Mutual Fund Summary Prospectus (497k)
June 28 2013 - 4:12PM
Edgar (US Regulatory)
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Before you invest, you may want to review the Funds
Prospectus, which contains more information about the Fund and
its risks. You can find the Funds 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.
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[PERKINS LOGO]
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Summary
Prospectus dated October 26, 2012
As
Supplemented June 28, 2013
Perkins Value Plus Income Fund
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Ticker:
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JPVDX
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Class D Shares*
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*
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Class D Shares are closed to certain new investors.
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INVESTMENT
OBJECTIVE
Perkins Value Plus Income Fund
seeks capital appreciation
and current income.
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.
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the
value of your investment)
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Class D
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Management Fees
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0.60%
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Other Expenses
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0.81%
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Total Annual Fund Operating
Expenses
(1)
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1.41%
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Fee
Waiver
(1)
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0.50%
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Total Annual Fund Operating Expenses After Fee
Waiver
(1)
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0.91%
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(1)
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Janus Capital has contractually agreed to waive the Funds
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 0.76% until at
least November 1, 2013. 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 Funds commencement of operations (July 30,
2010), Janus Capital may recover from the Fund fees and expenses
previously waived or reimbursed, which could then be considered
a deferral, if the Funds expense ratio, including
recovered expenses, falls below the expense limit.
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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 $10,000 in the Fund
for the time periods indicated, reinvest all dividends and
distributions, and then redeem all of your Shares at the end of
each period. The Example also assumes that your investment has a
5% return each year and that the Funds operating expenses
without waivers or recoupments (if applicable) remain the same.
Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class D Shares
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$
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144
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$
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446
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$
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771
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1,691
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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 Funds
performance. During the most recent fiscal year, the Funds
portfolio turnover rate was 100% of the average value of its
portfolio.
PRINCIPAL
INVESTMENT STRATEGIES
The Fund pursues its investment objective by normally investing
40-60% of its assets in equity securities selected primarily for
capital appreciation and investing the remainder in fixed-income
securities and cash equivalents.
Equity Securities.
The Funds equity investments
generate total return from a combination of capital appreciation
and, to a lesser degree, current income. Such equity investments
may include companies of any size, but the Fund will invest
primarily in large- and mid-sized companies whose stock prices
the portfolio managers believe to be undervalued or have the
potential for high relative dividend yields, or both. The
Funds equity portfolio managers invest in companies which
have fallen out of favor with the market or that appear to be
temporarily misunderstood by the investment community. The
Funds equity portfolio managers generally look for
companies with:
1
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Perkins
Value Plus Income Fund
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strong balance sheets and solid recurring free cash flows
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attractive relative and absolute valuation ratios or that have
underperformed recently
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favorable reward to risk characteristics
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Fixed-Income Securities.
The Funds fixed-income
investments generate total return from a combination of current
income and capital appreciation, but income is usually the
dominant portion. The Fund normally invests the portion of its
assets allocated to fixed-income investments in debt securities
(including, but not limited to, government bonds, corporate
bonds, mortgage-backed securities, asset-backed securities,
zero-coupon bonds, and bank loans), convertible securities, and
short-term securities. The Fund invests at least 50% of the
fixed-income portion of its assets in investment grade debt
securities. The Fund will limit its investment in
high-yield/high-risk bonds, also known as junk
bonds, to 50% or less of the fixed-income portion of its net
assets.
In addition to considering economic factors such as the effect
of interest rates on the Funds fixed-income investments,
the Funds fixed-income portfolio managers apply a
bottom up 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 Funds investment policies.
The Fund may also invest in foreign equity and debt securities,
which may include investments in emerging markets.
The Fund may also 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. The
Fund has and is expected to continue to buy and sell put and
call options to enhance returns. The Funds exposure to
derivatives will vary, is not limited to those derivatives
listed, and could be significant at times. For more information
on the Funds use of derivatives, refer to the Funds
shareholder reports and
Form N-Q
reports, which are filed with the Securities and Exchange
Commission.
Janus Capital is primarily responsible for the overall asset
allocation of the Fund and manages the Funds fixed-income
investments. Cash positions are considered a part of the
Funds fixed-income allocation and will be managed by the
Funds fixed-income portfolio managers. Perkins manages the
Funds equity investments and assists the adviser in
determining the Funds overall asset allocation. The Fund
may periodically adjust its mix of equity and fixed-income
investments in response to changing economic and market
conditions, including outside the range of 40-60% of its assets
in equity securities. Due to the nature of the fixed-income
securities in which the Fund invests, it may have relatively
high portfolio turnover compared to other funds.
PRINCIPAL
INVESTMENT RISKS
The biggest risk is that the Funds returns and yields will
vary, and you could lose money. The Fund is designed for
long-term investors seeking a portfolio including common stocks
and bonds selected for their potential to produce capital
appreciation and current income. Common stocks tend to be more
volatile than many other investment choices.
Market Risk.
The value of the Funds
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
companys intrinsic worth is incorrect. Further, regardless
of how well individual companies or securities perform, the
value of the Funds 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.
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 Funds
equity portfolio managers.
Mid-Sized Companies Risk.
The Funds
investments in securities issued by mid-sized companies may
involve greater risks than are customarily associated with
larger, more established companies. Securities issued by
mid-sized companies tend to be more volatile than securities
issued by larger or more established companies and may
underperform as compared to the securities of larger companies.
Fixed-Income Securities Risk.
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
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Janus
Investment Fund
rate risk, which is the risk that their value will generally
decline as prevailing interest rates rise, which may cause the
Funds 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.
Mortgage-Backed Securities
Risk.
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 Funds 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.
High-Yield/High-Risk Bond
Risk.
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.
Bank Loan Risk.
Bank loans are obligations of
companies or other entities entered into in connection with
recapitalizations, acquisitions, and refinancings. The
Funds 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.
Real Estate Risk.
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 Funds investments in foreign real estate
markets differently than U.S. real estate markets.
Foreign Exposure Risk.
The Fund may have
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 Funds performance than it would in a more
geographically diversified portfolio. The Funds
investments in emerging market countries may involve risks
greater than, or in addition to, the risks of investing in more
developed countries.
Derivatives Risk.
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
derivatives 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
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Perkins
Value Plus Income Fund
Fund may be exposed to risks similar to those associated with
short sales, including the risk that the Funds losses are
theoretically unlimited.
Allocation Risk.
The Funds ability to
achieve its investment objective depends largely upon the
allocation of assets among the equity and fixed asset
categories. You could lose money on your investment in the Fund
as a result of these allocations. Portfolio management may favor
an asset category that underperforms relative to other asset
categories. For example, the Fund may be overweighted in equity
securities when the stock market is falling and the fixed-income
market is rising. Additionally, periodic rebalancing of Fund
assets among asset categories may result in increased
transaction costs, which may have a negative effect on the
Funds performance.
Portfolio Turnover Risk.
Increased portfolio
turnover may result in higher costs, which may have a negative
effect on the Funds 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.
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 following information provides some indication of the risks
of investing in the Fund by showing how the Funds
performance has varied over time. The bar chart depicts the
Funds performance during the period indicated. The table
compares the Funds 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 Funds performance
reflects the effect of expense waivers. Without the effect of
these expense waivers, the performance shown would have been
lower.
The Funds 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.
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Annual Total Returns for Class D Shares
(calendar
year-end)
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2011
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3.66%
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Best Quarter:
Fourth Quarter
2011
7.30% Worst
Quarter:
Third Quarter
2011
−7.84%
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The Funds year-to-date return as of the calendar quarter
ended September 30, 2012 was 10.38%.
4
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Janus
Investment Fund
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Average Annual Total Returns
(periods ended 12/31/11)
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1 Year
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Since
Inception
(7/30/10)
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Class D Shares
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Return Before Taxes
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3.66%
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9.21%
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Return After Taxes on Distributions
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1.61%
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7.38%
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Return After Taxes on Distributions and Sale of Fund
Shares
(1)
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2.68%
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6.92%
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Russell
1000
®
Value Index
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0.39%
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9.97%
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(reflects no deduction for expenses, fees, or taxes)
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Barclays U.S. Aggregate Bond Index
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7.84%
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5.51%
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(reflects no deduction for expenses, fees, or taxes)
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Value Income Index
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4.44%
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8.16%
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(reflects no deduction for expenses, fees, or taxes)
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(1)
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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 Funds other return figures.
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The Value Income Index is an internally-calculated, hypothetical
combination of unmanaged indices that combines total returns
from the Russell
1000
®
Value Index (50%) and the Barclays U.S. Aggregate Bond Index
(50%).
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.
5
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Perkins
Value Plus Income Fund
MANAGEMENT
Investment Adviser:
Janus Capital Management LLC
Investment Subadviser:
Perkins Investment Management
LLC
Portfolio Managers: Jeffrey R. Kautz
, CFA, is
Co-Portfolio Manager of the equity portion of the Fund, which he
has co-managed since inception.
Theodore M. Thome
,
CFA, is Co-Portfolio Manager of the equity portion of the Fund,
which he has co-managed since inception.
Gibson Smith
,
Co-Chief Investment Officer of Janus Capital, is Executive Vice
President of the Fund and Co-Portfolio Manager of the
fixed-income portion of the Fund, which he has co-managed since
inception.
Darrell Watters
is Executive Vice President of
the Fund and Co-Portfolio Manager of the fixed-income portion of
the Fund, which he has co-managed since inception.
PURCHASE
AND SALE OF FUND SHARES
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Minimum Investment Requirements
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To open a new regular Fund account
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$
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2,500
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To open a new UGMA/UTMA account, Coverdell Education Savings
Account, or a retirement Fund account
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without an automatic investment program
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$
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1,000
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with an automatic investment program of $50 per
month
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$
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500
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To add to any existing type of Fund account without an automatic
investment program
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$
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100
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To add to any existing type of Fund account with an automatic
investment program
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$
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50
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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 days 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 Funds 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.
6
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Janus
Investment Fund
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