|
|
|
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/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.
|
|
[JANUS LOGO]
|
Summary
Prospectus dated January 28, 2013
As Supplemented May 13, 2013
Janus Twenty Fund
(closed to new investors)
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Ticker:
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JAVLX
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Class T Shares
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INVESTMENT
OBJECTIVE
Janus Twenty Fund
seeks long-term growth of capital.
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 T
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Management Fees (may adjust up or down)
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0.52%
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Other Expenses
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0.29%
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Total Annual Fund Operating Expenses
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0.81%
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EXAMPLE:
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 $10,000 in the Fund
for the time periods indicated, reinvest all dividends and
distributions, and then redeem all of your Shares at the end of
each period. The Example also assumes that your investment has a
5% return each year and that the Funds operating expenses
remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class T Shares
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$
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83
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$
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259
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$
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450
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$
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1,002
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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 12% of the average value of its
portfolio.
PRINCIPAL
INVESTMENT STRATEGIES
The Fund pursues its investment objective by normally investing
primarily in a core group of 20-30 common stocks selected for
their growth potential. The Fund may also invest in foreign
equity and debt securities, which may include investments in
emerging markets.
The portfolio manager applies a bottom up approach
in choosing investments. In other words, the portfolio manager
looks at companies one at a time to determine if a company is an
attractive investment opportunity and if it is consistent with
the Funds investment policies.
PRINCIPAL
INVESTMENT RISKS
The biggest risk is that the Funds 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.
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.
1
ï
Janus
Twenty Fund
Growth Securities Risk.
The Fund invests in
companies after assessing their growth potential. Securities of
companies perceived to be growth companies may be
more volatile than other stocks and may involve special risks.
If the portfolio managers perception of a companys
growth potential is not realized, the securities purchased may
not perform as expected, reducing the Funds returns. In
addition, because different types of stocks tend to shift in and
out of favor depending on market and economic conditions,
growth stocks may perform differently from the
market as a whole and other types of securities.
Nondiversification Risk.
The Fund is
classified as nondiversified under the Investment Company Act of
1940, as amended. This gives the Funds portfolio manager
more flexibility to hold larger positions in a smaller number of
securities. As a result, an increase or decrease in the value of
a single security held by the Fund may have a greater impact on
the Funds net asset value and total return.
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 less liquid than other types of
investments and entail the risk that the counterparty will
default on its payment obligations.
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. Class T Shares (formerly
named Class J Shares, the initial share class) of the Fund
commenced operations with the Funds inception. The
performance shown for Class 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.
The bar chart depicts the change in performance from year to
year during the periods 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.
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/advisor/mutual-funds
or by calling
1-877-335-2687.
2
ï
Janus
Investment Fund
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Annual Total Returns for Class T Shares
(calendar
year-end)
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2003
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2004
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2005
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2006
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2007
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2008
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2009
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2010
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2011
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2012
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25.31%
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23.89%
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9.42%
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12.30%
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35.94%
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−41.97%
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43.27%
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6.97%
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|
−8.19%
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22.31%
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|
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Best Quarter:
First Quarter
2012
20.06% Worst
Quarter:
Third Quarter
2008
−26.00%
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Average Annual Total Returns
(periods ended 12/31/12)
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1 Year
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5 Years
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10 Years
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Since
Inception
(4/30/85)
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Class T Shares
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Return Before Taxes
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22.31%
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−0.03%
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9.98%
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11.59%
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Return After Taxes on Distributions
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22.19%
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−0.52%
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9.69%
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10.08%
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Return After Taxes on Distributions and Sale of
Fund Shares
(1)
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14.67%
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−0.10%
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8.87%
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9.71%
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Russell
1000
®
Growth Index
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15.26%
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3.12%
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7.52%
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9.76%
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|
(reflects no deduction for expenses, fees, or taxes)
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S&P
500
®
Index
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16.00%
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1.66%
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7.10%
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10.36%
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(reflects no deduction for expenses, fees, or taxes)
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(1)
|
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.
|
The
Russell 1000
®
Growth Index measures the performance of those
Russell 1000
®
companies with higher price-to-book ratios and higher forecasted
growth values. This index is used to calculate the performance
fee adjustment.
After-tax returns are calculated using distributions for the
Funds 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.
MANAGEMENT
Investment Adviser:
Janus Capital Management LLC
Portfolio Manager:
Marc Pinto
, CFA, is
Portfolio Manager of the Fund, which he has managed since
May 2013.
PURCHASE
AND SALE OF FUND SHARES
Minimum
Investment Requirements
The minimum investment for Class T Shares is $2,500 per
Fund account for non-retirement accounts and $500 per Fund
account for certain tax-deferred accounts or UGMA/UTMA accounts.
Purchases, exchanges, and redemptions can generally be made only
through institutional channels, such as financial intermediaries
and retirement platforms. 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
3
ï
Janus
Twenty Fund
in order to receive that days net asset value. For
additional information, refer to Purchases,
Exchanges, and/or Redemptions 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
If you purchase 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 intermediarys
website for more information.
4
ï
Janus
Investment Fund
|
|
|
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.
|
|
[JANUS LOGO]
|
Summary
Prospectus dated January 28, 2013
As
Supplemented May 13, 2013
Janus Twenty Fund
(closed to new investors)
|
|
|
|
|
|
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|
Ticker:
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JNTFX
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Class D Shares
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INVESTMENT
OBJECTIVE
Janus Twenty Fund
seeks long-term growth of capital.
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
|
|
|
|
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|
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|
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Management Fees (may adjust up or down)
|
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|
0.52%
|
|
Other Expenses
|
|
|
0.18%
|
|
Total Annual Fund Operating Expenses
|
|
|
0.70%
|
|
EXAMPLE:
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
remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
|
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|
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|
1 Year
|
|
3 Years
|
|
5 Years
|
|
10 Years
|
Class D Shares
|
|
$
|
72
|
|
|
$
|
224
|
|
|
$
|
390
|
|
|
$
|
871
|
|
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 12% of the average value of its
portfolio.
PRINCIPAL
INVESTMENT STRATEGIES
The Fund pursues its investment objective by normally investing
primarily in a core group of 20-30 common stocks selected for
their growth potential. The Fund may also invest in foreign
equity and debt securities, which may include investments in
emerging markets.
The portfolio manager applies a bottom up approach
in choosing investments. In other words, the portfolio manager
looks at companies one at a time to determine if a company is an
attractive investment opportunity and if it is consistent with
the Funds investment policies.
PRINCIPAL
INVESTMENT RISKS
The biggest risk is that the Funds 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.
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.
1
ï
Janus
Twenty Fund
Growth Securities Risk.
The Fund invests in
companies after assessing their growth potential. Securities of
companies perceived to be growth companies may be
more volatile than other stocks and may involve special risks.
If the portfolio managers perception of a companys
growth potential is not realized, the securities purchased may
not perform as expected, reducing the Funds returns. In
addition, because different types of stocks tend to shift in and
out of favor depending on market and economic conditions,
growth stocks may perform differently from the
market as a whole and other types of securities.
Nondiversification Risk.
The Fund is
classified as nondiversified under the Investment Company Act of
1940, as amended. This gives the Funds portfolio manager
more flexibility to hold larger positions in a smaller number of
securities. As a result, an increase or decrease in the value of
a single security held by the Fund may have a greater impact on
the Funds net asset value and total return.
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 less liquid than other types of
investments and entail the risk that the counterparty will
default on its payment obligations.
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. 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 Funds 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 Funds commencement of
Class D Shares reflects the fees and expenses of
Class D Shares, net of any applicable fee and expense
limitations or waivers.
The bar chart depicts the change in performance from year to
year during the periods 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.
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.
2
ï
Janus
Investment Fund
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Annual Total Returns for Class D Shares
(calendar
year-end)
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|
|
|
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|
|
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|
|
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|
|
2003
|
|
2004
|
|
2005
|
|
2006
|
|
2007
|
|
2008
|
|
2009
|
|
2010
|
|
2011
|
|
2012
|
25.31%
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|
23.89%
|
|
9.42%
|
|
12.30%
|
|
35.94%
|
|
−41.97%
|
|
43.27%
|
|
7.07%
|
|
−8.04%
|
|
22.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Best Quarter:
First Quarter
2012
20.09% Worst
Quarter:
Third Quarter
2008
−26.00%
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|
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|
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|
|
|
|
|
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|
|
Average Annual Total Returns
(periods ended 12/31/12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
|
5 Years
|
|
|
|
10 Years
|
|
|
|
Since
Inception
(4/30/85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class D Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
Return Before Taxes
|
|
|
22.44%
|
|
|
|
0.05%
|
|
|
|
10.02%
|
|
|
|
11.60%
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return After Taxes on Distributions
|
|
|
22.28%
|
|
|
|
−0.46%
|
|
|
|
9.72%
|
|
|
|
10.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return After Taxes on Distributions and Sale of
Fund Shares
(1)
|
|
|
14.79%
|
|
|
|
−0.04%
|
|
|
|
8.91%
|
|
|
|
9.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russell
1000
®
Growth Index
|
|
|
15.26%
|
|
|
|
3.12%
|
|
|
|
7.52%
|
|
|
|
9.76%
|
|
(reflects no deduction for expenses, fees, or taxes)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500
®
Index
|
|
|
16.00%
|
|
|
|
1.66%
|
|
|
|
7.10%
|
|
|
|
10.36%
|
|
(reflects no deduction for expenses, fees, or taxes)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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.
|
The
Russell 1000
®
Growth Index measures the performance of those
Russell 1000
®
companies with higher price-to-book ratios and higher forecasted
growth values. This index is used to calculate the performance
fee adjustment.
After-tax returns are calculated using distributions for the
Funds Class D Shares for the periods following
February 16, 2010; and for the Funds 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.
3
ï
Janus
Twenty Fund
MANAGEMENT
Investment Adviser:
Janus Capital Management LLC
Portfolio Manager: Marc Pinto
, CFA, is Portfolio
Manager of the Fund, which he has managed since May 2013.
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 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.
4
ï
Janus
Investment Fund