0001035704-09-000009.txt : 20110425
0001035704-09-000009.hdr.sgml : 20110425
20090316214746
ACCESSION NUMBER: 0001035704-09-000009
CONFORMED SUBMISSION TYPE: N-14
PUBLIC DOCUMENT COUNT: 5
FILED AS OF DATE: 20090317
DATE AS OF CHANGE: 20090508
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: JANUS INVESTMENT FUND
CENTRAL INDEX KEY: 0000277751
IRS NUMBER: 840592523
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: N-14
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-158023
FILM NUMBER: 09686263
BUSINESS ADDRESS:
STREET 1: 151 DETROIT STREET
CITY: DENVER
STATE: CO
ZIP: 80206
BUSINESS PHONE: 303-333-3863
MAIL ADDRESS:
STREET 1: 151 DETROIT STREET
CITY: DENVER
STATE: CO
ZIP: 80206
FORMER COMPANY:
FORMER CONFORMED NAME: JANUS FUND /MD/
DATE OF NAME CHANGE: 19870701
CENTRAL INDEX KEY: 0000277751
S000010471
Perkins Mid Cap Value Fund
CENTRAL INDEX KEY: 0001110822
S000010559
Janus Adviser Perkins Mid Cap Value Fund
C000029133
Class A
JDPAX
C000029134
Class C
JMVCX
C000029135
Class I
JMVAX
C000029136
Class R
JDPRX
C000029137
Class S
JMVIX
N-14
1
d66736nv14.txt
FORM N-14
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
ON MARCH 17, 2009
REGISTRATION NO. [_______]
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-14
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
[ ] PRE-EFFECTIVE AMENDMENT NO. [ ] POST-EFFECTIVE AMENDMENT NO.
(Check appropriate Box or Boxes)
JANUS INVESTMENT FUND
(Exact Name of Registrant as Specified in Charter)
151 DETROIT STREET, DENVER, COLORADO 80206-4805
(Address of Principal Executive Offices)
303-333-3863
(Registrant's Telephone No., including Area Code)
STEPHANIE GRAUERHOLZ-LOFTON, ESQ.
151 DETROIT STREET
DENVER, COLORADO 80206-4805
(Name and Address of Agent for Service)
WITH COPIES TO:
GEOFFREY R.T. KENYON, ESQ. BRUCE A. ROSENBLUM, ESQ.
DECHERT LLP K&L GATES LLP
200 CLARENDON STREET, 27th FLOOR 1615 L. STREET N.W.
BOSTON, MASSACHUSETTS 02116 WASHINGTON, D.C. 20036
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after
this Registration Statement becomes effective under the Securities Act of 1933.
The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until this Registration Statement shall become
effective on such date as the Commission, acting pursuant to Section 8(a), may
determine.
No filing fee is required because an indefinite number of shares of
beneficial interest with $0.01 par value, of the Registrant have previously been
registered pursuant to Section 24(f) of the Investment Company Act of 1940, as
amended.
================================================================================
FOR SHAREHOLDERS OF (JANUS LOGO)
JANUS ADVISER PERKINS MID CAP VALUE FUND
[___________], 2009
Dear Shareholder:
The Board of Trustees for Janus Adviser Perkins Mid Cap Value Fund ("JAD
Perkins Mid Cap Value Fund"), a series of Janus Adviser Series ("JAD Trust"),
recently authorized Janus Capital Management LLC ("Janus Capital") to reorganize
JAD Perkins Mid Cap Value Fund with and into Perkins Mid Cap Value Fund ("JIF
Perkins Mid Cap Value Fund," and together with JAD Perkins Mid Cap Value Fund,
the "Funds"), a series of Janus Investment Fund (the "JIF Trust") (the
"Reorganization"). It is expected that the Reorganization will be completed on
or about July 6, 2009 (the "Closing Date") at which time you will receive shares
of JIF Perkins Mid Cap Value Fund equivalent in dollar value to your shares in
JAD Perkins Mid Cap Value Fund as of the Closing Date.
You are not being asked to vote on, or take any other action in connection
with the Reorganization. As of the Closing Date, your assets will automatically
be invested in JIF Perkins Mid Cap Value Fund, which has the same investment
objective, strategies, policies and risks as JAD Perkins Mid Cap Value Fund, and
both Funds are managed by the same portfolio manager. Also, while the annual
operating expenses of JIF Perkins Mid Cap Value Fund are very competitive with
its peers, and the two funds have similar expenses, it is possible that
immediately after the Reorganization, as an JIF Perkins Mid Cap Value Fund
shareholder you will pay higher expenses, after waivers, because that Fund
applies a different expense limit than JAD Perkins Mid Cap Value Fund.
As explained in greater detail below and in the attached materials, the
Reorganization is part of a larger effort by Janus Capital to reorganize and
simplify its mutual fund platform. Janus Capital believes that these efforts
will provide both meaningful short- and long-term benefits to Janus fund
shareholders, and will enable Janus Capital to manage and operate its mutual
fund platform more effectively and more efficiently. The following provides a
summary of the broad effort Janus Capital is undertaking, and the actions Janus
Capital will be executing in the months ahead.
Janus Capital has historically organized its retail mutual funds into two
separate and distinct corporate structures, called "trusts." The original mutual
fund trust, the JIF Trust, was designed to offer shares using only one no-load
pricing model to primarily meet the needs of the self-directed investor. In
2000, your trust, the JAD Trust, was introduced to offer multi-class pricing to
facilitate the sale of shares of Janus mutual funds through Janus Capital's
network of third-party intermediaries. The two trusts have very similar product
offerings that are managed by the same portfolio managers or investment teams
and backed by the same research teams. In response to changing market conditions
and investor movement towards advice-driven channels, Janus Capital believes
that it is in the best interests of all fund shareholders to reorganize your
trust and create one consolidated mutual fund platform with multi-share class
pricing that is designed to meet the needs of various types of investors. To
that end, Janus Capital has proposed, and the Board of Trustees of the Janus
Funds has approved, merging each fund of the JAD trust into the similarly
managed fund in the JIF trust, including the merger of JAD Perkins Mid Cap Value
Fund into JIF Perkins Mid Cap Value Fund.
The impact of the Reorganization on you and your Fund is discussed in
detail in the attached materials. As a general matter, Janus Capital's efforts
to reorganize and simplify its mutual fund platform are expected to benefit
Janus fund shareholders in the following ways:
- The mergers provide Janus fund shareholders with the opportunity to
continue to invest in a Janus mutual fund offering the same or
substantially similar investment objective, strategies, policies and
risks, and with the same portfolio management, as their current fund,
but as part of an enhanced fund platform;
- Janus Capital will have the opportunity to operate its platform more
efficiently, providing the potential to reduce fund expenses by
reducing possible inefficiencies arising from having similarly managed
mutual funds in the same fund complex;
- As a result of the mergers, certain Janus funds will have larger asset
bases, which may result in the elimination of duplicative expenses and
lead to lower expense ratios in the future; and
- Janus Capital's evolving distribution model will permit different
types of shareholders to invest in the same Janus fund providing
shareholders more investment options and the opportunity to invest in
funds that have a more stable asset base.
i
In addition, each merger, including the Reorganization, is designed to
qualify as a tax-free reorganization, so fund shareholders should not realize a
tax gain or loss as a direct result of the merger, nor will any fund shareholder
pay any costs related to the merger.
Additional details about the Reorganization are described in the enclosed
Q&A and Prospectus/Information Statement. For information about other available
options, please contact your broker-dealer, plan sponsor, or financial
intermediary or call a Janus representative at 1-800-525-0020.
We value the trust and confidence you have placed with us and look forward
to continuing our relationship with you.
Sincerely,
---------------------------------------
Robin C. Beery
President of
Janus Adviser Series
ii
PROSPECTUS/INFORMATION STATEMENT
[______________, 2009]
TABLE OF CONTENTS
INTRODUCTION.......................................................................... [__]
SYNOPSIS.............................................................................. [__]
Investment Objectives, Strategies, Restrictions and Risks.......................... [__]
Comparison of Fees and Expenses.................................................... [__]
Comparison of Fund Performance..................................................... [__]
Distribution and Purchase Procedures, Exchange Rights, and Redemption Procedures... [__]
Calculation of Net Asset Value..................................................... [__]
Dividends and Distributions........................................................ [__]
Frequent Purchases and Redemptions................................................. [__]
Taxes.............................................................................. [__]
Distribution Arrangements.......................................................... [__]
THE REORGANIZATION.................................................................... [__]
The Plan........................................................................... [__]
Reasons for the Reorganization..................................................... [__]
Federal Income Tax Consequences.................................................... [__]
Capitalization..................................................................... [__]
Other Comparative Information about the Funds...................................... [__]
Investment Adviser.............................................................. [__]
Management Expenses............................................................. [__]
Administrative Services Fee..................................................... [__]
Sub-Adviser..................................................................... [__]
Investment Personnel............................................................ [__]
Charter Documents.................................................................. [__]
ADDITIONAL INFORMATION [__]
Share Ownership.................................................................... [__]
Trustees and Officers.............................................................. [__]
Independent Registered Public Accounting Firm...................................... [__]
Legal Matters...................................................................... [__]
Information Available through the SEC.............................................. [__]
APPENDICES [__]
Appendix A - Form of Agreement and Plan of Reorganization.......................... [__]
Appendix B - Other Investment Techniques and Related Risks of the Funds [__]
Appendix C - Shareholder's Guide................................................... [__]
Appendix D - Legal Matters......................................................... [__]
iii
PROSPECTUS/INFORMATION STATEMENT
[_______________], 2009
Relating to the acquisition of the assets of
JANUS ADVISER PERKINS MID CAP VALUE FUND
(formerly named Janus Adviser Mid Cap Value Fund)
a series of Janus Adviser Series
151 Detroit Street
Denver, Colorado 80206-4805
[1-800-525-0020]
by and in exchange for shares of beneficial interest of
PERKINS MID CAP VALUE FUND
(formerly named Janus Mid Cap Value Fund)
a series of Janus Investment Fund
151 Detroit Street
Denver, Colorado 80206-4805
[1-800-525-3713]
INTRODUCTION
This Prospectus/Information Statement is being furnished to shareholders of
Janus Adviser Perkins Mid Cap Value Fund ("JAD Perkins Mid Cap Value Fund"), a
series of Janus Adviser Series (the "JAD Trust"), in connection with an
Agreement and Plan of Reorganization (the "Plan"). Under the Plan, shareholders
of JAD Perkins Mid Cap Value Fund will receive shares of Perkins Mid Cap Value
Fund ("JIF Perkins Mid Cap Value Fund," and together with JAD Perkins Mid Cap
Value Fund, the "Funds"), a corresponding series of Janus Investment Fund (the
"JIF Trust") (the "Reorganization"). It is expected that the Reorganization will
be completed on or about July 6, 2009 (the "Closing Date"). As described more
fully in this Prospectus/Information Statement, the Reorganization is one of
several reorganizations that will take place among various Janus funds.
Pursuant to the Plan, all or substantially all of the assets of JAD Perkins
Mid Cap Value Fund would be transferred to JIF Perkins Mid Cap Value Fund, a
Fund also managed by Janus Capital Management LLC ("Janus Capital"), in exchange
for shares of beneficial interest of JIF Perkins Mid Cap Value Fund and the
assumption by JIF Perkins Mid Cap Value Fund of all of the liabilities of JAD
Perkins Mid Cap Value Fund, as described more fully below. As a result of the
Reorganization, each shareholder of JAD Perkins Mid Cap Value Fund will receive
a number of full and fractional shares of JIF Perkins Mid Cap Value Fund equal
in value to their holdings in JAD Perkins Mid Cap Value Fund as of the closing
date of the Reorganization. After the Reorganization is completed, JAD Perkins
Mid Cap Value Fund will be liquidated.
JIF Perkins Mid Cap Value Fund is a series of the JIF Trust, an open-end,
registered management investment company organized as a Massachusetts business
trust. JAD Perkins Mid Cap Value Fund is a series of the JAD Trust, an open-end,
registered management investment company organized as a Delaware statutory
trust. JAD Perkins Mid Cap Value Fund and JIF Perkins Mid Cap Value Fund are
each a diversified series within the meaning of the Investment Company Act of
1940, as amended (the "1940 Act"). The investment objective of both JIF Perkins
Mid Cap Value Fund and JAD Perkins Mid Cap Value Fund is to seek capital
appreciation.
Janus Capital will remain the investment adviser of JIF Perkins Mid Cap
Value Fund after the Reorganization. Janus Capital is responsible for the
day-to-day management of JAD Perkins Mid Cap Value Fund's and JIF Perkins Mid
Cap Value Fund's investment portfolios and furnishes continuous advice and
recommendations concerning each Fund's investments. Janus Capital, which as of
[___________, 2009], sponsored [______] mutual funds with approximately
$[_________] billion in mutual fund assets under management, is one of the
larger mutual fund sponsors in the United States. The Reorganization will offer
shareholders continuity in portfolio management while giving them continued
access to Janus Capital's experience and resources in managing mutual funds.
1
This Prospectus/Information Statement, which you should read carefully and
retain for future reference, sets forth concisely the information that you
should know about JIF Perkins Mid Cap Value Fund, JAD Perkins Mid Cap Value Fund
and the Reorganization. This Prospectus/Information Statement is being mailed on
or about [______, 2009].
INCORPORATION BY REFERENCE
For more information about the investment objectives, strategies,
restrictions and risks of JIF Perkins Mid Cap Value Fund and JAD Perkins Mid Cap
Value Fund, see:
i the Prospectus of JAD Perkins Mid Cap Value Fund, Class A and
Class C Shares, dated November 28, 2008, as supplemented (File
No. 333-33978);
ii. the Prospectus of JAD Perkins Mid Cap Value Fund, Class I Shares,
dated November 28, 2008, as supplemented (File No. 333-33978);
iii. the Prospectus of JAD Perkins Mid Cap Value Fund, Class R Shares,
dated November 28, 2008, as supplemented (File No. 333-33978);
iv. the Prospectus of JAD Perkins Mid Cap Value Fund, Class S Shares,
dated November 28, 2008, as supplemented (File No. 333-33978);
v. the Statement of Additional Information of JAD Perkins Mid Cap
Value Fund, dated November 28, 2008, as supplemented (File No.
333-33978);
vi. the Annual Report of JAD Perkins Mid Cap Value Fund for the
fiscal year ended July 31, 2008 (File No. 811-09885);
vii. the unaudited Semiannual Report of JAD Perkins Mid Cap Value Fund
for the fiscal period ended [January 31, 2009] (File No.
811-09885).
viii. the Statement of Additional Information of JIF Perkins Mid Cap
Value Fund, dated [February 27, 2009], as supplemented (File No.
002-34393);
ix. the Annual Report of JIF Perkins Mid Cap Value Fund for the
fiscal year ended October 31, 2008 (File No. 811-01879); and
x. the unaudited Semiannual Report of JIF Perkins Mid Cap Value Fund
for the fiscal period ended April 30, 2008 (File No. 811-01879).
These documents have been filed with the U.S. Securities and Exchange
Commission ("SEC") and are incorporated by reference herein as appropriate. The
Prospectus of the appropriate class of JAD Perkins Mid Cap Value Fund and its
Annual Report and Semiannual Report have previously been delivered to JAD
Perkins Mid Cap Value Fund shareholders.
THE FUNDS PROVIDE ANNUAL AND SEMIANNUAL REPORTS TO THEIR SHAREHOLDERS THAT
HIGHLIGHT RELEVANT INFORMATION, INCLUDING INVESTMENT RESULTS AND A REVIEW OF
PORTFOLIO CHANGES. ADDITIONAL COPIES OF EACH FUND'S MOST RECENT ANNUAL REPORT
AND ANY MORE RECENT SEMIANNUAL REPORT ARE AVAILABLE, WITHOUT CHARGE, BY
CONTACTING YOUR BROKER-DEALER, PLAN SPONSOR, OR FINANCIAL INTERMEDIARY, OR BY
CALLING A JANUS REPRESENTATIVE AT 1-877-335-2687, VIA THE INTERNET AT
WWW.JANUS.COM/INFO, OR BY SENDING A WRITTEN REQUEST TO THE SECRETARY OF THE JAD
TRUST OR THE JIF TRUST AT 151 DETROIT STREET, DENVER, COLORADO 80206-4805.
A Statement of Additional Information dated [_______], 2009 relating to the
Reorganization has been filed with the SEC and is incorporated by reference into
this Prospectus/Information Statement. You can obtain a free copy of that
document by contacting your broker-dealer, plan sponsor, or financial
intermediary or by calling Janus at 1-877-335-2687.
THE SHARES OF THE FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, ANY FINANCIAL INSTITUTION, ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY,
AND INVOLVE RISK, INCLUDING THE POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
2
Each Fund is subject to the informational requirements of the Securities
Exchange Act of 1934, as amended, and the 1940 Act, and files reports, proxy
materials, and other information with the SEC. You may review and copy
information about the Funds at the Public Reference Room of the SEC or get text
only copies, after paying a duplicating fee, by sending an electronic request by
e-mail to publicinfo@sec.gov or by writing to or calling the Public Reference
Room, Washington, D.C. 20549-0102 (1-202-942-8090). Information on the operation
of the Public Reference Room may also be obtained by calling this number. You
may also obtain reports and other information about the Funds from the
Electronic Data Gathering Analysis and Retrieval (EDGAR) Database on the SEC's
website at http://www.sec.gov.
THIS PROSPECTUS/INFORMATION STATEMENT IS FOR INFORMATIONAL PURPOSES ONLY.
YOU DO NOT NEED TO DO ANYTHING IN RESPONSE TO THIS PROSPECTUS/INFORMATION
STATEMENT. WE ARE NOT ASKING YOU FOR A PROXY OR WRITTEN CONSENT, AND YOU ARE
REQUESTED NOT TO SEND US A PROXY OR WRITTEN CONSENT.
SHARES OF THE FUNDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC NOR
HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS/INFORMATION
STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
3
SYNOPSIS
This Prospectus/Information Statement provides a brief overview of the key
features and other matters typically of concern to shareholders affected by a
reorganization between mutual funds. These responses are qualified in their
entirety by the remainder of this Prospectus/Information Statement, which you
should read carefully because it contains additional information and further
details regarding the Reorganization. The description of the Reorganization is
qualified by reference to the full text of the Plan, which is attached as
Appendix A.
Q. WHAT IS HAPPENING IN THE REORGANIZATION?
A. At a meeting held on March 12, 2009, the Board of Trustees of the JAD Trust
approved the Plan which authorizes the reorganization of JAD Perkins Mid
Cap Value Fund with and into JIF Perkins Mid Cap Value Fund, with JIF
Perkins Mid Cap Value Fund being the surviving entity. JAD Perkins Mid Cap
Value Fund is a series of the JAD Trust and JIF Perkins Mid Cap Value Fund
is a series of the JIF Trust. Each Fund is managed by Janus Capital. You
are receiving this Prospectus/Information Statement because you are a
shareholder of JAD Perkins Mid Cap Value Fund and will be impacted by the
Reorganization.
Upon the Closing, JAD Perkins Mid Cap Value Fund investors will receive
shares of JIF Perkins Mid Cap Value Fund equivalent in dollar value to
their shares in JAD Perkins Mid Cap Value Fund at the time of the
Reorganization. Specifically, all or substantially all of the assets of JAD
Perkins Mid Cap Value Fund will be transferred to JIF Perkins Mid Cap Value
Fund solely in exchange for shares of JIF Perkins Mid Cap Value Fund with a
value equal to the value of JAD Perkins Mid Cap Value Fund's assets net of
liabilities, and the assumption by JIF Perkins Mid Cap Value Fund of all
liabilities of JAD Perkins Mid Cap Value Fund. Immediately following the
transfer, the shares of JIF Perkins Mid Cap Value Fund received by JAD
Perkins Mid Cap Value Fund will be distributed pro rata to the JAD Perkins
Mid Cap Value Fund shareholders of record as of the Closing Date (on or
about July 6, 2009). After the Reorganization is completed, JAD Perkins Mid
Cap Value Fund will be liquidated. The Reorganization is conditioned upon
receipt of an opinion of counsel that the Reorganization qualifies as a
tax-free reorganization, and other conditions as outlined in the Plan.
Q. WHY IS THE REORGANIZATION IN THE BEST INTERESTS OF JAD PERKINS MID CAP
VALUE FUND SHAREHOLDERS?
A. The Board of Trustees of the JAD Trust concluded that the Reorganization is
in the best interests of JAD Perkins Mid Cap Value Fund's shareholders
after consideration of the following factors, among others:
- The Reorganization is part of a larger strategic repositioning of
Janus Capital's distribution model for Janus mutual funds that is
designed to offer certain potential benefits to Fund shareholders that
are not currently available, including a more diverse Fund shareholder
base, the potential for a more stable level of Fund assets, and access
to a wider-range of Janus funds with differing investment strategies.
- The current conditions and trends in the securities markets and
related trends in the investment management business, and their
current and potential impact on Janus Capital, the JAD Trust and Fund
shareholders.
- JAD Perkins Mid Cap Value Fund has the same investment objective,
strategies, policies and risks as JIF Perkins Mid Cap Value Fund, and
the two Funds have been managed by the same portfolio managers since
each Fund's inception
- The two Funds have similar historical performance.
- Shareholders of each Fund will have the opportunity to invest in a
significantly larger Fund and potentially benefit from long-term
economies of scale that may result from the Reorganization.
- Fund expenses are not expected to increase materially as a result of
the Reorganization, and Janus Capital anticipates that in the future,
the elimination of some duplicative expenses and the opportunity for
economies of scale may result in lower future fund expenses (other
than management fees).
- The current performance fee structure of each Fund and the structure
post-Reorganization in accordance with which the advisory fees paid by
each Fund to Janus Capital will vary up or down depending on the
Fund's performance as compared to the performance of the Russell
Midcap(R) Value Index, which is the Funds' benchmark.
4
- The expense limitation agreements applicable to each Fund which, after
giving effect to fee waivers after the Reorganization, may result in
current JAD Perkins Mid Cap Value Fund shareholders paying higher fees
in the short-term, but provides greater longer term certainty with
respect to total expense ratios.
- The benefits of the Reorganization to Janus Capital and its
affiliates, including, among other things, that Janus Capital should
derive greater efficiency, in terms of portfolio management and
operations, by managing a single fund rather than two separate funds
with substantially the same investment objective, strategies, policies
and risks.
- The Reorganization would not dilute the interests of either Fund's
current shareholders.
- The impact of the Reorganization on the ability of JIF Perkins Mid Cap
Value Fund to benefit from using a portion of the realized capital
losses generated by JAD Perkins Mid Cap Value Fund and JIF Perkins Mid
Cap Value Fund, as applicable, to offset or defer future gains on the
sales of securities in certain circumstances.
- The Reorganization, for each Fund and its shareholders, is expected to
be tax-free in nature.
- JAD Perkins Mid Cap Value Fund's shareholders will not pay any of the
costs of the Reorganization, and immediately after the Reorganization,
the value of their shares in JIF Perkins Mid Cap Value Fund will be
the same as the value of their JAD Perkins Mid Cap Value Fund holdings
immediately prior to the Reorganization.
Q. WHAT ARE THE SIMILARITIES BETWEEN THE FUNDS?
A. Both Funds have the same investment objective of seeking capital
appreciation. Each Fund has the same investment strategies and risks. Each
Fund attempts to achieve its investment objective by investing primarily in
common stocks selected for their capital appreciation potential. Each Fund
primarily invests in the common stocks of mid-sized companies whose stock
prices the portfolio managers believe to be undervalued. Each Fund invests,
under normal circumstances, at least 80% of its assets in equity securities
of companies whose market capitalization falls, at the time of purchase,
within the 12-month average of the capitalization range of the Russell
Midcap(R) Value Index. This average is updated monthly. The market
capitalizations within the index will vary, but as of June 30, 2008, they
ranged from approximately $755 million to $18.2 billion.
Further information comparing the investment objectives, strategies and
restrictions is included below under "Investment Objectives, Strategies,
Restrictions and Risks."
Q. HOW DO THE FUNDS COMPARE IN SIZE?
A. As of October 31, 2008, JIF Perkins Mid Cap Value Fund's net assets were
approximately $5.5 billion and JAD Perkins Mid Cap Value Fund's net assets
were approximately $1.1 billion. The asset size of each Fund fluctuates on
a daily basis and the asset size of JIF Perkins Mid Cap Value Fund after
the Reorganization may be larger or smaller than the combined assets of the
Funds as of October 31, 2008.
Q. WILL THE REORGANIZATION RESULT IN A HIGHER INVESTMENT ADVISORY FEE RATE?
A. There are no material differences between the Funds' investment advisory
agreements. Each Fund has a performance-based investment advisory fee
structure that applies the same fixed base fee rate to the Fund's average
daily net assets during the previous month ("Base Fee"), plus or minus a
performance fee adjustment ("Performance Adjustment") calculated by
applying a variable rate of up to 0.15% (positive or negative) to the
Fund's average daily net assets during a measurement period. In addition,
each of the following factors that may impact the fee rate are the same for
the Funds: (i) the benchmark index used for measuring the Funds'
performance, (ii) the hurdle rate for determining the steps at which the
advisory fee rate may adjust up or down based on a Fund's performance
compared to its benchmark index, (iii) the implementation date for the
performance fee structure and Performance Adjustment, and (iv) the
performance measurement period. The only difference between the performance
fee structures is the share class used to measure a Fund's performance
compared to the benchmark index. JIF Perkins Mid Cap Value Fund uses
Investor Shares as the measuring share class and JAD Perkins Mid Cap Value
Fund uses Class A Shares (waiving the upfront sales charge) ("Load-Waived
Class A Shares"). Effective in connection with the Reorganization, JIF
Perkins Mid Cap Value Fund will change the share class used for measuring
the Fund's performance and calculating the Fund's performance to
Load-Waived Class A Shares. Given that the Funds are managed in parallel
and have nearly identical performance (gross of fees and expenses),
differences in advisory fee rates between the Funds are attributed to
5
fluctuations in net assets of a Fund rather than differences in the
performance fee structure. In particular, because the Base Fee is
calculated on current net assets, whereas the Performance Adjustment is
calculated based on net assets over the measuring period, fluctuations in
the current assets will have an immediate effect on the Performance
Adjustment. Therefore, it is not possible to accurately predict the
investment advisory fee rate at the time of the Reorganization.
Pro forma fee, expense, and financial information is included in this
Prospectus/Information Statement.
Q. WILL THE REORGANIZATION RESULT IN HIGHER FUND EXPENSES?
A. Based on October 31, 2008 assets (and assuming the Reorganization occurred
on October 31, 2008), the projected total expense ratio of JIF Perkins Mid
Cap Value Fund is slightly higher immediately following the Reorganization
(although not necessarily annualized over the next year) than the expense
ratio for JAD Perkins Mid Cap Value Fund. JIF Perkins Mid Cap Value Fund
also has a higher expense cap (0.86%) than JAD Perkins Mid Cap Value Fund
(0.74%) which, under certain circumstances, may result in higher net fund
operating expenses immediately after the Reorganization, particularly in an
environment where Fund assets are decreasing. While the Reorganization is
not expected to have a material impact on the expenses your Fund incurs,
the expenses you pay may be higher if the JIF Perkins Mid Cap Value Fund's
expense ratio after the Reorganization is higher than JAD Perkins Mid Cap
Value Fund's existing expense limitation. This possibility exists because
as part of its efforts to reorganize its mutual fund platform, Janus
Capital reviewed its approach to contractual limits (or "caps") for fund
expenses. Janus Capital uses these "expense caps" in an effort to maintain
competitive expenses relative to peers by waiving certain expenses,
including all or a portion of its investment advisory fees, as needed, to
limit the expenses a Fund pays to the contractual limit. As a result its
platform-wide review of expense limits, in October 2008 Janus Capital
adopted, and the Fund's Trustees approved, a single, uniform approach
across its funds that have such limits, to be implemented going forward, or
as existing expense limits expired. The new expense limit for JIF Perkins
Mid Cap Value Fund to be implemented as of July 6, 2009 (the expected date
of the Reorganization) is higher than the older expense limit for JAD
Perkins Mid Cap Value Fund.
It is impossible to predict the impact of the higher expense limit for JIF
Perkins Mid Cap Value Fund because the actual expense ratio after the
Reorganization will depend on the level of Fund assets at that time.
However, given that the current expense limit of JAD Perkins Mid Cap Value
Fund expires December 1, 2009, and that such limit would not be continued
at its current rate under the new approach to setting expense limits and
under that approach could have been higher than the expense limit for JIF
Perkins Mid Cap Value Fund, as a shareholder of JIF Perkins Mid Cap Value
Fund, after the Reorganization, you will benefit from having a contractual
expense limit in place at least until November 1, 2010.
Pro forma fee, expense, and financial information is included in this
Prospectus/Information Statement.
Q. WHAT ARE THE FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATION?
A. The Reorganization is expected to qualify as a tax-free transaction for
federal income tax purposes and will not take place unless counsel provides
an opinion to that effect. Shareholders should not recognize any capital
gain or loss as a direct result of the Reorganization. As a result of the
Reorganization, however, JAD Perkins Mid Cap Value Fund and/or JIF Perkins
Mid Cap Value Fund may lose the ability to utilize a portion of realized
capital losses that might have been used to offset or defer gains on sales
of portfolio securities under some circumstances. If you choose to redeem
or exchange your shares before or after the Reorganization, you may realize
a taxable gain or loss; therefore, consider consulting a tax adviser before
doing so. In addition, immediately prior to the date of the Reorganization
you may receive a distribution of ordinary income or capital gains as a
result of the normal operations of JAD Perkins Mid Cap Value Fund.
Q. WILL THE SHAREHOLDER SERVICES PROVIDED BY JANUS CAPITAL CHANGE?
A. No. Janus Capital manages both JAD Perkins Mid Cap Value Fund and JIF
Perkins Mid Cap Value Fund. The custodian, transfer agent and distributor
are the same for the Funds and will not change as a result of the
Reorganization. Following the Reorganization, shareholders of JAD Perkins
Mid Cap Value Fund will have the same purchase and redemption privileges
and expanded exchange privileges given the additional available fund
offerings in the JIF Trust. Please consult your financial intermediary for
information on any services provided by them to the Funds.
6
Q. ARE THERE ANY DIFFERENCES IN SHAREHOLDER RIGHTS AND PRIVILEGES OF A FUND
UNDER THE JAD TRUST VERSUS THE JIF TRUST?
A. Shareholders of the JAD Trust (your current trust) and shareholders of the
JIF Trust (the trust into which JAD Perkins Mid Cap Value Fund is
reorganizing) have similar rights and privileges under their respective
trust documents and state laws. As a result, the Reorganization is not
expected to have any substantial effect on the rights of shareholders.
Several differences in the trusts are worth noting however. Under the JAD
Trust, subject to making certain determinations, the Board of Trustees may
terminate the JAD Trust or any fund of the JAD Trust without seeking
shareholder approval. Under the JIF Trust, shareholder approval is required
to terminate the JIF Trust, but the Board of Trustees may merge, liquidate
or reorganize a fund of the JIF Trust without seeking shareholder approval,
if it is in accordance with legal requirements such as the 1940 Act
requirements. The JAD Trust, however, is subject to more restrictive
requirements with respect to mergers, liquidations and reorganizations than
it is permitted under the 1940 Act. In addition, under the JAD Trust,
shareholders of each Fund are entitled to one vote for each full share held
and fractional votes for fractional shares held. Under the JIF Trust, each
holder of a whole or fractional share held in a Fund is entitled to one
vote for each whole dollar and a proportionate fractional vote for each
fractional dollar of net asset value standing in the shareholders' name.
Q. WILL THERE BE ANY SALES LOAD, COMMISSION OR OTHER TRANSACTIONAL FEE IN
CONNECTION WITH THE REORGANIZATION?
A. No. There will be no sales load, commission or other transactional fee in
connection with the Reorganization. The full value of shares of JAD Perkins
Mid Cap Value Fund will be exchanged for shares of JIF Perkins Mid Cap
Value Fund having equal value, without any sales load, commission or other
transactional fee being imposed.
Q. CAN I STILL ADD TO MY EXISTING JAD PERKINS MID CAP VALUE FUND ACCOUNT UNTIL
THE REORGANIZATION?
A. Yes. JAD Perkins Mid Cap Value Fund shareholders may continue to make
additional investments until the date of the Reorganization (anticipated to
be on or about July 6, 2009). However, the Board of Trustees of the JAD
Trust may determine to temporarily limit future investments in JAD Perkins
Mid Cap Value Fund prior to the date of the Reorganization to ensure a
smooth transition of shareholder accounts into JIF Perkins Mid Cap Value
Fund.
Q. WILL EITHER FUND PAY FOR THE COSTS ASSOCIATED WITH THE REORGANIZATION?
A. No. Janus Capital will bear those costs.
Q. WHEN WILL THE REORGANIZATION TAKE PLACE?
A. The Reorganization will occur on or about July 6, 2009. Shortly after
completion of the Reorganization, affected shareholders will receive a
confirmation statement reflecting their new Fund account number and number
of shares owned.
Q. WHAT IF I WANT TO EXCHANGE MY SHARES INTO ANOTHER JANUS FUND PRIOR TO THE
REORGANIZATION?
A. You may exchange your shares into another Janus fund before the Closing
Date (on or about July 6, 2009) in accordance with your pre-existing
exchange privileges by contacting your broker-dealer, plan sponsor, or
financial intermediary or by calling a Janus representative at
[1-800-525-0020]. If you choose to exchange your shares of JAD Perkins Mid
Cap Value Fund for another Janus fund, your request will be treated as a
normal exchange of shares and will be a taxable transaction unless your
shares are held in a tax-deferred account, such as an individual retirement
account ("IRA"). Exchanges may be subject to minimum investment
requirements and redemption fees.
Please note that other Janus funds in the JAD Trust are also subject to
reorganization with and into the JIF Trust. So, if you exchange your shares
with and into another Janus fund in the JAD Trust, shareholders of that
fund may also be participating in a reorganization of that fund with and
into a similarly-managed fund in the JIF Trust.
7
INVESTMENT OBJECTIVES, STRATEGIES, RESTRICTIONS AND RISKS
Both Funds are designed for long-term investors who primarily seek capital
appreciation and who can tolerate the greater risks associated with common stock
investments. The Funds have the same investment objective, principal investment
strategies and risks, which are discussed in detail below. Funds are managed by
the same subadviser, Perkins Investment Management LLC ("Perkins") (formerly
named Perkins, Wolf, McDonnell and Company, LLC). The Funds also have the same
fundamental and non-fundamental investment polices and restrictions, a
description of each of these investment policies and restrictions is included in
each Fund's Statement of Additional Information.
INVESTMENT OBJECTIVE
Each Fund's investment objective is to seek capital appreciation. Each
Fund's Board of Trustees may change this objective or the Fund's principal
investment strategies without a shareholder vote. Each Fund has a policy of
investing at least 80% of its net assets, measured at the time of purchase, in
the type of securities suggested by its name, as described below. Each Fund will
notify its shareholders in writing at least 60 days before making any changes to
this policy. If there is a material change to your Fund's objective or principal
investment strategies, you should consider whether the Fund remains an
appropriate investment for you. There is no guarantee that a Fund will achieve
its investment objective.
PRINCIPAL INVESTMENT STRATEGIES
Each Fund pursues its investment objective by investing primarily in common
stocks selected for their capital appreciation potential. Each Fund primarily
invests in the common stocks of mid-sized companies whose stock prices the
portfolio managers believe to be undervalued. Each Fund invests, under normal
circumstances, at least 80% of its assets in equity securities of companies
whose market capitalization falls, at the time of purchase, within the 12-month
average of the capitalization range of the Russell Midcap(R) Value Index. This
average is updated monthly. The market capitalizations within the index will
vary, but as of December 31, 2008, they ranged from approximately $24 million to
$13.8 billion.
Each Fund focuses on companies that have fallen out of favor with the
market or that appear to be temporarily misunderstood by the investment
community. To a lesser degree, each Fund also invests in companies that
demonstrate special situations or turnarounds, meaning companies that have
experienced significant business problems but are believed to have favorable
prospects for recovery. Each Fund's portfolio managers generally look for
companies with:
- a low price relative to their assets, earnings, cash flow, or business
franchise
- products and services that give them a competitive advantage
- quality balance sheets and strong management
Within the parameters of its specific investment policies, each Fund may
invest its assets in derivatives. Each Fund may use derivatives for different
purposes, including hedging (to offset risks associated with an investment,
currency exposure, or market conditions) and to earn income and enhance returns.
For more information on the Funds' investment techniques and related risks,
please see Appendix B.
PRINCIPAL RISK FACTORS OF INVESTING IN THE FUNDS
Each Fund may invest in various types of securities or use certain
investment techniques to achieve its investment objective of capital
appreciation. The following is a summary of the principal risks associated with
such securities and investment techniques. Each Fund has the same investment
objective, policies and strategies, so the principal risks are the same for each
Fund. Additional information about these risks is included in each Fund's
Prospectus. As with any security, an investment in either Fund involves certain
risks, including loss of principal. The fact that a particular risk is not
identified does not indicate that a Fund does not invest its assets in, or is
precluded from investing its assets in, securities that give rise to that risk.
Information about additional investment techniques that the Funds may utilize
and related risks is included in Appendix B.
RISK FACTORS OF THE FUNDS
The biggest risk for each Fund is that the Fund's returns may vary, and you
could lose money. Each Fund is designed for long-term investors interested in an
equity portfolio, including common stocks. Common stocks tend to be more
volatile than many other investment choices.
8
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 from the market as a whole and other types of stocks and can
continue to be undervalued by the market for long periods of time. It is also
possible that a value stock may never appreciate to the extent expected.
Market Risk. The value of a Fund's portfolio may decrease if the value of an
individual company or multiple companies in the portfolio decreases or if the
portfolio managers' belief about a company's intrinsic worth is incorrect.
Regardless of how well individual companies perform, the value of each Fund's
portfolio could also decrease if there are deteriorating economic or market
conditions, including, but not limited to, a general decline in prices on the
stock markets, a general decline in real estate markets, a decline in
commodities prices, or if the market favors different types of securities than
the types of securities in which the Fund invests (for example growth-oriented
securities rather than value-oriented securities). If the value of a Fund's
portfolio decreases, the Fund's net asset value ("NAV") will also decrease,
which means if you sell your shares in the Fund you may lose money.
Mid-Sized Companies Risk. Due to a Fund's investments in securities issued
by mid-sized companies, the Fund's NAV may fluctuate more than that of a fund
investing primarily in large companies. Mid-sized companies' securities may pose
greater market, liquidity, and information risks because of narrow product lines
and/or operating history, competitive threats, limited financial resources,
limited trading markets, and the potential lack in management depth. Securities
issued by mid-sized companies tend to be more volatile than securities issued by
larger or more established companies. These holdings tend to be less liquid than
stocks of larger companies and could have a significant adverse effect on the
Fund's returns, especially as market conditions change.
Derivatives Risk. Derivatives can be highly volatile and involve risks in
addition to the risks of the underlying referenced securities. Gains or losses
from derivatives 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 a 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 have the anticipated effect.
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. Derivatives entail the risk that the
counterparty will default on its payment obligations to the Fund. 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.
An investment in each Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
FREQUENTLY ASKED QUESTIONS ABOUT PRINCIPAL INVESTMENT STRATEGIES
The following questions and answers are designed to help you better
understand each Fund's principal investment strategies.
1. HOW ARE COMMON STOCKS SELECTED?
Each Fund's portfolio managers focus on companies that have fallen out of
favor with the market or appear to be temporarily misunderstood by the
investment community. The portfolio managers of each Fund look for companies
with strong fundamentals and competent management. They generally look for
companies with products and services that give them a competitive advantage.
2. ARE THE SAME CRITERIA USED TO SELECT FOREIGN SECURITIES?
Generally, yes. The portfolio managers seek companies that meet the
selection criteria, regardless of where a company is located. Foreign securities
are generally selected on a stock-by-stock basis without regard to any defined
allocation among countries or geographic regions. However, certain factors such
as expected levels of inflation, government policies influencing business
conditions, the outlook for currency relationships, and prospects for economic
growth among countries, regions, or geographic areas may warrant greater
consideration in selecting foreign securities. There are no limitations on the
countries in which each Fund may invest, and each Fund may at times have
significant foreign exposure, including exposure in emerging markets.
9
3. WHAT DOES "MARKET CAPITALIZATION" MEAN?
Market capitalization is the most commonly used measure of the size and
value of a company. It is computed by multiplying the current market price of a
share of the company's stock by the total number of its shares outstanding. As
noted previously, market capitalization is an important investment criterion for
each Fund.
4. HOW DO THE PORTFOLIO MANAGERS DETERMINE THAT A COMPANY MAY NOT BE
APPROPRIATELY VALUED?
A company may be undervalued when, in the opinion of the portfolio
managers, shares of the company are selling for a price that is below their
intrinsic worth. A company may be undervalued due to market or economic
conditions, temporary earnings declines, unfavorable developments affecting the
company, or other factors. Such factors may provide buying opportunities at
attractive prices compared to historical or market price-earnings ratios,
price/free cash flow, book value, or return on equity. The portfolio managers
believe that buying these securities at a price that is below their intrinsic
worth may generate greater returns for each Fund than those obtained by paying
premium prices for companies currently in favor in the market.
RISKS
Because a Fund may invest substantially all of its assets in common stocks,
the main risk is the risk that the value of the stocks it holds might decrease
in response to the activities of an individual company or in response to general
market and/or economic conditions. If this occurs, a Fund's share price may also
decrease.
A Fund's performance may also be significantly affected, positively or
negatively, by certain types of investments, such as foreign (non-U.S.)
securities, derivative investments, non-investment grade bonds ("junk bonds"),
initial public offerings ("IPOs"), or securities of companies with relatively
small market capitalizations. IPOs and other types of investments may have a
magnified performance impact on a fund with a small asset base. A Fund may not
experience similar performance as its assets grow.
Each Fund is an actively managed investment portfolio and is therefore
subject to the risk that the investment strategies employed for the Fund may
fail to produce the intended results.
Janus Capital manages many funds and numerous other accounts. Management of
multiple accounts may involve conflicts of interest among those accounts, and
may create potential risks, such as the risk that investment activity in one
account may adversely affect another account. For example, short sale activity
in an account could adversely affect the market value of long positions in one
or more other accounts (and vice versa). Additionally, Janus Capital is the
adviser to the Janus "funds of funds," which are funds that invest primarily in
other underlying mutual funds managed by Janus Capital. Because Janus Capital is
the adviser to the Janus "funds of funds" and the funds, it is subject to
certain potential conflicts of interest when allocating the assets of a Janus
"fund of funds" among such funds. To the extent that a Fund is an underlying
fund in a Janus "fund of funds," a potential conflict of interest arises when
allocating the assets of a Janus "fund of funds" to that Fund. Purchases and
redemptions of Fund shares by a Janus "fund of funds" due to reallocations or
rebalancings may result in a Fund having to sell securities or invest cash when
it otherwise would not do so. Such transactions could accelerate the realization
of taxable income if sales of securities resulted in gains and could also
increase a Fund's transaction costs. Large redemptions by a Janus "fund of
funds" may cause a Fund's expense ratio to increase due to a resulting smaller
asset base. A further discussion of potential conflicts of interest and a
discussion of certain procedures intended to mitigate such potential conflicts
is contained in each Fund's Statement of Additional Information.
FREQUENTLY ASKED QUESTIONS ABOUT CERTAIN RISKS
The following questions and answers are designed to help you better
understand some of the risks of investing in each Fund.
1. A FUND MAY INVEST IN SMALLER OR NEWER COMPANIES. DOES THIS CREATE ANY SPECIAL
RISKS?
Many attractive investment opportunities may be in smaller, start-up
companies offering emerging products or services. Smaller or newer companies may
suffer more significant losses as well as realize more substantial growth than
larger or more established issuers because they may lack depth of management, be
unable to generate funds necessary for growth or potential development, or be
developing or marketing new products or services for which markets are not yet
established and may never become established. In addition, such companies may be
insignificant factors in their industries and may become subject to intense
competition from larger or more established companies. Securities of smaller or
newer companies may have more limited trading markets than the markets for
securities of larger or more established issuers, or
10
may not be publicly traded at all, and may be subject to wide price
fluctuations. Investments in such companies tend to be more volatile and
somewhat more speculative.
2. WHAT IS "INDUSTRY RISK"?
Industry risk is the possibility that a group of related securities will
decline in price due to industry-specific developments. Companies in the same or
similar industries may share common characteristics and are more likely to react
similarly to industry-specific market or economic developments. A Fund's
investments, if any, in multiple companies in a particular industry increase the
Fund's exposure to industry risk.
3. HOW COULD A FUND'S INVESTMENTS IN FOREIGN SECURITIES AFFECT ITS PERFORMANCE?
Within the parameters of its specific investment policies, each Fund may
invest in foreign debt and equity securities either indirectly (e.g., depositary
receipts, depositary shares, and passive foreign investment companies) or
directly in foreign markets, including emerging markets. Investments in foreign
securities, including those of foreign governments, may involve greater risks
than investing in domestic securities because the Fund's performance may depend
on factors other than the performance of a particular company. These factors
include:
- Currency Risk. As long as a Fund holds a foreign security, its value
will be affected by the value of the local currency relative to the
U.S. dollar. When a Fund sells a foreign currency denominated
security, its value may be worth less in U.S. dollars even if the
security increases in value in its home country. U.S.
dollar-denominated securities of foreign issuers may also be affected
by currency risk due to the overall impact of exposure to the issuer's
local currency.
- Political and Economic Risk. Foreign investments may be subject to
heightened political and economic risks, particularly in emerging
markets which may have relatively unstable governments, immature
economic structures, national policies restricting investments by
foreigners, different legal systems, and economies based on only a few
industries. In some countries, there is the risk that the government
may take over the assets or operations of a company or that the
government may impose taxes or limits on the removal of a Fund's
assets from that country.
- Regulatory Risk. There may be less government supervision of foreign
markets. As a result, foreign issuers may not be subject to the
uniform accounting, auditing, and financial reporting standards and
practices applicable to domestic issuers, and there may be less
publicly available information about foreign issuers.
- Foreign Market Risk. Foreign securities markets, particularly those of
emerging market countries, may be less liquid and more volatile than
domestic markets. Certain markets may require payment for securities
before delivery, and delays may be encountered in settling securities
transactions. In some foreign markets, there may not be protection
against failure by other parties to complete transactions. Such
factors may hinder a Fund's ability to buy and sell emerging market
securities in a timely manner, affecting the Fund's investment
strategies and potentially affecting the value of the Fund.
- Transaction Costs. Costs of buying, selling, and holding foreign
securities, including brokerage, tax, and custody costs, may be higher
than those involved in domestic transactions.
4. HOW DOES A FUND TRY TO REDUCE RISK?
A Fund may use short sales, futures, options, swap agreements (including,
but not limited to, equity, interest rate, credit default, and total return
swaps), and other derivative instruments individually or in combination to
"hedge" or protect its portfolio from adverse movements in securities prices and
interest rates. A Fund may also use a variety of currency hedging techniques,
including the use of forward currency contracts, to manage currency risk. There
is no guarantee that derivative investments will benefit a Fund. A Fund's
performance could be worse than if the Fund had not used such instruments.
GENERAL PORTFOLIO POLICIES
Unless otherwise stated, the following general policies apply to each Fund.
Except for each Fund's policies with respect to investments in illiquid
securities, the percentage limitations included in these policies and elsewhere
in this Prospectus/Information Statement and/or each Fund's Statement of
Additional Information normally apply only at the time
11
of purchase of a security. So, for example, if a Fund exceeds a limit as a
result of market fluctuations or the sale of other securities, it will not be
required to dispose of any securities.
CASH POSITION
The Funds may not always stay fully invested. For example, when the
portfolio managers believe that market conditions are unfavorable for profitable
investing, or when they are otherwise unable to locate attractive investment
opportunities, a Fund's cash or similar investments may increase. In other
words, cash or similar investments generally are a residual - they represent the
assets that remain after a Fund has committed available assets to desirable
investment opportunities. When a Fund's investments in cash or similar
investments increase, it may not participate in market advances or declines to
the same extent that it would if the Fund remained more fully invested. To the
extent the Fund invests its uninvested cash through a sweep program, it is
subject to the risks of the account or fund into which it is investing,
including liquidity issues that may delay the Fund from accessing its cash.
In addition, a Fund may temporarily increase its cash position under
certain unusual circumstances, such as to protect its assets or maintain
liquidity in certain circumstances, for example, to meet unusually large
redemptions. A Fund's cash position may also increase temporarily due to
unusually large cash inflows. Under unusual circumstances such as these, a Fund
may invest up to 100% of its assets in cash or similar investments. In this
case, the Fund may take positions that are inconsistent with its investment
objective. As a result, the Fund may not achieve its investment objective.
PORTFOLIO TURNOVER
In general, each Fund intends to purchase securities for long-term
investment, although, to a limited extent, each Fund may purchase securities in
anticipation of relatively short-term price gains. Short-term transactions may
also result from liquidity needs, securities having reached a price or yield
objective, changes in interest rates or the credit standing of an issuer, or by
reason of economic or other developments not foreseen at the time of the
investment decision. A Fund may also sell one security and simultaneously
purchase the same or a comparable security to take advantage of short-term
differentials in bond yields or securities prices. Portfolio turnover is
affected by market conditions, changes in the size of a Fund, the nature of a
Fund's investments, and the investment style of the portfolio managers. Changes
are normally made in a Fund's portfolio whenever the portfolio managers believe
such changes are desirable. Portfolio turnover rates are generally not a factor
in making buy and sell decisions.
Increased portfolio turnover may result in higher costs for brokerage
commissions, dealer mark-ups, and other transaction costs, and may also result
in taxable capital gains. Higher costs associated with increased portfolio
turnover may offset gains in a Fund's performance.
COUNTERPARTIES
Fund transactions involving a counterparty are subject to the risk that the
counterparty or third party will not fulfill its obligation to a Fund
("counterparty risk"). Counterparty risk may arise because of the counterparty's
financial condition (i.e., financial difficulties, bankruptcy, or insolvency),
market activities and developments, or other reasons, whether foreseen or not. A
counterparty's inability to fulfill its obligation may result in significant
financial loss to a Fund. A Fund may not recover its investment or may obtain a
limited recovery, and/or recovery may be delayed.
Each Fund may be exposed to counterparty risk through participation in
various programs including, but not limited to, lending its securities to third
parties, cash sweep arrangements whereby the Fund's cash balance is invested in
one or more money market funds, as well as investments in, but not limited to,
repurchase agreements, debt securities, and derivatives, including various types
of swaps, futures, and options. Each Fund intends to enter into financial
transactions with counterparties that Janus Capital believes to be creditworthy
at the time of the transaction. There is always the risk that Janus Capital's
analysis of creditworthiness is incorrect or may change due to market
conditions. To the extent that a Fund focuses its transactions with a limited
number of counterparties, it will be more susceptible to the risks associated
with one or more counterparties.
OTHER TYPES OF INVESTMENTS
Unless otherwise stated within its specific investment policies, each Fund
may also invest in other types of domestic and foreign securities and use other
investment strategies, as described in Appendix B. These securities and
strategies are not principal investment strategies of a Fund. If successful,
they may benefit the Fund by earning a return on the Fund's
12
assets or reducing risk; however, they may not achieve the Fund's investment
objective. These securities and strategies may include:
- debt securities
- exchange-traded funds
- indexed/structured securities
- high-yield/high-risk bonds (20% or less of a Fund's net assets)
- various derivative transactions (which could comprise a significant
percentage of a Fund's portfolio) including, but not limited to,
options, futures, forwards, swap agreements (such as equity, interest
rate, credit default, and total return swaps), participatory notes,
structured notes, and other types of derivatives individually or in
combination for hedging purposes or for nonhedging purposes such as
seeking to enhance return, to protect unrealized gains, or to avoid
realizing losses; such techniques may also be used to gain exposure to
the market pending investment of cash balances or to meet liquidity
needs
- short sales (no more than 10% of a Fund's net assets may be invested
in short sales other than against the box)
- securities purchased on a when-issued, delayed delivery, or forward
commitment basis
- entering into transactions to manage a Fund's realization of capital
gains and to offset such realization of capital gains with capital
losses where the portfolio managers believe it is appropriate; such
techniques may result in increased transaction costs paid by a Fund
and may be limited under the Internal Revenue Code and related
regulations
SHORT SALES
To a limited extent, each Fund may engage in short sales. A short sale is
subject to the risk that if the price of the security sold short increases in
value, a Fund will incur a loss because it will have to replace the security
sold short by purchasing it at a higher price. In addition, a Fund may not
always be able to close out a short position at a particular time or at an
acceptable price. A Fund's losses are potentially unlimited in a short sale
transaction. A lender may request, or market conditions may dictate, that the
securities sold short be returned to the lender on short notice, and a Fund may
have to buy the securities sold short at an unfavorable price. If this occurs at
a time that other short sellers of the same security also want to close out
their positions, it is more likely that a Fund will have to cover its short sale
at an unfavorable price and potentially reduce or eliminate any gain, or cause a
loss, as a result of the short sale.
Due to certain foreign countries' restrictions, a Fund will not be able to
engage in short sales in certain foreign countries where it may maintain long
positions. As a result, a Fund's ability to fully implement a short selling
strategy that could otherwise help a Fund pursue its investment goals may be
limited.
Although Janus Capital believes that its rigorous "bottom up" approach will
be effective in selecting short positions, there is no assurance that Janus
Capital will be successful in applying this approach when engaging in short
sales.
SWAP AGREEMENTS
Each Fund may utilize swap agreements as a means to gain exposure to
certain common stocks and/or to "hedge" or protect their portfolios from adverse
movements in securities prices and interest rates. Swap agreements are two-party
contracts to exchange one set of cash flows for another. Swap agreements entail
the risk that a party will default on its payment obligations to a Fund. If the
other party to a swap defaults, a Fund would risk the loss of the net amount of
the payments that it contractually is entitled to receive. If a Fund utilizes a
swap at the wrong time or judges market conditions incorrectly, the swap may
result in a loss to the Fund and reduce the Fund's total return. Various types
of swaps such as credit default, equity, interest rate, and total return swaps
are described in Appendix B.
SECURITIES LENDING
A Fund may seek to earn additional income through lending its securities to
certain qualified broker-dealers and institutions. Each Fund may lend portfolio
securities on a short-term or long-term basis, up to one-third of its total
assets as determined at the time of the loan. When a Fund lends its securities,
it receives collateral (including cash collateral), at least equal to the value
of securities loaned. There is the risk that when portfolio securities are lent,
the securities may not be returned on a timely basis, and the Fund may
experience delays and costs in recovering the security or gaining access to the
collateral. If the Fund is unable to recover a security on loan, the Fund may
use the collateral to purchase replacement
13
securities in the market. There is a risk that the value of the collateral could
decrease below the cost of the replacement security by the time the replacement
investment is made, resulting in a loss to the Fund.
ILLIQUID INVESTMENTS
Each Fund may invest up to 15% of its net assets in illiquid investments.
An illiquid investment is a security or other position that cannot be disposed
of quickly in the normal course of business. For example, some securities are
not registered under U.S. securities laws and cannot be sold to the U.S. public
because of SEC regulations (these are known as "restricted securities"). Under
procedures adopted by each Fund's Board of Trustees, certain restricted
securities may be deemed liquid and will not be counted toward this 15% limit.
SPECIAL SITUATIONS
Each Fund may invest in companies that demonstrate special situations or
turnarounds, meaning companies that have experienced significant business
problems but are believed to have favorable prospects for recovery. For example,
a special situation or turnaround may arise when, in the opinion of a Fund's
portfolio managers, the securities of a particular issuer will be recognized by
the market and appreciate in value due to a specific development with respect to
that issuer. Special situations may include significant changes in a company's
allocation of its existing capital, a restructuring of assets, or a redirection
of free cash flow. For example, issuers undergoing significant capital changes
may include companies involved in spin-offs, sales of divisions, mergers or
acquisitions, companies emerging from bankruptcy, or companies initiating large
changes in their debt to equity ratio. Companies that are redirecting cash flows
may be reducing debt, repurchasing shares, or paying dividends. Special
situations may also result from: (i) significant changes in industry structure
through regulatory developments or shifts in competition; (ii) a new or improved
product, service, operation, or technological advance; (iii) changes in senior
management or other extraordinary corporate event; (iv) differences in market
supply of and demand for the security; or (v) significant changes in cost
structure. A Fund's performance could suffer from its investments in "special
situations."
COMPARISON OF FEES AND EXPENSES
Currently, the Funds have substantially similar investment advisory
agreements and performance fee structure. Each Fund pays an investment advisory
fee rate that may adjust up or down from 0.64% based on the Fund's performance
relative to its benchmark index, the Russell Midcap(R) Value Index.
CURRENT AND PRO FORMA FEES AND EXPENSES
The following tables compare the fees and expenses you may bear directly or
indirectly as an investor in JAD Perkins Mid Cap Value Fund versus JIF Perkins
Mid Cap Value Fund, and show the projected ("pro forma") estimated fees and
expenses of JIF Perkins Mid Cap Value Fund, assuming consummation of the
Reorganization as of October 31, 2008. Fees and expenses shown for JAD Perkins
Mid Cap Value Fund were determined based on the Fund's net assets as of its
fiscal year ended July 31, 2008. Fees and expenses shown for JIF Perkins Mid Cap
Value Fund were determined based on the Fund's net assets as of its fiscal year
ended October 31, 2008. The pro forma fees and expenses are estimated in good
faith and are hypothetical. THE FUNDS WILL NOT BEAR ANY COSTS IN CONNECTION WITH
THE REORGANIZATION.
SHAREHOLDER FEES
Shareholder fees are those paid directly from your investment, such as
sales loads and redemption fees. Class A, C, I, R and S shares of JIF Perkins
Mid Cap Value Fund will have substantially the same class characteristics as the
Class A, C, I, R and S Shares of JAD Perkins Mid Cap Value Fund, respectively.
JIF Perkins Mid Cap Value Fund currently does not offer Class A, C, I, R and S
shares. Upon the consummation of the Reorganization, shares of these classes of
JIF Perkins Mid Cap Value Fund will be established to correspond with the shares
of JAD Perkins Mid Cap Value Fund.
SHAREHOLDER FEES(1)(2) (PAID DIRECTLY FROM YOUR INVESTMENT)
CLASS A CLASS C CLASS I CLASS R CLASS S
------- ------- ------- ------- -------
JAD PERKINS MID CAP VALUE FUND /
JIF PERKINS MID CAP VALUE FUND (PRO FORMA)
Maximum Sales Charge (load) Imposed on Purchases
(as a % of offering price) 5.75%(3) N/A N/A N/A N/A
Maximum Deferred Sales Charge (load) (as a % of
the lower of original purchase price or
redemption proceeds) None(4) 1.00%(5) N/A N/A N/A
14
----------
(1) JIF Perkins Mid Cap Value Fund currently does not offer Class A, Class C,
Class I, Class R and Class S shares. Upon the consummation of the
Reorganization, shares of these classes of JIF Perkins Mid Cap Value Fund
will be established prior to the Closing Date and will have the same
shareholder fee structure as Class A, Class C, Class I, Class R and Class S
shares of JAD Perkins Mid Cap Value Fund.
(2) Your financial intermediary may charge you a separate or additional fee for
processing purchases and redemptions of Shares.
(3) Sales charge may be waived for certain investors, as described in the
Shareholder's Guide (attached hereto as Appendix C).
(4) A contingent deferred sales charge of up to 1.00% may be imposed on certain
redemptions of Class A Shares bought without an initial sales charge and
then redeemed within 12 months of purchase. The contingent deferred sales
charge is not reflected in the example.
(5) A contingent deferred sales charge of 1.00% applies on Class C Shares
redeemed within 12 months of purchase. The contingent deferred sales charge
may be waived for certain investors, as described in the Shareholder's
Guide (attached hereto as Appendix C).
ANNUAL FUND OPERATING EXPENSES
Annual fund operating expenses are paid out of a Fund's assets and include
fees for portfolio management, maintenance of shareholder accounts, shareholder
servicing, accounting, and other services. You do not pay these fees directly,
but as the examples below show, these costs are borne indirectly by all
shareholders.
The Annual Fund Operating Expenses shown below represent annualized
expenses for the fiscal year ended July 31, 2008 for JAD Perkins Mid Cap Value
Fund and those projected for JIF Perkins Mid Cap Value Fund on a pro forma basis
for the fiscal year ended October 31, 2008 assuming consummation of the
Reorganization. The pro forma expenses include estimated costs of the larger JIF
Perkins Mid Cap Value Fund, which may result in higher costs that over the
long-term are anticipated to decline. The Annual Fund Operating Expenses do not
show current expenses for JIF Perkins Mid Cap Value Fund since, as noted above,
the Fund does not currently offer any Class A, C, I, R and S Shares. The pro
forma information in the "Annual Fund Operating Expenses" table below assumes
that JIF Perkins Mid Cap Value Fund post-Reorganization pays an investment
advisory fee rate that may adjust up or down based on the Fund's performance
relative to the performance of its benchmark index during a measuring period.
This fee rate, prior to any performance adjustment, is 0.64%. For more
information about the performance adjustment, please refer to the section "The
Reorganization - Other Comparative Information about the Funds - Management
Expenses." Neither the current nor pro forma Annual Fund Operating Expenses
include the effect of recent market volatility which may increase those expenses
to the extent there has been a decline in either Fund's asset levels.
EXPENSE LIMITATIONS
Total annual fund operating expenses shown in the table below do not
include any expense limitations agreed to by Janus Capital. Currently, through
December 1, 2009, pursuant to a contract between Janus Capital and JAD Perkins
Mid Cap Value Fund, Janus Capital reduces its investment advisory fee rate paid
by JAD Perkins Mid Cap Value Fund by the amount by which the total operating
expenses allocated to any class of the Fund exceed 0.74% of average daily net
assets for the fiscal year. For purposes of this waiver, operating expenses do
not include fees payable pursuant to Rule 12b-1 under the 1940 Act,
administrative services fees (applicable to Class R Shares and Class S Shares),
or items not normally considered operating expenses, such as interest,
dividends, taxes, brokerage commissions and extraordinary expenses (including,
but not limited to, legal claims and liabilities and litigation costs, acquired
fund fees and expenses and any indemnification related thereto). Janus Capital
currently does not have a similar expense limitation agreement for JIF Perkins
Mid Cap Value Fund but, assuming consummation of the Reorganization, Janus
Capital has contractually agreed to reduce its investment advisory fee paid by
JIF Perkins Mid Cap Value Fund by the amount, if any, by which the total
operating expenses allocated to any class exceed 0.86% of average daily net
assets for the fiscal year until at least November 1, 2010. Notwithstanding the
change in the expense limitation rate, the expense limitation agreement for JIF
Perkins Mid Cap Value Fund, post-Reorganization, is similar to the expense
limitation agreement currently in effect for JAD Perkins Mid Cap Value Fund with
the exception that performance adjustments to the investment advisory fee are
now excluded from the expense limit. (Please note that JIF Perkins Mid Cap Value
Fund has a higher expense limitation than JAD Perkins Mid Cap Value Fund which
may result in higher net fund annual fund operating expenses.)
Based on expenses and asset levels of JIF Perkins Mid Cap Value Fund as of
October 31, 2008, assuming consummation of the Reorganization, the estimated pro
forma expense ratio of JIF Perkins Mid Cap Value Fund shows that no fees are
being waived. Changes to expenses and asset levels of both JAD Perkins Mid Cap
Value Fund and JIF Perkins Mid Cap Value Fund at the time of the Reorganization
could trigger application of JIF Perkins Mid Cap Value Fund's anticipated
expense limit of 0.86% (with certain expenses excluded from the waiver as noted
above as well as any performance adjustments to management fees), resulting in a
possible reduction of the investment advisory fee payable to
15
Janus Capital by JIF Perkins Mid Cap Value Fund. The current and pro forma
Management Fee do not include the impact of fluctuations in a Fund's more recent
net assets that may result in an increase or decrease in the fee rates for each
Fund shown in the table.
ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)(1)
DISTRIBUTION / ACQUIRED TOTAL ANNUAL
MANAGEMENT SERVICE (12B-1) OTHER FUND(5) FEES FUND OPERATING
FEE(2) FEES(3) EXPENSES(4) AND EXPENSES EXPENSES(6)
---------- --------------- ----------- ------------ --------------
JAD PERKINS MID CAP VALUE FUND(7)/
JIF PERKINS MID CAP VALUE FUND (PRO FORMA ASSUMING CONSUMMATION OF THE REORGANIZATION ONLY)
Class A Shares
CURRENT 0.71% 0.25% 0.18% 0.00% 1.14%
Pro Forma 0.76% 0.25% 0.16% 0.01% 1.18%
Class C Shares
CURRENT 0.71% 1.00% 0.16% 0.00% 1.87%
Pro Forma 0.76% 1.00% 0.14% 0.01% 1.91%
Class I Shares
CURRENT 0.71% N/A 0.06% 0.00% 0.77%
Pro Forma 0.76% N/A 0.03% 0.01% 0.80%
Class R Shares
CURRENT 0.71% 0.50% 0.32% 0.00% 1.53%
Pro Forma 0.76% 0.50% 0.28% 0.01% 1.55%
Class S Shares
CURRENT 0.71% 0.25% 0.31% 0.00% 1.27%
Pro Forma 0.76% 0.25% 0.28% 0.01% 1.30%
----------
(1) All expenses are shown without the effect of expense offset arrangements.
Pursuant to such arrangements, credits realized as a result of uninvested
cash balances are used to reduce custodian and transfer agent expenses.
(2) The "Management Fee" is the investment advisory fee rate paid by each Fund
to Janus Capital. For each Fund, this fee may go up or down monthly based
on the Fund's performance relative to its respective benchmark index. For
more information about the performance adjustment, please refer to the
section "The Reorganization - Other Comparative Information about the Funds
- Management Expenses."
(3) Includes a shareholder servicing fee of up to 0.25% for Class C Shares.
Because the 12b-1 fee is charged as an ongoing fee, over time the fee will
increase the cost of your investment and may cost you more than paying
other types of sales charges.
(4) For Class A Shares, Class C Shares, and Class I Shares, Other Expenses may
include administrative, networking, or omnibus positioning fees charged by
intermediaries with respect to processing orders in Fund shares. For Class
R Shares and Class S Shares, Other Expenses include an administrative
services fee of 0.25% of the average daily net assets of each class to
compensate Janus Services LLC for providing, or arranging for the provision
of, recordkeeping, subaccounting, and administrative services to retirement
plan participants, pension plan participants, or other underlying investors
investing through institutional channels.
(5) "Acquired Fund" means any underlying fund (including, but not limited to,
exchange-traded funds) in which a Fund invests or has invested during the
period. A Fund's "ratio of gross expenses to average net assets" appearing
in the Financial Highlights tables in the Fund's current prospectus does
not include Acquired Fund Fees and Expenses and may not correlate to the
Total Annual Fund Operating Expenses shown in the table above. Amounts less
than 0.01%, if applicable, are included in Other Expenses.
(6) Total Annual Fund Operating Expenses do not reflect the application of
contractual expense waivers by Janus Capital. Janus Capital has
contractually agreed to waive the total operating expenses of (i) JAD
Perkins Mid Cap Value Fund and (ii) assuming the consummation of the
Reorganization, JIF Perkins Mid Cap Value Fund post-Reorganization
(excluding any performance adjustments applicable to JIF Perkins Mid Cap
Value Fund post-Reorganization, the distribution and shareholder servicing
fees (applicable to Class A Shares, Class C Shares, Class R Shares and
Class S Shares), administrative services fees (applicable to Class R Shares
and Class S Shares), brokerage commissions, interest, dividends, taxes, and
extraordinary expenses including, but not limited to, acquired fund fees
and expenses) to the extent such operating expenses exceed 0.74% and 0.86%,
respectively, of average daily net assets on the fiscal year ending date in
which the agreement is in effect. The agreement to contractually waive
expenses for JIF Perkins Mid Cap Value Fund post-Reorganization will be in
effect, unless terminated, revised, or extended until November 1, 2010.
Refer to "Expense Limitations" in this Prospectus/Information Statement for
the Funds' expense limit. With the waiver, Net Annual Fund Operating
Expenses for each Fund are as follows:
JIF PERKINS MID CAP
JAD PERKINS MID CAP VALUE FUND
VALUE FUND (PRO FORMA)
------------------- -------------------
Class A 0.99% 1.18%
Class C 1.74% 1.91%
Class I 0.74% 0.80%
Class R 1.50% 1.55%
Class S 1.24% 1.30%
16
(7) The Fund pays an investment advisory fee rate that adjusts up or down based
upon the Fund's performance relative to its respective benchmark index
during a measuring period. This fee rate, prior to any performance
adjustment, is 0.64%, and may go up or down by a variable of up to 0.15%
(assuming constant assets) on a monthly basis. Any such adjustment to this
fee rate commenced February 2007 and may increase or decrease the
Management Fee. Refer to "Management Expenses" in the JAD Perkins Mid Cap
Value Fund's Prospectus and in this Prospectus/Information Statement for
additional information with further description in the Statement of
Additional Information. The Fund has entered into an agreement with Janus
Capital to limit certain expenses (refer to the footnote to the Total
Annual Fund Operating Expenses). Because a fee waiver will have a positive
effect upon a Fund's performance, a fee waiver that is in place during the
period when the performance adjustment applies may affect the performance
adjustment in a way that is favorable to Janus Capital. It is possible that
the cumulative dollar amount of additional compensation ultimately payable
to Janus Capital may, under some circumstances, exceed the cumulative
dollar amount of management fees waived by Janus Capital.
EXAMPLES:
THE FOLLOWING EXAMPLES ARE BASED ON EXPENSES WITHOUT WAIVERS AS DISCUSSED
ABOVE UNDER "EXPENSE LIMITATIONS." These examples are intended to help you
compare the cost of investing in the Funds, with the cost of investing in other
mutual funds. The examples assume that you invest $10,000 in the Funds for the
time periods indicated and reinvest all dividends and distributions without a
sales charge. The examples also assume that your investment has a 5% return each
year and that the Funds' operating expenses without waivers remain the same. The
first example assumes that you redeem all of your Shares at the end of each
period. The second example assumes that you keep your Shares. Although your
actual costs may be higher or lower, based upon these assumptions your costs
would be as follows:
IF YOU REDEEM YOUR SHARES: *
1 YEAR(1)(2)(3) 3 YEARS(1)(4) 5 YEARS(1)(4) 10 YEARS(1)(4)
--------------- ------------- ------------- --------------
JAD PERKINS MID CAP VALUE FUND/
JIF PERKINS MID CAP VALUE FUND (PRO FORMA ASSUMING CONSUMMATION OF
THE REORGANIZATION ONLY)
Class A Shares
CURRENT $685 $916 $1,167 $1,881
Pro Forma $688 $928 $1,187 $1,924
Class C Shares
CURRENT $290 $588 $1,011 $2,190
Pro Forma $294 $600 $1,032 $2,233
Class I Shares
CURRENT $ 79 $246 $ 428 $ 954
Pro Forma $ 82 $255 $ 444 $ 990
Class R Shares
CURRENT $156 $483 $ 834 $1,824
Pro Forma $158 $490 $ 845 $1,845
Class S Shares
CURRENT $129 $403 $ 697 $1,534
Pro Forma $132 $412 $ 713 $1,568
IF YOU DO NOT REDEEM YOUR SHARES: *
1 YEAR (1) 3 YEARS(1) 5 YEARS(1) 10 YEARS(1)
---------- ---------- ---------- -----------
JAD PERKINS MID CAP VALUE FUND/
JIF PERKINS MID CAP VALUE FUND (PRO FORMA ASSUMING CONSUMMATION OF
THE REORGANIZATION ONLY)
Class A Shares
CURRENT $685 $916 $1,167 $1,881
Pro Forma $688 $928 $1,187 $1,924
Class C Shares
CURRENT $190 $588 $1,011 $2,190
Pro Forma $194 $600 $1,032 $2,233
Class I Shares
CURRENT $ 79 $246 $ 428 $ 954
Pro Forma $ 82 $255 $ 444 $ 990
Class R Shares
CURRENT $156 $483 $ 834 $1,824
Pro Forma $158 $490 $ 845 $1,845
Class S Shares
CURRENT $129 $403 $ 697 $1,534
Pro Forma $132 $412 $ 713 $1,568
----------
(1) Assumes the payment of the maximum initial sales charge on Class A Shares
at the time of purchase for the Funds. The sales charge may be waived or
reduced for certain investors, which would reduce the expenses for those
investors.
(2) A contingent deferred sales charge of up to 1.00% may be imposed on certain
redemptions of Class A Shares bought without an initial sales charge and
then redeemed within 12 months of purchase. The contingent deferred sales
charge is not reflected in the example.
(3) A contingent deferred sales charge of 1.00% applies on Class C Shares
redeemed within 12 months of purchase. The contingent deferred sales charge
may be waived for certain investors, as described in the Shareholder's
Guide (attached hereto as Appendix C).
(4) Contingent deferred sales charge is not applicable.
* The pro forma numbers shown for each class of shares of the Fund include a
pro forma management fee calculated as described in the text and related
footnotes that accompany the fee table above.
17
COMPARISON OF FUND PERFORMANCE
The following information provides some indication of the risks of
investing in the Funds by showing how each Fund's actual performance has varied
over time. The bar charts depict the change in performance from year to year
during the periods indicated. The bar chart figures do not include any
applicable sales charges that an investor may pay when they buy or sell shares
of a Fund. If sales charges were included, the returns would be lower. The table
following the charts shows how the performance of each Fund compares to a
broad-based market index (which, unlike the Funds, do not have any fees or
expenses). Each Fund's performance is compared to the Russell Midcap(R) Value
Index. After the Reorganization, it is expected that JIF Perkins Mid Cap Value
Fund will continue to compare its performance to the Russell Midcap(R) Value
Index. The index is not actively managed and is not available for direct
investment. All figures assume reinvestment of dividends and distributions. The
performance of the Funds and the index varies over time. Of course, a Fund's
past performance (before and after taxes) is not necessarily an indication of
future performance.
JAD PERKINS MID CAP VALUE FUND - CLASS S
Annual returns for periods ended 12/31
35.61% 17.94% 10.15% 15.45% 7.09% (27.42)%
2003 2004 2005 2006 2007 2008
Best Quarter: ___________________ Worst Quarter: __________________
The Fund's year-to-date return as of the calendar quarter ended [________].
JIF PERKINS MID CAP VALUE FUND - INVESTOR SHARES
Annual returns for periods ended 12/31
21.56% 27.34% 20.52% (13.09)% 39.33% 18.36% 10.36% 15.25% 7.43% (27.33)%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Best Quarter: ___________________ Worst Quarter: __________________
The Fund's year-to-date return as of the calendar quarter ended [________].
AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 12/31/08
1 Year(1) 5 Years 10 Years Since Inception(2)
--------- ------- -------- ------------------
JAD PERKINS MID CAP VALUE FUND((3)) (12/31/02)
Class S Shares
Return Before Taxes((2)) (27.42)% 3.11% N/A 7.93%
Return After Taxes on Distributions (27.71)% 2.22% N/A 7.03%
Return After Taxes on Distributions and
Sale of Fund Shares((4)) (17.45)% 2.38% N/A 6.58%
Class A Shares
Return Before Taxes((5)) (31.43)% 2.06% N/A 7.01%
Class C Shares
Return Before Taxes((6)) (28.48)% 2.66% N/A 7.45%
Class I Shares
Return Before Taxes((7)) (27.06)% 3.11% N/A 7.93%
Class R Shares
Return Before Taxes((5)) (27.60)% 2.78% N/A 7.56%
Russell Midcap(R) Value Index ((8))
(reflects no deduction for expenses,
fees, or taxes)
(38.44)% 0.33% 4.44% 5.81%
JIF PERKINS MID CAP VALUE FUND((9)) (8/12/03)
Investor Shares
Return Before Taxes((10)) (27.33)% 3.28% 10.26% 11.29%
Return After Taxes on Distributions (28.01)% 1.56% 8.54% 9.60%
Return After Taxes on Distributions and
Sale of Fund Shares((4)) (16.92)% 2.60% 8.46% 9.44%
Institutional Shares
Return Before Taxes((11)) (27.19)% 3.45% 10.40% 11.42%
Russell Midcap(R) Value Index ((8))
(reflects no deduction for expenses, fees,
or taxes) (38.44)% 0.33% 4.44% 4.85%
18
----------
(1) Calculated to include contingent deferred sales charge applicable to Class
C Shares.
(2) Class S Shares (formerly named Class I Shares) of the Fund commenced
operations on December 31, 2002. The performance shown for periods
following the Fund's commencement of Class S Shares reflects the fees and
expenses of Class S Shares, net of any fee and expense limitations or
waivers.
(3) Formerly named Janus Adviser Mid Cap Value Fund.
(4) 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 Fund's other
return figures.
(5) Class A and Class R Shares of the Fund commenced operations on September
30, 2004. The performance shown for Class A and Class R Shares reflect the
performance of each class from September 30, 2004 to December 31, 2008, the
performance of the Fund's Class S Shares from December 31, 2002 to
September 30, 2004. The performance shown for certain periods prior to the
Fund's commencement of Class A and Class R Shares was calculated using the
fees and expenses of Class A and Class R Shares, respectively, without the
effect of any fee and expense limitations or waivers. The performance shown
for periods following the Fund's commencement of Class A and Class R Shares
reflects the fees and expenses of Class A and Class R Shares, respectively,
net of any fee and expense limitations or waivers.
(6) Class C Shares of the Fund commenced operations on December 31, 2002. The
performance shown for periods following the Fund's commencement of Class C
Shares reflects the fees and expenses of Class C Shares, net of any fee and
expense limitations or waivers
(7) Class I Shares of the Fund commenced operations on November 28, 2005. The
performance shown for Class I Shares reflects the performance of the Fund's
Class I Shares from November 28, 2005 to December 31, 2008, the performance
of the Fund's Class S Shares from December 31, 2002 to November 28, 2005.
The performance shown for certain periods prior to the Fund's commencement
of Class I Shares was calculated using the fees and expenses of Class I
Shares, without the effect of any fee and expense limitations or waivers.
The performance shown for periods following the Fund's commencement of
Class I Shares reflects the fees and expenses of Class I Shares, net of any
fee and expense limitations or waivers
(8) The Russell Midcap(R) Value Index measures the performance of those Russell
Midcap(R) companies with lower price-to-book ratios and lower forecasted
growth values. The stocks are also members of the Russell 1000 Value Index.
(9) Formerly named Janus Mid Cap Value Fund.
(10) Pursuant to a tax-free reorganization on April 21, 2003, all of the assets
of Berger Mid Cap Value Fund - Investor Shares were transferred to Perkins
Mid Cap Value Fund - Investor Shares. The performance information provided
for periods prior to April 21, 2003 is for Berger Mid Cap Value Fund -
Investor Shares, the predecessor to Perkins Mid Cap Value Fund - Investor
Shares.
(11) Pursuant to a tax-free reorganization on April 21, 2003, all of the assets
of Berger Mid Cap Value Fund - Institutional Shares were transferred to
Perkins Mid Cap Value Fund - Institutional Shares. Berger Mid Cap Value
Fund - Institutional Shares commenced operations on May 17, 2002. The
performance information shown for the periods from May 17, 2002 to April
17, 2003 is for Berger Mid Cap Value Fund - Institutional Shares. For
periods prior to May 17, 2002, the performance shown reflects the
historical performance of Berger Mid Cap Value - Investor Shares.
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 IRA.
Current performance may be higher or lower than the performance data shown
above. For more recent performance information, visit Janus' website at
www.janus.com/info.
DISTRIBUTION AND PURCHASE PROCEDURES, EXCHANGE RIGHTS, AND REDEMPTION PROCEDURES
Class A, C, I, R and S Shares of JIF Perkins Mid Cap Value Fund will have
substantially similar class characteristics as the Class A, C, I, R and S Shares
of JAD Perkins Mid Cap Value Fund, respectively. JIF Perkins Mid Cap Value Fund
does not currently offer Class A, C, I, R and S Shares. Upon consummation of the
Reorganization, shares of these classes of JIF Perkins Mid Cap Value Fund will
be established prior to the Closing Date to correspond with shares of JAD
Perkins Mid Cap Value Fund. For additional information about purchase
procedures, exchange rights and redemption procedures, please refer to the
Shareholder's Guide, attached as Appendix C.
Janus Capital manages both JAD Perkins Mid Cap Value Fund and JIF Perkins
Mid Cap Value Fund, and Janus Distributors LLC ("Janus Distributors") is the
distributor of each Fund. In addition, the custodian, State Street Bank and
Trust Company, and transfer agent, Janus Services LLC, are the same for both
Funds. After the Reorganization, JIF Perkins Mid Cap Value Fund will have
purchase, exchange, and redemption procedures for Class A, C, I, R, and S Shares
that are the same or similar to those of the corresponding share classes in JAD
Perkins Mid Cap Value Fund. Prior to the Reorganization, the JIF Trust will
adopt a new plan pursuant to Rule 18f-3 under the 1940 Act which will make the
share class characteristics of the JIF Trust substantially similar to the share
class characteristics of the JAD Trust. Therefore, it is expected that
shareholders of JAD Perkins Mid Cap Value Fund will continue to be subject to
the same procedures and receive the same services as shareholders of JIF Perkins
Mid Cap Value Fund, as they currently do as shareholders of JAD Perkins Mid Cap
Value Fund.
19
CALCULATION OF NET ASSET VALUE
The Funds each calculate their respective net asset value per share ("NAV")
once each business day at the close of the regular trading session of the New
York Stock Exchange (normally 4:00 p.m. Eastern time). For additional
information about calculation of NAV, please refer to the Shareholder's Guide,
attached as Appendix C.
DIVIDENDS AND DISTRIBUTIONS
A detailed description of each Fund's policy with respect to dividends and
distributions is available in the "Distributions" section of JAD Perkins Mid Cap
Value Fund's Prospectus, which is incorporated by reference herein, and in
Appendix C.
FREQUENT PURCHASES AND REDEMPTIONS
A detailed description of the Funds' policies with respect to frequent
trading of Fund shares is available in the "Excessive Trading" section of JAD
Perkins Mid Cap Value Fund's Prospectus, which is incorporated by reference
herein, and in Appendix C.
TAXES
A detailed description of the tax consequences of buying, holding,
exchanging and selling the Funds' shares is available in the "Taxes" section of
JAD Perkins Mid Cap Value Fund's Prospectus, which is incorporated by reference
herein, and in Appendix C.
DISTRIBUTION ARRANGEMENTS
A detailed description of the Funds' distribution arrangements is available
in the "Distribution, Servicing, and Administrative Fees" section of JAD Perkins
Mid Cap Value Fund's Prospectus, which is incorporated by reference herein, and
in Appendix C.
THE REORGANIZATION
THE PLAN
The Plan sets forth the terms and conditions under which the Reorganization
will be implemented. Significant provisions of the Plan are summarized below;
however, this summary is qualified in its entirety by reference to the Plan,
which is attached hereto as Appendix A.
The Plan contemplates: (i) JIF Perkins Mid Cap Value Fund's acquisition of
all or substantially all of the assets of JAD Perkins Mid Cap Value Fund in
exchange solely for shares of JIF Perkins Mid Cap Value Fund and the assumption
by JIF Perkins Mid Cap Value Fund of all of JAD Perkins Mid Cap Value Fund's
liabilities, if any, as of the Closing Date; (ii) the distribution on the
Closing Date of those shares to the shareholders of JAD Perkins Mid Cap Value
Fund; and (iii) the complete liquidation of JAD Perkins Mid Cap Value Fund.
The value of JAD Perkins Mid Cap Value Fund's assets to be acquired and the
amount of its liabilities to be assumed by JIF Perkins Mid Cap Value Fund and
the NAV of a share of JAD Perkins Mid Cap Value Fund will be determined as of
the close of regular trading on the New York Stock Exchange ("NYSE") on the
Closing Date, after the declaration by JAD Perkins Mid Cap Value Fund of
distributions, if any, on the Closing Date, and will be determined in accordance
with the valuation methodologies described in JAD Perkins Mid Cap Value Fund's
currently effective Prospectuses and Statement of Additional Information. The
Plan provides that Janus Capital will bear all costs and expenses of the
Reorganization, including the costs and expenses incurred in the preparation and
mailing of this Prospectus/Information Statement. The Closing Date is expected
to be on or about July 6, 2009.
As soon as practicable after the Closing Date, JAD Perkins Mid Cap Value
Fund will distribute pro rata to its shareholders of record the shares of JIF
Perkins Mid Cap Value Fund it receives in the Reorganization, so that each
shareholder of JAD Perkins Mid Cap Value Fund will receive a number of full and
fractional shares of JIF Perkins Mid Cap
20
Value Fund equal in value to his or her holdings in JAD Perkins Mid Cap Value
Fund, and JAD Perkins Mid Cap Value Fund will be liquidated.
Such distribution will be accomplished by opening accounts on the books of
JIF Perkins Mid Cap Value Fund in the names of JAD Perkins Mid Cap Value Fund
shareholders and by transferring thereto the shares of JIF Perkins Mid Cap Value
Fund previously credited to the account of JAD Perkins Mid Cap Value Fund on
those books. Each shareholder account shall be credited with the pro rata number
of JIF Perkins Mid Cap Value Fund's shares due to that shareholder. All issued
and outstanding shares of JAD Perkins Mid Cap Value Fund will simultaneously be
canceled on the books of the JAD Trust. Accordingly, immediately after the
Reorganization, each former shareholder of JAD Perkins Mid Cap Value Fund will
own shares of JIF Perkins Mid Cap Value Fund that will be equal to the value of
that shareholder's shares of JAD Perkins Mid Cap Value Fund as of the Closing
Date. Any special options will automatically transfer to the new fund accounts.
The implementation of the Reorganization is subject to a number of
conditions set forth in the Plan. The Plan also requires receipt of a tax
opinion indicating that, for federal income tax purposes, the Reorganization
qualifies as a tax-free reorganization. The Plan may be terminated and the
Reorganization abandoned at any time prior to the Closing Date by the Boards of
Trustees if they determine that the Reorganization is not in the best interests
of the Funds. Please review the Plan carefully.
REASONS FOR THE REORGANIZATION
The Reorganization is part of some significant enhancements Janus Capital
has recently undertaken to reorganize and simplify its mutual fund offerings.
Janus Capital believes that these enhancements will provide both meaningful
short- and long-term benefits to fund shareholders. Janus Capital has
historically organized its retail mutual funds into two separate and distinct
trusts with different distribution models and pricing structures. Over time, the
funds offered under these two trusts have been substantially similar. Given
Janus Capital's evolving distribution model focused on servicing the
intermediary and advisor marketplace and the overlapping similarity of fund
offerings in the two trusts, Janus Capital believes that it is in the best
interests of all fund shareholders to merge funds of the two trusts that have
the same or substantially similar investment objectives, strategies, policies
and risks. These reorganizations will create one mutual fund platform with
multi-share class pricing intended to meet the needs of all investor types.
Through the reorganizations, shareholders are expected to benefit from the
following:
- The reorganizations provide Janus fund shareholders with the
opportunity to continue to invest in a Janus mutual fund offering the
same or substantially similar investment objectives, strategies,
policies and risks, and with the same portfolio management, as their
current fund, but as part of an enhanced fund platform;
- Janus Capital will have the opportunity to operate its platform more
efficiently, providing the potential to reduce possible inefficiencies
arising from having similarly managed mutual funds in the same fund
complex;
- As a result of the reorganizations, certain Janus funds will have
larger asset bases, which may result in the elimination of duplicative
expenses and lead to lower expense ratios in the future; and
- Janus Capital's evolving distribution model will permit difference
types of shareholders to invest in the same Janus fund providing
shareholders more investment options and the opportunity to invest in
funds that have a more stable asset base.
It is also noteworthy that the Reorganization is designed to qualify as a
tax-free reorganization, so shareholders of JAD Perkins Mid Cap Value Fund
should not realize a tax gain or loss as a direct result of the Reorganization.
Janus Capital met with the Trustees, all of whom are not "interested
persons" (as defined in the 1940 Act) ("Independent Trustees"), counsel to the
Funds and counsel to the Independent Trustees on September 5, 2008, October 2,
2008, February 25, 2009 and March 11-12, 2009 to discuss Janus Capital's
proposal to reorganize the Funds. At each meeting, the Independent Trustees also
discussed this proposal and the Plan with their independent counsel in executive
session. During the course of these meetings, the Trustees requested and
considered such information as they deemed relevant to their deliberations.
At the joint meeting of the Boards of Trustees of the JIF Trust and the JAD
Trust held on March 12, 2009, the Trustees determined that (1) the
Reorganization is in the best interests of the shareholders of JAD Perkins Mid
Cap Value Fund and JIF Perkins Mid Cap Value Fund and (2) the Plan should be
approved by the Trustees. In making these determinations, the Trustees
considered the following factors, among others:
21
(1) The Reorganization is part of a larger strategic repositioning of
Janus Capital's distribution model for Janus mutual funds that is
designed to offer certain potential benefits to Fund shareholders that
are not currently available, including a more diverse Fund shareholder
base, the potential for a more stable level of Fund assets, and access
to a wider-range of Janus funds with differing investment strategies.
(2) The current conditions and trends in the securities markets and
related trends in the investment management business, and their
current and potential impact on Janus Capital, the JAD Trust and Fund
shareholders.
(3) JAD Perkins Mid Cap Value Fund has the same investment objective,
strategies, policies and risks as JIF Perkins Mid Cap Value Fund, and
the two Funds have been managed by the same portfolio managers since
each Fund's inception.
(4) The two Funds have similar historical performance.
(5) Shareholders of each Fund will have the opportunity to invest in a
significantly larger Fund and potentially benefit from long-term
economies of scale that may result from the Reorganization.
(6) Fund expenses are not expected to increase materially as a result of
the Reorganization, and Janus Capital anticipates that in the future,
the elimination of some duplicative expenses and the opportunity for
economies of scale may result in lower future fund expenses (other
than management fees).
(7) Both Funds use the same performance fee structure in accordance with
which the advisory fees paid by each Fund to Janus Capital will vary
up or down depending on the Fund's performance as compared to the
performance of the Russell Midcap(R) Value Index, which is the Funds'
benchmark.
(8) The expense limitation agreements applicable to each Fund which, after
giving effect to fee waivers after the Reorganization, may result in
current JAD Perkins Mid Cap Value Fund shareholders paying higher fees
in the short-term, but provides greater longer term certainty with
respect to total expense ratios.
(9) The benefits of the Reorganization to Janus Capital and its
affiliates, including, among other things, that Janus Capital should
derive greater efficiency, in terms of portfolio management and
operations, by managing a single fund rather than two separate funds
with substantially the same investment objective, strategies, policies
and risks.
(10) The Reorganization would not dilute the interests of either Fund's
current shareholders.
(11) The impact of the Reorganization on the ability of JIF Perkins Mid Cap
Value Fund to benefit from using a portion of the realized capital
losses generated by JAD Perkins Mid Cap Value Fund and JIF Perkins Mid
Cap Value Fund, as applicable, to offset or defer future gains on the
sales of securities in certain circumstances.
(12) The Reorganization, for each Fund and its shareholders, is expected to
be tax-free in nature.
(13) JAD Perkins Mid Cap Value Fund's shareholders will not pay any of the
costs of the Reorganization, and immediately after the Reorganization,
the value of their shares in JIF Perkins Mid Cap Value Fund will be
the same as the value of their JAD Perkins Mid Cap Value Fund holdings
immediately prior to the Reorganization.
Based on these considerations, among others, the Boards of Trustees of the
JAD Trust and JIF Trust concluded that: (1) the Reorganization is in the best
interests of JAD Perkins Mid Cap Value Fund and JIF Perkins Mid Cap Value Fund
and their respective shareholders; and (2) the interests of the existing
shareholders of each Fund will not be diluted as a result of the Reorganization.
Accordingly, the Trustees approved the Plan.
FEDERAL INCOME TAX CONSEQUENCES
As a condition to the Reorganization, the JAD Trust and the JIF Trust will
receive a legal opinion from Dechert LLP, special counsel to Janus Capital,
substantially to the effect that, subject to customary assumptions and
representations, on the basis of the existing provisions of the Internal Revenue
Code of 1986, as amended (the "Code"), the Treasury Regulations promulgated
thereunder and current administrative and judicial interpretations thereof, for
federal income tax purposes:
- the transfer of all or substantially all of the assets of JAD Perkins
Mid Cap Value Fund solely in exchange for shares of JIF Perkins Mid
Cap Value Fund and the assumption by JIF Perkins Mid Cap Value Fund of
all liabilities of JAD Perkins Mid Cap Value Fund, and the
distribution of such shares to the shareholders of JAD
22
Perkins Mid Cap Value Fund, will constitute a "reorganization" within
the meaning of Section 368(a) of the Code;
- no gain or loss will be recognized by JAD Perkins Mid Cap Value Fund
on the transfer of the assets of JAD Perkins Mid Cap Value Fund to JIF
Perkins Mid Cap Value Fund in exchange for JIF Perkins Mid Cap Value
Fund shares and the assumption by JIF Perkins Mid Cap Value Fund of
all liabilities of JAD Perkins Mid Cap Value Fund or upon the
distribution of JIF Perkins Mid Cap Value Fund shares to JAD Perkins
Mid Cap Value Fund shareholders in exchange for their shares of JAD
Perkins Mid Cap Value Fund;
- the tax basis of JAD Perkins Mid Cap Value Fund's assets acquired by
JIF Perkins Mid Cap Value Fund will be the same to JIF Perkins Mid Cap
Value Fund as the tax basis of such assets to JAD Perkins Mid Cap
Value Fund immediately prior to the Reorganization, and the holding
period of the assets of JAD Perkins Mid Cap Value Fund in the hands of
JIF Perkins Mid Cap Value Fund will include the period during which
those assets were held by JAD Perkins Mid Cap Value Fund;
- no gain or loss will be recognized by JIF Perkins Mid Cap Value Fund
upon the receipt of the assets of JAD Perkins Mid Cap Value Fund
solely in exchange for JIF Perkins Mid Cap Value Fund shares and the
assumption by JIF Perkins Mid Cap Value Fund of all liabilities of JAD
Perkins Mid Cap Value Fund;
- no gain or loss will be recognized by shareholders of JAD Perkins Mid
Cap Value Fund upon the receipt of JIF Perkins Mid Cap Value Fund
shares by such shareholders, provided such shareholders receive solely
JIF Perkins Mid Cap Value Fund shares (including fractional shares) in
exchange for their JAD Perkins Mid Cap Value Fund shares; and
- the aggregate tax basis of JIF Perkins Mid Cap Value Fund shares,
including any fractional shares, received by each shareholder of JAD
Perkins Mid Cap Value Fund pursuant to the Reorganization will be the
same as the aggregate tax basis of JAD Perkins Mid Cap Value Fund
shares held by such shareholder immediately prior to the
Reorganization, and the holding period of JIF Perkins Mid Cap Value
Fund shares, including fractional shares, to be received by each
shareholder of JAD Perkins Mid Cap Value Fund will include the period
during which JAD Perkins Mid Cap Value Fund shares exchanged therefor
were held by such shareholder (provided that JAD Perkins Mid Cap Value
Fund shares were held as a capital asset on the date of the
Reorganization).
The receipt of such an opinion is a condition to the consummation of the
Reorganization. The JAD Trust has not obtained an Internal Revenue Service
("IRS") private letter ruling regarding the federal income tax consequences of
the Reorganization, and the IRS is not bound by advice of counsel. If the
transfer of the assets of JAD Perkins Mid Cap Value Fund in exchange for JIF
Perkins Mid Cap Value Fund shares and the assumption by JIF Perkins Mid Cap
Value Fund of all liabilities of JAD Perkins Mid Cap Value Fund does not
constitute a tax-free reorganization, each JAD Perkins Mid Cap Value Fund
shareholder generally will recognize a gain or loss equal to the difference
between the value of JIF Perkins Mid Cap Value Fund shares such shareholder
acquires and the tax basis of such shareholder's JAD Perkins Mid Cap Value Fund
shares.
Prior to the Closing Date, JAD Perkins Mid Cap Value Fund may pay to its
shareholders a cash distribution consisting of any undistributed investment
company taxable income and/or any undistributed realized net capital gains,
including any gains realized from any sales of assets prior to the Closing Date,
which may be attributable to portfolio transitioning. This distribution would be
taxable to shareholders that are subject to tax.
Shareholders of JAD Perkins Mid Cap Value Fund should consult their tax
advisers regarding the effect, if any, of the Reorganization in light of their
individual circumstances. Since the foregoing discussion relates only to the
federal income tax consequences of the Reorganization, shareholders of JAD
Perkins Mid Cap Value Fund should also consult tax advisers as to state and
local tax consequences, if any, of the Reorganization.
As of July 31, 2008, JAD Perkins Mid Cap Value Fund had accumulated capital
loss carryforwards of $394,201. After the Reorganization, these losses may be
available to JIF Perkins Mid Cap Value Fund, which did not have any accumulated
capital loss carryforwards, as of October 31, 2008. The final amount of the
accumulated capital loss carryforwards for JAD Perkins Mid Cap Value Fund and
JIF Perkins Mid Cap Value Fund is subject to change and will not be determined
until the time of the Reorganization. After and as a result of the
Reorganization, these accumulated capital loss carryforwards may in part be
subject to limitations under applicable tax laws. As a result, JIF Perkins Mid
Cap Value Fund may not be able to use some or all of these losses, if any, as
quickly as each Fund may have used these losses in the
23
absence of the Reorganization, and part of these losses may not be useable at
all. The Boards of Trustees of the JAD Trust and JIF Trust took this factor into
account in concluding that the Reorganization would be in the best interests of
the Funds and their shareholders.
CAPITALIZATION
The following table shows, on an unaudited basis, the capitalization as of
October 31, 2008 for JAD Perkins Mid Cap Value Fund and JIF Perkins Mid Cap
Value Fund, as well as pro forma capitalization giving effect to the
Reorganization
JIF Perkins Mid
Cap Value Fund
JAD Perkins Mid JIF Perkins Mid (pro forma after
Cap Value Fund(1) Cap Value Fund(2) Adjustments Reorganization)(2)
----------------- ----------------- ----------- ------------------
CLASS A
Net Assets N/A
Net Asset Value Per Share N/A
Shares Outstanding N/A
CLASS C
Net Assets N/A
Net Asset Value Per Share N/A
Shares Outstanding N/A
CLASS I
Net Assets N/A
Net Asset Value Per Share N/A
Shares Outstanding N/A
CLASS R
Net Assets N/A
Net Asset Value Per Share N/A
Shares Outstanding N/A
CLASS S
Net Assets N/A
Net Asset Value Per Share N/A
Shares Outstanding N/A
INVESTOR SHARES
Net Assets N/A
Net Asset Value Per Share N/A
Shares Outstanding N/A
INSTITUTIONAL SHARES
Net Assets N/A
Net Asset Value Per Share N/A
Shares Outstanding N/A
----------
(1) JAD Perkins Mid Cap Value Fund currently offers Class A, C, I, R and S
Shares.
(2) JIF Perkins Mid Cap Value Fund currently offers Institutional Shares and
Investor Shares. Upon the consummation of the Reorganization, Class A, C,
I, R and S Shares of JIF Perkins Mid Cap Value Fund will be established
with substantially the same class characteristics as the Class A, C, I, R
and S Shares of JAD Perkins Mid Cap Value Fund, respectively.
OTHER COMPARATIVE INFORMATION ABOUT THE FUNDS
INVESTMENT ADVISER
Janus Capital, 151 Detroit Street, Denver, Colorado 80206-4805, is the
investment adviser to each Fund. Janus Capital is responsible for the day-to-day
management of each Fund's investment portfolio and furnishes continuous advice
and recommendations concerning each Fund's investments. Janus Capital also
provides certain administrative and other services and is responsible for other
business affairs of each Fund.
24
Janus Capital (together with its predecessors) has served as investment
adviser to Janus mutual funds since 1970 and currently serves as investment
adviser to all of the Janus funds, acts as subadviser for a number of
private-label mutual funds, and provides separate account advisory services for
institutional accounts.
Janus Capital furnishes certain administrative, compliance, and accounting
services for the Funds, and may be reimbursed by the Funds for its costs in
providing those services. In addition, employees of Janus Capital and/or its
affiliates serve as officers of the JIF Trust and the JAD Trust, and Janus
Capital provides office space for the Funds and pays all or a portion of the
salaries, fees, and expenses of all Fund officers (with some shared expenses
with the Funds of compensation payable to the Funds' Chief Compliance Officer
and compliance staff) and those Trustees who are considered interested persons
of Janus Capital. As of the date of this Prospectus/Information Statement, none
of the members of the Board of Trustees are "affiliated persons" of Janus
Capital as that term is defined by the Investment Company Act of 1940, as
amended.
From its own assets, Janus Capital or its affiliates may pay fees to
selected brokerage firms or other financial intermediaries that sell shares of
the Janus funds for distribution, marketing, promotional, or related services.
Such payments may be based on gross sales, assets under management, or
transactional charges, or on a combination of these factors. The amount of these
payments is determined from time to time by Janus Capital, may be substantial,
and may differ for different financial intermediaries. Payments based primarily
on sales create an incentive to make new sales of shares, while payments based
on assets create an incentive to retain previously sold shares. Sales- and
asset-based payments currently range up to 25 basis points on sales and up to 20
basis points on average annual net assets of shares held through the
intermediary and are subject to change. Payments based on transactional charges
may include the payment or reimbursement of all or a portion of "ticket
charges." Ticket charges are fees charged to salespersons purchasing through a
financial intermediary firm in connection with mutual fund purchases,
redemptions, or exchanges. The payment or reimbursement of ticket charges
creates an incentive for salespersons of an intermediary to sell shares of Janus
funds over shares of funds for which there is lesser or no payment or
reimbursement of any applicable ticket charge. Janus Capital and its affiliates
consider a number of factors in making payments to financial intermediaries,
including the distribution capabilities of the intermediary, the overall quality
of the relationship, expected gross and/or net sales generated by the
relationship, redemption and retention rates of assets held through the
intermediary, the willingness of the intermediary to cooperate with Janus
Capital's marketing efforts, access to sales personnel, and the anticipated
profitability of sales through the institutional relationship. These factors may
change from time to time. Currently, these payments are limited to the top 100
distributors (measured by sales or expected sales of shares of the Janus funds).
For all share classes of the Janus funds, Janus Capital, Janus
Distributors, or their affiliates may pay fees, from their own assets, to
brokerage firms, banks, financial advisors, retirement plan service providers,
and other financial intermediaries for providing other marketing or
distribution-related services, as well as recordkeeping, subaccounting,
transaction processing, and other shareholder or administrative services
(including payments for processing transactions via National Securities Clearing
Corporation ("NSCC") or other means) in connection with investments in the Janus
funds. These fees are in addition to any fees that may be paid by the Janus
funds for these types of services or other services.
In addition, Janus Capital or its affiliates may also share certain
marketing expenses with intermediaries, or pay for or sponsor informational
meetings, seminars, client awareness events, support for marketing materials, or
business building programs for such intermediaries, to raise awareness of the
Janus funds. Such payments may be in addition to, or in lieu of, sales-based,
asset-based, and transaction-based payments. These payments are intended to
promote the sales of Janus funds and to reimburse financial intermediaries,
directly or indirectly, for the costs that they or their salespersons incur in
connection with educational seminars, meetings, and training efforts about the
Janus funds to enable the intermediaries and their salespersons to make suitable
recommendations, provide useful services, and maintain the necessary
infrastructure to make the Janus funds available to their customers.
The receipt of (or prospect of receiving) sales-, asset-, and/or
transaction-based payments or reimbursements and other forms of compensation
described above may provide a financial intermediary and its salespersons with
an incentive to favor sales of Janus funds' shares over sales of other mutual
funds (or non-mutual fund investments) or to favor sales of one class of Janus
funds' shares over sales of another Janus funds' share class with respect to
which the financial intermediary does not receive such payments or receives them
in a lower amount. The receipt of these payments may cause certain financial
intermediaries to elevate the prominence of the Janus funds within such
financial intermediary's organization by, for example, placement on a list of
preferred or recommended funds and/or the provision of preferential or enhanced
opportunities to promote the Janus funds in various ways within such financial
intermediary's organization.
25
The payment arrangements described above will not change the price an
investor pays for shares nor the amount that a Janus fund receives to invest on
behalf of the investor. You should consider whether such arrangements exist when
evaluating any recommendations from an intermediary to purchase or sell shares
of the Funds and when considering which share class of a Fund is most
appropriate for you. Please contact your financial intermediary or plan sponsor
for details on such arrangements.
MANAGEMENT EXPENSES
Each Fund currently pays Janus Capital an investment advisory fee which is
paid monthly. Each Fund's advisory agreement details the investment advisory fee
and other expenses that the Funds must pay. Janus Capital pays Perkins, the
Funds' subadviser, a subadvisory fee from its investment advisory fee for
managing the Funds.
Each Fund incurs expenses not assumed by Janus Capital, including any
distribution and shareholder servicing fees (12b-1 fee), transfer agent and
custodian fees and expenses, legal and auditing fees, printing and mailing costs
of sending reports and other information to existing shareholders, and
Independent Trustees' fees and expenses. The following table reflects each
Fund's contractual investment advisory base fee rate (expressed as an annual
rate), as well as the actual investment advisory fee rate paid by the Fund to
Janus Capital (net of fee waivers, if applicable). Under the current advisory
agreement with Janus Capital and the subadvisory agreement with Perkins, each
Fund paid management fees to Janus Capital and Perkins. The investment advisory
fee rate is aggregated to include all investment advisory and subadvisory fees
paid by a Fund.
Each Fund pays an investment advisory fee rate that may adjust up or down
based on each Fund's performance relative to the cumulative investment record of
its benchmark index, the Russell Midcap(R) Value Index. Any adjustment to the
investment advisory fee rate was effective February 2007 for JAD Perkins Mid Cap
Value Fund and JIF Perkins Mid Cap Value Fund. Until such time, only the base
fee rate shown below applied. The third column in the table below shows the
performance hurdle for outperformance or underperformance during the measurement
period relative to each Fund's benchmark index. The fourth column shows the
performance adjusted investment advisory fee rate, which is equal to the Fund's
base fee rate plus or minus the performance adjustment over its respective
period without any fee waivers. The fifth column shows the actual investment
advisory fee rate, which is equal to the Fund's base fee rate plus or minus the
performance adjustment over its respective period and includes any applicable
fee waiver for JAD Perkins Mid Cap Value Fund. This fifth column shows the
actual amount of the investment advisory fee rate paid by each Fund as of the
end of its respective fiscal year. Details discussing this performance fee are
included below with further description in each Fund's Statement of Additional
Information. As an example, if a Fund outperformed its benchmark index by its
performance hurdle rate (listed in the table below), the advisory fee would
increase by 0.15%. Conversely, if a Fund underperformed its benchmark index by
its performance hurdle rate (listed in the table below), the advisory fee would
decrease by 0.15%. Actual performance within the full range of the performance
hurdle rate may result in positive or negative incremental adjustments to the
advisory fee of greater or less than 0.15%.
PERFORMANCE HURDLE VS. PERFORMANCE ADJUSTED ACTUAL INVESTMENT
BASE FEE BENCHMARK INDEX ADVISORY FEE ADVISORY FEE
-------- ---------------------- -------------------- -----------------
JAD PERKINS MID CAP VALUE FUND 0.64% +/-4% 0.71%(1) 0.62%(1, 2)
JIF PERKINS MID CAP VALUE FUND 0.64% +/-4% 0.78%(3) 0.78%(3)
----------
(1) For the fiscal year ended July 31, 2008.
(2) Janus Capital has agreed to limit the Fund's total operating expenses
(excluding the distribution and shareholder servicing fees (applicable to
Class A, Class C, Class R and Class S Shares), administrative services fee
(applicable to Class R and Class S Shares) and brokerage commissions,
interest, dividends, taxes, and extraordinary expenses including, but not
limited to, acquired fund fees and expenses) to a certain level until at
least December 1, 2009. Application of the expense waiver and its effect on
annual fund operating expenses is reflected, when applicable, in the Annual
Fund Operating Expenses table in the "Fees and Expenses" section of this
Prospectus/Information Statement, and additional information is included
under "Expense Limitations." The waiver and any applicable performance
adjustment are not reflected in the base fee rate shown.
(3) For the fiscal year ended October 31, 2008.
26
Each Fund's investment advisory fee is determined by calculating a base fee
(shown in the previous table) and applying a performance adjustment (described
in further detail below). The performance adjustment either increases or
decreases the base fee depending on how well each Fund has performed relative to
the cumulative performance of the Russell Midcap(R) Value Index. The calculation
of the performance adjustment for each Fund is applied as follows:
Investment Advisory Fee = Base Fee +/- Performance Adjustment
The investment advisory fee rate paid to Janus Capital by each Fund in the
table above consists of two components: (i) a base fee calculated by applying
the contractual fixed rate of the advisory fee to the Fund's average daily net
assets during the previous month ("Base Fee"), plus or minus (ii) a
performance-fee adjustment ("Performance Adjustment") calculated by applying a
variable rate of up to 0.15% (positive or negative) to the Fund's average daily
net assets during the applicable performance measurement period. The performance
measurement period generally is the previous 36 months, although no Performance
Adjustment will be made until a Fund's performance-based fee structure has been
in effect for at least 12 months. When a Fund's performance-based fee structure
has been in effect for at least 12 months, but less than 36 months, the
performance measurement period will be equal to the time that has elapsed since
the performance-based fee structure took effect.
No Performance Adjustment will be applied unless the difference between the
Fund's investment performance and the cumulative investment record of the Fund's
benchmark index is 0.50% or greater (positive or negative) during the applicable
performance measurement period. Because the Performance Adjustment is tied to a
Fund's relative performance compared to its benchmark index (and not its
absolute performance), the Performance Adjustment could increase Janus Capital's
fee even if the Fund's shares lose value during the performance measurement
period and could decrease Janus Capital's fee even if the Fund's shares increase
in value during the performance measurement period. For purposes of computing
the Base Fee and the Performance Adjustment, net assets will be averaged over
different periods (average daily net assets during the previous month for the
Base Fee, versus average daily net assets during the performance measurement
period for the Performance Adjustment). Performance of a Fund is calculated net
of expenses whereas a Fund's benchmark index does not have any fees or expenses.
Reinvestment of dividends and distributions is included in calculating both the
performance of a Fund and the Fund's benchmark index. The Base Fee is calculated
and accrued daily. The Performance Adjustment is calculated monthly in arrears
and is accrued evenly each day throughout the month. The investment fee is paid
monthly in arrears.
The investment performance of JAD Perkins Mid Cap Value Fund's Load-Waived
Class A Shares and the investment performance of JIF Perkins Mid Cap Value
Fund's Investor Shares ("Investor Shares") for the performance measurement
period are used to calculate each respective Fund's Performance Adjustment.
After Janus Capital determines whether a particular Fund's performance was above
or below its benchmark index, by comparing the investment performance of JAD
Perkins Mid Cap Value Fund's Load-Waived Class A Shares or the investment
performance of JIF Perkins Mid Cap Value Fund's Investor Shares against the
cumulative investment record of that Fund's benchmark index, Janus Capital will
apply the same Performance Adjustment (positive or negative) across each other
class of shares of the Fund, as applicable. It is not possible to predict the
effect of the Performance Adjustment on future overall compensation to Janus
Capital since it will depend on the performance of each Fund relative to the
record of the Fund's benchmark index and future changes to the size of each
Fund.
As of the Closing Date of the Reorganization, JIF Perkins Mid Cap Value
Fund will calculate its Performance Adjustment by comparing the performance of
the new Load-Waived Class A Shares against the investment record of its
benchmark index. For the period from January 1, 2009 to the closing date of the
Reorganization, Investor Shares will be used for comparing JIF Mid Cap Value
Fund's performance and calculating the performance fee.
The basis for the Trustees' approval of the current investment advisory
agreement for JIF Perkins Mid Cap Value Fund will be contained in JIF Perkins
Mid Cap Value Fund's unaudited Semiannual Report to shareholders dated April 30,
2008. The basis for the Trustees' approval of the current investment advisory
agreement for JAD Perkins Mid Cap Value Fund is contained in JAD Perkins Mid Cap
Value Fund's unaudited Semiannual Report to shareholders dated January 31, 2009.
27
ADMINISTRATIVE SERVICES FEES
As noted above, upon the consummation of the Reorganization, Class A, C, I,
R and S Shares of JIF Perkins Mid Cap Value Fund will be established with
substantially the same class characteristics as the Class A, C, I, R and S
Shares of JAD Perkins Mid Cap Value Fund, respectively. There will be no change
in the terms of administrative services fees paid by shareholders of Class A, C,
I, R and S Shares after the Reorganization.
Janus Services LLC, the transfer agent of the JAD Trust and the JIF Trust,
receives an administrative services fee at an annual rate of up to 0.25% of the
average daily net assets of Class R and Class S Shares of each Fund for
providing, or arranging for the provision of, recordkeeping, subaccounting, and
other administrative services to investors. Janus Services LLC expects to use
all or a significant portion of this fee to compensate retirement plan service
providers, broker-dealers, bank trust departments, financial advisers, and other
financial intermediaries for providing these services to their customers who
invest in the Funds.
With respect to transactions in or for administrative services provided to
Class A, Class C and Class I Shares of the Funds, certain intermediaries may
charge networking, omnibus account, or other administrative fees. Transactions
may be processed through the NSCC or similar systems or processed on a manual
basis with Janus. These fees are paid by Class A, Class C and Class I Shares of
each Fund to Janus Services LLC, which uses such fees to reimburse
intermediaries. In the event an intermediary receiving payments from Janus
Services LLC on behalf of a Fund converts from a networking structure to an
omnibus account structure or otherwise experiences increased costs, fees borne
by the shares may increase.
SUBADVISER
Perkins Investment Management LLC ("Perkins") (formerly named Perkins,
Wolf, McDonnell and Company, LLC) serves as subadviser to each Fund, and has
served in such capacity since the Fund's inception. Perkins (together with its
predecessors), 311 S. Wacker Drive, Suite 6000, Chicago, Illinois 60606, has
been in the investment management business since 1984 and provides day-to-day
management of the Fund's portfolio operations, as well as other mutual funds and
separate accounts. Janus Capital owns approximately 78% of Perkins.
INVESTMENT PERSONNEL
Co-Portfolio Managers Thomas M. Perkins and Jeffrey R. Kautz are
responsible for the day-to-day management of each Fund. Mr. Perkins, as lead
Portfolio Manager, has the authority to exercise final decision-making on the
overall portfolio.
THOMAS M. PERKINS is lead Co-Portfolio Manager of each Fund, and was lead
Co-Portfolio Manager of the Fund's predecessor since 1998. He is also Portfolio
Manager of other Janus accounts. Mr. Perkins has been a portfolio manager since
1974 and joined Perkins as a portfolio manager in 1998. He holds a Bachelor of
Arts degree in History from Harvard University.
JEFFREY R. KAUTZ, CFA, is Co-Portfolio Manager of each Fund, and he
co-managed the Fund's predecessor since February 2002. He is also Portfolio
Manager of other Janus accounts. Mr. Kautz has served as a research analyst for
the value products of Perkins since October 1997. He holds a Bachelor of Science
degree in Mechanical Engineering from the University of Illinois and a Master of
Business Administration in Finance from the University of Chicago. Mr. Kautz
holds the Chartered Financial Analyst designation.
JIF Perkins Mid Cap Value Fund's Statement of Additional Information dated
February 27, 2009, and JAD Perkins Mid Cap Value Fund's Statement of Additional
Information dated November 28, 2008, both of which are incorporated by reference
herein, provide information about the structure and method of the Funds'
portfolio managers' compensation, as well as their management of other accounts
and ownership of Fund securities.
CHARTER DOCUMENTS
JIF Perkins Mid Cap Value Fund is a series of the JIF Trust, a
Massachusetts business trust governed by Massachusetts law. JIF Perkins Mid Cap
Value Fund is governed by an Amended and Restated Agreement and Declaration of
Trust dated March 18, 2003, as amended from time to time ("JIF Trust
Instrument"). The following is a summary of certain provisions of the JIF Trust
Instrument and is qualified in its entirety by reference to the JIF Trust
Instrument.
28
Voting. A shareholder is entitled to one vote for each dollar of net asset
value standing in such shareholder's name on the books of the JIF Trust (and a
fractional vote for each fractional dollar). Generally, all funds and classes
vote together as a single group, except where a separate vote of one or more
funds or classes is required by law or where the interests of one or more funds
or classes are affected differently from other funds or classes. Shares of all
series of the JIF Trust have noncumulative voting rights, which means that the
holders of more than 50% of the value of shares of all series of the JIF Trust
voting for the election of Trustees can elect 100% of the Trustees if they
choose to do so. In such event, the holders of the remaining value of shares
will not be able to elect any Trustees.
All shares of a fund participate equally in dividends and other
distributions by the shares of the same class of that fund, and in residual
assets of that class of that fund in the event of liquidation. Shares of each
fund have no preemptive, conversion, or appraisal rights. Shares of each fund
may be transferred by endorsement or stock power as is customary, but a fund is
not bound to recognize any transfer until it is recorded on its books. The funds
have the right to redeem, at the then current NAV, the shares of any shareholder
whose account does not meet certain minimum requirements as described in the
funds' prospectus(es).
Shareholder Meetings. The JIF Trust is not required, and does not intend,
to hold annual shareholder meetings unless otherwise required by the JIF Trust
Instrument, the 1940 Act or in compliance with any regulatory order. Under the
terms of a settlement reached between Janus and the SEC in August 2004,
commencing in 2005 and not less than every fifth calendar year thereafter, the
JIF Trust will hold a meeting of shareholders to elect Trustees. Special
meetings may be called for a specific fund or for the JIF Trust for purposes
such as election of Trustees, when required by the JIF Trust Instrument or to
comply with the 1940 Act or a regulatory order. Under the JIF Trust Instrument,
special meetings of shareholders of the JIF Trust or of any fund shall be called
upon written request of shareholders holding not less than 10% of the shares
then outstanding.
Shareholder Liability. Under Massachusetts law, shareholders of a
Massachusetts business trust could, under certain circumstances, be held liable
for the obligations of their fund. However, the JIF Trust Instrument disclaims
shareholder liability for acts or obligations of the funds and requires that
notice of this disclaimer be given in each agreement, obligation, or instrument
entered into or executed by the funds or the Trustees. The JIF Trust Instrument
also provides for indemnification from the assets of the funds for all losses
and expenses of any Fund shareholder held liable for the obligations of their
fund.
The Trustees intend to conduct the operations of the funds to avoid, to the
extent possible, liability of shareholders for liabilities of their fund.
Trustee Liability. A Trustee shall be liable for such Trustee's own willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of the office of Trustee, and shall not be liable for
errors of judgment or mistakes of fact or law. All persons extending credit to,
contracting with or having any claim against the JIF Trust shall look only to
the assets of a fund with which such person dealt for payment under such credit,
contract, or claim.
Liquidation or Dissolution. In the event of the liquidation or dissolution
of the Trust, shareholders of the funds are entitled to receive, when and as
declared by the Trustees, the excess of the assets belonging to their fund, or
in the case of a class, belonging to that fund and allocable to that class, over
the liabilities belonging to that fund or class. The assets shall be distributed
to shareholders in proportion to the relative NAV of the shares of that fund or
class held by them and recorded on the books of the JIF Trust. The liquidation
of any particular fund or class thereof may be authorized at any time by vote of
a majority of the Trustees then in office. Shareholders will receive prior
notice of any liquidation effecting their fund or class.
KEY DIFFERENCES IN THE RIGHTS OF JAD PERKINS MID CAP VALUE FUND AND JIF PERKINS
MID CAP VALUE FUND SHAREHOLDERS
JAD Perkins Mid Cap Value Fund is organized as a separate series of the JAD
Trust, a Delaware statutory trust, and is governed by an Amended and Restated
Trust Instrument ("JAD Trust Instrument") and JAD Bylaws. JIF Perkins Mid Cap
Value Fund is organized as a separate series of the JIF Trust, a Massachusetts
business trust, and is governed by the JIF Trust Instrument and JIF Bylaws. Key
differences affecting the rights of shareholders under the JAD Trust Instrument,
JAD Bylaws and Delaware Law and the JIF Trust Instrument and JIF Bylaws and
Massachusetts law are presented below, and are qualified in their entirety by
reference to the JAD Trust Instrument and the JIF Trust Instrument.
29
JAD PERKINS MID CAP VALUE FUND JIF PERKINS MID CAP VALUE FUND
------------------------------ ------------------------------
Any Trustee may be removed at any Any Trustee may be removed by a vote of
meeting of the shareholders by a at least two-thirds of the shareholders
vote of at least two-thirds of the of the JIF Trust at a meeting called for
outstanding shares of the JAD the purpose, or by a written declaration
Trust. signed by at least two-thirds of the
shareholders and filed with the Trust's
custodian.
No requirement exists that Shareholders of the relevant series or
shareholders receive notification class thereof must be notified prior to
of the liquidation of any giving effect to any authorization for
particular series or class thereof. the liquidation of any particular series
or class.
No shareholder shall be personally As previously noted, under Massachusetts
bound and no payment demand made on law, shareholders of a Massachusetts
any shareholder except as agreed to business trust could, under certain
by the shareholder. Shareholders circumstances, be held liable for the
shall have the same limitation of obligations of their fund. However, the
personal liability as is extended JIF Trust Instrument provides that no
to shareholders of a private shareholder shall be personally bound
corporation for profit incorporated and no payment demand made on any
in the State of Delaware. shareholder except as agreed to by the
shareholder.
The Trustees may not change No provision prevents the Trustees from
outstanding shares in a manner changing outstanding shares in a manner
materially adverse to the materially adverse to the shareholders.
shareholders.
There is no provision related to Any dividend or distribution paid in
dividends or distributions paid in shares will be paid at the net asset
shares. value of the shares.
Shareholders do not have the power Shareholders have the power to vote to
to vote on whether or not a court the same extent as shareholders of a
action, proceeding or claim should Massachusetts business corporation as to
or should not be brought or whether a court action, proceeding or
maintained derivatively or as a claim should be brought or maintained
class action on behalf of the Trust derivatively or as a class action on
or any series thereof or the behalf of the Trust or any series
shareholders. thereof.
A shareholder is entitled to one A shareholder is entitled to one vote
vote for each whole share held (and for each dollar of net asset value
fractional votes for fractional standing in such shareholder's name on
shares held) in such shareholder's the books of the JIF Trust (and a
name on the books of the JAD Trust. fractional vote for each fractional
dollar).
Shareholders shall be entitled to Shareholders shall be entitled to at
at least fifteen days' notice of least seven days' notice of any
any shareholder meetings. shareholder meetings.
The Trustees are required to call a The Trustees are required to promptly
special meeting upon the written call a special meeting upon the written
request of shareholders owning at request of shareholders holding not less
least two-thirds of the outstanding than 10% of the shares then outstanding
shares of such series or class for the purpose of voting on the removal
entitled to vote. of any Trustee. Additionally, if the
Trustees fail to call meeting by 30 days
after a request by the holders of 10% of
the shares then outstanding, the
shareholders may call and give notice of
such meeting.
Quorum for the transaction of Quorum for the transaction of business
business at shareholder meetings is at shareholder meetings is set at thirty
set at one-third of the outstanding percent of the outstanding shares or of
shares or of the shares entitled to the shares entitled to vote either in
vote either in person or by proxy, person or by proxy, unless otherwise
unless otherwise required by required by applicable law, the Bylaws
applicable law, the Bylaws or the or the Trust Instrument.
Trust Instrument.
The Trust, on behalf of the In case any shareholder (or former
affected series, shall, shareholder) of any
30
JAD PERKINS MID CAP VALUE FUND JIF PERKINS MID CAP VALUE FUND
------------------------------ ------------------------------
upon request by such shareholder, series of the Trust shall be charged or
assume the defense of any such held to be personally liable for any
claim made against such shareholder obligation or liability of the Trust
for any act or obligation of the solely by reason of being or having been
series and satisfy any judgment a shareholder and not because of such
thereon from the assets of the shareholder's acts or omissions or for
series. some other reason, said series (upon
proper and timely request by the
shareholder) shall assume the defense
against such charge and satisfy any
judgment thereon, and the shareholder or
former shareholder (or such
shareholder's heirs, executors,
administrators or other legal
representatives or in the case of a
corporation or other entity, its
corporate or other general successor)
shall be entitled out of the assets of
said series estate to be held harmless
from and indemnified against all loss
and expense arising from such liability.
Subject to making certain A shareholder vote is necessary to
determinations, the Trustees may terminate the Trust. However, the
terminate the Trust or any series Trustees may merge, liquidate or
without obtaining a shareholder reorganize any series without seeking
vote. shareholder approval if in accordance
with legal requirements such as the 1940
Act requirements.
No provision is made for Subject to meeting certain stated
shareholder communications. criteria, shareholders may communicate
directly with other shareholders for the
purpose of obtaining signatures to
request a shareholder meeting.
There is no requirement that Prior to giving effect to any such
shareholders receive prior notice authorization of consolidation, merger
of any consolidation, merger or or transfer, shareholders of the
transfer. relevant series or class must be
notified.
ADDITIONAL INFORMATION
SHARE OWNERSHIP
The following table shows, as of the close of business on the Record Date,
the number of outstanding shares and net assets of each class of JAD Perkins Mid
Cap Value Fund:
FUND TOTAL NUMBER OF SHARES OUTSTANDING NET ASSETS
---- ---------------------------------- ----------
JAD Perkins Mid Cap Value Fund
- Class A Shares
- Class C Shares
- Class I Shares
- Class R Shares
- Class S Shares
TOTAL
[To the knowledge of Janus Capital, as of ___________, 2009 the officers
and Trustees beneficially owned, as a group, less than 1% of any class of each
Fund.]
Beneficial owners of 5% or more of the outstanding shares of JAD Perkins
Mid Cap Value Fund as of [__, 2009] are shown below. To the best knowledge of
the Trust, no person beneficially owned more than 5% of the outstanding
31
shares of JAD Perkins Mid Cap Value Fund except as shown below, and such owners
may not be the beneficial owner of all or a portion of the shares.
Name and Address of Beneficial Owner Number of Shares Percent of Fund
------------------------------------ ---------------- ---------------
TRUSTEES AND OFFICERS
The following individuals comprise the Boards of Trustees of the JIF and
JAD Trusts: Jerome S. Contro, William F. McCalpin, John W. McCarter, Jr., Dennis
B. Mullen, James T. Rothe, William D. Stewart, Martin H. Waldinger and Linda S.
Wolf. Each of the Trustees is not an "interested" person of Janus, the JIF Trust
or the JAD Trust, as that term is defined under the 1940 Act. The officers of
each Trust are disclosed in each Fund's Statement of Additional Information.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
[_______________], [______________________], Independent Registered Public
Accounting Firm for the Funds, audits the Funds' annual financial statements and
reviews their tax returns.
LEGAL MATTERS
Information regarding material pending legal proceedings involving Janus
Capital and/or the Funds is attached as Appendix D to this
Prospectus/Information Statement.
INFORMATION AVAILABLE THROUGH THE SEC
JAD Perkins Mid Cap Value Fund and JIF Perkins Mid Cap Value Fund are each
subject to the information requirements of the Securities Exchange Act of 1934,
as amended, and the 1940 Act. In accordance therewith, each files reports and
other information with the SEC. Reports, proxy statements, information
statements, registration statements, and other information may be inspected
without charge and copied at the Public Reference Room maintained by the SEC at:
100 F Street, NE, Room 1580, Washington, DC 20549 and at the following regional
offices of the SEC: 3 World Financial Center, Room 4300, New York, NY 10281; 801
Brickell Ave., Suite 1800, Miami, FL 33131; 175 W. Jackson Boulevard, Suite 900,
Chicago, IL 60604; 1801 California Street, Suite 1500 Denver, CO 80202-2656; and
5670 Wilshire Boulevard, 11th Floor, Los Angeles, CA 90036-3648. Copies of such
materials also may be obtained from the Public Reference Branch, Office of
Consumer Affairs and Information Services, Securities and Exchange Commission,
Washington, D.C. 20549 at prescribed rates.
You can get text only copies, after paying a duplicating fee, by sending an
electronic request by e-mail to publicinfo@sec.gov or by writing to or calling
the Public Reference Room, Washington, D.C. 20549-0102 (1-202-942-8090).
Information on the operation of the Public Reference Room may also be
obtained by calling this number. You may also obtain reports and other
information about the Funds from the Electronic Data Gathering Analysis and
Retrieval (EDGAR) Database on the SEC's website at http://www.sec.gov.
By order of the Board of Trustees,
----------------------------------------
Robin C. Beery
Chief Executive Officer and President of
Janus Adviser Series
32
APPENDIX A
FORM OF AGREEMENT AND PLAN OF REORGANIZATION
THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made as of this
[__] day of [__], 200_, by and among Janus Adviser Series, a Delaware statutory
trust (the "JAD Trust"), on behalf of Janus Adviser [__] Fund, a series of the
JAD Trust (the "Predecessor Fund"), Janus Investment Fund (the "JIF Trust"), a
Massachusetts business trust, on behalf of Janus [__] Fund a series of the JIF
Trust (the "Successor Fund"), and Janus Capital Management LLC, a Delaware
limited liability company ("JCM").
All references in this Agreement to action taken by the Predecessor Fund or the
Successor Fund shall be deemed to refer to action taken by the JIF Trust or JAD
Trust on behalf of the respective portfolio series.
This Agreement is intended to be and is adopted as a plan of reorganization and
liquidation within the meaning of Section 368(a) of the United States Internal
Revenue Code of 1986, as amended (the "Code"). The reorganization (the
"Reorganization") will consist of the transfer by the Predecessor Fund of all or
substantially all of its assets to the Successor Fund, in exchange solely for
[Class A, Class C, Class I, Class R and Class S] voting shares of beneficial
interest in the Successor Fund (the "Successor Fund Shares") having an aggregate
net asset value equal to the aggregate net asset value of the same class of
shares of the Predecessor Fund, the assumption by the Successor Fund of all the
liabilities of the Predecessor Fund, and the distribution of the [Class A, Class
C, Class I, Class R and Class S] Successor Fund Shares to the shareholders of
the Predecessor Fund in complete liquidation of the Predecessor Fund as provided
herein, all upon the terms and conditions hereinafter set forth in this
Agreement.
WHEREAS, the Board of Trustees of each of the JAD Trust and the JIF Trust has
determined that it is in the best interest of the Predecessor Fund and the
Successor Fund, respectively, that the assets of the Predecessor Fund be
acquired by the Successor Fund pursuant to this Agreement and in accordance with
the applicable statutes of the Commonwealth of Massachusetts and the State of
Delaware, and that the interests of existing shareholders will not be diluted as
a result of this transaction;
WHEREAS, concurrently herewith, the Board of Trustees of each of the JAD Trust
and the JIF Trust are entering into separate Plans of Reorganization which
contemplate the reorganization of certain series of the JAD Trust into existing
series of the JIF Trust (each a "Preexisting Fund Reorganization"); and
WHEREAS, concurrently herewith, the Board of Trustees of each of the JAD Trust
and the JIF Trust are entering into separate Plans of Reorganization which
contemplate the reorganization of certain series of the JAD Trust into newly
created series of the JIF Trust (each a "Shell Reorganization").
NOW, THEREFORE, in consideration of the premises and of the covenants and
agreements hereinafter set forth, the parties hereto covenant and agree as
follows:
1. PLAN OF REORGANIZATION
1.1 Subject to the terms and conditions herein set forth, the JAD Trust shall
(i) transfer all or substantially all of the assets of the Predecessor Fund, as
set forth in paragraph 1.2, to the Successor Fund, (ii) the JIF Trust shall
cause the Successor Fund to deliver to the JAD Trust full and fractional [Class
A, Class C, Class I, Class R and Class S] Successor Fund Shares having an
aggregate net asset value equal to the value of the aggregate net assets of the
same class of shares of the Predecessor Fund as of the close of regular session
trading on the New York Stock Exchange on the Closing Date, as set forth in
paragraph 2.1 (the "Closing Date") and (iii) the JIF Trust shall cause the
Successor Fund to assume all liabilities of the Predecessor Fund, as set forth
in paragraph 1.2. Such transactions shall take place at the closing provided for
in paragraph 2.1 (the "Closing").
1.2 The assets of the Predecessor Fund to be acquired by the Successor Fund
shall consist of all property, including, without limitation, all cash,
securities, commodities and futures interests, and dividends or interest
receivable which are owned by the Predecessor Fund and any deferred or prepaid
expenses shown as an asset on the books of the Predecessor Fund on the Closing
Date. The Successor Fund will assume all of the liabilities, expenses, costs,
charges and reserves of the Predecessor Fund of any kind, whether absolute,
accrued, contingent or otherwise in existence on the Closing Date.
1.3 The Predecessor Fund will distribute pro rata to its shareholders of record
of the applicable classes, determined as of
A-1
immediately after the close of business on the Closing Date (the "Current
Shareholders"), the [Class A, Class C, Class I, Class R and Class S] Successor
Fund Shares received by the JAD Trust pursuant to paragraph 1.1. Such
distribution and liquidation will be accomplished by the transfer of the [Class
A, Class C, Class I, Class R and Class S] Successor Fund Shares then credited to
the accounts of the Predecessor Fund on the books of the Successor Fund to open
accounts on the share records of the Successor Fund in the names of the Current
Shareholders and representing the respective pro rata number of the [Class A,
Class C, Class I, Class R and Class S] Successor Fund Shares due such
shareholders. All issued and outstanding shares of the Predecessor Fund will
simultaneously be canceled on the books of the JAD Trust. The Successor Fund
shall not issue certificates representing the [Class A, Class C, Class I, Class
R and Class S] Successor Fund Shares in connection with such exchange. Ownership
of [Class A, Class C, Class I, Class R and Class S] Successor Fund Shares will
be shown on the books of the JIF Trust's transfer agent. As soon as practicable
after the Closing, the JAD Trust shall take all steps necessary to effect a
complete liquidation of the Predecessor Fund.
2. CLOSING AND CLOSING DATE
2.1 The Closing Date shall be July 6, 2009, or such other date as the parties
may agree to in writing. All acts taking place at the Closing shall be deemed to
take place simultaneously as of immediately after the close of business on the
Closing Date unless otherwise agreed to by the parties. The close of business on
the Closing Date shall be as of 4:00 p.m. New York Time. The Closing shall be
held at the offices of JCM, 151 Detroit Street, Denver, Colorado 80206-4805, or
at such other time and/or place as the parties may agree.
2.2 The JAD Trust shall cause Janus Services LLC (the "Transfer Agent"),
transfer agent of the Predecessor Fund, to deliver at the Closing a certificate
of an authorized officer stating that its records contain the names and
addresses of the Current Shareholders and the number, class, and percentage
ownership of outstanding shares of the Predecessor Fund owned by each such
shareholder immediately prior to the Closing. The Successor Fund shall issue and
deliver a confirmation evidencing the [Class A, Class C, Class I, Class R and
Class S] Successor Fund Shares to be credited on the Closing Date to the
Secretary of the JAD Trust or provide evidence satisfactory to the JAD Trust
that such [Class A, Class C, Class I, Class R and Class S] Successor Fund Shares
have been credited to the accounts of the Predecessor Fund on the books of the
Successor Fund. At the Closing, each party shall deliver to the other such bills
of sales, checks, assignments, share certificates, if any, receipts or other
documents as such other party or its counsel may reasonably request.
3. REPRESENTATIONS AND WARRANTIES
3.1 The JAD Trust, on behalf of the Predecessor Fund, hereby represents and
warrants to the Successor Fund as follows:
(i) the JAD Trust is a trust duly organized, validly existing and in good
standing under the laws of the State of Delaware and has full power
and authority to conduct its business as presently conducted;
(ii) the JAD Trust has full power and authority to execute, deliver and
carry out the terms of this Agreement on behalf of the Predecessor
Fund;
(iii) the execution and delivery of this Agreement on behalf of the
Predecessor Fund and the consummation of the transactions contemplated
hereby are duly authorized and no other proceedings on the part of the
JAD Trust or the shareholders of the Predecessor Fund are necessary to
authorize this Agreement and the transactions contemplated hereby;
(iv) this Agreement has been duly executed by the JAD Trust on behalf of
the Predecessor Fund and constitutes its valid and binding obligation,
enforceable in accordance with its terms, subject to applicable
bankruptcy, reorganization, insolvency, moratorium and other rights
affecting creditors' rights generally, and general equitable
principles;
(v) neither the execution and delivery of this Agreement by the JAD Trust
on behalf of the Predecessor Fund, nor the consummation by the JAD
Trust on behalf of the Predecessor Fund of the transactions
contemplated hereby, will conflict with, result in a breach or
violation of or constitute (or with notice, lapse of time or both) a
breach of or default under, the JAD Trust's Amended and Restated Trust
Instrument ("JAD Trust Instrument") or Bylaws of the JAD Trust, as
each may be amended, or any statute, regulation, order, judgment or
decree, or any instrument, contract or other agreement to which the
JAD Trust is a party or by which the JAD Trust or any of its assets is
subject or bound;
A-2
(vi) the unaudited statement of assets and liabilities of the Predecessor
Fund as of the Closing Date, determined in accordance with generally
accepted accounting principles consistently applied from the prior
audited period, accurately reflects all liabilities of the Predecessor
Fund as of the Closing Date;
(vii) no authorization, consent or approval of any governmental or other
public body or authority or any other party is necessary for the
execution and delivery of this Agreement by the JAD Trust on behalf of
the Predecessor Fund or the consummation of any transactions
contemplated hereby by the JAD Trust, other than as shall be obtained
at or prior to the Closing;
(viii) On the Closing Date, all Federal and other tax returns, dividend
reporting forms, and other tax-related reports of the Predecessor Fund
required by law to have been filed by such date (including any
extensions) shall have been filed and are or will be correct in all
material respects, and all Federal and other taxes shown as due or
required to be shown as due on said returns and reports shall have
been paid or provision shall have been made for the payment thereof;
and
(ix) For each taxable year of its operation (including the taxable year
which ends on the Closing Date), the Predecessor Fund has met (or will
meet) the requirements of Subchapter M of the Internal Revenue Code of
1986, as amended (the "Code") for qualification as a regulated
investment company, has been (or will be) eligible to and has computed
(or will compute) its federal income tax under Section 852 of the
Code, and will have distributed all of its investment company taxable
income and net capital gain (as defined in the Code) that has accrued
through the Closing Date.
3.2 The JIF Trust, on behalf of the Successor Fund, hereby represents and
warrants to the Predecessor Fund as follows:
(i) the JIF Trust is duly organized and existing under its Amended and
Restated Declaration of Trust (the "JIF Declaration of Trust") and the
laws of the Commonwealth of Massachusetts as a voluntary association
with transferable shares of beneficial interest commonly referred to
as a "Massachusetts business trust";
(ii) the JIF Trust has full power and authority to execute, deliver and
carry out the terms of this Agreement on behalf of the Successor Fund;
(iii) the execution and delivery of this Agreement on behalf of the
Successor Fund and the consummation of the transactions contemplated
hereby are duly authorized and no other proceedings on the part of the
JIF Trust or the shareholders of the Successor Fund are necessary to
authorize this Agreement and the transactions contemplated hereby;
(iv) this Agreement has been duly executed by the JIF Trust on behalf of
the Successor Fund and constitutes its valid and binding obligation,
enforceable in accordance with its terms, subject to applicable
bankruptcy, reorganization, insolvency, moratorium and other rights
affecting creditors' rights generally, and general equitable
principles;
(v) neither the execution and delivery of this Agreement by the JIF Trust
on behalf of the Successor Fund, nor the consummation by the JIF Trust
on behalf of the Successor Fund of the transactions contemplated
hereby, will conflict with, result in a breach or violation of or
constitute (or with notice, lapse of time or both constitute) a breach
of or default under, the JIF Declaration of Trust or the Amended and
Restated Bylaws of the JIF Trust, as each may be amended, or any
statute, regulation, order, judgment or decree, or any instrument,
contract or other agreement to which the JIF Trust is a party or by
which the JIF Trust or any of its assets is subject or bound;
(vi) the net asset value per share of a [Class A, Class C, Class I, Class R
and Class S] Successor Fund Share as of the close of regular session
trading on the New York Stock Exchange on the Closing Date reflects
all liabilities of the Successor Fund as of that time and date;
(vii) no authorization, consent or approval of any governmental or other
public body or authority or any other party is necessary for the
execution and delivery of this Agreement by the JIF Trust on behalf of
the Successor Fund or the consummation of any transactions
contemplated hereby by the JIF Trust, other than as shall be obtained
at or prior to the Closing;
A-3
(viii) On the Closing Date, all Federal and other tax returns, dividend
reporting forms, and other tax-related reports of the Successor Fund
required by law to have been filed by such date (including any
extensions) shall have been filed and are or will be correct in all
material respects, and all Federal and other taxes shown as due or
required to be shown as due on said returns and reports shall have
been paid or provision shall have been made for the payment thereof;
and
(ix) For each taxable year of its operation (including the taxable year
which includes the Closing Date), the Successor Fund has met (or will
meet) the requirements of Subchapter M of the Code for qualification
as a regulated investment company, has been (or will be) eligible to
and has computed (or will compute) its federal income tax under
Section 852 of the Code, and has distributed all of its investment
company taxable income and net capital gain (as defined in the Code)
for periods ending prior to the Closing Date.
4. CONDITIONS PRECEDENT
4.1 The obligations of the JAD Trust on behalf of each Predecessor Fund and the
JIF Trust on behalf of each Successor Fund to effectuate the Reorganization
shall be subject to the satisfaction of the following conditions with respect to
such Reorganization:
(i) The JIF Trust shall have filed with the Securities and Exchange
Commission (the "Commission") a registration statement on Form N-14
under the Securities Act of 1933, as amended (the "Securities Act")
and such amendment or amendments thereto as are determined by the
Board of Trustees of the JIF Trust and/or JCM to be necessary and
appropriate to effect the registration of the [Class A, Class C, Class
I, Class R and Class S] Successor Fund Shares (the "Registration
Statement"), and the Registration Statement shall have become
effective, and no stop-order suspending the effectiveness of the
Registration Statement shall have been issued, and no proceeding for
that purpose shall have been initiated or threatened by the Commission
(and not withdrawn or terminated);
(ii) The applicable [Class A, Class C, Class I, Class R and Class S]
Successor Fund Shares shall have been duly qualified for offering to
the public in all states in which such qualification is required for
consummation of the transactions contemplated hereunder;
(iii) All representations and warranties of the JAD Trust on behalf of the
Predecessor Fund contained in this Agreement shall be true and correct
in all material respects as of the date hereof and as of the Closing,
with the same force and effect as if then made, and the JIF Trust on
behalf of the Successor Fund shall have received a certificate of an
officer of the JAD Trust acting on behalf of the Predecessor Fund to
that effect in form and substance reasonably satisfactory to the JIF
Trust on behalf of the Successor Fund;
(iv) All representations and warranties of the JIF Trust on behalf of the
Successor Fund contained in this Agreement shall be true and correct
in all material respects as of the date hereof and as of the Closing,
with the same force and effect as if then made, and the JAD Trust on
behalf of the Predecessor Fund shall have received a certificate of an
officer of the JIF Trust acting on behalf of the Successor Fund to
that effect in form and substance reasonably satisfactory to the JAD
Trust on behalf of the Predecessor Fund;
(v) The JIF Trust and the JAD Trust shall have received the opinion of
Dechert LLP addressed to each of them substantially to the effect
that, based upon certain facts, assumptions, and representations, the
transaction contemplated by this Agreement shall constitute a tax-free
reorganization for Federal income tax purposes. The delivery of such
opinion is conditioned upon receipt by Dechert LLP of representations
it shall request of JCM, the JIF Trust and the JAD Trust.
Notwithstanding anything herein to the contrary, neither the JIF Trust
nor the JAD Trust may waive the condition set forth in this paragraph;
(vi) Unless otherwise determined by the officers of the Predecessor Fund,
the Predecessor Fund shall have declared and paid a distribution or
distributions prior to the Closing that, together with all previous
distributions, shall have the effect of distributing to its
shareholders (i) all of its investment company taxable income and all
of its net realized capital gains, if any, for the period from the
close of its last fiscal year to 4:00 p.m. New York Time on the
Closing; and (ii) any undistributed investment company
A-4
taxable income and net realized capital gains from any period to the
extent not otherwise already distributed; and
(vii) The conditions precedent to (A) each of the Preexisting Fund
Reorganizations and (B) each of the Shell Reorganizations shall have
been satisfied, unless the Board of Trustees of the JAD Trust and the
JIF Trust shall have mutually agreed to waive this condition and
deemed it to be in the best interests of Shareholders of the
Predecessor Fund that the Reorganization should proceed.
5. EXPENSES
All of the expenses and costs of the Reorganization and the transactions
contemplated thereby shall be borne by JCM.
6. ENTIRE AGREEMENT
The JAD Trust agrees on behalf of the Predecessor Fund and the JIF Trust agrees
on behalf of the Successor Fund that this Agreement constitutes the entire
agreement between the parties.
7. TERMINATION
This Agreement and the transactions contemplated hereby may be terminated and
abandoned by resolution of the Board of Trustees of the JIF Trust or the Board
of Trustees of the JAD Trust, at any time prior to the Closing Date, if
circumstances should develop that, in the opinion of the Board of Trustees of
the JIF Trust or the Board of Trustees of the JAD Trust, make proceeding with
the Agreement inadvisable.
8. AMENDMENTS
This agreement may be amended, modified or supplemented in such manner as may be
mutually agreed upon in writing by the parties.
9. NOTICES
Any notice, report, statement or demand required or permitted by any provisions
of this Agreement shall be in writing and shall be given by prepaid telegraph,
telecopy or certified mail addressed to the parties hereto at their principal
place of business.
10. HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY
10.1 The Article and paragraph headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.
10.2 This Agreement may be executed in any number of counterparts each of which
shall be deemed an original.
10.3 This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Massachusetts.
10.4 This Agreement shall bind and inure to the benefit of the parties hereto
and their respective successors and assigns, but no assignment or transfer
hereof or of any rights or obligations hereunder shall be made by any party
without the written consent of the other party. Nothing herein expressed or
implied is intended or shall be construed to confer upon or give any person,
firm or corporation, other than the parties hereto and their respective
successors and assigns, any rights or remedies under or by reason of this
Agreement.
10.5 It is expressly agreed that the obligations of each of the JIF Trust and
JAD Trust hereunder shall not be binding upon any of the Trustees, shareholders,
nominees, officers, agents or employees of each trust personally, but shall bind
only the trust property of the trusts, as provided in the JAD Trust Instrument
and the JIF Declaration of Trust, respectively, of each trust. The execution and
delivery by such officers of the Trusts shall not be deemed to have been made by
any of them individually or to impose any liability on any of them personally,
but shall bind only the trust property of each Trust as provided in the JAD
Trust Instrument and the JIF Declaration of Trust, respectively. The JAD Trust
is a series company
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with multiple series and has entered into this Agreement on behalf of the
Predecessor Fund. The JIF Trust is a series company with multiple series and has
entered into this Agreement on behalf of the Successor Fund.
10.6 The sole remedy of a party hereto for a breach of any representation or
warranty made in this Agreement by the other party shall be an election by the
non-breaching party not to complete the transactions contemplated herein.
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IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as
of the date set forth above.
ATTEST JANUS ADVISER SERIES
For and on behalf of the Predecessor
Fund
Name: By:
------------------------------- ------------------------------------
Name:
----------------------------------
Title:
---------------------------------
ATTEST JANUS INVESTMENT FUND
For and on behalf of the Successor Fund
Name: By:
------------------------------- ------------------------------------
Name:
----------------------------------
Title:
---------------------------------
ATTEST JANUS CAPITAL MANAGEMENT LLC
Name: By:
------------------------------- ------------------------------------
Name:
----------------------------------
Title:
---------------------------------
A-7
APPENDIX B
OTHER INVESTMENT TECHNIQUES AND RELATED RISKS OF THE FUNDS
Unless otherwise stated within its specific investment policies, each Fund
may also invest in other types of domestic and foreign securities and use other
investment strategies as described below. These securities and strategies are
not principal investment strategies of the Funds. If successful, they may
benefit the Funds by earning a return on the Funds' assets or reducing risk;
however, they may not achieve the Funds' objective. Additional information
regarding these investment techniques and risks is included in each Fund's
Statement of Additional Information. These securities and strategies may
include:
EQUITY AND DEBT SECURITIES
BANK LOANS include institutionally-traded floating and fixed-rate debt
securities generally acquired as a participation interest in or assignment of a
loan originated by a lender or financial institution. Assignments and
participations involve credit, interest rate, and liquidity risk. Interest rates
on floating rate securities adjust with interest rate changes and/or issuer
credit quality. If a Fund purchases a participation interest, it may only be
able to enforce its rights through the lender and may assume the credit risk of
both the borrower and the lender. Additional risks are involved in purchasing
assignments. If a loan is foreclosed, a Fund may become part owner of any
collateral securing the loan and may bear the costs and liabilities associated
with owning and disposing of any collateral. The Fund could be held liable as a
co-lender. In addition, there is no assurance that the liquidation of any
collateral from a secured loan would satisfy a borrower's obligations or that
any collateral could be liquidated. A Fund may have difficulty trading
assignments and participations to third parties or selling such securities in
secondary markets, which in turn may affect the Fund's NAV.
BONDS are debt securities issued by a company, municipality, government, or
government agency. The issuer of a bond is required to pay the holder the amount
of the loan (or par value of the bond) at a specified maturity and to make
scheduled interest payments.
CERTIFICATES OF PARTICIPATION ("COPS") are certificates representing an interest
in a pool of securities. Holders are entitled to a proportionate interest in the
underlying securities. Municipal lease obligations are often sold in the form of
COPs. Refer to "Municipal lease obligations" below.
COMMERCIAL PAPER is a short-term debt obligation with a maturity ranging from 1
to 270 days issued by banks, corporations, and other borrowers to investors
seeking to invest idle cash. A Fund may purchase commercial paper issued in
private placements under Section 4(2) of the Securities Act of 1933, as amended
(the "1933 Act").
COMMON STOCKS are equity securities representing shares of ownership in a
company and usually carry voting rights and earn dividends. Unlike preferred
stock, dividends on common stock are not fixed but are declared at the
discretion of the issuer's board of directors.
CONVERTIBLE SECURITIES are preferred stocks or bonds that pay a fixed dividend
or interest payment and are convertible into common stock at a specified price
or conversion ratio.
DEBT SECURITIES are securities representing money borrowed that must be repaid
at a later date. Such securities have specific maturities and usually a specific
rate of interest or an original purchase discount.
DEPOSITARY RECEIPTS are receipts for shares of a foreign-based corporation that
entitle the holder to dividends and capital gains on the underlying security.
Receipts include those issued by domestic banks (American Depositary Receipts),
foreign banks (Global or European Depositary Receipts), and broker-dealers
(depositary shares).
EQUITY SECURITIES generally include domestic and foreign common stocks;
preferred stocks; securities convertible into common stocks or preferred stocks;
warrants to purchase common or preferred stocks; and other securities with
equity characteristics.
EXCHANGE-TRADED FUNDS are index-based investment companies which hold
substantially all of their assets in securities with equity characteristics. As
a shareholder of another investment company, a Fund would bear its pro rata
portion of the other investment company's expenses, including advisory fees, in
addition to the expenses the Fund bears directly in connection with its own
operations.
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FIXED-INCOME SECURITIES are securities that pay a specified rate of return. The
term generally includes short- and long-term government, corporate, and
municipal obligations that pay a specified rate of interest, dividends, or
coupons for a specified period of time. Coupon and dividend rates may be fixed
for the life of the issue or, in the case of adjustable and floating rate
securities, for a shorter period.
HIGH-YIELD/HIGH-RISK BONDS are bonds that are rated below investment grade by
the primary rating agencies (i.e., BB+ or lower by Standard & Poor's and Fitch,
or Ba or lower by Moody's). Other terms commonly used to describe such bonds
include "lower rated bonds," "non-investment grade bonds," and "junk bonds."
INDUSTRIAL DEVELOPMENT BONDS are revenue bonds that are issued by a public
authority but which may be backed only by the credit and security of a private
issuer and may involve greater credit risk. Refer to "Municipal securities"
below.
MORTGAGE- AND ASSET-BACKED SECURITIES are shares in a pool of mortgages or other
debt instruments. These securities are generally pass-through securities, which
means that principal and interest payments on the underlying securities (less
servicing fees) are passed through to shareholders on a pro rata basis. These
securities involve prepayment risk, which is the risk that the underlying
mortgages or other debt may be refinanced or paid off prior to their maturities
during periods of declining interest rates. In that case, a Fund may have to
reinvest the proceeds from the securities at a lower rate. Potential market
gains on a security subject to prepayment risk may be more limited than
potential market gains on a comparable security that is not subject to
prepayment risk.
MORTGAGE DOLLAR ROLLS are transactions in which a Fund sells a mortgage-related
security, such as a security issued by GNMA, to a dealer and simultaneously
agrees to purchase a similar security (but not the same security) in the future
at a predetermined price. A "dollar roll" can be viewed as a collateralized
borrowing in which a Fund pledges a mortgage-related security to a dealer to
obtain cash.
MUNICIPAL LEASE OBLIGATIONS are revenue bonds backed by leases or installment
purchase contracts for property or equipment. Lease obligations may not be
backed by the issuing municipality's credit and may involve risks not normally
associated with general obligation bonds and other revenue bonds. For example,
their interest may become taxable if the lease is assigned and the holders may
incur losses if the issuer does not appropriate funds for the lease payments on
an annual basis, which may result in termination of the lease and possible
default.
MUNICIPAL SECURITIES are bonds or notes issued by a U.S. state or political
subdivision. A municipal security may be a general obligation backed by the full
faith and credit (i.e., the borrowing and taxing power) of a municipality or a
revenue obligation paid out of the revenues of a designated project, facility,
or revenue source.
PASS-THROUGH SECURITIES are shares or certificates of interest in a pool of debt
obligations that have been repackaged by an intermediary, such as a bank or
broker-dealer.
PASSIVE FOREIGN INVESTMENT COMPANIES (PFICS) are any foreign corporations which
generate certain amounts of passive income or hold certain amounts of assets for
the production of passive income. Passive income includes dividends, interest,
royalties, rents, and annuities. To avoid taxes and interest that a Fund must
pay if these investments are profitable, the Funds may make various elections
permitted by the tax laws. These elections could require that a Fund recognize
taxable income, which in turn must be distributed, before the securities are
sold and before cash is received to pay the distributions.
PAY-IN-KIND BONDS are debt securities that normally give the issuer an option to
pay cash at a coupon payment date or give the holder of the security a similar
bond with the same coupon rate and a face value equal to the amount of the
coupon payment that would have been made.
PREFERRED STOCKS are equity securities that generally pay dividends at a
specified rate and have preference over common stock in the payment of dividends
and liquidation. Preferred stock generally does not carry voting rights.
REAL ESTATE INVESTMENT TRUST (REIT) is an investment trust that operates through
the pooled capital of many investors who buy its shares. Investments are in
direct ownership of either income property or mortgage loans.
RULE 144A SECURITIES are securities that are not registered for sale to the
general public under the 1933Act, but that may be resold to certain
institutional investors.
B-2
STANDBY COMMITMENT is a right to sell a specified underlying security or
securities within a specified period of time and at an exercise price equal to
the amortized cost of the underlying security or securities plus accrued
interest, if any, at the time of exercise, that may be sold, transferred, or
assigned only with the underlying security or securities. A standby commitment
entitles the holder to receive same day settlement, and will be considered to be
from the party to whom the investment company will look for payment of the
exercise price.
STEP COUPON BONDS are high-quality issues with above-market interest rates and a
coupon that increases over the life of the bond. They may pay monthly,
semiannual, or annual interest payments. On the date of each coupon payment, the
issuer decides whether to call the bond at par, or whether to extend it until
the next payment date at the new coupon rate.
STRIP BONDS are debt securities that are stripped of their interest (usually by
a financial intermediary) after the securities are issued. The market value of
these securities generally fluctuates more in response to changes in interest
rates than interest-paying securities of comparable maturity.
TENDER OPTION BONDS are relatively long-term bonds that are coupled with the
option to tender the securities to a bank, broker-dealer, or other financial
institution at periodic intervals and receive the face value of the bond. This
investment structure is commonly used as a means of enhancing a security's
liquidity.
U.S. GOVERNMENT SECURITIES include direct obligations of the U.S. Government
that are supported by its full faith and credit. Treasury bills have initial
maturities of less than one year, Treasury notes have initial maturities of one
to ten years, and Treasury bonds may be issued with any maturity but generally
have maturities of at least ten years. U.S. Government securities also include
indirect obligations of the U.S. Government that are issued by federal agencies
and government sponsored entities. Unlike Treasury securities, agency securities
generally are not backed by the full faith and credit of the U.S. Government.
Some agency securities are supported by the right of the issuer to borrow from
the Treasury, others are supported by the discretionary authority of the U.S.
Government to purchase the agency's obligations, and others are supported only
by the credit of the sponsoring agency.
VARIABLE AND FLOATING RATE SECURITIES have variable or floating rates of
interest and, under certain limited circumstances, may have varying principal
amounts. Variable and floating rate securities pay interest at rates that are
adjusted periodically according to a specified formula, usually with reference
to some interest rate index or market interest rate (the "underlying index").
The floating rate tends to decrease the security's price sensitivity to changes
in interest rates.
WARRANTS are securities, typically issued with preferred stock or bonds, which
give the holder the right to buy a proportionate amount of common stock at a
specified price. The specified price is usually higher than the market price at
the time of issuance of the warrant. The right may last for a period of years or
indefinitely.
ZERO COUPON BONDS are debt securities that do not pay regular interest at
regular intervals, but are issued at a discount from face value. The discount
approximates the total amount of interest the security will accrue from the date
of issuance to maturity. The market value of these securities generally
fluctuates more in response to changes in interest rates than interest-paying
securities.
FUTURES, OPTIONS, AND OTHER DERIVATIVES
CREDIT DEFAULT SWAPS are a specific kind of counterparty agreement that allows
the transfer of third party credit risk from one party to the other. One party
in the swap is a lender and faces credit risk from a third party, and the
counterparty in the credit default swap agrees to insure this risk in exchange
for regular periodic payments.
EQUITY-LINKED STRUCTURED NOTES are derivative securities which are specially
designed to combine the characteristics of one or more underlying securities and
their equity derivatives in a single note form. The return and/or yield or
income component may be based on the performance of the underlying equity
securities, an equity index, and/or option positions. Equity-linked structured
notes are typically offered in limited transactions by financial institutions in
either registered or non-registered form. An investment in equity-linked notes
creates exposure to the credit risk of the issuing financial institution, as
well as to the market risk of the underlying securities. There is no guaranteed
return of principal with these securities, and the appreciation potential of
these securities may be limited by a maximum payment or call right. In certain
cases, equity-linked notes may be more volatile and less liquid than less
complex securities or other types of fixed-income securities. Such securities
may exhibit price behavior that does not correlate with other fixed-income
securities.
B-3
EQUITY SWAPS involve the exchange by two parties of future cash flow (e.g., one
cash flow based on a referenced interest rate and the other based on the
performance of stock or a stock index).
FORWARD CONTRACTS are contracts to purchase or sell a specified amount of a
financial instrument for an agreed upon price at a specified time. Forward
contracts are not currently exchange-traded and are typically negotiated on an
individual basis. A Fund may enter into forward currency contracts for
investment purposes or to hedge against declines in the value of securities
denominated in, or whose value is tied to, a currency other than the U.S. dollar
or to reduce the impact of currency appreciation on purchases of such
securities. It may also enter into forward contracts to purchase or sell
securities or other financial indices.
FUTURES CONTRACTS are contracts that obligate the buyer to receive and the
seller to deliver an instrument or money at a specified price on a specified
date. A Fund may buy and sell futures contracts on foreign currencies,
securities, and financial indices including indices of U.S. Government, foreign
government, equity, or fixed-income securities. A Fund may also buy options on
futures contracts. An option on a futures contract gives the buyer the right,
but not the obligation, to buy or sell a futures contract at a specified price
on or before a specified date. Futures contracts and options on futures are
standardized and traded on designated exchanges.
INDEXED/STRUCTURED SECURITIES are typically short- to intermediate-term debt
securities whose value at maturity or interest rate is linked to currencies,
interest rates, equity securities, indices, commodity prices, or other financial
indicators. Such securities may be positively or negatively indexed (e.g., their
value may increase or decrease if the reference index or instrument
appreciates). Indexed/structured securities may have return characteristics
similar to direct investments in the underlying instruments and may be more
volatile than the underlying instruments. A Fund bears the market risk of an
investment in the underlying instruments, as well as the credit risk of the
issuer.
INTEREST RATE SWAPS involve the exchange by two parties of their respective
commitments to pay or receive interest (e.g., an exchange of floating rate
payments for fixed rate payments).
INVERSE FLOATERS are debt instruments whose interest rate bears an inverse
relationship to the interest rate on another instrument or index. For example,
upon reset, the interest rate payable on the inverse floater may go down when
the underlying index has risen. Certain inverse floaters may have an interest
rate reset mechanism that multiplies the effects of change in the underlying
index. Such mechanism may increase the volatility of the security's market
value.
OPTIONS are the right, but not the obligation, to buy or sell a specified amount
of securities or other assets on or before a fixed date at a predetermined
price. A Fund may purchase and write put and call options on securities,
securities indices, and foreign currencies. A Fund may purchase or write such
options individually or in combination.
PARTICIPATORY NOTES are derivative securities which are linked to the
performance of an underlying Indian security and which allow investors to gain
market exposure to Indian securities without trading directly in the local
Indian market.
TOTAL RETURN SWAPS involve an exchange by two parties in which one party makes
payments based on a set rate, either fixed or variable, while the other party
makes payments based on the return of an underlying asset, which includes both
the income it generates and any capital gains over the payment period.
OTHER INVESTMENTS, STRATEGIES, AND/OR TECHNIQUES
CASH SWEEP PROGRAM is an arrangement in which a Fund's uninvested cash balance
is used to purchase shares of affiliated or non-affiliated money market funds or
cash management pooled investment vehicles at the end of each day.
INDUSTRY CONCENTRATION for purposes under the 1940 Act is the investment of more
than 25% of a Fund's total assets in an industry or group of industries.
MARKET CAPITALIZATION is the most commonly used measure of the size and value of
a company. It is computed by multiplying the current market price of a share of
the company's stock by the total number of its shares outstanding. Market
capitalization is an important investment criterion for certain funds, while
others do not emphasize investments in companies of any particular size.
NONDIVERSIFICATION is a classification given to a fund under the 1940 Act. Funds
are classified as either "diversified" or "nondiversified." To be classified as
"diversified" under the 1940 Act, a fund may not, with respect to 75% of its
total
B-4
assets, invest more than 5% of its total assets in any issuer and may not own
more than 10% of the outstanding voting securities of an issuer. A fund that is
classified under the 1940 Act as "nondiversified," on the other hand, is not
subject to the same restrictions and therefore has the flexibility to take
larger positions in a smaller number of issuers than a fund that is classified
as "diversified." This gives a "nondiversified" fund more flexibility to focus
its investments in companies that the portfolio managers and/or investment
personnel have identified as the most attractive for the investment objective
and strategy of a fund but also may increase the risk of a fund.
REPURCHASE AGREEMENTS involve the purchase of a security by a Fund and a
simultaneous agreement by the seller (generally a bank or dealer) to repurchase
the security from the Fund at a specified date or upon demand. This technique
offers a method of earning income on idle cash. These securities involve the
risk that the seller will fail to repurchase the security, as agreed. In that
case, a Fund will bear the risk of market value fluctuations until the security
can be sold and may encounter delays and incur costs in liquidating the
security.
REVERSE REPURCHASE AGREEMENTS involve the sale of a security by a Fund to
another party (generally a bank or dealer) in return for cash and an agreement
by the Fund to buy the security back at a specified price and time. This
technique will be used primarily to provide cash to satisfy unusually high
redemption requests, or for other temporary or emergency purposes.
SHORT SALES in which a Fund may engage may be either "short sales against the
box" or other short sales. Short sales against the box involve selling short a
security that a Fund owns, or the Fund has the right to obtain the amount of the
security sold short at a specified date in the future. A Fund may also enter
into a short sale to hedge against anticipated declines in the market price of a
security or to reduce portfolio volatility. If the value of a security sold
short increases prior to the scheduled delivery date, the Fund loses the
opportunity to participate in the gain. For short sales, the Fund will incur a
loss if the value of a security increases during this period because it will be
paying more for the security than it has received from the purchaser in the
short sale. If the price declines during this period, a Fund will realize a
short-term capital gain. Although a Fund's potential for gain as a result of a
short sale is limited to the price at which it sold the security short less the
cost of borrowing the security, its potential for loss is theoretically
unlimited because there is no limit to the cost of replacing the borrowed
security.
WHEN-ISSUED, DELAYED DELIVERY, AND FORWARD COMMITMENT TRANSACTIONS generally
involve the purchase of a security with payment and delivery at some time in the
future - i.e., beyond normal settlement. A Fund does not earn interest on such
securities until settlement and bears the risk of market value fluctuations in
between the purchase and settlement dates. New issues of stocks and bonds,
private placements, and U.S. Government securities may be sold in this manner.
B-5
APPENDIX C
SHAREHOLDER'S GUIDE
This Prospectus/Information Statement relates to five separate classes of shares
("Shares"): Class A, Class C, Class I, Class R and Class S of Perkins Mid Cap
Value Fund ("JIF Perkins Mid Cap Value Fund"), a series of Janus Investment Fund
(the "Trust"). JIF Perkins Mid Cap Value Fund currently does not offer shares of
any of these classes. However, upon consummation of the reorganization of Janus
Adviser Mid Cap Value Fund ("JAD Perkins Mid Cap Value Fund") with and into JIF
Perkins Mid Cap Value Fund (the "Reorganization"), JIF Perkins Mid Cap Value
Fund will complete the registration of Shares of these classes pursuant to the
Securities Act of 1933, as amended, and the Investment Company Act of 1940, as
amended, and start offering these shares. JIF Perkins Mid Cap Value Fund
currently only offers two classes of shares, the Institutional Class and the
Investor Class, which are not offered in this Prospectus/Information Statement.
Please refer to JIF Perkins Mid Cap Value Fund's prospectuses dated February 27,
2009 for information about shares of these classes. You can obtain free copies
of these documents by contacting your broker-dealer, plan sponsor, or financial
intermediary or by calling a Janus representative at 1-877-335-2687. The
information below relates to classes of JIF Perkins Mid Cap Value Fund as of the
date they are created.
PURCHASE PROCEDURES, EXCHANGE RIGHTS, AND REDEMPTION PROCEDURES
Investors may not purchase, exchange, or redeem Class A, Class C, Class R and
Class S Shares of JIF Perkins Mid Cap Value Fund directly. Shares may be
purchased, exchanged, or redeemed only through retirement plans, broker-dealers,
bank trust departments, financial advisers, or other financial intermediaries.
Class A and Class C Shares made available through full service broker-dealers
are primarily available only through wrap accounts under which such
broker-dealers impose additional fees for services connected to the wrap
account. Class S Shares are only available to broker-dealers in connection with
their customers' investment in the Shares through (1) retirement plans and (2)
asset allocation, wrap fee, fee-in-lieu of commission, or other discretionary or
nondiscretionary investment advisory programs under which such broker-dealers
charge asset-based fees. This restriction on Class S Shares does not apply to
broker-dealers that had existing agreements to purchase the Shares on behalf of
their customers prior to September 30, 2004. Not all financial intermediaries
offer all classes of shares. CONTACT YOUR FINANCIAL INTERMEDIARY OR REFER TO
YOUR PLAN DOCUMENTS FOR INSTRUCTIONS ON HOW TO PURCHASE, EXCHANGE, OR REDEEM
SHARES.
Class I Shares may generally be purchased, exchanged, or redeemed only through
the following types of financial intermediaries and by certain institutional
investors. Class I Shares are offered through financial intermediaries
(including, but not limited to, broker-dealers, retirement plans, bank trust
departments, and financial advisors) who do not require payment from JIF Perkins
Mid Cap Value Fund or its service providers for the provision of distribution or
shareholder retention services, except for administrative (networking, omnibus
positioning) fees. Administrative (networking, omnibus positioning) fees may be
paid by JIF Perkins Mid Cap Value Fund to financial intermediaries for Class I
Shares processed through certain securities clearing systems. Institutional
investors may include, but are not limited to, corporations, retirement plans,
public plans, and foundations/endowments. Class I Shares are not offered
directly to individual investors. Not all financial intermediaries offer all
classes of shares. FOR INSTRUCTIONS ON HOW TO PURCHASE, EXCHANGE, OR REDEEM
SHARES, CONTACT YOUR FINANCIAL INTERMEDIARY, A JANUS REPRESENTATIVE AT
[1-800-333-1181], OR REFER TO YOUR PLAN DOCUMENTS.
With certain limited exceptions, JIF Perkins Mid Cap Value Fund is available
only to U.S. citizens or residents.
PRICING OF JIF PERKINS MID CAP VALUE FUND SHARES
The per share net asset value ("NAV") for each class is computed by dividing the
total value of assets allocated to the class, less liabilities allocated to that
class, by the total number of outstanding shares of the class. JIF Perkins Mid
Cap Value Fund's NAV is calculated as of the close of the regular trading
session of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York
time) each day that the NYSE is open ("business day"). However, the NAV may be
calculated earlier if trading on the NYSE is restricted, or as permitted by the
SEC. Because foreign securities markets may operate on days that are not
business days in the United States, the value of JIF Perkins Mid Cap Value
Fund's holdings may change on days that are not business days in the United
States and on which you will not be able to purchase or redeem JIF Perkins Mid
Cap Value Fund's Shares.
C-1
The price you pay for purchases of Class A Shares and Class C Shares is the
public offering price, which is the NAV next determined after your order is
received in good order by JIF Perkins Mid Cap Value Fund or its agent, plus, for
Class A Shares, any applicable initial sales charge. The price you pay to sell
Class A Shares and Class C Shares is also the NAV, although a contingent
deferred sales charge may be taken out of the proceeds. All purchases and
redemptions of Class I Shares, Class R Shares and Class S Shares will be duly
processed at the NAV next calculated after your request is received in good
order by JIF Perkins Mid Cap Value Fund or its agent. Your financial
intermediary may charge you a separate or additional fee for processing
purchases and redemptions of Shares. In order to receive a day's price, your
order must be received in good order by JIF Perkins Mid Cap Value Fund or its
agent by the close of the regular trading session of the NYSE.
Securities held by JIF Perkins Mid Cap Value Fund are generally valued at market
value. Certain short-term instruments maturing within 60 days or less are valued
at amortized cost, which approximates market value. If a market quotation for a
security is not readily available or is deemed unreliable, or if an event that
is expected to affect the value of the security occurs after the close of the
principal exchange or market on which the security is traded, and before the
close of the NYSE, a fair value of the security (except for short-term
instruments maturing within 60 days or less) will be determined in good faith
under policies and procedures established by and under the supervision of JIF
Perkins Mid Cap Value Fund's Board of Trustees. Such events include, but are not
limited to: (i) a significant event that may affect the securities of a single
issuer, such as a merger, bankruptcy, or significant issuer-specific
development; (ii) an event that may affect an entire market, such as a natural
disaster or significant governmental action; and (iii) a non-significant event
such as a market closing early or not opening, or a security trading halt. JIF
Perkins Mid Cap Value Fund may use a systematic fair valuation model provided by
an independent pricing service to value foreign equity securities in order to
adjust for stale pricing, which may occur between the close of certain foreign
exchanges and the close of the NYSE. While fair value pricing may be more
commonly used with foreign equity securities, it may also be used with, among
other things, thinly-traded domestic securities or fixed-income securities.
Due to the subjective nature of fair value pricing, JIF Perkins Mid Cap Value
Fund's value for a particular security may be different from the last quoted
market price. Fair value pricing may reduce arbitrage activity involving the
frequent buying and selling of mutual fund shares by investors seeking to take
advantage of a perceived lag between a change in the value of JIF Perkins Mid
Cap Value Fund's portfolio securities and the reflection of such change in JIF
Perkins Mid Cap Value Fund's NAV, as further described in the "Excessive
Trading" section in this Appendix C. While funds that invest in foreign
securities may be at a greater risk for arbitrage activity, such activity may
also arise in funds which do not invest in foreign securities, for example, when
trading in a security held by a fund is halted and does not resume prior to the
time the fund calculates its NAV (referred to as "stale pricing"). Funds that
hold thinly-traded securities, such as certain small-capitalization securities,
may be subject to attempted use of arbitrage techniques. To the extent that JIF
Perkins Mid Cap Value Fund's valuation of a security is different from the
security's market value, short-term arbitrage traders may dilute the NAV of JIF
Perkins Mid Cap Value Fund, which negatively impacts long-term shareholders. JIF
Perkins Mid Cap Value Fund's fair value pricing and excessive trading policies
and procedures may not completely eliminate short-term trading in certain
omnibus accounts and other accounts traded through intermediaries.
The value of the securities of other open-end funds held by JIF Perkins Mid Cap
Value Fund, if any, will be calculated using the NAV of such underlying funds,
and the prospectuses for such open-end funds explain the circumstances under
which they use fair value pricing and the effects of using fair value pricing.
If you hold Class I Shares in an account through a financial intermediary or
plan sponsor or if you hold Shares of Class A, Class C, Class R or Class S, all
purchases, exchanges, redemptions, or other account activity must be processed
through your financial intermediary or plan sponsor. Your financial intermediary
or plan sponsor is responsible for promptly transmitting purchase, redemption,
and other requests to JIF Perkins Mid Cap Value Fund under the arrangements made
between your financial intermediary or plan sponsor and its customers. JIF
Perkins Mid Cap Value Fund is not responsible for the failure of any financial
intermediary or plan sponsor to carry out its obligations to its customers.
CHOOSING A SHARE CLASS
As noted above, upon the closing of the Reorganization, and subject to certain
contingencies, JIF Perkins Mid Cap Value Fund will start offering shares of
Class A, Class C, Class I, Class R and Class S. Each class represents an
interest in the same portfolio of investments, but has different charges and
expenses, allowing you to choose the class that best meets your needs. When
choosing a share class, you should consider:
- how much you plan to invest;
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- how long you expect to own the shares;
- the expenses paid by each class; and
- whether you qualify for any reduction or waiver of any sales charges.
You should also consult your financial intermediary about which class is most
suitable for you. The following table summarizes some of the factors you should
consider with respect to each class of shares.*
Class A Class C Class I Class R Class S
------------------ ------------------ ---------------- --------- ------------------
Initial sales charge on Up to 5.75%(1) (2) None None None None
purchases
Deferred sales charge None except on 1.00% on Shares None None None
(CDSC) certain redeemed within
redemptions of 12 months of
Shares purchased purchase(2)
without an
initial sales
charge(2)
Redemption fee None None None None None
Exchange fee None None None None None
Minimum initial $2,500 for $2,500 for $1 million for $2,500(3) $2,500 for
investment non-retirement non-retirement institutional non-retirement
account; $500 for account; $500 for investors; $500 account; $500 for
certain certain for tax-deferred certain
tax-deferred or tax-deferred or accounts and tax-deferred or
UGMA/UTMA accounts UGMA/UTMA accounts $2,500 for other UGMA/UTMA accounts
accounts
Maximum purchase None $500,000 per a None None None
single purchase
Minimum aggregate None None None None None
account balance
12b-1 fee 0.25% 1.00%(4) None 0.50% 0.25%
----------
* Information in this table is qualified in its entirety by reference to more
detailed description in the sections below. Your financial intermediary may
charge you a separate or additional fee for purchases and redemptions of
Shares.
(1) The initial sales charge is reduced for purchases of $50,000 or more and is
waived for purchases of $1 million or more.
(2) May also be waived under certain circumstances.
(3) Investors in a defined contribution plan through a third party
administrator should refer to their plan document or contact their plan
administrator for information regarding account minimums.
(4) Up to 0.75% distribution fee and up to 0.25% shareholder servicing fee.
DISTRIBUTION, SERVICING, AND ADMINISTRATIVE FEES
DISTRIBUTION AND SHAREHOLDER SERVICING PLANS
Under distribution and shareholder servicing plans adopted in accordance with
Rule 12b-1 under the 1940 Act for Class A Shares and Class C Shares (the "Class
A Plan" and "Class C Plan," respectively), JIF Perkins Mid Cap Value Fund may
pay Janus Distributors LLC, the Trust's distributor ("Janus Distributors"), a
fee for the sale and distribution of Class A Shares and Class C Shares at an
annual rate up to 0.25% and 1.00% of the average daily net assets of Class A
Shares and Class C Shares of JIF Perkins Mid Cap Value Fund, respectively. Under
the Class A and the Class C Plans, Janus Distributors may pay all or a portion
of 12b-1 fees to retirement plan service providers, broker-dealers, bank trust
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departments, financial advisors, and other financial intermediaries, as
compensation for distribution and shareholder account services performed by such
entities for their customers who are investors in JIF Perkins Mid Cap Value
Fund.
Under a distribution and shareholder servicing plan adopted in accordance with
Rule 12b-1 under the 1940 Act for Class R Shares and Class S Shares (the "Class
R Plan" and "Class S Plan," respectively), JIF Perkins Mid Cap Value Fund may
pay Janus Distributors a fee for the sale and distribution of Class R Shares and
Class S Shares at an annual rate of up to 0.50% and 0.25% of the average daily
net assets of Class R Shares and Class S Shares of JIF Perkins Mid Cap Value
Fund, respectively. Under the terms of the Class R and Class S Plans, the Trust
is authorized to make payments to Janus Distributors for remittance to
retirement plan service providers, broker-dealers, bank trust departments,
financial advisors, and other financial intermediaries, as compensation for
distribution and shareholder account services performed by such entities for
their customers who are investors in JIF Perkins Mid Cap Value Fund.
Financial intermediaries may from time to time be required to meet certain
criteria in order to receive 12b-1 fees. Janus Distributors is entitled to
retain all fees paid under the Class C Plan for the first 12 months on any
investment in Class C Shares to recoup its expenses with respect to the payment
of commissions on sales of Class C Shares. Financial intermediaries will become
eligible for compensation under the Class C Plan beginning in the 13th month
following the purchase of Class C Shares, although Janus Distributors may,
pursuant to a written agreement between Janus Distributors and a particular
financial intermediary, pay such financial intermediary 12b-1 fees prior to the
13th month following the purchase of Class C Shares. Janus Distributors is
entitled to retain some or all fees payable under the Class A, Class C, Class R
and Class S Plans in certain circumstances, including when there is no broker of
record or when certain qualification standards have not been met by the broker
of record. Because 12b-1 fees are paid out of JIF Perkins Mid Cap Value Fund's
assets on an ongoing basis, over time they will increase the cost of your
investment and may cost you more than paying other types of sales charges.
ADMINISTRATIVE FEES - CLASS A, CLASS C AND CLASS I SHARES
Certain intermediaries may charge fees for administrative services, including
recordkeeping, subaccounting, order processing for omnibus or networked
accounts, or other shareholder services provided by intermediaries on behalf of
the shareholders of JIF Perkins Mid Cap Value Fund. Order processing includes
the submission of transactions through the National Securities Clearing
Corporation (NSCC) or similar systems, or those processed on a manual basis with
Janus. These administrative fees are paid by the Shares of JIF Perkins Mid Cap
Value Fund to Janus Services LLC ("Janus Services"), which uses such fees to
reimburse intermediaries. Because the form and amount charged varies by
intermediary, the amount of the administrative fee borne by each shareholder of
the class is an average of all fees charged by intermediaries. In the event an
intermediary receiving payments from Janus Services on behalf of JIF Perkins Mid
Cap Value Fund converts from a networking structure to an omnibus account
structure, or otherwise experiences increased costs, fees borne by the Shares
may increase.
ADMINISTRATIVE SERVICES FEE - CLASS R SHARES AND CLASS S SHARES
Janus Services, the Trust's transfer agent, receives an administrative services
fee at an annual rate of up to 0.25% of the average daily net assets of Class R
Shares and Class S Shares of JIF Perkins Mid Cap Value Fund for providing, or
arranging for the provision of, recordkeeping, subaccounting, and other
administrative services to investors. Janus Services expects to use all or a
significant portion of this fee to compensate retirement plan service providers,
broker-dealers, bank trust departments, financial advisors, and other financial
intermediaries for providing these services to their customers who invest in JIF
Perkins Mid Cap Value Fund.
PURCHASES
Purchases of Class A, Class C, Class R or Class S Shares may generally be made
only through institutional channels such as retirement plans, broker-dealers,
and other financial intermediaries. Contact your financial intermediary or refer
to your plan documents for information on how to invest in JIF Perkins Mid Cap
Value Fund, including additional information on minimum initial or subsequent
investment requirements.
Purchases of Class I Shares may generally be made only through financial
intermediaries and by certain institutional investors. Contact your financial
intermediary, a Janus representative [(1-800-333-1181)], or refer to your plan
documents for information on how to invest in JIF Perkins Mid Cap Value Fund,
including additional information on minimum initial or subsequent investment
requirements.
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Your financial intermediary may charge you a separate or additional fee for
purchases of Shares. Only certain financial intermediaries are authorized to
receive purchase orders on JIF Perkins Mid Cap Value Fund's behalf. As discussed
under the section titled "Reorganization - Other Comparative Information about
the Fund - Investment Adviser" in this Prospectus/Information Statement, Janus
Capital Management LLC ("Janus Capital"), JIF Perkins Mid Cap Value Fund's
investment adviser, and its affiliates may make payments to brokerage firms or
other financial intermediaries that were instrumental in the acquisition or
retention of shareholders for JIF Perkins Mid Cap Value Fund or that provide
services in connection with investments in JIF Perkins Mid Cap Value Fund. You
should consider such arrangements when evaluating any recommendation of JIF
Perkins Mid Cap Value Fund.
JIF Perkins Mid Cap Value Fund reserves the right to reject any purchase order,
including exchange purchases, for any reason. JIF Perkins Mid Cap Value Fund is
not intended for excessive trading. For more information about JIF Perkins Mid
Cap Value Fund's policy on excessive trading, refer to the "Excessive Trading"
section in this Appendix C.
In compliance with the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA
PATRIOT Act"), your financial intermediary is required to verify certain
information on your account application as part of its Anti-Money Laundering
Program. You will be required to provide your full name, date of birth, social
security number, and permanent street address to assist in verifying your
identity. You may also be asked to provide documents that may help to establish
your identity. Until verification of your identity is made, your financial
intermediary may temporarily limit additional share purchases. In addition, your
financial intermediary may close an account if they are unable to verify a
shareholder's identity. Please contact your financial intermediary if you need
additional assistance when completing your application or additional information
about the intermediary's Anti-Money Laundering Program.
MINIMUM AND MAXIMUM INVESTMENT REQUIREMENTS
The minimum investment for Class A Shares, Class C Shares and Class S Shares is
$2,500 per JIF Perkins Mid Cap Value Fund account for non-retirement accounts
and $500 per JIF Perkins Mid Cap Value Fund account for certain tax-deferred
accounts or UGMA/UTMA accounts. Investors in a defined contribution plan through
a third party administrator should refer to their plan document or contact their
plan administrator for additional information. In addition, accounts held
through certain wrap programs may not be subject to these minimums. Investors
should refer to their intermediary for additional information.
The minimum investment for Class I Shares is $1 million for institutional
investors. Institutional investors generally may meet the minimum investment
amount by aggregating multiple accounts within JIF Perkins Mid Cap Value Fund.
Accounts offered through an intermediary institution must meet the minimum
investment requirements of $500 for tax-deferred accounts and $2,500 for other
account types. Directors, officers, and employees of Janus Capital Group Inc.
("JCGI") and its affiliates, as well as Trustees and officers of JIF Perkins Mid
Cap Value Fund, may purchase Class I Shares through certain financial
intermediaries' institutional platforms. For more information about this program
and eligibility requirements, please contact a Janus representative at
[1-800-333-1181]. Exceptions to these minimums may apply for certain
tax-deferred, tax-qualified and retirement plans, and accounts held through
certain wrap programs. For additional information, contact your intermediary,
plan sponsor, administrator, or a Janus representative, as applicable.
With respect to Class R Shares, investors in a defined contribution plan through
a third party administrator should refer to their plan document or contact their
plan administrator for information regarding account minimums. For all other
account types, the minimum investment is $2,500.
JIF Perkins Mid Cap Value Fund reserves the right to annually request that
intermediaries close JIF Perkins Mid Cap Value Fund accounts that are valued at
less than $100, other than as a result solely of depreciation in share value.
Certain accounts held through intermediaries may not be subject to closure due
to the policies of the intermediaries. You may receive written notice from your
intermediary to increase your account balance to the required minimum to avoid
having your account closed. If you hold Class I Shares directly with JIF Perkins
Mid Cap Value Fund, you may receive written notice prior to the closure of your
JIF Perkins Mid Cap Value Fund account so that you may increase your account
balance to the required minimum. Please note that you may incur a tax liability
as a result of a redemption.
The maximum purchase in Class C Shares is $500,000 for any single purchase.
There is no limitation on maximum purchase of Class A, Class I, Class R and
Class S Shares.
C-5
JIF Perkins Mid Cap Value Fund reserves the right to change the amount of these
minimums or maximums from time to time or to waive them in whole or in part.
SYSTEMATIC PURCHASE PLAN
You may arrange for periodic purchases by authorizing your financial
intermediary (or a Janus representative, if you are a holder of Class I Shares
and you hold Class I Shares directly with JIF Perkins Mid Cap Value Fund) to
withdraw the amount of your investment from your bank account on a day or days
you specify. Not all financial intermediaries offer this plan. Contact your
financial intermediary for details.
CLASS A SHARES SALES CHARGE
An initial sales charge may apply to your purchase of Class A Shares of JIF
Perkins Mid Cap Value Fund based on the amount invested, as set forth in the
table below. The sales charge is allocated between Janus Distributors and your
financial intermediary. Sales charges, as expressed as a percentage of offering
price and as a percentage of your net investment, are shown in the table. The
dollar amount of your initial sales charge is calculated as the difference
between the public offering price and the net asset value of those shares. Since
the offering price is calculated to two decimal places using standard rounding
criteria, the number of shares purchased and the dollar amount of your sales
charge as a percentage of the offering price and of your net investment may be
higher or lower than the amounts set forth in the table depending on whether
there was a downward or upward rounding.
Class A Shares Sales Charge as
a Percentage of
-------------------------------
Net Amount
Amount of Purchase at Offering Price Offering Price(1) Invested(1)
------------------------------------ ----------------- -----------
Under $50,000 5.75% 6.10%
$50,000 but under $100,000 4.50% 4.71%
$100,000 but under $250,000 3.50% 3.63%
$250,000 but under $500,000 2.50% 2.56%
$500,000 but under $1,000,000(2) 2.00% 2.04%
$1,000,000 and above None(3) None
----------
(1) Offering price includes the initial sales charge.
(2) Compared to Class C Shares, the sales charge and expense structure of Class
A Shares may be more advantageous for investors purchasing more than
$500,000 of JIF Perkins Mid Cap Value Fund shares.
(3) A deferred sales charge of 1.00% may apply to Class A Shares purchased
without an initial sales charge if redeemed within 12 months of purchase.
Janus Distributors may pay financial intermediaries commissions on purchases of
Class A Shares as follows:
- 1.00% on amounts from $1,000,000 to $4,000,000;
- plus 0.50% on amounts greater than $4,000,000 to $10,000,000;
- plus 0.25% on amounts over $10,000,000.
The purchase totals eligible for these commissions are aggregated on a rolling
one year basis so that the rate payable resets to the highest rate annually.
QUALIFYING FOR A REDUCTION OR WAIVER OF CLASS A SHARES SALES CHARGE
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You may be able to lower your Class A Shares sales charge under certain
circumstances. For example, you can combine Class A Shares and Class C Shares
you already own (either in this JIF Perkins Mid Cap Value Fund or certain other
Janus funds) with your current purchase of Class A Shares of JIF Perkins Mid Cap
Value Fund and certain other Janus funds (including Class C Shares of those
funds) to take advantage of the breakpoints in the sales charge schedule as set
forth above. Certain circumstances under which you may combine such ownership of
Shares and purchases are described below. Contact your financial intermediary
for more information.
Class A Shares of JIF Perkins Mid Cap Value Fund may be purchased without an
initial sales charge by the following persons (and their spouses and children
under 21 years of age): (i) registered representatives and other employees of
intermediaries that have selling agreements with Janus Distributors to sell
Class A Shares; (ii) directors, officers, and employees of JCGI and its
affiliates; and (iii) trustees and officers of the Trust. In addition, the
initial sales charge may be waived on purchases of Class A Shares through
financial intermediaries that have entered into an agreement with Janus
Distributors that allows the waiver of the sales charge.
In order to obtain a sales charge discount, you should inform your financial
intermediary of other accounts in which there are JIF Perkins Mid Cap Value Fund
holdings eligible to be aggregated to meet a sales charge breakpoint. These
other accounts may include the accounts described under "Aggregating Accounts"
below. You may need to provide documents such as account statements or
confirmation statements to prove that the accounts are eligible for aggregation.
The Letter of Intent described below requires historical cost information in
certain circumstances. You should retain records necessary to show the price you
paid to purchase JIF Perkins Mid Cap Value Fund shares, as JIF Perkins Mid Cap
Value Fund, its agents, or your financial intermediary may not retain this
information.
RIGHT OF ACCUMULATION. You may purchase Class A Shares of JIF Perkins Mid Cap
Value Fund at a reduced sales charge determined by aggregating the dollar amount
of the new purchase (measured by the offering price) and the total prior day's
net asset value (net amount invested) of all Class A Shares of JIF Perkins Mid
Cap Value Fund and of certain other classes (Class A Shares and Class C Shares
of the Trust) of Janus funds then held by you, or held in accounts identified
under "Aggregating Accounts" below, and applying the sales charge applicable to
such aggregate amount. In order for your purchases and holdings to be aggregated
for purposes of qualifying for such discount, they must have been made through
one financial intermediary and you must provide sufficient information to your
financial intermediary at the time of purchase to permit verification that the
purchase qualifies for the reduced sales charge. The right of accumulation is
subject to modification or discontinuance at any time with respect to all shares
purchased thereafter.
LETTER OF INTENT. You may obtain a reduced sales charge on Class A Shares by
signing a Letter of Intent indicating your intention to purchase $50,000 or more
of Class A Shares (including Class A Shares in other series of the Trust) over a
13-month period. The term of the Letter of Intent will commence upon the date
you sign the Letter of Intent. You must refer to such Letter when placing
orders. With regard to a Letter of Intent, the amount of investment for purposes
of applying the sales load schedule includes (i) the historical cost (what you
actually paid for the shares at the time of purchase, including any sales
charges) of all Class A Shares acquired during the term of the Letter of Intent,
minus (ii) the value of any redemptions of Class A Shares made during the term
of the Letter of Intent. Each investment made during the period receives the
reduced sales charge applicable to the total amount of the investment goal. A
portion of shares purchased may be held in escrow to pay for any sales charge
that may be applicable. If the goal is not achieved within the period, you must
pay the difference between the sales charges applicable to the purchases made
and the charges previously paid, or an appropriate number of escrowed shares
will be redeemed. Please contact your financial intermediary to obtain a Letter
of Intent application.
AGGREGATING ACCOUNTS. To take advantage of lower Class A Shares sales charges on
large purchases or through the exercise of a Letter of Intent or right of
accumulation, investments made by you, your spouse, and your children under age
21 may be aggregated if made for your own account(s) and/or certain other
accounts such as:
- trust accounts established by the above individuals (or the accounts
of the primary beneficiary of the trust if the person who established
the trust is deceased);
- solely controlled business accounts; and
- single participant retirement plans.
To receive a reduced sales charge under rights of accumulation or a Letter of
Intent, you must notify your financial intermediary of any eligible accounts
that you, your spouse, and your children under age 21 have at the time of your
purchase.
C-7
You may access information regarding sales loads, breakpoint discounts, and
purchases of JIF Perkins Mid Cap Value Fund's shares, free of charge, and in a
clear and prominent format, at www.janus.com/breakpoints, and by following the
appropriate hyperlinks to the specific information.
COMMISSION ON CLASS C SHARES
Janus Distributors may compensate your financial intermediary at the time of
sale at a commission rate of 1.00% of the net asset value of the Class C Shares
purchased. Service providers to qualified plans will not receive this amount if
they receive 12b-1 fees from the time of initial investment of qualified plan
assets in Class C Shares.
EXCHANGES
Contact your financial intermediary or consult your plan documents to exchange
into other funds in the Trust. Be sure to read the prospectus of the fund into
which you are exchanging. An exchange is generally a taxable transaction (except
for certain tax-deferred accounts).
- You may generally exchange shares of JIF Perkins Mid Cap Value Fund
for shares of the same class of any other fund in the Trust offered
through your financial intermediary or qualified plan.
- You must meet the minimum investment amount for each fund.
- JIF Perkins Mid Cap Value Fund reserves the right to reject any
exchange request and to modify or terminate the exchange privilege at
any time.
- The exchange privilege is not intended as a vehicle for short-term or
excessive trading. JIF Perkins Mid Cap Value Fund may suspend or
terminate your exchange privilege if you engage in an excessive
pattern of exchanges.
- With respect to exchange of Class I Shares, accounts holding Class I
Shares directly with JIF Perkins Mid Cap Value Fund may make up to
four round trips in JIF Perkins Mid Cap Value Fund in a 12-month
period, although JIF Perkins Mid Cap Value Fund at all times reserves
the right to reject any exchange purchase for any reason without prior
notice. Generally, a "round trip" is a redemption out of JIF Perkins
Mid Cap Value Fund (by any means) followed by a purchase back into JIF
Perkins Mid Cap Value Fund (by any means). JIF Perkins Mid Cap Value
Fund will work with intermediaries to apply JIF Perkins Mid Cap Value
Fund's exchange limit. However, JIF Perkins Mid Cap Value Fund may not
always have the ability to monitor or enforce the trading activity in
such accounts.
- For more information about JIF Perkins Mid Cap Value Fund's policy on
excessive trading, refer to the "Excessive Trading" section in this
Appendix C.
WAIVER OF SALES CHARGES
Class A Shares received through an exchange of Class A Shares of another fund of
the Trust will not be subject to any initial sales charge of JIF Perkins Mid Cap
Value Fund's Class A Shares. Class A Shares or Class C Shares received through
an exchange of Class A Shares or Class C Shares, respectively, of another fund
of the Trust will not be subject to any applicable contingent deferred sales
charge ("CDSC") at the time of the exchange. Any CDSC applicable to redemptions
of Class A Shares or Class C Shares will continue to be measured on the Shares
received by exchange from the date of your original purchase. For more
information about the CDSC, please refer to "Redemptions." While Class C Shares
do not have any front-end sales charges, their higher annual operating expenses
mean that over time, you could end up paying more than the equivalent of the
maximum allowable front-end sales charge.
REDEMPTIONS
Redemptions, like purchases, of Class A, Class C, Class R and Class S Shares may
generally be effected only through retirement plans, broker-dealers, and
financial intermediaries. Please contact your financial intermediary or refer to
the appropriate plan documents for details.
Redemptions, like purchases, of Class I Shares may generally be effected only
through financial intermediaries and by certain institutional investors. Please
contact your financial intermediary, a Janus representative [(1-800-333-1181)],
or refer to the appropriate plan documents for details.
Your financial intermediary may charge a processing or service fee in connection
with the redemption of Shares.
C-8
Shares of JIF Perkins Mid Cap Value Fund may be redeemed on any business day on
which JIF Perkins Mid Cap Value Fund's NAV is calculated. Redemptions are duly
processed at the NAV next calculated after your redemption order is received in
good order by JIF Perkins Mid Cap Value Fund or its agent. Redemption proceeds,
less any applicable CDSC for Class A Shares and Class C Shares will normally be
sent the business day following receipt of the redemption order, but in no event
later than seven days after receipt of such order.
If you hold Class A, Class C, Class I or Class S Shares, you should note that
JIF Perkins Mid Cap Value Fund reserves the right to annually request that
intermediaries close JIF Perkins Mid Cap Value Fund accounts that are valued at
less than $100, other than as a result solely of depreciation in share value.
Certain accounts held through intermediaries may not be subject to closure due
to the policies of the intermediaries. You may receive written notice from your
intermediary to increase your account balance to the required minimum to avoid
having your account closed. In addition, if you hold Class I Shares directly
with JIF Perkins Mid Cap Value Fund, you may receive written notice prior to the
closure of your JIF Perkins Mid Cap Value Fund account so that you may increase
your account balance to the required minimum. Please note that you may incur a
tax liability as a result of a redemption.
REDEMPTIONS IN-KIND
Shares normally will be redeemed for cash, although JIF Perkins Mid Cap Value
Fund retains the right to redeem some or all of its shares in-kind under unusual
circumstances, in order to protect the interests of remaining shareholders or to
accommodate a request by a particular shareholder that does not adversely affect
the interest of the remaining shareholders, by delivery of securities selected
from its assets at its discretion. However, JIF Perkins Mid Cap Value Fund is
required to redeem shares solely for cash up to the lesser of $250,000 or 1% of
the NAV of JIF Perkins Mid Cap Value Fund during any 90-day period for any one
shareholder. Should redemptions by any shareholder exceed such limitation, JIF
Perkins Mid Cap Value Fund will have the option of redeeming the excess in cash
or in-kind. In-kind payment means payment will be made in portfolio securities
rather than cash. If this occurs, the redeeming shareholder might incur
brokerage or other transaction costs to convert the securities to cash.
SYSTEMATIC WITHDRAWAL PLAN
You may arrange for periodic redemptions of Class A Shares or Class C Shares by
authorizing your financial intermediary to redeem a specified amount from your
account on a day or days you specify. Any resulting CDSC may be waived through
financial intermediaries that have entered into an agreement with Janus
Distributors. The maximum annual rate at which shares subject to a CDSC may be
redeemed, pursuant to a systematic withdrawal plan, without paying a CDSC, is
12% of the net asset value of the account. Certain other terms and minimums may
apply. Not all financial intermediaries offer this plan. Contact your financial
intermediary for details.
You may arrange for periodic redemptions of Class I Shares by authorizing your
financial intermediary (or a Janus representative, if you hold Shares directly
with JIF Perkins Mid Cap Value Fund) to redeem a specified amount from your
account on a day or days you specify. Not all financial intermediaries offer
this plan. Contact your financial intermediary or a Janus representative for
details.
You may arrange for periodic redemptions of Class R Shares or Class S Shares by
authorizing your financial intermediary to redeem a specified amount from your
account on a day or days you specify. Not all financial intermediaries offer
this plan. Contact your financial intermediary for details.
CLASS A SHARES AND CLASS C SHARES CDSC
A 1.00% CDSC may be deducted with respect to Class A Shares purchased without an
initial sales charge if redeemed within 12 months of purchase, unless any of the
CDSC waivers listed below apply. A 1.00% CDSC will be deducted with respect to
Class C Shares redeemed within 12 months of purchase, unless a CDSC waiver
applies. The CDSC will be based on the lower of the original purchase price or
the value of the redemption of the Class A Shares or Class C Shares redeemed, as
applicable.
CDSC WAIVERS
There are certain cases in which you may be exempt from a CDSC charged to Class
A Shares and Class C Shares. Among others, these include:
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- Upon the death or disability of an account owner;
- Retirement plans and certain other accounts held through a financial
intermediary that has entered into an agreement with Janus
Distributors to waive CDSCs for such accounts;
- Retirement plan shareholders taking required minimum distributions;
- The redemption of Class A Shares or Class C Shares acquired through
reinvestment of JIF Perkins Mid Cap Value Fund dividends or
distributions;
- The portion of the redemption representing appreciation as a result of
an increase in NAV above the total amount of payments for Class A
Shares or Class C Shares during the period during which the CDSC
applied; or
- If JIF Perkins Mid Cap Value Fund chooses to liquidate or
involuntarily redeem shares in your account.
To keep the CDSC as low as possible, Class A Shares or Class C Shares not
subject to any CDSC will be redeemed first, followed by shares held longest.
REINSTATEMENT PRIVILEGE - CLASS A SHARES
After you have redeemed Class A Shares, you have a one-time right to reinvest
the proceeds within 90 days of the redemption date at the current NAV (without
an initial sales charge). You will not be reimbursed for any CDSC paid on your
redemption of Class A Shares.
EXCESSIVE TRADING
EXCESSIVE TRADING POLICIES AND PROCEDURES
The Board of Trustees of JIF Perkins Mid Cap Value Fund has adopted policies and
procedures with respect to short-term and excessive trading of Fund shares
("excessive trading"). JIF Perkins Mid Cap Value Fund is intended for long-term
investment purposes only, and the Fund will take reasonable steps to attempt to
detect and deter excessive trading. Transactions placed in violation of JIF
Perkins Mid Cap Value Fund's excessive trading policies may be cancelled or
revoked by the Fund by the next business day following receipt by the Fund. The
trading history of accounts determined to be under common ownership or control
within any of the Janus funds may be considered in enforcing these policies and
procedures. As described below, however, JIF Perkins Mid Cap Value Fund may not
be able to identify all instances of excessive trading or completely eliminate
the possibility of excessive trading. In particular, it may be difficult to
identify excessive trading in certain omnibus accounts and other accounts traded
through intermediaries. By their nature, omnibus accounts, in which purchases
and redemptions of JIF Perkins Mid Cap Value Fund's shares by multiple investors
are aggregated by the intermediary and presented to the Fund on a net basis, may
effectively conceal the identity of individual investors and their transactions
from the Fund and its agents. This makes the elimination of excessive trading in
the accounts impractical without the assistance of the intermediary.
JIF Perkins Mid Cap Value Fund attempts to deter excessive trading through at
least the following methods:
- exchange limitations as described under "Exchanges;"
- redemption fees (where applicable on certain classes of certain
funds); and
- fair valuation of securities as described under "Pricing of Fund
Shares."
JIF Perkins Mid Cap Value Fund monitors Fund share transactions, subject to the
limitations described below. Generally, a purchase of JIF Perkins Mid Cap Value
Fund's shares followed by the redemption of JIF Perkins Mid Cap Value Fund's
shares within a 90-day period may result in enforcement of JIF Perkins Mid Cap
Value Fund's excessive trading policies and procedures with respect to future
purchase orders, provided that the Fund reserves the right to reject any
purchase request as explained above.
If JIF Perkins Mid Cap Value Fund detects excessive trading, the Fund may
suspend or permanently terminate the exchange privilege (if permitted by your
financial intermediary) of the account and may bar future purchases into the
Fund and any of the other Janus funds by such investor. JIF Perkins Mid Cap
Value Fund's excessive trading policies generally do not apply to a (i) money
market fund, although money market funds at all times reserve the right to
reject any purchase request (including exchange purchases) for any reason
without prior notice; and (ii) transactions in the Janus funds by a Janus "fund
of funds," which is a fund that primarily invests in other Janus mutual funds.
JIF Perkins Mid Cap Value Fund's Board of Trustees may approve from time to time
a redemption fee to be imposed by any Janus fund, subject to 60 days' notice to
shareholders of that fund.
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Investors who place transactions through the same financial intermediary on an
omnibus basis may be deemed part of a group for the purpose of JIF Perkins Mid
Cap Value Fund's excessive trading policies and procedures and may be rejected
in whole or in part by the Fund. JIF Perkins Mid Cap Value Fund, however, cannot
always identify or reasonably detect excessive trading that may be facilitated
by financial intermediaries or made difficult to identify through the use of
omnibus accounts by those intermediaries that transmit purchase, exchange, and
redemption orders to JIF Perkins Mid Cap Value Fund, and thus the Fund may have
difficulty curtailing such activity. Transactions accepted by a financial
intermediary in violation of JIF Perkins Mid Cap Value Fund's excessive trading
policies may be cancelled or revoked by the Fund by the next business day
following receipt by the Fund.
In an attempt to detect and deter excessive trading in omnibus accounts, JIF
Perkins Mid Cap Value Fund or its agents may require intermediaries to impose
restrictions on the trading activity of accounts traded through those
intermediaries. Such restrictions may include, but are not limited to, requiring
that trades be placed by U.S. mail, prohibiting purchases for a designated
period of time (typically 30 to 90 days) by investors who have recently redeemed
Fund shares, requiring intermediaries to report information about customers who
purchase and redeem large amounts, and similar restrictions. JIF Perkins Mid Cap
Value Fund's ability to impose such restrictions with respect to accounts traded
through particular intermediaries may vary depending on the systems
capabilities, applicable contractual and legal restrictions, and cooperation of
those intermediaries.
Certain transactions in Fund shares, such as periodic rebalancing (no more
frequently than quarterly) or those which are made pursuant to systematic
purchase, exchange, or redemption programs generally do not raise excessive
trading concerns and normally do not require application of JIF Perkins Mid Cap
Value Fund's methods to detect and deter excessive trading.
JIF Perkins Mid Cap Value Fund also reserves the right to reject any purchase
request (including exchange purchases) by any investor or group of investors for
any reason without prior notice, including, in particular, if the trading
activity in the account(s) is deemed to be disruptive to the Fund. For example,
JIF Perkins Mid Cap Value Fund may refuse a purchase order if the Fund's
portfolio managers believe they would be unable to invest the money effectively
in accordance with the Fund's investment policies or the Fund would otherwise be
adversely affected due to the size of the transaction, frequency of trading, or
other factors.
JIF Perkins Mid Cap Value Fund's policies and procedures regarding excessive
trading may be modified at any time by the Fund's Board of Trustees.
EXCESSIVE TRADING RISKS
Excessive trading may present risks to JIF Perkins Mid Cap Value Fund's
long-term shareholders. Excessive trading into and out of JIF Perkins Mid Cap
Value Fund may disrupt portfolio investment strategies, may create taxable gains
to remaining Fund shareholders, and may increase Fund expenses, all of which may
negatively impact investment returns for all remaining shareholders, including
long-term shareholders.
Funds that invest in foreign securities may be at a greater risk for excessive
trading. Investors may attempt to take advantage of anticipated price movements
in securities held by a fund based on events occurring after the close of a
foreign market that may not be reflected in JIF Perkins Mid Cap Value Fund's NAV
(referred to as "price arbitrage"). Such arbitrage opportunities may also arise
in funds which do not invest in foreign securities, for example, when trading in
a security held by a fund is halted and does not resume prior to the time JIF
Perkins Mid Cap Value Fund calculates its NAV (referred to as "stale pricing").
Funds that hold thinly-traded securities, such as certain small-capitalization
securities, may be subject to attempted use of arbitrage techniques. To the
extent that JIF Perkins Mid Cap Value Fund's valuation of a security differs
from the security's market value, short-term arbitrage traders may dilute the
NAV of JIF Perkins Mid Cap Value Fund, which negatively impacts long-term
shareholders. Although JIF Perkins Mid Cap Value Fund has adopted fair valuation
policies and procedures intended to reduce the Fund's exposure to price
arbitrage, stale pricing, and other potential pricing inefficiencies, under such
circumstances there is potential for short-term arbitrage trades to dilute the
value of Fund shares.
Although JIF Perkins Mid Cap Value Fund takes steps to detect and deter
excessive trading pursuant to the policies and procedures described in this
Appendix C and approved by the Board of Trustees, there is no assurance that
these policies and procedures will be effective in limiting excessive trading in
all circumstances. For example, JIF Perkins Mid Cap Value Fund may be unable to
completely eliminate the possibility of excessive trading in certain omnibus
accounts and other accounts traded through intermediaries. Omnibus accounts may
effectively conceal the identity of individual investors and
C-11
their transactions from JIF Perkins Mid Cap Value Fund and its agents. This
makes JIF Perkins Mid Cap Value Fund's identification of excessive trading
transactions in the Fund through an omnibus account difficult and makes the
elimination of excessive trading in the account impractical without the
assistance of the intermediary. Although JIF Perkins Mid Cap Value Fund
encourages intermediaries to take necessary actions to detect and deter
excessive trading, some intermediaries may be unable or unwilling to do so, and
accordingly, the Fund cannot eliminate completely the possibility of excessive
trading.
Shareholders that invest through an omnibus account should be aware that they
may be subject to the policies and procedures of their financial intermediary
with respect to excessive trading in JIF Perkins Mid Cap Value Fund.
AVAILABILITY OF PORTFOLIO HOLDINGS INFORMATION
The Mutual Fund Holdings Disclosure Policies and Procedures adopted by Janus
Capital and all mutual funds managed within the Janus fund complex are designed
to be in the best interests of the funds and to protect the confidentiality of
the funds' portfolio holdings. The following describes policies and procedures
with respect to disclosure of portfolio holdings of JIF Perkins Mid Cap Value
Fund.
- FULL HOLDINGS. JIF Perkins Mid Cap Value Fund is required to disclose
its complete holdings in the quarterly holdings report on Form N-Q
within 60 days of the end of each fiscal quarter, and in the annual
report and semiannual report to fund shareholders. These reports (i)
are available on the SEC's website at http://www.sec.gov; (ii) may be
reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. (information on the Public Reference Room may be obtained by
calling 1-800-SEC-0330); and (iii) are available without charge, upon
request, by calling a Janus representative at 1-877-335-2687 (toll
free). Holdings are generally posted under the Characteristics tab at
www.janus.com/info approximately two business days after the end of
the following period: portfolio holdings (excluding cash investments,
derivatives, short positions, and other investment positions),
consisting of at least the names of the holdings, are generally
available on a calendar quarter-end basis with a 30-day lag.
- TOP HOLDINGS. JIF Perkins Mid Cap Value Fund's top portfolio holdings,
in order of position size and as a percentage of the Fund's total
portfolio, are available monthly with a 15-day lag and on a calendar
quarter-end basis with a 15-day lag. Most funds disclose their top ten
portfolio holdings. However, certain funds disclose only their top
five portfolio holdings.
- OTHER INFORMATION. JIF Perkins Mid Cap Value Fund may occasionally
provide security breakdowns (e.g., industry, sector, regional, market
capitalization, and asset allocation), top performance
contributors/detractors, and specific portfolio level performance
attribution information and statistics monthly with a 30-day lag and
on a calendar quarter-end basis with a 15-day lag.
Full portfolio holdings will remain available on the Janus websites at least
until a Form N-CSR or Form N-Q is filed with the SEC for the period that
includes the date as of which the website information is current. JIF Perkins
Mid Cap Value Fund discloses its short positions, if applicable, only to the
extent required in regulatory reports. Janus Capital may exclude from
publication all or any portion of portfolio holdings or change the time periods
of disclosure as deemed necessary to protect the interests of JIF Perkins Mid
Cap Value Fund, including under extraordinary circumstances exceptions to the
Mutual Fund Holdings Disclosure Policies and Procedures made by Janus Capital's
Chief Investment Officer(s) or their delegates. Such exceptions may be made
without prior notice to shareholders. A summary of JIF Perkins Mid Cap Value
Fund's portfolio holdings disclosure policies and procedures, which includes a
discussion of any exceptions, is contained in the Fund's SAI.
DISTRIBUTION OF JIF PERKINS MID CAP VALUE FUND
JIF Perkins Mid Cap Value Fund is distributed by Janus Distributors LLC, which
is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). To
obtain information about FINRA member firms and their associated persons, you
may contact FINRA at www.finra.org, or at 1-800-289-9999.
DISTRIBUTIONS AND TAXES
DISTRIBUTIONS
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To avoid taxation of JIF Perkins Mid Cap Value Fund, the Internal Revenue Code
requires the Fund to distribute all or substantially all of its net investment
income and any net capital gains realized on its investments at least annually.
JIF Perkins Mid Cap Value Fund's income from certain dividends, interest, and
any net realized short-term capital gains are paid to shareholders as ordinary
income dividends. Certain dividend income may be reported to shareholders as
"qualified dividend income," which is generally subject to reduced rates of
taxation. Net realized long-term capital gains are paid to shareholders as
capital gains distributions, regardless of how long Shares of the Fund have been
held. Distributions are made at the class level, so they may vary from class to
class within a single fund.
DISTRIBUTION SCHEDULE
Dividends from net investment income for JIF Perkins Mid Cap Value Fund are
normally declared and distributed in December. For investors investing through
intermediaries, the date you receive your distribution may vary depending on how
your intermediary processes trades. Please consult your intermediary for
details. Distributions of capital gains are normally declared and distributed in
December. If necessary, dividends and net capital gains may be distributed at
other times as well.
HOW DISTRIBUTIONS AFFECT JIF PERKINS MID CAP VALUE FUND'S NAV
Distributions are paid to shareholders as of the record date of a distribution
of JIF Perkins Mid Cap Value Fund, regardless of how long the shares have been
held. Undistributed dividends and net capital gains are included in JIF Perkins
Mid Cap Value Fund's daily NAV. The share price of JIF Perkins Mid Cap Value
Fund drops by the amount of the distribution, net of any subsequent market
fluctuations. For example, assume that on December 31, JIF Perkins Mid Cap Value
Fund declared a dividend in the amount of $0.25 per share. If JIF Perkins Mid
Cap Value Fund's share price was $10.00 on December 30, JIF Perkins Mid Cap
Value Fund's share price on December 31 would be $9.75, barring market
fluctuations. You should be aware that distributions from a taxable mutual fund
do not increase the value of your investment and may create income tax
obligations.
"BUYING A DIVIDEND"
If you purchase shares of JIF Perkins Mid Cap Value Fund just before a
distribution, you will pay the full price for the shares and receive a portion
of the purchase price back as a taxable distribution. This is referred to as
"buying a dividend." In the above example, if you bought shares on December 30,
you would have paid $10.00 per share. On December 31, JIF Perkins Mid Cap Value
Fund would pay you $0.25 per share as a dividend and your shares would now be
worth $9.75 per share. Unless your account is set up as a tax-deferred account,
dividends paid to you would be included in your gross income for tax purposes,
even though you may not have participated in the increase in NAV of JIF Perkins
Mid Cap Value Fund, whether or not you reinvested the dividends. Before buying
shares of JIF Perkins Mid Cap Value Fund close to year-end, you should consult
with your financial intermediary or tax adviser as to potential tax consequences
of any distributions that may be paid shortly after purchase.
For your convenience, JIF Perkins Mid Cap Value Fund's distributions of net
investment income and net capital gains are automatically reinvested in JIF
Perkins Mid Cap Value Fund. To receive distributions in cash, contact your
financial intermediary or a Janus representative at [1-800-525-0020]. Whether
reinvested or paid in cash, the distributions may be subject to taxes, unless
your shares are held in a qualified tax-deferred plan or account.
TAXES
As with any investment, you should consider the tax consequences of investing in
JIF Perkins Mid Cap Value Fund. Any time you sell or exchange shares of a fund
in a taxable account, it is considered a taxable event. For federal income tax
purposes, an exchange is treated the same as a sale. Depending on the purchase
price and the sale price, you may have a gain or loss on the transaction;
whether the gain or loss is long-term or short-term depends on how long you
owned the shares. Any tax liabilities generated by your transactions are your
responsibility.
The following discussion does not apply to qualified tax-deferred accounts or
other non-taxable entities, nor is it a complete analysis of the federal income
tax implications of investing in JIF Perkins Mid Cap Value Fund. You should
consult your tax adviser if you have any questions. Additionally, state or local
taxes may apply to your investment, depending upon the laws of your state of
residence.
TAXES ON DISTRIBUTIONS
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Distributions by JIF Perkins Mid Cap Value Fund are subject to federal income
tax, regardless of whether the distribution is made in cash or reinvested in
additional shares of JIF Perkins Mid Cap Value Fund. When gains from the sale of
a security held by JIF Perkins Mid Cap Value Fund are paid to shareholders, the
rate at which the gain will be taxed to shareholders depends on the length of
time JIF Perkins Mid Cap Value Fund held the security. In certain states, a
portion of the distributions (depending on the sources of JIF Perkins Mid Cap
Value Fund's income) may be exempt from state and local taxes. JIF Perkins Mid
Cap Value Fund's net investment income and capital gains are distributed to (and
may be taxable to) those persons who are shareholders of JIF Perkins Mid Cap
Value Fund at the record date of such payments. Although JIF Perkins Mid Cap
Value Fund's total net income and net realized gain are the results of its
operations, the per share amount distributed or taxable to shareholders is
affected by the number of Fund shares outstanding at the record date. Generally,
account tax information will be made available to shareholders on or before
January 31st of each year. Information regarding distributions may also be
reported to the Internal Revenue Service.
Distributions made by JIF Perkins Mid Cap Value Fund with respect to Shares
purchased through a qualified retirement plan will generally be exempt from
current taxation if left to accumulate within the qualified plan.
Generally, withdrawals from qualified plans may be subject to ordinary income
tax and, if made before age 591/2, a 10% penalty tax may be imposed. The tax
status of your investment depends on the features of your qualified plan. For
further information, please contact your plan sponsor.
JIF Perkins Mid Cap Value Fund may be required to withhold U.S. federal income
tax on all distributions and redemptions payable to shareholders who fail to
provide their correct taxpayer identification number, fail to make certain
required certifications, or who have been notified by the Internal Revenue
Service that they are subject to backup withholding. The current backup
withholding rate is applied.
TAXATION OF JIF PERKINS MID CAP VALUE FUND
Dividends, interest, and some capital gains received by JIF Perkins Mid Cap
Value Fund on foreign securities may be subject to foreign tax withholding or
other foreign taxes. If JIF Perkins Mid Cap Value Fund is eligible, it may from
year to year make the election permitted under Section 853 of the Internal
Revenue Code to pass through such taxes to shareholders as a foreign tax credit.
If such an election is not made, any foreign taxes paid or accrued will
represent an expense to JIF Perkins Mid Cap Value Fund. JIF Perkins Mid Cap
Value Fund's transactions may involve short sales, futures, options, swap
agreements, hedged investments, and other similar transactions, and may be
subject to special provisions of the Internal Revenue Code that, among other
things, can potentially affect the character, amount, timing of distributions to
shareholders, and utilization of capital loss carryforwards. JIF Perkins Mid Cap
Value Fund will monitor its transactions and may make certain tax elections and
use certain investment strategies where applicable in order to mitigate the
effect of these tax provisions, if possible.
JIF Perkins Mid Cap Value Fund does not expect to pay any federal income or
excise taxes because it intends to meet certain requirements of the Internal
Revenue Code. It is important that JIF Perkins Mid Cap Value Fund meet these
requirements so that any earnings on your investment will not be subject to
federal income taxes twice. If JIF Perkins Mid Cap Value Fund invests in
partnerships, it may be subject to state tax liabilities.
C-14
APPENDIX D
LEGAL MATTERS
In the fall of 2003, the Securities and Exchange Commission ("SEC"), the Office
of the New York State Attorney General ("NYAG"), the Colorado Attorney General
("COAG"), and the Colorado Division of Securities ("CDS") announced that they
were investigating alleged frequent trading practices in the mutual fund
industry. On August 18, 2004, Janus Capital announced that it had reached final
settlements with the SEC, the NYAG, the COAG, and the CDS related to such
regulators' investigations into Janus Capital's frequent trading arrangements.
A number of civil lawsuits were brought against Janus Capital and certain of its
affiliates, the Janus funds, and related entities and individuals based on
allegations similar to those announced by the above regulators and were filed in
several state and federal jurisdictions. Such lawsuits alleged a variety of
theories for recovery including, but not limited to, the federal securities
laws, other federal statutes (including ERISA), and various common law
doctrines. The Judicial Panel on Multidistrict Litigation transferred these
actions to the U.S. District Court for the District of Maryland (the "Court")
for coordinated proceedings. On September 29, 2004, five consolidated amended
complaints were filed with the Court that generally include: (i) claims by a
putative class of investors in certain Janus funds asserting claims on behalf of
the investor class (Marini, et al. v. Janus Investment Fund, et al., U.S.
District Court, District of Maryland, Case No. 04-CV-00497); (ii) derivative
claims by investors in certain Janus funds ostensibly on behalf of such funds
(Steinberg et al. v. Janus Capital Management, LLC et al., U.S. District Court,
District of Maryland, Case No. 04-CV-00518); (iii) claims on behalf of
participants in the Janus 401(k) plan (Wangberger v. Janus Capital Group Inc.,
401(k) Advisory Committee, et al., U.S. District Court, District of Maryland,
Case No. JFM-05-2711); (iv) claims brought on behalf of shareholders of Janus
Capital Group Inc. ("JCGI") on a derivative basis against the Board of Directors
of JCGI (Chasen v. Whiston, et al., U.S. District Court, District of Maryland,
Case No. 04-MD-00855); and (v) claims by a putative class of shareholders of
JCGI asserting claims on behalf of the shareholders (Wiggins, et al. v. Janus
Capital Group, Inc., et al., U.S. District Court, District of Maryland, Case No.
04-CV-00818). Each of the five complaints initially named JCGI and/or Janus
Capital as a defendant. In addition, the following were also named as defendants
in one or more of the actions: Janus Investment Fund ("JIF"), Janus Aspen Series
("JAS"), Janus Adviser Series ("JAD"), Janus Distributors LLC, INTECH Investment
Management LLC ("INTECH") (formerly named Enhanced Investment Technologies,
LLC), Bay Isle Financial LLC ("Bay Isle"), Perkins Investment Management LLC
("Perkins") (formerly named Perkins, Wolf, McDonnell and Company, LLC), the
Advisory Committee of the Janus 401(k) plan, and the current or former directors
of JCGI.
On August 25, 2005, the Court entered orders dismissing most of the claims
asserted against Janus Capital and its affiliates by fund investors in the
Marini and Steinberg cases (actions (i) and (ii) above) except certain claims
under Section 10(b) of the Securities Exchange Act of 1934 and under Section
36(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). On
December 30, 2008, the court granted partial summary judgment in Janus Capital's
favor with respect to Plaintiffs' damage demand as it relates to what was
categorized as "approved" market timing based on the court's finding that there
was no evidence that investors suffered damages that exceed the $50 million they
are entitled to receive under the regulatory settlement. The court did not grant
summary judgment on the remaining causes of action and requested the parties to
submit additional briefing with respect to what was categorized as "unapproved"
market timing. On August 15, 2006, the Wangberger complaint in the 401(k) plan
class action (action (iii) above) was dismissed by the Court with prejudice. The
plaintiff appealed that dismissal decision to the United States Court of Appeals
for the Fourth Circuit, which remanded the case back to the Court for further
proceedings. The Court also dismissed the Chasen lawsuit (action (iv) above)
against JCGI's Board of Directors without leave to amend. Finally, a Motion to
Dismiss the Wiggins suit (action (v) above) was granted and the matter was
dismissed in May 2007. Plaintiffs appealed that dismissal to the United States
Court of Appeals for the Fourth Circuit where the appeal is pending.
In addition to the lawsuits described above, the Auditor of the State of West
Virginia ("Auditor"), in his capacity as securities commissioner, has initiated
administrative proceedings against many of the defendants in the market timing
cases (including JCGI and Janus Capital) and, as a part of its relief, is
seeking disgorgement and other monetary relief based on similar market timing
allegations (In the Matter of Janus Capital Group Inc. et al., Before the
Securities Commissioner, State of West Virginia, Summary Order No. 05-1320). In
September 2006, JCGI and Janus Capital filed their answer to the Auditor's
summary order instituting proceedings as well as a Motion to Discharge Order to
Show Cause. This action is pending.
During 2007, two lawsuits were filed against Janus Management Holdings
Corporation ("Janus Holdings"), an affiliate of JCGI, by former Janus portfolio
managers, alleging that Janus Holdings unilaterally implemented certain changes
to
D-1
compensation in violation of prior agreements (Edward Keely v. Janus Holdings,
Denver District Court, Case No. 2007CV7366; Tom Malley v. Janus Holdings, Denver
District Court, Case No. 2007CV10719). These complaints allege some or all of
the following claims: (1) breach of contract; (2) willful and wanton breach of
contract; (3) breach of good faith and fair dealing; and (4) estoppel. Janus
Holdings filed Answers to these complaints denying any liability for these
claims and intends to vigorously defend against the allegations.
Additional lawsuits may be filed against certain of the Janus funds, Janus
Capital, and related parties in the future. Janus Capital does not currently
believe that these pending actions will materially affect its ability to
continue providing services it has agreed to provide to the Janus funds.
D-2
JANUS INVESTMENT FUND
STATEMENT OF ADDITIONAL INFORMATION
[April __, 2009]
Relating to the acquisition of the assets of
JANUS ADVISER PERKINS MID CAP VALUE FUND
(formerly named Janus Adviser Mid Cap Value Fund)
a series of Janus Adviser Series
151 Detroit Street
Denver, Colorado 80206-4805
1-800-525-3713
by and in exchange for shares of beneficial interest of
PERKINS MID CAP VALUE FUND
(formerly named Janus Mid Cap Value Fund)
a series of Janus Investment Fund
151 Detroit Street
Denver, Colorado 80206-4805
1-800-525-0200
This Statement of Additional Information (the "SAI") expands upon and
supplements the information contained in the combined Information Statement and
prospectus (the "Prospectus/Information Statement") dated [April __, 2009]. The
Prospectus/Information Statement is being furnished to shareholders of Janus
Adviser Perkins Mid Cap Value Fund, a series of Janus Adviser Series ("JAD
Perkins Mid Cap Value Fund"), in connection with the reorganization of JAD
Perkins Mid Cap Value Fund with and into Perkins Mid Cap Value Fund, a series of
Janus Investment Fund ("JIF Perkins Mid Cap Value Fund"), pursuant to which all
of the assets and liabilities of JAD Perkins Mid Cap Value Fund would be
transferred to JIF Perkins Mid Cap Value Fund in exchange for shares of
beneficial interest of JIF Perkins Mid Cap Value Fund (the "Reorganization").
This SAI is not a prospectus and should be read in conjunction with the
Prospectus/Information Statement. A copy of the Prospectus/Information Statement
may be obtained without charge by contacting Janus Capital Management LLC
("Janus Capital") at 151 Detroit Street, Denver, Colorado 80206 or by
telephoning Janus toll-free at 1-800-525-0200.
This SAI consists of: (i) this cover page; (ii) Additional Information about
Class A, Class C, Class I, Class R and Class S shares of JIF Perkins Mid Cap
Value Fund, (iii) the accompanying Pro Forma Financial Statements, and (iv) the
following documents, each of which was filed electronically with the U.S.
Securities and Exchange Commission (the "SEC") and is incorporated by reference
herein:
1. The SAI for JAD Perkins Mid Cap Value Fund, dated [November 28, 2008],
as filed on [November 28, 2008] (File No: 333-33978), and the SAI for
JIF Perkins Mid Cap Value Fund, dated February 27, 2009, (File No:
002-34393).
2. The Financial Statements of JAD Perkins Mid Cap Value Fund are
included in the annual report, dated July 31, 2008, as filed on
September 29, 2008, and the semi-annual report, dated [January 31,
2009], as filed on [March 31, 2009] (File No: 811-09885), and the
Financial Statements of JIF Perkins Mid Cap Value Fund are included in
the annual report, dated October 31, 2008, as filed on December 29,
2008, and the semi-annual report, dated April 30, 2008, as filed on
June 27, 2008 (File No: 811-01879).
As described in the Prospectus/Information Statement, JAD Perkins Mid Cap Value
Fund, upon the closing of such Reorganization, each owner of Class A, Class C,
Class I, Class R and Class S shares of JAD Perkins Mid Cap Value Fund would
become a shareholder of the corresponding class of shares of JIF Perkins Mid Cap
Value Fund. JIF Perkins Mid Cap Value Fund does not currently offer Class A,
Class C, Class I, Class R and Class S shares. However, before the closing of the
Reorganization, JIF Perkins Mid Cap Value Fund will create and register Class A,
Class C, Class I, Class R and Class S shares pursuant to the Securities Act of
1933, as amended, and the Investment Company Act of 1940, as amended.
Information about JIF Perkins Mid Cap Value Fund and its Class A, Class C, Class
I, Class R and Class S shares provided in the Prospectus/Information Statement
and other general information about JIF Perkins Mid Cap Value Fund in its SAI
dated February 27, 2009, as filed with the SEC on February 27, 2009 (File No.
002-34393), is incorporated herein by reference. Only certain information
specific to JIF Perkins Mid Cap Value Fund's Class A, Class C, Class I, Class R
and Class S shares is provided herein.
ADDITIONAL INFORMATION ABOUT
CLASS A, CLASS C, CLASS I, CLASS R AND CLASS S SHARES OF JIF PERKINS
MID CAP VALUE FUND
TRANSFER AGENCY AND OTHER SERVICES
Janus Services LLC ("Janus Services"), P.O. Box 173375, Denver, Colorado
80217-3375, a wholly-owned subsidiary of Janus Capital, is JIF Perkins Mid Cap
Value Fund's transfer agent. In addition, Janus Services provides certain other
administrative, recordkeeping, and shareholder relations services for JIF
Perkins Mid Cap Value Fund. Janus Services receives an administrative services
fee at an annual rate of up to 0.25% of the average daily net assets of Class R
shares and Class S shares of JIF Perkins Mid Cap Value Fund for providing or
procuring recordkeeping, sub-accounting, and other administrative services to
investors in Class R shares and Class S shares of JIF Perkins Mid Cap Value
Fund. Janus Services expects to use a significant portion of this fee to
compensate retirement plan service providers, broker-dealers, bank trust
departments, financial advisors, and other financial intermediaries for
providing these services. Services provided by these financial intermediaries
may include but are not limited to recordkeeping, processing and aggregating
purchase and redemption transactions, providing periodic statements, forwarding
prospectuses, shareholder reports, and other materials to existing customers,
and other administrative services.
Janus Services is not compensated for its services related to Class A shares,
Class C shares, and Class I shares, except for out-of-pocket expenses. Included
in out-of-pocket expenses are the networking and/or omnibus account fees which
certain intermediaries charge with respect to transactions in JIF Perkins Mid
Cap Value Fund that are processed through the National Securities Clearing
Corporation ("NSCC") or similar systems.
PURCHASES OF CLASS A SHARES
The price you pay for Class A shares is the public offering price, which is the
NAV next determined after JIF Perkins Mid Cap Value Fund or its agent receives
in good order your order plus an initial sales charge, if applicable, based on
the amount invested as set forth in the table. JIF Perkins Mid Cap Value Fund
receives the NAV. The sales charge is allocated between your financial
intermediary and Janus Distributors, the Trust's distributor, as shown in the
table, except where Janus Distributors, in its discretion, allocates up to the
entire amount to your financial intermediary. Sales charges, as expressed as a
percentage of offering price, a percentage of your net investment, and as a
percentage of the sales charge re-allowed to financial intermediaries, are shown
in the table. The dollar amount of your initial sales charge is calculated as
the difference between the public offering price and the NAV of those shares.
Since the offering price is calculated to two decimal places using standard
rounding criteria, the number of shares purchased and the dollar amount of your
sales charge as a percentage of the offering price and of your net investment
may be higher or lower than the amounts set forth in the table depending on
whether there was a downward or upward rounding. Although you pay no initial
sales charge on purchases of $1,000,000 or more, Janus Distributors may pay,
from its own resources, a commission to your financial intermediary on such
investments.
Sales Charge as a Sales Charge as a Amount of Sales Charge Reallowed to
Percentage of Percentage of Net Financial Intermediaries as a
Offering Price* Amount Invested Percentage of Offering Price
----------------- ----------------- -----------------------------------
Under $50,000 5.75% 6.10% 5.00%
$50,000 but under $100,000 4.50% 4.71% 3.75%
$100,000 but under $250,000 3.50% 3.63% 2.75%
$250,000 but under $500,000 2.50% 2.56% 2.00%
$500,000 but under $1,000,000 2.00% 2.04% 1.60%
$1,000,000 and above None** None None
----------
* Offering Price includes the initial sales charge.
** A contingent deferred sales charge of 1.00% may apply to Class A shares
purchased without an initial sales charge if redeemed within 12 months of
purchase.
2
DISTRIBUTION AND SHAREHOLDER SERVICING PLANS
CLASS A SHARES, CLASS R SHARES, AND CLASS S SHARES
As described in the Prospectus/Information Statement, Class A shares, Class R
shares, and Class S shares will each adopt distribution and shareholder
servicing plans (the "Class A Plan," "Class R Plan," and "Class S Plan,"
respectively) in accordance with Rule 12b-1 under the 1940 Act. The Plans are
compensation type plans and permit the payment at an annual rate of up to 0.25%
of the average daily net assets of Class A shares and Class S shares and at an
annual rate of up to 0.50% of the average daily net assets of Class R shares of
JIF Perkins Mid Cap Value Fund for activities that are primarily intended to
result in sales of Class A shares, Class R shares, or Class S shares of such
Fund, including but not limited to preparing, printing, and distributing
prospectuses, SAIs, shareholder reports, and educational materials to
prospective and existing investors; responding to inquiries by investors;
receiving and answering correspondence and similar activities. Payments under
the Plans are not tied exclusively to actual distribution and service expenses,
and the payments may exceed distribution and service expenses actually incurred.
Payments are made to Janus Distributors LLC, JIF Perkins Mid Cap Value Fund's
distributor ("Janus Distributors"), who may make ongoing payments to financial
intermediaries based on the value of Fund shares held by such intermediaries'
customers.
CLASS C SHARES
As described in the Prospectus/Information Statement, Class C shares will adopt
a distribution and shareholder servicing plan (the "Class C Plan") in accordance
with Rule 12b-1 under the 1940 Act. The Class C Plan is a compensation type plan
and permits the payment at an annual rate of up to 0.75% of the average daily
net assets of Class C shares of JIF Perkins Mid Cap Value Fund for activities
which are primarily intended to result in sales of Class C shares of JIF Perkins
Mid Cap Value Fund. In addition, the Plan permits the payment of up to 0.25% of
the average daily net assets of Class C shares of JIF Perkins Mid Cap Value Fund
for shareholder servicing activities such as providing facilities to answer
questions from existing investors about JIF Perkins Mid Cap Value Fund;
receiving and answering correspondence; assisting investors in changing dividend
and other account options and any other activities for which "service fees" may
be paid under Rule 2830 of the Financial Industry Regulatory Authority, Inc.
Conduct Rules. Payments under the Class C Plan are not tied exclusively to
actual distribution and service expenses, and the payments may exceed
distribution and service expenses actually incurred.
The Plans and any Rule 12b-1 related agreement to be entered into by JIF Perkins
Mid Cap Value Fund or Janus Distributors in connection with the Plans will
continue in effect for a period of more than one year only so long as
continuance is specifically approved at least annually by a vote of a majority
of the Trustees, and of a majority of the Trustees who are not interested
persons (as defined in the 1940 Act) of the Trust and who have no direct or
indirect financial interest in the operation of the Plans or any related
agreements ("12b-1 Trustees"). All material amendments to any Plan must be
approved by a majority vote of the Trustees, including a majority of the 12b-1
Trustees, at a meeting called for that purpose. In addition, any Plan may be
terminated as to JIF Perkins Mid Cap Value Fund at any time, without penalty, by
vote of a majority of the outstanding shares of that Class of JIF Perkins Mid
Cap Value Fund or by vote of a majority of the 12b-1 Trustees.
Janus Distributors is entitled to retain all fees paid under the Class C Plan
for the first 12 months on any investment in Class C shares to recoup its
expenses with respect to the payment of commissions on sales of Class C shares.
Financial intermediaries will become eligible for compensation under the Class C
Plan beginning in the 13th month following the purchase of Class C shares,
although Janus Distributors may, pursuant to a written agreement between Janus
Distributors and a particular financial intermediary, pay such financial
intermediary 12b-1 fees prior to the 13th month following the purchase of Class
C shares.
3
PRO FORMA FINANCIAL STATEMENTS
In connection with a proposed transaction whereby all of the assets and
liabilities of JAD Perkins Mid Cap Value Fund will be transferred to JIF Perkins
Mid Cap Value Fund (each, a "Fund" and collectively, the "Funds"), in exchange
for shares of JIF Perkins Mid Cap Value Fund, shown below are financial
statements for each Fund and Pro Forma Financial Statements for the combined
Fund, assuming the Reorganization is consummated, as of [October 31, 2008]. The
first table presents Statements of Assets and Liabilities for each Fund and
estimated pro forma figures for the combined Fund. The second table presents
Statements of Operations for each Fund and estimated pro forma figures for the
combined Fund. The third table presents Schedule of Investments for each Fund
and estimated pro forma figures for the combined Fund. The tables are followed
by the Notes to the Pro Forma Financial Statements.
PERKINS MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
As of October 31, 2008
Perkins Mid Janus Adviser Pro Forma Perkins Janus Adviser Pro Forma
Cap Value Perkins Mid Cap Perkins Mid Cap Mid Cap Perkins Mid Cap Perkins Mid Cap
Fund Value Fund Value Fund Value Fund Value Fund Value Fund
----------------- ----------------- ----------------- ------------- --------------- ---------------
Shares/Principal/ Shares/Principal/ Shares/Principal/
Contract Amounts Contract Amounts Contract Amounts Value Value Value
----------------- ----------------- ----------------- ------------- --------------- ---------------
Common Stock - 90.2%
Advertising Agencies - 0.5%
Omnicom Group, Inc. 1,000,000 210,000 1,210,000 $ 29,540,000 $ 6,203,400 $ 35,743,400
Aerospace and Defense - 0.8%
Rockwell Collins, Inc. 1,200,000 250,000 1,450,000 44,676,000 9,307,500 53,983,500
Agricultural Chemicals - 0.1%
Mosaic Co. 200,000 24,800 224,800 7,882,000 977,368 8,859,368
Applications Software - 0.5%
Intuit, Inc.* 1,100,000 208,100 1,308,100 27,566,000 5,214,986 32,780,986
Automotive - Truck Parts and
Equipment - Original - 0.2%
Magna International, Inc. -|
Class A (U.S. Shares) 340,000 90,000 430,000 11,495,400 3,042,900 14,538,300
Beverages - Non-Alcoholic -
0.3%
PepsiCo, Inc. 300,000 67,500 367,500 17,103,000 3,848,175 20,951,175
Brewery - 0.3%
Molson Coors Brewing Co. -
Class B 1,150,000 203,700 1,353,700 42,964,000 7,610,232 50,574,232
Building - Residential and
Commercial - 0.6% Centex
Corp.* 600,000 167,400 767,400 7,350,000 2,050,650 9,400,650
KB Home 1,000,000 124,900 1,124,900 16,690,000 2,084,581 18,774,581
Pulte Homes, Inc. 1,200,000 249,500 1,449,500 13,368,000 2,779,430 16,147,430
37,408,000 6,914,661 44,322,661
Cable Television - 0.2%
Comcast Corp. - Class A 700,000 175,000 875,000 11,032,000 2,758,000 13,790,000
Chemicals - Specialty - 1.4%
Lubrizol Corp. 2,082,800 400,000 2,482,800 78,271,624 15,032,000 93,303,624
Coal - 0.6%
Arch Coal, Inc. 1,600,000 320,000 1,920,000 34,256,000 6,851,200 41,107,200
Commercial Banks - 1.4%
BB&T Corp. 400,000 111,900 511,900 14,340,000 4,011,615 18,351,615
City National Corp. 349,014 64,300 413,314 18,682,719 3,441,979 22,124,698
Synovus Financial Corp. 4,300,000 1,011,500 5,311,500 44,419,000 10,448,795 54,867,795
77,441,719 17,902,389 95,344,108
Computers - Integrated
Systems - 2.6%
Diebold, Inc. 2,200,000 451,000 2,651,000 65,384,000 13,403,720 78,787,720
NCR Corp.* 4,200,000 847,600 5,047,600 76,776,000 15,494,128 92,270,128
142,160,000 28,897,848 171,057,848
Consumer Products -
Miscellaneous - 0.9%
Kimberly-Clark Corp. 785,000 154,100 939,100 48,112,650 9,444,789 57,557,439
Containers - Metal and
Glass - 1.1%
Ball Corp. 1,700,000 350,000 2,050,000 58,140,000 11,970,000 70,110,000
Containers - Paper and
Plastic - 0.9%
Pactiv Corp.* 1,699,979 354,000 2,053,979 40,051,505 8,340,240 48,391,745
Temple-Inland, Inc. 1,300,000 568,742 1,868,742 7,709,000 3,372,640 11,081,640
47,760,505 11,712,880 59,473,385
Cosmetics and
Toiletries - 0.6%
Procter & Gamble Co. 515,000 67,500 582,500 33,238,100 4,356,450 37,594,550
Data Processing and
Management - 0.3%
Fiserv, Inc.* 430,000 72,500 502,500 14,344,800 2,418,600 16,763,400
Distribution/Wholesale - 1.0%
Tech Data Corp.* 1,600,000 320,000 1,920,000 34,320,000 6,864,000 41,184,000
W.W. Grainger, Inc. 300,100 52,900 353,000 23,578,857 4,156,353 27,735,210
57,898,857 11,020,353 68,919,210
Diversified Operations - 1.3%
Illinois Tool Works, Inc. 500,000 185,000 685,000 16,695,000 6,177,150 22,872,150
Tyco International, Ltd. 2,204,967 448,200 2,653,167 55,741,566 11,330,496 67,072,062
72,436,566 17,507,646 89,944,212
E-Commerce/Services - 0.8%
eBay, Inc.* 1,500,000 285,000 1,785,000 22,905,000 4,351,950 27,256,950
IAC/InterActiveCorp* 1,250,000 280,000 1,530,000 20,950,000 4,692,800 25,642,800
43,855,000 9,044,750 52,899,750
Electric - Integrated - 3.1%
DPL, Inc. 2,000,000 300,000 2,300,000 45,620,000 6,843,000 52,463,000
FPL Group, Inc. 450,000 87,000 537,000 21,258,000 4,109,880 25,367,880
PPL Corp. 1,560,000 260,000 1,820,000 51,199,200 8,533,200 59,732,400
Public Service Enterprise
Group, Inc. 2,050,000 410,000 2,460,000 57,707,500 11,541,500 69,249,000
175,784,700 31,027,580 206,812,280
Electric Products -
Miscellaneous - 0.3%
Emerson Electric Co. 478,400 91,800 570,200 15,658,032 3,004,614 18,662,646
Electronic Components -
Miscellaneous - 0.3%
Vishay Intertechnology,
Inc.* 4,000,000 720,000 4,720,000 17,240,000 3,103,200 20,343,200
Electronic Components -
Semiconductors - 0.5%
Texas Instruments, Inc. 1,200,000 320,000 1,520,000 23,472,000 6,259,200 29,731,200
Electronic Connectors - 1.2%
Thomas & Betts Corp.* 2,800,000 559,700 3,359,700 66,500,000 13,292,875 79,792,875
Electronic Measuring
Instruments - 0.5%
Agilent Technologies, Inc.* 1,221,200 191,600 1,412,800 27,098,428 4,251,604 31,350,032
Electronic Parts
Distributors - 0.4%
Avnet, Inc.* 1,200,000 201,100 1,401,100 20,088,000 3,366,414 23,454,414
Engineering - Research and
Development Services - 2.3%
McDermott International, |Inc.
(U.S. Shares)* 2,046,124 386,800 2,432,924 35,050,104 6,625,884 41,675,988
URS Corp.* 3,150,000 555,000 3,705,000 92,578,500 16,311,450 108,889,950
127,628,604 22,937,334 150,565,938
Finance - Investment
Bankers/Brokers - 0.7%
Raymond James Financial, Inc. 1,687,312 314,100 2,001,412 39,297,496 7,315,389 46,612,885
Food - Miscellaneous/
Diversified - 1.9%
Kellogg Co. 700,000 144,000 844,000 35,294,000 7,260,480 42,554,480
Kraft Foods, Inc. - Class A 1,150,000 160,200 1,310,200 33,511,000 4,668,228 38,179,228
Unilever PLC (ADR) 1,650,000 312,300 1,962,300 37,224,000 7,045,488 44,269,488
106,029,000 18,974,196 125,003,196
Forestry - 0.6%
Weyerhaeuser Co. 800,000 161,500 961,500 30,576,000 6,172,530 36,748,530
Gas - Distribution - 0.4%
4
Southern Union Co. 1,400,000 189,000 1,589,000 24,108,000 3,254,580 27,362,580
Gold Mining - 0.9%
Goldcorp, Inc. (U.S. Shares) 2,650,000 487,300 3,137,300 49,449,000 9,093,018 58,542,018
Hotels and Motels - 0.9%
Marriott International, Inc. -
Class A 1,250,000 240,200 1,490,200 26,087,500 5,012,974 31,100,474
Starwood Hotels & Resorts|
Worldwide, Inc. 1,000,000 202,100 1,202,100 22,540,000 4,555,334 27,095,334
48,627,500 9,568,308 58,195,808
Human Resources - 1.2%
Manpower, Inc. 700,000 175,000 875,000 21,791,000 5,447,750 27,238,750
Robert Half International,
Inc. 2,450,000 495,000 2,945,000 46,231,500 9,340,650 55,572,150
68,022,500 14,788,400 82,810,900
Industrial Gases - 0.7%
Air Products and Chemicals,
Inc. 650,000 129,500 779,500 37,784,500 7,527,835 45,312,335
Instruments -
Scientific - 3.3%
Applera Corp. - Applied
Biosystems Group 1,100,000 181,800 1,281,800 33,913,000 5,604,894 39,517,894
PerkinElmer, Inc. 2,000,000 413,700 2,413,700 35,880,000 7,421,778 43,301,778
Thermo Fisher Scientific,
Inc.* 1,750,000 346,400 2,096,400 71,050,000 14,063,840 85,113,840
Varian, Inc.* 1,121,800 206,400 1,328,200 41,338,330 7,605,840 48,944,170
182,181,330 34,696,352 216,877,682
Insurance Brokers - 0.8%
Brown & Brown, Inc. 2,300,000 429,000 2,729,000 47,196,000 8,803,080 55,999,080
Internet Infrastructure
Equipment - 0.4%
Avocent Corp.*, L 1,503,838 219,900 1,723,738 22,587,647 3,302,898 25,890,545
Internet Telephony - 0.3%
J2 Global Communications,
Inc.* 1,000,000 233,000 1,233,000 16,120,000 3,755,960 19,875,960
Investment Management and
Advisory
Services - 3.1%
AllianceBernstein Holding L.P. 2,436,100 511,000 2,947,100 57,102,184 11,977,840 69,080,024
Franklin Resources, Inc. 550,000 125,000 675,000 37,400,000 8,500,000 45,900,000
Invesco, Ltd. (U.S. Shares) 5,229,988 944,000 6,173,988 77,979,121 14,075,040 92,054,161
Legg Mason, Inc. 0 83,900 83,900 0 1,861,741 1,861,741
172,481,305 36,414,621 208,895,926
Life and Health
Insurance - 2.0%
AFLAC, Inc. 1,250,000 242,200 1,492,200 55,350,000 10,724,616 66,074,616
Lincoln National Corp. 1,800,000 387,000 2,187,000 31,032,000 6,671,880 37,703,880
Protective Life Corp. 2,699,580 619,800 3,319,380 22,541,493 5,175,330 27,716,823
108,923,493 22,571,826 131,495,319
Machinery - Farm - 0.9%
Deere & Co. 1,250,000 250,000 1,500,000 48,200,000 9,640,000 57,840,000
Medical - Drugs - 2.1%
Endo Pharmaceuticals Holdings,
Inc.* 1,200,000 220,000 1,420,000 22,200,000 4,070,000 26,270,000
Forest Laboratories, Inc.* 1,650,000 340,000 1,990,000 38,329,500 7,898,200 46,227,700
Wyeth 1,800,000 329,000 2,129,000 57,924,000 10,587,220 68,511,220
118,453,500 22,555,420 141,008,920
Medical - HMO - 0.7%
Coventry Health Care, Inc.* 1,100,000 207,800 1,307,800 14,509,000 2,740,882 17,249,882
Health Net, Inc.* 1,613,600 270,000 1,883,600 20,783,168 3,477,600 24,260,768
35,292,168 6,218,482 41,510,650
Medical - Wholesale Drug
Distributors - 1.4%
Cardinal Health, Inc. 2,050,000 410,600 2,460,600 78,310,000 15,684,920 93,994,920
Medical Instruments - 0.4% 0
St. Jude Medical, Inc.* 650,000 110,000 760,000 24,719,500 4,183,300 28,902,800
Medical Labs and Testing
Services - 1.5% 0
Covance, Inc.* 400,000 90,400 490,400 20,000,000 4,520,000 24,520,000
Laboratory Corporation of
America Holdings* 950,000 200,000 1,150,000 58,415,500 12,298,000 70,713,500
78,415,500 16,818,000 95,233,500
Medical Products - 1.7%
Covidien, Ltd. 275,000 69,800 344,800 12,179,750 3,091,442 15,271,192
Hospira, Inc.* 1,250,000 254,200 1,504,200 34,775,000 7,071,844 41,846,844
Zimmer Holdings, Inc.* 1,064,359 235,900 1,300,259 49,418,188 10,952,837 60,371,025
96,372,938 21,116,123 117,489,061
Metal - Aluminum - 0.7%
Alcoa, Inc. 3,100,000 632,100 3,732,100 35,681,000 7,275,471 42,956,471
Metal - Diversified - 0.3%
Freeport-McMoRan Copper &
Gold, Inc. - Class B 550,000 160,000 710,000 16,005,000 4,656,000 20,661,000
Metal Processors and
Fabricators - 0.8%
Kaydon Corp. 1,375,900 258,700 1,634,600 45,968,819 8,643,167 54,611,986
Motorcycle and Motor Scooter
Manufacturing - 0.2%
Harley-Davidson, Inc. 500,000 89,600 589,600 12,240,000 2,193,408 14,433,408
Multi-Line Insurance - 1.9%
Allstate Corp. 1,900,000 407,400 2,307,400 50,141,000 10,751,286 60,892,286
Old Republic International
Corp. 5,800,000 1,290,000 7,090,000 53,418,000 11,880,900 65,298,900
103,559,000 22,632,186 126,191,186
Multimedia - 0.9%
McGraw-Hill Companies, Inc. 600,000 116,000 716,000 16,104,000 3,113,440 19,217,440
Viacom, Inc. - Class B* 1,600,000 320,000 1,920,000 32,352,000 6,470,400 38,822,400
48,456,000 9,583,840 58,039,840
Networking Products - 0.3%
Polycom, Inc.* 600,015 210,500 810,515 12,606,315 4,422,605 17,028,920
Non-Hazardous Waste
Disposal - 0.6%
Republic Services, Inc. 1,450,000 221,400 1,671,400 34,365,000 5,247,180 39,612,180
Office Automation and
Equipment - 0.4%
Pitney Bowes, Inc. 400,000 80,800 480,800 9,912,000 2,002,224 11,914,224
Xerox Corp. 1,400,000 398,200 1,798,200 11,228,000 3,193,564 14,421,564
21,140,000 5,195,788 26,335,788
Oil - Field Services - 0.4%
Transocean, Inc.* 275,696 50,228 325,924 22,698,052 4,135,271 26,833,323
Oil and Gas Drilling
Noble Corp. 400,000 126,000 526,000 12,884,000 4,058,460 16,942,460
Oil Companies - Exploration
and Production -5.5%
Anadarko Petroleum Corp. 1,750,000 375,000 2,125,000 61,775,001 13,237,501 75,012,502
Bill Barrett Corp.* 600,000 146,000 746,000 12,240,000 2,978,400 15,218,400
Cabot Oil & Gas Corp. 1,100,000 260,000 1,360,000 30,877,000 7,298,200 38,175,200
Devon Energy Corp. 175,000 42,400 217,400 14,150,500 3,428,464 17,578,964
Equitable Resources, Inc. 1,400,000 270,000 1,670,000 48,594,000 9,371,700 57,965,700
Forest Oil Corp.* 1,100,028 213,600 1,313,628 32,131,818 6,239,256 38,371,074
Newfield Exploration Co.* 400,000 140,000 540,000 9,192,000 3,217,200 12,409,200
Noble Energy, Inc. 1,100,000 200,000 1,300,000 57,002,000 10,364,000 67,366,000
Sandridge Energy, Inc.* 1,450,000 278,300 1,728,300 15,515,000 2,977,810 18,492,810
Southwestern Energy Co.* 500,000 125,300 625,300 17,810,000 4,463,186 22,273,186
299,287,319 63,575,717 362,863,036
Oil Companies -
Integrated - 1.7%
Hess Corp. 550,000 107,500 657,500 33,115,500 6,472,575 39,588,075
Marathon Oil Corp. 2,100,000 400,000 2,500,000 61,110,000 11,640,000 72,750,000
94,225,500 18,112,575 112,338,075
Oil Field Machinery and
Equipment - 0.8%
National-Oilwell Varco, Inc.* 1,450,000 265,500 1,715,500 43,340,500 7,935,795 51,276,295
Oil Refining and
Marketing - 0.8%
Frontier Oil Corp. 2,600,000 557,200 3,157,200 34,346,000 7,360,612 41,706,612
Valero Energy Corp. 600,000 149,700 749,700 12,348,000 3,080,826 15,428,826
46,694,000 10,441,438 57,135,438
Paper and Related
Products - 1.2%
Potlatch Corp. 900,000 101,600 1,001,600 29,889,000 3,374,136 33,263,136
Rayonier, Inc. 1,130,000 230,000 1,360,000 37,380,400 7,608,400 44,988,800
67,269,400 10,982,536 78,251,936
Pipelines - 2.2%
Kinder Morgan Energy
Partners L.P. 850,000 169,500 1,019,500 45,942,500 9,161,475 55,103,975
Plains All American
Pipeline L.P. 1,950,000 341,800 2,291,800 78,000,000 13,672,000 91,672,000
123,942,500 22,833,475 146,775,975
Property and Casualty
Insurance - 1.3%
Mercury General Corp. 1,081,200 212,300 1,293,500 55,541,244 10,905,851 66,447,095
Progressive Corp. 1,100,000 233,300 1,333,300 15,697,000 3,329,191 19,026,191
71,238,244 14,235,042 85,473,286
Real Estate Operating/
Development - 0.0%
Forestar Real Estate Group,
Inc.* 1 0 1 9 0 9
Reinsurance - 2.3%
Berkshire Hathaway, Inc. -
Class B* 30,500 3,550 34,050 117,120,000 13,632,000 130,752,000
Everest Re Group, Ltd. 250,000 41,900 291,900 18,675,000 3,129,930 21,804,930
135,795,000 16,761,930 152,556,930
REIT - Apartments - 0.8%
Avalonbay Communities, Inc. 150,000 40,000 190,000 10,653,000 2,840,800 13,493,800
Equity Residential 1,011,025 129,200 1,140,225 35,315,103 4,512,956 39,828,059
45,968,103 7,353,756 53,321,859
REIT - Mortgage - 0.4%
Redwood Trust, Inc. 1,550,000 278700 1,828,700 23,622,000 4,247,388 27,869,388
REIT - Office Property - 0.9%
Boston Properties, Inc. 350,000 84,900 434,900 24,808,000 6,017,712 30,825,712
SL Green Realty Corp. 500,000 100,100 600,100 21,020,000 4,208,204 25,228,204
45,828,000 10,225,916 56,053,916
REIT - Regional Malls - 0.3%
Macerich Co. 500,000 61,700 561,700 14,710,000 1,815,214 16,525,214
REIT - Warehouse/Industry
- 0.4%
AMB Property Corp. 986,300 204,000 1,190,300 23,700,789 4,902,120 28,602,909
Retail - Apparel and
Shoe - 1.0%
American Eagle Outfitters,
Inc. 3,700,000 651,700 4,351,700 41,144,000 7,246,904 48,390,904
Men's Wearhouse, Inc. 1,000,000 162,400 1,162,400 15,290,000 2,483,096 17,773,096
56,434,000 9,730,000 66,164,000
Retail - Auto Parts - 1.0%
Advance Auto Parts, Inc. 1,400,000 264,200 1,664,200 43,680,000 8,243,040 51,923,040
O'Reilly Automotive, Inc.* 450,000 112,100 562,100 12,199,500 3,039,031 15,238,531
55,879,500 11,282,071 67,161,571
Retail - Drug Store - 1.3%
CVS/Caremark Corp. 1,030,000 109,020 1,139,020 31,569,500 3,341,463 34,910,963
Walgreen Co. 1,800,000 276,000 2,076,000 45,828,000 7,026,960 52,854,960
77,397,500 10,368,423 87,765,923
Retail - Major Department
Stores - 0.5%
J.C. Penney Company, Inc. 400,000 150,400 550,400 9,568,000 3,597,568 13,165,568
TJX Companies, Inc. 500,000 135,000 635,000 13,380,000 3,612,600 16,992,600
22,948,000 7,210,168 30,158,168
Retail - Regional Department
Stores - 0.8%
Kohl's Corp.* 700,000 150,400 850,400 24,591,000 5,283,552 29,874,552
Macy's, Inc. 1,450,000 281,500 1,731,500 17,820,500 3,459,635 21,280,135
42,411,500 8,743,187 51,154,687
Retail - Restaurants - 0.5%
Darden Restaurants, Inc. 1,250,000 175,000 1,425,000 27,712,500 3,879,750 31,592,250
Savings/Loan/Thrifts - 1.7%
Guaranty Financial Group,
Inc.* 1 0 1 2 0 2
People's United Financial,
Inc. 5,400,000 950,000 6,350,000 94,500,000 16,625,000 111,125,000
94,500,002 16,625,000 111,125,002
Schools - 0.4%
Apollo Group, Inc. - Class A* 350,000 62,900 412,900 24,328,500 4,372,179 28,700,679
Semiconductor Components/
Integrated
Circuits - 0.8%
Analog Devices, Inc. 2,100,000 400000 2,500,000 44,856,000 8,544,000 53,400,000
Semiconductor Equipment -0.6%
Applied Materials, Inc. 2,600,000 520,000 3,120,000 33,566,000 6,713,200 40,279,200
Super-Regional Banks - 1.1%
PNC Bank Corp. 300,000 53700 353,700 20,001,000 3,580,179 23,581,179
SunTrust Banks, Inc. 900,000 185,800 1,085,800 36,126,000 7,458,012 43,584,012
56,127,000 11,038,191 67,165,191
Telecommunication
Equipment - 0.4%
Harris Corp. 600,000 110,000 710,000 21,570,000 3,954,500 25,524,500
Telecommunication
Services - 0.7%
Embarq Corp. 1,327,453 260,000 1,587,453 39,823,590 7,821,000 47,644,590
Telephone - Integrated - 0.3%
CenturyTel, Inc. 600,000 115,700 715,700 15,066,000 2,905,227 17,971,227
Tools - Hand Held - 0.4%
Stanley Works 650,000 140,000 790,000 21,281,000 4,583,600 25,864,600
Transportation -
Railroad - 1.3%
Kansas City Southern* 1,231,484 233,700 1,465,184 38,015,911 7,214,319 45,230,230
Norfolk Southern Corp. 330,000 100000 430,000 19,780,200 5,994,000 25,774,200
Union Pacific Corp. 200,000 40,000 240,000 13,354,000 2,670,800 16,024,800
71,150,111 15,879,119 87,029,230
Transportation - Truck - 0.2%
J.B. Hunt Transport
Services, Inc. 350,000 0 350,000 9,950,500 0 9,950,500
X-Ray Equipment - 0.4%
Hologic, Inc.* 1,700,000 348,900 2,048,900 20,808,000 4,270,536 25,078,536
------------- ------------- -------------
Total Common Stock
(cost $6,510,329,039),
cost ($1,310,218,608),
combined cost
(7,820,547,647) 4,981,233,615 971,120,615 5,952,354,230
------------- ------------- -------------
Purchased Options -
Puts - 5.2%
iShares Russell Mid-Cap Value
Index 0 1407 1407 0 1,519,560 1,519,560
expires October 2008
exercise price $40.96**
iShares Russell Mid-Cap Value
Index 0 1429 1429 0 1,769,102 1,769,102
expires October 2008
exercise price $42.55**
iShares Russell Mid-Cap Value
Index 0 1614 1614 0 2,409,702 2,409,702
expires October 2008
exercise price $45.10**
iShares Russell Mid-Cap Value
Index 19,040 2,906 21946 22,257,760 3,397,114 25,654,874
expires November 2008
exercise price $41.846
iShares Russell Mid-Cap Value
Index 17,940 2,340 20280 28,040,220 3,666,780 31,707,000
expires November 2008
exercise price $45.84**
iShares Russell Mid-Cap Value
Index 17,682 2,385 20067 27,707,694 3,727,755 31,435,449
expires November 2008
exercise price $45.87**
Mid-Cap SPDR Trust Series 1 8,138 1,372 9510 33,968,012 5,726,728 39,694,740
expires December 2008
exercise price $144.50**
Russell Mid-Cap Value Index 382 52 434 2,694,933 366,850 3,061,783
expires November 2008
exercise price $750.00
Russell Mid-Cap Value Index 382 52 434 8,270,235 1,125,791 9,396,026
expires November 2008
exercise price $902.00**
Russell Mid-Cap Value Index 1,788 332 2120 28,260,645 5,247,502 33,508,147
expires December 2008
exercise price $840.35**
Russell Mid-Cap Value Index 1,600 300 1900 11,132,624 2,087,367 13,219,991
expires January 2009
exercise price $704.33**
Russell Mid-Cap Value Index 768 136 904 21,859,584 3,870,968 25,730,552
expires January 2009
exercise price $980.00**
S&P Mid-Cap 400(R) Index 1,020 148 1168 21,077,933 3,058,367 24,136,300
expires November 2008
exercise price $773.17**
S&P Mid-Cap 400(R) Index 1,032 152 1184 21,848,472 3,217,992 25,066,464
expires December 2008
exercise price $779.10**
S&P Mid-Cap 400(R) Index 972 168 1140 21,313,608 3,683,833 24,997,441
expires December 2008
exercise price $785.76**
S&P Mid-Cap 400(R) Index 1,022 148 1170 22,722,126 3,290,484 26,012,610
expires December 2008
exercise price $789.31**
S&P Mid-Cap 400(R) Index 478 82 560 11,278,023 1,934,724 14,568,507
expires December 2008
exercise price $801.65**
S&P Mid-Cap 400(R) Index 1,356 258 1614 6,466,764 1,230,402 8,401,488
expires January 2009
exercise price $552.45
S&P Mid-Cap 400(R) Index 478 82 560 4,541,440 779,075 5,771,842
expires January 2009
exercise price $650.00
Total Purchased Options - Puts
(cost $79,187,605), 293,440,073 52,110,096 348,061,578
(cost 13,902,374), combined
cost ($93,089,979)
Repurchase Agreement - 8.7%
Calyon, New York, 0.3500%| $300,000,000 0 $300,000,000 300,000,000 0 300,000,000
dated 10/31/08, maturing
11/3/08| to be repurchased
at $300,008,750|
collateralized by
$289,722,000| in U.S.
Treasuries| 2.3750% -
7.1250%, 4/15/09 - 2/15/23|
with a value of
$306,000,082
ING Financial Markets LLC,
0.3500%| 199,550,000 75,923,000.00 275,473,000 199,550,000 75,923,000 275,473,000
dated 10/31/08,
maturing 11/3/08| to be
repurchased at
$199,555,820|
collateralized by
$197,514,687| in U.S.
Government Agencies|2.3750%
- 4.2500%, 5/15/10 -
10/15/10| with a value of
$203,542,285
------------- ------------- -------------
Total Repurchase Agreements
(cost $499,550,000),
cost (75,973,000), combined
cost ($575,523,000) 499,550,000 75,923,000 575,473,000
------------- ------------- -------------
Total Investments (total cost
$7,089,066,644),
total cost(1,400,043,982),
combined total cost
($8,489,110,626) - 104.2% 5,774,223,688 1,099,153,711 6,873,377,399
------------- ------------- -------------
Liabilities, net of Cash,
Receivables
| and Other Assets - (4.2)% (238,491,144) (38,860,597) (277,351,741)
------------- ------------- -------------
Net Assets - 100% 5,535,732,544 1,060,293,114 6,596,025,658
------------- ------------- -------------
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)
ADR American Depositary Receipt
REIT Real Estate Investment Trust
SPDR Standard & Poor's Depository Receipt
U.S. Shares Securities of foreign companies trading on an American Stock Exchange.
* Non-income-producing security.
** A portion of this security has been segregated by the custodian to cover
margin or segregation requirements on open futures contracts, forward currency
contracts, option contracts, short sales and/or securities with extended
settlement dates.
L The Investment Company Act of 1940, as amended, defines affiliates as those
companies in which a fund holds 5% or more of the outstanding voting securities
at any time during the fiscal year ended October 31, 2008.
Purchases Sales
--------------------- --------------------- Realized Dividend Value
Shares Cost Shares Cost Gain/(Loss) Income at 10/31/08
--------- ----------- --------- ----------- ----------- -------- -----------
Perkins Mid
Cap Value
Fund
Avocent
Corp.* 1,360,000 $25,537,394 1,000,000 $24,726,763 $(3,887,446) $-- $22,587,647
Aggregate collateral segregated to cover margin or segregation requirements on
open futures contracts, forward currency contracts, options contracts, short
sales and/or securities with extended settlement dates as of October 31, 2008 is
noted below.
Fund Aggregate Value
---- ---------------
Perkins Mid Cap Value Fund $177,065,142
Janus Adviser Perkins Mid Cap Value Fund 32,060,208
Pro Forma Perkins Mid Cap Value Fund $209,125,350
Pro Forma Summary of Written Options - Puts
As of October 31, 2008
Perkins Mid Janus Adviser Pro Forma
Cap Value Perkins Mid Perkins Mid Cap
Fund Cap Value Fund Value Fund
------------- -------------- ---------------
Value Value Value
------------- -------------- ---------------
iShares Russell Mid-Cap Value Index
expires October 2008
1,407 contracts
exercise price $36.78 .......... $ -- $ (931,434) $ (931,434)
iShares Russell Mid-Cap Value Index
expires October 2008
1,429 contracts
exercise price $38.20 .......... -- (1,150,345) (1,150,345)
iShares Russell Mid-Cap Value Index
expires October 2008
1,614 contracts
exercise price $40.49 .......... -- (1,667,262) (1,667,262)
iShares Russell Mid-Cap Value Index
expires November 2008
17,940 contracts
exercise price $41.16 .......... (19,680,180) (2,616,345) (22,296,525)
iShares Russell Mid-Cap Value Index
expires November 2008
17,682 contracts
exercise price $41.19 .......... (19,450,200) (2,574,000) (22,024,200)
Mid-Cap SPDR Trust Series 1
expires December 2008
4,069 contracts
exercise price $129.75 ......... (11,144,991) (1,878,954) (13,023,945)
Russell Mid-Cap Value Index
expires November 2008
382 contracts
exercise price $810.00 ......... (4,726,501) (643,398) (5,369,899)
Russell Mid-Cap Value Index
expires December ............... 2008
894 contracts
exercise price $754.60 ......... (7,918,659) (1,470,355) (9,389,014)
Russell Mid-Cap Value Index
expires January 2009
800 contracts
exercise price $632.46 ......... (3,204,248) (600,797) (3,805,045)
Russell Mid-Cap Value Index
expires January 2009
384 contracts
exercise price $880.00 ......... (7,220,352) (1,278,604) (8,498,956)
S&P Mid-Cap 400(R) Index
expires November 2008
511 contracts
exercise price $694.28 ......... (6,703,574) (957,653) (7,661,227)
S&P Mid-Cap 400(R) Index
expires November 2008
486 contracts
exercise price $770.00 ......... (9,672,654) (1,671,817) (11,344,471)
S&P Mid-Cap 400(R) Index
expires December 2008
516 contracts
exercise price $699.60 ......... (7,006,764) (1,032,004) (8,038,768)
S&P Mid-Cap 400(R) Index
expires December 2008
486 contracts
exercise price $705.58 ......... (6,984,967) (1,207,278) (8,192,245)
S&P Mid-Cap 400(R) Index
expires December 2008
511 contracts
exercise price $708.77 ......... (7,389,060) (1,070,040) (8,459,100)
S&P Mid-Cap 400(R) Index
expires December 2008
478 contracts
exercise price $719.84 ......... (7,477,416) (1,282,737) (8,760,153)
S&P Mid-Cap 400(R) Index
expires January 2009
678 contracts
exercise price $496.07 ......... (1,911,282) (363,651) (2,274,933)
------------- ------------ -------------
Total ............................. $(120,490,848) $(22,396,674) $(142,887,522)
------------- ------------ -------------
Premiums Received ................. $ 28,210,279 $ 5,029,557 $ 33,239,836
PRO FORMA SUMMARY OF INVESTMENTS BY COUNTRY - (LONG POSITIONS)
As of October 31, 2008
PRO FORMA
JANUS ADVISER PRO FORMA PERKINS
PERKINS MID PERKINS MID PERKINS MID MID CAP
CAP VALUE CAP VALUE CAP VALUE VALUE
FUND FUND FUND FUND
-------------- -------------- -------------- ---------------
% OF INVESTMENT
COUNTRY VALUE SECURITIES
-------------- -------------- -------------- ----------------
Bermuda .......... $ 164,575,437 $ 31,626,908 $ 196,202,345 2.9%
Canada ........... 60,944,400 12,135,918 73,080,318 1.1%
Cayman Islands ... 35,582,052 8,193,731 43,775,783 0.6%
Panama ........... 35,050,104 6,625,884 41,675,988 0.6%
United Kingdom ... 37,244,000 7,045,488 44,289,488 0.6%
United States .... 5,440,847,695 1,033,525,781 6,474,373,476 94.2%
-------------- -------------- -------------- -----
Total ............ $5,774,223,688 $1,099,153,710 $6,873,377,398 100.0%
============== ============== ============== =====
STATEMENTS OF ASSETS AND LIABILITIES
As of October 31, 2008 (unaudited)
(all numbers in thousands except net asset value per share)
JANUS
ADVISER PRO FORMA
PERKINS MID PERKINS MID PERKINS MID
CAP VALUE CAP VALUE PRO FORMA CAP VALUE
FUND FUND ADJUSTMENTS FUND
----------- ----------- ----------- -----------
ASSETS:
Investments at cost $ 7,089,067 $ 1,400,044 $-- $ 8,489,111
Investments at value $ 5,774,224 $ 1,099,154 -- $ 6,873,378
Cash 9,252 3,430 -- 12,682
Receivables:
Investments sold 118,558 12,381 -- 130,939
Fund shares sold 17,601 2,115 -- 19,716
Dividends 7,761 1,507 -- 9,268
Interest 207 2 -- 209
Non-interested Trustees' Deferred Compensation 44 13 -- 57
Other assets 74 231 -- 305
Total Assets 5,927,721 1,118,833 -- 7,046,554
LIABILITIES:
Payables:
Options Written, at value (1) 120,491 22,397 -- 142,888
Investments purchased 242,378 33,884 -- 276,262
Fund shares repurchased 23,502 1,322 -- 24,824
Dividends -- 3 -- 3
Advisory Fees 3,771 629 -- 4,400
Transfer agent fees and expenses 1,522 34 -- 1,556
Administrative Services Fee - Investor Shares 236 N/A -- 236
Administrative fees - R Shares N/A 5 -- 5
Administrative fees - S Shares N/A 36 -- 36
Distribution fees - A Shares N/A 102 -- 102
Distribution fees - C Shares N/A 50 -- 50
Distribution fees - R Shares N/A 9 -- 9
Distribution fees - S Shares N/A 36 -- 36
Networking fees - A Shares N/A -- -- --
Networking fees - C Shares N/A -- -- --
Networking fees - I Shares N/A -- -- --
Non-interested Trustees' fees and expenses -- -- -- --
Non-interested Trustees' deferred compensation fees 44 13 -- 57
Accrued expenses 44 20 -- 64
Total Liabilities 391,988 58,540 -- 450,528
Net Assets 5,535,733 1,060,293 -- 6,596,026
Net Assets Consist of:
Capital (par value and paid-in-surplus)* $ 6,759,359 $ 1,382,923 -- $ 8,142,282
Undistributed net investment income/(loss)* 51,556 9,751 -- 61,307
Undistributed net realized gain/(loss) from investments
and foreign currency transactions* 131,938 (14,125) -- 117,813
Unrealized appreciation/(depreciation) of investments
and foreign currency translations (1,407,120) (318,256) -- (1,725,376)
Total Net Assets $ 5,535,733 $ 1,060,293 -- $ 6,596,026
Net Assets - Investor Shares $ 5,170,228 N/A -- $ 5,170,228
Shares Outstanding, $0.01 Par Value (unlimited shares
authorized) 310,982 N/A -- 310,982
Net Asset Value Per Share $ 16.63 N/A -- $ 16.63
Net Assets - Institutional Shares $ 365,505 N/A -- $ 365,505
Shares Outstanding, $0.01 Par Value (unlimited shares
authorized) 21,815 N/A -- 21,815
Net Asset Value Per Share $ 16.75 N/A -- $ 16.75
Net Assets - A Shares N/A $ 453,642 -- $ 453,642
Shares Outstanding, $0.01 Par Value (unlimited shares
authorized) N/A 33,401 -- 33,401
Net Asset Value Per Share (2)(3) N/A $ 13.58 -- $ 13.58
Maximum Offering Price Per Share(4) N/A $ 14.41 -- $ 14.41
Net Assets - C Shares N/A $ 56,466 -- $ 56,466
Shares Outstanding, $0.01 Par Value (unlimited shares
authorized) N/A 4,240 -- 4,240
Net Asset Value Per Share (2) N/A $ 13.32 -- $ 13.32
Net Assets - I Shares N/A $ 365,617 -- $ 365,617
Shares Outstanding, $0.01 Par Value (unlimited shares
authorized) N/A 26,956 -- 26,956
Net Asset Value Per Share (2) N/A $ 13.56 -- $ 13.56
Net Assets - R Shares N/A $ 22,278 -- $ 22,278
Shares Outstanding, $0.01 Par Value (unlimited shares
authorized) N/A 1,652 -- 1,652
Net Asset Value Per Share (2) N/A $ 13.49 -- $ 13.49
Net Assets - S Shares N/A $ 162,289 -- $ 162,289
Shares Outstanding, $0.01 Par Value (unlimited shares
authorized) N/A 11,982 -- 11,982
Net Asset Value Per Share (2) N/A $ 13.54 -- $ 13.54
(1) Includes premiums of $28,210,279 on written options for Perkins Mid Cap
Value Fund and $5,029,557 on written options for Janus Adviser Perkins Mid
Cap Value Fund.
(2) Janus Adviser Mid Cap Value Fund - Class A Shares will be exchanged for
Perkins Mid Cap Value Fund - Class A Shares. Janus Adviser Mid Cap Value
Fund - Class C Shares will be exchanged for Perkins Mid Cap Value Fund -
Class C Shares. Janus Adviser Mid Cap Value Fund - Class I Shares will be
exchanged for Perkins Mid Cap Value Fund - Class I Shares. Janus Adviser
Mid Cap Value Fund - Class R Shares will be exchanged for Perkins Mid Cap
Value Fund - Class R Shares. Janus Adviser Mid Cap Value Fund - Class S
Shares will be exchanged for Perkins Mid Cap Value Fund - Class S Shares.
(3) Redemption price per share may be reduced for any applicable contingent
deferred sales charge.
(4) Maximum offering price is computed at 100/94.25 of net asset value.
STATEMENTS OF OPERATIONS
For the twelve-month period ended April 30, 2008 (unaudited)
(all numbers in thousands)
PERKINS MID JANUS ADVISER
CAP VALUE PERKINS MID CAP PRO FORMA PRO FORMA PERKINS MID
FUND VALUE FUND ADJUSTMENTS(1) CAP VALUE FUND
------------ --------------- -------------- ---------------------
INVESTMENT INCOME:
INCOME:
Interest $ 8,647 $ 1,431 $ -- $ 10,078
Securities lending income 5,450 644 -- 6,094
Dividends 155,796 21,527 -- 177,323
Dividends from affiliates 2,080 255 -- 2,335
Foreign tax withheld (99) (16) -- (115)
TOTAL INVESTMENT INCOME 171,874 23,841 -- 195,715
EXPENSES:
Advisory fees 52,609 6,979 -- 59,588
Transfer agent expenses 14,667 134 (479) 14,322
Registration fees 276 124 (70) 330
Custodian fees 106 33 (16) 123
Audit Fees 93 19 (16) 96
Postage Fees 297 1 298
Non-interested Trustees' fees and expenses 106 25 -- 131
Printing expenses 208 85 (25) 268
Administrative fees - Investor Shares 3,385 N/A -- 3,385
Distribution fees - A Shares N/A 1,130 -- 1,130
Distribution fees - C Shares N/A 524 -- 524
Distribution fees - R Shares N/A 59 -- 59
Distribution fees - S Shares N/A 323 -- 323
Administrative fees - R Shares N/A 30 -- 30
Administrative fees - S Shares N/A 323 -- 323
Networking fees - A Shares N/A 652 -- 652
Networking fees - C Shares N/A 73 -- 73
Networking fees - I Shares N/A 2 2
Other expenses 245 60 (34) 271
Non-recurring costs * 2 -- -- 2
Cost assumed by Janus Capital Management LLC* (2) -- -- (2)
TOTAL EXPENSES 71,992 10,576 (640) 81,928
EXPENSE AND FEE OFFSET (157) (31) -- (188)
NET EXPENSES 71,835 10,545 (640) 81,740
LESS: EXCESS EXPENSE REIMBURSEMENT (1,498) (899) 2,397 --
NET EXPENSES AFTER EXPENSE REIMBURSEMENT 70,337 9,646 1,757 81,740
NET INVESTMENT INCOME/(LOSS) 101,537 14,195 (1,757) 113,975
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from investment transactions
and foreign currency transactions 60,332 (16,286) -- 44,046
Net realized gain/(loss) from option contracts 33,680 4,610 -- 38,290
Change in unrealized net appreciation/(depreciation) of
investments, foreign currency translations and
non-interested trustees deferred compensation (2,359,809) (387,968) -- (2,747,777)
NET GAIN/(LOSS) ON INVESTMENTS (2,265,797) (399,644) -- (2,665,441)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $(2,164,260) $(385,449) $(1,757) $(2,551,466)
(1) Reflects adjustments in expenses due to elimination of duplicative
services.
* For the fiscal year ended October 31, 2008, Janus Capital assumed $59,332
of legal, consulting and Trustee costs and fees incurred by the funds in
Janus Investment Fund, Janus Aspen Series and Janus Adviser Series (the
"Portfolios") in connection with regulatory and civil litigation matters.
These non-recurring costs were allocated to all Portfolios based on the
Portfolios' respective net assets as of July 31, 2004. No fees were
allocated to the Portfolios that commenced operations after July 31, 2004.
Addtionally, all future non-recurring costs will be allocated to the
Portfolios based on the Portfolios' respective net assets on July 31, 2004.
NOTES TO PRO FORMA FINANCIAL STATEMENTS (UNAUDITED)
The following section describes the organization and significant accounting
policies and provides more detailed information about the schedules and tables
that appear throughout this report. In addition, the Notes to Financial
Statements explain the methods used in preparing and presenting this report.
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Perkins Mid Cap Value Fund ("Acquiring Fund") is a series fund. The Acquiring
Fund is a part of the Janus Investment Fund (the "JIF Trust"), which is
organized as a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company. The JIF Trust has twenty-eight funds. The Funds
invest primarily in equity securities. The Acquiring Fund is diversified as
defined in the 1940 Act. The Acquiring Fund is a no-load investment.
The accompanying pro forma financial statements are presented to show the effect
of the proposed acquisition of Janus Adviser Perkins Mid Cap Value Fund ("Target
Fund"), a series fund. The Target Fund is a part of Janus Adviser Series (the
"JAD Trust"), which is organized as a Delaware statutory trust and is registered
under the 1940 Act, as an open-end management investment company. The JAD Trust
offers thirty funds, which include multiple series of shares with differing
investment objectives and policies. The Target Fund invests primarily in equity
securities and is classified as diversified as defined in the 1940 Act.
The Target Fund offers Class A Shares, Class C Shares, Class I Shares, Class R
Shares, and Class S Shares. Each class represents an interest in the same
portfolio of investments. Certain financial intermediaries may not offer all
classes of shares.
Class A Shares and Class C Shares are available in connection with investments
through retirement plans, broker-dealers, bank trust departments, financial
advisers, and other financial intermediaries. Class C Shares have a minimum
initial investment requirement.
Class I Shares are offered only through certain types of financial
intermediaries and to certain institutional investors. Class I Shares are
offered through financial intermediaries (including, but not limited to,
broker-dealers, retirement plans, bank trust departments, and financial
advisers) who do not require payment from a Fund or its service providers for
the provision of distribution, administrative or shareholder retention services,
except for networking and/or omnibus account fees. Networking and/or omnibus
account fees may be paid by the Funds to financial intermediaries for Class I
Shares processed through certain securities clearing systems. Institutional
investors may include, but are not limited to, corporations, retirement plans,
public plans, and foundations/endowments. Class I Shares are not offered
directly to individual investors. Class I Shares have an aggregate account
balance requirement.
Class R Shares are available in connection with investments through retirement
plans, broker-dealers, bank trust departments, financial advisers, and other
financial intermediaries.
Class S Shares are available in connection with investments through retirement
plans, broker-dealers (primarily in connection with wrap accounts), bank trust
departments, financial advisers, and other financial intermediaries.
Effective September 30, 2004, two additional classes were added to the Trust and
designated as Class A Shares and Class R Shares. Effective November 28, 2005,
the existing Class I Shares were renamed Class S Shares and a new Class I Shares
was added to the Trust.
The accompanying pro forma financial statements are presented to show the effect
of the proposed acquisition of the Target Fund, as if such acquisition had taken
place as of October 31, 2008.
Under the terms of the Plan of Reorganization the combination of Target Fund and
Acquiring Fund will be accounted for by the method of accounting for tax-free
mergers of investment companies. The acquisition would be accomplished by an
acquisition of the net assets of Target Fund in exchange for shares of Acquiring
Fund at net asset value. The statement of assets and liabilities and the related
statement of operation of Target Fund and Acquiring Fund have been combined as
of and for the twelve months ended October 31, 2008. Following the acquisition,
the Acquiring Fund will be the accounting survivor. In accordance with
accounting principles generally accepted in the United States of America, the
historical cost of investment securities will be carried forward to the
surviving fund and the results of operations for pre-combination periods of the
surviving fund will not be restated.
The accompanying pro forma financial statements should be read in conjunction
with the financial statements of the Acquiring Fund and Target Fund included in
their respective annual reports dated October 31, 2008 and July 31, 2008,
respectively.
The following notes refer to the accompanying pro forma financial statements as
if the above-mentioned acquisition of Target Fund by Acquiring Fund had taken
place as of October 31, 2008. The following accounting policies have been
consistently followed by the Funds and are in conformity with accounting
principles generally accepted in the United States of America in the investment
company industry.
INVESTMENT VALUATION
Securities are valued at the last sales price or the official closing price for
securities traded on a principal securities exchange (U.S. or foreign) and on
the NASDAQ National Market. Securities traded on over-the-counter markets and
listed securities for which no sales are reported are valued at the latest bid
price (or yield equivalent thereof) obtained from one or more dealers
transacting in a market for such securities or by a pricing service approved by
the Funds' Trustees. Short-term securities with maturities of 60 days or less
may be valued at amortized cost, which approximates market value. Debt
securities with a remaining maturity of greater than 60 days are valued in
accordance with the evaluated bid price supplied by the pricing service. The
evaluated bid price supplied by the pricing service is an evaluation that
reflects such factors as security prices, yields, maturities and ratings. Short
positions shall be valued in accordance with the same methodologies, except that
in the event that a last sale price is not
available, the latest ask price shall be used instead of a bid price. Foreign
securities and currencies are converted to U.S. dollars using the applicable
exchange rate in effect as of the daily close of the New York Stock Exchange
("NYSE"). When market quotations are not readily available or deemed unreliable,
or events or circumstances that may affect the value of portfolio securities
held by the Funds are identified between the closing of their principal markets
and the time the net asset value ("NAV") is determined, securities may be valued
at fair value as determined in good faith under procedures established by and
under the supervision of the Funds' Trustees. Circumstances in which fair value
pricing may be utilized include, but are not limited to: (i) when significant
events occur which may affect the securities of a single issuer, such as
mergers, bankruptcies, or significant issuer-specific developments; (ii) when
significant events occur which may affect an entire market, such as natural
disasters or significant governmental actions; and (iii) when non-significant
events occur such as markets closing early or not opening, security trading
halts, or pricing of non-valued securities and restricted or non-public
securities. The Funds may use a systematic fair valuation model provided by an
independent third party to value international equity securities in order to
adjust for stale pricing, which may occur between the close of certain foreign
exchanges and the NYSE. Restricted and illiquid securities are valued in
accordance with procedures established by the Funds' Trustees.
CAPITAL SHARES
The pro forma net asset value per share assumes the issuance of shares of
Acquiring Fund that would have been issued at October 31, 2008, in connection
with the proposed reorganization. The number of shares assumed to be issued is
equal to the net asset value of shares of Target Fund, as of October 31, 2008
divided by the net asset value per share of the shares of Acquiring Fund as of
October 31, 2008. The pro forma number of shares outstanding, by class, for the
combined fund consists of the following at October 31, 2008:
SHARES OF ADDITIONAL SHARES
ACQUIRING FUND ASSUMED ISSUED IN TOTAL OUTSTANDING
CLASS OF SHARES PRE-COMBINATION REORGANIZATION SHARES POST-COMBINATION
--------------- --------------- ----------------- -----------------------
Class A Shares 33,401,285 33,401,285
Class C Shares 4,239,820 4,239,820
Class I Shares 26,956,047 26,956,047
Class R Shares 1,651,823 1,651,823
Class S Shares 11,982,386 11,982,386
Investor Shares 311,338,033 311,338,033
Institutional Shares 21,818,638 21,818,638
FEDERAL INCOME TAXES
Each fund has elected to be taxed as a "regulated investment company" under the
Internal Revenue Code. After the acquisition, the Acquiring Fund intends to
continue to qualify as a
regulated investment company by complying with the provisions available to
certain investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of taxable income sufficient to relieve
it from all, or substantially all, Federal income taxes. The identified cost of
investments for the funds is substantially the same for both financial
accounting and Federal income tax purposes. The tax cost of investments will
remain unchanged for the combined fund.
Accumulated capital losses, noted below, represent net capital loss carryovers
for the Acquiring Fund, as of July 31, 2008, that may be available to offset
future realized capital gains and thereby reduce future taxable gains
distributions. The Acquiring Fund has no capital loss carryover as of October
31, 2008. The following table shows the expiration dates of the carryovers.
Capital Loss Carryover Expiration Schedule
For the year ended July 31, 2008
ACCUMULATED CAPITAL
FUND JULY 31, 2010 LOSSES
---- ------------- -------------------
Janus Adviser Perkins Mid Cap Value Fund $394,201 $394,201
PART C - OTHER INFORMATION
ITEM 15. Indemnification
Article VI of Janus Investment Fund's Amended and Restated Agreement and
Declaration of Trust provides for indemnification of certain persons acting on
behalf of the Funds. In general, Trustees, officers and Advisory Board members
will be indemnified against liability and against all expenses of litigation
incurred by them in connection with any claim, action, suit or proceeding (or
settlement of the same) in which they become involved by virtue of their
connection with the Funds, unless their conduct is determined to constitute
willful misfeasance, bad faith, gross negligence or reckless disregard of their
duties. A determination that a person covered by the indemnification provisions
is entitled to indemnification may be made by the court or other body before
which the proceeding is brought, or by either a vote of a majority of a quorum
of Trustees who are neither "interested persons" of the Trust nor parties to the
proceeding or by an independent legal counsel in a written opinion. The Funds
also may advance money for these expenses, provided that the Trustee or officer
undertakes to repay the Funds if his or her conduct is later determined to
preclude indemnification, and that either he or she provide security for the
undertaking, the Trust be insured against losses resulting from lawful advances
or a majority of a quorum of disinterested Trustees, or independent counsel in a
written opinion, determines that he or she ultimately will be found to be
entitled to indemnification. The Trust also maintains a liability insurance
policy covering its Trustees, officers and any Advisory Board members.
ITEM 16. Exhibits
Exhibit 1 (a) Agreement and Declaration of Trust dated February 11,
1986, is incorporated herein by reference to Exhibit
1(a) to Post-Effective Amendment No. 79, filed on
December 18, 1996 (File No. 2-34393).
(b) Certificate of Designation for Janus Growth and Income
Fund is incorporated herein by reference to Exhibit 1(b)
to Post-Effective Amendment No. 79, filed on December
18, 1996 (File No. 2-34393).
(c) Certificate of Designation for Janus Worldwide Fund is
incorporated herein by reference to Exhibit 1(c) to
Post-Effective Amendment No. 79, filed on December 18,
1996 (File No. 2-34393).
(d) Certificate of Designation for Janus Twenty Fund is
incorporated herein by reference to Exhibit 1(d) to
Post-Effective Amendment No. 80, filed on February 14,
1997 (File No. 2-34393).
(e) Certificate of Designation for Janus Flexible Income
Fund is incorporated herein by reference to Exhibit 1(e)
to Post-Effective Amendment No. 80, filed on February
14, 1997 (File No. 2-34393).
(f) Certificate of Designation for Janus Intermediate
Government Securities Fund filed as Exhibit 1(f) to
Post-Effective Amendment No. 46, filed on June 18, 1992
(File No. 2-34393), has been withdrawn.
(g) Certificate of Designation for Janus Venture Fund is
incorporated herein by reference to Exhibit 1(g) to
Post-Effective Amendment No. 80, filed on February 14,
1997 (File No. 2-34393).
(h) Certificate of Designation for Janus Enterprise Fund is
incorporated herein by reference to Exhibit 1(h) to
Post-Effective Amendment No. 80, filed on February 14,
1997 (File No. 2-34393).
(i) Certificate of Designation for Janus Balanced Fund is
incorporated herein by reference to Exhibit 1(i) to
Post-Effective Amendment No. 80, filed on February 14,
1997 (File No. 2-34393).
(j) Certificate of Designation for Janus Short-Term Bond
Fund is incorporated herein by reference to Exhibit 1(j)
to Post-Effective Amendment No. 80, filed on February
14, 1997 (File No. 2-34393).
(k) Certificate of Designation for Janus Federal Tax-Exempt
Fund is incorporated herein by reference to Exhibit 1(k)
to Post-Effective Amendment No. 81, filed on June 26,
1997 (File No. 2-34393).
(l) Certificate of Designation for Janus Mercury Fund is
incorporated herein by reference to Exhibit 1(l) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(m) Certificate of Designation for Janus Overseas Fund is
incorporated herein by reference to Exhibit 1(m) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(n) Form of Amendment to the Registrant's Agreement and
Declaration of Trust is incorporated herein by reference
to Exhibit 1(n) to Post-Effective Amendment No. 81,
filed on June 26, 1997 (File No. 2-34393).
(o) Form of Certificate of Designation for Janus Money
Market Fund, Janus Government Money Market Fund and
Janus Tax-Exempt Money Market Fund is incorporated
herein by reference to Exhibit 1(o) to Post-Effective
Amendment No. 81, filed on June 26, 1997 (File No.
2-34393).
(p) Form of Certificate of Designation for Janus High-Yield
Fund and Janus Olympus Fund is incorporated herein by
reference to Exhibit 1(p) to Post-Effective Amendment
No. 68, filed on September 14, 1995 (File No. 2-34393).
(q) Certificate of Designation for Janus Equity Income Fund
is incorporated herein by reference to Exhibit 1(q) to
Post-Effective Amendment No. 72, filed on March 15, 1996
(File No. 2-34393).
(r) Form of Certificate of Establishment and Designation for
Janus Special Situations Fund filed as Exhibit 1(r) to
Post-Effective Amendment No. 75, filed on September 11,
1996 (File No. 2-34393), has been withdrawn.
(s) Form of Amendment to Registrant's Agreement and
Declaration of Trust is incorporated herein by reference
to Exhibit 1(s) to Post-Effective Amendment No. 75,
filed on September 11, 1996 (File No. 2-34393).
(t) Certificate of Establishment and Designation for Janus
Global Life Sciences Fund filed as Exhibit 1(t) to
Post-Effective Amendment No. 82, filed on September 16,
1997 (File No. 2-34393), has been withdrawn.
(u) Certificate of Establishment and Designation for Janus
Global Life Sciences Fund is incorporated herein by
reference to Exhibit 1(u) to Post-Effective Amendment
No. 85, filed on September 10, 1998 (File No. 2-34393).
(v) Form of Certificate of Establishment and Designation for
Janus Global Technology Fund is incorporated herein by
referenced to Exhibit 1(v) to Post-Effective Amendment
No. 85, filed on September 10, 1998 (File No. 2-34393).
(w) Certificate of Establishment and Designation for Janus
Strategic Value Fund is incorporated herein by reference
to Exhibit 1(w) to Post-Effective Amendment No. 88,
filed on November 15, 1999 (File No. 2-34393).
(x) Form of Certificate of Establishment and Designation for
Janus
Orion Fund is incorporated herein by reference to
Exhibit 1(x) to Post-Effective Amendment No. 92, filed
on March 17, 2000 (File No. 2-34393).
(y) Certificate of Establishment and Designation for Janus
Fund 2 filed as Exhibit 1(y) to Post-Effective Amendment
No. 95, filed on September 13, 2000 (File No. 2-34393),
has been withdrawn.
(z) Certificate of Establishment and Designation for Janus
Global Value Fund is incorporated herein by reference to
Exhibit 1(z) to Post-Effective Amendment No. 98, filed
on March 15, 2001 (File No. 2-34393).
(aa) Form of Instrument dated July 31, 2001 amending the
Certificate of Designation for Janus Equity Income Fund
is incorporated herein by reference to Exhibit 1(aa) to
Post-Effective Amendment No. 99, filed on June 1, 2001
(File No. 2-34393).
(bb) Amendment to Registrant's Agreement and Declaration of
Trust, dated October 18, 2001, is incorporated herein by
reference to Exhibit 1(bb) to Post-Effective Amendment
No. 102, filed on December 21, 2001 (File No. 2-34393).
(cc) Amended and Restated Agreement and Declaration of Trust,
dated January 31, 2002, is incorporated herein by
reference to Exhibit 1(cc) to Post-Effective Amendment
No. 103, filed on February 22, 2002 (File No. 2-34393).
(dd) Certificate of Establishment and Designation for Janus
Institutional Cash Reserves Fund is incorporated herein
by reference to Exhibit 1(dd) to Post-Effective
Amendment No. 104, filed on February 28, 2002 (File No.
2-34393).
(ee) Certificate of Establishment and Designation for Janus
Risk-Managed Stock Fund is incorporated herein by
reference to Exhibit 1(ee) to Post-Effective Amendment
No. 105, filed on December 13, 2002 (File No. 2-34393).
(ff) Form of Certificate of Establishment and Designation for
Janus Small Cap Value Fund is incorporated herein by
reference to Exhibit 1(ff) to Post-Effective Amendment
No. 106, filed on January 3, 2003 (File No. 2-34393).
(gg) Certificate of Establishment and Designation for Janus
Mid Cap Value Fund is incorporated herein by reference
to Exhibit 1(gg) to Post-Effective Amendment No. 106,
filed on January 3, 2003 (File No. 2-34393).
(hh) Certificate of Re-Designation of Janus Strategic Value
Fund is incorporated herein by reference to Exhibit
1(hh) to Post-Effective Amendment No. 107, filed on
February 28, 2003 (File No. 2-34393).
(ii) Amended and Restated Agreement and Declaration of Trust,
dated March 18, 2003, is incorporated herein by
reference to Exhibit 1(ii) to Post-Effective Amendment
No. 109, filed on April 17, 2003 (File No. 2-34393).
(jj) Certificate of Amendment Establishing and Designating
Series, dated September 16, 2003, is incorporated herein
by reference to Exhibit 1(jj) to Post-Effective
Amendment No. 110, filed on December 23, 2003 (File No.
2-34393).
(kk) Form of Certificate of Establishment and Designation for
Janus Research Fund and Janus Explorer Fund is
incorporated herein by reference to Exhibit 1(kk) to
Post-Effective Amendment No. 112, filed on December 10,
2004 (File No. 2-34393).
(ll) Certificate Redesignating Janus Explorer Fund is
incorporated herein by reference to Exhibit 1(ll) to
Post-Effective Amendment No. 113, filed on February 24,
2005 (File No. 2-34393).
(mm) Certificate Redesignating Janus Flexible Income Fund is
incorporated herein by reference to Exhibit 1(mm) to
Post-Effective Amendment No. 114, filed on October 14,
2005 (File No. 2-34393).
(nn) Form of Certificate of Establishment and Designation of
Janus Smart Portfolios is incorporated herein by
reference to Exhibit 1(nn) to Post-Effective Amendment
No. 114, filed on October 14, 2005 (File No. 2-34393).
(oo) Form of Certificate Redesignating Janus Risk-Managed
Stock Fund is incorporated herein by reference to
Exhibit 1(oo) to Post-Effective Amendment No. 117, filed
on February 27, 2006 (File No. 2-34393).
(pp) Certificate of Amendment of the Amended and Restated
Agreement and Declaration of Trust is incorporated
herein by
reference to Exhibit 1(a) to N-14/A Pre-Effective
Amendment No. 1, filed on August 8, 2006 (File No.
2-34393).
(qq) Certificate of Amendment of the Amended and Restated
Agreement and Declaration of Trust is incorporated
herein by reference to Exhibit 1(b) to N-14/A
Pre-Effective Amendment No. 1, filed on August 8, 2006
(File No. 2-34393).
(rr) Certificate Redesignating Janus Core Equity Fund is
incorporated herein by reference to Exhibit 1(pp) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(ss) Certificate of Amendment of the Amended and Restated
Agreement and Declaration of Trust is incorporated
herein by reference to Exhibit 1(qq) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(tt) Certificate Redesignating Janus Mercury Fund is
incorporated herein by reference to Exhibit 1(tt) to
Post-Effective Amendment No. 120, filed on February 28,
2007 (File No. 2-34393).
(uu) Certificate Redesignating Janus Research Fund is
incorporated herein by reference to Exhibit 1(uu) to
Post-Effective Amendment No. 120, filed on February 28,
2007 (File No. 2-34393).
(vv) Certificate Redesignating Janus Mid Cap Value Fund,
dated December 23, 2008, is incorporated herein by
reference to Exhibit 1(vv) to Post-Effective Amendment
No. 123, filed on February 27, 2009 (File No. 2-34393).
(ww) Certificate Redesignating Janus Small Cap Value Fund,
dated December 23, 2008, is incorporated herein by
reference to Exhibit 1(ww) to Post-Effective Amendment
No. 123, filed on February 27, 2009 (File No. 2-34393).
(xx) Amendment to Certificate Redesignating Janus Mid Cap
Value Fund, dated December 30, 2008, is incorporated
herein by reference to Exhibit 1(xx) to Post-Effective
Amendment No. 123, filed on February 27, 2009 (File No.
2-34393).
(yy) Amendment to Certificate Redesignating Janus Small Cap
Value Fund, dated December 30, 2008, is incorporated
herein by reference to Exhibit 1(yy) to Post-Effective
Amendment No. 123, filed on February 27, 2009 (File No.
2-34393).
(zz) Certificate Redesignating INTECH Risk-Managed Stock
Fund,
dated February 24, 2009, is incorporated herein by
reference to Exhibit 1(zz) to Post-Effective Amendment
No. 123, filed on February 27, 2009 (File No. 2-34393).
(aaa) Certificate Redesignating Janus Fundamental Equity Fund,
dated February 24, 2009, is incorporated herein by
reference to Exhibit 1(aaa) to Post-Effective Amendment
No. 123, filed on February 27, 2009 (File No. 2-34393).
Exhibit 2 (a) Restated Bylaws are incorporated herein by reference to
Exhibit 2(a) Post-Effective Amendment No. 71, filed on
December 20, 1995 (File No. 2-34393).
(b) First Amendment to the Bylaws is incorporated herein by
reference to Exhibit 2(b) to Post-Effective Amendment
No. 71, filed on December 20, 1995 (File No. 2-34393).
(c) Second Amendment to the Bylaws is incorporated herein by
Reference to Exhibit 2(c) to Post-Effective Amendment
No. 96, filed on December 18, 2000 (File No. 2-34393).
(d) Third Amendment to the Bylaws is incorporated herein by
reference to Exhibit 2(d) to Post-Effective Amendment
No. 105, filed on December 13, 2002 (File No. 2-34393).
(e) Amended and Restated Bylaws are incorporated herein by
reference to Exhibit 2(e) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(f) First Amendment to the Amended and Restated Bylaws is
incorporated herein by reference to Exhibit 2(f) to
Post-Effective Amendment No. 114, filed on October 14,
2005 (File No. 2-34393).
(g) Second Amendment to the Amended and Restated Bylaws is
incorporated herein by reference to Exhibit 2(g) to
Post-Effective Amendment No. 114, filed on October 14,
2005 (File No. 2-34393).
Exhibit 3 Not Applicable.
Exhibit 4 Form of Agreement and Plan of Reorganization among Janus
Adviser Series (on behalf of certain series), Janus
Investment Fund (on behalf of certain series) and Janus
Capital Management LLC (included as Appendix A to the
Prospectus /Information Statement of this Registration
Statement) is filed herein as Exhibit 4.
Exhibit 5 (a) Instruments Defining Rights of Security Holders, see
Exhibits 1 and 2.
(b) Specimen Stock Certificate for Janus Fund(1) is
incorporated herein by reference to Exhibit 4(a) to
Post-Effective Amendment No. 79, filed on December 18,
1996 (File No. 2-34393).
(c) Specimen Stock Certificate for Janus Growth and Income
Fund is incorporated herein by reference to Exhibit 4(b)
to Post-Effective Amendment No. 79, filed on December
18, 1996 (File No. 2-34393).
(d) Specimen Stock Certificate for Janus Worldwide Fund is
incorporated herein by reference to Exhibit 4(c) to
Post-Effective Amendment No. 79, filed on December 18,
1996 (File No. 2-34393).
(e) Specimen Stock Certificate for Janus Twenty Fund(1) is
incorporated herein by reference to Exhibit 4(d) to
Post-Effective Amendment No. 80, filed on February 14,
1997 (File No. 2-34393).
(f) Specimen Stock Certificate for Janus Flexible Income
Fund(1) is incorporated herein by reference to Exhibit
4(e) to Post-Effective Amendment No. 80, filed on
February 14, 1997 (File No. 2-34393).
(g) Specimen Stock Certificate for Janus Intermediate
Government Securities Fund(1) filed as Exhibit 4(f) to
Post-Effective Amendment No. 46, filed on June 18, 1992
(File No. 2-34393), has been withdrawn.
(h) Specimen Stock Certificate for Janus Venture Fund(2) is
incorporated herein by reference to Exhibit 4(g) to
Post-Effective Amendment No. 80, filed on February 14,
1997 (File No. 2-34393).
(i) Specimen Stock Certificate for Janus Enterprise Fund is
incorporated herein by reference to Exhibit 4(h) to
Post-Effective
----------
(1) Outstanding certificates representing shares of predecessor entity to this
series of the Trust are deemed to represent shares of this series.
(2) Outstanding certificates representing shares of predecessor entity to this
series of the Trust are deemed to represent shares of this series.
Amendment No. 80, filed on February 14, 1997 (File No.
2-34393).
(j) Specimen Stock Certificate for Janus Balanced Fund is
incorporated herein by reference to Exhibit 4(i) to
Post-Effective Amendment No. 80, filed on February 14,
1997 (File No. 2-34393).
(k) Specimen Stock Certificate for Janus Short-Term Bond
Fund is incorporated herein by reference to Exhibit 4(j)
to Post-Effective Amendment No. 80, filed on February
14, 1997 (File No. 2-34393).
(l) Specimen Stock Certificate for Janus Federal Tax-Exempt
Fund is incorporated herein by reference to Exhibit 4(k)
to Post-Effective Amendment No. 81, filed on June 26,
1997 (File No. 2-34393).
(m) Specimen Stock Certificate for Janus Mercury Fund is
incorporated herein by reference to Exhibit 4(l) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(n) Specimen Stock Certificate for Janus Overseas Fund is
incorporated herein by reference to Exhibit 4(m) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(o) Revised Specimen Stock Certificates for Janus High-Yield
Fund and Janus Olympus Fund are incorporated herein by
reference to Exhibit 4(n) to Post-Effective Amendment
No. 79, filed on December 18, 1996 (File No. 2-34393).
(p) Revised Specimen Stock Certificate for Janus Equity
Income Fund is incorporated herein by reference to
Exhibit 4(o) to Post-Effective Amendment No. 79, filed
on December 18, 1996 (File No. 2-34393).
(q) Revised Specimen Stock Certificate for Janus Special
Situations Fund filed as Exhibit 4(p) to Post-Effective
Amendment No. 79, filed on December 18, 1996 (File No.
2-34393), has been withdrawn.
(r) Specimen Stock Certificate for Janus Global Life
Sciences Fund filed as Exhibit 4(q) to Post-Effective
Amendment No. 82, filed on September 16, 1997 (File No.
2-34393), has been withdrawn.
(s) Form of Specimen Stock Certificate for Janus Global Life
Sciences Fund is incorporated herein by reference to
Exhibit 3(r)
to Post-Effective Amendment No. 85, filed on September
10, 1998 (File No. 2-34393).
(t) Form of Specimen Stock Certificate for Janus Global
Technology Fund is incorporated herein by reference to
Exhibit 3(s) to Post-Effective Amendment No. 85, filed
on September 10, 1998 (File No. 2-34393).
Exhibit 6 (a) Investment Advisory Agreement for Janus Fund dated July
1, 1997, is incorporated herein by reference to Exhibit
5(a) to Post-Effective Amendment No. 83, filed on
December 15, 1997 (File No. 2-34393).
(b) Investment Advisory Agreements for Janus Growth and
Income Fund and Janus Worldwide Fund dated July 1, 1997,
are incorporated herein by reference to Exhibit 5(b) to
Post-Effective Amendment No. 83, filed on December 15,
1997 (File No. 2-34393).
(c) Investment Advisory Agreements for Janus Twenty Fund and
Janus Venture Fund dated July 1, 1997, are incorporated
herein by reference to Exhibit 5(c) to Post-Effective
Amendment No. 83, filed on December 15, 1997 (File No.
2-34393).
(d) Investment Advisory Agreement for Janus Flexible Income
Fund dated July 1, 1997, is incorporated herein by
reference to Exhibit 5(d) to Post-Effective Amendment
No. 83, filed on December 15, 1997 (File No. 2-34393).
(e) Investment Advisory Agreements for Janus Enterprise
Fund, Janus Balanced Fund, and Janus Short-Term Bond
Fund dated July 1, 1997, are incorporated herein by
reference to Exhibit 5(e) to Post-Effective Amendment
No. 83, filed on December 15, 1997 (File No. 2-34393).
(f) Investment Advisory Agreements for Janus Federal
Tax-Exempt Fund and Janus Mercury Fund dated July 1,
1997, are incorporated herein by reference to Exhibit
5(f) to Post-Effective Amendment No. 83, filed on
December 15, 1997 (File No. 2-34393).
(g) Investment Advisory Agreement for Janus Overseas Fund
dated July 1, 1997, is incorporated herein by reference
to Exhibit 5(g) to Post-Effective Amendment No. 83,
filed on December 15, 1997 (File No. 2-34393).
(h) Investment Advisory Agreements for Janus Money Market
Fund,
Janus Government Money Market Fund, and Janus Tax-Exempt
Money Market Fund dated July 1, 1997, are incorporated
herein by reference to Exhibit 5(h) to Post-Effective
Amendment No. 83, filed on December 15, 1997 (File No.
2-34393).
(i) Investment Advisory Agreement for Janus High-Yield Fund
dated July 1, 1997, is incorporated herein by reference
to Exhibit 5(i) to Post-Effective Amendment No. 83,
filed on December 15, 1997 (File No. 2-34393).
(j) Investment Advisory Agreement for Janus Olympus Fund
dated July 1, 1997, is incorporated herein by reference
to Exhibit 5(j) to Post-Effective Amendment No. 83,
filed on December 15, 1997 (File No. 2-34393).
(k) Investment Advisory Agreement for Janus Equity Income
Fund dated July 1, 1997, is incorporated herein by
reference to Exhibit 5(k) to Post-Effective Amendment
No. 83, filed on December 15, 1997 (File No. 2-34393).
(l) Investment Advisory Agreement for Janus Special
Situations Fund dated July 1, 1997, filed as Exhibit
5(l) to Post-Effective Amendment No. 83, filed on
December 15, 1997 (File No. 2-34393), has been
withdrawn.
(m) Investment Advisory Agreement for Janus Global Life
Sciences Fund filed as Exhibit 5(m) to Post-Effective
Amendment No. 82, filed on September 16, 1997 (File No.
2-34393), has been withdrawn.
(n) Form of Investment Advisory Agreement for Janus Global
Life Sciences Fund is incorporated herein by reference
to Exhibit 4(n) to Post-Effective Amendment No. 85,
filed on September 10, 1998 (File No. 2-34393).
(o) Form of Investment Advisory Agreement for Janus Global
Technology Fund is incorporated herein by reference to
Exhibit 4(o) to Post-Effective Amendment No. 85, filed
on September 10, 1998 (File No. 2-34393).
(p) Investment Advisory Agreement for Janus Strategic Value
Fund is incorporated herein by reference to Exhibit 4(p)
to Post-Effective Amendment No. 88, filed on November
15, 1999 (File No. 2-34393).
(q) Amendment dated January 31, 2000 to the Investment
Advisory
Agreement for Janus Fund dated July 1, 1997, is
incorporated herein by reference to Exhibit 4(q) to
Post-Effective Amendment No. 90, filed on January 31,
2000 (File No. 2-34393).
(r) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Growth and Income Fund
dated July 1, 1997, is incorporated herein by reference
to Exhibit 4(r) to Post-Effective Amendment No. 90,
filed on January 31, 2000 (File No. 2-34393).
(s) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Twenty Fund dated July 1,
1997, is incorporated herein by reference to Exhibit
4(s) to Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(t) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Enterprise Fund dated July
1, 1997, is incorporated herein by reference to Exhibit
4(t) to Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(u) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Balanced Fund dated July 1,
1997, is incorporated herein by reference to Exhibit
4(u) to Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(v) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Overseas Fund dated July 1,
1997, is incorporated herein by reference to Exhibit
4(v) to Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(w) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Equity Income Fund dated
July 1, 1997, is incorporated herein by reference to
Exhibit 4(w) to Post-Effective Amendment No. 90, filed
on January 31, 2000 (File No. 2-34393).
(x) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Global Life Sciences Fund
dated September 14, 1998, is incorporated herein by
reference to Exhibit 4(x) to Post-Effective Amendment
No. 90, filed on January 31, 2000 (File No. 2-34393).
(y) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Global Technology Fund
dated September 14, 1998, is incorporated herein by
reference to Exhibit 4(y) to Post-Effective Amendment
No. 90, filed on January 31, 2000 (File No. 2-34393).
(z) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Mercury Fund dated July 1,
1997, is incorporated herein by reference to Exhibit
4(z) of Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(aa) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Olympus Fund dated July 1,
1997, is incorporated herein by reference to Exhibit
4(aa) to Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(bb) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Special Situations Fund
dated July 1, 1997, filed as Exhibit 4(bb) to
Post-Effective Amendment No. 90, filed on January 31,
2000 (File No. 2-34393), has been withdrawn.
(cc) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Strategic Value Fund dated
September 14, 1999, is incorporated herein by reference
to Exhibit 4(cc) to Post-Effective Amendment No. 90,
filed on January 31, 2000 (File No. 2-34393).
(dd) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Venture Fund dated July 1,
1997, is incorporated herein by reference to Exhibit
4(dd) to Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(ee) Amendment dated January 31, 2000 to the Investment
Advisory Agreement for Janus Worldwide Fund dated July
1, 1997, is incorporated herein by reference to Exhibit
4(ee) to Post-Effective Amendment No. 90, filed on
January 31, 2000 (File No. 2-34393).
(ff) Form of Investment Advisory Agreement for Janus Orion
Fund is incorporated herein by reference to Exhibit
4(ff) to Post-Effective Amendment No. 92, filed on March
17, 2000 (File No. 2-34393).
(gg) Form of Investment Advisory Agreement for Janus Fund 2
filed as Exhibit 4(gg) to Post-Effective Amendment No.
95, filed on September 13, 2000 (File No. 2-34393), has
been withdrawn.
(hh) Form of Investment Advisory Agreement for Janus Global
Value Fund is incorporated herein by reference to
Exhibit 4(hh) to Post-Effective Amendment No. 98, filed
on March 15, 2001 (File No. 2-34393).
(ii) Form of Amendment dated July 31, 2001 to the Investment
Advisory Agreement for Janus Equity Income Fund dated
July 1, 1997, as amended January 31, 2000, is
incorporated herein by reference to Exhibit 4(ii) to
Post-Effective Amendment No. 99, filed on June 1, 2001
(File No. 2-34393).
(jj) Form of Investment Advisory Agreement for Janus
Institutional Cash Reserves Fund is incorporated herein
by reference to Exhibit 4(jj) to Post-Effective
Amendment No. 104, filed on February 28, 2002 (File No.
2-34393).
(kk) Form of Investment Advisory Agreement for Janus
Risk-Managed Stock Fund is incorporated herein by
reference to Exhibit 4(kk) to Post-Effective Amendment
No. 105, filed on December 13, 2002 (File No. 2-34393).
(ll) Form of Sub-Advisory Agreement for Janus Risk-Managed
Stock Fund is incorporated herein by reference to
Exhibit 4(ll) to Post-Effective Amendment No. 105, filed
on December 13, 2002 (File No. 2-34393).
(mm) Form of Investment Advisory Agreement for Janus Small
Cap Value Fund is incorporated herein by reference to
Exhibit 4(mm) to Post-Effective Amendment No. 106, filed
on January 3, 2003 (File No. 2-34393).
(nn) Form of Sub-Advisory Agreement for Janus Small Cap Value
Fund (pre-acquisition version) is incorporated herein by
reference to Exhibit 4(nn) to Post-Effective Amendment
No. 106, filed on January 3, 2003 (File No. 2-34393).
(oo) Form of Sub-Advisory Agreement for Janus Small Cap Value
Fund (post-acquisition version) is incorporated herein
by reference to Exhibit 4(oo) to Post-Effective
Amendment No. 106, filed on January 3, 2003 (File No.
2-34393).
(pp) Form of Investment Advisory Agreement for Janus Mid Cap
Value Fund is incorporated herein by reference to
Exhibit 4(pp) to Post-Effective Amendment No. 106, filed
on January 3, 2003 (File No. 2-34393).
(qq) Form of Sub-Advisory Agreement for Mid Cap Value Fund
(pre-acquisition version) is incorporated herein by
reference to Exhibit 4(qq) to Post-Effective Amendment
No. 106, filed on January 3, 2003 (File No. 2-34393).
(rr) Form of Sub-Advisory Agreement for Mid Cap Value Fund
(post-
acquisition version) is incorporated herein by reference
to Exhibit 4(rr) to Post-Effective Amendment No. 106,
filed on January 3, 2003 (File No. 2-34393).
(ss) Amendment to Investment Advisory Agreement for Janus
Global Value Fund is incorporated herein by reference to
Exhibit 4(ss) to Post-Effective Amendment No. 110, filed
on December 23, 2003 (File No. 2-34393).
(tt) Investment Advisory Agreement for Janus Balanced Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(tt) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(uu) Investment Advisory Agreement for Janus Core Equity Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(uu) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(vv) Investment Advisory Agreement for Janus Enterprise Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(vv) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(ww) Investment Advisory Agreement for Janus Federal
Tax-Exempt Fund dated July 1, 2004 is incorporated
herein by reference to Exhibit 4(ww) to Post-Effective
Amendment No. 112, filed on December 10, 2004 (File No.
2-34393).
(xx) Investment Advisory Agreement for Janus Flexible Income
Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 4(xx) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(yy) Investment Advisory Agreement for Janus Global Life
Sciences Fund dated July 1, 2004 is incorporated herein
by reference to Exhibit 4(yy) to Post-Effective
Amendment No. 112, filed on December 10, 2004 (File No.
2-34393).
(zz) Investment Advisory Agreement for Janus Global
Opportunities Fund dated July 1, 2004 is incorporated
herein by reference to Exhibit 4(zz) to Post-Effective
Amendment No. 112, filed on December 10, 2004 (File No.
2-34393).
(aaa) Investment Advisory Agreement for Janus Global
Technology Fund dated July 1, 2004 is incorporated
herein by reference to
Exhibit 4(aaa) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(bbb) Investment Advisory Agreement for Janus Growth and
Income Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 4(bbb) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(ccc) Investment Advisory Agreement for Janus High-Yield Fund
dated July 1, 2004 is filed incorporated herein by
reference to Exhibit 4(ccc) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(ddd) Investment Advisory Agreement for Janus Fund dated July
1, 2004 is incorporated herein by reference to Exhibit
4(ddd) to Post-Effective Amendment No. 112, filed on
December 10, 2004 (File No. 2-34393).
(eee) Investment Advisory Agreement for Janus Mercury Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(eee) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(fff) Investment Advisory Agreement for Janus Mid Cap Value
Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 4(fff) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(ggg) Investment Advisory Agreement for Janus Olympus Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(ggg) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(hhh) Investment Advisory Agreement for Janus Orion Fund dated
July 1, 2004 is incorporated herein by reference to
Exhibit 4(hhh) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(iii) Investment Advisory Agreement for Janus Overseas Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(iii) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(jjj) Investment Advisory Agreement for Janus Risk-Managed
Stock Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 4(jjj) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(kkk) Investment Advisory Agreement for Janus Short-Term Bond
Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 4(kkk) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(lll) Investment Advisory Agreement for Janus Small Cap Value
Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 4(lll) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(mmm) Investment Advisory Agreement for Janus Special Equity
Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 4(mmm) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(nnn) Investment Advisory Agreement for Janus Twenty Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(nnn) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(ooo) Investment Advisory Agreement for Janus Venture Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(ooo) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(ppp) Investment Advisory Agreement for Janus Worldwide Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 4(ppp) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(qqq) Amendment to Investment Advisory Agreement for Janus
Special Equity Fund dated September 30, 2004 is
incorporated herein by reference to Exhibit 4(qqq) to
Post-Effective Amendment No. 112, filed on December 10,
2004 (File No. 2-34393).
(rrr) Investment Advisory Agreement for Janus Explorer Fund
dated December 2, 2004 is incorporated herein by
reference to Exhibit 4(rrr) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(sss) Investment Advisory Agreement for Janus Research Fund
dated
December 2, 2004 is incorporated herein by reference to
Exhibit 4(sss) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(ttt) Amendment to Investment Advisory Agreement for Janus
Explorer Fund is incorporated herein by reference to
Exhibit 4(ttt) to Post-Effective Amendment No. 113,
filed on February 24, 2005 (File No. 2-34393).
(uuu) Amendment to Investment Advisory Agreement for Janus
Flexible Income Fund dated February 28, 2005 is
incorporated herein by reference to Exhibit 4(uuu) to
Post-Effective Amendment No. 114, filed on October 14,
2005 (File No. 2-34393).
(vvv) Form of Investment Advisory Agreement for Janus Smart
Portfolio - Growth is incorporated herein by reference
to Exhibit 4(vvv) to Post-Effective Amendment No. 114,
filed on October 14, 2005 (File No. 2-34393).
(www) Form of Investment Advisory Agreement for Janus Smart
Portfolio - Moderate is incorporated herein by reference
to Exhibit 4(www) to Post-Effective Amendment No. 114,
filed on October 14, 2005 (File No. 2-34393).
(xxx) Form of Investment Advisory Agreement for Janus Smart
Portfolio - Conservative is incorporated herein by
reference to Exhibit 4(xxx) to Post-Effective Amendment
No. 114, filed on October 14, 2005 (File No. 2-34393).
(yyy) Investment Advisory Agreement for Janus Fund dated July
1, 2004, as amended February 1, 2006, is incorporated
herein by reference to Exhibit 4(yyy) to Post-Effective
Amendment No. 117, filed on February 27, 2006 (File No.
2-34393).
(zzz) Investment Advisory Agreement for Janus Enterprise Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(zzz) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(aaaa) Investment Advisory Agreement for Janus Mercury Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(aaaa) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(bbbb) Investment Advisory Agreement for Janus Olympus Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein
by reference to Exhibit 4(bbbb) to Post-Effective
Amendment No. 117, filed on February 27, 2006 (File No.
2-34393).
(cccc) Investment Advisory Agreement for Janus Orion Fund dated
July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(cccc) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(dddd) Investment Advisory Agreement for Janus Triton Fund
dated December 2, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(dddd) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(eeee) Investment Advisory Agreement for Janus Twenty Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(eeee) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(ffff) Investment Advisory Agreement for Janus Venture Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(ffff) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(gggg) Investment Advisory Agreement for Janus Global Life
Sciences Fund dated July 1, 2004, as amended February 1,
2006, is incorporated herein by reference to Exhibit
4(gggg) to Post-Effective Amendment No. 117, filed on
February 27, 2006 (File No. 2-34393).
(hhhh) Investment Advisory Agreement for Janus Global
Technology Fund dated July 1, 2004, as amended February
1, 2006, is incorporated herein by reference to Exhibit
4(hhhh) to Post-Effective Amendment No. 117, filed on
February 27, 2006 (File No. 2-34393).
(iiii) Investment Advisory Agreement for Janus Balanced Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(iiii) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(jjjj) Investment Advisory Agreement for Janus Contrarian Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(jjjj) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(kkkk) Investment Advisory Agreement for Janus Core Equity Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(kkkk) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(llll) Investment Advisory Agreement for Janus Growth and
Income Fund dated July 1, 2004, as amended February 1,
2006, is incorporated herein by reference to Exhibit
4(llll) to Post-Effective Amendment No. 117, filed on
February 27, 2006 (File No. 2-34393).
(mmmm) Investment Advisory Agreement for Janus Research Fund
dated December 2, 2004, as amended January 1, 2006, is
incorporated herein by reference to Exhibit 4(mmmm) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(nnnn) Investment Advisory Agreement for Janus Risk-Managed
Stock Fund dated July 1, 2004, as amended January 1,
2006, is incorporated herein by reference to Exhibit
4(nnnn) to Post-Effective Amendment No. 117, filed on
February 27, 2006 (File No. 2-34393).
(oooo) Investment Advisory Agreement for Janus Mid Cap Value
Fund dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(oooo) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(pppp) Investment Advisory Agreement for Janus Global
Opportunities Fund dated July 1, 2004, as amended
February 1, 2006, is incorporated herein by reference to
Exhibit 4(pppp) to Post-Effective Amendment No. 117,
filed on February 27, 2006 (File No. 2-34393).
(qqqq) Investment Advisory Agreement for Janus Overseas Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(qqqq) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(rrrr) Investment Advisory Agreement for Janus Worldwide Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(rrrr) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(ssss) Investment Advisory Agreement for Janus Flexible Bond
Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(ssss) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(tttt) Investment Advisory Agreement for Janus High-Yield Fund
dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(tttt) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(uuuu) Investment Advisory Agreement for Janus Short-Term Bond
Fund dated July 1, 2004, as amended February 1, 2006, is
incorporated herein by reference to Exhibit 4(uuuu) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(vvvv) Investment Advisory Agreement for Janus Federal
Tax-Exempt Fund dated July 1, 2004, as amended February
1, 2006, is incorporated herein by reference to Exhibit
4(vvvv) to Post-Effective Amendment No. 117, filed on
February 27, 2006 (File No. 2-34393).
(wwww) Investment Advisory Agreement for Janus Money Market
Fund dated April 3, 2002, as amended February 1, 2006,
is incorporated herein by reference to Exhibit 4(wwww)
to Post-Effective Amendment No. 117, filed on February
27, 2006 (File No. 2-34393).
(xxxx) Investment Advisory Agreement for Janus Government Money
Market Fund dated April 3, 2002, as amended February 1,
2006, is incorporated herein by reference to Exhibit
4(xxxx) to Post-Effective Amendment No. 117, filed on
February 27, 2006 (File No. 2-34393).
(yyyy) Investment Advisory Agreement for Janus Tax-Exempt Money
Market Fund dated April 3, 2002, as amended February 1,
2006, is incorporated herein by reference to Exhibit
4(yyyy) to Post-Effective Amendment No. 117, filed on
February 27, 2006 (File No. 2-34393).
(zzzz) Investment Advisory Agreement for Janus Institutional
Cash Reserves Fund dated April 3, 2002, as amended
February 1, 2006, is incorporated herein by reference to
Exhibit 4(zzzz) to Post-Effective Amendment No. 117,
filed on February 27, 2006 (File No. 2-34393).
(aaaaa) Sub-Advisory Agreement for Janus Risk-Managed Stock Fund
dated July 1, 2004, as amended January 1, 2006, is
incorporated herein by reference to Exhibit 4(aaaaa) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(bbbbb) Form of Amendment to Investment Advisory Agreement for
Janus Risk-Managed Stock Fund is incorporated herein by
reference to Exhibit 4(bbbbb) to Post-Effective
Amendment No. 117, filed on February 27, 2006 (File No.
2-34393).
(ccccc) Form of Amendment to Sub-Advisory Agreement for Janus
Risk-Managed Stock Fund is incorporated herein by
reference to Exhibit 4(ccccc) to Post-Effective
Amendment No. 117, filed on February 27, 2006 (File No.
2-34393).
(ddddd) Amendment to Investment Advisory Agreement for Janus
Balanced Fund dated June 14, 2006 is incorporated herein
by reference to Exhibit 4(ddddd) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(eeeee) Amendment to Investment Advisory Agreement for Janus
Contrarian Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(eeeee) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(fffff) Amendment to Investment Advisory Agreement for Janus
Core Equity Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(fffff) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(ggggg) Amendment to Investment Advisory Agreement for Janus
Enterprise Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(ggggg) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(hhhhh) Amendment to Investment Advisory Agreement for Janus
Federal Tax-Exempt Fund dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(hhhhh) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(iiiii) Amendment to Investment Advisory Agreement for Janus
Flexible Bond Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(iiiii) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(jjjjj) Amendment to Investment Advisory Agreement for Janus
Fund dated June 14, 2006 is incorporated herein by
reference to Exhibit 4(jjjjj) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(kkkkk) Amendment to Investment Advisory Agreement for Janus
Global Life Sciences Fund dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(kkkkk) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(lllll) Amendment to Investment Advisory Agreement for Janus
Global Opportunities Fund dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(lllll) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(mmmmm) Amendment to Investment Advisory Agreement for Janus
Global Technology Fund dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(mmmmm) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(nnnnn) Amendment to Investment Advisory Agreement for Janus
Growth and Income Fund dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(nnnnn) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(ooooo) Amendment to Investment Advisory Agreement for Janus
High-Yield Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(ooooo) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(ppppp) Amendment to Investment Advisory Agreement for Janus
Mercury Fund dated June 14, 2006 is incorporated herein
by reference to Exhibit 4(ppppp) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(qqqqq) Amendment to Investment Advisory Agreement for Janus Mid
Cap Value Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(qqqqq) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(rrrrr) Amendment to Investment Advisory Agreement for Janus
Orion Fund dated June 14, 2006 is incorporated herein by
reference to Exhibit 4(rrrrr) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(sssss) Amendment to Investment Advisory Agreement for Janus
Overseas Fund dated June 14, 2006 is incorporated herein
by reference to Exhibit 4(sssss) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(ttttt) Amendment to Investment Advisory Agreement for Janus
Research Fund dated June 14, 2006 is incorporated herein
by reference to Exhibit 4(ttttt) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(uuuuu) Amendment to Investment Advisory Agreement for INTECH
Risk-Managed Stock Fund dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(uuuuu) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(vvvvv) Amendment to Investment Advisory Agreement for Janus
Short-Term Bond Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(vvvvv) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(wwwww) Amendment to Investment Advisory Agreement for Janus
Small Cap Value Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(wwwww) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(xxxxx) Amendment to Investment Advisory Agreement for Janus
Smart Portfolio - Conservative dated June 14, 2006 is
inorporated herein by reference to Exhibit 4(xxxxx) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(yyyyy) Amendment to Investment Advisory Agreement for Janus
Smart Portfolio - Growth dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(yyyyy) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(zzzzz) Amendment to Investment Advisory Agreement for Janus
Smart Portfolio - Moderate dated June 14, 2006 is
incorporated herein by reference to Exhibit 4(zzzzz) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(aaaaaa) Amendment to Investment Advisory Agreement for Janus
Triton Fund dated June 14, 2006 is incorporated herein
by reference to Exhibit 4(aaaaaa) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(bbbbbb) Amendment to Investment Advisory Agreement for Janus
Twenty Fund dated June 14, 2006 is incorporated herein
by reference to Exhibit 4(bbbbbb) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(cccccc) Amendment to Investment Advisory Agreement for Janus
Venture Fund dated June 14, 2006 is incorporated herein
by reference to Exhibit 4(cccccc) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(dddddd) Amendment to Investment Advisory Agreement for Janus
Worldwide Fund dated June 14, 2006 is incorporated
herein by reference to Exhibit 4(dddddd) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(eeeeee) Amendment to Sub-Advisory Agreement for Janus Mid Cap
Value Fund dated June 14, 2006 is incorporated herein by
reference to Exhibit 4(eeeeee) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(ffffff) Amendment to Sub-Advisory Agreement for Janus Small Cap
Value Fund dated June 14, 2006 is incorporated herein by
reference to Exhibit 4(ffffff) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
(gggggg) Amendment to Investment Advisory Agreement for Janus
Core Equity Fund dated June 30, 2006 is incorporated
herein by reference to Exhibit 4(gggggg) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(hhhhhh) Form of Agreement and Plan of Reorganization is
incorporated herein by reference to Exhibit 4 to N-14/A
Pre-Effective Amendment No. 1, filed on August 8, 2006
(File No. 2-34393).
(iiiiii) Amendment to Investment Advisory Agreement for Janus
Mercury Fund dated December 31, 2006 is incorporated
herein by reference to Exhibit 4(iiiiii) to
Post-Effective Amendment No. 120, filed on February 28,
2007 (File No. 2-34393).
(jjjjjj) Amendment to Investment Advisory Agreement for Janus
Research Fund dated December 31, 2006 is incorporated
herein by reference to Exhibit 4(jjjjjj) to
Post-Effective Amendment No. 120, filed on February 28,
2007 (File No. 2-34393).
(kkkkkk) Amendment to Sub-Advisory Agreement for INTECH
Risk-Managed Stock Fund dated January 1, 2008 is
incorporated herein
by reference to Exhibit 4(kkkkkk) to Post-Effective
Amendment No. 122, filed on February 28, 2008 (File No.
2-34393).
(llllll) Amended and Restated Investment Advisory Agreement for
Perkins Mid Cap Value Fund dated December 31, 2008 is
incorporated herein by reference to Exhibit 4(llllll) to
Post-Effective Amendment No. 123, filed on February 27,
2009 (File No. 2-34393).
(mmmmmm) Amended and Restated Investment Advisory Agreement for
Perkins Small Cap Value Fund dated December 31, 2008 is
incorporated herein by reference to Exhibit 4(mmmmmm) to
Post-Effective Amendment No. 123, filed on February 27,
2009 (File No. 2-34393).
(nnnnnn) Sub-Advisory Agreement for Perkins Mid Cap Value Fund
dated December 31, 2008 is incorporated herein by
reference to Exhibit 4(nnnnnn) to Post-Effective
Amendment No. 123, filed on February 27, 2009 (File No.
2-34393).
(oooooo) Sub-Advisory Agreement for Perkins Small Cap Value Fund
dated December 31, 2008 is incorporated herein by
reference to Exhibit 4(oooooo) to Post-Effective
Amendment No. 123, filed on February 27, 2009 (File No.
2-34393).
(pppppp) Form of Investment Advisory Agreement is filed herein as
Exhibit 6(pppppp).
Exhibit 7 (a) Distribution Agreement between Janus Investment Fund and
Janus Distributors, Inc., dated July 1, 1997, is
incorporated herein by reference to Exhibit 6 to
Post-Effective Amendment No. 83, filed on December 15,
1997 (File No. 2-34393).
(b) Distribution Agreement between Janus Investment Fund and
Janus Distributors LLC, dated June 18, 2002, is
incorporated herein by reference to Exhibit 5(b) to
Post-Effective Amendment No. 105, filed on December 13,
2002 (File No. 2-34393).
(c) Amendment to Amended and Restated Distribution Agreement
between Janus Investment Fund and Janus Distributors
LLC, dated June 14, 2006, is incorporated herein by
reference to Exhibit 5(c) to Post-Effective Amendment
No. 119, filed on December 19, 2006 (File No. 2-34393).
(d) Amendment to Amended and Restated Distribution Agreement
between Janus Investment Fund and Janus Distributors
LLC, dated
January 1, 2008, is incorporated herein by reference to
Exhibit 5(d) to Post-Effective Amendment No. 122, filed
on February 28, 2008 (File No. 2-34393).
Exhibit 8 Not Applicable.
Exhibit 9 (a) Custodian Contract between Janus Investment Fund and
State Street Bank and Trust Company is incorporated
herein by reference to Exhibit 8(a) to Post-Effective
Amendment No. 79, filed on December 18, 1996 (File No.
2-34393).
(b) Amendment dated April 25, 1990, of State Street
Custodian Contract is incorporated herein by reference
to Exhibit 8(b) to Post-Effective Amendment No. 79,
filed on December 18, 1996 (File No. 2-34393).
(c) Letter Agreement dated February 1, 1991, regarding State
Street Custodian Contract is incorporated herein by
reference to Exhibit 8(c) to Post-Effective Amendment
No. 79, filed on December 18, 1996 (File No. 2-34393).
(d) Custodian Contract between Janus Investment Fund and
Investors Fiduciary Trust Company filed as Exhibit 8(d)
to Post-Effective Amendment No. 79, filed on December
18, 1996 (File No. 2-34393), has been withdrawn.
(e) Letter Agreement dated October 9, 1992, regarding State
Street Custodian Agreement is incorporated herein by
reference to Exhibit 8(e) to Post-Effective Amendment
No. 81, filed on June 26, 1997 (File No. 2-34393).
(f) Letter Agreement dated April 28, 1993, regarding State
Street Custodian Agreement is incorporated herein by
reference to Exhibit 8(f) to Post-Effective Amendment
No. 81, filed on June 26, 1997 (File No. 2-34393).
(g) Letter Agreement dated April 4, 1994, regarding State
Street Custodian Agreement is incorporated herein by
reference to Exhibit 8(g) to Post-Effective Amendment
No. 81, filed on June 26, 1997 (File No. 2-34393).
(h) Form of Custody Agreement between Janus Investment Fund,
on behalf of Janus Money Market Fund, Janus Government
Money Market Fund and Janus Tax-Exempt Money Market
Fund, and United Missouri Bank, N.A. filed as Exhibit
8(h) to Post-Effective Amendment No. 81, filed on June
26, 1997 (File No. 2-34393), has been withdrawn.
(i) Letter Agreement dated December 12, 1995, regarding
State Street Custodian Contract is incorporated herein
by reference to Exhibit 8(i) to Post-Effective Amendment
No. 72, filed on March 15, 1996 (File No. 2-34393).
(j) Amendment dated October 11, 1995, of State Street
Custodian Contract is incorporated herein by reference
to Exhibit 8(j) to Post-Effective Amendment No. 71,
filed on December 20, 1995 (File No. 2-34393).
(k) Form of Amendment dated September 10, 1996, of State
Street Custodian Contract is incorporated herein by
reference to Exhibit 8(k) to Post-Effective Amendment
No. 75, filed on September 11, 1996 (File No. 2-34393).
(l) Letter Agreement dated September 10, 1996, regarding
State Street Custodian Contract is incorporated herein
by reference to Exhibit 8(l) to Post-Effective Amendment
No. 75, filed on September 11, 1996 (File No. 2-34393).
(m) Form of Subcustodian Contract between United Missouri
Bank, N.A., and State Street Bank and Trust Company is
incorporated herein by reference to Exhibit 8(m) to
Post-Effective Amendment No. 75, filed on September 11,
1996 (File No. 2-34393).
(n) Form of Letter Agreement dated September 9, 1997,
regarding State Street Custodian Contract is
incorporated herein by reference to Exhibit 8(n) to
Post-Effective Amendment No. 82, filed on September 16,
1997 (File No. 2-34393).
(o) Form of Letter Agreement dated September 14, 1998,
regarding State Street Custodian Contract is
incorporated herein by reference to Exhibit 7(o) to
Post-Effective Amendment No. 85, filed on September 10,
1998 (File No. 2-34393).
(p) Letter Agreement dated September 14, 1999, regarding
State Street Custodian Contract is incorporated herein
by reference to Exhibit 7(p) to Post-Effective Amendment
No. 88, filed on November 15, 1999 (File No. 2-34393).
(q) Global Custody Services Agreement between Janus
Investment Fund, on behalf of Janus Money Market Fund,
Janus Government Money Market Fund and Janus Tax-Exempt
Money Market Fund, and Citibank, N.A. dated March 15,
1999 is incorporated herein by reference to Exhibit 7(q)
to Post-Effective Amendment No. 88, filed on November
15, 1999 (File No. 2-34393).
(r) Form of Letter Agreement dated April 3, 2000, regarding
State Street Custodian Contract is incorporated herein
by reference to Exhibit 7(r) to Post-Effective Amendment
No. 92, filed on March 17, 2000 (File No. 2-34393).
(s) Form of Letter Agreement dated September 26, 2000,
regarding State Street Custodian Contract filed as
Exhibit 7(s) to Post-Effective Amendment No. 95, filed
on September 13, 2000 (File No. 2-34393), has been
withdrawn.
(t) Amendment to State Street Bank and Trust Company
Custodian Contract dated April 10, 2000 is incorporated
herein by reference to Exhibit 7(t) to Post-Effective
Amendment No. 96, filed on December 18, 2000 (File No.
2-34393).
(u) Foreign Custody Amendment to State Street Bank and Trust
Company Custodian Contract dated December 5, 2000 is
incorporated herein by reference to Exhibit 7(u) to
Post-Effective Amendment No. 96, filed on December 18,
2000 (File No. 2-34393).
(v) Foreign Custody Manager Addendum to Global Custodial
Services Agreement dated December 5, 2000 is
incorporated herein by reference to Exhibit 7(v) to
Post-Effective Amendment No. 96, filed on December 18,
2000 (File No. 2-34393).
(w) Form of Amendment to State Street Bank and Trust Company
Custodian Contract dated December 5, 2000 is
incorporated herein by reference to Exhibit 7(w) to
Post-Effective Amendment No. 96, filed on December 18,
2000 (File No. 2-34393).
(x) Form of Amendment to State Street Bank and Trust Company
Custodian Contract dated December 5, 2000 is
incorporated herein by reference to Exhibit 7(x) to
Post-Effective Amendment No. 96, filed on December 18,
2000 (File No. 2-34393).
(y) Form of Letter Agreement dated June 29, 2001, regarding
State Street Bank and Trust Custodian Contract is
incorporated herein
by reference to Exhibit 7(y) to Post-Effective Amendment
No. 98, filed on March 15, 2001 (File No. 2-34393).
(z) Form of Letter Agreement dated July 31, 2001 regarding
State Street Bank and Trust Custodian Contract is
incorporated herein by reference to Exhibit 7(z) to
Post-Effective Amendment No. 99, filed on June 1, 2001
(File No. 2-34393).
(aa) Amendment to State Street Bank and Trust Company
Custodian Contract dated June 15, 2001 is incorporated
herein by reference to Exhibit 7(aa) to Post-Effective
Amendment No. 100, filed on July 31, 2001 (File No.
2-34393).
(bb) Amendment to State Street Bank and Trust Company
Custodian Contract dated June 21, 1988 is incorporated
herein by reference to Exhibit 7(bb) to Post-Effective
Amendment No. 103, filed on February 22, 2002 (File No.
2-34393).
(cc) Form of Letter Agreement regarding Citibank, N.A.
Custodian Contract is incorporated herein by reference
to Exhibit 7(cc) to Post-Effective Amendment No. 104,
filed on February 28, 2002 (File No. 2-34393).
(dd) Form of Amendment to Subcustodian Contract between
Citibank, N.A. and State Street Bank and Trust Company
is incorporated herein by reference to Exhibit 7(dd) to
Post-Effective Amendment No. 104, filed on February 28,
2002 (File No. 2-34393).
(ee) Form of Letter Agreement dated February 28, 2003,
regarding State Street Bank and Trust Company Custodian
Contract is incorporated herein by reference as Exhibit
7(ee) to Post-Effective Amendment No. 105, filed on
December 13, 2002 (File No. 2-34393).
(ff) Form of Letter Agreement dated March 21, 2003, regarding
State Street Bank and Trust Company Custodian Contract
is incorporated herein by reference to Exhibit 7(ff) to
Post-Effective Amendment No. 106, filed on January 3,
2003 (File No. 2-34393).
(gg) Form of Letter Agreement dated December 5, 2003, with
regard to Janus Global Opportunities Fund, with State
Street Bank and Trust Company, is incorporated herein by
reference to Exhibit 7(gg) to Post-Effective Amendment
No. 110, filed on December 23, 2003 (File No. 2-34393).
(hh) Form of Letter Agreement dated February 25, 2005,
regarding
State Street Bank and Trust Company Custodian Contract
is incorporated herein by reference to Exhibit 7(hh) to
Post-Effective Amendment No. 112, filed on December 10,
2004 (File No. 2-34393).
(ii) Amendment to Custodian Contract dated January 21, 2005,
between Janus Investment Fund, on behalf of its
Portfolios, and State Street Bank and Trust Company is
incorporated herein by reference to Exhibit 7(ii) to
Post-Effective Amendment No. 113, filed on February 24,
2005 (File No. 2-34393).
(jj) Amendment to Global Custodial Services Agreement dated
January 14, 2005, between Janus Investment Fund, on
behalf of Janus Money Market Fund, Janus Government
Money Market Fund and Janus Tax-Exempt Money Market
Fund, and Citibank, N.A. is incorporated herein by
reference to Exhibit 7(jj) to Post-Effective Amendment
No. 113, filed on February 24, 2005 (File No. 2-34393).
(kk) Form of Letter Agreement in regards to Janus Explorer
Fund, with State Street Bank and Trust Company is
incorporated herein by reference to Exhibit 7(kk) to
Post-Effective Amendment No. 113, filed on February 24,
2005 (File No. 2-34393).
(ll) Letter Agreement in regards to Janus Flexible Income
Fund, with State Street Bank and Trust Company is
incorporated herein by reference to Exhibit 7(ll) to
Post-Effective Amendment No. 114, filed on October 14,
2005 (File No. 2-34393).
(mm) Amended and Restated Custodian Contract dated August 1,
2005, between Janus Investment Fund and State Street
Bank and Trust Company is incorporated herein by
reference to Exhibit 7(mm) to Post-Effective Amendment
No. 114, filed on October 14, 2005 (File No. 2-34393).
(nn) Form of Letter Agreement in regards to Janus Smart
Portfolio - Growth, Janus Smart Portfolio - Moderate and
Janus Smart Portfolio - Conservative, with State Street
Bank and Trust Company is incorporated herein by
reference to Exhibit 7(nn) to Post-Effective Amendment
No. 114, filed on October 14, 2005 (File No. 2-34393).
(oo) Form of Letter Agreement with State Street Bank and
Trust Company regarding Janus Risk-Managed Stock Fund is
incorporated herein by reference to Exhibit 7(oo) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(pp) Letter Agreement in regards to Janus Core Equity Fund,
with State Street Bank and Trust Company is incorporated
herein by reference to Exhibit 7(pp) to Post-Effective
Amendment No. 119, filed on December 19, 2006 (File No.
2-34393).
Exhibit 10 (a) Form of plan for Janus Money Market Fund, Janus
Government Money Market Fund and Janus Tax-Exempt Money
Market Fund pursuant to Rule 18f-3 setting forth the
separate arrangement and expense allocation of each
class of such Funds filed as Exhibit 18 to
Post-Effective Amendment No. 66, filed on April 13, 1995
(File No. 2-34393), has been withdrawn.
(b) Restated form of Rule 18f-3 Plan for Janus Money Market
Fund, Janus Government Money Market Fund and Janus
Tax-Exempt Money Market Fund is incorporated herein by
reference to Exhibit 18(b) to Post-Effective Amendment
No. 69, filed on September 28, 1995 (File No. 2-34393).
(c) Amended and Restated form of Rule 18f-3 Plan for Janus
Money Market Fund, Janus Government Money Market Fund,
and Janus Tax-Exempt Money Market Fund is incorporated
herein by reference to Exhibit 18(c) to Post-Effective
Amendment No. 78, filed on December 16, 1996 (File No.
2-34393).
(d) Form of Amended and Restated Rule 18f-3 Plan for Janus
Money Market Fund, Janus Government Money Market Fund,
and Janus Tax-Exempt Money Market Fund dated June 12,
2001 is incorporated herein by reference to Exhibit
14(d) to Post-Effective Amendment No. 99, filed on June
1, 2001 (File No. 2-34393).
(e) Rule 18f-3 Plan for Janus Investment Fund with respect
to Janus Mid Cap Value Fund and Janus Small Cap Value
Fund is incorporated herein by reference to Exhibit
14(e) to Post-Effective Amendment No. 106, filed on
January 3, 2003 (File No. 2-34393).
(f) Form of Amended Rule 18f-3 Plan is filed herein as
Exhibit 10(f).
Exhibit 11 (a) Opinion and Consent of Messrs. Davis, Graham & Stubbs
with respect to shares of Janus Fund is incorporated
herein by reference to Exhibit 10(a) to Post-Effective
Amendment No. 79, filed on December 18, 1996 (File No.
2-34393).
(b) Opinion and Consent of Counsel with respect to shares of
Janus Growth and Income Fund and Janus Worldwide Fund is
incorporated herein by reference to Exhibit 10(b) to
Post-Effective Amendment No. 79, filed on December 18,
1996 (File No. 2-34393).
(c) Opinion and Consent of Counsel with respect to shares of
Janus Enterprise Fund, Janus Balanced Fund and Janus
Short-Term Bond Fund is incorporated herein by reference
to Exhibit 10(c) to Post-Effective Amendment No. 80,
filed on February 14, 1997 (File No. 2-34393).
(d) Opinion and Consent of Messrs. Sullivan and Worcester
with respect to shares of Janus Twenty Fund is
incorporated herein by reference to Exhibit 10(d) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(e) Opinion and Consent of Messrs. Sullivan and Worcester
with respect to shares of Janus Venture Fund is
incorporated herein by reference to Exhibit 10(e) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(f) Opinion and Consent of Messrs. Sullivan and Worcester
with respect to shares of Janus Flexible Income Fund is
incorporated herein by reference to Exhibit 10(f) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(g) Opinion and Consent of Messrs. Sullivan and Worcester
with respect to shares of Janus Intermediate Government
Securities Fund filed as Exhibit 10(g) to Post-Effective
Amendment No. 46, filed on June 18, 1992 (File No.
2-34393), has been withdrawn.
(h) Opinion and Consent of Counsel with respect to shares of
Janus Federal Tax-Exempt Fund and Janus Mercury Fund is
incorporated herein by reference to Exhibit 10(h) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(i) Opinion and Consent of Counsel with respect to shares of
Janus Overseas Fund is incorporated herein by reference
to Exhibit 10(i) to Post-Effective Amendment No. 81,
filed on June 26, 1997 (File No. 2-34393).
(j) Opinion and Consent of Counsel with respect to shares of
Janus Money Market Fund, Janus Government Money Market
Fund and Janus Tax-Exempt Money Market Fund is
incorporated herein by reference to Exhibit 10(j) to
Post-Effective Amendment No. 81, filed on June 26, 1997
(File No. 2-34393).
(k) Opinion and Consent of Counsel with respect to
Institutional Shares of Janus Money Market Fund, Janus
Government Money Market Fund and Janus Tax-Exempt Money
Market Fund is incorporated herein by reference to
Exhibit 10(k) to Post-Effective Amendment No. 81, filed
on June 26, 1997 (File No. 2-34393).
(l) Opinion and Consent of Counsel with respect to shares of
Janus High-Yield Fund and Janus Olympus Fund is
incorporated herein by reference to Exhibit 10(l) to
Post-Effective Amendment No. 68, filed on September 14,
1995 (File No. 2-34393).
(m) Opinion and Consent of Counsel with respect to shares of
Janus Equity Income Fund is incorporated herein by
reference to Exhibit 10(m) to Post-Effective Amendment
No. 72, filed on March 15, 1996 (File No. 2-34393).
(n) Opinion and Consent of Counsel with respect to shares of
Janus Special Situations Fund filed as Exhibit 10(n) to
Post-Effective Amendment No. 75, filed on September 11,
1996 (File No. 2-34393), has been withdrawn.
(o) Opinion and Consent of Counsel with respect to shares of
Janus Money Market Fund, Janus Government Money Market
Fund, and Janus Tax-Exempt Money Market Fund is
incorporated herein by reference to Exhibit 10(o) to
Post-Effective Amendment No. 76, filed on September 23,
1996 (File No. 2-34393).
(p) Opinion and Consent of Counsel with respect to shares of
Janus Global Life Sciences Fund filed as Exhibit 10(p)
to Post-Effective Amendment No. 82, filed on September
16, 1997 (File No. 2-34393), has been withdrawn.
(q) Opinion and Consent of Counsel with respect to shares of
Janus Global Life Sciences Fund and Janus Global
Technology Fund is incorporated herein by reference to
Exhibit 9(q) to Post-Effective Amendment No. 85, filed
on September 10, 1998 (File No. 2-34393).
(r) Opinion and Consent of Counsel with respect to shares of
Janus
Strategic Value Fund is incorporated herein by reference
to Exhibit 9(r) to Post-Effective Amendment No. 88,
filed on November 15, 1999 (File No. 2-34393).
(s) Opinion and Consent of Counsel with respect to shares of
Janus Orion Fund is incorporated herein by reference to
Exhibit 9(s) to Post-Effective Amendment No. 92, filed
on March 17, 2000 (File No. 2-34393).
(t) Opinion and Consent of Counsel with respect to shares of
Janus Fund 2 filed as Exhibit 9(t) to Post-Effective
Amendment No. 95, filed on September 13, 2000 (File No.
2-34393), has been withdrawn.
(u) Opinion and Consent of Counsel with respect to Janus
Global Value Fund is incorporated herein by reference to
Exhibit 9(u) to Post-Effective Amendment No. 98, filed
on March 15, 2001 (File No. 2-34393).
(v) Opinion and Consent of Counsel with respect to Janus
Institutional Cash Reserves Fund is incorporated herein
by reference to Exhibit 9(v) to Post-Effective Amendment
No. 104, filed on February 28, 2002 (File No. 2-34393).
(w) Opinion and Consent of Counsel with respect to Janus
Risk-Managed Stock Fund is incorporated herein by
reference to Exhibit 9(w) to Post-Effective Amendment
No. 105, filed on December 13, 2002 (File No. 2-34393).
(x) Opinion and Consent of Counsel with respect to Janus Mid
Cap Value Fund and Janus Small Cap Value Fund dated
April 17, 2003, is incorporated herein by reference to
Exhibit 9(x) to Post-Effective Amendment No. 109, filed
on April 17, 2003 (File No. 2-34393).
(y) Opinion and Consent of Counsel with respect to Janus
Explorer Fund and Janus Research Fund is incorporated
herein by reference to Exhibit 9(y) to Post-Effective
Amendment No. 112, filed on December 10, 2004 (File No.
2-34393).
(z) Opinion and Consent of Counsel with respect to Janus
Smart Portfolio - Growth, Janus Smart Portfolio -
Moderate and Janus Smart Portfolio - Conservative is
incorporated herein by reference to Exhibit 9(z) to
Post-Effective Amendment No. 116, filed on December 30,
2005 (File No. 2-34393).
(aa) Opinion and Consent of Counsel as to legality of shares
being registered to be filed by Amendment.
Exhibit 12 Tax Opinion of Dechert LLP, counsel for the Registrant
to be filed by Amendment.
Exhibit 13 (a) Transfer Agency Agreement with Investors Fiduciary Trust
Company filed as Exhibit 9(a) to Post-Effective
Amendment No. 79, filed on December 18, 1996 (File No.
2-34393), has been withdrawn.
(b) Subagency Agreement between Janus Service Corporation
and Investors Fiduciary Trust Company filed as Exhibit
9(b) to Post-Effective Amendment No. 79, filed on
December 18, 1996 (File No. 2-34393), has been
withdrawn.
(c) Form of Administration Agreement with Janus Capital
Corporation for Janus Money Market Fund, Janus
Government Money Market Fund and Janus Tax-Exempt Money
Market Fund is incorporated herein by reference to
Exhibit 9(c) to Post-Effective Amendment No. 81, filed
on June 26, 1997 (File No. 2-34393).
(d) Transfer Agency Agreement dated December 9, 1994, with
Janus Service Corporation for Janus Money Market Fund,
Janus Government Money Market Fund and Janus Tax-Exempt
Money Market Fund filed as Exhibit 9(d) to
Post-Effective Amendment No. 64, filed on February 8,
1995 (File No. 2-34393), has been withdrawn.
(e) Transfer Agency Agreement dated September 27, 1995, with
Janus Service Corporation for Janus Money Market Fund,
Janus Government Money Market Fund, Janus Tax-Exempt
Money Market Fund, Janus High-Yield Fund and Janus
Olympus Fund is incorporated herein by reference to
Exhibit 9(e) to Post-Effective Amendment No. 70, filed
on November 28, 1995 (File No. 2-34393).
(f) Letter Agreement dated December 21, 1995, regarding
Janus Service Corporation Transfer Agency Agreement is
incorporated herein by reference to Exhibit 9(f) to
Post-Effective Amendment No. 72, filed on March 15, 1996
(File No. 2-34393).
(g) Letter Agreement dated May 21, 1996, regarding Janus
Service Corporation Transfer Agency Agreement is
incorporated by reference to Exhibit 9(g) to
Post-Effective Amendment No. 73, filed on May 28, 1996
(File No. 2-34393).
(h) Form of Amended Administration Agreement with Janus
Capital Corporation for Janus Money Market Fund, Janus
Government Money Market Fund, and Janus Tax-Exempt Money
Market Fund is incorporated by reference to Exhibit 9(h)
to Post-Effective Amendment No. 77, filed on November
21, 1996 (File No. 2-34393).
(i) Letter Agreement dated September 10, 1996, regarding
Janus Service Corporation Transfer Agency Agreement
filed as Exhibit 9(i) to Post-Effective Amendment No.
76, filed on September 23, 1996 (File No. 2-34393), has
been withdrawn.
(j) Letter Agreement dated September 9, 1997, regarding
Janus Service Corporation Transfer Agency Agreement is
incorporated herein by reference to Exhibit 9(j) to
Post-Effective Amendment No. 82, filed on September 16,
1997 (File No. 2-34393).
(k) Form of Letter Agreement dated September 14, 1998,
regarding Janus Service Corporation Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(k) to Post-Effective Amendment No. 85, filed on
September 10, 1998 (File No. 2-34393).
(l) Letter Agreement dated September 14, 1999, regarding
Janus Service Corporation Transfer Agency Agreement is
incorporated herein by reference to Exhibit 8(l) to
Post-Effective Amendment No. 88, filed on November 15,
1999 (File No. 2-34393).
(m) Form of Letter Agreement dated April 3, 2000, regarding
Janus Service Corporation Transfer Agency Agreement is
incorporated herein by reference to Exhibit 8(m) to
Post-Effective Amendment No. 92, filed on March 17, 2000
(File No. 2-34393).
(n) Form of Letter Agreement dated September 26, 2000,
regarding Janus Service Corporation Transfer Agency
Agreement filed as Exhibit 8(n) to Post-Effective
Amendment No. 95, filed on September 13, 2000 (File No.
2-34393), has been withdrawn.
(o) Form of Letter Agreement dated September 26, 2000,
regarding Janus Service Corporation Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(o) to Post-Effective
Amendment No. 96, filed on December 18, 2000 (File No.
2-34393).
(p) Letter Agreement dated March 13, 2001, regarding Janus
Service Corporation Transfer Agency Agreement is
incorporated herein by reference to Exhibit 8(p) to
Post-Effective Amendment No. 98, filed on March 15, 2001
(File No. 2-34393).
(q) Form of Letter Agreement dated July 1, 2001 regarding
Janus Service Corporation Transfer Agency Agreement is
incorporated herein by reference to Exhibit 8(q) to
Post-Effective Amendment No. 99, filed on June 1, 2001
(File No. 2-34393).
(r) Form of Letter Agreement dated July 31, 2001 regarding
Janus Service Corporation Transfer Agency Agreement is
incorporated herein by reference to Exhibit 8(r) to
Post-Effective Amendment No. 99, filed on June 1, 2001
(File No. 2-34393).
(s) Form of Letter Agreement regarding Janus Service
Corporation Transfer Agency Agreement is incorporated
herein by reference to Exhibit 8(s) to Post-Effective
Amendment No. 104, filed on February 28, 2002 (File No.
2-34393).
(t) Form of Administration Agreement with Janus Capital
Corporation for Janus Institutional Cash Reserves Fund
is incorporated herein by reference to Exhibit 8(t) to
Post-Effective Amendment No. 104, filed on February 28,
2002 (File No. 2-34393).
(u) Amended and Restated Transfer Agency Agreement dated
June 18, 2002, between Janus Investment Fund and Janus
Services LLC is incorporated herein by reference to
Exhibit 8(u) to Post-Effective Amendment No. 105, filed
on December 13, 2002 (File No. 2-34393).
(v) Form of Letter Agreement regarding Janus Services LLC
Transfer Agency Agreement is incorporated herein by
reference to Exhibit 8(v) to Post-Effective Amendment
No. 105, filed on December 13, 2002 (File No. 2-34393).
(w) Form of Letter Agreement regarding Janus Services LLC
Transfer Agency Agreement is incorporated herein by
reference to Exhibit 8(w) to Post-Effective Amendment
No. 106, filed on January 3, 2003 (File No. 2-34393).
(x) Form of Agreement and Plan of Reorganization by and
among
Janus Investment Fund and Berger Omni Investment Trust
is incorporated herein by reference to Exhibit 8(x) to
Post-Effective Amendment No. 106, filed on January 3,
2003 (File No. 2-34393).
(y) Form of Agreement and Plan of Reorganization by and
among Janus Investment Fund and Berger Investment
Portfolio Trust is incorporated herein by reference to
Exhibit 8(y) to Post-Effective Amendment No. 106, filed
on January 3, 2003 (File No. 2-34393).
(z) Form of Agreement regarding Administrative Services
between Janus Capital Management LLC and Janus
Investment Fund with respect to Janus Mid Cap Value Fund
is incorporated herein by reference to Exhibit 8(z) to
Post-Effective Amendment No. 106, filed on January 3,
2003 (File No. 2-34393).
(aa) Form of Agreement regarding Administrative Services
between Janus Capital Management LLC and Janus
Investment Fund with respect to Janus Small Cap Value
Fund is incorporated herein by reference to Exhibit
8(aa) to Post-Effective Amendment No. 106, filed on
January 3, 2003 (File No. 2-34393).
(bb) Letter Agreement dated September 17, 2003 regarding
Janus Services LLC Amended and Restated Transfer Agency
Agreement and Janus Overseas Fund is incorporated herein
by reference to Exhibit 8(bb) to Post-Effective
Amendment No. 110, filed on December 23, 2003 (File No.
2-34393).
(cc) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Federal Tax-Exempt Fund dated
July 1, 2003 is incorporated herein by reference to
Exhibit 8(cc) to Post-Effective Amendment No. 110, filed
on December 23, 2003 (File No. 2-34393).
(dd) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Flexible Income Fund dated July
1, 2003 is incorporated herein by reference to Exhibit
8(dd) to Post-Effective Amendment No. 110, filed on
December 23, 2003 (File No. 2-34393).
(ee) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Government Money Market Fund
dated July 1, 2003 is incorporated herein by reference
to Exhibit 8(ee) to Post-Effective Amendment No. 110,
filed on December 23, 2003 (File No. 2-34393).
(ff) Expense Limitation Agreement between Janus Capital
Management LLC and Janus High-Yield Fund dated July 1,
2003 is incorporated herein by reference to Exhibit
8(ff) to Post-Effective Amendment No. 110, filed on
December 23, 2003 (File No. 2-34393).
(gg) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Institutional Cash Reserves
Fund dated July 1, 2003 is incorporated herein by
reference to Exhibit 8(gg) to Post-Effective Amendment
No. 110, filed on December 23, 2003 (File No. 2-34393).
(hh) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Money Market Fund dated July 1,
2003 is incorporated herein by reference to Exhibit
8(hh) to Post-Effective Amendment No. 110, filed on
December 23, 2003 (File No. 2-34393).
(ii) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Short-Term Bond Fund dated July
1, 2003 is incorporated herein by reference to Exhibit
8(ii) to Post-Effective Amendment No. 110, filed on
December 23, 2003 (File No. 2-34393).
(jj) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Tax-Exempt Money Market Fund
dated July 1, 2003 is incorporated herein by reference
to Exhibit 8(jj) to Post-Effective Amendment No. 110,
filed on December 23, 2003 (File No. 2-34393).
(kk) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Institutional Cash Reserves
Fund dated July 1, 2004 is incorporated herein by
reference to Exhibit 8(kk) to Post-Effective Amendment
No. 112, filed on December 10, 2004 (File No. 2-34393).
(ll) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Federal Tax-Exempt Fund dated
July 1, 2004 is incorporated herein by reference to
Exhibit 8(ll) to Post-Effective Amendment No. 112, filed
on December 10, 2004 (File No. 2-34393).
(mm) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Flexible Income Fund dated July
1, 2004 is incorporated herein by reference to Exhibit
8(mm) to Post-Effective Amendment No. 112, filed on
December 10, 2004 (File No. 2-34393).
(nn) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Government Money Market Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 8(nn) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(oo) Expense Limitation Agreement between Janus Capital
Management LLC and Janus High-Yield Fund dated July 1,
2004 is incorporated herein by reference to Exhibit
8(oo) to Post-Effective Amendment No. 112, filed on
December 10, 2004 (File No. 2-34393).
(pp) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Money Market Fund dated July 1,
2004 is incorporated herein by reference to Exhibit
8(pp) to Post-Effective Amendment No. 112, filed on
December 10, 2004 (File No. 2-34393).
(qq) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Short-Term Bond Fund dated July
1, 2004 is incorporated herein by reference to Exhibit
8(qq) to Post-Effective Amendment No. 112, filed on
December 10, 2004 (File No. 2-34393).
(rr) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Tax-Exempt Money Market Fund
dated July 1, 2004 is incorporated herein by reference
to Exhibit 8(rr) to Post-Effective Amendment No. 112,
filed on December 10, 2004 (File No. 2-34393).
(ss) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Explorer Fund dated December 2,
2004 is incorporated herein by reference to Exhibit
8(ss) to Post-Effective Amendment No. 112, filed on
December 10, 2004 (File No. 2-34393).
(tt) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Research Fund dated December 2,
2004 is incorporated herein by reference to Exhibit
8(tt) to Post-Effective Amendment No. 112, filed on
December 10, 2004 (File No. 2-34393).
(uu) Form of Letter Agreement regarding Janus Services LLC
Amended and Restated Transfer Agency Agreement is
incorporated herein by reference to Exhibit 8(uu) to
Post-Effective
Amendment No. 112, filed on December 10, 2004 (File No.
2-34393).
(vv) Letter Agreement between Janus Capital Management LLC
and Janus Investment Fund regarding Janus Explorer Fund
is incorporated herein by reference to Exhibit 8(vv) to
Post-Effective Amendment No. 113, filed on February 24,
2005 (File No. 2-34393).
(ww) Letter Agreement regarding Janus Services LLC Amended
and Restated Transfer Agency Agreement is incorporated
herein by reference to Exhibit 8(ww) to Post-Effective
Amendment No. 113, filed on February 24, 2005 (File No.
2-34393).
(xx) Letter Agreement dated February 9, 2005, regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(xx) to Post-Effective Amendment No. 114, filed on
October 14, 2005 (File No. 2-34393).
(yy) Letter Agreement between Janus Capital Management LLC
and Janus Investment Fund regarding Janus Flexible
Income Fund is incorporated herein by reference to
Exhbit 8(yy) to Post-Effective Amendment No. 114, filed
on October 14, 2005 (File No. 2-34393).
(zz) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Federal Tax-Exempt Fund dated
July 1, 2005 is incorporated herein by reference to
Exhibit 8(zz) to Post-Effective Amendment No. 114, filed
on October 14, 2005 (File No. 2-34393).
(aaa) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Flexible Bond Fund dated July
1, 2005 is incorporated herein by reference to Exhibit
8(aaa) to Post-Effective Amendment No. 114, filed on
October 14, 2005 (File No. 2-34393).
(bbb) Expense Limitation Agreement between Janus Capital
Management LLC and Janus High-Yield Fund dated July 1,
2005 is incorporated herein by reference to Exhibit
8(bbb) to Post-Effective Amendment No. 114, filed on
October 14, 2005 (File No. 2-34393).
(ccc) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Short-Term Bond Fund dated
July 1,
2005 is incorporated herein by reference to Exhibit
8(ccc) to Post-Effective Amendment No. 114, filed on
October 14, 2005 (File No. 2-34393).
(ddd) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Research Fund dated July 1,
2005 is incorporated herein by reference to Exhibit
8(ddd) to Post-Effective Amendment No. 114, filed on
October 14, 2005 (File No. 2-34393).
(eee) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Triton Fund dated July 1, 2005
is incorporated herein by reference to Exhibit 8(eee) to
Post-Effective Amendment No. 114, filed on October 14,
2005 (File No. 2-34393).
(fff) Form of Administration Agreement between Janus
Investment Fund, on behalf of Janus Smart Portfolio -
Growth, Janus Smart Portfolio - Moderate and Janus Smart
Portfolio - Conservative, and Janus Capital Management
LLC is incorporated herein by reference to Exhibit
8(fff) to Post-Effective Amendment No. 114, filed on
October 14, 2005 (File No. 2-34393).
(ggg) Form of Letter Agreement regarding Janus Services LLC
Amended and Restated Transfer Agency is incorporated
herein by reference to Exhibit 8(ggg) to Post-Effective
Amendment No. 114, filed on October 14, 2005 (File No.
2-34393).
(hhh) Form of Expense Limitation Agreement between Janus
Capital Management LLC and Janus Investment Fund, on
behalf of Janus Smart Portfolio-Growth is incorporated
herein by reference to Exhibit 8(hhh) to Post-Effective
Amendment No. 116, filed on December 30, 2005 (File No.
2-34393).
(iii) Form of Expense Limitation Agreement between Janus
Capital Management LLC and Janus Investment Fund, on
behalf of Janus Smart Portfolio-Moderate is incorporated
herein by reference to Exhibit 8(iii) to Post-Effective
Amendment No. 116, filed on December 30, 2005 (File No.
2-34393).
(jjj) Form of Expense Limitation Agreement between Janus
Capital Management LLC and Janus Investment Fund, on
behalf of Janus Smart Portfolio-Conservative is
incorporated herein by reference to Exhibit 8(jjj) to
Post-Effective Amendment No. 116, filed on December 30,
2005 (File No. 2-34393).
(kkk) Form of Letter Agreement regarding Amended and Restated
Transfer Agency Agreement is incorporated herein by
reference to Exhibit 8(kkk) to Post-Effective Amendment
No. 117, filed on February 27, 2006 (File No. 2-34393).
(lll) Letter Agreement dated April 18, 2006 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(lll) to Post-Effective Amendment No. 119, filed on
December 19, 2006 (File No. 2-34393).
(mmm) Amendment dated June 14, 2006 to Administration
Agreement between Janus Investment Fund, on behalf of
Janus Government Money Market Fund, and Janus Capital
Management LLC is incorporated herein by reference to
Exhibit 8(mmm) to Post-Effective Amendment No. 119,
filed on December 19, 2006 (File No. 2-34393).
(nnn) Amendment dated June 14, 2006 to Administration
Agreement between Janus Investment Fund, on behalf of
Janus Institutional Cash Reserves Fund, and Janus
Capital Management LLC is incorporated herein by
reference to Exhibit 8(nnn) to Post-Effective Amendment
No. 119, filed on December 19, 2006 (File No. 2-34393).
(ooo) Amendment dated June 14, 2006 to Administration
Agreement between Janus Investment Fund, on behalf of
Janus Money Market Fund, and Janus Capital Management
LLC is incorporated herein by reference to Exhibit
8(ooo) to Post-Effective Amendment No. 119, filed on
December 19, 2006 (File No. 2-34393).
(ppp) Amendment dated June 14, 2006 to Administration
Agreement between Janus Investment Fund, on behalf of
Janus Smart Portfolio - Growth, Janus Smart Portfolio -
Moderate, Janus Smart Portfolio - Conservative, and
Janus Capital Management LLC is incorporated herein by
reference to Exhibit 8(ppp) to Post-Effective Amendment
No. 119, filed on December 19, 2006 (File No. 2-34393).
(qqq) Amendment dated June 14, 2006 to Administration
Agreement between Janus Investment Fund, on behalf of
Janus Tax-Exempt Money Market Fund, and Janus Capital
Management LLC is incorporated herein by reference to
Exhibit 8(qqq) to Post-Effective Amendment No. 119,
filed on December 19, 2006 (File No. 2-34393).
(rrr) Expense Limitation Agreement between Janus Capital
Management LLC and Janus Investment Fund, on behalf of
Janus Worldwide Fund, is incorporated herein by
reference to Exhibit 8(rrr) to Post-Effective Amendment
No. 119, filed on December 19, 2006 (File No. 2-34393).
(sss) Letter Agreement dated November 1, 2006 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(sss) to Post-Effective Amendment No. 119, filed on
December 19, 2006 (File No. 2-34393).
(ttt) Letter Agreement dated December 14, 2006 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(ttt) to Post-Effective Amendment No. 119, filed on
December 19, 2006 (File No. 2-34393).
(uuu) Letter Agreement dated December 20, 2006 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(uuu) to Post-Effective Amendment No. 120, filed on
February 28, 2007 (File No. 2-34393).
(vvv) Agreement and Plan of Reorganization by and among Janus
Investment Fund and Janus Adviser Series dated February
23, 2007 is incorporated herein by reference to Exhibit
8(vvv) to Post-Effective Amendment No. 120, filed on
February 28, 2007 (File No. 2-34393).
(www) Agreement and Plan of Reorganization by and among Janus
Investment Fund and Janus Capital Management LLC dated
February 23, 2007 is incorporated herein by reference to
Exhibit 8(www) to Post-Effective Amendment No. 120,
filed on February 28, 2007 (File No. 2-34393).
(xxx) Letter Agreement dated February 23, 2007 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(xxx) to Post-Effective Amendment No. 120, filed on
February 28, 2007 (File No. 2-34393).
(yyy) First Amendment dated December 14, 2007 to the Amended
and Restated Transfer Agency Agreement, between Janus
Investment Fund and Janus Services LLC is incorporated
herein by reference to Exhibit 8(yyy) to Post-Effective
Amendment No. 122, filed on February 28, 2008 (File No.
2-34393).
(zzz) Letter Agreement dated December 21, 2007 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(zzz) to Post-Effective Amendment No. 122, filed on
February 28, 2008 (File No. 2-34393).
(aaaa) Letter Agreement dated February 26, 2008 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(aaaa) to Post-Effective Amendment No. 122, filed on
February 28, 2008 (File No. 2-34393).
(bbbb) Letter Agreement dated August 29, 2008 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(bbbb) to Post-Effective Amendment No. 123, filed on
February 27, 2009 (File No. 2-34393).
(cccc) Second Amendment dated October 2, 2008 to the Amended
and Restated Transfer Agency Agreement, between Janus
Investment Fund and Janus Services LLC is incorporated
herein by reference to Exhibit 8(cccc) to Post-Effective
Amendment No. 123, filed on February 27, 2009 (File No.
2-34393).
(dddd) Letter Agreement dated October 2, 2008 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(dddd) to Post-Effective Amendment No. 123, filed on
February 27, 2009 (File No. 2-34393).
(eeee) Letter Agreement dated December 29, 2008 regarding Janus
Services LLC Amended and Restated Transfer Agency
Agreement is incorporated herein by reference to Exhibit
8(eeee) to Post-Effective Amendment No. 123, filed on
February 27, 2009 (File No. 2-34393).
(ffff) Form of Expense Limitation Agreement between Janus
Capital Management LLC and Janus Investment Fund to be
filed by Amendment.
Exhibit 14 Consent of PricewaterhouseCoopers LLP to be filed by
Amendment.
Exhibit 15 Not applicable.
Exhibit 16 (a) Powers of Attorney dated as of January 1, 2006 are
incorporated herein by reference to Exhibit 15(a) to
Post-Effective Amendment No. 117, filed on February 27,
2006 (File No. 2-34393).
(b) Powers of Attorney dated as of March 16, 2007 are
incorporated herein by reference to Exhibit 15(b) to
Post-Effective Amendment No. 121, filed on December 14,
2007 (File No. 2-34393).
(c) Powers of Attorney dated as of April 11, 2008, are
incorporated herein by reference to Exhibit 15(c) to
Post-Effective Amendment No. 123, filed on February 27,
2009 (File No. 2-34393).
Exhibit 17 (a) Janus Ethics Rules filed as Exhibit 15 to Post-Effective
Amendment No. 95, filed on September 13, 2000 (File No.
2-34393), have been withdrawn.
(b) Amended Janus Ethics Rules filed as Exhibit 15(b) to
Post-Effective Amendment No. 98, filed on March 15, 2001
(File No. 2-34393), have been withdrawn.
(c) Amended Janus Ethics Rules filed as Exhibit 15(c) to
Post-Effective Amendment No. 100, filed on July 31, 2001
(File No. 2-34393), have been withdrawn.
(d) Amended Janus Ethics Rules filed as Exhibit 15(d) to
Post-Effective Amendment No. 105, filed on December 13,
2002 (File No. 2-34393), have been withdrawn.
(e) Code of Ethics and Statement of Personal Trading
Policies for Enhanced Investment Technologies, LLC filed
as Exhibit 15(e) to Post-Effective Amendment No. 105,
filed on December 13, 2002 (File No. 2-34393), have been
withdrawn.
(f) Code of Ethics and Statement of Personal Trading
Policies for Perkins, Wolf, McDonnell and Company filed
as Exhibit 15(f) to Post-Effective Amendment No. 106,
filed on January 3, 2003 (File No. 2-34393), have been
withdrawn.
(g) Amended Janus Ethics Rules filed as Exhibit 15(g) to
Post-Effective Amendment No 107, filed on February 28,
2003 (File No. 2-32393), have been withdrawn.
(h) Amended Janus Ethics Rules filed as Exhibit 15(h) to
Post-Effective Amendment No. 109, filed on April 17,
2003 (File No. 2-32393), have been withdrawn.
(i) Amended Janus Ethics Rules filed as Exhibit 15(i) to
Post-Effective Amendment No. 110, filed on December 23,
2003 (File No. 2-34393), have been withdrawn.
(j) Amended Janus Ethics Rules filed as Exhibit 15(j) to
Post-Effective Amendment No. 111, filed on February 27,
2004 (File No. 2-34393), have been withdrawn.
(k) Amended Janus Ethics Rules filed as Exhibit 16(k) to
Post-Effective Amendment No. 112, filed on December 10,
2004 (File No. 2-34393), have been withdrawn.
(l) Code of Ethics of Perkins, Wolf, McDonnell and Company,
LLC revised July 7, 2004 filed as Exhibit 16(l) to
Post-Effective Amendment 113, filed on February 24, 2005
(File No. 2-34393), have been withdrawn.
(m) Amended Janus Ethics Rules filed as Exhibit 16(m) to
Post-Effective Amendment 113, filed on February 24, 2005
(File No. 2-34393), have been withdrawn.
(n) Amended Janus Ethics Rules dated September 20, 2005 are
filed as Exhibit 16(n) to Post-Effective Amendment No.
114, filed on October 14, 2005 (File No. 2-34393), have
been withdrawn.
(o) Code of Ethics of Perkins, Wolf, McDonnell and Company,
LLC revised April 27, 2005 is incorporated herein by
reference to Exhibit 16(o) to Post-Effective Amendment
No. 115, filed on December 16, 2005 (File No. 2-34393).
(p) Amended Janus Ethics Rules dated December 6, 2005 are
incorporated herein by reference to Exhibit 16(p) to
Post-Effective Amendment No. 115, filed on December 16,
2005 (File No. 2-34393).
(q) Amended Janus Ethics Rules dated July 12, 2006 are
incorporated herein by reference to Exhibit 17 to N-14/A
Pre-Effective Amendment No. 1, filed on August 8, 2006
(File No. 2-234393).
(r) Code of Ethics for Perkins, Wolf, McDonnell and Company,
LLC revised October 11, 2006, is incorporated herein by
reference to
Exhibit 16(r) to Post-Effective Amendment No. 119, filed
on December 19, 2006 (File No. 2-34393).
(s) Amended Janus Ethics Rules dated November 21, 2006 are
incorporated herein by reference to Exhibit 16(s) to
Post-Effective Amendment No. 119, filed on December 19,
2006 (File No. 2-34393).
(t) Amended Janus Ethics Rules dated January 26, 2007 are
incorporated herein by reference to Exhibit 16(t) to
Post-Effective Amendment No. 120, filed on February 28,
2007 (File No. 2-34393).
(u) Amended Janus Ethics Rules dated August 22, 2007 are
incorporated herein by reference to Exhibit 16(u) to
Post-Effective Amendment No. 121, filed on December 14,
2007 (File No. 2-34393).
(v) Code of Ethics for Perkins, Wolf, McDonnell and Company,
LLC revised June 1, 2007 is incorporated herein by
reference to Exhibit 16(v) to Post-Effective Amendment
No. 121, filed on December 14, 2007 (File No. 2-34393).
(w) Amended Janus Ethics Rules dated February 19, 2008 are
incorporated herein by reference to Exhibit 16(w) to
Post-Effective Amendment No. 122, filed on February 28,
2008 (File No. 2-34393).
(x) Janus Ethics Rules, revised February 18, 2009, are
incorporated herein by reference to Exhibit 16(x) to
Post-Effective Amendment No. 123, filed on February 27,
2009 (File No. 2-34393).
ITEM 17. Undertakings
(1) The undersigned registrant agrees that prior to any public reoffering of the
securities registered through the use of a prospectus which is a part of this
registration statement by any person or party who is deemed to be an underwriter
within the meaning of Rule 145(c) of the Securities Act, the reoffering
prospectus will contain the information called for by the applicable
registration form for by the applicable registration form for the reofferings by
persons who may be deemed underwriters, in addition to the information called
for by the other items of the applicable form.
(2) The undersigned registrant agrees that every prospectus that is filed under
paragraph (1) above will be filed as a part of an amendment to the registration
statement and will not be used until the amendment is effective, and that, in
determining any liability under the 1933 Act, each post-effective amendment
shall be deemed to be a new registration statement for the securities
offered therein, and the offering of the securities at that time shall be deemed
to be the initial bona fide offering of them.
SIGNATURES
As required by the Securities Act of 1933, as amended, the Registrant has
duly caused this Registration Statement on Form N-14 to be signed on its behalf
by the undersigned, thereto duly authorized, in the City of Denver, and State of
Colorado, on the 16th day of March, 2009.
JANUS INVESTMENT FUND
By: /s/ Robin C. Beery
------------------------------------
Robin C. Beery, President and
Chief Executive Officer
As required by the Securities Act of 1933, as amended, this Registration
Statement on Form N-14 has been signed below by the following persons in the
capacities and on the dates indicated.
Signature Title Date
--------- ----- ----
/s/ Robin C. Beery President and Chief Executive Officer March 16, 2009
------------------------------------- (Principal Executive Officer)
Robin C. Beery
/s/ Jesper Nergaard Vice President, Chief Financial Officer, March 16, 2009
------------------------------------- Treasurer and Principal Accounting Officer
Jesper Nergaard (Principal Financial Officer and
Principal Accounting Officer)
William F. McCalpin* Chairman and Trustee March 16, 2009
-------------------------------------
William F. McCalpin
Jerome S. Contro* Trustee March 16, 2009
-------------------------------------
Jerome S. Contro
John W. McCarter, Jr.* Trustee March 16, 2009
-------------------------------------
John W. McCarter, Jr.
Dennis B. Mullen* Trustee March 16, 2009
-------------------------------------
Dennis B. Mullen
Signature Title Date
--------- ----- ----
James T. Rothe* Trustee March 16, 2009
-------------------------------------
James T. Rothe
William D. Stewart* Trustee March 16, 2009
-------------------------------------
William D. Stewart
Martin H. Waldinger* Trustee March 16, 2009
-------------------------------------
Martin H. Waldinger
Linda S. Wolf* Trustee March 16, 2009
-------------------------------------
Linda S. Wolf
/s/ Stephanie Grauerholz-Lofton
-------------------------------------
*By: Stephanie Grauerholz-Lofton
Attorney-in-Fact
Pursuant to Powers of Attorney dated April 11, 2008, incorporated by
reference to Exhibit 15(c) to Post-Effective Amendment No. 123, filed on
February 27, 2009 (File No. 2-34393).
INDEX OF EXHIBITS
Exhibit Number Exhibit Title
-------------- -------------
Exhibit 4 Form of Agreement and Plan of Reorganization among Janus
Adviser Series (on behalf of certain series), Janus
Investment Fund (on behalf of certain series) and Janus
Capital Management LLC (included as Appendix A to the
Prospectus/Information Statement of this Registration
Statement) is filed herein as Exhibit 4.
Exhibit 6(pppppp) Form of Investment Advisory Agreement is filed herein as
Exhibit 6(pppppp).
Exhibit 10(f) Form of Amended Rule 18f-3 Plan for Janus Investment Fund is
filed herein as Exhibit 10(f).
EX-99.4
2
d66736exv99w4.txt
FORM OF AGREEMENT AND PLAN OF REORGANIZATION
Exhibit 4
FORM OF AGREEMENT AND PLAN OF REORGANIZATION
THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made as of this
[__] day of [__], 200_, by and among Janus Adviser Series, a Delaware statutory
trust (the "JAD Trust"), on behalf of Janus Adviser [___]Fund, a series of the
JAD Trust (the "Predecessor Fund"), Janus Investment Fund (the "JIF Trust"), a
Massachusetts business trust, on behalf of Janus [___] Fund a series of the JIF
Trust (the "Successor Fund"), and Janus Capital Management LLC, a Delaware
limited liability company ("JCM").
All references in this Agreement to action taken by the Predecessor Fund or the
Successor Fund shall be deemed to refer to action taken by the JIF Trust or JAD
Trust on behalf of the respective portfolio series.
This Agreement is intended to be and is adopted as a plan of reorganization and
liquidation within the meaning of Section 368(a) of the United States Internal
Revenue Code of 1986, as amended (the "Code"). The reorganization (the
"Reorganization") will consist of the transfer by the Predecessor Fund of all or
substantially all of its assets to the Successor Fund, in exchange solely for
[Class A, Class C, Class I, Class R and Class S] voting shares of beneficial
interest in the Successor Fund (the "Successor Fund Shares") having an aggregate
net asset value equal to the aggregate net asset value of the same class of
shares of the Predecessor Fund, the assumption by the Successor Fund of all the
liabilities of the Predecessor Fund, and the distribution of the [Class A, Class
C, Class I, Class R and Class S] Successor Fund Shares to the shareholders of
the Predecessor Fund in complete liquidation of the Predecessor Fund as provided
herein, all upon the terms and conditions hereinafter set forth in this
Agreement.
WHEREAS, the Board of Trustees of each of the JAD Trust and the JIF Trust has
determined that it is in the best interest of the Predecessor Fund and the
Successor Fund, respectively, that the assets of the Predecessor Fund be
acquired by the Successor Fund pursuant to this Agreement and in accordance with
the applicable statutes of the Commonwealth of Massachusetts and the State of
Delaware, and that the interests of existing shareholders will not be diluted as
a result of this transaction;
WHEREAS, concurrently herewith, the Board of Trustees of each of the JAD Trust
and the JIF Trust are entering into separate Plans of Reorganization which
contemplate the reorganization of certain series of the JAD Trust into existing
series of the JIF Trust (each a "Preexisting Fund Reorganization"); and
WHEREAS, concurrently herewith, the Board of Trustees of each of the JAD Trust
and the JIF Trust are entering into separate Plans of Reorganization which
contemplate the reorganization of certain series of the JAD Trust into newly
created series of the JIF Trust (each a "Shell Reorganization").
NOW, THEREFORE, in consideration of the premises and of the covenants and
agreements hereinafter set forth, the parties hereto covenant and agree as
follows:
1. PLAN OF REORGANIZATION
1.1 Subject to the terms and conditions herein set forth, the JAD Trust shall
(i) transfer all or substantially all of the assets of the Predecessor Fund, as
set forth in paragraph 1.2, to the Successor Fund, (ii) the JIF Trust shall
cause the Successor Fund to deliver to the JAD Trust full and fractional [Class
A, Class C, Class I, Class R and Class S] Successor Fund Shares having an
aggregate net asset value equal to the value of the aggregate net assets of the
same class of shares of the Predecessor Fund as of the close of regular session
trading on the New York Stock Exchange on the Closing Date, as set forth in
paragraph 2.1 (the "Closing Date") and (iii) the JIF Trust shall cause the
Successor Fund to assume all liabilities of the Predecessor Fund, as set forth
in paragraph 1.2. Such transactions shall take place at the closing provided for
in paragraph 2.1 (the "Closing").
1.2 The assets of the Predecessor Fund to be acquired by the Successor Fund
shall consist of all property, including, without limitation, all cash,
securities, commodities and futures interests, and dividends or interest
receivable which are owned by the Predecessor Fund and any deferred or prepaid
expenses shown as an asset on the books of the Predecessor Fund on the Closing
Date. The Successor Fund will assume all of the liabilities, expenses, costs,
charges and reserves of the Predecessor Fund of any kind, whether
absolute, accrued, contingent or otherwise in existence on the Closing Date.
1.3 The Predecessor Fund will distribute pro rata to its shareholders of record
of the applicable classes, determined as of immediately after the close of
business on the Closing Date (the "Current Shareholders"), the [Class A, Class
C, Class I, Class R and Class S] Successor Fund Shares received by the JAD Trust
pursuant to paragraph 1.1. Such distribution and liquidation will be
accomplished by the transfer of the [Class A, Class C, Class I, Class R and
Class S] Successor Fund Shares then credited to the accounts of the Predecessor
Fund on the books of the Successor Fund to open accounts on the share records of
the Successor Fund in the names of the Current Shareholders and representing the
respective pro rata number of the [Class A, Class C, Class I, Class R and Class
S] Successor Fund Shares due to such shareholders. All issued and outstanding
shares of the Predecessor Fund will simultaneously be canceled on the books of
the JAD Trust. The Successor Fund shall not issue certificates representing the
[Class A, Class C, Class I, Class R and Class S] Successor Fund Shares in
connection with such exchange. Ownership of [Class A, Class C, Class I, Class R
and Class S] Successor Fund Shares will be shown on the books of the JIF Trust's
transfer agent. As soon as practicable after the Closing, the JAD Trust shall
take all steps necessary to effect a complete liquidation of the Predecessor
Fund.
2. CLOSING AND CLOSING DATE
2.1 The Closing Date shall be July 6, 2009, or such other date as the parties
may agree to in writing. All acts taking place at the Closing shall be deemed to
take place simultaneously as of immediately after the close of business on the
Closing Date unless otherwise agreed to by the parties. The close of business on
the Closing Date shall be as of 4:00 p.m. New York Time. The Closing shall be
held at the offices of JCM, 151 Detroit Street, Denver, Colorado 80206-4805, or
at such other time and/or place as the parties may agree.
2.2 The JAD Trust shall cause Janus Services LLC (the "Transfer Agent"),
transfer agent of the Predecessor Fund, to deliver at the Closing a certificate
of an authorized officer stating that its records contain the names and
addresses of the Current Shareholders and the number, class, and percentage
ownership of outstanding shares of the Predecessor Fund owned by each such
shareholder immediately prior to the Closing. The Successor Fund shall issue and
deliver a confirmation evidencing the [Class A, Class C, Class I, Class R and
Class S] Successor Fund Shares to be credited on the Closing Date to the
Secretary of the JAD Trust or provide evidence satisfactory to the JAD Trust
that such [Class A, Class C, Class I, Class R and Class S] Successor Fund Shares
have been credited to the accounts of the Predecessor Fund on the books of the
Successor Fund. At the Closing, each party shall deliver to the other such bills
of sales, checks, assignments, share certificates, if any, receipts or other
documents as such other party or its counsel may reasonably request.
3. REPRESENTATIONS AND WARRANTIES
3.1 The JAD Trust, on behalf of the Predecessor Fund, hereby represents and
warrants to the Successor Fund as follows:
(i) the JAD Trust is a trust duly organized, validly existing and in
good standing under the laws of the State of Delaware and has full
power and authority to conduct its business as presently conducted;
(ii) the JAD Trust has full power and authority to execute, deliver and
carry out the terms of this Agreement on behalf of the Predecessor
Fund;
(iii) the execution and delivery of this Agreement on behalf of the
Predecessor Fund and the consummation of the transactions
contemplated hereby are duly authorized and no other proceedings on
the part of the JAD Trust or the shareholders of the Predecessor
Fund are necessary to authorize this Agreement and the transactions
contemplated hereby;
(iv) this Agreement has been duly executed by the JAD Trust on behalf of
the Predecessor
2
Fund and constitutes its valid and binding obligation, enforceable
in accordance with its terms, subject to applicable bankruptcy,
reorganization, insolvency, moratorium and other rights affecting
creditors' rights generally, and general equitable principles;
(v) neither the execution and delivery of this Agreement by the JAD
Trust on behalf of the Predecessor Fund, nor the consummation by the
JAD Trust on behalf of the Predecessor Fund of the transactions
contemplated hereby, will conflict with, result in a breach or
violation of or constitute (or with notice, lapse of time or both) a
breach of or default under, the JAD Trust's Amended and Restated
Trust Instrument ("JAD Trust Instrument") or Bylaws of the JAD
Trust, as each may be amended, or any statute, regulation, order,
judgment or decree, or any instrument, contract or other agreement
to which the JAD Trust is a party or by which the JAD Trust or any
of its assets is subject or bound;
(vi) the unaudited statement of assets and liabilities of the Predecessor
Fund as of the Closing Date, determined in accordance with generally
accepted accounting principles consistently applied from the prior
audited period, accurately reflects all liabilities of the
Predecessor Fund as of the Closing Date;
(vii) no authorization, consent or approval of any governmental or other
public body or authority or any other party is necessary for the
execution and delivery of this Agreement by the JAD Trust on behalf
of the Predecessor Fund or the consummation of any transactions
contemplated hereby by the JAD Trust, other than as shall be
obtained at or prior to the Closing;
(viii) On the Closing Date, all Federal and other tax returns, dividend
reporting forms, and other tax-related reports of the Predecessor
Fund required by law to have been filed by such date (including any
extensions) shall have been filed and are or will be correct in all
material respects, and all Federal and other taxes shown as due or
required to be shown as due on said returns and reports shall have
been paid or provision shall have been made for the payment thereof;
and
(ix) For each taxable year of its operation (including the taxable year
which ends on the Closing Date), the Predecessor Fund has met (or
will meet) the requirements of Subchapter M of the Internal Revenue
Code of 1986, as amended (the "Code") for qualification as a
regulated investment company, has been (or will be) eligible to and
has computed (or will compute) its federal income tax under Section
852 of the Code, and will have distributed all of its investment
company taxable income and net capital gain (as defined in the Code)
that has accrued through the Closing Date.
3.2 The JIF Trust, on behalf of the Successor Fund, hereby represents and
warrants to the Predecessor Fund as follows:
(i) the JIF Trust is duly organized and existing under its Amended and
Restated Declaration of Trust (the "JIF Declaration of Trust") and
the laws of the Commonwealth of Massachusetts as a voluntary
association with transferable shares of beneficial interest commonly
referred to as a "Massachusetts business trust";
(ii) the JIF Trust has full power and authority to execute, deliver and
carry out the terms of this Agreement on behalf of the Successor
Fund;
(iii) the execution and delivery of this Agreement on behalf of the
Successor Fund and the consummation of the transactions contemplated
hereby are duly authorized and no other proceedings on the part of
the JIF Trust or the shareholders of the Successor Fund are
necessary to authorize this Agreement and the transactions
contemplated hereby;
(iv) this Agreement has been duly executed by the JIF Trust on behalf of
the Successor Fund
3
and constitutes its valid and binding obligation, enforceable in
accordance with its terms, subject to applicable bankruptcy,
reorganization, insolvency, moratorium and other rights affecting
creditors' rights generally, and general equitable principles;
(v) neither the execution and delivery of this Agreement by the JIF
Trust on behalf of the Successor Fund, nor the consummation by the
JIF Trust on behalf of the Successor Fund of the transactions
contemplated hereby, will conflict with, result in a breach or
violation of or constitute (or with notice, lapse of time or both
constitute) a breach of or default under, the JIF Declaration of
Trust or the Amended and Restated Bylaws of the JIF Trust, as each
may be amended, or any statute, regulation, order, judgment or
decree, or any instrument, contract or other agreement to which the
JIF Trust is a party or by which the JIF Trust or any of its assets
is subject or bound;
(vi) the net asset value per share of a [Class A, Class C, Class I, Class
R and Class S] Successor Fund Share as of the close of regular
session trading on the New York Stock Exchange on the Closing Date
reflects all liabilities of the Successor Fund as of that time and
date;
(vii) no authorization, consent or approval of any governmental or other
public body or authority or any other party is necessary for the
execution and delivery of this Agreement by the JIF Trust on behalf
of the Successor Fund or the consummation of any transactions
contemplated hereby by the JIF Trust, other than as shall be
obtained at or prior to the Closing;
(viii) On the Closing Date, all Federal and other tax returns, dividend
reporting forms, and other tax-related reports of the Successor Fund
required by law to have been filed by such date (including any
extensions) shall have been filed and are or will be correct in all
material respects, and all Federal and other taxes shown as due or
required to be shown as due on said returns and reports shall have
been paid or provision shall have been made for the payment thereof;
and
(ix) For each taxable year of its operation (including the taxable year
which includes the Closing Date), the Successor Fund has met (or
will meet) the requirements of Subchapter M of the Code for
qualification as a regulated investment company, has been (or will
be) eligible to and has computed (or will compute) its federal
income tax under Section 852 of the Code, and has distributed all of
its investment company taxable income and net capital gain (as
defined in the Code) for periods ending prior to the Closing Date.
4. CONDITIONS PRECEDENT
4.1 The obligations of the JAD Trust on behalf of each Predecessor Fund and the
JIF Trust on behalf of each Successor Fund to effectuate the Reorganization
shall be subject to the satisfaction of the following conditions with respect to
such Reorganization:
(i) The JIF Trust shall have filed with the Securities and Exchange
Commission (the "Commission") a registration statement on Form N-14
under the Securities Act of 1933, as amended (the "Securities Act")
and such amendment or amendments thereto as are determined by the
Board of Trustees of the JIF Trust and/or JCM to be necessary and
appropriate to effect the registration of the [Class A, Class C,
Class I, Class R and Class S] Successor Fund Shares (the
"Registration Statement"), and the Registration Statement shall have
become effective, and no stop-order suspending the effectiveness of
the Registration Statement shall have been issued, and no proceeding
for that purpose shall have been initiated or threatened by the
Commission (and not withdrawn or terminated);
(ii) The applicable [Class A, Class C, Class I, Class R and Class S]
Successor Fund Shares
4
shall have been duly qualified for offering to the public in all
states in which such qualification is required for consummation of
the transactions contemplated hereunder;
(iii) All representations and warranties of the JAD Trust on behalf of the
Predecessor Fund contained in this Agreement shall be true and
correct in all material respects as of the date hereof and as of the
Closing, with the same force and effect as if then made, and the JIF
Trust on behalf of the Successor Fund shall have received a
certificate of an officer of the JAD Trust acting on behalf of the
Predecessor Fund to that effect in form and substance reasonably
satisfactory to the JIF Trust on behalf of the Successor Fund;
(iv) All representations and warranties of the JIF Trust on behalf of the
Successor Fund contained in this Agreement shall be true and correct
in all material respects as of the date hereof and as of the
Closing, with the same force and effect as if then made, and the JAD
Trust on behalf of the Predecessor Fund shall have received a
certificate of an officer of the JIF Trust acting on behalf of the
Successor Fund to that effect in form and substance reasonably
satisfactory to the JAD Trust on behalf of the Predecessor Fund;
(v) The JIF Trust and the JAD Trust shall have received the opinion of
Dechert LLP addressed to each of them substantially to the effect
that, based upon certain facts, assumptions, and representations,
the transaction contemplated by this Agreement shall constitute a
tax-free reorganization for Federal income tax purposes. The
delivery of such opinion is conditioned upon receipt by Dechert LLP
of representations it shall request of JCM, the JIF Trust and the
JAD Trust. Notwithstanding anything herein to the contrary, neither
the JIF Trust nor the JAD Trust may waive the condition set forth in
this paragraph;
(vi) Unless otherwise determined by the officers of the Predecessor Fund,
the Predecessor Fund shall have declared and paid a distribution or
distributions prior to the Closing that, together with all previous
distributions, shall have the effect of distributing to its
shareholders (i) all of its investment company taxable income and
all of its net realized capital gains, if any, for the period from
the close of its last fiscal year to 4:00 p.m. New York Time on the
Closing; and (ii) any undistributed investment company taxable
income and net realized capital gains from any period to the extent
not otherwise already distributed; and
(vii) The conditions precedent to (A) each of the Preexisting Fund
Reorganizations and (B) each of the Shell Reorganizations shall have
been satisfied, unless the Board of Trustees of the JAD Trust and/or
the JIF Trust shall have waived this condition and deemed it to be
in the best interests of Shareholders of the Predecessor Fund that
the Reorganization should proceed.
5. EXPENSES
All of the expenses and costs of the Reorganization and the transactions
contemplated thereby shall be borne by JCM.
6. ENTIRE AGREEMENT
The JAD Trust agrees on behalf of the Predecessor Fund and the JIF Trust agrees
on behalf of the Successor Fund that this Agreement constitutes the entire
agreement between the parties.
7. TERMINATION
This Agreement and the transactions contemplated hereby may be terminated and
abandoned by resolution of the Board of Trustees of the JIF Trust or the Board
of Trustees of the JAD Trust, at any time prior to the Closing Date, if
circumstances should develop that, in the opinion of the Board of Trustees of
the JIF Trust
5
or the Board of Trustees of the JAD Trust, make proceeding with the Agreement
inadvisable.
8. AMENDMENTS
This agreement may be amended, modified or supplemented in such manner as may be
mutually agreed upon in writing by the parties.
9. NOTICES
Any notice, report, statement or demand required or permitted by any provisions
of this Agreement shall be in writing and shall be given by prepaid telegraph,
telecopy or certified mail addressed to the parties hereto at their principal
place of business.
10. HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY
10.1 The Article and paragraph headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.
10.2 This Agreement may be executed in any number of counterparts each of which
shall be deemed an original.
10.3 This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Massachusetts.
10.4 This Agreement shall bind and inure to the benefit of the parties hereto
and their respective successors and assigns, but no assignment or transfer
hereof or of any rights or obligations hereunder shall be made by any party
without the written consent of the other party. Nothing herein expressed or
implied is intended or shall be construed to confer upon or give any person,
firm or corporation, other than the parties hereto and their respective
successors and assigns, any rights or remedies under or by reason of this
Agreement.
10.5 It is expressly agreed that the obligations of each of the JIF Trust and
JAD Trust hereunder shall not be binding upon any of the Trustees, shareholders,
nominees, officers, agents or employees of each trust personally, but shall bind
only the trust property of the trusts, as provided in the JAD Trust Instrument
and the JIF Declaration of Trust, respectively, of each trust. The execution and
delivery by such officers of the Trusts shall not be deemed to have been made by
any of them individually or to impose any liability on any of them personally,
but shall bind only the trust property of each Trust as provided in the JAD
Trust Instrument and the JIF Declaration of Trust, respectively. The JAD Trust
is a series company with multiple series and has entered into this Agreement on
behalf of the Predecessor Fund. The JIF Trust is a series company with multiple
series and has entered into this Agreement on behalf of the Successor Fund.
10.6 The sole remedy of a party hereto for a breach of any representation or
warranty made in this Agreement by the other party shall be an election by the
non-breaching party not to complete the transactions contemplated herein.
6
IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as
of the date set forth above.
ATTEST JANUS ADVISER SERIES
For and on behalf of the Predecessor
Fund
Name: By:
------------------------------- ------------------------------------
Name:
Title:
ATTEST JANUS INVESTMENT FUND
For and on behalf of the Successor Fund
Name: By:
------------------------------- ------------------------------------
Name:
Title:
ATTEST JANUS CAPITAL MANAGEMENT LLC
Name: By:
------------------------------- ------------------------------------
Name:
Title:
7
EX-99.6(PPPPPP)
3
d66736exv99w6xppppppy.txt
FORM OF AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT
Exhibit 6(pppppp)
FORM OF
JANUS INVESTMENT FUND
AMENDED AND RESTATED
INVESTMENT ADVISORY AGREEMENT
[_________________ FUND]
THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this ____ day
of __________, 2009, between JANUS INVESTMENT FUND, a Massachusetts business
trust (the "Trust"), and JANUS CAPITAL MANAGEMENT LLC, a Delaware limited
liability company ("JCM").
WITNESSETH:
WHEREAS, the Trust is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act"),
and has registered its shares for public offering under the Securities Act of
1933, as amended (the "1933 Act"); and
WHEREAS, the Trust is authorized to create separate funds, each with its
own separate investment portfolio of which the beneficial interests are
represented by a separate series of shares; one of such funds created by the
Trust being designated as the [______________ Fund] (the "Fund"); and
WHEREAS, the Trust and JCM deem it mutually advantageous that JCM should be
appointed as investment adviser to the Fund.
NOW, THEREFORE, the parties agree as follows:
1. Appointment. The Trust hereby appoints JCM as investment adviser and
manager with respect to the Fund for the period and on the terms set forth in
this Agreement. JCM hereby accepts such appointment and agrees to render the
services herein set forth, for the compensation herein provided.
2. Investment Advisory Services. JCM shall determine the securities or
other assets to be purchased, sold or held and shall place orders for the
purchase or sale of such securities or other assets with brokers, dealers or
others. JCM shall furnish continuous advice and recommendations to the Fund as
to the acquisition, holding, or disposition of any or all of the securities or
other assets which the Fund may own or contemplate acquiring from time to time.
JCM shall give due consideration to the investment policies and restrictions and
the other statements concerning the Fund in the Declaration of Trust, bylaws,
and registration statements under the 1940 Act and the 1933 Act, and to the
provisions of the Internal Revenue Code, as amended from time to time,
applicable to the Fund as a regulated investment company. In addition, JCM shall
cause its officers to attend meetings and furnish oral or written reports, as
the Trust may reasonably require, in order to keep the Trustees and appropriate
officers of the Trust fully informed as to the condition of the investment
portfolio of the Fund, the investment recommendations of JCM, and the investment
considerations which have given rise to those
PAGE 1
recommendations. [Subject to the approval of the Trustees of the Trust and, if
required, the shareholders of the Fund, JCM is authorized to engage one or more
subadvisers in connection with JCM's duties and responsibilities under this
Agreement, which subadvisers may be affiliates of JCM.]
3. Other Services. JCM is hereby authorized (to the extent the Trust has
not otherwise contracted) but not obligated (to the extent it so notifies the
Trustees at least 60 days in advance), to perform (or arrange for the
performance by affiliates of or duly appointed subadvisers or affiliates of) the
management and administrative services necessary for the operation of the Fund.
JCM is specifically authorized, on behalf of the Trust, to conduct relations
with custodians, depositories, transfer and pricing agents, accountants,
attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurance
company separate accounts, insurers, banks and such other persons in any such
other capacity deemed by JCM to be necessary or desirable. JCM shall generally
monitor and report to Fund officers the Fund's compliance with investment
policies and restrictions as set forth in the currently effective prospectus and
statement of additional information relating to the shares of the Fund under the
1933 Act. JCM shall make reports to the Trustees of its performance of services
hereunder upon request therefor and furnish advice and recommendations with
respect to such other aspects of the business and affairs of the Fund as it
shall determine to be desirable. JCM is also authorized, subject to review by
the Trustees, to furnish such other services as JCM shall from time to time
determine to be necessary or useful to perform the services contemplated by this
Agreement.
4. Obligations of Trust. The Trust shall have the following obligations
under this Agreement:
(a) to keep JCM continuously and fully informed as to the composition
of its investment portfolio and the nature of all of its assets
and liabilities from time to time;
(b) to furnish JCM with a certified copy of any financial statement
or report prepared for it by certified or independent public
accountants and with copies of any financial statements or
reports made to its shareholders or to any governmental body or
securities exchange;
(c) to furnish JCM with any further materials or information which
JCM may reasonably request to enable it to perform its function
under this Agreement; and
(d) to compensate JCM for its services and reimburse JCM for its
expenses incurred hereunder in accordance with the provisions
hereof.
5. Compensation. The Trust shall pay to JCM for its services pursuant to
this Agreement a monthly base fee of 1/12 of [____%] of the average daily
closing net asset value of the Fund, adjusted by a performance fee as set forth
in Schedule A. For any period less than a month during which this Agreement is
in effect, the base fee shall be prorated according to the proportion which such
period bears to a full month of 28, 29, 30 or 31 days, as the case may be.
PAGE 2
6. Expenses Borne by JCM. In addition to the expenses which JCM may incur
in the performance of its investment advisory functions and other services under
this Agreement, and the expenses which it may expressly undertake to incur and
pay under other agreements with the Trust or otherwise, JCM shall incur and pay
the following expenses relating to the Fund's operations without reimbursement
from the Fund:
(a) Reasonable compensation, fees and related expenses of the Trust's
officers and its Trustees, except for such Trustees who are not
"interested persons," as defined in the 1940 Act, of JCM, and
except as otherwise provided in Section 7;
(b) Rental of offices of the Trust; and
(c) [Fees of any subadviser engaged by JCM pursuant to the authority
granted in Section 2 hereof.]
7. Expenses Borne by the Trust. The Trust assumes and shall pay all
expenses incidental to its organization, operations and business not
specifically assumed or agreed to be paid by JCM pursuant to Sections 3 and 6
hereof, including, but not limited to, investment adviser fees; any
compensation, fees, or reimbursements which the Trust pays to its Trustees who
are not "interested persons," as defined in the 1940 Act, of JCM; compensation
and related expenses of the Chief Compliance Officer of the Trust and compliance
staff, as authorized from time to time by the Trustees of the Trust;
compensation of the Fund's custodian, transfer agent, registrar and dividend
disbursing agent; legal, accounting, audit and printing expenses;
administrative, clerical, recordkeeping and bookkeeping expenses; brokerage
commissions and all other expenses in connection with execution of portfolio
transactions (including any appropriate commissions paid to JCM or its
affiliates for effecting exchange listed, over-the-counter or other securities
transactions); interest; all federal, state and local taxes (including stamp,
excise, income and franchise taxes); costs of stock certificates and expenses of
delivering such certificates to purchasers thereof; expenses of local
representation in Massachusetts; expenses of shareholders' meetings and of
preparing, printing and distributing proxy statements, notices, and reports to
shareholders; expenses of preparing and filing reports and tax returns with
federal and state regulatory authorities; all expenses incurred in complying
with all federal and state laws and the laws of any foreign country applicable
to the issue, offer, or sale of shares of the Fund, including, but not limited
to, all costs involved in the registration or qualification of shares of the
Fund for sale in any jurisdiction, the costs of portfolio pricing services and
compliance systems, and all costs involved in preparing, printing and mailing
prospectuses and statements of additional information to Fund shareholders; and
all fees, dues and other expenses incurred by the Trust in connection with the
membership of the Trust in any trade association or other investment company
organization.
8. Termination. This Agreement may be terminated at any time, without
penalty, by the Trustees of the Trust, or by the shareholders of the Fund acting
by vote of at least a majority of its outstanding voting securities, provided in
either case that sixty (60) days advance written notice of termination be given
to JCM at its principal place of business. This Agreement may be terminated by
JCM at any time, without penalty, by giving sixty (60) days advance written
notice of termination to the Trust, addressed to its principal place of
business. The Trust agrees that,
PAGE 3
consistent with the terms of the Trust Instrument, the Trust shall cease to use
the name "Janus" in connection with the Fund as soon as reasonably practicable
following any termination of this Agreement if JCM does not continue to provide
investment advice to the Fund after such termination.
9. Assignment. This Agreement shall terminate automatically in the event of
any assignment of this Agreement.
10. Term. This Agreement shall continue in effect until February 1, [2011],
unless sooner terminated in accordance with its terms, and shall continue in
effect from year to year thereafter only so long as such continuance is
specifically approved at least annually by (a) the vote of a majority of the
Trustees of the Trust who are not parties hereto or interested persons of any
such party, cast in person at a meeting called for the purpose of voting on the
approval of the terms of such renewal, and (b) either the Trustees of the Trust
or the affirmative vote of a majority of the outstanding voting securities of
the Fund. The annual approvals provided for herein shall be effective to
continue this Agreement from year to year if given within a period beginning not
more than ninety (90) days prior to February 1 of each applicable year,
notwithstanding the fact that more than three hundred sixty-five (365) days may
have elapsed since the date on which such approval was last given.
11. Amendments. This Agreement may be amended by the parties only if such
amendment is specifically approved (i) by a majority of the Trustees, including
a majority of the Trustees who are not interested persons (as that phrase is
defined in Section 2(a)(19) of the 1940 Act) of any party to this Agreement and,
if required by applicable law, (ii) by the affirmative vote of a majority of the
outstanding voting securities of the Fund (as that phrase is defined in Section
2(a)(42) of the 1940 Act).
12. Other Series. The Trustees shall determine the basis for making an
appropriate allocation of the Trust's expenses (other than those directly
attributable to the Fund) between the Fund and the other series of the Trust.
13. Limitation of Personal Liability. All the parties hereto acknowledge
and agree that all liabilities of the Trust arising, directly or indirectly,
under this Agreement, of any and every nature whatsoever, shall be satisfied
solely out of the assets of the Fund and that no Trustee, officer or holder of
shares of beneficial interest of the Trust shall be personally liable for any of
the foregoing liabilities. The Trust Instrument describes in detail the
respective responsibilities and limitations on liability of the Trustees,
officers and holders of shares of beneficial interest of the Trust.
14. Limitation of Liability of JCM. JCM shall not be liable for any error
of judgment or mistake of law or for any loss arising out of any investment or
for any act or omission taken with respect to the Trust, except for willful
misfeasance, bad faith or gross negligence in the performance of its duties, or
by reason of reckless disregard of its obligations and duties hereunder and
except to the extent otherwise provided by law. As used in this Section 14,
"JCM" shall include any affiliate of JCM performing services for the Trust
contemplated hereunder and directors, officers and employees of JCM and such
affiliates.
PAGE 4
15. Activities of JCM. The services of JCM to the Trust hereunder are not
to be deemed to be exclusive, and JCM and its affiliates are free to render
services to other parties. It is understood that trustees, officers and
shareholders of the Trust are or may become interested in JCM as directors,
officers and shareholders of JCM, that directors, officers, employees and
shareholders of JCM are or may become similarly interested in the Trust, and
that JCM may become interested in the Trust as a shareholder or otherwise.
16. Certain Definitions. The terms "vote of a majority of the outstanding
voting securities," "assignment" and "interested persons" when used herein,
shall have the respective meanings specified in the 1940 Act, as now in effect
or hereafter amended, and the rules and regulations thereunder, subject to such
orders, exemptions and interpretations as may be issued by the Securities and
Exchange Commission under said Act and as may be then in effect.
17. Governing Law. This Agreement shall be construed in accordance with the
laws of the State of Colorado (without giving effect to the conflicts of laws
principles thereof) and the 1940 Act. To the extent that the applicable laws of
the State of Colorado conflict with the applicable provisions of the 1940 Act,
the latter shall control.
This Agreement shall supercede all prior investment advisory agreements
entered into between JCM and the Trust, on behalf of the Fund.
IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Investment Advisory Agreement as of the amended date and year
first above written.
JANUS CAPITAL MANAGEMENT LLC
By:
------------------------------------
[NAME]
[TITLE]
JANUS INVESTMENT FUND
By:
------------------------------------
[NAME]
[TITLE]
PAGE 5
SCHEDULE A
PERFORMANCE ADJUSTMENT
Beginning with the Base Fee payable for [___________ and in month [__]
thereafter, the Base Fee shall be adjusted monthly based upon the investment
performance of the Fund's Class A Shares (waiving the upfront sales load) and or
the investment performance of the Fund's predecessor fund's Class A Shares
(waiving the upfront sales load), as described below, in relation to the
cumulative investment record of the Fund's benchmark, the [_____________] (the
"Index"), over the "Performance Period" (such adjustment being referred to
herein as the "Performance Adjustment"). [The "Performance Period" is defined as
the shorter of (a) the period from the date of this Agreement through the end of
the month for which the fee is being calculated, and (b) the 36 month period
preceding the end of the month for which the fee is being calculated.]
The Base Fee of the Fund shall be adjusted based on the investment
performance of the Fund's Class A Shares (waiving the upfront sales load)
("Class A Shares") commencing on [________, 2009]. For any measurement period
prior to this date, the Base Fee for the Fund shall be adjusted based on the
investment performance of the Fund's predecessor fund's Class A Shares (waiving
the upfront sales load) ("Predecessor Class A Shares," and together with Class A
Shares, the "Shares"). Therefore, in calculating the Performance Adjustment for
any Performance Period that commences prior to [____________, 2009], the
investment performance of the Predecessor Class A Shares shall be used, and, for
any other Performance Period that ends after [____________, 2009], the
investment performance of the Class A Shares shall be used for that portion of
the period subsequent to that date.
The Performance Adjustment shall be calculated by subtracting the
investment record of the Index from the investment performance of the Fund's
Shares. If there is less than a 0.50% difference (plus or minus) between the
investment performance of the Fund's Shares and the investment record of the
Index, the Fund pays JCM the Base Fee with no adjustment. If the difference
between the investment performance of the Fund's Shares and the investment
record of the Index is 0.50% or greater during any Performance Period, the Base
Fee will be subject to an upward or downward performance adjustment of 1/12 of
[____%] for every full 0.50% increment by which the Fund's Shares outperform or
underperform the Index. The maximum percentage used in calculating the
Performance Adjustment (positive or negative) in any month is 1/12 of 0.15%. The
Performance Adjustment is applied against the Fund's average daily net assets
during the Performance Period.
For purposes of computing the Base Fee and the Performance Adjustment, net
assets are averaged over different periods (average daily net assets during the
relevant month for the Base Fee versus average daily net assets during the
Performance Period for the Performance Adjustment). The Base Fee is calculated
and accrued daily. The Performance Adjustment is calculated monthly in arrears
and is accrued evenly each day throughout the month. The investment advisory fee
is paid monthly in arrears.
The average daily net asset value of the Fund, or any class thereof, shall
be determined in the manner set forth in the Trust's Amended and Restated
Agreement and Declaration of Trust,
PAGE 6
Amended and Restated Bylaws and registration statement, each as may be amended
from time to time.
The investment performance of the Fund's Shares will be the sum of:
(1) the change in Shares' net asset value ("NAV") per share during the
Performance Period; plus
(2) the value of the Shares' cash distributions per share accumulated to
the end of the Performance Period; plus
(3) the value of capital gains taxes per share paid or payable on
undistributed realized long-term capital gains accumulated to the end of the
Performance Period;
expressed as a percentage of the Shares' NAV per share at the beginning of the
Performance Period. For this purpose, the value of distributions per share of
realized capital gains, of dividends per share paid from investment income and
of capital gains taxes per share paid or payable on undistributed realized
long-term capital gains shall be treated as reinvested in the Shares at the NAV
in effect at the close of business on the record date for the payment of such
distributions and dividends and the date on which provision is made for such
taxes, after giving effect to such distributions, dividends and taxes.
The investment record of the Index will be the sum of:
(1) the change in the level of the Index during the Performance Period;
plus
(2) the value, computed consistently with the Index, of cash distributions
made by companies whose securities comprise the Index accumulated to the end of
the Performance Period; expressed as a percentage of the Index level at the
beginning of the Performance Period. For this purpose, cash distributions on the
securities which comprise the Index shall be treated as reinvested in the Index
at least as frequently as the end of each calendar quarter following the payment
of the dividend.
The Trustees have designated Class A Shares to be used for purposes of
determining the Performance Adjustment for any Performance Period commencing
after [___, 2009]. For any Performance Period prior to this date, the
performance of the Predecessor Class A Shares shall be used for purposes of
determining the Performance Adjustment. From time to time, the Trustees may, by
vote of the Trustees of the Trust voting in person, including a majority of the
Trustees who are not parties to this Agreement or "interested persons" (as
defined in the 1940 Act) of any such parties, determine that a class of shares
of the Fund other than Class A Shares is the most appropriate for use in
calculating the Performance Adjustment. If a different class of shares
("Successor Class") is substituted in calculating the Performance Adjustment,
the use of that Successor Class of shares for purposes of calculating the
Performance Adjustment may apply to the entire Performance Period so long as
such Successor Class was outstanding at the beginning of such period. If the
Successor Class of shares was not outstanding for all or a portion of the
Performance Period, it may only be used in calculating that portion of the
PAGE 7
Performance Adjustment attributable to the period during which such Successor
Class was outstanding and any prior portion of the Performance Period shall be
calculated using the class of shares previously designated.
PAGE 8
EX-99.10(F)
4
d66736exv99w10xfy.txt
FORM OF AMENDED RULE 18F-3 PLAN
Exhibit 10(f)
FORM OF
AMENDED RULE 18F-3 PLAN
JANUS INVESTMENT FUND
This Amended Rule 18f-3 Plan ("Plan") is adopted by Janus Investment Fund
("JIF") with respect to Class A Shares, Class C Shares, Class I Shares, Class J
Shares, Class L Shares, Class R Shares, Class S Shares, and Class T Shares,
(each a "Class") of each existing and future Fund (each a "Fund") of JIF
offering such Classes in accordance with the provisions of Rule 18f-3 under the
Investment Company Act of 1940, as amended (the "Act").
1. Features of the Classes. Each Fund may issue its shares of beneficial
interest as follows: "Class A Shares," "Class C Shares," "Class I Shares,"
"Class J Shares," "Class L Shares," "Class R Shares," "Class S Shares," and
"Class T Shares." Each Class shall have exclusive voting rights on any matter
submitted to shareholders that relates solely to its service or distribution
arrangement and each Class shall have separate voting rights on any matter
submitted to shareholders in which the interests of one Class differ from the
interests of any other Class.
(a) Class A Shares. Class A Shares are generally purchased with an
initial sales charge as set forth in the Class A Shares prospectus. However,
Class A Shares purchased without an initial sales charge and then redeemed
within 12 months of purchase may be subject to contingent deferred sales charges
as set forth in the Class A Shares prospectus. Class A Shares are subject to an
annual distribution and/or shareholder servicing fee as disclosed in the Class A
Shares prospectus.
(b) Class C Shares. Class C Shares are sold at net asset value. Class
C Shares redeemed within 12 months of purchase will be subject to a contingent
deferred sales charge as set forth in the Class C Shares prospectus. Class C
Shares are subject to an annual distribution and/or shareholder servicing fee as
disclosed in the Class C Shares prospectus.
(c) Class I Shares. Class I Shares are sold at net asset value and are
not subject to an initial sales charge or a contingent deferred sales charge,
but are subject to minimum purchase and eligibility requirements set forth in
the Class I Shares prospectus.
(d) Class J Shares. Class J Shares are sold at net asset value and are
not subject to an initial sales charge or a contingent deferred sales charge,
but are subject to minimum purchase and eligibility requirements set forth in
the Class J Shares prospectus.
(e) Class L Shares. Class L Shares are sold at net asset value and are
not subject to an initial sales charge or a contingent deferred sales charge,
but are subject to minimum purchase and eligibility requirements set forth in
the Class L Shares prospectus.
(f) Class R Shares. Class R Shares are sold at net asset value and are
not subject to an initial sales charge or a contingent deferred sales charge,
but are subject to the minimum purchase requirements set forth in the Class R
Shares prospectus. Class R Shares are subject to an annual distribution and/or
shareholder servicing fee and/or administrative services fee as disclosed in the
Class R Shares prospectus.
(g) Class S Shares. Class S Shares are sold at net asset value and are
not subject to an initial sales charge or a contingent deferred sales charge but
are subject to the minimum purchase requirements set forth in the Class S Shares
prospectus. Class S Shares are subject to an annual distribution fee and/or
administrative services fee as disclosed in the Class S Shares prospectus.
(h) Class T Shares. Class T Shares are sold at net asset value and are
not subject to an initial sales charge or a contingent deferred sales charge but
are subject to the minimum purchase and eligibility requirements set forth in
the Class T Shares prospectus.
2. Class Expenses. Class Expenses, as defined below, relating to each Class
of each Fund, are borne solely by the Class to which they relate and within each
Class are borne by each share pro rata on the basis of its net asset value.
Expenses incurred by JIF that are chargeable to a specific Class ("Class
Expenses") include expenses (not including advisory or custodial fees or other
expenses related to the management of a Fund's assets) that are incurred in a
different amount by that Class or are in consideration of services provided to
that Class of a different kind or to a different degree than are provided to
another Class. Class Expenses may include: (i) the Distribution and Servicing
Fees described in Section 3; (ii) expenses related to preparing and distributing
materials such as shareholder reports, prospectuses and proxy statements to
current shareholders of a specific Class; (iii) Blue Sky fees incurred with
respect to a specific Class; (iv) administrative, subaccounting and transfer
agency expenses in connection with the shareholders investing in a specific
Class, including the administrative services and sub-transfer agency fees
described in Section 3 and fees charged by financial intermediaries in
connection with processing transactions through the National Securities Clearing
Corporation ("NSCC") or similar processing channel; (v) litigation or other
legal expenses relating to a specific Class; (vi) fees or expenses of the
Trustees of JIF who are not interested persons of Janus Capital Management LLC
("Independent Trustees"), and of counsel and consultants to the Independent
Trustees, incurred as a result of issues relating to a specific Class; (vii)
auditing and consulting expenses relating to a specific Class; and (viii)
additional expenses incurred with respect to a specific Class as identified and
approved by the Trustees of JIF and the Independent Trustees.
3. Administrative, Distribution and Servicing Fees.
(a) Class A Shares. The Trust has adopted a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1 with respect to the Class A
Shares of each Fund. Under the terms of the Distribution and Shareholder
Servicing Plan, a distribution and/or shareholder servicing fee is paid out of
the assets attributable to the Class A Shares of each Fund in an amount up to
0.25% on an annual basis of the average daily net assets of that Class. Class A
Shares are subject to a networking, omnibus, or administrative services fee
which is paid out of the assets attributable to the Class A Shares of each Fund
(b) Class C Shares. The Trust has adopted a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1 with respect to the Class C
Shares of each Fund. Under the terms of the Distribution and Shareholder
Servicing Plan, a distribution and/or shareholder servicing fee is paid out of
the assets attributable to the Class C Shares of each Fund, in an amount of up
to 1.00% on an annual basis of the average daily net assets of that Class, up to
2
0.75% of which is for distribution services and up to 0.25% of which is for
shareholder account services. Class C Shares are subject to a networking,
omnibus, or administrative services fee which is paid out of the assets
attributable to the Class C Shares of each Fund
(c) Class I Shares. Class I Shares do not have a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1, but are subject to a
networking, omnibus, or administrative services fee which is paid out of the
assets attributable to the Class I Shares of each Fund.
(d) Class J Shares. Class J Shares do not have a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1, but are subject to a transfer
agency fee paid out of the assets attributable to the Class J Shares of each
Fund.
(e) Class L Shares. Class L Shares do not have a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1, but are subject to transfer
agency fee paid out of the assets attributable to Class L Shares of each Fund.
(f) Class R Shares. The Trust has adopted a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1 with respect to the Class R
Shares of each Fund offering such Shares. Under the terms of the Distribution
and Shareholder Servicing Plan, a distribution and/or shareholder servicing fee
is paid out of the assets attributable to the Class R Shares of each Fund in an
amount up to 0.50% on an annual basis of the average daily net assets of that
Class. Class R shares are subject to an administrative services fee paid out of
the assets attributable to the Class R Shares of each Fund.
(g) Class S Shares. The Trust has adopted a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1 with respect to the Class S
Shares of each Fund offering such Shares. Under the terms of the Distribution
and Shareholder Servicing Plan, a distribution fee is paid out of the assets
attributable to the Class S Shares of each Fund in an amount up to 0.25% on an
annual basis of the average daily net assets of that Class. Class S shares are
subject to an administrative services fee that is paid out of the assets
attributable to the Class S Shares of each Fund.
(h) Class T Shares. Class T Shares do not have a Distribution and
Shareholder Servicing Plan pursuant to Rule 12b-1, but are subject to a
sub-transfer agency fee paid out of the assets attributable to the Class T
Shares of each Fund.
4. Differences in Class Expenses. The differences in the Class Expenses
payable by each Class pursuant to this Plan are due to: (i) the differing levels
of services provided or procured by JIF to investors eligible to purchase shares
of each Class; and (ii) the differing levels of expenses expected to be incurred
with respect to each Class, due in part to the differing systems of distribution
of each Class.
5. Exchange Privilege. The exchange privilege offered by each Fund provides
that shares of a Class may be exchanged only for shares of the same Class of
another Fund of the Trust or as may be provided in the Prospectus for such
Funds.
3
6. Effective Date. This Plan was adopted as of October 2, 2008 and amended
March 12, 2009 pursuant to determinations made by the Trustees of JIF, including
a majority of the Independent Trustees, that the multiple class structure and
the allocation of expenses as set forth in the Plan are in the best interests of
each of the Class A Shares, Class C Shares, Class I Shares, Class J Shares,
Class L Shares, Class R Shares, Class S Shares, and Class T Shares individually
and each Fund and JIF as a whole. This Plan shall become effective upon such
date as the Trustees shall determine. This Plan will continue in effect until
terminated in accordance with Section 9.
7. Independent Trustees. While the Plan is in effect, at least 75% of the
Trustees of JIF shall be Independent Trustees, and such Trustees shall select
and nominate any other Independent Trustees. Any person who acts as legal
counsel for the Independent Trustees shall be an "independent legal counsel" as
defined in the Act and the rules thereunder.
8. Amendment. Material amendments to the Plan may be made with respect to a
Class at any time with the approval of the Trustees of JIF, including a majority
of the Independent Trustees, upon finding that the Plan as proposed to be
amended, including the allocation of expenses, is in the best interests of each
Class individually and each Fund and JIF as a whole.
9. Termination. This Plan may be terminated by majority vote of the
Trustees without penalty at any time.
October 2, 2008
March 12, 2009
4
COVER
5
filename5.txt
[Janus letterhead]
March 17, 2009
EDGAR Operations Branch
Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, DC 20549-0505
Re: JANUS INVESTMENT FUND (the "Registrant")
1933 Act File No. 2-34393
1940 Act File No. 811-1879
Dear Sir or Madam:
The Registrant is transmitting today for filing under the Securities Act of
1933, as amended, a registration statement on Form N-14 (the "Registration
Statement") relating to the registration of shares of beneficial interest to be
issued in connection with the reorganization of Janus Adviser Perkins Mid Cap
Value Fund (the "Acquired Fund"), a series of the Janus Adviser Series, into
Perkins Mid Cap Value Fund (the "Acquiring Fund"), a series of the Registrant
(the "Reorganization). The Registration Statement is also being filed under the
Securities Exchange Act of 1934, as amended. No filing fee is due in connection
with this filing.
As noted above, the shares covered by the Registration Statement are to be
issued in connection with the Reorganization. Shares of the Acquiring Fund will
be issued to shareholders of the Acquired Fund in exchange for the transfer of
the Acquired Fund's assets and liabilities to the Acquiring Fund. Pursuant to
Rule 17a-8(a)(3) of the Investment Company Act of 1940, as amended, and as
permitted under the Acquired Fund's trust instrument, shareholders of the
Acquired Fund are not being requested to approve the Reorganization. As a
result, shareholders of the Acquired Funds will receive the
prospectus/information statement that is filed as a part of the Registration
Statement instead of a proxy statement.
The Reorganization is part of several mergers occurring between the Janus
Adviser Series trust and the Registrant (the "Mergers"). Several registration
statements on Form N-14 have been filed on March 17, 2009 in connection with the
Mergers. The prospectus/information statement included in this Registration
Statement has many similar sections of disclosure as the other registration
statements filed in connection with the Mergers. As such, the Registrant
requests selective review of the Registration Statement pursuant to Investment
Company Act Release No. IC-13768. For your convenience, the Registrant has
listed below the sections of the Registration Statement that are substantially
similar to the other filed registration statements:
1. SYNOPSIS- Questions and Answers (with the exception of questions
relating to the impact on Fund expenses);
2. THE REORGANIZATION- The Plan, Reason for Reorganization, Federal
Income Tax Consequences, and Other Comparative Information about the
Funds-Charter Documents;
3. ADDITIONAL INFORMATION- Trustee and Officers, Independent Registered
Public Accounting Firm, Legal Matters, and Information Available
through the SEC; and
4. APPENDICES
EDGAR Operations Branch
Securities and Exchange Commission
March 17, 2009
Page 2
Because the net asset value of the Acquired Fund exceeds ten percent of the
Acquiring Fund's net asset value, pro forma financial statements are included in
the Registration Statement.
The Registrant Statement has delayed effectiveness until such time that the
Staff declares the Registration Statement effective pursuant to Section 8(a) of
the Securities Act of 1933. However, the Registrant respectfully requests that
the Staff provide comments and declare this Registration Statement effective
within 30 days of this filing or no later than April 16, 2009.
If you have any questions regarding this filing, please call me at (303)
336-4562.
Sincerely,
/s/ Rodney A. DeWalt
Rodney A. DeWalt
Legal Counsel
Enclosures
cc: Stephanie Grauerholz-Lofton, Esq.
Larry Greene, Esq.
Cindy A. Antonson
Donna Brungardt
Robin R. Nesbitt