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JANUS
ASPEN SERIES
1995 SEMIANNUAL REPORT
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JANUS ASPEN GROWTH PORTFOLIO PORTFOLIO MANAGER, JAMES P. CRAIG
PERFORMANCE
The equity markets enjoyed a powerful rally during the first six months of 1995.
Stocks were propelled higher by declining interest rates as the U.S. economy
slowed to a more sustainable growth rate and inflation remained low.
The Janus Aspen Growth Portfolio had a total return of 13.91% for the six months
ended June 30, 1995, while the broader market, as measured by the S&P 500 Index,
was up 20.21%.* From inception to June 30, 1995, the Portfolio has a total
return of 21.15%.
The Portfolio underperformed because:
We Were Defensive Early in the Year. As the year began, the economy was growing
rapidly and interest rates were much higher. Had the economy failed to slow,
stock prices would have come under severe pressure from rising interest rates.
Our Foreign Holdings Lagged. The portfolio is now 14.4% invested abroad (versus
5.7% when the period began), mostly in the Netherlands, Sweden, and Germany.
Earnings growth of large stable companies is available at a cheaper price on the
Continent. In the past we have made good money when we have found growth this
inexpensive, but these stocks lagged during the first quarter this year.
THE PORTFOLIO
We became more fully invested during the period. Equity positions climbed from
53.2% to 89.9%, a relatively high percentage historically. We have found a
number of good ideas among large growth stocks. Many of these stocks make up our
ten largest holdings, which are 27.4% of the portfolio, up from 17.9% at the end
of 1994.
SIGNIFICANT INDUSTRY GROUPS
Pharmaceuticals. Pfizer and Merck in the U.S., Astra in Sweden, and Roche, which
is Swiss, all offer solid growth at low price-earnings multiples.
Computer Services. The portfolio's largest position is EDS, a major competitor
in the rapidly growing practice of outsourcing. EDS is a data processing and
information management company that is currently part of GM, but will eventually
be spun off. First Data is also an outsourcer. First Data processes credit card
data for banks and other issuers, and recently initiated merger talks with
credit card processor First Financial Management. The merger should accelerate
the already rapid growth enjoyed by First Data. We also added German networker
SAP to the Portfolio. SAP is a large multinational provider of integrated
software application packages for business.
Insurance. Several insurers have excellent prospects for earnings growth. UNUM
is a large, well-run disability provider that has been reconfiguring its
business after several difficult years and is now positioned to grow its
earnings. General Re is a reinsurer that is expanding from a solid U.S. base
into Europe via acquisitions.
Banking. Banks and other lending institutions are currently being helped by
lower interest rates and slower economic growth. Citicorp is a dominant presence
in the credit card industry in the U.S., but is also long-established in many
developing countries, where it gathers assets and also provides a safe haven in
times of instability.
CHANGES IN THE PORTFOLIO
We sold a number of our technology holdings at a good profit. These included
information processor Computer Sciences, LSI Logic, a semiconductor
manufacturer, and biotechnology developer Amgen. Positions that did not perform
well and were sold included Ventritex, a medical devices manufacturer,
Telecommunications, Inc., the cable television company, and retailers Reebok,
Ann Taylor, and GAP Stores. We also sold HMO U.S. Healthcare, which announced it
intended to cut prices.
GOING FORWARD
Although our conservative posture cost us early in the year, it was a small
price to pay given the damage higher interest rates could have caused to stock
prices. We are not afraid to sacrifice some upside performance in order to
protect capital.
Thank you for your investment in Janus Aspen Growth Portfolio.
*Index and Portfolio returns include reinvested dividends. The Portfolio's
securities may differ significantly from the securities in the index. Index
returns do not include taxes on dividends and interest payments, or operating
expenses necessary to maintain a portfolio consisting of the same securities
that are in the index. The Portfolio's return does not reflect the charges and
expenses of any particular insurance product.
Janus Aspen Series June 30, 1995 Semiannual Report
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JANUS ASPEN AGGRESSIVE GROWTH PORTFOLIO PORTFOLIO MANAGER, JAMES P. GOFF
PERFORMANCE
During the six months ended June 30, 1995, the price divergence that had
developed between the stock and bond markets in late 1994 was resolved. In late
1994 stocks were near their old highs while bonds continued to decline. When
economic growth began to slow and inflation remained low, interest rates
declined and both markets rallied.
However, the Janus Aspen Aggressive Growth Portfolio lagged the broad market.
The Portfolio gained 6.55% for the six months, versus a total return of 20.21%
for Standard & Poor's 500 Index.* From inception to June 30, 1995, the Portfolio
has a total return of 46.32%.
The Portfolio's underperformance was caused by earnings disappointments in key
positions, including Exide, a maker of automotive and industrial batteries, and
APS Holdings, the owner of Big A Auto Parts.
We also did not own much technology, which has led the market for some time now.
Technology makes up approximately 15.0% of the S&P Index, versus only 6.0% of
the Portfolio.
PORTFOLIO STRATEGY
Our approach to stock selection is eclectic. In terms of industry weightings, we
make no attempt to have the Portfolio "look like" the S&P 500 Index or the
economy as a whole. The Portfolio is managed in a concentrated fashion, with
fewer, larger positions - currently the top ten holdings make up 42.5% of
assets. As a result, the Portfolio is usually more volatile than the general
market.
PORTFOLIO COMPOSITION AND THEMES
The Portfolio was 84.5% invested in equities as of June 30. Foreign securities
made up 12.8% of holdings and were predominantly in Europe. The ten largest
positions were a diverse group, in keeping with our stock-by-stock investment
approach.
Wireless Communications. Nokia is a large position in this category. Nokia is a
Finnish maker of cell phones and industry-leading digital telecommuncations
equipment. Paging Network is another significant member of the group. While
enjoying robust growth in its core paging business, the company is developing an
exciting new product in collaboration with Motorola, a pager that is the
equivalent of an answering machine.
Pharmaceuticals. Our largest position is R.P. Scherer, a developer of drug
delivery systems that has 85% of the soft gelatin capsule market.
Automotive After-Market. This area was reduced during the period, largely as a
result of the decline in Exide. The company's earnings dropped when one of the
warmest winters on record in both the U.S. and Europe necessitated fewer battery
replacements. The exceptionally warm winter in the U.S. also meant fewer car
repairs, and fewer parts sales for APS Holdings. Like Exide, the company
reported lower earnings, but the APS position has been increased.
Financial Services. The group as a whole has performed well, especially our
holdings in Insignia Financial, a large property and financial management
company, and World Acceptance, a consumer lender. Credit Acceptance, a rapidly
growing issuer of nonstandard auto loans, hit our price targets and was sold.
OTHER PORTFOLIO CHANGES
Heilig Meyers failed to meet earnings estimates and was liquidated. We trimmed
Lone Star Steakhouse & Saloon at a profit when the stock approached our price
targets.
We added to the position in Minerals Technology, which supplies precipitated
calcium carbonate (PCC) to the paper industry. PCC improves the quality and
reduces the cost of paper.
USING DERIVATIVES TO HEDGE
During the last six months, we used forward foreign currency contracts to
protect our foreign holdings against declines in the local currencies of the
countries where we were invested. The intent of this strategy is to reduce or
remove currency exchange risk from our foreign investments so that our
stockpicking discipline can be exercised with less distortion from currency
exchange fluctuations.
GOING FORWARD
Even though the Portfolio was an underachiever during the last six months,
results since the Portfolio's inception remain very competitive. In the second
half of the year, we will continue to search for outstanding companies with
strong earnings potential, with the goal of maintaining long-term performance.
Thank you for your investment in Janus Aspen Aggressive Growth Portfolio.
*Index and Portfolio returns include reinvested dividends. The Portfolio's
securities may differ significantly from the securities in the index. Index
returns do not include taxes on dividends and interest payments, or operating
expenses necessary to maintain a portfolio consisting of the same securities
that are in the index. The Portfolio's return does not reflect the charges and
expenses of any particular insurance product.
Janus Aspen Series June 30, 1995 Semiannual Report
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JANUS ASPEN INTERNATIONAL GROWTH PORTFOLIO PORTFOLIO MANAGER, HELEN YOUNG HAYES
PERFORMANCE
During the first half of 1995 most overseas markets have lagged the rally in
U.S. stocks. Interest rates have declined in the U.S., but remain higher abroad,
where many economies are still very robust. During the second quarter a number
of foreign markets moved higher, however, as interest rates in Europe began to
back down and the declining U.S. dollar appeared to stabilize.
The Janus Aspen International Growth Portfolio gained 6.07% during the six
months ended June 30, 1995, versus a gain of 2.60% for the Morgan Stanley
Capital EAFE Index. (EAFE stands for Europe, Australia and the Far East.)* From
inception to June 30, 1995, the Portfolio has a total return of 31.86%.
The Portfolio's outperformance compared to the Index is in part due to its large
investment in Europe. Our European holdings are displaying exciting earnings
growth that is inexpensive compared to the cost of growth in much of the world.
We are very encouraged about these positions going forward.
We also were not heavily invested in Latin America and Japan, where sharp
currency fluctuations kept stocks under pressure for much of the period.
Currency hedging held back Portfolio performance earlier this year, when the
dollar declined to historic lows against the Japanese yen and German mark. We
hedged only moderately, but our attempts to neutralize currency fluctuations
cost us. When the dollar showed signs of stabilizing, we increased hedges
against selected currencies, which has helped performance.
PORTFOLIO COMPOSITION AND THEMES
The Portfolio was approximately 90.2% invested in equities at the end of June.
European holdings stood at 66.2% of assets and 8.9% was invested in the Pacific
Rim. Only 2.8% of the Portfolio was invested in the U.S. equities. The five
countries where we have the largest investments totaled 58.3% of assets
(including fixed-income investments).
The ten largest holdings made up 27.7% of net assets.
Telecommunications. Our largest holding is Kinnevik, a Swedish paper and paper
packaging manufacturer that has a growing telecom and media component. We also
own Nordictel Holdings, another Swedish cellular company, and we have added DDI,
an independent Japanese long-distance provider that is fast on its way to
becoming a leading competitor in the booming Japanese cellular market.
Multinational Pharmaceuticals. Astra (Swedish) is the fastest growing of the
multinational drug manufacturers, and its anti-ulcer drug, Losec, is selling
well worldwide. Roche (Swiss) remains one of the best run companies we know and
is growing at 20%. A new drug in its product pipeline should reduce the rate of
organ rejection in transplant patients.
Printing and Publishing. Wolters Kluwer and Elsevier (both located in the
Netherlands) are international publishers of legal, scientific, medical, and
professional journals, and are benefiting from a consolidation in the industry.
Computer-Related. We have added SAP to the Portfolio and increased the position
in Getronics. SAP is a German multinational that provides the only fully
integrated business software applications package that ties together accounting,
human resources, and manufacturing. Getronics is a Dutch multinational
information management and consulting firm.
INTERNATIONAL STRATEGY
The Janus Aspen International Growth Portfolio looks for individual companies
with good earnings prospects. The Portfolio invests primarily outside the U.S
and attempts to diversify its holdings geographically and by industry.
Thank you for your continued investment in Janus Aspen International Growth
Portfolio.
*Index and Portfolio returns include net dividends reinvested, which are the
dividends that remain to be invested after foreign tax obligations have been
met. Such obligations vary from country to country. The Portfolio's securities
may differ significantly from the securities in the index. Index returns do not
include taxes on dividends and interest payments, or operating expenses
necessary to maintain a portfolio consisting of the same securities that are in
the index. The Portfolio's return does not reflect the charges and expenses of
any particular insurance product.
Janus Aspen Series June 30, 1995 Semiannual Report
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JANUS ASPEN WORLDWIDE GROWTH PORTFOLIO PORTFOLIO MANAGER, HELEN YOUNG HAYES
PERFORMANCE
Most foreign markets have not kept pace with the rally in U.S. stocks. A slowing
economy and a sharp decline in interest rates have sparked the U.S. rally. In
Europe, where the Janus Aspen Worldwide Growth Portfolio has a significant
investment, economies have remained robust and interest rates have not declined
as much as they have domestically.
The Portfolio slightly lagged the performance of the Morgan Stanley
International World Index. For the six months ended June 30, 1995, the Janus
Aspen Worldwide Growth Portfolio gained 9.04%, versus a gain of 9.14% for the
Morgan Stanley International World Index.*
The difference in performance occurred in part because the Portfolio held a
smaller percentage of U.S. stocks than the Index during the period.
Although European stocks did not keep up with the U.S., the earnings growth of
our European holdings is very exciting and inexpensive. We are encouraged about
these positions going forward.
Currency hedging proved a drag on performance as well. Early in 1995 the dollar
dropped to historic lows against the Japanese yen and German mark. We were only
moderately hedged, but our attempts to neutralize currency fluctuations cost us.
When the dollar showed signs of stabilizing, we increased hedges against
selected currencies, which has helped performance.
PORTFOLIO COMPOSITION AND THEMES
At the end of June the Portfolio was approximately 90.8% invested in equities.
We were 56.3% invested in Europe versus 36.6% last December, and 8.4% in the
Pacific Rim, versus 6.8% at year end 1994.
The largest ten positions were 26.4% of the portfolio.
Pharmaceuticals. Astra (Swedish) is the fastest growing of the multinational
drug manufacturers and its anti-ulcer drug, Losec, is selling well worldwide.
Roche (Swiss) is one of the best run companies we know and is growing at 20%. A
new drug in its product pipeline should reduce the rate of organ rejection in
transplant patients.
Telecommunications. A large holding is Kinnevik, a Swedish paper and paper
packaging manufacturer that also has a growing telecom and media component.
Other exciting telecommunications positions include Nokia, the fast-growing
Finnish telecommunications equipment manufacturer, and DDI, an independent
Japanese long-distance provider that is on its way to becoming a leading
competitor in the booming Japanese cellular market.
Printing and Publishing. We own Wolters Kluwer and Elsevier (Netherlands),
international publishers of scientific, medical, legal, and professional
journals. They enjoy a growing market share in a consolidating industry and
generate tremendous cash flow.
Financial Services and Electronics. These were trimmed during the period. We
liquidated most of our Latin American and Japanese banks. Unusually dramatic
currency fluctuations and weak economies constrained these banks' ability to
increase revenues and earnings.
Electronics declined when we cut back our Japanese electronics makers, including
Sony.
OTHER CHANGES IN THE PORTFOLIO
We purchased a position in SAP, a German multinational that provides the only
fully integrated business software applications package that ties together
accounting, human resources, and manufacturing. We sold Reebok, the athletic
shoe maker, and Ann Taylor, a retailer of women's clothing, when earnings
disappointed.
GLOBAL STRATEGY
The Janus Aspen Worldwide Growth Portfolio looks for individual companies with
strong earnings growth. The trend toward deregulated, more open foreign markets
should continue to create excellent long-term investment opportunities globally.
Thank you for your continued investment in Janus Aspen Worldwide Growth
Portfolio.
*Index and Portfolio returns include net dividends reinvested, which are the
dividends that remain to be invested after foreign tax obligations have been
met. Such obligations vary from country to country. The Portfolio's securities
may differ significantly from the securities in the index. Index returns do not
include taxes on dividends and interest payments, or operating expenses
necessary to maintain a portfolio consisting of the same securities that are in
the index. The Portfolio's return does not reflect the charges and expenses of
any particular insurance product.
Janus Aspen Series June 30, 1995 Semiannual Report
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JANUS ASPEN BALANCED PORTFOLIO PORTFOLIO MANAGER, JAMES P. CRAIG
PORTFOLIO PERFORMANCE
The financial markets rallied sharply during the first six months of 1995. The
bond market rally correctly anticipated a slowdown in economic growth, which
relieved fears of higher inflation. Beginning in December, bonds and stocks
moved higher, even though clear signs of economic moderation did not appear
until early in 1995.
The Janus Aspen Balanced Portfolio had a total return of 11.86% for the six
months ended June 30, 1995, compared to a total return of 20.21% for the S&P 500
Index, and a total return of 11.80% for the Lehman Brothers Government/Corporate
Bond Index.* From inception to June 30, 1995, the Portfolio has a total return
of 20.92%.
The Portfolio underperformed its equity benchmark because our posture early in
the year was conservative. The economy was growing rapidly and interest rates
were much higher. Had the economy failed to slow, stock prices would have come
under severe pressure from rising interest rates.
We were also underweighted in technology stocks. This is a very volatile group,
and it continues to lead the market.
Lastly, in early 1995 we purchased bonds at the shorter end of the spectrum (2-5
years), when yields on shorter maturities were very competitive with long-term
bonds. However, due to their shorter maturities, these bonds appreciated less
than the Lehman Index.
THE PORTFOLIO
Fixed-Income. As of June 30, the fixed-income portion of the Portfolio was 29.5%
of assets. We added investment grade corporate bonds to take advantage of their
higher yields as interest rates began to fall. We reduced the weighting in
government bonds and adjustable rate preferreds.
Equities. The equity portion of the Portfolio was 32.8% of assets at the end of
1994, and rose to 54.9% by June 30, 1995. The ten largest positions currently
make up 23.1% of portfolio assets.
SIGNIFICANT INDUSTRY GROUPS
Business Services. Outsourcing of computer data and information processing is a
major portfolio theme. EDS (General Motor E) is a large data processor and First
Data Corporation produces credit card transactions. First Data is benefiting
from increasing transaction volume (about 20% annually) as plastic replaces
checkbooks, and has a pending acquisition of First Financial Management.
Consumer Goods and Services. The consumer has been driving the recent economic
recovery. Our largest holding is toy-maker Mattel. Mattel dominates its market
and is experiencing significant growth. We also own American Standard, a
manufacturer of plumbing fixtures.
Insurance. Several insurers have excellent prospects for earnings growth. UNUM
is a large, well-run disability provider that has been reconfiguring its
business after several difficult years and is now positioned to grow its
earnings. General Re is a reinsurer that is expanding into Europe via
acquisitions.
Pharmaceuticals. Astra, the Swedish drug manufacturer, is the cheapest growth
story in the industry. Roche is the Swiss manufacturer we have owned for several
years now.
PORTFOLIO CHANGES
We did well during the period with several technology positions, including data
processor Computer Sciences, and semiconductor manufacturers LSI Logic and Texas
Instruments.
We took a loss in the preferred stock of First Chicago, a bank holding company.
United Healthcare, a health maintenance organization, was also liquidated at a
loss.
THE BALANCED STRATEGY
Our current strategy is to hold the large growth stocks we have been
accumulating during the last year. Many of these companies have been out of
favor for several years now, but should do well if economic growth continues to
slow and inflation remains low. Our goal is to produce solid and consistent
returns, with less volatility than a pure growth portfolio.
Thank you for your continued investment in Janus Aspen Balanced Portfolio.
*Index and Portfolio returns include reinvested dividends. The Portfolio's
securities may differ significantly from the securities in the index. Index
returns do not include taxes on dividends and interest payments, or operating
expenses necessary to maintain a portfolio consisting of the same securities
that are in the index. The Portfolio's return does not reflect the charges and
expenses of any particular insurance product.
Janus Aspen Series June 30, 1995 Semiannual Report
5
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JANUS ASPEN FLEXIBLE INCOME PORTFOLIO PORTFOLIO MANAGER, RONALD V. SPEAKER
PORTFOLIO PERFORMANCE
During the first half of 1995 signs of an economic slowdown began to emerge and
inflationary pressures remained subdued. The bond market rallied across a broad
front. Bonds do better when economic growth is moderate and inflation low
because there is less demand for credit and the Federal Reserve Board sees less
reason to exert upward pressure on interest rates. The rally was welcome news to
bondholders after a difficult year in 1994.
The Janus Aspen Flexible Income Portfolio outperformed the Lehman
Government/Corporate Index for the six months ended June 30, 1995. The Fund had
a total return of 12.45%, versus 11.80% for the Lehman Index.*
We were able to outperform the Lehman Index even though we were defensive early
in 1995. Once the economy showed clear signs of slowing, we became more fully
invested in longer-term corporate and U.S. Treasury bonds, and these investments
allowed us to outperform our benchmark.
PORTFOLIO STRATEGY
Two separate strategies were used during the first half of the year. Early in
the year, when the economy was growing rapidly, we utilized shorter maturities
and kept more than 20% of assets in cash. When the pace of economic growth began
to moderate and interest rates backed down, we invested most of our cash and
extended the average weighted maturity of the portfolio to 14.2 years.
The Portfolio is well diversified among government and corporate securities.
Corporate holdings are also diversified by industry. If interest rates continue
to fall or remain at current levels, the Portfolio's corporate bond positions
should be the beneficiary of investors' search for yield.
PORTFOLIO ASSET MIX
Our current asset mix is as follows:
Investment Grade Corporate Bonds 40.0%
U.S. Government Bonds 16.9%
High-Yield/High-Risk Bonds 38.1%
Cash 5.0%
As of June 30, the Portfolio's average rating was BBB+, and weighted modified
duration (a theoretical measure of price volatility) stood at 6.1 years. The
30-day average yield was 7.53%.
Investment Grade Bonds. The major positions in the Portfolio reflect our bias
for quality, long-term credits and our positive outlook on the direction of
interest rates. We own larger positions in Ford Motor Credit, GMAC, BankAmerica,
and First Bank of Boston. Another well-known name is Borden, Inc., the food
products company, where a major restructuring is helping profitability.
High-Yield/High-Risk Bonds. Several other positions, such as Delta Airlines and
Southern Pacific Railways, are classified as high-yield/high-risk (junk) debt.
However, they trade with both investment-grade and high-yield characteristics.
Delta's fundamentals are improving, in part due to cost-cutting measures (e.g.,
travel agents' commissions). Management is also determined to clean up Delta's
balance sheet. Southern Pacific remains a potential takeover candidate in the
consolidating railway transportation industry. Both bonds were strong performers
during the period.
GOING FORWARD
At present our emphasis is more on issues sensitive to interest rate changes
than on those sensitive to credit risk. After the difficult market of 1994, we
are optimistic about the second half of 1995, especially if economic growth
continues to slow and inflation remains low.
Thank you for your continued investment in Janus Aspen Flexible Income
Portfolio.
*Index and Portfolio returns include reinvested dividends. The Portfolio's
securities may differ significantly from the securities in the index. Index
returns do not include taxes on dividends and interest payments, or operating
expenses necessary to maintain a portfolio consisting of the same securities
that are in the index. The Portfolio's return does not reflect the charges and
expenses of any particular insurance product.
Janus Aspen Series June 30, 1995 Semiannual Report
6
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JANUS ASPEN SHORT-TERM BOND PORTFOLIO PORTFOLIO MANAGER, RONALD V. SPEAKER
PERFORMANCE
During the first half of the year, the short end of the fixed-income market
rallied when signs of an economic slowdown emerged. This was welcome news after
the very difficult bond market of 1994. The combination of a slowing economy,
low inflation, and declining interest rates pushed bond prices higher.
The Janus Aspen Short-Term Bond Portfolio achieved a positive total return of
5.36% for the six months ended June 30, 1995. This compares to 6.60% for the
Lehman Government/Corporate 1-3 Year Bond Index.*
The Portfolio's underperformance was due to our defensive position through much
of the period. Our defensive posture enabled the Portfolio to post a positive
return in calendar 1994, one of the worst years on record for the bond market.
Part of our strategy was implemented by hedging the Portfolio's assets. We sold
2-year note futures against our long positions in 2-year government and
corporate notes in order to protect assets against rising interest rates. This
strategy worked well in 1994. We continued our conservative posture into 1995
when the federal funds rate was raised once again by 50 basis points (0.5%) to
6% on February 1.
By remaining defensive, we kept the Portfolio protected against further rises in
interest rates. However, the strategy also caused the Portfolio to underperform
the Lehman Index as interest rates declined. After the hard lessons of 1994,
preservation of principal was our first priority in 1995. As assets increased
during the period, the hedge became a smaller factor and was removed during the
second quarter.
COMPOSITION OF THE PORTFOLIO
We continue to invest primarily in high-quality government and corporate debt
from U.S. issuers. Investment-grade bonds (rated BBB or better by Standard &
Poor's) make up 74% of the portfolio. Larger positions in the portfolio include
Ford Motor Credit, Borden, Delta Airlines, and BankAmerica. Two-year government
notes are 21% of assets. The average rating of the Portfolio is AA-.
The average weighted maturity is 2.3 years, and the average 30-day yield is
5.87%. The weighted average modified duration (a theoretical measure of price
volatility) stands at 2.1 years.
STRATEGY GOING FORWARD
If the U.S. economy continues to moderate, the Federal Reserve should allow the
federal funds rate to remain stable. If short-term rates in fact move lower, the
Portfolio is positioned to participate in the rally.
Thank you for your investment in Janus Aspen Short-Term Bond Portfolio.
*Index and Portfolio returns include reinvested dividends. The Portfolio's
securities may differ significantly from the securities in the index. Index
returns do not include taxes on dividends and interest payments, or operating
expenses necessary to maintain a portfolio consisting of the same securities
that are in the index. The Portfolio's return does not reflect the charges and
expenses of any particular insurance product.
Janus Aspen Series June 30, 1995 Semiannual Report
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JANUS ASPEN MONEY MARKET PORTFOLIO PORTFOLIO MANAGER, SHARON S. PICHLER
BACKGROUND
During the six months ended June 30, 1995, interest rates declined sharply and
the bond market rallied. Slower economic growth and low inflation allowed rates
to fall.
The yield on the 30-year U.S. Treasury Bond fell from 7.43% on December 31,
1994, to 6.62% on June 30, 1995.
Yield on the long bond began declining in December, 1994, even though The
Federal Reserve Board continued to raise short-term interest rates as late as
February of 1995.
The Federal Reserve originally started raising its key short-term interest rate,
the federal funds rate, in early 1994 in an effort to slow the pace of economic
growth.
The fed funds rate directly influences the level of other rates along the
maturity spectrum, though not always in exact proportion, since the market
forces of supply and demand have more effect on intermediate and longer rates.
Short-term debt, however, including money market instruments, is especially
sensitive to the federal funds rate.
JANUS ASPEN MONEY MARKET PORTFOLIO OPENS
Janus Aspen Money Market Portfolio opened May 1, 1995.
Since then, yields on money market instruments have come down, but they have
declined less than intermediate and long-term rates.
The Janus Aspen Money Market Portfolio's weighted average maturity (WAM) stood
at 6 days as of June 30, 1995. We have kept maturities extremely short (7 days
or less) to maintain liquidity while the portfolio is small.
PORTFOLIO STRATEGY
Other than interest rates, the two major variables in money market portfolios
are weighted average maturity and credit quality.
All else being equal, the higher weighted average days to maturity of a fund,
the more vulnerable it is to unexpected increases in interest rates. We do not
bet heavily on the direction of interest rates by changing our WAM drastically,
but we will make some adjustments, depending on our outlook as the portfolio
grows.
Safety is a paramount concern. We research credits very carefully. We follow the
research of all the major independent credit rating agencies and have up-to-date
news on changes in the companies in which we invest.
The ultimate responsibility for portfolio quality rests squarely on our in-house
research and analysis. We evaluate credit quality using traditional ratio and
fundamental analysis and our own proprietary criteria.
Thank you for your investment in Janus Aspen Money Market Portfolio.
Janus Aspen Series June 30, 1995 Semiannual Report
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JANUS ASPEN GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS
Shares or
Principal Amount Market Value
---------------- ------------
Common Stock - 88.9%
Advertising - 0.5%
20,425 Katz Media Group, Inc.* $ 324,247
Aerospace and Defense - 2.6%
16,500 Boeing Co. 1,033,313
11,375 Lockheed Martin Corp. 718,047
3,650 Rockwell International Corp. 166,987
1,918,347
Banking - 4.0%
5,100 Bancorp Hawaii, Inc. 153,000
13,175 Bank of New York Co., Inc. 531,941
13,800 Chase Manhattan Corp. 648,600
16,400 Citicorp 949,150
11,375 First Bank System, Inc. 466,375
2,000 First Interstate Bancorp 160,500
2,909,566
Broadcast Media - 2.7%
12,450 Heritage Media Corp. - Class A* 359,494
10,275 Renaissance Communications Corp.* 344,212
800 Viacom, Inc. - Class A* 37,200
27,135 Viacom, Inc. - Class B* 1,258,430
1,999,336
Brokerage - 1.0%
10,025 J.P. Morgan & Co., Inc. 703,003
Business Services - 1.8%
11,225 Alco Standard Corp. 896,597
32,000 Reuters Holdings PLC 267,027
2,925 Reuters Holdings PLC (ADS) 146,616
1,310,240
Computer Related - 13.5%
43,400 First Data Corp. 2,468,375
68,675 General Motors Corp. - Class E 2,987,362
7,900 Microsoft Corp.* 713,962
24,350 Reynolds & Reynolds Co. - Class A 718,325
2,325 SAP A.G.** 2,933,608
9,821,632
Conglomerates - 1.6%
10,825 Eastman Kodak Co. 656,266
36,200 Westinghouse Electric Corp. 529,425
1,185,691
Consumer Goods - 0.4%
6,675 Duracell International, Inc. 288,694
Drugs - 9.3%
32,677 Astra A.B., A-Free** 1,010,076
19,800 Elan Corp. PLC (ADR)* 806,850
16,100 Merck & Co., Inc. 788,900
11,600 Pfizer, Inc. 1,071,550
297 Roche Holding A.G.** 1,917,963
17,200 SmithKline Beecham PLC (ADR)
- Class A 778,300
4,650 Warner-Lambert Co. 401,644
6,775,283
Shares or
Principal Amount Market Value
---------------- ------------
Electrical Equipment - 0.9%
16,100 AMP, Inc. $ 680,225
Electronics - 3.1%
14,400 Diebold, Inc. 626,400
12,000 Texas Instruments, Inc. 1,606,500
2,232,900
Entertainment - 1.6%
9,250 Circus Circus Enterprises, Inc.* 326,063
14,575 Walt Disney Co. (The) 810,734
1,136,797
Environmental Services - 0.7%
13,675 Browning-Ferris Industries, Inc. 494,009
Food Products - 6.8%
13,350 General Mills, Inc. 685,856
26,250 Hershey Foods Corp. 1,450,313
23,150 Kellogg Co. 1,652,331
37,525 Nabisco Holdings Corp. - Class A 1,013,175
2,253 Tootsie Roll Industries, Inc. 156,020
4,957,695
Hotels and Lodging - 2.8%
16,175 Marriott International, Inc. 580,278
30,000 Prime Hospitality Corp.* 296,250
30,650 Promus Companies, Inc.* 1,195,350
2,071,878
Household Products - 3.9%
8,475 Colgate-Palmolive Co. 619,734
13,775 First Brands Corp. 590,603
41,325 Newell Co. 1,012,463
9,000 Procter & Gamble Co. 646,875
2,869,675
Insurance - 6.5%
7,650 ACE, Ltd. 221,850
31,550 Alexander & Alexander Services, Inc. 753,256
8,550 General Re Corp. 1,144,631
30,075 Progressive Corp. 1,154,128
31,600 UNUM Corp. 1,481,250
4,755,115
Machinery - 0.6%
4,625 Deere & Co. 396,016
Manufacturing - 4.5%
35,050 American Standard Companies, Inc.* 959,494
31,875 Crown Cork & Seal Co., Inc.* 1,597,734
2,099 Sidel S.A.** 736,971
3,294,199
Medical Equipment - 1.0%
15,400 Nellcor, Inc.* 693,000
Mining - 1.1%
14,596 Potash Corporation of
Saskatchewan, Inc. 815,552
Packaging and Containers - 0.5%
7,350 Sealed Air Corp.* 323,400
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
9
<PAGE>
JANUS ASPEN GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Paper Products - 3.8%
7,825 Georgia-Pacific Corp. $ 678,819
22,950 James River Corp. 633,994
40,300 Minerals Technologies, Inc. 1,450,800
2,763,613
Printing and Publishing - 1.4%
11,496 Wolters Kluwer N.V.** 1,015,746
Railroads - 1.0%
30,000 Santa Fe Pacific Corp.* 765,000
Recreation - 1.4%
29,475 Coleman Co., Inc.* 1,046,362
Retail - 4.5%
46,175 Federated Department Stores, Inc.* 1,189,006
19,125 Nine West Group, Inc.* 698,062
37,975 Safeway, Inc.* 1,419,316
3,306,384
Technology - 0.5%
5,125 Millipore Corp. 345,938
Textiles - 0.6%
8,150 Unifi, Inc. 195,600
11,725 Warnaco Group, Inc. - Class A* 234,500
430,100
Toys - 2.1%
59,900 Mattel, Inc. 1,557,400
Shares or
Principal Amount Market Value
---------------- ------------
Transportation - 2.2%
9,950 AMR Corp.* $ 742,519
12,100 Delta Air Lines, Inc. 892,375
1,634,894
Total Common Stock (cost $58,988,103) 64,821,937
Preferred Stock - 1.2%
15,000 Nokia A.B. (cost $640,238) 894,375
Corporate Bonds - 2.4%
$ 6,000,000 Coleman Worldwide Corp.,
zero coupon, convertible
liquid yield option notes,
due 5/27/13 (cost $1,679,834) 1,755,000
Money Market - 9.5%***
Janus Government Money Market Fund
3,500,000 5.99% 3,500,000
Janus Money Market Fund
3,400,000 6.02% 3,400,000
Total Money Market (cost $6,900,000) 6,900,000
Total Investments - 102.0% (total cost $68,208,175) 74,371,312
Liabilities, net of Cash, Receivables
and Other Assets - (2.0%) (1,423,371)
Net Assets - 100% $72,947,941
JANUS ASPEN AGGRESSIVE GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS
Shares or
Principal Amount Market Value
---------------- ------------
Common Stock - 79.3%
Advertising - 0.7%
44,250 Katz Media Group, Inc.* $ 702,469
Auto Related - 7.6%
118,325 APS Holding Corp. - Class A* 3,120,822
93,575 Exide Corp. 4,023,725
29,175 Harley-Davidson, Inc. 711,141
7,855,688
Computer Related - 6.0%
43,000 Datalogix International, Inc.* 1,048,125
80,400 First Data Corp. 4,572,750
6,300 Hewlett-Packard Co. 469,350
9,900 Microcom, Inc.* 148,500
6,238,725
Conglomerates - 2.9%
98,644 Kinnevik A.B., B-Free** 3,015,223
Shares or
Principal Amount Market Value
---------------- ------------
Drugs - 9.7%
27,482 Astra A.B., A-Free** $ 849,494
171,440 R.P. Scherer Corp.* 7,243,340
140,975 TheraTech, Inc.* 1,956,028
10,048,862
Energy - 2.8%
161,875 Trigen Energy Corp. 2,853,047
Entertainment - 0.9%
45,831 Thorn EMI PLC** 953,363
Financial Services - 6.3%
11,975 Franklin Resources, Inc. 532,888
109,050 Insignia Financial Group, Inc. - Class A* 2,917,087
57,050 United Asset Management Corp. 2,032,406
32,050 World Acceptance Corp.* 1,073,675
6,556,056
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
10
<PAGE>
JANUS ASPEN AGGRESSIVE GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Food Products - 0.1%
1,096 Huhtamaki Group - Series I** $ 35,993
8,575 J.P. Foodservice, Inc.* 120,050
156,043
Funeral Services - 1.5%
42,877 Loewen Group, Inc. 1,527,493
Healthcare - 1.7%
12,450 Apria Healthcare Group, Inc.* 351,713
81,550 Horizon Healthcare Corp.* 1,457,706
1,809,419
Hotels and Lodging - 0.5%
15,350 Hospitality Franchise Systems, Inc. 531,494
Insurance - 3.8%
13,000 CRA Managed Care, Inc.* 292,500
71,450 Progressive Corp. 2,741,894
34,400 Protective Life Corp. 937,400
3,971,794
Manufacturing - 1.3%
30,175 American Standard Companies, Inc.* 826,041
11,075 Crown Cork & Seal Co., Inc.* 555,134
1,381,175
Medical Equipment - 4.8%
28,625 AmeriSource Health Corp. - Class A* 653,008
41,025 I-Stat Corp.* 1,497,413
100 Omnicare, Inc. 2,713
379,925 Quidel Corp.* 1,899,625
10,375 STERIS Corp.* 503,188
8,775 Target Therapeutics, Inc.* 386,100
4,942,047
Office Products - 0.7%
20,950 Viking Office Products, Inc.* 767,294
Packaging and Containers - 1.4%
14,800 Intertape Polymer Group, Inc. 347,800
25,900 Sealed Air Corp.* 1,139,600
1,487,400
Paper Products - 5.4%
17,000 Bowater, Inc. 762,875
133,175 Minerals Technologies, Inc. 4,794,300
5,557,175
Restaurants - 4.8%
7,900 Lone Star Steakhouse & Saloon, Inc.* 239,469
38,575 Outback Steakhouse, Inc.* 1,113,853
416,265 Wetherspoon (J.D.) PLC** 3,579,725
4,933,047
Shares or
Principal Amount Market Value
---------------- ------------
Retail - 6.8%
50,000 Hello Direct, Inc.* $ 750,000
35,075 NIKE, Inc. - Class B 2,946,300
143,775 Petco Animal Supplies, Inc.* 3,342,769
7,039,069
Telecommunications - 8.9%
67,050 Arch Communications Group, Inc.* 1,491,862
31,975 CommNet Cellular, Inc.* 895,300
8,652 Korea Mobile
Telecommunications, Inc.*, 309,309
3,975 Millicom International Cellular S.A.* 117,759
43,525 NEXTEL Communications, Inc. -
Class A* 614,791
168,400 Paging Network, Inc.* 5,767,700
9,196,721
Wholesale Distributors - 0.7%
15,300 Cardinal Health, Inc. 722,925
Total Common Stock (cost $76,005,265) 82,246,529
Preferred Stock - 4.6%
82,246 Nokia A.B.**
(cost $3,341,532) 4,823,246
Warrants - 0.6%
24,800 Littelfuse, Inc. - exp. 12/31/01*
(cost $462,658) 589,000
U.S. Government Agency - 1.9%
Federal National Mortgage Association
$ 2,000,000 5.91%, 7/5/95
(amortized cost $1,998,687) 1,998,687
Money Market - 6.3%***
Janus Government Money Market Fund
2,000,000 5.99% 2,000,000
Janus Money Market Fund
4,500,000 6.02% 4,500,000
Total Money Market (cost $6,500,000) 6,500,000
Short-Term Corporate Notes - 9.6%
Ford Motor Credit Co.
5,000,000 6.05%, 7/6/95 4,995,798
General Electric Capital Corp.
5,000,000 5.75%, 7/3/95 4,998,402
Total Short-Term Corporate Notes
(amortized cost $9,994,200) 9,994,200
Total Investments - 102.3% (total cost $98,302,342) 106,151,662
Liabilities, net of Cash, Receivables
and Other Assets - (2.3%) (2,375,668)
Net Assets - 100% $103,775,994
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
11
<PAGE>
JANUS ASPEN INTERNATIONAL GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS
Shares or
Principal Amount Market Value
---------------- ------------
Common Stock - 82.7%
Auto Related - 2.1%
375 Autoliv A.B.** $ 20,085
680 Bajaj Auto, Ltd. (GDR)* 19,040
190 Volvo A.B., B-Free** 3,623
42,748
Banking - 4.2%
693 Bangkok Bank Co., Ltd. 7,639
326 Corporacion Bancaria de Espana S.A. 12,087
394 Deutsche Bank A.G.** 19,173
1,200 HSBC Holdings PLC 15,393
384 Sparbanken Sverige A.B.*,** 3,225
54 Swiss Bank Corp.** 19,175
223 Unidanmark A/S - Class A* 10,964
87,656
Broadcast Media - 4.1%
2,375 British Sky Broadcasting Group PLC*,** 10,391
1,971 Central European Media
Enterprises, Ltd.* 29,319
925 Grupo Televisa S.A. de C.V. (GDR) 18,847
425 Scandinavian Broadcasting System S.A.* 8,606
5,000 Television Broadcasts, Ltd. 17,577
84,740
Brewery - 0.9%
53,000 CIA Cervejaria Brahma S.A. 17,417
Building Materials - 0.5%
3,000 PT Semen Cibinong 9,434
Business Services - 0.3%
452 Reuters Holdings PLC** 3,772
50 Reuters Holdings PLC (ADS) 2,506
6,278
Chemicals - 0.4%
424 Reliance Industries, Ltd. (GDS)* 7,738
Commercial Services - 0.8%
183 Grand Optical Photoservice** 16,942
Computer Related - 4.8%
1,407 Getronics N.V. 69,022
5,138 JBA Holdings PLC** 12,694
17,051 Olivetti Systems & Networks S.p.A.* 16,677
98,393
Conglomerates - 6.7%
10,100 Citic Pacific, Ltd. 25,390
3,100 Grupo Carso S.A. de C.V. - Series AI* 17,090
3,149 Kinnevik A.B., B-Free** 96,255
138,735
Distribution - 0.1%
2,000 PT SMART Corp. 2,112
Shares or
Principal Amount Market Value
---------------- ------------
Drugs - 8.5%
39 Altana A.G.** $ 21,124
2,617 Astra A.B., A-Free** 80,894
61 Gehe A.G.** 28,049
7 Roche Holding A.G.** 45,205
175,272
Electronics - 1.2%
354 Philips Electronics N.V. 15,009
109 Samsung Electronics Co., Ltd. (GDS)*, 10,410
25,419
Energy - 4.4%
499 Compagnie Francaise de
Petroleum Total S.A. - Class B** 30,111
175 Enron Global Power & Pipelines L.L.C. 4,156
289 OMV A.G.* 33,330
696 Repsol S.A. 21,970
89,567
Engineering and Construction - 1.0%
39 Metra OY - A** 1,665
416 Metra OY - B** 18,346
20,011
Entertainment - 1.4%
2,410 Tabcorp Holdings, Ltd.* 4,991
1,119 Thorn EMI PLC** 23,277
28,268
Environmental Services - 1.8%
8,796 Rentokil Group PLC** 37,856
Financial Services - 1.0%
4 Internationale Nederlanden Group N.V. 221
30,000 JCG Holdings, Ltd. 19,775
19,996
Food Products - 2.7%
220 Cultor OY - Series l** 7,019
342 Cultor OY - Series ll** 11,151
1,126 Huhtamaki Group - Series l** 36,979
55,149
Healthcare - 1.6%
10,863 Takare PLC** 33,419
Heavy Machinery - 0.3%
1,000 Mitsubishi Heavy Industries, Ltd.** 6,806
Hotels and Lodging - 1.5%
219 Accor S.A.** 29,236
104 Indian Hotels Co., Ltd. (GDS)* 1,678
30,914
Household Products - 1.7%
500 Amway Asia Pacific, Ltd. 18,125
300 Amway Japan, Ltd.** 10,989
200 Industrie Natuzzi S.p.A. (ADR) 6,625
35,739
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
12
<PAGE>
JANUS ASPEN INTERNATIONAL GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Insurance - 0.3%
3 Muenchener Rueckversicherungs -
Gesellschaft** $ 6,582
Investment Company - 0.1%
325 First NIS Regional Fund*,+ 1,170
Machinery - 0.5%
600 Rauma OY (ADR)* 10,800
Manufacturing - 2.2%
5 Mannesmann A.G.** 1,529
127 Sidel S.A.** 44,590
46,119
Medical Equipment - 1.2%
788 Elekta Instrument A.B.*,** 24,412
Mining - 1.0%
424 SGL Carbon A.G.*,** 18,943
Office Equipment - 0.9%
324 Oce-Van Der Grinten N.V. 18,302
Printing and Publishing - 7.3%
4,439 Elsevier N.V. 52,503
2,797 News Corp., Ltd. 15,593
1,125 News Corp., Ltd. (ADR) 25,453
642 Wolters Kluwer N.V. 56,773
150,322
Restaurants - 1.4%
3,289 Wetherspoon (J.D.) PLC** 28,284
Retail - 1.4%
714 Elkjop Norge A.S. 14,273
113 Hennes & Mauritz A.B., B-Free** 6,628
7 Interdiscount Holding, Ltd.*,** 7,311
500 PT Matahari Putra Prima 797
65 Sears Roebuck de Mexico - Series Bl* 156
29,165
Security Systems - 3.3%
2,729 Assa-Abloy A.B., B-Free*,** 14,279
1,550 Securitas A.B., B-Free** 53,781
68,060
Technology - 2.0%
968 ASM Lithography Holding N.V.* 33,785
1,012 Sensonor A.S.* 7,237
41,022
Telecommunications - 6.8%
400 Benpres Holdings Corp. (GDR) 3,200
3 DDI Corp.** 24,105
391 Korea Mobile
Telecommunications, Inc.*,+ 13,978
1,625 Millicom International Cellular S.A.* 48,141
1 Nippon Telephone & Telegraph Corp.** 8,390
140 Nordictel Holdings A.B.*,** 1,186
3,580 Telecom Italia S.p.A. 9,708
259 Telecomunicacoes Brasileiras
S.A. (ADR) 8,547
Shares or
Principal Amount Market Value
---------------- ------------
Telecommunications (cont'd)
27 Telefonica de Espana S.A. $ 349
75 Telefonica de Espana S.A. (ADR) 2,906
495 Vodafone Group PLC (ADR) 18,749
139,259
Tobacco - 1.5%
3,000 PT Hanjaya Mandala Sampoerna*,+ 23,585
278 SEITA** 8,376
31,961
Utilities - Electric - 0.8%
7,000 Consolidated Electric Power Asia, Ltd. 16,240
Total Common Stock (cost $1,528,255) 1,701,250
Preferred Stock - 7.5%
Computer Related - 2.6%
42 SAP A.G.** 52,994
Medical Equipment - 0.9%
27 Fresenius A.G.** 18,241
Printing and Publishing - 0.2%
901 News Corp., Ltd. 4,448
Retail - 2.2%
777 Fielmann A.G.*,** 35,839
406,000 Lojas Americanas S.A. 9,278
45,117
Telecommunications - 1.2%
433 Nokia A.B.** 25,393
1,000 Telecomunicacoes Brasileiras S.A. 33
25,426
Utilities - Electric - 0.4%
30,000 Centrais Electricas Brasileiras S.A. -
Class B 7,998
Total Preferred Stock (cost $120,899) 154,224
Short-Term Corporate Notes - 7.8%
Chevron Oil Finance Co.
$ 100,000 5.90%, 7/3/95 99,967
Ford Motor Credit Co.
60,000 6.05%, 7/3/95 59,980
Total Short-Term Corporate Notes
(amortized cost $159,947) 159,947
Total Investments - 98.0% (total cost $1,809,101) 2,015,421
Cash, Receivables and Other Assets,
net of Liabilities - 2.0% 40,925
Net Assets - 100% $2,056,346
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
13
<PAGE>
JANUS ASPEN INTERNATIONAL GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
JANUS ASPEN INTERNATIONAL GROWTH PORTFOLIO
SUMMARY OF INVESTMENTS BY COUNTRY
June 30, 1995
Country % of Investment Securities Market Value
------- -------------------------- ------------
Australia 1.2% $ 25,032
Austria 2.9% 58,782
Brazil 2.1% 43,270
Denmark 0.5% 10,963
Finland 5.5% 111,352
France 6.4% 129,257
Germany 10.1% 202,475
Hong Kong 4.7% 94,374
Indonesia 1.8% 35,927
India 1.0% 20,718
Italy 1.6% 33,010
Japan 3.4% 68,415
Korea 1.2% 24,389
Luxembourg 0.4% 8,606
Mexico 1.8% 36,093
Netherlands 12.2% 245,618
Norway 1.1% 21,510
Philippines 0.2% 3,200
Spain 1.9% 37,312
Sweden 15.1% 304,368
Switzerland 3.6% 71,690
Thailand 0.4% 7,639
United Kingdom 10.3% 208,006
United States++ 10.6% 213,415
Total 100.0% $2,015,421
++ Includes Short-Term Securities
JANUS ASPEN WORLDWIDE GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS
Shares or
Principal Amount Market Value
---------------- ------------
Common Stock - 84.8%
Auto Related - 0.8%
8,350 Bajaj Auto, Ltd. (GDR)* $ 233,800
4,000 Toyota Motor Corp.** 79,404
4,956 Volvo A.B., B-Free** 94,510
407,714
Banking - 5.1%
16,236 Bangkok Bank Co., Ltd. 178,974
10,250 Citicorp 593,219
8,237 Corporacion Bancaria de Espana S.A. 305,390
9,612 Deutsche Bank A.G.** 467,724
18,400 HSBC Holdings PLC 236,029
88,700 PT Bank Dagang Nasional Indonesia+ 155,404
9,221 Sparbanken Sverige A.B.*,** 77,447
1,323 Swiss Bank Corp.** 469,786
3,610 Unidanmark A/S - Class A* 177,486
2,661,459
Shares or
Principal Amount Market Value
---------------- ------------
Beverages - 0.9%
9,800 PepsiCo, Inc. $ 447,125
Broadcast Media - 2.8%
70,059 British Sky Broadcasting Group PLC*,** 306,545
38,362 Central European Media
Enterprises, Ltd.* 570,635
5,600 Grupo Televisa S.A. de C.V. (GDR) 114,100
2,200 Heritage Media Corp. - Class A* 63,525
8,825 Scandinavian Broadcasting
System S.A.* 178,706
60,000 Television Broadcasts, Ltd. 210,929
1,444,440
Building Materials - 0.4%
69,000 PT Semen Cibinong 216,981
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
14
<PAGE>
JANUS ASPEN WORLDWIDE GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Business Services - 0.3%
13,030 Reuters Holdings PLC** $ 108,730
1,000 Reuters Holdings PLC (ADS) 50,125
158,855
Chemicals - 0.3%
9,347 Reliance Industries, Ltd. (GDS)* 170,583
Commercial Services - 0%
41 Grand Optical Photoservice** 3,796
Computer Related - 4.2%
400 First Data Corp. 22,750
9,425 General Motors Corp. - Class E 409,988
24,853 Getronics N.V. 1,219,197
452,490 Olivetti Systems & Networks S.p.A.* 442,570
5,000 UUNET Technologies, Inc. 137,500
2,232,005
Conglomerates - 5.3%
180,700 Citic Pacific, Ltd. 454,249
80,550 Grupo Carso S.A. de C.V. - Series Al* 444,058
7,400 Guangdong Investments 4,041
61,641 Kinnevik A.B., B-Free** 1,884,163
2,786,511
Consumer Goods - 1.0%
10,825 Dial Corp. 267,919
3,675 Duracell International, Inc. 158,944
2,800 Reebok International, Inc. 95,200
522,063
Distribution - 0.2%
83,140 PT SMART Corp.+ 87,771
Drugs - 10.3%
983 Altana A.G.** 532,429
67,496 Astra A.B., A-Free** 2,086,365
1,777 Gehe A.G.** 817,085
1,550 Pfizer, Inc. 143,181
216 Roche Holding A.G.** 1,394,883
10,275 R.P. Scherer Corp.* 434,119
5,408,062
Electronics - 2.2%
19,000 Hitachi, Ltd.** 189,708
16,000 Matsushita Electric Industrial Co.** 249,557
8,452 Philips Electronics N.V. 358,358
2,681 Samsung Electronics Co., Ltd (GDS)*,+ 256,036
10,000 Victor Co. of Japan, Ltd.*,** 107,527
1,161,186
Energy - 3.1%
6,981 Compagnie Francaise de Petroleum
Total S.A. - Class B** 421,255
5,597 OMV A.G.* 645,487
17,361 Repsol S.A. 548,015
1,614,757
Shares or
Principal Amount Market Value
---------------- ------------
Engineering and Construction - 1.1%
1,133 Metra OY - A** $ 48,371
11,704 Metra OY - B** 516,151
564,522
Entertainment - 1.6%
5,525 Circus Circus Enterprises, Inc.* 194,756
45,400 Tabcorp Holdings, Ltd.* 94,031
27,258 Thorn EMI PLC** 567,013
855,800
Environmental Services - 0.6%
76,795 Rentokil Group PLC** 330,510
Financial Services - 0.7%
8,000 First Pacific Co. 7,083
93,400 Grupo Financiero GBM Atlantico
S.A. de C.V. 226,914
85 Internationale Nederlanden Group N.V. 4,708
104,000 JCG Holdings, Ltd. 68,552
825 PMI Group, Inc. (The)* 35,784
343,041
Food Products - 3.4%
5,630 Cultor OY - Series I** 179,611
7,517 Cultor OY - Series II** 245,100
6,404 Huhtamaki Group - Series I** 210,312
43,300 Nabisco Holdings Corp. - Class A* 1,169,100
1,804,123
Healthcare - 0.7%
4,125 Horizon Healthcare Corp.* 73,734
2,000 PacificCare Health Systems, Inc. -
Class B* 102,000
55,433 Takare PLC** 170,535
346,269
Heavy Machinery - 0.4%
27,000 Mitsubishi Heavy Industries, Ltd.** 183,764
Hotels and Lodging - 1.5%
5,462 Accor S.A.** 729,170
2,655 Indian Hotels Co., Ltd. (GDS)* 42,825
771,995
Household Products - 1.3%
200 Amway Asia Pacific, Ltd. 7,250
6,000 Amway Japan, Ltd.** 219,780
8,475 Industrie Natuzzi S.p.A. (ADR) 280,734
6,005 Newell Co. 147,123
654,887
Insurance - 0.2%
59 Muenchener Rueckversicherungs -
Gesellschaft** 129,450
Investment Company - 0%
6,350 First NIS Regional Fund*,+ 22,860
Jewelry - 0.1%
1,550 Fossil, Inc.* 29,837
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
15
<PAGE>
JANUS ASPEN WORLDWIDE GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Manufacturing - 2.2%
10,725 Crown Cork & Seal Co., Inc.* $ 537,591
131 Mannesmann A.G.** 40,078
1,623 Sidel S.A.** 569,844
1,147,513
Medical Equipment - 1.6%
18,749 Elekta Instrument A.B.*,** 580,840
2,425 Gelman Sciences, Inc. 45,772
5,000 Nellcor, Inc.* 225,000
851,612
Mining - 0.9%
10,785 SGL Carbon A.G.*,** 481,850
Office Equipment - 1.0%
9,383 Oce-Van Der Grinten N.V. 530,038
Paper Products - 0.3%
3,050 Boise Cascade Corp. 67,863
71,343 Rottneros Bruks A.B.*,** 112,965
180,828
Printing and Publishing - 6.5%
83,927 Elsevier N.V. 992,673
69,370 News Corp., Ltd. 386,745
28,175 News Corp., Ltd. (ADR) 637,459
15,859 Wolters Kluwer N.V. 1,401,205
3,418,082
Restaurants - 1.4%
84,278 Wetherspoon (J.D.) PLC** 724,760
Retail - 3.9%
14,495 Elkjop Norge A.S. 289,759
28,825 Federated Department Stores, Inc.* 742,244
6,125 Gap, Inc. 213,609
2,873 Hennes & Mauritz A.B., B-Free** 168,516
196 Interdiscount Holding, Ltd.*,** 204,700
10,700 Lowe's Companies, Inc. 319,662
2,275 Nine West Group, Inc.* 83,038
15,000 PT Matahari Putra Prima 23,922
2,581 Sears Roebuck de Mexico - Series BI* 6,204
2,051,654
Security Systems - 1.8%
67,806 Assa-Abloy A.B., B-Free*,** 354,771
16,196 Securitas A.B., B-Free** 561,958
916,729
Technology - 1.9%
26,946 ASM Lithography Holding N.V.* 940,463
4,877 Sensonor A.S.* 34,875
975,338
Telecommunications - 10.1%
14,825 AirTouch Communications, Inc.* 422,512
72 DDI Corp.** 578,518
125 Grupo Iusacell S.A. de C.V. -
Series L (ADR) 1,500
Shares or
Principal Amount Market Value
---------------- ------------
Telecommunications (cont'd)
9,424 Korea Mobile
Telecommunications, Inc.*,+ $ 336,908
42,725 Millicom International Cellular S.A.* 1,265,728
38 Nippon Telephone & Telegraph Corp.** 318,799
4,860 Nokia A.B.** 285,010
42,258 Nordictel Holdings A.B.*,** 357,833
1,550 Paging Network, Inc.* 53,087
88,389 Telecom Italia S.p.A. 239,679
5,956 Telecomunicacoes Brasileiras
S.A. (ADR) 196,548
22,050 Tele Danmark A/S (ADR) - Class B* 617,400
681 Telefonica de Espana S.A. 8,802
1,650 Telefonica de Espana S.A. (ADR) 63,938
14,500 Vodafone Group PLC (ADR) 549,188
5,295,450
Textiles - 0.7%
18,250 Warnaco Group, Inc. - Class A* 365,000
Tobacco - 1.6%
83,000 PT Hanjaya Mandala Sampoerna*,+ 652,516
6,873 SEITA** 207,085
859,601
Toys - 1.6%
32,700 Mattel, Inc. 850,200
Utilities- Electric - 0.8%
179,350 Consolidated Electric Power Asia, Ltd. 416,085
900 Consolidated Electric Power Asia,
Ltd. (ADR)+ 20,880
436,965
Total Common Stock (cost $39,454,160) 44,445,986
Preferred Stock - 6.0%
Computer Related - 2.4%
1,020 SAP A.G.** 1,287,002
Medical Equipment - 0.8%
597 Fresenius A.G.** 403,332
Printing and Publishing - 0.2%
17,216 News Corp., Ltd. 84,993
Retail - 1.7%
14,361 Fielmann A.G.*,** 662,415
9,881,000 Lojas Americanas S.A. 225,790
888,205
Telecommunications - 0.5%
4,532 Nokia A.B.** 265,776
2,000 Telecomunicacoes Brasileiras S.A. 65
265,841
Utilities-Electric - 0.4%
753,000 Centrais Electricas Brasileiras S.A. -
Class B 200,745
Total Preferred Stock (cost $2,543,869) 3,130,118
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
16
<PAGE>
JANUS ASPEN WORLDWIDE GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Money Market - 3.8%***
Janus Money Market Fund
$ 2,000,000 6.02% (cost $2,000,000) $ 2,000,000
Short-Term Corporate Notes - 5.4%
Ford Motor Credit Co.
1,800,000 6.05%, 7/3/95 1,799,395
General Electric Corp.
1,000,000 6.10%, 7/3/95 999,661
Total Short-Term Corporate Notes
(amortized cost $2,799,056) 2,799,056
Total Investments - 100% (total cost $46,797,085) 52,375,160
Cash, Receivables and Other Assets, net of Liabilities - 0% 22,728
Net Assets - 100% $52,397,888
JANUS ASPEN WORLDWIDE GROWTH PORTFOLIO
SUMMARY OF INVESTMENTS BY COUNTRY
June 30, 1995
Country % of Investment Securities Market Value
------- -------------------------- ------------
Australia 2.3% $ 1,203,228
Austria 1.2% 645,487
Brazil 1.2% 623,149
Denmark 1.5% 794,886
Finland 3.3% 1,750,331
France 3.7% 1,931,150
Germany 9.2% 4,821,364
Hong Kong 2.7% 1,417,847
India 0.9% 447,208
Indonesia 2.2% 1,136,594
Italy 1.8% 962,984
Japan 3.7% 1,934,309
Korea 1.1% 592,944
Luxembourg 0.3% 178,706
Mexico 1.5% 792,776
Netherlands 10.4% 5,446,642
Norway 0.6% 324,634
Russia 0.1% 22,860
Spain 1.8% 926,144
Sweden 12.0% 6,279,368
Switzerland 4.0% 2,069,368
Thailand 0.3% 178,974
United Kingdom 6.5% 3,378,040
United States++ 27.7% 14,516,167
Total 100.0% $52,375,160
++ Includes Short-Term Securities
JANUS ASPEN BALANCED PORTFOLIO SCHEDULE OF INVESTMENTS
Shares or
Principal Amount Market Value
---------------- ------------
Common Stock - 54.9%
Advertising - 1.0%
2,950 Katz Media Group, Inc.* $ 46,831
Aerospace and Defense - 2.3%
1,075 Boeing Co. 67,322
375 Delta Air Lines, Inc. 27,656
250 Rockwell International Corp. 11,438
106,416
Banking - 2.2%
825 Bank of New York Co., Inc. 33,309
925 Chase Manhattan Corp. 43,475
700 First Bank System, Inc. 28,700
105,484
Shares or
Principal Amount Market Value
---------------- ------------
Broadcast Media - 1.5%
825 Heritage Media Corp. - Class A* $ 23,822
325 Renaissance Communications Corp.* 10,887
800 Viacom, Inc. - Class B* 37,100
71,809
Brokerage - 0.4%
300 J.P. Morgan & Co., Inc. 21,038
Computer Related - 10.6%
2,455 First Data Corp. 139,628
3,925 General Motors Corp. - Class E 170,736
650 Reynolds & Reynolds Co. - Class A 19,175
133 SAP A.G.** 167,814
497,353
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
17
<PAGE>
JANUS ASPEN BALANCED PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Conglomerates - 0.2%
700 Westinghouse Electric Corp. $ 10,238
Consumer Goods - 0.4%
425 Duracell International, Inc. 18,381
Drugs - 5.5%
2,347 Astra A.B., A-Free** 72,548
950 Merck & Co., Inc. 46,550
13 Roche Holding A.G.** 83,951
1,150 SmithKline Beecham PLC (ADR) -
Class A 52,038
255,087
Entertainment - 0.6%
500 Walt Disney Co. (The) 27,813
Environmental Services - 0.7%
900 Browning-Ferris Industries, Inc. 32,513
Food Products - 3.4%
450 General Mills, Inc. 23,119
225 Hershey Foods Corp. 12,431
850 Kellogg Co. 60,669
2,325 Nabisco Holdings Corp. - Class A 62,775
158,994
Hotels and Lodging - 1.2%
1,100 Marriott International, Inc. 39,463
475 Promus Companies, Inc.* 18,525
57,988
Household Products - 3.2%
575 Colgate-Palmolive Co. 42,047
2,775 Newell Co. 67,988
575 Procter & Gamble Co. 41,328
151,363
Insurance - 5.7%
500 ACE, Ltd. 14,500
1,025 Alexander & Alexander Services, Inc. 24,472
570 General Re Corp. 76,309
1,400 Progressive Corp. 53,725
2,100 UNUM Corp. 98,437
267,443
Machinery - 1.7%
275 Deere & Co. 23,547
1,250 York International Corp. 56,250
79,797
Manufacturing - 4.3%
1,600 American Standard Companies, Inc.* 43,800
1,675 Crown Cork & Seal Co., Inc.* 83,959
350 Eastman Kodak Co. 21,219
525 First Brands Corp. 22,509
92 Sidel S.A.** 32,302
203,789
Medical Equipment - 0.2%
250 Nellcor, Inc.* 11,250
Shares or
Principal Amount Market Value
---------------- ------------
Paper Products - 3.0%
500 Georgia-Pacific Corp. $ 43,375
2,675 Minerals Technologies, Inc. 96,300
139,675
Recreation - 0.9%
1,250 Coleman Co., Inc.* 44,375
Retail - 3.3%
2,475 Federated Department Stores, Inc.* 63,731
1,225 Nine West Group, Inc.* 44,713
1,225 Safeway, Inc.* 45,784
154,228
Toys - 2.1%
3,825 Mattel, Inc. 99,450
Transportation - 0.5%
325 AMR Corp.* 24,253
Total Common Stock (cost $2,339,792) 2,585,568
Preferred Stock - 3.7%
Banking - 3.7%
3,000 Citicorp, 5.964%
Adjustable Rate Convertible -
Series 18 66,000
4,100 ConAgra Capital L.C., 6.6025%
Adjustable Rate - Series B 92,763
700 Indosuez Holdings SCA (ADR)
10.375% - Series A+ 17,500
Total Preferred Stock (cost $197,480) 176,263
Corporate and Convertible Bonds - 29.5%
Aerospace and Defense - 4.4%
$ 100,000 McDonnell Douglas Corp., 8.625%
senior notes, due 4/1/97 103,250
100,000 Rockwell International Corp., 7.625%
notes, due 2/17/98 103,125
206,375
Aircraft Leasing - 2.6%
120,000 International Lease Finance Corp., 7.50%
notes, due 3/1/99 123,750
Auto Related - 1.8%
85,000 Ford Motor Credit Co., 7.875%
debentures, due 1/15/97 87,231
Banking - 2.2%
100,000 Norwest Corp., 7.70%
medium-term notes, due 11/15/97 103,125
Brokerage - 2.1%
100,000 Merrill Lynch & Co., 6.375%
notes, due 3/30/99 99,000
Financial Services - 10.4%
100,000 American General Finance Corp., 7.25%
senior notes, due 3/1/98 102,250
80,000 General Electric Capital Corp., 8.00%
notes, due 1/15/98 83,300
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
18
<PAGE>
JANUS ASPEN BALANCED PORTFOLIO SCHEDULE OF INVESTMENTS (cont'd)
Shares or
Principal Amount Market Value
---------------- ------------
Financial Services (cont'd)
$ 100,000 Heller Financial Inc., 7.75%
notes, due 5/15/97 $ 102,625
100,000 Household Finance Co., 6.25%
notes, due 10/15/97 99,750
100,000 ITT Corp., 7.25% notes, due 5/15/97 102,125
490,050
Household Products - 2.7%
120,000 American Home Products, 7.70%
notes, due 2/15/00 125,400
Printing and Publishing - 0.2%
25,000 Hollinger, Inc., zero coupon convertible
subordinated notes, due 10/5/13 7,625
Recreation - 2.0%
330,000 Coleman Worldwide Corp., zero coupon
convertible liquid yield option notes,
due 5/27/13 96,525
Shares or
Principal Amount Market Value
---------------- ------------
Retail - 1.1%
$ 50,000 Dayton Hudson Co., 7.50%
notes, due 3/1/99 $ 51,438
Total Corporate and Convertible Bonds (cost $1,361,423) 1,390,519
U.S. Government Obligations - 4.4%
U.S. Treasury Notes:
100,000 7.375%, due 11/15/97 103,247
100,000 7.50%, due 10/31/99 105,569
Total U.S. Government Obligations
(cost $200,336) 208,816
Short-Term Corporate Notes - 3.8%
Chevron Oil Finance Co.
180,000 5.90%, 7/3/95
(amortized cost $179,941) 179,941
Total Investments - 96.3% (total cost $4,278,972) 4,541,107
Cash, Receivables and Other Assets,
net of Liabilities - 3.7% 173,254
Net Assets - 100% $4,714,361
JANUS ASPEN FLEXIBLE INCOME PORTFOLIO SCHEDULE OF INVESTMENTS
Shares or
Principal Amount Market Value
---------------- ------------
Corporate Bonds - 78.0%
Aerospace and Defense - 2.0%
$ 100,000 Alliant Techsystems, Inc., 11.75%
senior subordinated notes,
due 3/1/03+ $ 106,625
Aircraft Leasing - 2.1%
110,000 International Lease Finance Corp., 7.00%
notes, due 5/15/00 111,238
Auto Related - 6.8%
200,000 Ford Motor Credit Co., 7.75%
notes, due 3/15/05 210,500
100,000 General Motors Acceptance Corp., 8.50%
notes, due 1/1/03 108,750
50,000 Hertz Corp., 6.625%
junior subordinated notes,
due 7/15/00 49,625
368,875
Banking - 10.9%
200,000 Anchor Bancorp, Inc., 8.9375%
senior notes, due 7/9/03 200,250
100,000 BankAmerica Corp., 7.625%
subordinated notes, due 6/15/04 104,625
100,000 Bank of Boston Co., 6.625%
subordinated notes, due 12/1/05 96,625
Shares or
Principal Amount Market Value
---------------- ------------
Banking (cont'd)
$ 75,000 Chase Manhattan Corp., 8.00%
subordinated notes, due 5/15/04 $ 76,969
100,000 First National Bank of Boston, 8.00%
subordinated notes, due 9/15/04 106,375
584,844
Broadcast Media - 4.8%
50,000 Marcus Cable Co. L.P., 11.875%
debentures, due 10/1/05 48,125
150,000 Pegasus Media & Communications,
Inc., 12.50% senior subordinated
notes, Series A, due 7/1/05+ 150,375
125,000 People's Choice TV Corp., zero coupon
senior discount notes, due 6/1/04 56,875
255,375
Communications - 2.7%
150,000 News America Holdings, Inc., 7.75%
notes, due 2/1/24 144,562
Electrical Equipment - 4.1%
Westinghouse Electric Co.:
150,000 6.875% notes, due 9/1/03 141,938
75,000 8.625% debentures, due 8/1/12 77,250
219,188
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
19
<PAGE>
JANUS ASPEN FLEXIBLE INCOME PORTFOLIO SCHEDULE OF INVESTMENTS
Shares or
Principal Amount Market Value
---------------- ------------
Energy - 6.5%
$ 75,000 Tesoro Petroleum Corp., 12.75%
subordinated debentures,
due 3/15/01 $ 76,406
100,000 Texaco Capital, Inc., 7.50%
debentures, due 3/1/43 99,375
Texas Eastern Transmission Corp.:
75,000 10.125% sinking fund debentures,
due 9/1/11 79,594
90,000 10.00% sinking fund debentures,
due 10/1/11 95,400
350,775
Entertainment - 5.8%
150,000 Time Warner Entertainment, 7.25%
debentures, due 9/1/08 140,625
175,000 Trump Holdings and Funding, 15.50%
senior notes, due 6/15/05 170,406
311,031
Food Products - 4.0%
200,000 Borden, Inc., 7.875%
debentures, due 2/15/23 190,500
25,000 Pilgrim's Pride Corp., 10.875%
senior subordinated notes,
due 8/1/03 23,500
214,000
Food Retail - 7.3%
50,000 Dominick's Finer Foods, Inc., 10.875%
senior subordinated notes,
due 5/1/05+ 50,625
100,000 Pathmark Stores, Inc., 9.625%
senior subordinated notes,
due 5/1/03 96,875
255,000 Ralph's Grocery Co., 11.00%
senior subordinated notes,
due 6/15/05 247,350
394,850
Healthcare - 2.0%
100,000 National Medical Enterprises, 10.125%
senior subordinated notes,
due 3/1/05 106,000
Insurance - 2.6%
75,000 Delphi Financial Group, Inc., 8.00%
senior notes, due 10/1/03 70,500
65,000 Leucadia National Corp., 10.375%
senior subordinated notes,
due 6/15/02 70,850
141,350
Music - 2.6%
150,000 Selmer Co., Inc., 11.00%
senior subordinated notes,
due 5/15/05+ 142,312
Shares or
Principal Amount Market Value
---------------- ------------
Paper Products - 1.9%
$ 100,000 Repap New Brunswick, Inc., 9.875%
senior notes, due 7/15/00 $ 101,125
Pharmaceuticals - 1.5%
75,000 Eli Lilly and Co., 8.125%
notes, due 12/1/01 81,656
Railroads - 1.2%
65,000 Southern Pacific Rail Corp., 9.375%
senior notes, due 8/15/05 66,625
Retail - 1.4%
72,000 Pier 1 Imports, Inc., 11.50%
subordinated debentures,
due 7/15/03 73,260
Telecommunications - 1.9%
100,000 Dial Page, Inc., 12.25%
senior notes, due 2/15/00 102,375
Tobacco - 2.0%
100,000 RJR Nabisco, Inc., 8.625%
medium term notes, due 12/1/02 104,875
Transportation - 3.9%
200,000 Delta Air Lines, Inc., 9.00%
debentures, due 5/15/16 208,000
Total Corporate Bonds (cost $4,088,019) 4,188,941
Common Stock - 0%
15 Pegasus Media & Communications,
Inc. - Class B*,+ (cost $2) 2
Warrants - 0.1%
125 People's Choice TV Corp. - exp. 6/1/04*
(cost $3,986) 3,984
U.S. Government Agency - 3.3%
Federal Home Loan Mortgage Corp.
$ 106,000 6.00%, 7/3/95 105,964
Federal National Mortgage Association
70,000 6.00%, 7/3/95 69,977
Total U.S. Government Agency (amortized cost $175,941) 175,941
U.S. Government Obligations - 16.9%
U.S. Treasury Notes and Bonds:
300,000 7.875%, due 11/15/04 334,170
100,000 6.50%, due 5/15/05 102,115
300,000 7.50%, due 11/15/24 332,088
125,000 7.625%, due 2/15/25 141,125
Total U.S. Government Obligations (cost $828,714) 909,498
Short-Term Corporate Notes - 2.0%
General Electric Capital Corp.
110,000 6.10%, 7/3/95
(amortized cost $109,963) 109,963
Total Investments - 100.3% (total cost $5,206,625) 5,388,329
Liabilities, net of Cash, Receivables
and Other Assets - (0.3%) (13,274)
Net Assets - 100% $5,375,055
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
20
<PAGE>
JANUS ASPEN SHORT-TERM BOND PORTFOLIO SCHEDULE OF INVESTMENTS
Principal Amount Market Value
---------------- ------------
Corporate Bonds - 76.3%
Aircraft Leasing - 7.2%
International Lease Finance Corp.:
$ 50,000 6.50% notes, due 7/15/97 $ 50,250
125,000 6.25% notes, due 6/15/98 124,844
175,094
Auto Related - 6.1%
150,000 Ford Motor Credit Co., 6.25%
notes, due 2/26/98 150,000
Banking - 10.9%
125,000 BankAmerica Corp., 6.00%
notes, due 7/15/97 124,375
20,000 Chemical Banking Corp., 7.375%
senior notes, due 6/15/97 20,375
125,000 Norwest Financial, Inc., 5.50%
senior notes, due 4/15/98 122,500
267,250
Beverages - 3.1%
PepsiCo, Inc.:
10,000 4.60% medium term notes,
due 6/30/96 9,850
64,000 6.875% notes, due 5/15/97 64,880
74,730
Brokerage - 2.0%
50,000 Smith Barney Holdings, Inc., 6.00%
notes, due 3/15/97 49,688
Computer Related - 6.1%
150,000 International Business Machines
Corp., 6.375% notes, due 11/1/97 150,375
Financial Services - 21.7%
CIT Group Holdings, Inc.:
70,000 8.875% debentures, due 6/15/96 71,760
12,500 6.00% amortizing notes, due 2/15/97 12,488
50,000 Commercial Credit Co., 8.00%
debentures, due 9/1/96 51,114
125,000 Dean Witter Discover and Co., 6.00%
notes, due 3/1/98 124,063
10,000 Fleet Mortgage Group, Inc., 6.125%
notes, due 8/15/97 10,000
125,000 Heller Financial, Inc., 5.625%
notes, due 3/15/00 119,531
50,000 Transamerica Financial Corp., 6.75%
subordinated notes, due 1/15/98 50,437
90,000 Travelers, Inc., 7.625%
notes, due 1/15/97 91,913
531,306
Principal Amount Market Value
---------------- ------------
Office Equipment - 5.1%
$ 125,000 Pitney-Bowes, Inc., 6.25%
notes, due 6/1/98 $ 125,000
Packaging and Containers - 4.0%
50,000 Stone Container Corp., 10.75%
senior subordinated notes,
due 6/15/97 52,000
45,000 Temple-Inland, Inc., 8.375%
debentures, due 10/1/96 46,012
98,012
Retail - 8.0%
70,000 Sears, Roebuck and Co., 8.55%
debentures, due 8/1/96 71,575
125,000 Wal-Mart Stores, Inc., 5.50%
notes, due 9/15/97 123,281
194,856
Utilities - Electric - 2.1%
50,000 Ohio Power Co., 6.75%
first mortgage bonds, due 3/1/98 50,312
Total Corporate Bonds (cost $1,852,079) 1,866,623
U.S. Government Obligations - 21.0%
U.S. Treasury Notes:
415,000 6.00%, due 12/31/97 416,133
100,000 5.625%, due 1/31/98 99,345
Total U.S. Government Obligations (cost $513,548) 515,478
Total Investments - 97.3% (total cost $2,365,627) 2,382,101
Cash, Receivables and Other Assets,
net of Liabilities - 2.7% 65,303
Net Assets - 100% $2,447,404
See Notes to Schedule of Investments
Janus Aspen Series June 30, 1995 Semiannual Report
21
<PAGE>
JANUS ASPEN MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS
Principal Amount Market Value
---------------- ------------
Short-Term Corporate Notes - 26.6%
Chevron Oil Finance Co.
$ 85,000 5.93%, 7/7/95 $ 84,916
Ford Motor Credit Co.
85,000 5.97%, 7/7/95 84,916
General Electric Capital Corp.
80,000 6.15%, 5/8/95 79,868
Total Short-Term Corporate Notes
(amortized cost $249,700) 249,700
U.S. Government Agency - 61.3%
Federal Home Loan Bank System
125,000 5.90%, 7/7/95 124,877
Federal Home Loan Mortgage Corp.
300,000 5.90%, 7/5/95 299,803
Federal National Mortgage Association
150,000 5.91%, 7/6/95 149,877
Total U.S. Government Agency (amortized cost $574,557) 574,557
Total Investments - 87.9% (total cost $824,257) 824,257
Cash, Receivables and Other Assets,
net of Liabilities - 12.1% 113,537
Net Assets - 100% $937,794
See Notes to Schedule of Investments
NOTES TO SCHEDULE OF INVESTMENTS
(ADR) - American Depository Receipt
(ADS) - American Depository Shares
(GDR) - Global Depository Receipt
(GDS) - Global Depository Shares
Adjustable Rate Preferred Stock dividend rates are as of 6/30/95
* Non-income producing security
** A portion of this security has been segregated by the custodian to cover
margin or segregation requirements on open futures contracts and/or foreign
currency contracts.
*** Investments in the Janus Money Market Fund and the Janus Government Money
Market Fund (the "Funds") are deemed to be affiliated transactions. Under
permission from the Security and Exchange Commission the Janus Aspen
Portfolios are allowed to purchase shares of the Funds, subject to certain
limitations. Janus Capital reduces its advisory fee received from the
investing portfolio by a pro rata amount of advisory fee earned by Janus
Capital from the Money Funds. Yields quoted are as of June 30, 1995.
+ Securities are registered pursuant to Rule 144A and may be deemed to be
restricted for resale.
See Notes to Financial Statements
Janus Aspen Series June 30, 1995 Semiannual Report
22
<PAGE>
FORWARD FOREIGN CURRENCY CONTRACTS
Open at June 30, 1995
<TABLE>
<CAPTION>
Currency Currency Unrealized
Portfolio Currency Sold and Settlement Date Units Sold Value in $ U.S. Gain/(Loss)
--------- --------------------------------- ---------- --------------- -----------
<S> <C> <C> <C> <C>
Janus Aspen Growth Portfolio German Deutschemark 7/24/95 3,900,000 $ 2,827,111 $ (4,669)
Swedish Krona 7/31/95 2,700,000 370,742 (3,180)
Swedish Krona 11/2/95 4,000,000 544,277 (170)
Swiss Franc 11/3/95 820,000 721,323 6,208
$ 4,463,453 $ (1,811)
Janus Aspen Aggressive Growth Portfolio British Pound 8/15/95 122,000 $ 194,163 $ (3,868)
British Pound 1/11/96 1,066,000 1,687,371 (4,264)
British Pound 1/24/96 1,512,175 2,391,958 24,800
Finnish Markka 7/12/95 765,348 179,474 (1,266)
Finnish Markka 7/31/95 2,210,483 518,369 4,884
Finnish Markka 8/15/95 6,246,000 1,464,684 (58,957)
Finnish Markka 1/24/96 4,693,725 1,098,127 (13,750)
Swedish Krona 8/15/95 1,594,000 218,578 (4,587)
Swedish Krona 1/24/96 24,734,725 3,334,779 (88,539)
$ 11,087,503 $ (145,547)
Janus Aspen International Growth Portfolio British Pound 7/12/95 29,000 $ 46,188 $ (4)
British Pound 7/25/95 4,878 7,767 83
Finnish Markka 7/12/95 118,000 27,671 (195)
Finnish Markka 8/15/95 87,000 20,401 (536)
French Franc 8/30/95 65,000 13,411 (488)
German Deutschemark 7/25/95 172,201 124,828 1,172
German Deutschemark 1/25/96 3,000 2,188 (30)
Japanese Yen 7/25/95 721,945 8,529 270
Japanese Yen 1/25/96 429,000 5,069 57
Swedish Krona 7/12/95 464,000 63,820 (841)
Swedish Krona 7/25/95 147,314 20,239 (526)
Swedish Krona 7/31/95 767,200 105,346 (904)
Swiss Franc 8/15/95 36,000 31,485 (1,183)
$ 476,942 $ (3,125)
Janus Aspen Worldwide Growth Portfolio British Pound 7/12/95 799,000 $ 1,272,567 $ (120)
British Pound 7/25/95 102,019 162,445 1,745
Finnish Markka 7/12/95 1,700,000 398,649 (2,813)
Finnish Markka 8/15/95 1,768,000 414,595 (10,896)
French Franc 8/30/95 1,050,000 216,638 (7,890)
German Deutschemark 7/25/95 4,113,681 2,982,009 27,991
German Deutschemark 1/25/96 1,171,000 854,121 (11,554)
Japanese Yen 7/25/95 28,515,907 336,881 10,684
Japanese Yen 1/25/96 18,267,000 215,854 2,441
Swedish Krona 7/12/95 11,000,000 1,512,984 (19,940)
Swedish Krona 7/25/95 14,662,292 2,014,383 (52,400)
Swedish Krona 7/31/95 13,735,000 1,885,976 (16,175)
Swiss Franc 8/15/95 1,020,000 892,076 (33,526)
$ 13,159,178 $ (112,453)
Janus Aspen Balanced Portfolio German Deutschemark 7/24/95 138,000 $ 100,036 $ (165)
German Deutschemark 11/13/95 50,000 36,390 90
Swedish Krona 11/2/95 480,000 65,313 (20)
$ 201,739 $ (95)
</TABLE>
See Notes to Financial Statements
Janus Aspen Series June 30, 1995 Semiannual Report
23
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
Janus
Janus Aspen Janus Janus Janus Janus
As of June 30, 1995 (all numbers Janus Aspen Aspen Inter- Aspen Janus Aspen Aspen Aspen
in thousands except net asset Growth Aggressive national Worldwide Aspen Flexible Short-Term Money
value per share) (unaudited) Portfolio Growth Growth Growth Balanced Income Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
Assets:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments at cost $ 68,208 $ 98,302 $ 1,809 $ 46,797 $ 4,279 $ 5,207 $ 2,366 $ 824
Investments at value $ 74,371 $106,152 $ 2,015 $ 52,375 $ 4,541 $ 5,388 $ 2,382 $ 824
Cash 106 319 104 269 63 55 -- 23
Receivables:
Investments sold 4,928 3,571 8 71 198 201 66 --
Fund shares sold 64 456 -- 52 14 9 -- 92
Interest 14 16 -- 4 29 98 35 --
Dividends 116 52 10 237 5 -- -- --
From adviser -- -- -- -- -- -- -- 1
Other assets 2 1 -- 3 -- 1 1 --
Total Assets 79,601 110,567 2,137 53,011 4,850 5,752 2,484 940
Liabilities:
Payables:
Investments purchased 6,586 6,555 14 430 122 247 -- --
Fund shares repurchased 5 3 50 16 -- 118 4 --
Due to custodian -- -- -- -- -- -- 24 --
Advisory fee 37 59 -- 28 3 2 -- --
Accrued expenses 23 28 14 27 11 10 9 2
Foreign currency contracts 2 146 3 112 -- -- -- --
Total Liabilities 6,653 6,791 81 613 136 377 37 2
Net Assets $ 72,948 $103,776 $ 2,056 $ 52,398 $ 4,714 $ 5,375 $ 2,447 $ 938
Shares Outstanding,
$.001 Par Value
(unlimited shares authorized) 6,082 7,225 199 3,984 400 519 249 938
Net Asset Value Per Share $ 11.99 $ 14.36 $ 10.31 $ 13.15 $ 11.77 $ 10.36 $ 9.84 $ 1.00
</TABLE>
See Notes to Financial Statements
Janus Aspen Series June 30, 1995 Semiannual Report
24
<PAGE>
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Janus
Janus Aspen Janus Janus Janus Janus
Janus Aspen Aspen Inter- Aspen Janus Aspen Aspen Aspen
For the six months or period Growth Aggressive national Worldwide Aspen Flexible Short-Term Money
ended June 30, 1995 (all numbers Portfolio Growth Growth Growth Balanced Income Bond Market
in thousands) (unaudited) Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
(1)
------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
Investment Income:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest $ 443 $ 401 $ 8 $ 196 $ 51 $ 163 $ 96 $ 8
Dividends 306 742 17 419 23 1 -- --
Foreign Tax Withheld (11) (22) (2) (49) -- -- -- --
738 1,121 23 566 74 164 96 8
Expenses:
Advisory fees 188 273 7 145 16 12 9 --
Transfer agent fees
and expenses -- -- 1 -- 1 1 1 --
Registration fees 3 8 -- 2 -- 1 -- --
Accounting fees 3 5 2 3 2 1 1 --
Custodian fees 10 12 15 37 6 1 3 1
Insurance expenses 1 1 -- -- -- -- -- --
Audit fees 7 6 3 7 4 4 3 1
Other expenses -- 2 1 2 -- -- 1 --
212 307 29 196 29 20 18 2
Less: Excess expense
reimbursement -- -- (9) -- -- (2) (10) (1)
212 307 20 196 29 18 8 1
Net investment income/(loss) 526 814 3 370 45 146 88 7
Net Realized and Unrealized
Gain/(Loss) on Investments:
Net realized gain/(loss) from
securities transactions 1,804 (56) (35) (931) 125 75 43 --
Net realized gain/(loss)
from foreign currency (109) (83) (25) (389) -- -- -- --
Net realized gain
from futures contracts -- -- -- -- -- -- (32) --
Change in net unrealized
appreciation or
(depreciation) of
investments 5,385 5,345 188 5,064 268 215 46 --
Net gain/(loss) on investments 7,080 5,206 128 3,744 393 290 57 --
Net increase/(decrease)
in net assets resulting
from operations $ 7,606 $ 6,020 $ 131 $ 4,114 $ 438 $ 436 $ 145 $ 7
</TABLE>
(1) Period May 1, 1995 (inception) to June 30, 1995
See Notes to Financial Statements
Janus Aspen Series June 30, 1995 Semiannual Report
25
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six months or period ended June 30, 1995 Janus Aspen Janus Aspen
and for the year ended December 31, 1994 Growth Aggressive
(all numbers in thousands) Portfolio Growth Portfolio
1995 1994 1995 1994
---- ---- ---- ----
Operations:
<S> <C> <C> <C> <C>
Net investment income/(loss) $ 526 $ 383 $ 814 $ 308
Net realized gain/(loss) from investment transactions 1,695 (749) (139) 723
Change in unrealized net appreciation or (depreciation)
of investments 5,385 702 5,345 2,195
Net increase/(decrease) in net assets resulting from operations 7,606 336 6,020 3,226
Dividends and Distributions:
Net investment income (302) (135) (1,066) (301)
Net realized gain from dividends and distributions -- -- (6) --
Net decrease from dividends and distributions (302) (135) (1,072) (301)
Capital Share Transactions:
Shares sold 25,300 38,467 63,772 39,919
Reinvested dividends and distributions 302 135 1,072 301
Shares repurchased (3,507) (2,736) (7,305) (3,841)
Net increase/(decrease) from capital share transactions 22,095 35,866 57,539 36,379
Net increase/(decrease) in net assets 29,399 36,067 62,487 39,304
Net Assets:
Beginning of period 43,549 7,482 41,289 1,985
End of Period $ 72,948 $ 43,549 $ 103,776 $ 41,289
Net Assets consist of:
Capital (par value and paid-in surplus)* $ 65,429 $ 43,334 $ 95,752 $ 38,213
Undistributed net investment income/(distribution in excess)* 311 87 (228) 24
Undistributed net realized gain/(loss) from investments* 1,047 (648) 548 693
Unrealized appreciation/(depreciation) of investments 6,161 776 7,704 2,359
$ 72,948 $ 43,549 $ 103,776 $ 41,289
Transactions in Fund Shares:
Shares sold 2,250 3,640 4,655 3,151
Reinvested distributions 25 13 75 22
Total 2,275 3,653 4,730 3,173
Shares repurchased (313) (258) (536) (310)
Net increase/(decrease) 1,962 3,395 4,194 2,863
Shares outstanding beginning of period 4,120 725 3,031 168
Shares outstanding end of period 6,082 4,120 7,225 3,031
Purchases and Sales of Investment Securities:
(excluding Short-Term Securities)
Purchases of Securities $ 76,159 $ 48,240 $ 109,744 $ 48,309
Proceeds from Sales of Securities 39,059 30,973 69,191 29,078
Purchases of Long-Term U.S. Government Obligations -- -- -- --
Proceeds from Sales of Long-Term U.S. Government Obligations -- -- -- --
</TABLE>
******************************
<TABLE>
<CAPTION>
For the six months or period ended June 30, 1995 Janus Aspen
and for the year ended December 31, 1994 International
(all numbers in thousands) Growth Portfolio
1995 1994(1)
---- ----
Operations:
<S> <C> <C>
Net investment income/(loss) $ 3 $ (12)
Net realized gain/(loss) from investment transactions (60) (41)
Change in unrealized net appreciation or (depreciation)
of investments 188 15
Net increase/(decrease) in net assets resulting from operations 131 (38)
Dividends and Distributions:
Net investment income -- --
Net realized gain from dividends and distributions -- --
Net decrease from dividends and distributions -- --
Capital Share Transactions:
Shares sold 817 1,936
Reinvested dividends and distributions -- --
Shares repurchased (245) (545)
Net increase/(decrease) from capital share transactions 572 1,391
Net increase/(decrease) in net assets 703 1,353
Net Assets:
Beginning of period 1,353 --
End of Period $ 2,056 $ 1,353
Net Assets consist of:
Capital (par value and paid-in surplus)* $ 1,944 $ 1,372
Undistributed net investment income/(distribution in excess)* 3 --
Undistributed net realized gain/(loss) from investments* (94) (34)
Unrealized appreciation/(depreciation) of investments 203 15
$ 2,056 $ 1,353
Transactions in Fund Shares:
Shares sold 85 196
Reinvested distributions -- --
Total 85 196
Shares repurchased (25) (57)
Net increase/(decrease) 60 139
Shares outstanding beginning of period 139 --
Shares outstanding end of period 199 139
Purchases and Sales of Investment Securities:
(excluding Short-Term Securities)
Purchases of Securities $ 1,674 $ 2,910
Proceeds from Sales of Securities 1,130 2,002
Purchases of Long-Term U.S. Government Obligations -- --
Proceeds from Sales of Long-Term U.S. Government Obligations -- --
</TABLE>
(1) Period May 2, 1994 (inception) to December 31, 1994
(2) Period May 1, 1995 (inception) to June 30, 1995
See Notes to Financial Statements
Janus Aspen Series June 30, 1995 Semiannual Report
26
<PAGE>
<TABLE>
<CAPTION>
For the six months or period ended June 30, 1995 Janus Aspen Janus Aspen
and for the year ended December 31, 1994 Worldwide Balanced
(all numbers in thousands) Growth Portfolio Portfolio
1995 1994 1995 1994
---- ---- ---- ----
Operations:
<S> <C> <C> <C> <C>
Net investment income/(loss) $ 370 $ 114 $ 45 $ 44
Net realized gain/(loss) from investment transactions (1,320) (188) 125 (53)
Change in unrealized net appreciation or (depreciation)
of investments 5,064 (16) 268 (36)
Net increase/(decrease) in net assets resulting from operations 4,114 (90) 438 (45)
Dividends and Distributions:
Net investment income (37) (4) (47) (28)
Net realized gain from dividends and distributions (7) -- -- --
Net decrease from dividends and distributions (44) (4) (47) (28)
Capital Share Transactions:
Shares sold 13,833 37,343 1,828 3,541
Reinvested dividends and distributions 45 4 47 28
Shares repurchased (3,278) (4,381) (705) (880)
Net increase/(decrease) from capital share transactions 10,600 32,966 1,170 2,689
Net increase/(decrease) in net assets 14,670 32,872 1,561 2,616
Net Assets:
Beginning of period 37,728 4,856 3,153 537
End of Period $ 52,398 $ 37,728 $ 4,714 $ 3,153
Net Assets consist of:
Capital (par value and paid-in surplus)* $ 48,019 $ 37,419 $ 4,364 $ 3,194
Undistributed net investment income/(distribution in excess)* 370 37 12 14
Undistributed net realized gain/(loss) from investments* (1,458) (131) 77 (48)
Unrealized appreciation/(depreciation) of investments 5,467 403 261 (7)
$ 52,398 $ 37,728 $ 4,714 $ 3,153
Transactions in Fund Shares:
Shares sold 1,127 3,078 162 325
Reinvested distributions 3 1 4 3
Total 1,130 3,079 166 328
Shares repurchased (271) (362) (62) (82)
Net increase/(decrease) 859 2,717 104 246
Shares outstanding beginning of period 3,125 408 296 50
Shares outstanding end of period 3,984 3,125 400 296
Purchases and Sales of Investment Securities:
(excluding Short-Term Securities)
Purchases of Securities $ 38,216 $ 56,559 $ 4,728 $ 3,034
Proceeds from Sales of Securities 17,049 38,192 2,481 1,978
Purchases of Long-Term U.S. Government Obligations -- -- 200 396
Proceeds from Sales of Long-Term U.S. Government Obligations -- -- -- 381
</TABLE>
********************************
<TABLE>
<CAPTION>
For the six months or period ended June 30, 1995 Janus Aspen Janus Aspen Janus Aspen
and for the year ended December 31, 1994 Flexible Short-Term Money Market
(all numbers in thousands) Income Portfolio Bond Portfolio Portfolio
1995 1994 1995 1994 1995(2)
---- ---- ---- ---- -----
Operations:
<S> <C> <C> <C> <C> <C>
Net investment income/(loss) $ 146 $ 90 $ 88 $ 89 $ 7
Net realized gain/(loss) from investment transactions 75 (87) 11 (33) --
Change in unrealized net appreciation or (depreciation)
of investments 215 (30) 46 (26) --
Net increase/(decrease) in net assets resulting from operations 436 (27) 145 30 7
Dividends and Distributions:
Net investment income (154) (75) (96) (73) (7)
Net realized gain from dividends and distributions -- -- -- -- --
Net decrease from dividends and distributions (154) (75) (96) (73) (7)
Capital Share Transactions:
Shares sold 4,909 3,216 4,737 4,809 3,194
Reinvested dividends and distributions 154 75 96 73 7
Shares repurchased (1,894) (1,803) (5,337) (2,439) (2,263)
Net increase/(decrease) from capital share transactions 3,169 1,488 (504) 2,443 938
Net increase/(decrease) in net assets 3,451 1,386 (455) 2,400 938
Net Assets:
Beginning of period 1,924 538 2,902 502 --
End of Period $ 5,375 $ 1,924 $ 2,447 $ 2,902 $ 938
Net Assets consist of:
Capital (par value and paid-in surplus)* $ 5,196 $ 2,027 $ 2,445 $ 2,949 $ 938
Undistributed net investment income/(distribution in excess)* 7 15 6 14 --
Undistributed net realized gain/(loss) from investments* (9) (84) (20) (31) --
Unrealized appreciation/(depreciation) of investments 181 (34) 16 (30) --
xxxxxxx $ 5,375 $ 1,924 $ 2,447 $ 2,902 $ 938
Transactions in Fund Shares:
Shares sold 486 324 474 487 3,194
Reinvested distributions 15 8 10 7 7
Total 501 332 484 494 3,201
Shares repurchased (185) (183) (533) (247) (2,263)
Net increase/(decrease) 316 149 (49) 247 938
Shares outstanding beginning of period 203 54 298 51 --
Shares outstanding end of period 519 203 249 298 938
Purchases and Sales of Investment Securities:
(excluding Short-Term Securities)
Purchases of Securities $ 7,843 $ 3,367 $ 2,020 $ 2,441 $ --
Proceeds from Sales of Securities 5,250 2,304 1,621 1,094 --
Purchases of Long-Term U.S. Government Obligations 1,364 -- 4,354 3,419 --
Proceeds from Sales of Long-Term U.S. Government Obligations 556 80 5,171 2,513 --
</TABLE>
(1) Period May 2, 1994 (inception) to December 31, 1994
(2) Period May 1, 1995 (inception) to June 30, 1995
See Notes to Financial Statements
Janus Aspen Series June 30, 1995 Semiannual Report
27
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For a share outstanding Janus Aspen Janus Aspen
for the six months or period ended June 30, 1995, (unaudited) Growth Aggressive
or through each year ended December 31 Portfolio Growth Portfolio
1995 1994 1993(1) 1995 1994 1993(1)
---- ---- ------- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset value, beginning of period $10.57 $10.32 $10.00 $13.62 $11.80 $10.00
Income from investment operations
Net investment income/(loss) .08 .09 .03 .11 .11 .01
Net gains or (losses) on securities
(both realized and unrealized) 1.39 .20 .32 .78 1.82 1.80
Total from investment operations 1.47 .29 .35 .89 1.93 1.81
Less distributions
Dividends (from net investment income) (.05) (.04) (.03) (.15) (.11) (.01)
Dividends (in excess of net investment income) -- -- -- -- -- --
Total distributions (.05) (.04) (.03) (.15) (.11) (.01)
Net asset value, end of period $11.99 $10.57 $10.32 $14.36 $13.62 $11.80
Total return** 13.91% 2.76% 3.50% 6.55% 16.33% 18.05%
Net assets, end of period (in thousands) $72,948 $43,549 $7,482 $103,776 $41,289 $1,985
Average net assets for the period (in thousands) 57,886 26,464 3,191 72,606 14,152 1,091
Ratio of expenses to average net assets* 0.74% 0.88% 0.25%(4) 0.85% 1.05% 0.25%(4)
Ratio of net investment income to average
net assets* 1.83% 1.45% 2.54% 2.26% 2.18% 0.34%
Portfolio turnover rate* 176% 169% 162% 235% 259% 31%
</TABLE>
*********************
<TABLE>
<CAPTION>
For a share outstanding Janus Aspen
for the six months or period ended June 30, 1995, (unaudited) International
or through each year ended December 31 Growth Portfolio
1995 1994(2)
---- -------
<S> <C> <C>
Net Asset value, beginning of period $ 9.72 $10.00
Income from investment operations
Net investment income/(loss) .01 (.09)
Net gains or (losses) on securities
(both realized and unrealized) .58 (.19)
Total from investment operations .59 (.28)
Less distributions
Dividends (from net investment income) -- --
Dividends (in excess of net investment income) -- --
Total distributions -- --
Net asset value, end of period $10.31 $ 9.72
Total return** 6.07% (2.80%)
Net assets, end of period (in thousands) $2,056 $1,353
Average net assets for the period (in thousands) 1,640 1,421
Ratio of expenses to average net assets* 2.50%(6) 2.50%(5)
Ratio of net investment income to average
net assets* 0.36% (1.30%)
Portfolio turnover rate* 178% 275%
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Organization and Significant Accounting Policies Janus Aspen Series (the
"Trust") was organized as a Delaware Trust on May 20, 1993 and is registered
under the Investment Company Act of 1940 (the "1940 Act") as a no-load, open-end
management investment company. The Trust offers eight portfolios or series of
shares with differing investment objectives and policies. Five portfolios invest
primarily in equity securities: Janus Aspen Growth Portfolio, Janus Aspen
Aggressive Growth Portfolio, Janus Aspen International Growth Portfolio, Janus
Aspen Worldwide Growth Portfolio, and Janus Aspen Balanced Portfolio. Two series
invest primarily in income producing securities: Janus Aspen Flexible Income
Portfolio and Janus Aspen Short-Term Bond Portfolio. Janus Money Market
Portfolio invests in short-term money market securities. Each series is
diversified as defined in the 1940 Act, with the exception of the Aggressive
Growth Portfolio which is non-diversified.
Shares of the Trust are issued and redeemed only in connection with investment
in and payments under variable annuity contracts and variable life insurance
contracts (collectively "variable insurance contracts"), as well as certain
qualified retirement plans.
Effective May 1, 1995, the Trust issued a new series of shares, the Janus Aspen
Money Market Portfolio, a diversified portfolio investing primarily in
short-term money market securities. Janus Capital invested $10,000 of initial
seed capital. Organization costs for the Portfolio were borne by Janus Capital.
The following accounting policies have been consistently followed by the
portfolios and are in conformity with accounting principles generally accepted
in the investment company industry.
Investment Valuation
Securities are valued at the closing price for securities traded on a principal
securities exchange (U.S. or foreign) and on the NASDAQ National Market.
Securities traded on over-the-counter markets and listed securities for which no
sales are reported are valued at the latest bid price (or yield equivalent
thereof) obtained from one or more dealers making a market for such securities
or by a pricing service approved by the Portfolio's Trustees. Short-term
investments maturing within 60 days and all money market securities in the Money
Market Portfolio are valued at amortized cost, which approximates market value.
Foreign securities are converted to U.S. dollars using exchange rates at the
close of the New York Stock Exchange. When market quotations are not readily
available, securities are valued at fair value as determined in good faith under
procedures established by the Trustees.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold.
Dividend income is recorded on the ex-dividend date. Dividend income on foreign
securities is recorded net of tax withholdings. Interest income is recorded on
the accrual basis and includes amortization of discounts and premiums. Gains and
losses are determined on the identified cost basis, which is the same basis used
for federal income tax purposes.
Forward Foreign Currency Transactions and Futures Contracts
Unrealized gain or loss on forward
foreign currency contracts is calculated daily as the difference between the
contract exchange rate and the closing forward rate applied to the face amount
of the contract. A realized gain or loss is recorded at the time a forward
contract is closed or settled. Currency gain and loss is also calculated on
payables and receivables that are denominated in foreign currencies. The
payables
(1) Period September 13, 1993 (inception) to December 31, 1993
(2) Period May 2, 1994 (inception) to December 31, 1994
(3) Period May 1, 1995 (inception) to June 30, 1995
(4) The ratio was 1.82%, 3.26%, 2.44%, 5.46%, 5.27% and 5.33%, respectively,
for the Growth, Aggressive Growth, Worldwide Growth, Balanced, Flexible
Income, and Short-Term Bond Portfolios, before voluntary waiver of certain
fees incurred by the Portfolio.
(5) The ratio was 4.62%, 1.35% and 1.40%, respectively, for the International
Growth, Flexible Income and Short-Term Bond Portfolios, before voluntary
waiver of certain fees incurred by the Portfolio.
(6) The ratio was 3.61%, 1.12%, 1.37% and 1.90% respectively, for the
International Growth, Flexible Income, Short-Term Bond and Money Market
Portfolios before voluntary waiver of certain fees incurred by the
Portfolio.
* Annualized for periods of less than one full year.
** Total return not annualized for periods of less than 1 full year.
Janus Aspen Series June 30, 1995 Semiannual Report
28
<PAGE>
<TABLE>
<CAPTION>
For a share outstanding Janus Aspen Janus Aspen
for the six months or period ended June 30, 1995, (unaudited) Worldwide Balanced
or through each year ended December 31 Growth Portfolio Portfolio
1995 1994 1993(1) 1995 1994 1993(1)
---- ---- ------- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset value, beginning of period $12.07 $11.89 $10.00 $10.63 $10.64 $10.00
Income from investment operations
Net investment income/(loss) .09 .04 .02 .10 .15 .08
Net gains or (losses) on securities
(both realized and unrealized) 1.00 .14 1.89 1.16 (.06) .64
Total from investment operations 1.09 .18 1.91 1.26 .09 .72
Less distributions
Dividends (from net investment income) (.01) -- (.01) (.12) (.10) (.08)
Dividends (in excess of net investment income) -- -- (.01) -- -- --
Total distributions (.01) -- (.02) (.12) (.10) (.08)
Net asset value, end of period $13.15 $12.07 $11.89 $11.77 $10.63 $10.64
Total return** 9.04% 1.53% 19.10% 11.86% 0.84% 7.20%
Net assets, end of period (in thousands) $52,398 $37,728 $4,856 $4,714 $3,153 $ 537
Average net assets for the period (in thousands) 42,815 22,896 2,200 3,847 2,336 521
Ratio of expenses to average net assets* 0.92% 1.18% 0.25%(4) 1.56% 1.57% 0.25%(4)
Ratio of net investment income to average
net assets* 1.74% 0.50% 0.84% 2.34% 1.90% 2.69%
Portfolio turnover rate* 96% 217% 57% 153% 158% 126%
</TABLE>
*************************
<TABLE>
<CAPTION>
For a share outstanding Janus Aspen
for the six months or period ended June 30, 1995, (unaudited) Flexible
or through each year ended December 31 Income Portfolio
1995 1994 1993(1)
---- ---- -------
<S> <C> <C> <C>
Net Asset value, beginning of period $ 9.48 $9.97 $10.00
Income from investment operations
Net investment income/(loss) .24 .47 .11
Net gains or (losses) on securities
(both realized and unrealized) .94 (.56) (.04)
Total from investment operations 1.18 (.09) .07
Less distributions
Dividends (from net investment income) (.30) (.40) (.10)
Dividends (in excess of net investment income) -- -- --
Total distributions (.30) (.40) (.10)
Net asset value, end of period $10.36 $9.48 $ 9.97
Total return** 12.45% (0.91%) 0.70%
Net assets, end of period (in thousands) $5,375 $1,924 $ 538
Average net assets for the period (in thousands) 3,738 1,636 497
Ratio of expenses to average net assets* 1.00%(6) 1.00%(5) 1.00%(4)
Ratio of net investment income to average
net assets* 7.85% 5.49% 3.77%
Portfolio turnover rate* 341% 234% 508%
</TABLE>
*************************
<TABLE>
<CAPTION>
For a share outstanding Janus Aspen Janus Aspen
for the six months or period ended June 30, 1995, (unaudited) Short-Term Money Market
or through each year ended December 31 Bond Portfolio Portfolio
1995 1994 1993(1) 1995(3)
---- ---- ------- -------
<S> <C> <C> <C> <C>
Net Asset value, beginning of period $9.72 $9.93 $10.00 $1.00
Income from investment operations
Net investment income/(loss) .37 .35 .11 .01
Net gains or (losses) on securities
(both realized and unrealized) .15 (.26) (.08) --
Total from investment operations .52 .09 .03 .01
Less distributions
Dividends (from net investment income) (.40) (.30) (.10) (.01)
Dividends (in excess of net investment income) -- -- -- --
Total distributions (.40) (.30) (.10) (.01)
Net asset value, end of period $9.84 $9.72 $ 9.93 $1.00
Total return** 5.36% 0.92% 0.30% 0.91%
Net assets, end of period (in thousands) $2,447 $2,902 $ 502 $938
Average net assets for the period (in thousands) 2,747 1,774 492 737
Ratio of expenses to average net assets* 0.65%(6) 0.65%(5) 0.65%(4) 0.50%(6)
Ratio of net investment income to average
net assets* 6.42% 5.00% 3.57% 5.85%
Portfolio turnover rate* 495% 256% 91% N/A
</TABLE>
NOTES TO FINANCIAL STATEMENTS (cont'd)
1. Organization and Significant Accounting Policies Janus Aspen Series (the
"Trust") was organized as a Delaware Trust on May 20, 1993 and is registered
under the Investment Company Act of 1940 (the "1940 Act") as a no-load, open-end
management investment company. The Trust offers eight portfolios or series of
shares with differing investment objectives and policies. Five portfolios invest
primarily in equity securities: Janus Aspen Growth Portfolio, Janus Aspen
Aggressive Growth Portfolio, Janus Aspen International Growth Portfolio, Janus
Aspen Worldwide Growth Portfolio, and Janus Aspen Balanced Portfolio. Two series
invest primarily in income producing securities: Janus Aspen Flexible Income
Portfolio and Janus Aspen Short-Term Bond Portfolio. Janus Money Market
Portfolio invests in short-term money market securities. Each series is
diversified as defined in the 1940 Act, with the exception of the Aggressive
Growth Portfolio which is non-diversified.
Shares of the Trust are issued and redeemed only in connection with investment
in and payments under variable annuity contracts and variable life insurance
contracts (collectively "variable insurance contracts"), as well as certain
qualified retirement plans.
Effective May 1, 1995, the Trust issued a new series of shares, the Janus Aspen
Money Market Portfolio, a diversified portfolio investing primarily in
short-term money market securities. Janus Capital invested $10,000 of initial
seed capital. Organization costs for the Portfolio were borne by Janus Capital.
The following accounting policies have been consistently followed by the
portfolios and are in conformity with accounting principles generally accepted
in the investment company industry.
Investment Valuation
Securities are valued at the closing price for securities traded on a principal
securities exchange (U.S. or foreign) and on the NASDAQ National Market.
Securities traded on over-the-counter markets and listed securities for which no
sales are reported are valued at the latest bid price (or yield equivalent
thereof) obtained from one or more dealers making a market for such securities
or by a pricing service approved by the Portfolio's Trustees. Short-term
investments maturing within 60 days and all money market securities in the Money
Market Portfolio are valued at amortized cost, which approximates market value.
Foreign securities are converted to U.S. dollars using exchange rates at the
close of the New York Stock Exchange. When market quotations are not readily
available, securities are valued at fair value as determined in good faith under
procedures established by the Trustees.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold.
Dividend income is recorded on the ex-dividend date. Dividend income on foreign
securities is recorded net of tax withholdings. Interest income is recorded on
the accrual basis and includes amortization of discounts and premiums. Gains and
losses are determined on the identified cost basis, which is the same basis used
for federal income tax purposes.
Forward Foreign Currency Transactions and Futures Contracts
Unrealized gain or loss on forward
foreign currency contracts is calculated daily as the difference between the
contract exchange rate and the closing forward rate applied to the face amount
of the contract. A realized gain or loss is recorded at the time a forward
contract is closed or settled. Currency gain and loss is also calculated on
payables and receivables that are denominated in foreign currencies. The
payables
(1) Period September 13, 1993 (inception) to December 31, 1993
(2) Period May 2, 1994 (inception) to December 31, 1994
(3) Period May 1, 1995 (inception) to June 30, 1995
(4) The ratio was 1.82%, 3.26%, 2.44%, 5.46%, 5.27% and 5.33%, respectively,
for the Growth, Aggressive Growth, Worldwide Growth, Balanced, Flexible
Income, and Short-Term Bond Portfolios, before voluntary waiver of certain
fees incurred by the Portfolio.
(5) The ratio was 4.62%, 1.35% and 1.40%, respectively, for the International
Growth, Flexible Income and Short-Term Bond Portfolios, before voluntary
waiver of certain fees incurred by the Portfolio.
(6) The ratio was 3.61%, 1.12%, 1.37% and 1.90% respectively, for the
International Growth, Flexible Income, Short-Term Bond and Money Market
Portfolios before voluntary waiver of certain fees incurred by the
Portfolio.
* Annualized for periods of less than one full year.
** Total return not annualized for periods of less than 1 full year.
Janus Aspen Series June 30, 1995 Semiannual Report
29
<PAGE>
NOTES TO FINANCIAL STATEMENTS (cont'd)
and receivables are generally related to security transactions and income.
Futures contracts are marked to market daily and the variation margin is
recorded as an unrealized gain or loss. When a contract is closed, a realized
gain or loss is recorded equal to the difference between the opening and closing
value of the contract. Generally, open forward and futures contracts are marked
to market for federal income tax purposes at fiscal year-end.
Foreign denominated assets and forward currency contracts may involve more risks
than domestic transactions, including: currency risk, political and economic
risk, regulatory risk, and market risk.
The Funds may enter into "futures contracts" and "options" on securities,
financial indices and foreign currencies; forward contracts; and interest rate
swaps and swap-related products. The Funds intend to use such derivative
instruments primarily to hedge or protect from adverse movements in securities
prices, currency rates or interest rates. The use of futures contracts and
options may involve risks such as the possibility of illiquid markets or
imperfect correlation between the value of the contracts and the underlying
securities, or that the counterparty will fail to perform its obligations.
Additional Investment Risk
A portion of the Flexible Income Portfolio may be invested in lower rated debt
securities that have a higher risk of default or loss of value due to changes in
the economy or in their respective industry. Foreign denominated assets and
forward currency contracts may involve risks not typically associated with
domestic transactions, including: unanticipated movements in exchange rates, the
degree of government supervision and regulation of security markets, and the
possibility of political or economic instability. The use of futures contracts
may involve other risks such as the possibility of an illiquid market or
imperfect correlation between the value of the contracts and the underlying
securities.
Dividend Distributions and Expenses
Each portfolio makes semiannual distributions of substantially all of its
investment income and an annual distribution of its net realized capital gains,
if any. All dividends and capital gains distributions from a Portfolio will be
automatically reinvested into additional shares of that Portfolio.
Each Portfolio bears expenses incurred specifically on its behalf as well as a
portion of general expenses based on the relative net assets of each portfolio.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of
foreign currency transactions.
Federal Income Taxes
No provision for income taxes is included in the accompanying financial
statements as the Portfolios intend to distribute to shareholders all taxable
investment income and realized gains and otherwise comply with the Internal
Revenue Code applicable to regulated investment companies.
2. Investment Advisory Agreement and Other Transactions with Affiliates
Investment advisory fees for each of the five equity portfolios are payable to
Janus Capital based upon annual rates of 1% of the first $30 million of average
net assets, .75% of the next $270 million of average net assets, .70% of the
next $200 million of average net assets and .65% of the average net assets in
excess of $500 million. However, Janus Capital has agreed to reduce each equity
Portfolio's advisory fee to the extent that such fee exceeds the effective rate
of the Janus retail fund corresponding to such Portfolio. The effective rate is
the advisory fee calculated by the corresponding retail fund as of the last day
of each calendar quarter (expressed as an annual rate). Janus Aspen Growth
Portfolio, Janus Aspen Aggressive Growth Portfolio, Janus Aspen International
Growth Portfolio, Janus Aspen Worldwide Growth Portfolio and Janus Aspen
Balanced Portfolio advisory fees are reduced to the effective rates of Janus
Fund, Janus Enterprise Fund, Janus Overseas Fund, Janus Worldwide Fund and Janus
Balanced Fund, respectively. The effective rate (before excess expense
reimbursement) for each Portfolio for the period ended June 30, 1995 was .65%,
.76%, .86%, .68% and .83%, respectively. The income portfolios are each subject
to advisory fees payable to Janus Capital based upon annual rates of .65% of the
first $300 million of average net assets plus .55% of average net assets in
excess of $300 million. The Money Market Portfolio's advisory fee rate is .25%
of average net assets.
Janus Aspen Series June 30, 1995 Semiannual Report
30
<PAGE>
As discussed in the prospectus, Janus Capital will reduce its fee to a Portfolio
to the extent that the Portfolio's normal operating expenses (exclusive of
brokerage commissions, interest and taxes) exceed 2 1/2% of the first $30
million, 2% of the next $70 million and 1 1/2% of the balance of a Portfolio's
average net assets for a fiscal year. Janus Capital has also agreed to reduce
its fee to the extent that normal operating expenses exceed 1% of the average
net assets of the Flexible Income Portfolio, .65% of the average net assets of
the Short-Term Bond Portfolio and .50% of the average net assets of the Money
Market Portfolio for a fiscal year.
Officers and certain trustees of the Trust are also officers and/or directors of
Janus Capital; however, they receive no compensation from the Trust.
DST Systems Inc. (DST), an affiliate of Janus Capital through a degree of common
ownership, provides accounting systems to the Portfolios. DST Securities Inc., a
wholly owned subsidiary of DST, provides brokerage services on certain portfolio
transactions. Brokerage commissions paid to DST Securities Inc. serve to reduce
custody and other fees and expenses. Brokerage commissions paid, fees reduced,
and the net fees paid to DST for the period ended June 30, 1995 are noted below:
DST Securities Inc. Fund
Commissions Expense
Paid* Reduction* DST Fees
----- ---------- --------
Janus Aspen Growth Portfolio $6,846 $5,134 --
Janus Aspen Aggressive Growth Portfolio 6,168 4,626 $ 318
Janus Aspen International Growth Portfolio 37 28 1,391
Janus Aspen Worldwide Growth Portfolio 3,393 2,545 1,884
Janus Aspen Balanced Portfolio 256 192 1,245
Janus Aspen Flexible Income Portfolio -- -- 1,433
Janus Aspen Short-Term Bond Portfolio -- -- 1,432
Janus Money Market Portfolio -- -- --
*The difference between commissions paid to DST Securities, Inc. and expenses
reduced constituted commissions paid to an unaffiliated clearing broker.
3. Federal Income Tax
Gains and losses on forward currency contracts and foreign currency gains and
losses on debt instruments are treated as ordinary income for federal income tax
purposes pursuant to Section 988 of the Internal Revenue Code. Listed below are
such gains or losses for the period ended June 30, 1995. Net capital loss
carryovers noted below as of December 31, 1994 are available to offset future
realized capital gains and thereby reduce future taxable capital gains
distributions. These carryovers expire December 31, 2002, except $58,812 of
Janus Aspen Growth Portfolio which expires on December 31, 2001. The aggregate
cost of investments and the composition of unrealized appreciation and
depreciation of investments for federal income tax purposes as of June 30, 1995
are as follows:
<TABLE>
<CAPTION>
at 12/31/94 at June 30, 1995
---------------- -------------------------------------------------------
Currency Net Capital Loss Federal Tax Unrealized Unrealized Net Appreciation/
Gains/(Losses) Carryovers Cost Appreciation (Depreciation) (Depreciation)
-------------- ---------- ---- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Janus Aspen Growth Portfolio $ (81,526) $ 674,847 $68,208,175 $ 6,556,810 $ (393,673) $ 6,163,137
Janus Aspen Aggressive Growth Portfolio (238,950) -- 98,434,091 9,550,276 (1,832,705) 7,717,571
Janus Aspen International Growth Portfolio (30,671) 28,066 1,810,201 235,258 (30,038) 205,220
Janus Aspen Worldwide Growth Portfolio (556,350) -- 46,860,571 6,658,531 (1,143,942) 5,514,589
Janus Aspen Balanced Portfolio (101) 48,228 4,278,995 295,650 (33,538) 262,112
Janus Aspen Flexible Income Portfolio -- 84,427 5,211,200 208,197 (31,068) 177,129
Janus Aspen Short-Term Bond Portfolio -- 32,047 2,365,627 18,447 (1,973) 16,474
Janus Aspen Money Market Portfolio -- -- 824,257 -- -- --
</TABLE>
Janus Aspen Series June 30, 1995 Semiannual Report
31
<PAGE>
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Janus Aspen Series June 30, 1995 Semiannual Report
32
<PAGE>
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JANUS FUNDS(R)
100 Fillmore Street, Suite 300
Denver, Colorado 80206-4923
1-800-525-3713
