Janus Aspen Series Enterprise Portfolio1
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As of 12/31/2009
INVESTMENT OBJECTIVEStylebox
Long-term growth of capital. There can be no assurance that the investment objective will be achieved.

INVESTMENT DISCIPLINE
Under normal circumstances, Mid Cap Growth Portfolio will invest at least 80% of its net assets in equity securities of mid-sized companies whose market capitalization falls, at the time of purchase, in the 12-month average of the capitalization range of the Russell Midcap Growth Index. Small and medium-size companies may have limited marketability, and may be subject to more erratic or abrupt market movements than large-cap stocks. The Portfolio may invest in foreign securities. Foreign investments are subject to the risks of currency fluctuation and the impact of social, political, and economic change, which may result in greater share price volatility.
Performance (As of 12/31/2009)
Performance Chart
Performance Graph for Class A Shares
 YTD1-YEAR3-YEAR5-YEAR10-YEARSINCE INCEPTION
  PORTFOLIO: Service Shares44.4444.44-0.434.62-4.948.55
  S&P MIDCAP 400 INDEX37.3837.38-1.833.276.3610.66
  LIPPER (VIP) MID-CAP GROWTH FUNDS AVERAGE43.5143.51-2.551.990.16N/A
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S UNITS, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PAST PERFORMANCE DATA QUOTED. PERFORMANCE INFORMATION AS OF THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.PRUDENTIAL.COM.

Returns shown for Service Shares for periods prior to their inception (December 31, 1999) are derived from the historical performance of the Institutional shares (Inception date - September 13, 1993), adjusted to reflect the higher operating expenses of Service Shares.The rates of return reflect the reinvestment of all dividends and capital gains, and the deduction of investment management fees and expenses. They do not reflect charges specific to your contract such as cost of insurance, mortality and expense risk charges, riders and sales charges. If they did, the performance quoted would be significantly lower. For the specific charges and expenses associated with your product, please refer to the prospectus. Returns of less than one year are not annualized. For variable life insurance products, refer to the hypothetical illustrations in the prospectus, which show the effect on performance of various assumptions regarding the cost of insurance protection. You may also obtain a personalized illustration of historical performance, which reflects the cost of your policy's insurance protection.
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Fund Facts & Holdings (As of 12/31/2009 unless noted otherwise)
Portfolio Data2
Inception Date-Service Shares : 12/31/1999
Number of Holdings : 85
Net Assets : $593.9 Million
Largest Stock Holdings (% of Assets)2
Crown Castle International4.0%
Celgene3.2   
Amphenol2.4   
ATMEL2.2   
Li & Fung, Ltd.2.1   
Covidien Ltd.2.0   
St Jude Medical Inc2.0   
Kla-Tencor2.0   
Amdocs, Ltd.1.9   
MSC Industrial Direct1.9   
 
Industry Breakdown (% of Assets)2
Medical - Biomedical and Genetic6.5%
Medical Products4.7   
Technology Services4.4   
Wireless Equipment4.0   
Distribution/Wholesale3.2   
Oil & Gas - Exploration & Production3.1   
Medical Instruments2.7   
Containers - Metal and Glass2.6   
Electronic Connectors2.4   
Commercial Services - Financial2.3   
 
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PORTFOLIO MANAGEMENT

Brian Demain, CFA is Portfolio Manager of the Mid Cap Growth portfolios and is Portfolio Manager and Executive Vice President of Janus Enterprise Fund and Janus Aspen Enterprise Portfolio. Mr. Demain joined Janus in July 1999 as an equity research analyst. From July 1999 to October 2007, Mr. Demain served as an equity research analyst, focusing on companies in the media and communications sectors. He received his bachelor of arts degree in economics from Princeton University, where he graduated Summa Cum Laude and Phi Beta Kappa. Mr. Demain's academic achievements culminated with his winning of a Senior Thesis Prize. Mr. Demain holds the Chartered Financial Analyst designation and has 10 years of professional investment experience.

FIRM OVERVIEW

  • Founded in 1969.
  • Recognized leader in the financial services industry.
  • Manages over $151.8 billion in assets as of 9/30/09.


Investors should consider the contract and the underlying portfolios' investment objectives, risks, and charges and expenses carefully before investing. The contract's prospectus and the underlying portfolios' prospectus contain this and other important information. Read them carefully before investing or sending money.

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FOR USE WITH THE PUBLIC ONLY WHEN PRECEDED OR ACCOMPANIED BY A CURRENT VARIABLE PRODUCT PROSPECTUS, PRODUCT MATERIAL (product brochure or illustration) AND THE CURRENT MONTHLY PERFORMANCE REVIEW FOR THE SPECIFIC PRODUCT.
1The Janus Aspen Series Enterprise Portfolio was formerly known as the Janus Aspen Series Mid Cap Growth Portfolio. The effective date of this changes was May 1, 2009.

2Source: Janus Capital Management LLC. Holdings are unaudited and subject to change. All data came to Prudential Financial directly from Janus Capital Management LLC. Prudential Financial does not guarantee the accuracy or completeness thereof. Negative holding percentages reflect outstanding trades at period end.

The S&P MidCap 400 Index is a widely accepted, unmanaged total return index measuring the performance of the mid-size company segment of the U.S. stock market.
The Lipper (VIP) Mid-Cap Growth Funds Average is calculated by Lipper Analytical Services, Inc. and reflects Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index. These returns are net of investment fees and fund expenses, but not product charges. Investors cannot invest directly in a market index or average.
Unless noted otherwise, Lipper Average and Index returns reflect performance beginning the closest month-end date to the Portfolio's inception (Institutional Shares September 13, 1993).
Variable life insurance and variable annuities are issued by The Prudential Insurance Company of America, Newark, NJ, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, both located in Newark, NJ, or Prudential Annuities Life Assurance Corporation, Shelton, CT. Variable life insurance is distributed by Pruco Securities LLC, Newark, NJ. Variable annuities are distributed by Prudential Annuities Distributors, Inc., Shelton, CT. Both are members SIPC. All are Prudential Financial companies. Each company is solely responsible for their own respective financial conditions and contractual obligations.
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IFS-A116637
Ed. 4/2009