Fund Description

The fund was incepted in December 2002 and is managed by Janus Capital Management LLC. The fund seeks capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets in equity securities of mid-sized companies whose market capitalization falls, at the time of purchase, in the 12-month average of the capitalization range of the Russell Midcap Value Index. 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. To a lesser degree, the 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. Dividends and capital gains are normally declared and distributed in December.