Investor Relations Contact: Steve Belgrad, 303-394-7706 | July 29, 2004 | |
Media Contacts: | ||
| Jane Ingalls, 303-394-7311 Blair Johnson, 720-210-1439 |
DENVER– Janus Capital Group Inc. (NYSE: JNS) announced today that subsequent to its second quarter earnings call on July 22, 2004, the firm was informed that a client intends to redeem funds totaling approximately $5 billion by year-end, subject to approval by the clients’ board of directors in early August.
“We appreciate the loyalty of our clients during the past bear market,” Janus Chief Executive Officer Steve Scheid said. “We’re disappointed when any client comes to this conclusion, especially given our improved performance and the steps we’ve taken to put our fund holders first. We continue working hard to deliver strong, consistent performance.”
Scheid noted that based on total returns as of June 30, 2004, 63% of Janus’ domestic mutual funds ranked in the top two Lipper quartiles on a 1-year basis, and approximately 43% of those funds ranked in Lipper’s first quartile. Over a 3-year period, approximately 54% of Janus’ domestic funds ranked in the top two quartiles. For Janus’ primary fund family, Janus Investment Funds, approximately 70% were in the top half of their Lipper categories based on a 1-year basis and approximately 57% ranked in the first quartile. In addition, all seven of the company’s domestic growth funds – the core of Janus’ franchise – finished in Lipper’s top quartile on the same 1-year basis.
About Janus Capital Group Inc.
Based in Denver, Colorado, Janus Capital Group Inc. is a leading asset manager offering individual investors and institutional clients complementary asset management disciplines through the firm’s global distribution network. Janus Capital Group consists of Janus Capital Management LLC, Enhanced Investment Technologies, LLC (INTECH), Bay Isle Financial LLC and Capital Group Partners. In addition, Janus Capital Group owns 30% of Perkins, Wolf, McDonnell and Company, LLC.
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Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money.
Data presented reflects past performance, which is no guarantee of future results.
This press release includes statements concerning potential future events involving Janus Capital Group Inc. that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus’ Annual Report on Form 10-K for the year ended December 31, 2003, on file with the Securities and Exchange Commission (Commission file no. 001-15253). Any forward-looking statements contained in this release are as of the date on which such statements were made. The Company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results express or implied therein will not be realized.
| Janus Investment Funds ("JIF") | Lipper Rankings Based on Total Returns | |||||||||||||||||||
| as of 6/30/04 (Rank / Total Funds) | ||||||||||||||||||||
| Lipper Category | 1-Year | 3-Year | 5-Year | 10-Year | ||||||||||||||||
Growth Funds | ||||||||||||||||||||
| Janus Fund | Large-Cap Growth Funds | 62 / 612 | 340 / 507 | 206 / 355 | 42 / 111 | |||||||||||||||
| Janus Twenty Fund* | Large-Cap Growth Funds | 38 / 612 | 119 / 507 | 249 / 355 | 3 / 111 | |||||||||||||||
| Janus Mercury Fund | Large-Cap Growth Funds | 107 / 612 | 346 / 507 | 184 / 355 | 2 / 111 | |||||||||||||||
| Janus Olympus Fund | Large-Cap Growth Funds | 61 / 612 | 204 / 507 | 122 / 355 | — | |||||||||||||||
| Janus Enterprise Fund | Mid-Cap Growth Funds | 92 / 494 | 256 / 396 | 232 / 259 | 55 / 94 | |||||||||||||||
| Janus Venture Fund* | Small-Cap Growth Funds | 46 / 520 | 110 / 422 | 178 / 283 | 33 / 77 | |||||||||||||||
| Janus Orion Fund | Multi-Cap Growth Funds | 43 / 434 | 22 / 342 | — | — | |||||||||||||||
Core Funds | ||||||||||||||||||||
| Janus Growth and Income Fund | Large-Cap Core Funds | 403 / 979 | 377 / 803 | 84 / 603 | 6 / 211 | |||||||||||||||
| Janus Balanced Fund | Balanced Funds | 401 / 527 | 156 / 435 | 130 / 363 | 12 / 136 | |||||||||||||||
| Janus Special Equity Fund | Multi-Cap Core Funds | 14 / 618 | 90 / 475 | — | — | |||||||||||||||
| Janus Core Equity Fund | Large-Cap Core Funds | 103 / 979 | 102 / 803 | 58 / 603 | — | |||||||||||||||
| Janus Risk-Managed Stock Fund | Multi-Cap Core Funds | 67 / 618 | — | — | — | |||||||||||||||
International/Global Funds | ||||||||||||||||||||
Janus Worldwide Fund(1) | Global Funds | 311 / 320 | 254 / 259 | 146 / 182 | 19 / 50 | |||||||||||||||
| Janus Overseas Fund | International Funds | 477 / 844 | 582 / 690 | 159 / 509 | 7 / 140 | |||||||||||||||
| Janus Global Technology Fund | Science & Technology Funds | 174 / 313 | 150 / 272 | 50 / 102 | — | |||||||||||||||
| Janus Global Life Sciences Fund | Health/Biotechnology Funds | 29 / 194 | 77 / 150 | 29 / 56 | — | |||||||||||||||
| Janus Global Opportunities Fund | Global Funds | 1 / 320 | 11 / 259 | — | — | |||||||||||||||
Value Funds | ||||||||||||||||||||
Janus Mid Cap Value Fund — Inv(2) | Mid-Cap Value Funds | 52 / 197 | 34 / 134 | 7 / 91 | — | |||||||||||||||
Janus Small Cap Value Fund — Inv.*(2) | Small-Cap Value Funds | 150 / 225 | 136 / 160 | 57 / 124 | — | |||||||||||||||
Income Funds | ||||||||||||||||||||
| Janus Flexible Income Fund | Intermediate Inv Grade Debt Funds | 194 / 442 | 39 / 343 | 160 / 255 | 10 / 114 | |||||||||||||||
| Janus High-Yield Fund | High Current Yield Funds | 340 / 417 | 193 / 340 | 46 / 269 | — | |||||||||||||||
| Janus Short-Term Bond Fund | Short Investment Grade Debt Funds | 11 / 170 | 53 / 119 | 36 / 97 | 18 / 49 | |||||||||||||||
| Janus Federal Tax-Exempt Fund | General Muni Debt Funds | 294 / 295 | 147 / 267 | 184 / 231 | 87 / 124 | |||||||||||||||
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| Janus Adviser Funds - I Shares(2) | Lipper Rankings Based on Total Returns | |||||||||||||||||||
| as of 6/30/04 (Rank / Total Funds) | ||||||||||||||||||||
| Lipper Category | 1-Year | 3-Year | 5-Year | 10-Year | ||||||||||||||||
Growth Funds | ||||||||||||||||||||
| Capital Appreciation Fund | Large-Cap Growth Funds | 194 / 612 | 78 / 507 | 61 / 355 | — | |||||||||||||||
| Growth Fund | Multi-Cap Growth Funds | 229 / 434 | 235 / 342 | 108 / 200 | — | |||||||||||||||
| Mid Cap Growth Fund | Mid-Cap Growth Funds | 118 / 494 | 275 / 396 | 235 / 259 | — | |||||||||||||||
| Risk-Managed Growth Fund | Multi-Cap Growth Funds | 171 / 434 | — | — | — | |||||||||||||||
Core Funds | ||||||||||||||||||||
| Balanced Fund | Balanced Funds | 403 / 527 | 155 / 435 | 117 / 363 | — | |||||||||||||||
| Growth and Income Fund | Large-Cap Core Funds | 497 / 979 | 272 / 803 | 27 / 603 | — | |||||||||||||||
| Core Equity Fund | Large-Cap Core Funds | 130 / 979 | 109 / 803 | 66 / 603 | — | |||||||||||||||
| Small Company Value Fund | Small-Cap Core Funds | 383 / 513 | — | — | — | |||||||||||||||
| Risk-Managed Core Fund | Multi-Cap Core Funds | 88 / 618 | — | — | — | |||||||||||||||
International Global Funds | ||||||||||||||||||||
Worldwide Fund(1) | Global Funds | 317 / 320 | 255 / 259 | 140 / 182 | — | |||||||||||||||
| International Growth Fund | International Funds | 529 / 844 | 625 / 690 | 149 / 509 | — | |||||||||||||||
| Foreign Stock Fund | International Funds | 48 / 844 | 81 / 690 | — | — | |||||||||||||||
Value Funds | ||||||||||||||||||||
| Mid Cap Value Fund | Mid-Cap Value Funds | 51 / 197 | — | — | — | |||||||||||||||
Income Funds | ||||||||||||||||||||
| Flexible Income Fund | Intermediate Inv Grade Debt Funds | 165 / 442 | 48 / 343 | 136 / 255 | — | |||||||||||||||
| Janus Aspen Portfolios - Institutional Shares(2) | Lipper Rankings Based on Total Returns | ||||||||||||||||||||||
| as of 6/30/04 (Rank / Total Funds) | |||||||||||||||||||||||
| Lipper Category | 1-Year | 3-Year | 5-Year | 10-Year | |||||||||||||||||||
Growth Funds | |||||||||||||||||||||||
| Mid Cap Growth Portfolio | VA Mid-Cap Growth Funds | 39 / 124 | 58 / 95 | 46 / 52 | 7 / 15 | ||||||||||||||||||
| Growth Portfolio | VA Large-Cap Growth Funds | 21 / 161 | 71 / 121 | 38 / 76 | 18 / 32 | ||||||||||||||||||
| Capital Appreciation Portfolio | VA Large-Cap Growth Funds | 63 / 161 | 14 / 121 | 13 / 76 | — | ||||||||||||||||||
Core Funds | |||||||||||||||||||||||
| Balanced Portfolio | VA Balanced Funds | 70 / 87 | 34 / 70 | 24 / 60 | 2 / 24 | ||||||||||||||||||
| Growth and Income Portfolio | VA LargeCap Core Funds | 120 / 214 | 103 / 170 | 6 / 116 | — | ||||||||||||||||||
| Core Equity Portfolio | VA LargeCap Core Funds | 35 / 214 | 26 / 170 | 12 / 116 | — | ||||||||||||||||||
International/Global Funds | |||||||||||||||||||||||
Worldwide Growth Portfolio(1) | VA Global Funds | 67 / 69 | 57 / 58 | 38 / 44 | 3 / 16 | ||||||||||||||||||
| International Growth Portfolio | VA International Funds | 132 / 188 | 138 / 147 | 37 / 111 | 1 / 42 | ||||||||||||||||||
| Global Technology Portfolio | VA Specialty/Misc Funds | 52 / 128 | 61 / 85 | — | — | ||||||||||||||||||
| Global Life Sciences Portfolio | VA Specialty/Misc Funds | 32 / 128 | 30 / 85 | — | — | ||||||||||||||||||
Value Funds | |||||||||||||||||||||||
| Mid Cap Value Portfolio | VA Mid-Cap Value Funds | 12 / 58 | — | — | — | ||||||||||||||||||
Income Funds | |||||||||||||||||||||||
| Flexible Income Portfolio | VA Intermediate Inv Grade Debt Funds | 22 / 42 | 4 / 33 | 9 / 25 | 1 / 12 | ||||||||||||||||||
Past performance is no guarantee of future results. Lipper Inc. – A Reuters Company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested. Rankings exclude Janus World Funds Plc, sub-advised, money market funds, International Equity Fund, and Focused Value Fund. Funds not ranked by Lipper are not included in the analysis.
| 1. | Effective July 1, 2004, Jason Yee has been appointed portfolio manager of the Janus Worldwide portfolios. Laurence Chang will no longer be the portfolio manager. | |||
| 2. | Rating is for this share class only; other classes may have different performance characteristics | |||
| * | Closed to new investors. | |||
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| Janus Adviser Funds - I Shares | Average Annual Total Returns1 (%) | |||||||||||||||||||
| Ending June 30, 2004 | ||||||||||||||||||||
| One | Three | Five | Ten | Since | ||||||||||||||||
| Year | Years | Years | Years | Inception | ||||||||||||||||
Growth & Core (Inception Date of Predecessor Fund) | ||||||||||||||||||||
Growth Fund2(9/93) | 20.08 | (6.10 | ) | (4.31 | ) | 9.23 | 8.70 | |||||||||||||
Capital Appreciation Fund2(5/97) | 17.31 | (1.13 | ) | (1.63 | ) | — | 12.28 | |||||||||||||
Mid Cap Growth Fund2(9/93) | 26.21 | (4.66 | ) | (5.79 | ) | 9.25 | 9.51 | |||||||||||||
| Growth and Income Fund(5/98) | 16.41 | (1.65 | ) | 1.61 | — | 7.43 | ||||||||||||||
Core Equity Fund2(5/97) | 19.23 | (0.23 | ) | (0.09 | ) | — | 12.54 | |||||||||||||
Balanced Fund2(9/93) | 9.43 | 2.35 | 2.66 | 11.43 | 11.24 | |||||||||||||||
International & Global (Inception Date of Predecessor Fund) | ||||||||||||||||||||
Worldwide Fund2,3,11,14(9/93) | 11.68 | (7.58 | ) | (2.99 | ) | 9.68 | 10.39 | |||||||||||||
International Growth Fund2,3,11(5/94) | 26.76 | (3.09 | ) | 2.06 | 10.48 | 9.90 | ||||||||||||||
Foreign Stock Fund2,4,5,11(5/01) | 39.29 | 7.75 | — | — | 7.03 | |||||||||||||||
International Equity Fund3,6,7,12(7/90) | 27.55 | 3.87 | (0.33 | ) | 4.79 | 5.46 | ||||||||||||||
Value (Inception Date) | ||||||||||||||||||||
Focused Value Fund6(3/90) | 20.65 | 7.62 | 8.10 | 14.31 | 13.18 | |||||||||||||||
Mid Cap Value Fund2(12/02) | 33.27 | — | — | — | 29.45 | |||||||||||||||
Small Company Value Fund2,9(3/02) | 29.78 | — | — | — | 12.34 | |||||||||||||||
Risk-Managed (Inception Date) | ||||||||||||||||||||
Risk-Managed Growth Fund2,11(1/03) | 21.85 | — | — | — | 20.90 | |||||||||||||||
Risk-Managed Core Fund2,11(1/03) | 24.44 | — | — | — | 21.71 | |||||||||||||||
Fixed-Income (Inception Date of Predecessor Fund) | ||||||||||||||||||||
Flexible Income Fund10,13(9/93) | 0.29 | 6.56 | 6.09 | 7.88 | 7.22 | |||||||||||||||
Money Market (Inception Date of Predecessor Fund) | ||||||||||||||||||||
Money Market Fund2(5/95) | 0.35 | 0.95 | 2.62 | — | 3.39 | |||||||||||||||
Money Market Fund Current 7-Day Yield and 7-Day Yield without waivers as of June 30, 2004 were 0.48% and (0.55)%, respectively.
Data presented reflects past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Call 1-800-525-1068 or visit janus.com for current month end performance.
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-1068 or download the file from janus.com. Read it carefully before you invest or send money. An investment in the Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The yield more closely reflects the current earnings of the Money Market Fund than the total return. Total return includes reinvestment of dividends and capital gains. Due to recent market volatility, certain funds may have an increased position in cash for temporary defensive purposes.
A fund’s performance may be affected by risks that include those associated with non-diversification, investments in foreign securities, non-investment grade debt securities, undervalued companies, or companies with relatively small market capitalization. Please see a Janus prospectus for more detailed information.
Class I Shares of the Funds (except Foreign Stock, Mid Cap Value, Small Company Value, Risk-Managed Core, Risk-Managed Growth, Focused Value and International Equity Funds) commenced operations on August 1, 2000, after the reorganization of the Retirement Shares of Janus Aspen Portfolios into the Funds. The returns for the reorganized Funds reflect the performance of the Retirement Shares of Janus Aspen Portfolios prior to the reorganization. (The performance of the Retirement Shares prior to May 1, 1997 reflects the performance of a different class of Janus Aspen Portfolios, restated to reflect the fees and expenses of the Retirement Shares on May 1, 1997, ignoring any fee and expense limitations.)
1 All figures unaudited.
2 Janus Capital has contractually agreed to waive the Fund’s total operating expenses to the levels indicated in the prospectus until at least December 1, 2004. Without such waivers, yields and total returns would have been lower.
3 This Fund may have significant exposure to emerging markets which may lead to greater price volatility.
4 Returns have sustained significant gains and losses due to market volatility in the consumer discretionary sector.
5 Returns have sustained significant gains and losses due to market volatility in the industrials sector.
6 Returns shown for Focused Value Fund and International Equity Fund for periods prior to October 13, 2003 are derived from the historical performance of Class A Shares of Vontobel US Value Fund and Vontobel International Equity Fund, respectively. Returns are restated to reflect the higher fees and expenses of Focused Value Fund and International Equity Fund. Janus Capital has contractually agreed to waive each Funds’ total operating expenses to the levels indicated in the prospectus until at least September 30, 2005. Vontobel Asset Management, Inc. is the subadviser to the Focused Value and International Equity Funds.
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7 Since inception returns reflect Vontobel International Equity Fund’s performance from July 6, 1990, when Vontobel Asset Management, Inc. became the Fund’s investment adviser. Previous periods during which the Fund was advised by other investment advisers are not shown.
8 Effective July 6, 2004, Janus Adviser US Value Fund changed its name to Janus Adviser Focused Value Fund and eliminated its policy to invest, under normal circumstances, at least 80% of its net assets in securities of U.S. companies and instead adopted a policy to invest, under normal circumstances, at least 65% of its net assets in securities of U.S. companies, as defined in the prospectus.
9 Returns shown for Janus Adviser Small Company Value Fund – I Shares for periods prior to April 22, 2003 are derived from the historical performance of Berger Small Cap Value Fund II.
10 As of June 30, 2004, 30-day SEC Yield was 3.17% for Flexible Income Fund. Janus Capital has contractually agreed to waive the Fund’s total operating expenses to the levels indicated in the prospectus until at least December 1, 2004. Without such waivers, Flexible Income Fund’s yield would have been 3.12%, and total return would have been lower.
11 A 2% redemption fee may be imposed on shares held for 3 months or less.
12 Effective 5/1/04, this fund’s redemption fee, that may be imposed on shares held for 3 months or less, changed from 1% to 2% on shares purchased on or after that date.
13 Bond funds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bonds funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the fund and selling of bonds within the fund by the portfolio manager.
14 Effective July 1, 2004, Laurence Chang is no longer the portfolio manager of Janus Adviser Worldwide Fund, and Jason Yee is now the Fund Manager.
Funds distributed by Janus Distributors LLC (7/04)
| Janus Investment Funds | Average Annual Total Returns1 (%) | |||||||||||||||||||
| Ending June 30, 2004 | ||||||||||||||||||||
| One | Three | Five | Ten | Since | ||||||||||||||||
| Year | Years | Years | Years | Inception | ||||||||||||||||
Growth & Core (Inception Date) | ||||||||||||||||||||
| Janus Fund(2/70) | 20.34 | (6.30 | ) | (5.44 | ) | 9.37 | 14.26 | |||||||||||||
Janus Twenty Fund2(4/85) | 22.04 | (2.89 | ) | (6.96 | ) | 12.79 | 13.32 | |||||||||||||
| Janus Olympus Fund(12/95) | 20.35 | (4.46 | ) | (3.88 | ) | — | 11.51 | |||||||||||||
Janus Orion Fund3,11(6/00) | 28.83 | 4.25 | — | — | (10.21 | ) | ||||||||||||||
| Janus Mercury Fund(5/93) | 19.09 | (6.42 | ) | (5.01 | ) | 12.84 | 13.13 | |||||||||||||
| Janus Enterprise Fund(9/92) | 27.23 | (4.32 | ) | (5.36 | ) | 9.25 | 10.88 | |||||||||||||
Janus Venture Fund2,3,5(4/85) | 35.30 | 2.68 | 1.50 | 11.27 | 13.63 | |||||||||||||||
| Janus Growth and Income Fund(5/91) | 17.04 | (2.54 | ) | (0.37 | ) | 13.83 | 13.49 | |||||||||||||
Janus Special Equity Fund11(2/00) | 30.15 | 3.16 | — | — | 3.26 | |||||||||||||||
| Janus Core Equity Fund(6/96) | 19.60 | (0.18 | ) | 0.17 | — | 12.35 | ||||||||||||||
| Janus Balanced Fund(9/92) | 9.48 | 2.32 | 2.41 | 11.43 | 11.54 | |||||||||||||||
International & Global (Inception Date) | ||||||||||||||||||||
Janus Worldwide Fund4,11,18(5/91) | 12.65 | (7.38 | ) | (3.66 | ) | 8.74 | 11.00 | |||||||||||||
Janus Overseas Fund4,11(5/94) | 27.36 | (2.02 | ) | 1.63 | 10.27 | 9.88 | ||||||||||||||
Janus Global Technology Fund4,11(12/98) | 23.44 | (10.38 | ) | (7.45 | ) | — | 1.26 | |||||||||||||
Janus Global Life Sciences Fund4(12/98) | 25.51 | (1.00 | ) | 8.25 | — | 10.53 | ||||||||||||||
Janus Global Opportunities Fund4,5,17(6/01) | 40.23 | 10.78 | — | — | 10.77 | |||||||||||||||
Janus International Equity Fund11,14,15,16,19(7/90) | 27.69 | 3.98 | (0.19 | ) | 4.92 | 5.59 | ||||||||||||||
Value (Inception Date) | ||||||||||||||||||||
Janus Focused Value Fund14,15,20(3/90) | 20.69 | 7.76 | 8.24 | 14.46 | 13.31 | |||||||||||||||
Janus Mid Cap Value Fund — Investor Shares12(8/98) | 32.98 | 10.71 | 15.65 | — | 19.15 | |||||||||||||||
Janus Mid Cap Value Fund — Institutional Shares2,12(8/98) | 33.28 | 10.91 | 15.78 | — | 19.26 | |||||||||||||||
Janus Small Cap Value Fund — Investor Shares2,13(10/87) | 30.37 | 8.33 | 13.07 | 16.75 | 14.91 | |||||||||||||||
Janus Small Cap Value Fund — Institutional Shares2,13(10/87) | 30.73 | 8.65 | 13.38 | 17.02 | 15.07 | |||||||||||||||
Risk-Managed (Inception Date) | ||||||||||||||||||||
Janus Risk-Managed Stock Fund4(2/03) | 25.11 | — | — | — | 29.71 | |||||||||||||||
Fixed-Income (Inception Date) | ||||||||||||||||||||
Janus Flexible Income Fund6,9,10(7/87) | 0.16 | 6.72 | 5.83 | 7.49 | 7.99 | |||||||||||||||
Janus High-Yield Fund4,6,9,10(12/95) | 7.57 | 7.36 | 5.72 | — | 8.28 | |||||||||||||||
Janus Short-Term Bond Fund6,7,9(9/92) | 1.81 | 3.61 | 4.99 | 5.38 | 5.06 | |||||||||||||||
Janus Federal Tax-Exempt Fund6,7,8,9(5/93) | (1.91 | ) | 4.26 | 4.04 | 5.10 | 4.66 | ||||||||||||||
Money Market (Inception Date) | ||||||||||||||||||||
Janus Money Market Fund21(2/95) | 0.59 | 1.25 | 2.93 | — | 3.97 | |||||||||||||||
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Money Market Fund Current 7-Day Yield and 7-Day Yield without waivers as of June 30, 2004 were 0.71% and 0.55%, respectively.
Janus Government Money Market Fund21 (2/95) 0.52 1.19 2.86 — 3.88
Janus Government Money Market Fund Current 7-Day Yield and 7-Day Yield without waivers as of June 30, 2004 were 0.62% and 0.52%, respectively.
Data presented reflects past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Call 1-800-525-1068 or visit janus.com for current month end performance.
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-1068 or download the file from janus.com. Read it carefully before you invest or send money.
An investment in the Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The yield more closely reflects the current earnings of the Money Market Fund than the total return. Total return includes reinvestment of dividends and capital gains.
A fund’s performance may be affected by risks that include those associated with non-diversification, investments in foreign securities, non-investment grade debt securities, undervalued companies, or companies with a relatively small market capitalization. Please see a Janus prospectus for more detailed information.
Due to recent market volatility, certain funds may have an increased position in cash for temporary defensive purposes. All performance figures shown in this report are net of management fees.
1 All figures unaudited.
2 Closed to new investors.
3 This Fund has been significantly impacted, either positively or negatively, by investing in initial public offerings (IPOs).
4 A 2% redemption fee may be imposed on shares held for 3 months or less.
5 Returns have sustained significant gains and losses due to market volatility in the consumer discretionary sector.
6 Bond funds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bonds funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the fund and selling of bonds within the fund by the portfolio manager.
7 Adviser has agreed to waive a portion of the Fund’s expenses. Without such waivers, Janus Federal Tax-Exempt Fund and Janus Short-Term Bond Fund’s yields would have been 2.62% and 1.93%, respectively and total returns would have been lower.
8 Income may be subject to state or local taxes and to a limited extent certain federal tax. Capital gains are subject to federal, state and local taxes.
9 As of June 30, 2004, 30-day SEC Yield was 2.94% on Janus Federal Tax-Exempt Fund, 4.03% on Janus Flexible Income Fund, 6.72% on Janus High-Yield Fund and 2.30% on Janus Short-Term Bond Fund.
10 Adviser has agreed to waive a portion of the Fund’s expenses if they exceed the designated cap. If during the periods shown, the Fund’s actual expenses exceeded the cap, its total return would have been lower. There were no waivers in effect for the most recent period presented.
11 This Fund may have significant exposure to emerging markets which may lead to greater price volatility.
12 Returns shown for Janus Mid Cap Value Fund prior to 4/21/03 are those of Berger Mid Cap Value Fund.
13 Returns shown for Janus Small Cap Value Fund prior to 4/21/03 are those of Berger Small Cap Value Fund.
14 Returns shown for Focused Value Fund and International Equity Fund for periods prior to 10/13/03 are derived from the historical performance of Class A Shares of Vontobel US Value Fund and Vontobel International Equity Fund, respectively. Returns are restated to reflect the higher expected fees and expenses of Focused Value Fund and International Equity Fund. Janus Capital has contractually agreed to waive each Fund’s total operating expenses to the levels indicated in the prospectus until at least September 30, 2005.
15 Vontobel Asset Management, Inc. is the subadviser to the Focused Value and International Equity Funds.
16 Since inception returns reflect Vontobel International Equity Fund’s performance from 7/6/90, when Vontobel Asset Management, Inc. became the Fund’s investment adviser. Previous periods during which the Fund was advised by other investment advisers are not shown.
17 Returns have sustained significant gains and losses due to market volatility in the industrials sector.
18 Effective July 1, 2004, Jason Yee has been appointed Portfolio Manager of Janus Worldwide Fund and Laurence Chang will no longer be the Portfolio Manager.
19 Effective 5/1/04, this fund’s redemption fee, that may be imposed on shares held for 3 months or less, changed from 1% to 2% on shares purchased on or after that date.
20 Effective July 6, 2004, Janus US Value Fund changed its name to Janus Focused Value Fund and eliminated its policy to invest, under normal circumstances, at least 80% of its net assets in securities of U.S. companies and will instead adopt a policy to invest, under normal circumstances, at least 65% of its net assets in securities of U.S. companies, as defined in the prospectus.
21 Adviser has agreed to waive a portion of the fund’s expenses. Without such waivers total return would have been lower.
Funds distributed by Janus Distributors LLC (7/04)
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| Janus Aspen Portfolios - Institutional Shares | Average Annual Total Returns1 (%) | |||||||||||||||||||
| Ending June 30, 2004 | ||||||||||||||||||||
| One | Three | Five | Ten | Since | ||||||||||||||||
| Year | Years | Years | Years | Inception | ||||||||||||||||
Growth & Core (Portfolio Inception) | ||||||||||||||||||||
| Growth Portfolio(9/93) | 20.59 | (5.54 | ) | (4.71 | ) | 9.27 | 8.87 | |||||||||||||
| Capital Appreciation Portfolio(5/97) | 17.43 | (0.84 | ) | (1.73 | ) | — | 12.37 | |||||||||||||
| Mid Cap Growth Portfolio(9/93) | 26.07 | (4.54 | ) | (5.55 | ) | 9.69 | 10.04 | |||||||||||||
| Growth and Income Portfolio(5/98) | 16.77 | (2.67 | ) | 1.30 | — | 7.26 | ||||||||||||||
| Core Equity Portfolio(5/97) | 19.05 | (0.32 | ) | 0.09 | — | 12.86 | ||||||||||||||
| Balanced Portfolio(9/93) | 9.32 | 2.38 | 2.76 | 11.77 | 11.69 | |||||||||||||||
International & Global (Portfolio Inception) | ||||||||||||||||||||
Worldwide Growth Portfolio2,3(9/93) | 12.56 | (7.10 | ) | (3.13 | ) | 9.93 | 10.75 | |||||||||||||
International Growth Portfolio3,4(5/94) | 25.87 | (3.25 | ) | 1.29 | 10.55 | 9.98 | ||||||||||||||
Global Technology Portfolio3(1/00) | 22.99 | (9.89 | ) | — | — | (20.58 | ) | |||||||||||||
| Global Life Sciences Portfolio(1/00) | 24.35 | (0.73 | ) | — | — | (5.74 | ) | |||||||||||||
Value (Portfolio Inception) | ||||||||||||||||||||
Mid Cap Value Portfolio5(12/02) | 34.29 | — | — | — | 29.69 | |||||||||||||||
Fixed-Income (Portfolio Inception) | ||||||||||||||||||||
Flexible Income Portfolio6,7(9/93) | 0.40 | 7.12 | 6.54 | 8.43 | 7.78 | |||||||||||||||
Data presented reflects past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Call 1-800-525-1068 or visit janus.com for current month end performance.
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-1068 or download the file from janus.com. Read it carefully before you invest or send money.
Due to recent market volatility, certain portfolios may have an increased position in cash for temporary defensive purposes. Total return includes reinvestment of dividends and capital gains. A portfolio’s performance may be affected by risks that include those associated with non-diversification, investments in foreign securities, non-investment grade debt securities, undervalued companies or companies with a relatively small market capitalization. Please see a Janus prospectus for more detailed information.
1 All figures unaudited.
2 Effective July 1, 2004, Laurence Chang is no longer the Portfolio Manager of Janus Aspen Worldwide Growth Portfolio, and Jason Yee is now the Portfolio Manager.
3 This Portfolio may have significant exposure to emerging markets which may lead to greater price volatility.
4 This Portfolio has been significantly impacted, either positively or negatively, by investing in initial public offerings (IPOs).
5 Returns shown for Janus Aspen Mid Cap Value Portfolio – Institutional Shares for periods prior to May 1, 2003 are derived from the historical performance of its Service Shares.
6 As of June 30, 2004, 30-day SEC Yield was 4.20% for Janus Aspen Flexible Income Portfolio – Institutional Shares.
7 Bond funds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bonds funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the portfolio and selling of bonds within the portfolio by the portfolio manager.
Portfolios distributed by Janus Distributors LLC (7/04)
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