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Janus High-Yield Fund | Class A, C, S, I, N, R, T Shares
Fund summary

Janus High-Yield Fund
INVESTMENT OBJECTIVES
Janus High-Yield Fund seeks to obtain high current income.
Capital appreciation is a secondary investment objective when consistent with its primary investment objective.
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 51 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 Janus High-Yield Fund Class A, C, S, I, N, R, T Shares
Class A
Class C
Class S
Class I
Class N
Class R
Class T
Shareholder Fees Column [Text] Class A Class C Class S Class I Class N Class R Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 4.75% none 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 none
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Janus High-Yield Fund Class A, C, S, I, N, R, T Shares
Class A
Class C
Class S
Class I
Class N
Class R
Class T
Operating Expenses Column [Text] Class A Class C Class S Class I Class N Class R Class T
Management Fees 0.57% 0.57% 0.57% 0.57% 0.57% 0.57% 0.57%
Distribution/Service (12b-1) Fees 0.25% 1.00% 0.25% none none 0.50% none
Other Expenses 0.17% 0.15% 0.29% 0.11% 0.04% [1] 0.29% 0.29%
Total Annual Fund Operating Expenses 0.99% 1.72% 1.11% 0.68% 0.61% 1.36% 0.86%
[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 Janus High-Yield Fund Class A, C, S, I, N, R, T Shares (USD $)
Expense Example, By Year, Column [Text]
1 Year
3 Years
5 Years
10 Years
Class A
 Class A Shares 571 775 996 1,630
Class C
 Class C Shares 275 542 933 2,030
Class S
 Class S Shares 113 353 612 1,352
Class I
 Class I Shares 69 218 379 847
Class N
 Class N Shares 62 195 340 762
Class R
 Class R Shares 138 431 745 1,635
Class T
 Class T Shares 88 274 477 1,061
If Shares are not redeemed:
Expense Example, No Redemption Janus High-Yield Fund Class A, C, S, I, N, R, T Shares (USD $)
Expense Example, No Redemption, By Year, Column [Text]
1 Year
3 Years
5 Years
10 Years
Class A
 Class A Shares 571 775 996 1,630
Class C
 Class C Shares 175 542 933 2,030
Class S
 Class S Shares 113 353 612 1,352
Class I
 Class I Shares 69 218 379 847
Class N
 Class N Shares 62 195 340 762
Class R
 Class R Shares 138 431 745 1,635
Class T
 Class T Shares 88 274 477 1,061
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 61% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets in high-yield/high-risk securities rated below investment grade. Securities rated below investment grade may include their unrated equivalents or other high-yielding securities the portfolio managers believe offer attractive risk/return characteristics. The Fund may at times invest all of its assets in such securities. The Fund may also invest in bank loans, money market instruments, and foreign debt securities (which may include investments in emerging markets). Due to the nature of securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.

In addition, 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. In particular, the Fund may use interest rate futures to manage portfolio risk. The Fund’s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund’s direct investments. 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.

In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the portfolio managers apply a “bottom up” approach in choosing investments. This means that the portfolio managers look at income‒producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies.
PRINCIPAL INVESTMENT RISKS
Although the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund’s returns and yields will vary, and you could lose money.

Fixed-Income Securities Risk. The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund’s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced incorrectly due to factors such as incomplete data, market instability, or human error. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the portfolio managers believe the security is currently worth.

High-Yield/High-Risk Bond Risk. The Fund may invest without limit in higher-yielding/higher-risk bonds, also known as “junk” bonds. High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.

Bank Loan Risk. Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. Participation interests and assignments involve credit, interest rate, and liquidity risk. In addition, the bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings.

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. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Portfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.

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 T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund’s inception. Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R 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 T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
  • The performance shown for Class A Shares, Class C Shares, Class S Shares, and Class R Shares for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.
  • The performance shown for Class I Shares for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
  • The performance shown for Class N Shares for periods prior to December 31, 2011, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
If Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R 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 A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class R 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 T Shares (calendar year-end)
Bar Chart
Best Quarter:  Second Quarter 2009  14.93%          Worst Quarter:  Fourth Quarter 2008   −12.96%
The Fund’s year-to-date return as of the calendar quarter ended September 30, 2012 was 10.73%.
Average Annual Total Returns (periods ended 12/31/11)
Average Annual Total Returns Janus High-Yield Fund Class A, C, S, I, N, R, T Shares
Column
Label
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class T Shares Return Before Taxes
 Class T Shares Return Before Taxes 3.20% 6.58% 7.42% 7.83% Dec. 29, 1995
Class T Shares Return After Taxes on Distributions
 Class T Shares Return After Taxes On Distributions 0.64% 3.38% 4.48% 4.55% Dec. 29, 1995
Class T Shares Return After Taxes on Distributions and Sale of Fund Shares
 Class T Shares Return After Taxes On Distributions and Sale of Fund Shares [1] 2.07% 3.65% 4.56% 4.65% Dec. 29, 1995
Class A Shares Return Before Taxes
 Class A Shares Return Before Taxes [2] (1.71%) 5.45% 6.82% 7.46% Dec. 29, 1995
Class C Shares Return Before Taxes
 Class C Shares Return Before Taxes [3] 1.37% 5.74% 6.59% 7.02% Dec. 29, 1995
Class S Shares Return Before Taxes
 Class S Shares Return Before Taxes 2.95% 6.30% 7.12% 7.56% Dec. 29, 1995
Class I Shares Return Before Taxes
 Class I Shares Return Before Taxes 3.36% 6.58% 7.42% 7.83% Dec. 29, 1995
Class N Shares Return Before Taxes
 Class N Shares Return Before Taxes 3.20% 6.58% 7.42% 7.83% Dec. 29, 1995
Class R Shares Return Before Taxes
 Class R Shares Return Before Taxes 2.74% 6.01% 6.85% 7.29% Dec. 29, 1995
Barclays U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)
   Barclays U.S. Corporate High-Yield Bond Index 4.98% 7.54% 8.85% 7.18% Dec. 29, 1995
[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 T Shares (formerly named Class J Shares, the initial share class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.

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