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Before you invest, you may want to review the
Portfolio’s Prospectus, which contains more information
about the Portfolio and its risks. You can find the
Portfolio’s Prospectus and other information about the
Portfolio online at
janus.com/variable-insurance.
You can also get this information at no cost by calling a Janus
representative at
1-877-335-2687
or by sending an email request to
prospectusrequest@janus.com.
|
|
[JANUS LOGO]
|
Summary
Prospectus dated May 1, 2013
As Supplemented May 13, 2013
Janus Portfolio
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Ticker:
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JAGRX
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Institutional Shares
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INVESTMENT
OBJECTIVE
Janus Portfolio
seeks long-term growth of capital.
FEES AND
EXPENSES OF THE PORTFOLIO
This table describes the fees and expenses that you may pay if
you buy and hold Shares of the Portfolio.
Owners of variable
insurance contracts that invest in the Shares should refer to
the variable insurance contract prospectus for a description of
fees and expenses, as the following table and examples do not
reflect deductions at the separate account level or contract
level for any charges that may be incurred under a contract.
Inclusion of these charges would increase the fees and expenses
described below.
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the
value of your investment)
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Management Fees (may adjust up or down)
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0.48%
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Other Expenses
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0.05%
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Total Annual Fund Operating Expenses
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0.53%
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EXAMPLE:
The Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in the
Portfolio for the time periods indicated, reinvest all dividends
and distributions, and then redeem all of your Shares at the end
of each period. The Example also assumes that your investment
has a 5% return each year and that the Portfolio’s
operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs
would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Institutional Shares
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$
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54
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$
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170
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$
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296
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$
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665
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Portfolio Turnover:
The Portfolio 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. These
costs, which are not reflected in annual fund operating expenses
or in the Example, affect the Portfolio’s performance.
During the most recent fiscal year, the Portfolio’s
turnover rate was 38% of the average value of its portfolio.
PRINCIPAL
INVESTMENT STRATEGIES
The Portfolio pursues its investment objective by investing
primarily in common stocks selected for their growth potential.
Although the Portfolio may invest in companies of any size, it
generally invests in larger, more established companies. As of
December 31, 2012, the Portfolio’s weighted average
market capitalization was $77.6 billion. The Portfolio may
also invest in foreign equity and debt securities, which may
include investments in emerging markets.
The portfolio managers apply a “bottom up” approach in
choosing investments. In other words, the portfolio managers
look at companies one at a time to determine if a company is an
attractive investment opportunity and if it is consistent with
the Portfolio’s investment policies.
The Portfolio 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, fixed-income
securities, commodities, currencies, interest rates, or market
indices, as substitutes for securities in which the Portfolio
invests. The Portfolio 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), as a
substitute for securities in which the Portfolio invests, and to
earn income and enhance returns.
1
ï
Janus
Portfolio
PRINCIPAL
INVESTMENT RISKS
The biggest risk is that the Portfolio’s returns will vary,
and you could lose money. The Portfolio 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.
Market Risk.
The value of the
Portfolio’s holdings 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 Portfolio’s
holdings 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.
Growth Securities Risk.
The Portfolio invests
in companies after assessing their growth potential. Securities
of companies perceived to be “growth” companies may be
more volatile than other stocks and may involve special risks.
If the portfolio managers’ perception of a company’s
growth potential is not realized, the securities purchased may
not perform as expected, reducing the Portfolio’s returns.
In addition, because different types of stocks tend to shift in
and out of favor depending on market and economic conditions,
“growth” stocks may perform differently from the
market as a whole and other types of securities.
Foreign Exposure Risk.
The Portfolio may have
significant 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 Portfolio 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 Portfolio has invested a
significant amount of its assets may have a greater effect on
the Portfolio’s performance than it would in a more
geographically diversified portfolio. To the extent the
Portfolio 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 Portfolio’s
investments in emerging market countries may involve risks
greater than, or in addition to, the risks of investing in more
developed countries.
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 Portfolio is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.
2
ï
Janus
Aspen Series
PERFORMANCE
INFORMATION
The following information provides some indication of the risks
of investing in the Portfolio by showing how the
Portfolio’s performance has varied over time. The bar chart
depicts the change in performance from year to year during the
periods indicated, but does not include charges or expenses
attributable to any insurance product, which would lower the
performance illustrated. The Portfolio does not impose any sales
or other charges that would affect total return computations.
Total return figures include the effect of the Portfolio’s
expenses. The table compares the average annual returns for the
Institutional Shares of the Portfolio for the periods indicated
to broad-based securities market indices. The indices are not
actively managed and are not available for direct investment.
All figures assume reinvestment of dividends and distributions.
The Portfolio’s past performance does not necessarily
indicate how it will perform in the future. Updated performance
information is available at
janus.com/variable-insurance
or by calling
1-877-335-2687.
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Annual Total Returns for Institutional Shares
(calendar
year-end)
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2003
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2004
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2005
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2006
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2007
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2008
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2009
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2010
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2011
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2012
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31.73%
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4.57%
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4.23%
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11.38%
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15.09%
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−39.72%
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36.35%
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14.52%
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−5.30%
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18.59%
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Best Quarter:
First Quarter
2012
16.55% Worst
Quarter:
Fourth Quarter
2008
−22.06%
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Average Annual Total Returns
(periods ended 12/31/12)
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1 Year
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5 Years
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10 Years
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Since
Inception
(9/13/93)
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Janus Portfolio
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Institutional Shares
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18.59%
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1.12%
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6.88%
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6.89%
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Russell
1000
®
Growth Index
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15.26%
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3.12%
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7.52%
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7.45%
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(reflects no deduction for fees, expenses, or taxes)
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S&P
500
®
Index
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16.00%
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1.66%
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7.10%
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8.09%
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(reflects no deduction for fees, expenses, or taxes)
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Core Growth Index
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15.64%
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2.41%
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7.33%
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7.81%
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(reflects no deduction for fees, expenses, or taxes)
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The Core Growth Index is an internally-calculated, hypothetical
combination of unmanaged indices that combines total returns
from the
Russell 1000
®
Growth Index (50%) and the
S&P 500
®
Index (50%). This index is used to calculate the performance fee
adjustment.
3
ï
Janus
Portfolio
MANAGEMENT
Investment Adviser:
Janus Capital Management LLC
Portfolio Manager: Burton H. Wilson
, Janus
Capital’s Assistant Director of Equity Research, is
Executive Vice President and Portfolio Manager of the Portfolio,
which he has managed or co-managed since May 2011.
PURCHASE
AND SALE OF PORTFOLIO SHARES
Purchases of Shares may be made only by the separate accounts of
insurance companies for the purpose of funding variable
insurance contracts or by certain qualified retirement plans.
Redemptions, like purchases, may be effected only through the
separate accounts of participating insurance companies or
through qualified retirement plans. Requests are duly processed
at the NAV next calculated after your order is received in good
order by the Portfolio or its agents. Refer to the appropriate
separate account prospectus or plan documents for details.
TAX
INFORMATION
Because Shares of the Portfolio may be purchased only through
variable insurance contracts and certain qualified retirement
plans, it is anticipated that any income dividends or net
capital gains distributions made by the Portfolio will be exempt
from current federal income taxation if left to accumulate
within the variable insurance contract or qualified retirement
plan. The federal income tax status of your investment depends
on the features of your qualified retirement plan or variable
insurance contract.
PAYMENTS
TO INSURERS, BROKER-DEALERS, AND OTHER FINANCIAL
INTERMEDIARIES
Portfolio shares are generally available only through an
insurer’s variable contracts, or through certain employer
or other retirement plans (Retirement Products). Retirement
Products are generally purchased through a broker-dealer or
other financial intermediary. The Portfolio or its distributor
(and/or their related companies) may make payments to the
insurer and/or its related companies for distribution and/or
other services; some of the payments may go to broker-dealers
and other financial intermediaries. These payments may create a
conflict of interest for an intermediary, or be a factor in the
insurer’s decision to include the Portfolio as an
underlying investment option in a variable contract. Ask your
financial advisor, visit your intermediary’s website, or
consult your insurance contract prospectus for more information.
4
ï
Janus
Aspen Series
|
|
|
|
|
Before you invest, you may want to review the
Portfolio’s Prospectus, which contains more information
about the Portfolio and its risks. You can find the
Portfolio’s Prospectus and other information about the
Portfolio online at
janus.com/variable-insurance.
You can also get this information at no cost by calling a Janus
representative at
1-877-335-2687
or by sending an email request to
prospectusrequest@janus.com.
|
|
[JANUS LOGO]
|
Summary
Prospectus dated May 1, 2013
As Supplemented May 13, 2013
Janus Portfolio
|
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Ticker:
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N/A
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|
Service Shares
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|
INVESTMENT
OBJECTIVE
Janus Portfolio
seeks long-term growth of capital.
FEES AND
EXPENSES OF THE PORTFOLIO
This table describes the fees and expenses that you may pay if
you buy and hold Shares of the Portfolio.
Owners of variable
insurance contracts that invest in the Shares should refer to
the variable insurance contract prospectus for a description of
fees and expenses, as the following table and examples do not
reflect deductions at the separate account level or contract
level for any charges that may be incurred under a contract.
Inclusion of these charges would increase the fees and expenses
described below.
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the
value of your investment)
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Management Fees (may adjust up or down)
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0.48%
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Distribution/Service (12b-1) Fees
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0.25%
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Other Expenses
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0.05%
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Total Annual Fund Operating Expenses
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0.78%
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EXAMPLE:
The Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in the
Portfolio for the time periods indicated, reinvest all dividends
and distributions, and then redeem all of your Shares at the end
of each period. The Example also assumes that your investment
has a 5% return each year and that the Portfolio’s
operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs
would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Service Shares
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$
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80
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$
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249
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$
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433
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$
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966
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Portfolio Turnover:
The Portfolio 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. These
costs, which are not reflected in annual fund operating expenses
or in the Example, affect the Portfolio’s performance.
During the most recent fiscal year, the Portfolio’s
turnover rate was 38% of the average value of its portfolio.
PRINCIPAL
INVESTMENT STRATEGIES
The Portfolio pursues its investment objective by investing
primarily in common stocks selected for their growth potential.
Although the Portfolio may invest in companies of any size, it
generally invests in larger, more established companies. As of
December 31, 2012, the Portfolio’s weighted average
market capitalization was $77.6 billion. The Portfolio may
also invest in foreign equity and debt securities, which may
include investments in emerging markets.
The portfolio managers apply a “bottom up” approach in
choosing investments. In other words, the portfolio managers
look at companies one at a time to determine if a company is an
attractive investment opportunity and if it is consistent with
the Portfolio’s investment policies.
The Portfolio 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, fixed-income
securities, commodities, currencies, interest rates, or market
indices, as substitutes for securities in which the Portfolio
invests. The Portfolio may invest in derivative instruments (by
taking long and/or short positions) for different purposes,
including hedging (to offset risks associated with an
investment,
1
ï
Janus
Portfolio
currency exposure, or market conditions), as a substitute for
securities in which the Portfolio invests, and to earn income
and enhance returns.
PRINCIPAL
INVESTMENT RISKS
The biggest risk is that the Portfolio’s returns will vary,
and you could lose money. The Portfolio 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.
Market Risk.
The value of the
Portfolio’s holdings 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 Portfolio’s
holdings 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.
Growth Securities Risk.
The Portfolio invests
in companies after assessing their growth potential. Securities
of companies perceived to be “growth” companies may be
more volatile than other stocks and may involve special risks.
If the portfolio managers’ perception of a company’s
growth potential is not realized, the securities purchased may
not perform as expected, reducing the Portfolio’s returns.
In addition, because different types of stocks tend to shift in
and out of favor depending on market and economic conditions,
“growth” stocks may perform differently from the
market as a whole and other types of securities.
Foreign Exposure Risk.
The Portfolio may have
significant 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 Portfolio 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 Portfolio has invested a
significant amount of its assets may have a greater effect on
the Portfolio’s performance than it would in a more
geographically diversified portfolio. To the extent the
Portfolio 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 Portfolio’s
investments in emerging market countries may involve risks
greater than, or in addition to, the risks of investing in more
developed countries.
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 Portfolio is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.
2
ï
Janus
Aspen Series
PERFORMANCE
INFORMATION
The following information provides some indication of the risks
of investing in the Portfolio by showing how the
Portfolio’s performance has varied over time. The
Portfolio’s Service Shares commenced operations on
December 31, 1999. The returns shown for the Service Shares
for periods prior to December 31, 1999 reflect the
historical performance of a different class of shares (the
Institutional Shares), restated based on the Service
Shares’ estimated fees and expenses (ignoring any fee and
expense limitations). The bar chart depicts the change in
performance from year to year during the periods indicated, but
does not include charges or expenses attributable to any
insurance product, which would lower the performance
illustrated. The Portfolio does not impose any sales or other
charges that would affect total return computations. Total
return figures include the effect of the Portfolio’s
expenses. The table compares the average annual returns for the
Service Shares of the Portfolio for the periods indicated to
broad-based securities market indices. The indices are not
actively managed and are not available for direct investment.
All figures assume reinvestment of dividends and distributions.
The Portfolio’s past performance does not necessarily
indicate how it will perform in the future. Updated performance
information is available at
janus.com/variable-insurance
or by calling
1-877-335-2687.
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Annual Total Returns for Service Shares
(calendar
year-end)
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2003
|
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2004
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2005
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2006
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2007
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2008
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2009
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2010
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2011
|
|
2012
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31.49%
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4.25%
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4.01%
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11.13%
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|
14.80%
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|
−39.87%
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|
36.01%
|
|
14.26%
|
|
−5.54%
|
|
18.28%
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Best Quarter:
First Quarter
2012
16.50% Worst
Quarter:
Fourth Quarter
2008
−22.10%
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Average Annual Total Returns
(periods ended 12/31/12)
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1 Year
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5 Years
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10 Years
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Since
Inception
(9/13/93)
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Janus Portfolio
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Service Shares
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18.28%
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0.87%
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6.62%
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6.59%
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Russell
1000
®
Growth Index
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15.26%
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3.12%
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7.52%
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7.45%
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(reflects no deduction for fees, expenses, or taxes)
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S&P
500
®
Index
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16.00%
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1.66%
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7.10%
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8.09%
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(reflects no deduction for fees, expenses, or taxes)
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Core Growth Index
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15.64%
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2.41%
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7.33%
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7.81%
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(reflects no deduction for fees, expenses, or taxes)
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The Core Growth Index is an internally-calculated, hypothetical
combination of unmanaged indices that combines total returns
from the
Russell 1000
®
Growth Index (50%) and the
S&P 500
®
Index (50%). This index is used to calculate the performance fee
adjustment.
3
ï
Janus
Portfolio
MANAGEMENT
Investment Adviser:
Janus Capital Management LLC
Portfolio Manager:
Burton H. Wilson
, Janus
Capital’s Assistant Director of Equity Research, is
Executive Vice President and Portfolio Manager of the Portfolio,
which he has managed or co-managed since May 2011.
PURCHASE
AND SALE OF PORTFOLIO SHARES
Purchases of Shares may be made only by the separate accounts of
insurance companies for the purpose of funding variable
insurance contracts or by certain qualified retirement plans.
Redemptions, like purchases, may be effected only through the
separate accounts of participating insurance companies or
through qualified retirement plans. Requests are duly processed
at the NAV next calculated after your order is received in good
order by the Portfolio or its agents. Refer to the appropriate
separate account prospectus or plan documents for details.
TAX
INFORMATION
Because Shares of the Portfolio may be purchased only through
variable insurance contracts and certain qualified retirement
plans, it is anticipated that any income dividends or net
capital gains distributions made by the Portfolio will be exempt
from current federal income taxation if left to accumulate
within the variable insurance contract or qualified retirement
plan. The federal income tax status of your investment depends
on the features of your qualified retirement plan or variable
insurance contract.
PAYMENTS
TO INSURERS,
BROKER-DEALERS,
AND OTHER FINANCIAL INTERMEDIARIES
Portfolio shares are generally available only through an
insurer’s variable contracts, or through certain employer
or other retirement plans (Retirement Products). Retirement
Products are generally purchased through a broker-dealer or
other financial intermediary. The Portfolio or its distributor
(and/or their related companies) may make payments to the
insurer and/or its related companies for distribution and/or
other services; some of the payments may go to broker-dealers
and other financial intermediaries. These payments may create a
conflict of interest for an intermediary, or be a factor in the
insurer’s decision to include the Portfolio as an
underlying investment option in a variable contract. Ask your
financial advisor, visit your intermediary’s website, or
consult your insurance contract prospectus for more information.
4
ï
Janus
Aspen Series
Grafico Azioni Crimson Exploration Inc. (MM) (NASDAQ:CXPO)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Crimson Exploration Inc. (MM) (NASDAQ:CXPO)
Storico
Da Giu 2023 a Giu 2024
