The second item (incentive program) seems to be primarily changing the name of Janus' incentive program for new investors. That is, for people signing up to contribute at least $50/mo for two years. It is now called "Ready. Invest. Go." Janus has filed this as a trademark.
More interesting (except to new investors) is the rest of the incentive program, which this supplement does not replace. Through the end of this year, if you transfer between $20K and $1M to a Janus account, you'll get a bonus ranging from $100 to $2,500. Further, if this is done in an IRA, you can get up to an additional 10% bonus on next year's contribution (based on the size of the initial transfer/rollover).
https://www.janushenderson.com/bonus

https://www.sec.gov/Archives/edgar/data/277751/000119312524244328/d895903d497.htm
Janus Investment Fund
Janus Henderson Balanced Fund--- Janus Henderson Global Select Fund
Janus Henderson Contrarian Fund--- Janus Henderson Global Sustainable Equity Fund
Janus Henderson Emerging Markets Fund--- Janus Henderson Global Technology and Innovation Fund
Janus Henderson Enterprise Fund--- Janus Henderson Growth and Income Fund
Janus Henderson European Focus Fund--- Janus Henderson Overseas Fund
Janus Henderson Forty Fund--- Janus Henderson Research Fund
Janus Henderson Global Equity Income Fund--- Janus Henderson Triton Fund
Janus Henderson Global Life Sciences Fund--- Janus Henderson U.S. Dividend Income Fund
Janus Henderson Global Real Estate Fund--- Janus Henderson Venture Fund
Janus Henderson Global Research Fund
(each, a “Fund” and collectively, the “Funds”)
Class D Shares
Supplement dated October 28, 2024
to Currently Effective Prospectuses
Effective immediately, the Funds’ prospectuses are amended as follows:
1.Under “Doing Business with Janus Henderson” in the Shareholder’s Manual section of the Funds’ prospectuses, the following information replaces the corresponding information in its entirety:
For Overnight Mail
Janus Henderson
801 Pennsylvania Avenue, Suite 219109
Kansas City, MO 64105-1307
2.Under “Available Incentive Programs” in the Shareholder’s Manual section of the Funds’ prospectuses, the following paragraph replaces the fifth paragraph in its entirety:
Ready. Invest. Go. Program
New investors creating a new Janus Henderson direct account are eligible to participate in the Transfer Agent’s Ready. Invest. Go. Program. After the new investor has completed the required Ready. Invest. Go. Program Contract, the Transfer Agent will fund the $100 initial investment required for new investors provided that new investors enroll in Janus Henderson’s automatic investment program in an amount equal to at least $50 per month. New investors will forfeit the $100 bonus contributed by the Transfer Agent if their account is closed or if their automatic monthly investment program payment is terminated within two years from the date the initial investment was made. Investor-initiated amounts outside of the initial investment are redeemable at any time at net asset value. Before enrolling in the Ready. Invest. Go. Program, new investors should consult with their tax advisor about the appropriate tax treatment for participating in the Ready. Invest. Go. Program and any tax implications associated with the receipt of the $100 initial investment. The Transfer Agent reserves the right to change the terms, restrict, or revoke the Ready. Invest. Go. Program at any time without advance notice.
You can request more information about the Transfer Agent’s Ready. Invest. Go. Program by contacting a Janus Henderson representative at 1-800-525-3713.

Cliffwater LLC is an alternative asset manager with $115 billion AUM. Stephen Nesbitt is the CEO and he has written books, articles, done media interviews. It offers 3 interval-funds:
CCLFX, AUM $22.8 billion, 2019- , firm's fund
CELFX, AUM $4 bilion, 2021- , firm's fund
CPEFX, AUM $1.4 billion, 2024- ; advises for Cascade Capital
Interval-funds don't really trade. Barron's lists them (names, prices) with Exchange Z (i.e. none). Many don't have tickers - Barron's doesn't show tickers for any (even if they exist). This list has grown over the years. Barron's gets data from Lipper.
My guess is that Lipper has added more interval-funds to its database, so, MFO Premium suddenly finds Cliffwater Funds with $28.2 billion AUM that weren't noticed before.
Interval-funds are a subclass of CEFs, so borrowing costs are included in the ERs. The CEF ERs are high because of this, but Cliffwater funds are on the high end. Here is the fee breakdown for CCLFX fees from its prospectus:
Management Fees 1.00 %
Fees and Interest Payments on Borrowed Funds 1.51 %
Acquired Fund Fees and Expenses 0.35 %
Other Expenses 0.23 %
Total Annual Expenses 3.09 %
Morningstar also has data https://www.morningstar.com/cefs/xnas/cclfx/quote
Morningstar Podcast https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/future-of-investing-alternative-assets
https://www.cliffwater.com/OurFirm
https://www.cliffwater.com/Biography?name=Stephen-Nesbitt
https://www.cliffwaterfunds.com/
https://www.barrons.com/market-data/closed-end-funds?mod=md_subnav
https://www.cliffwaterfunds.com/data/pdfs/literature/CCLF_Prospectus.pdf?v=1730115265804

Well, that's unambiguous. The Vanguard page cited in that piece gives another downside to the transition. Instead of being able to purchase funds directly from an outside bank account, you must first move the cash into a brokerage account and from there purchase shares of the target fund. Sales work the same way in reverse.

one Vanguard investor holding physical mutual fund shares was told to return them or his shares would not be eligible for transition to the new platform

What exactly does that mean? That the physical shares remain valid (like old stock certificates) and can still be redeemed directly with the fund? I suppose that works, meaning no change for this shareholder.
I had physical shares of a fund years ago. When I couldn't locate the certificate for several months, I checked with the fund company. They offered to reissue the shares but I'd have to pay some outrageous percentage fee to "insure" that they were really lost. Not long afterward the fund converted purely to book entry and I didn't have to return my certificate or pay a fee.
I subsequently found the certificate and keep it in a scrap book.

Well. I won't argue with the numbers, then. Yes, my two junk funds are TUHYX and PRCPX. The former is two and a half times bigger than the latter. And I also hold Investment Grade WCPNX. I got into my junk just exactly at the wrong time, before the Fed's rate hiking cycle. I rode the buggers down, then back up. Reinvested all profit. I'm ahead of the game by now. Since 2018, there have been 2 terrible years, one of them being the historically putrid year of 2022. And PRCPX: right now having its worst year since 2015.
Funny, how Morningstar's performance charts don't look like they match the actual sadistics. But it's Morningstar, so... I've looked and looked for similar yields elsewhere. I'm not married to these two, but I want to discover something else that looks better to me, before I make a move. If The Fed reduces rates again, I suppose these two will benefit, like all the others.

@Crash - you don't name your two funds here. But the only taxable bond fund with a 2.49 year effective duration (per M* screener) is TUHYX. The only bond funds with a 2.68 effective duration are PRCPX, RNOTX, and MHCAX.
Ultra low volatility? Five year figures are:
RPHIX: 1.00
FLRN: 1.98
WEFIX: 2.47
FPNRX: 2.52
BBBMX: 2.56
MHCAX: 8.25
RNOTX: 8.28
PRCPX: 9.28
TUHYX: 10.41
Max drawdowns? Again over five years:
RPHIX: 1.09%
FLRN: 3.31%
WEFIX: 4.34%
FPNRX: 4.24%
BBBMX: 4.07%
MHCAX: 12.62%
RNOTX: 13.58%
PRCPX: 13.98%
TUHYX: 17.60%
How about churn? Current turnover figures are:
MHCAX: 20%
BBBMX: 22%
PRCPX: 36.20%
WEFIX: 37%
FLRN: 40%
FPNRX: 50%
RNOTX: 75%
TUHYX: 87%
RPHIX: 372%
BBBMX looks better and better.

Shall I be the contrarian? Seems to me that ultra-low duration only serves to churn the portfolio. BBBMX shows less than a year, effective duration; and for your trouble, you get a 4.74% yield. My considerable holdings in junk offer, on a weighted average basis, a bit more than 7% yield; effective duration in the two OEFs is 2.68 years and 2.49 years. That's still not far at all along the curve. And my chosen funds have been ultra-low in terms of volatility. A nice item to tuck into your pocket.

I listened to a very tiny little bit of it. They were talking about how the 2014 predictions said small cap were going to do better than large cap over the next 10 years LOL. I then closed it.

backtesting is so often comical

Nice find. It looks like you hit the sweet (or target) spot - high risk relative to ultra short bond funds (of which it is one based on duration), but low risk relative to short term bond funds.
A fund that's somewhat similar in performance and risk to WEFIX is FPNRX. FPA New Income focuses on preservation and then beating cash. I was happy to see it go no-load several years ago. More recently, it added this investor class so that it could be sold NTF. Unlike many NTF funds, New Income retail class adds only 10 basis points of expenses to its institutional class FPNIX. That may make it worth the cost if you buy frequently and/or in small amounts.
You'll find several funds with short durations and higher yields that invest primarily in ABSs. These look good on paper but come with risks that don't manifest too often. But sometimes they do. Check March 2020.
Almost everyone lost money then, but ABS funds tended to lose more. DHEAX is such a fund. Great three year volatility. Less great five year figure. Max drawdown (March-April 2020) was 9.74%. BBBMX was 4.07%, FPNRX was 4.24%, RPHIX was 1.09%. (All from M*)
It depends on what types of risks you're concerned with and how long you're willing to wait for recoveries.

I listened to a very tiny little bit of it. They were talking about how the 2014 predictions said small cap were going to do better than large cap over the next 10 years LOL. I then closed it.

The Week in Charts (10/25/24)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:35 Topics
02:00 How Everything Could Change over the Next 10 Years
17:52 The AI-Driven Multiple Expansion
28:29 Reaching for Yield Like It's 2007
35:00 Rise of the Bond Vigilantes
44:06 Stock Picking Is Hard, Netflix Edition
46:09 Are Workers Today Better off Than 50 Years Ago?
Video
Blog

Is selecting THOPX performance chasing and I am going against my original criteria-low risk?

I sold THOPX earlier in the month as the volatility began eating into my gains. At around the same time I sold WSHNX and WCPNX. But they were nice funds when rates were dropping. Pretty much depends on where you think rates are heading from here.
If you're interested in the David Sherman touch, I'ld look at his Crossing Bridge funds before RPHIX. I ended up buying CBLDX, and it has been touch and go. I Still have some cash that might go into CBUDX. Everything else went into VRIG, PULS, and USFR for the time being.
For my short-term bond fund watch list at M* I've added calendar years 2020 and 2022. These days I am ideally looking for positive returns for both years. I'm a nervous bond fund owner. :)

I had a related problem some years ago. My limit order wasn't filled but the consolidated tape showed a low price that was lower than my limit price. Fido told me that it sent the order to a particular exchange but the consolidated tape has data from all US exchanges. It said that my limit order couldn't be filled on the exchange it was sent to and that nothing could be done.

There is a lithium mine in Nevada which the company exploiting it claims could meet our needs. I think it’s still getting off the ground as site approval is only two years old.
https://lithiumamericas.com/thacker-pass/overview/default.aspx
Ever since lithium became “the latest sure-fire investment” about 3 years ago, the price of the substance has been on the express down elevator. M* doggedly still assigns a 5 star rating to Lithium Americas stock.

that's what they were saying but i think they were just covering their asses and trying not to be wrong. all they had to say is that i was in the wrong and what else could i do? well, for one thing, move my money to schwab, not that fidelity would care. it does kinda irritate me, tho. plus, i placed a call to my local fidelity rep about it and he, of course, didn't bother to return my call, no matter that over the years he's hounded me left and right about his ability to offer solid financial advice and help. i understand, tho: i'm small potatoes, not even a fingerling ... but still ...

If M* can be trusted:
WCPNX. ER = 0.65%
-duration is out to 5.5 years, now. That smells more like intermediate-term.
-risk, looking back 3 years: just 20 out of 100, on their proprietary scale.
-LOW risk, HIGH returns.
-zero in equities.
0.97% in cash. So, fully invested.
Weighted coupon =5.37.
Securitized stuff in portfolio= 56.02% of total.
gummint = 29.21%
corporate = 13.77%
https://www.morningstar.com/funds/xnas/wcpnx/portfolio
I own it, and am growing it. Since I got in several weeks ago, it's been dead. Maybe I should not be so patient, but the sadistics and ratings (not just at Morningstar) look attractive. It fits into the frame of what I've been wanting to initiate in my taxable.

I've learned to expand my definition of alternative funds. I look at PVCMX as an alt fund in that it uses cash for defense - in a manner quite different from most other funds (thus the ALT view).
Low SD of 5, with a 7.84% 5 yr return. It's worst quarter in 5 years was -(1.83%).
I had purchased QQMNX recently as well, but that's it for market neutral funds. It will sit alongside HMEZX, RSIVX, WBALX, CBUDX, CBLDX. Low SD grinders that I hope get me close to 7% annually.
Many true ALT funds are finicky.

warning : the potential complexity of most gold ETFs is a mess for taxes.
if not each year, then certainly the manual collection and calculation of data of all years past when you sell. repeat for each subsequent sell, and hope you did it roughly right. there is no hand-holding or even hints in turbotax.
it is for this very reason i abandoned k1s in the past, and will never be adding new buys in this space.

+1 / Sounds like it. Best held in tax exempt / tax sheltered accounts. As Yogi noted above the 28% tax on collectibles does not apply to etfs that invest only in mining companies.

warning : the potential complexity of most gold ETFs is a mess for taxes.
if not each year, then certainly the manual collection and calculation of data of all years past when you sell. repeat for each subsequent sell, and hope you did it roughly right. there is no hand-holding or even hints in turbotax.
it is for this very reason i abandoned k1s in the past, and will never be adding new buys in this space.

Interesting day, as gold (represented by GLD) is higher, but the miners at mid-day (represented by GDX) were down around 4%.
While PRPFX always gets a lot of attention when precious metals are on the rise, its actual allocation to gold and silver (in bullion form) is only 25%. Additionally, PRPFX has a substantial allocation to natural resource stocks which, no doubt, includes some miners.
The mining stocks tend to be much more volatile than the underlying metals. They are affected by many other factors than just the price of metals. (ie energy costs, labor issues, environmental / health & safety issues and regulations, and to some extent FX / geopolitical considerations as many are in foreign countries).
As others have noted, the mining stocks appear undervalued relative to the price of gold. That’s been the case for many years (based on regular reading of Bill Fleckenstein, highly knowledgable long-time gold bull).