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Perkins Large Cap Value Fund | Class A, C, S, I, N, T Shares
Fund summary

Perkins Large Cap Value Fund
INVESTMENT OBJECTIVE
Perkins Large Cap Value Fund seeks capital appreciation.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund.
For Class A Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janus mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 60 of the Fund’s Prospectus and in the “Purchases” section on page 83 of the Fund’s Statement of Additional Information.
SHAREHOLDER FEES
(fees paid directly from your investment)
Shareholder Fees Perkins Large Cap Value Fund Class A, C, S, I, N, T Shares
Class A
Class C
Class S
Class I
Class N
Class T
Shareholder Fees Column [Text]
Class A
Class C
Class S
Class I
Class N
Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds) none 1.00% none none none none
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Perkins Large Cap Value Fund Class A, C, S, I, N, T Shares
Class A
Class C
Class S
Class I
Class N
Class T
Operating Expenses Column [Text]
Class A
Class C
Class S
Class I
Class N
Class T
Management Fees (may adjust up or down) 0.62% 0.62% 0.62% 0.62% 0.62% 0.62%
Distribution/Service (12b-1) Fees 0.25% 1.00% 0.25% none none none
Other Expenses 0.26% 0.30% 0.38% 0.15% 0.14% [1] 0.38%
Total Annual Fund Operating Expenses 1.13% 1.92% 1.25% 0.77% 0.76% 1.00%
[1] Other Expenses for Class N Shares are based on the estimated expenses that the Shares expect to incur during their initial fiscal period.
EXAMPLE:
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
If Shares are redeemed:
Expense Example Perkins Large Cap Value Fund Class A, C, S, I, N, T Shares (USD $)
Expense Example, By Year, Column [Text]
1 Year
3 Years
5 Years
10 Years
Class A
Class A Shares
 684 913 1,161 1,871
Class C
Class C Shares
 295 603 1,037 2,243
Class S
Class S Shares
 127 397 686 1,511
Class I
Class I Shares
 79 246 428 954
Class N
Class N Shares
 78 243 422 942
Class T
Class T Shares
 102 318 552 1,225
If Shares are not redeemed:
Expense Example, No Redemption Perkins Large Cap Value Fund Class A, C, S, I, N, T Shares (USD $)
Expense Example, No Redemption, By Year, Column [Text]
1 Year
3 Years
5 Years
10 Years
Class A
Class A Shares
 684 913 1,161 1,871
Class C
Class C Shares
 195 603 1,037 2,243
Class S
Class S Shares
 127 397 686 1,511
Class I
Class I Shares
 79 246 428 954
Class N
Class N Shares
 78 243 422 942
Class T
Class T Shares
 102 318 552 1,225
Portfolio Turnover:
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund pursues its investment objective by investing primarily in common stocks selected for their capital appreciation potential. The Fund primarily invests in the common stocks of large-sized companies whose stock prices the portfolio managers believe to be undervalued. The Fund invests, under normal circumstances, at least 80% of its net assets in equity securities of companies having, at the time of purchase, market capitalizations equal to or greater than the median market capitalization of companies included in the Russell 1000® Value Index. The market capitalizations within the index will vary, but as of June 30, 2012, they ranged from approximately $1.3 billion to $400.1 billion, and the median market capitalization was $4.7 billion. The Fund may also invest in foreign equity and debt securities, which may include investments in emerging markets. The Fund may invest, under normal circumstances, up to 20% of its net assets in securities of companies having market capitalizations outside of the aforementioned market capitalization ranges. In addition, when the portfolio managers believe that market conditions are unfavorable for investing, or when they are otherwise unable to locate attractive investment opportunities, the Fund may invest up to 20% of its net assets in exchange-traded funds (“ETFs”), including commodity-related ETFs, cash or similar investments.

The Fund focuses on companies that have fallen out of favor with the market or that appear to be temporarily misunderstood by the investment community. The Fund’s portfolio managers generally look for companies with:
  •   strong balance sheets and solid recurring free cash flows
  •   attractive relative and absolute valuation ratios or that have underperformed recently
  •   favorable reward to risk characteristics
The Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests. The Fund may invest in derivative instruments (by taking long and/or short positions) 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 Fund’s use of derivatives, refer to the Fund’s shareholder reports and Form N-Q reports, which are filed with the Securities and Exchange Commission.
PRINCIPAL INVESTMENT RISKS
The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.

Value Investing Risk. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected by the Fund’s portfolio managers. When the Fund’s investments in cash or similar investments increase due to a lack of favorable investment opportunities or other extraordinary factors, the Fund may not participate in market advances or declines to the same extent that it would if the Fund had been fully invested.

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio managers’ belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.

Foreign Exposure Risk. The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.

Exchange-Traded Funds Risk. The Fund may invest in ETFs which are typically open-end investment companies that are traded on a national securities exchange. ETFs typically incur fees, such as investment advisory fees and other operating expenses that are separate from those of the Fund, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Further, the price movement of an ETF may fluctuate against the underlying securities or commodities it tracks and may result in a loss. Because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance.

The ETFs in which the Fund invests are subject to specific risks, depending on the investment strategy of the ETF. In turn, the Fund will be subject to substantially the same risks as those associated with direct exposure to the securities or commodities held by the ETF. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, and commodities risk.

Derivatives Risk. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
PERFORMANCE INFORMATION
The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. Class I Shares, Class A Shares, Class C Shares, and Class S Shares of the Fund commenced operations on July 6, 2009, after the reorganization of each corresponding class of shares of Janus Adviser Perkins Large Cap Value Fund (“JAD predecessor fund”) into each respective share class of the Fund. Class T Shares of the Fund commenced operations on July 6, 2009. Class N Shares of the Fund commenced operations on May 31, 2012.
  • The performance shown for Class I Shares, Class A Shares, Class C Shares, and Class S Shares for periods prior to July 6, 2009, reflects the historical performance of the JAD predecessor fund’s Class I Shares, Class A Shares, Class C Shares, and Class S Shares prior to the reorganization, calculated using the fees and expenses of each respective share class of the JAD predecessor fund, net of any applicable fee and expense limitations or waivers.
  • The performance shown for Class N Shares reflects the performance of the Fund’s Class I Shares from July 6, 2009 to December 31, 2011, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers. The performance shown for Class N Shares for periods prior to July 6, 2009, reflects the historical performance of the JAD predecessor fund’s Class I Shares prior to the reorganization, calculated using the fees and expenses of Class I Shares of the JAD predecessor fund, net of any applicable fee and expense limitations or waivers.
  • The performance shown for Class T Shares for periods prior to July 6, 2009, reflects the historical performance of the JAD predecessor fund’s Class I Shares prior to the reorganization, calculated using the fees and expenses of Class T Shares, without the effect of any fee and expense limitations or waivers.
If Class T Shares of the Fund had been available during periods prior to July 6, 2009, or Class N Shares of the Fund had been available during periods prior to December 31, 2011, the performance shown for each respective share class may have been different. The performance shown for periods following the Fund’s commencement of Class I Shares, Class A Shares, Class C Shares, Class S Shares, Class N Shares, and Class T Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.

The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.
Annual Total Returns for Class I Shares (calendar year-end)
Bar Chart
Best Quarter:  Second Quarter 2009 15.40%     Worst Quarter:  Third Quarter 2011  -14.75%
The Fund’s year-to-date return as of the calendar quarter ended September 30, 2012 was 13.59%.
Average Annual Total Returns (periods ended 12/31/11)
Average Annual Total Returns Perkins Large Cap Value Fund Class A, C, S, I, N, T Shares
Column
Label
1 Year
Since Inception of Predecessor Fund
Inception Date
Class I Shares Return Before Taxes
Class I Shares
Return Before Taxes
 (0.20%) 11.90% Dec. 31, 2008
Class I Shares Return After Taxes on Distributions
Class I Shares
Return After Taxes on Distributions
 (1.48%) 11.09% Dec. 31, 2008
Class I Shares Return After Taxes on Distributions and Sale of Fund Shares
Class I Shares
Return After Taxes on Distributions and Sale of Fund Shares
 [1] 0.81% 10.04% Dec. 31, 2008
Class A Shares Return Before Taxes
Class A Shares
Return Before Taxes
 [2] (6.25%) 9.40% Dec. 31, 2008
Class C Shares Return Before Taxes
Class C Shares
Return Before Taxes
 [3] (2.20%) 10.74% Dec. 31, 2008
Class S Shares Return Before Taxes
Class S Shares
Return Before Taxes
 (0.72%) 11.36% Dec. 31, 2008
Class N Shares Return Before Taxes
Class N Shares
Return Before Taxes
 (0.20%) 11.90% Dec. 31, 2008
Class T Shares Return Before Taxes
Class T Shares
Return Before Taxes
 (0.41%) 11.49% Dec. 31, 2008
Russell 1000 Value Index (reflects no deduction for expenses, fees, or taxes)
  
Russell 1000® Value Index
 0.39% 11.55% Dec. 31, 2008
[1] If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund's other return figures.
[2] Calculated assuming maximum permitted sales loads.
[3] The one year return is calculated to include the contingent deferred sales charge.
After-tax returns are calculated using distributions for the Fund’s Class I Shares for periods following July 6, 2009; and for the JAD predecessor fund’s Class I Shares for periods prior to July 6, 2009. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.

After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.