Fund Description

Incepted in August 2000, this fund is managed Janus group. The objective of this fund is to seek long-term capital growth. The fund invests primarily in common stocks with the potential for long-term growth of capital using a ''value'' approach. The portfolio manager measures value as a function of price/free cash flow. Price/free cash flow is the relationship between the price of a stock and its available cash from operations minus capital expenditures. The portfolio manager seeks attractively valued companies that are improving their free cash flow and improving their returns on invested capital. These companies also include special situations companies that are experiencing management changes and are temporarily out of favor. The fund offers dividends and capital gains annually in December.