Portfolio Turnover. A change in the securities held by the Fund from buying and selling investments is known as "portfolio turnover." Short-term trading increases the rate of portfolio turnover and could increase the Fund's transaction costs. However, the Fund ordinarily incurs little or no brokerage expense because most of the Fund's portfolio transactions are principal trades that do not require payment of brokerage commissions. The Fund ordinarily does not trade securities to achieve capital gains, because they would not be tax-exempt income. To a limited degree, the Fund may engage in short-term trading to attempt to take advantage of short-term market variations. It may also do so to dispose of a portfolio security prior to its maturity. That might be done if, on the basis of a revised credit evaluation of the issuer or other considerations, the Manager believes such disposition is advisable or the Fund needs to generate cash to satisfy requests to redeem Fund shares. In those cases, the Fund may realize a capital gain or loss on its investments. The Fund's annual portfolio turnover rate normally is not expected to exceed 50%.
Portfolio Turnover. The Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance. During the most recent fiscal year ended on December 31, 2019, the portfolio turnover rate for the Acquired Fund was 51% of the average value of its portfolio. During the most recent fiscal year ended on December 31, 2019, the portfolio turnover rate for the Acquiring Fund was 29% of the average value of its portfolio.
Portfolio Turnover. Although the Fund does not purchase securities with a view to rapid turnover, there are no limitations on the length of time that portfolio securities must be held. Portfolio turnover can occur for a number of reasons, including calls for redemption, general conditions in the securities markets, more favorable investment opportunities in other securities, or other factors relating to the desirability of holding or changing a portfolio investment. The portfolio turnover rates may vary greatly from year to year. A high rate of portfolio turnover in the Fund would result in increased transaction expense, which must be borne by the Fund. High portfolio turnover may also result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.
Portfolio Turnover. The Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance. During the most recent fiscal year ended on December 31, 2019, the portfolio turnover rate for the Acquired Fund was 49% of the average value of its portfolio. During the most recent fiscal year ended on December 31, 2019, the portfolio turnover rate for the Acquiring Fund was 15% of the average value of its portfolio. Performance of the Acquired Fund and the Acquiring Fund The performance information below indicates the risks of investing in each Fund. Keep in mind that past performance does not indicate future results. Updated performance information is available at xxxxxxxxxxxxx.xxx. With respect to each Fund, the returns in the bar chart and table: • Assume reinvestment of all dividends and distributions • Would be lower if the effect of sales charges or other fees that may be applied at the contract or plan level were included. With respect to each Fund, the bar chart: • Shows how the Fund’s total return has varied from year to year • Shows the returns of the Fund’s Class IA shares. Returns for the Fund’s other classes differ only to the extent that the classes do not have the same expenses. The table following each Fund’s bar chart shows returns for the Fund over time compared to those of the Fund’s benchmark. Please see the section entitled “Performance Notes” for the benchmark descriptions. The Acquired Fund Total returns by calendar year 40% 20% 0% -20% 14.25% -13.89% 23.41% 36.30% 6.79% 8.04% 1.95% 32.73% -3.81% 32.61% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Highest/Lowest quarterly results during the periods shown in the bar chart were: Highest 20.15% (1st quarter, 2012) Lowest -20.85% (3rd quarter, 2011) The year-to-date return for the Acquired Fund’s Class IA shares as of June 30, 2020 was 8.26%. Average annual total returns for periods ending December 31, 2019 Share Classes 1 Year 5 Years 10 Years Class IA 32.61% 13.28% 12.67% Class IB 32.29% 12.98% 12.38% MSCI World Growth Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) 33.68% 11.09% 11.08% The Acquiring Fund Total returns by calendar year 35.82% 34.12% 14.04% 17.62% 16.18% 21.92% 1.15% 6.83% 5...
Portfolio Turnover. The Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance. During the most recent fiscal year ended on December 31, 2019, the portfolio turnover rate for the Acquired Fund was 66% of the average value of its portfolio. During the most recent fiscal year ended on December 31, 2019, the portfolio turnover rate for the Acquiring Fund was 15% of the average value of its portfolio. Performance of the Acquired Fund and the Acquiring Fund The performance information below indicates the risks of investing in each Fund. Keep in mind that past performance does not indicate future results. Updated performance information is available at xxxxxxxxxxxxx.xxx. With respect to each Fund, the returns in the bar chart and table: • Assume reinvestment of all dividends and distributions • Would be lower if the effect of sales charges or other fees that may be applied at the contract or plan level were included. With respect to each Fund, the bar chart: • Shows how the Fund’s total return has varied from year to year • Shows the returns of the Fund’s Class IA shares. Returns for the Fund’s other classes differ only to the extent that the classes do not have the same expenses. The table following each Fund’s bar chart shows returns for the Fund over time compared to those of the Fund’s benchmark(s). The Acquired Fund’s Class IC shares commenced operations on April 30, 2014 and performance prior to that date reflects the Acquired Fund’s Class IA shares performance adjusted to reflect the 12b-1 fee of 0.25% and the administrative services fee of 0.25% applicable to Class IC shares. As of the date of this Information Statement/Prospectus, Class IC shares of the Acquiring Fund have not commenced operations. Performance information for Class IC shares of the Acquiring Fund reflects the performance of the Acquiring Fund’s Class IA shares adjusted to reflect the 12b-1 fee of 0.25% and the administrative services fee of 0.25% applicable to Class IC shares. Please see the section entitled “Performance Notes” for the benchmark descriptions. The Acquired Fund Total returns by calendar year 35.74% 26.86% 30.45% 30.68% 17.56% 14.14% 11.74% 0.53% -0.49% -8.87% 40% 20% 0% -20% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Highest/Lowest qu...
Portfolio Turnover. The Fund may engage in some short-term trading to seek its objective. Portfolio turnover can increase the Fund's transaction costs (and reduce its performance). However, in most cases the Fund does not pay brokerage commissions on debt securities it trades, so active trading is not expected to increase Fund expenses greatly. While securities trading can cause the Fund to realize gains that are distributed to shareholders as taxable distributions. |X| Floating Rate and Variable Rate Obligations. Variable rate demand obligations have a demand feature that allows the Fund to tender the obligation to the issuer or a third party prior to its maturity. The tender may be at par value plus accrued interest, according to the terms of the obligation. The interest rate on a floating rate demand note is based on a stated prevailing market rate, such as a bank's prime rate, the ninety-one (91) day U.S. Treasury Xxxx rate, or some other standard, and is adjusted automatically each time such rate is adjusted. The interest rate on a variable rate demand note is also based on a stated prevailing market rate but is adjusted automatically at specified intervals of no less than one (1) year. Generally, the changes in the interest rate on such securities reduce the fluctuation in their market value. As interest rates decrease or increase, the potential for capital appreciation or depreciation is less than that for fixed-rate obligations of the same maturity. The Manager may determine that an unrated floating rate or variable rate demand obligation meets the Fund's quality standards by reason of being backed by a letter of credit or guarantee issued by a bank that meets those quality standards. Floating rate and variable rate demand notes that have a stated maturity in excess of one (1) year may have features that permit the holder to recover the principal amount of the underlying security at specified intervals not exceeding one (1) year and upon not more than thirty (30) days' notice. The issuer of that type of note normally has a corresponding right in its discretion, after a given period, to prepay the outstanding principal amount of the note plus accrued interest. Generally the issuer must provide a specified number of days' notice to the holder. Floating rate or variable rate obligations that do not provide for the recovery of principal and interest within seven (7) days are subject to the Fund's limitations on investments in illiquid securities. |X| Inverse Floaters and ...
Portfolio Turnover. The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. Temporary Defensive Strategies. For temporary or defensive purposes the Portfolio may invest without limit in U.S. debt securities, including short-term money market securities, when SBFM deems it appropriate to do so. When the Portfolio engages in such strategies, it may not achieve its investment objective. Subadviser Western Asset Management Company (“Western”) has been added as a subadviser to the Portfolio, joining Pacific Investment Management Company, LLC (“PIMCO”) and BlackRock Financial Management, Inc. (“BlackRock”). Western focuses on investment grade long-term securities, including those issued by U.S. governmental and corporate issuers, U.S. dollar denominated fixed income securities of foreign issuers and mortgage-backed and asset-backed securities. It emphasized three key strategies to enhance the Portfolio’s total return: • adjusting the allocation of the Portfolio among the key sectors of the fixed-income market-government, corporate and mortgage-and asset-backed-depending on its forecast of relative values • tracking the duration of the overall portfolio so that it falls within a narrow band relative to the benchmark index, with adjustment made to reflect Western’s long-term outlook for interest rates • purchasing undervalued securities in each of the key sectors of the bond market while keeping overall quality high The current percentage allocation to each of PIMCO, BlackRock and Western is 40% , 30% and 30%, respectively. The Consulting Group may adjust the allocation of the Portfolio’s assets among its subadvisers by up to 100%. Any adjustment affecting more than 10% of the Portfolio’s assets can be made only by the Board of Trustees. TK 2088 12/03 S3
Portfolio Turnover. The Adviser anticipates that the Portfolio's annual rate of turnover will not exceed 100%. A 100% annual turnover rate would occur if all of the securities in the Portfolio's portfolio are replaced once in a period of one year. A higher rate of portfolio turnover involves correspondingly greater brokerage and other expenses than a lower rate, which must be borne by the Portfolio and its shareholders. High portfolio turnover also may result in the realization of substantial net short-term capital gains. See "Dividends, Distributions and Taxes." Risk Considerations RISK FACTORS ASSOCIATED WITH THE REAL ESTATE INDUSTRY. Although the Portfolio does not invest directly in real estate, it does invest primarily in Real Estate Equity Securities and does have a policy of concentration of its investments in the real estate industry. Therefore, an investment in the Portfolio is subject to certain risks associated with the direct ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. To the extent that assets underlying the Portfolio's investments are concentrated geographically, by property type or in certain other respects, the Portfolio may be subject to certain of the foregoing risks to greater extent. In addition, if the Portfolio receives rental income or income from the disposition of real property acquired as a result of a default on securities the Portfolio owns, the receipt of such income may adversely affect the Portfolio's ability to retain its tax status as a regulated investment company. See "Dividends, Distributions and Taxes." Investments by the Portfolio in securities of companies providing mortgage servicing will be subject to the risks associated with refinancings and their impact on servicing rights.
Portfolio Turnover. Calculate turnover in accordance with Form N-1A requirements, accepted industry practice, and as defined by ACIM, for all accounts for the following periods on a monthly basis: · monthly · calendar quarters, · calendar year-to-date · semi annual and annual reporting period year to date · rolling 12 month ____________________________________ Fiscal Year-End Transition Date Qtrly Testing (beg and end) A.C. International Bond Funds--International Bond 30-Jun 7-Jun 06/30/08 – 06/30/09 A.C. Quantitative Equity Funds,Inc.--Global Gold 30-Jun 7-Jun 06/30/08 – 06/30/09 A.C. Variable Portfolios II, Inc.--VP Inflation Protection 31-Dec 7-Jun 06/30/08 – 06/30/09 A.C. Strategic Asset Allocations, Inc. --Strategic Allocation: Moderate 30-Nov 6-Sep 11/30/08 – 11/30/09 A.C. Investment Trust-- Select Bond 31-Mar 5-Jul 09/30/08 – 09/30/09 A.C. Quantitative Equity Funds, Inc.--Disciplined Growth 130/30* 30-Jun 30 May 06/30/08 – 06/30/09 A.C. Capital Portfolios, Inc.— Equity Income 31-Mar 6-Sep 09/30/08 – 09/30/09 A. C. Mutual Funds, Inc.--Ultra 31-Oct 4-Oct 10/31/08 – 10/31/09 A. C. Municipal Trust--Tax-Free Bond 31-May 5-Jul 08/31/08 – 08/31/09 *to be launched on 05/30/08 2 Services to be provided to the same Funds as set forth in fn 1 above.
Portfolio Turnover. Due to the nature of the securities in which the Janus Target invests, it may have relatively high portfolio turnover compared to other funds.
