfederally insuredbytheFederalDepositInsuranceCorporation,theFederalReserveBoard,oranyother agency.Theyinvolverisk,includingpossiblelossofprincipalamountinvested.  ThisinformationisnotintendedbyTheGuardianLifeInsuranceCompanyofAmerica,GIAC,orany ofitsemployeesoragentstobeconsideredtax,legal,investmentoractuarialadvice.Pleaseconsult yourtax,legal,investmentoractuarialadvisorforguidanceandinformationspecifictoyoursituation.  ThevariableinvestmentoptionsofferedunderTheGuardianAdvantage,agroupvariable annuitycontract,andTheGuardianChoice,agroupvariablefundingagreement,are availablebyprospectusorotherdisclosureinformation.Theprospectusesorotherdisclosure informationcontainimportantinformationincludingfeesandexpensesandshouldberead carefullybeforeinvestingorsendingmoney.Pleaseconsidertheinvestmentcompany's investmentobjectives,risks,feesandexpensescarefullybeforeinvesting.Theprospectusor otherdisclosureinformationcontainsthisandotherimportantinformation.  Pleasecall1-800-847-4015foraprospectusorotherdisclosureinformationorclickthelink belowforanelectronicversion.  https://www.guardianretirement.com/download/prospectus.aspx?id=2700