Mutual Fund Summary Prospectus (497k)
June 28 2013 - 4:17PM
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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[INTECH LOGO]
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Summary
Prospectus dated October 26, 2012
As
Supplemented February 15, 2013
As
Supplemented June 28, 2013
INTECH U.S. Core Fund
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Ticker:
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JIRMX
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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
INTECH U.S. Core 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 D
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Management Fees (may adjust up or down)
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0.54%
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Other Expenses
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0.30%
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Total Annual Fund Operating Expenses
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0.84%
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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 $10,000 in the Fund
for the time periods indicated, reinvest all dividends and
distributions, and then redeem all of your Shares at the end of
each period. The Example also assumes that your investment has a
5% return each year and that the Funds operating expenses
remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class D Shares
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$
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86
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$
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268
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$
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466
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$
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1,037
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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 73% of the average value of its
portfolio.
PRINCIPAL
INVESTMENT STRATEGIES
The Fund invests, under normal circumstances, at least 80% of
its net assets in U.S. common stocks from the universe of the
S&P 500
®
Index, utilizing INTECHs mathematical investment process.
The S&P
500
®
Index is an unmanaged index of 500 stocks that is generally
representative of the performance of larger companies in the
United States.
The Fund pursues its investment objective by applying a
mathematical investment process to construct an investment
portfolio from the universe of common stocks within its named
benchmark index. The goal of this process is to build a
portfolio of stocks in a more efficient combination than the
named benchmark index. The process seeks to capitalize on the
natural volatility of the market by searching for stocks within
the index that have high relative volatility (providing the
potential for excess returns) but that essentially move in
opposite directions or have low correlation to each other
(providing the potential for lower relative risk). By
constructing the portfolio in this manner and periodically
rebalancing the portfolio to maintain potentially more efficient
weightings, INTECHs mathematical investment process seeks
to create a portfolio that, over time, produces returns in
excess of its named benchmark index with risks similar to that
of the benchmark index. The rebalancing techniques used by
INTECH may result in a higher portfolio turnover compared to a
buy and hold fund strategy.
1
ï
INTECH
U.S. Core Fund
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. 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.
Investment Process Risk.
The proprietary
mathematical investment process used by INTECH may not achieve
the desired results. On an occasional basis, INTECH considers
changes to its mathematical investment process. These changes
may result in changes to the portfolio, might not provide the
intended results, and may adversely impact 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. 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
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 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.
2
ï
Janus
Investment Fund
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Annual Total Returns for Class D Shares
(calendar
year-end)
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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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17.68%
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11.06%
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11.37%
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6.40%
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−36.57%
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22.91%
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16.38%
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5.07%
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Best Quarter:
Second Quarter
2009
14.79% Worst
Quarter:
Fourth Quarter
2008
−21.49%
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The Funds year-to-date return as of the calendar quarter
ended September 30, 2012 was 14.92%.
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Average Annual Total Returns
(periods ended 12/31/11)
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1 Year
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5 Years
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Since
Inception
(2/28/03)
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Class D Shares
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Return Before Taxes
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5.07%
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0.29%
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7.81%
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Return After Taxes on Distributions
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4.92%
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−0.20%
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7.08%
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Return After Taxes on Distributions and Sale of Fund
Shares
(1)
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3.50%
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0.21%
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6.74%
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S&P
500
®
Index
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2.11%
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−0.25%
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6.77%
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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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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
INTECH
U.S. Core Fund
MANAGEMENT
Investment Adviser:
Janus Capital Management LLC
Investment Subadviser:
INTECH Investment Management
LLC
Portfolio Management:
A team of investment
professionals consisting of
Adrian Banner
, Ph.D. (Chief
Executive Officer since November 2012 and Chief Investment
Officer since January 2012),
Vassilios Papathanakos
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Ph.D. (Deputy Chief Investment Officer since November 2012),
Joseph W. Runnels
, CFA (Vice President of Portfolio
Management since March 2003), and
Phillip Whitman
, Ph.D.
(Director of Research since November 2012) works together to
implement the mathematical investment process. No one person of
the investment team is primarily responsible for implementing
the investment strategies of the Fund.
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.
4
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Janus
Investment Fund
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