https://www.sec.gov/Archives/edgar/data/277751/000119312517020127/d336634d497.htm
497 1 d336634d497.htm 497
Janus Investment Fund
Janus International Equity Fund
Supplement dated January 27, 2017
to Currently Effective Prospectuses
The Board of Trustees (the “Trustees”) of Janus Investment Fund has approved a plan to liquidate and terminate Janus International Equity Fund (the “Fund”) with such liquidation effective on or about March 30, 2017 or at such other time as may be authorized by the Trustees (“Liquidation Date”). Termination of the Fund is expected to occur as soon as practicable following liquidation.
Effective at the close of business February 3, 2017, the Fund will no longer accept investments by new shareholders. The Fund may be required to make a distribution of any income and/or capital gains of the Fund in connection with its liquidation.
Shareholders of the Fund may redeem their shares or exchange their shares for shares of another Janus fund which they are eligible to purchase at any time prior to the Liquidation Date. Effective at the close of business February 3, 2017, any applicable contingent deferred sales charges (“CDSC”) charged by the Fund will be waived for redemptions or exchanges through the Liquidation Date. Exchanges by Class A shareholders into Class A Shares of another Janus fund are not subject to any applicable initial sales charge. For shareholders holding shares through an intermediary, check with your intermediary regarding other Janus funds and share classes offered through your intermediary.
If a shareholder has not redeemed their shares as of the Liquidation Date, the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder of record. For shareholders of Class D Shares investing in a tax-deferred account, the shares will be placed in Janus Government Money Market Fund.
To prepare for the closing and liquidation of the Fund, the Fund’s portfolio managers may increase the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Fund may deviate from its stated investment strategies and policies and accordingly cease being managed to meet its investment objective during the liquidation of the Fund.
Additionally, any asset reductions and increase in cash and similar instruments could adversely affect the Fund’s short-term performance prior to the Liquidation Date. The Fund will incur transaction costs, such as brokerage commissions, when selling portfolio securities as a result of its plan to liquidate and terminate. These transaction costs may adversely affect performance.
The redemption or exchange of shares held by a shareholder will generally be considered a taxable event. A shareholder should consult their personal tax adviser concerning their particular tax situation.
A shareholder may obtain additional information by calling their plan sponsor, broker-dealer, or financial institution, or by contacting a Janus representative at 1-877-335-2687 (or 1-800-525-3713 if you hold shares directly with Janus Capital). ...

https://www.sec.gov/Archives/edgar/data/1005020/000157104917000694/t1700229_497.htm
497 1 t1700229_497.htm VIRTUS OPPORTUNITIES TRUST
Virtus Emerging Markets Equity Income Fund and Virtus Essential Resources Fund, each a series of Virtus Opportunities Trust
Supplement dated January 26, 2017, to the Virtus Emerging Markets Equity Income Fund and Virtus Essential Resources Fund Summary Prospectuses and the Virtus Opportunities Trust Prospectus, each dated January 28, 2016, and the Statement of Additional Information dated September 23, 2016, as supplemented
Important Notice to Investors
On January 18, 2017, the Board of Trustees of Virtus Opportunities Trust voted to liquidate Virtus Emerging Markets Equity Income Fund and Virtus Essential Resources Fund (the “Funds”). Based on the recommendation of management, the Trustees determined that liquidation is in the best interest of the shareholders and voted to direct the mandatory redemption of all shares of the Funds. Effective March 3, 2017, the Funds will be closed to new investors and additional investor deposits.
On or about March 15, 2017 (the “Liquidation Date”), each of the Funds will be liquidated at its respective net asset value. Prior to such time, shareholders may exchange their shares of the Funds for shares of the same class of any other Virtus Mutual Fund. Shareholders may also redeem their shares at any time prior to the Funds’ liquidation on the Liquidation Date. There will be no fee or sales charges associated with exchange or redemption requests.
Any shares not exchanged or redeemed by the close of business on the Liquidation Date will be redeemed and the account value distributed to shareholders, except shares held in BNY Mellon IS Trust Company custodial accounts, which will be exchanged for shares of Virtus Low Duration Income Fund. Shareholders with BNY Mellon IS Trust Company custodial accounts should consult the prospectus for Virtus Low Duration Income Fund for information about that fund.
Because the exchange or redemption of your shares could be a taxable event, we suggest you consult with your tax advisor prior to the Funds’ liquidation.
Investors should retain this supplement with the Prospectuses and
Statement of Additional Information for future reference.
VOT 8020/EMEI&ERClosing (1/2017)

No plan to add either new funds. Bear in mind that the expense ratio of OSTGX at 1.50%.

Keep in mind John Waggoner's pointers about the low need for international equity investing:
http://www.usatoday.com/story/money/2015/01/16/investing-international-funds/21825245/

DODLX clobbered my own PRSNX over the past 1-year period. On May 01, 2014, DODLX significantly changed its posture and strategy--- so notes Morningstar. Maybe that's why M* does not display returns beyond 3 years. Longer-term results could be found without much difficulty, of course. I think I have domestic bonds pretty well covered via MAPOX and PRWCX. In my portfolio, those 2 funds represent 52% of my entire total. And of course, PRSNX is a "global" bond fund, though I haven't looked lately to see just how much of it is in the USA. .... DODLX yield is 1.69% and PRSNX is at 3.44%. (30-day SEC yield is 3.92%, and I don't see a 30-day SEC yield number reported for DODLX.) My other rather large bond position is in PREMX. Doing very nicely. Others here prefer FNMIX, and I can see why. :)

Sold FOSFX, may move it into DLEUX as available.
Sold DVY in rollover (= shorter horizon) IRA following this latest runup; may put into PDI and PONDX in some combo, perhaps in combo w FRIFX.
SP500 p/e now ~26; can't help thinking retrenchment soon ahead.

U.S. Existing Home Sales Reach 10-Year High
BY TOM MOELLER,Haver Analytics JANUARY 24, 2017
During all of 2016, sales of existing homes increased 3.8% to 5.452 million, the highest level since 2006, when sales reached 6.478 million.
The total inventory of homes on the market declined 6.3% y/y to 1.650 million. The months' sales supply of homes fell to 3.6 months, the lowest point since January 2005.
The median price of all previously owned homes improved 4.0% versus December 2015 to $232,200. The average price of an existing home rose to $274,000 (3.0% y/y).

http://www.haver.com
Walking Away From Commercial Mortgages
With the continued rise of e-commerce punishing retailers, and in turn, those who rent space to them, some mall landlords are deciding it's best to walk away from struggling properties, writes Esther Fund in the WSJ.
The lenders, in turn, are then forced to sell the distressed properties at fire-sale prices.
In the first 11 months of 2016, 314 loans secured by retail property were liquidated, up 11% from the same period a year earlier. "There have been some draconian losses for the enclosed mall business," says James Hull, whose firm purchased five malls out of foreclosure last year.
Simon Property Group (NYSE:SPG) .. last year defaulted on a loan secured by Greendale Mall in Worcester, MA.
Washington Prime Group (NYSE:WPG) late last year said it was considering turning malls in Grand Junction, CO and Lancaster, OH back to lenders
CBL & Associates (NYSE:CBL) has rid itself of 14 malls since 2014, with six of those handed back to lenders.
http://seekingalpha.com/news/3237097-mall-owners-turning-jingle-mail
Howard Davidowitz, chairman of the New York City-based retail consulting and investment banking firm Davidowitz and Associates, has been warning of a retail disaster for some time
We're likely going to see large numbers of retail locations and malls close, he added. Store sizes have to shrink and we need fewer stores in general. We'll also have more urban stores and fewer suburban locations.
"This is going to be traumatic because there's $47 billion of shopping-centered debt coming due in the next 18 months," Davidowitz said. "Neiman Marcus is not viable. They can't operate with this much debt. Neither can J Crew. They're overwhelmed. Sears, the largest department store in America, is in liquidation. Kmart is in liquidation."
What we're seeing is an absolute train wreck, Davidowitz stated, and we're going to need massive restructuring in the retail space.
http://seekingalpha.com/article/4038163-davidowitz-brick-mortar-retail-absolute-train-wreck
Lisa Abramowicz@Bloomberg Gadfly Looks for more pain ahead in retail
It’s been a bad couple of months for Neiman Marcus.
But the already beaten-up Neiman Marcus notes plunged substantially further on Monday without an obvious explanation. While prices on bonds maturing in 2021 had dropped more than 19 percent from Dec. 12 through Friday, they fell an additional 6.7 percent on Monday for the biggest one-day loss in more than a year.Still, this isn't a new development. Bond investors can't exactly have been taken by surprise by this sea change in consumer behavior, away from shopping at stores and buying goods and toward shopping online and purchasing vacations and experiences.
https://www.bloomberg.com/gadfly/articles/2017-01-24/neiman-marcus-bond-pain-points-to-more-junk-sinkholes-gadfly

I agreed w/his comments about not forcing equity buys at insane prices or "valuations" just to deploy money. Frankly he said what I've said for years, and seeing him with 35% cash doesn't make me feel too bad when I look at my cash positioning across my portfolios and ongoing reluctance to deploy it in large chunks.

Who is this Chaz de Vaulx? Is he Charles' evil twin? His doppelganger? An international man of mystery? I imagine Charles with his fists and face raised to the heavens like Kirk screaming "Chazzzz!" as his arch-nemesis steals the limelight.

Made me giggle.

Canadian, eh? Outa Toronto. So, when they're talking about 25% of portfolio in international stocks/funds, it's from a perspective originating from North of the border. Two summers ago, I was up visiting an old friend up there. TAX-FREE bank accounts are available. The catch is, they pay less than 1%. I have a bank account (savings) that pays 0.1%. That's even crazier. ...Anyhow, the article recommends beefing-up on small-cap funds. I've been growing my portion. I've seen nothing better than MSCFX: +162% since inception, in Aug, 2011. Damn, I always forget that the fund is closed. Like a wild night with Kate Upton, but then you wake up by yourself. ;) ..... Sorry. Anyhow, my wife is in VSCIX, and it's chugging along. Pretty BLOATED, though.

Thanks for the nod. Brenda's life was a cautionary tale: a wickedly smart small college econ major who, almost literally, worked herself to death for her employer. At the point that she resigned the presidency of Pepsi, she said she was leaving home at 5:30 each morning and returning between 10:00 and 11:00 each night. She'd look in on her kids and kiss their foreheads, but might not hear their voices - nor they, hers - for a week at a time.
When she walked away, she said it wasn't that her kids needed her so much as she needed them.
She throttled back, then got lured back (to Sara Lee), and suffered a catastrophic stroke. She walked away for good to work on her recovery and, eventually, became strong enough to return to the college's board of trustees. She was blunt, sensible and demanding. Despite my only occasional interactions with the board over the two decades since I was the dean, she always remembered me and offered a warm greeting.
I'll miss her.
David

I guess I'll wait for DLEUX. I do have an IRA at TDA, but the TF deters me. It would require a big position held for a long time to equal the .25% lower ER for DSEUX.

According to my test trade at TDAmeritrade, DSEUX has a $5K not a $100K minimum for retirement accounts with a TF.
Kevin

@davidrmoran,
According to a test trade I just made in my TDAmeritrade retirement account, DSEUX is available for a $5K minimum with a TF. Since I am grandfathered into the ThinkorSwim commission structure, the TF is only $15 each for buys and sells. For some reason, DLEUX is not available at TDAmeritrade.
Kevin

@mrc70,
As I see it, you have a much better than average selection of funds in your retirement plan. With your selection, I would probably pick one fund and use my other retirement accounts to complete the portfolio.
I am a federal employee, and I have a limited but a more than adequate selection of funds in our Thrift Savings Plan (TSP), which have an average expense ratio of a crazy-low 0.029%.
Right now I have 100% of my TSP in the "S" fund, which is comparable to your FSEVX. Based on technical analysis, I shift assets between the TSP "C" fund (S&P500 equivalent, FXSIX) and the "S" fund, and use my other retirement accounts to fill out our portfolio.
If you have a position in PRWCX, then I would not bother with OAKBX, And SFGIX is a much better option in EM than GTDIX. And for FI, I would stick with PIMIX, and maybe WHAIX, and call it a day.
Kevin

AMLP the Alerian Index ETF might fit the bill. Top heavy in arguably the top 2 dogs in the MLP space and an 0.85% ER.

Thank you all!
Based on the responses I have seen so far, probably, I am expecting too much from a typical 401k as far as fund options are concerned. My previous 401k was horrible with just one American fund for entire International/Global/EM asset classes. When I questioned, our company rep for 401k told me that 'we invest conservatively'. Never expected such nonsensical reply. However, we were given a choice to open brokerage a/c with TDA.
I am passionate individual investor and read many books on investing and asset allocation to educate myself since 2004. Having started investing from 2000, and following M* forum and Fund Alarm/MF Observer since 2004, I know a bit about asset allocation. I have close to 20 funds as I have 5 IRA/Roth IRA accounts across V'rd and TDA for me and my wife. Overall it is a very diversified portfolio with Global, US LCap/MCap/SCap, International, EM, and Bond funds.
Based on what funds I chose in this 401k account, as you suggested, I may have to adjust my IRA accounts to ensure that my overall portfolio is well balanced with the best funds chosen in the available options.
Fidelity Index funds, bond fund, OAKBX are solid options. Looking at M* statistics, Janus fund, Northern small cap, both section funds (if I decide to invest in them), and Invesco Developing markets funds seem to be good choices. Since I don't know much about these funds, looking for expert comments from those of you, who know more about them.
Appreciate your help.
Thanks,
Mrc

What I've done when investing in vehicles with limited menus is pick the best they had to offer and then round out my portfolio elsewhere.
Since you say there are a number of good funds in the 401k even if it doesn't offer you a complete array of first rate choices, you can start with those funds. Then adjust your IRAs to give you your desired portfolio allocation.
That is unless there's a particular reason why you want to treat these as separate portfolios. For example, you might be planning to retire at age 55 and draw on the 401k for the first few years. You can do that without penalty with a 401k, but you generally have to wait until age 59.5 to get money out, penalty-free, from an IRA.

Hi,
Could you please help me in identifying better choices in the following? I have IRAs with Vangard and TDA, where I have superb choices and invested in funds ike VDIGX, VHCOX, ARTKX, FPACX, AKREX, SFGIX, GPGOX, etc.
There are some good funds like OAKBX, Janus Enterprise, V'rd health care, bond funds, index funds, etc. in this list, but overall disappointing choices in my opinion.
I am comfortable with my allocation %ages for various asset classes, so where I need the advice is just in identifying good funds, not overall asses allocation. Appreciate all of your help.
LCap
****
Janus Enterprise Fund Class N (JDMNX) Stock
American Beacon Large Cap Value Fund Class Institutional (AADEX) Stock
Fidelity® Capital Appreciation Fund - Class K (FCAKX) Stock
Fidelity® 500 Index Fund - Institutional Class (FXSIX) Stock
Fidelity® Large Cap Growth Index Fund - Premium Class (FSUPX) Stock
Fidelity® Large Cap Value Index Fund - Premium Class (FLCHX) Stock
MCap
****
Fidelity® Mid Cap Index Fund - Premium Class (FSCKX) Stock
MFS Mid Cap Value Fund Class R6 (MVCKX) Stock
Fidelity® Extended Market Index Fund - Premium Class (FSEVX) Stock
Scap
****
Northern Small Cap Value Fund (NOSGX) Stock
Loomis Sayles Small Cap Value Fund Class N (LSCNX) Stock
UBS U.S. Small Cap Growth Fund Class P (BISCX) Stock
Fidelity® Small Cap Index Fund - Premium Class (FSSVX) Stock
Balanced
********
Oakmark Equity And Income Fund Investor Class (OAKBX) Blend
Sector
******
Cohen & Steers Realty Shares Fund (CSRSX) Stock
Vanguard Health Care Fund Admiral Shares (VGHAX) Stock
International/Global
********************
Deutsche Global Small Cap Fund Institutional Class (KGDIX) Stock
Invesco Developing Markets Fund R5 Class (GTDIX) Stock
Fidelity® International Discovery Fund - Class K (FIDKX) Stock
Bonds
*****
Fidelity® Total Bond Fund (FTBFX) Bond
Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX) Bond
Money Market
************
Putnam Stable Value Fund Bond
Fidelity® Investments Money Market Government Portfolio - Class I (FIGXX) Short Term
Retirement Series
*****************
FIAM Target Date 2060 Commingled Pool Class S Blend
FIAM Target Date 2055 Commingled Pool Class S Blend
FIAM Target Date 2050 Commingled Pool Class S Blend
FIAM Target Date 2045 Commingled Pool Class S Blend
FIAM Target Date 2040 Commingled Pool Class S Blend
FIAM Target Date 2035 Commingled Pool Class S Blend
FIAM Target Date 2030 Commingled Pool Class S Blend
FIAM Target Date 2025 Commingled Pool Class S Blend
FIAM Target Date 2020 Commingled Pool Class S Blend
FIAM Target Date 2015 Commingled Pool Class S Blend
FIAM Target Date 2010 Commingled Pool Class S Blend
FIAM Target Date 2005 Commingled Pool Class S Blend
FIAM Target Date Income Commingled Pool Class S Blend

Inflated Optimism?
Economic Overview:
Week Ending January 20, 2017 © 2017 Payden & Rygel All rights reserved.
From 2011 to 2015, the world inflation rate fell year after year. By 2016, the world was abuzz with deflation mania, fearing a further decline in the rate of inflation. Instead, as commodity prices recovered and global growth found its footing, consumer prices perked up in 2016. For 2017, there is a reason to believe the deflation fear may be behind us, as updated forecasts released by the International Monetary Fund (IMF) this week show an expected annual pick-up in prices for the second time in the last five years.

Highlights of the Week:
Treasuries: Treasury markets absorbed stronger inflation and housing data this week. Yields ground higher every day in this holiday-shortened week. The icing on the cake was Yellen’s speech on Wednesday where no one anticipated any remarks with regards to monetary policy and received hawkish ones at that.
Securitized Products:
The ABS market is following along with Ford auto receivables bringing a fully compliant ABS deal both regarding the 5% risk retention requirement and full loan level disclosure. The queue for next week is also full of issuers ready to hit the marketplace.
High Yield:
In this environment, the market has room to compress further, particularly given low expected default rates. Prudent, valuation-conscious investors should be rewarded.
Emerging Markets: The latest activity data from China was a reminder of the country’s adjustment from investment-led to consumption-driven growth. December industrial production and xed asset investment growth eased modestly to 6.0% year-over-year (y/y) and 8.1% y/y, respectively, while retail sales came better than expected at 10.9% y/y.
Municipals Municipal bond funds experienced a second consecutive week of in ows, taking in an additional $511.74 million. Investor demand has been strong, with $10 billion in new issuance well received and broad follow-through in secondary trading.
https://www.payden.com/weekly/wir012017.pdf
Honey. I think the kids are (finally ) leaving ! + We Look Back At Obama Years From Hoya Capital
...demographics over the next ten years are highly favorable to apartment demand. Rent growth data will certainly be interesting over the next several years: it will be a battle between high levels of supply and high levels of demand.
Real Estate Weekly: Trump Takes Office, We Look Back At Obama Years
Hoya Capital Real Estate Jan. 20, 2017
With Donald Trump taking office this week, we think it's interesting to look back at the performance of REITs under the Obama Administration.
REITs returned an average of 13% per year (price) and roughly 17% including dividends. Interesting, this 175% holding period return is almost exactly inline with the broader S&P 500 index.

It's important to note the context, though. Obama took office at almost the exact bottom of an 80% decline in REIT values over the preceding 18 months as the REIT ETF bottomed just a month after inauguration.
Bottom Line So how will real estate perform under Trump? Well, we can pretty confidently say that commercial real estate won't perform as well under Trump as they did under Obama, but that should be rather obvious. Trump enters office at a time that commercial real estate values are near record highs and valuations appear healthy. Based on prevailing cap rate and economic growth expectations, REIT investors should continue to expect a 5-8% average annual total return with plenty of annual volatility.
http://seekingalpha.com/article/4038310-real-estate-weekly-trump-takes-office-look-back-obama-years
Treasury yields are up since Election Day. The benchmark 10-year Treasury is currently trading at 2.47% (as of Jan. 19, based on daily data via Treasury.gov). That’s up from 1.90% on Election Day and close to the highest level in two years.

http://www.capitalspectator.com/moderate-us-growth-prevails-at-dawn-of-trump-era/