If you purchase shares of a 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."
Assume you bought shares on December 30 and paid $10 per share. On December 31, the 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 tax-deferred, dividends paid to you are included in your gross income for tax purposes, even though you may not have participated in the increase in NAV of the fund, and regardless of whether or not you reinvested the dividends.
You should consult your tax advisor regarding potential tax consequences of any distributions that may be paid shortly after purchase. For your convenience, distributions of net investment income and net capital gains are automatically reinvested in additional shares of the fund.
To receive distributions in cash, contact a Janus Representative at 800.525.3713 or change your distributions elections online. Whether reinvested or paid in cash, the distributions may be subject to taxes, unless your shares are held in a qualified tax-deferred account.