Janus Announces Investment Team Appointments

-- Jonathan Coleman, portfolio manager of Janus Enterprise Fund, and David Decker, portfolio manager of Janus Contrarian Fund, have been named co-Chief Investment Officers for Janus' U.S. equity growth and core investment disciplines. In these new positions, Coleman and Decker will continue managing their respective funds and act as "player-coaches" in overseeing Janus' growth and core portfolio managers. Coleman and Decker have been with Janus for 11 and 13 years, respectively. Last year Black appointed Gibson Smith as CIO of Janus' fixed-income and money market departments and Jason Yee as global and international equity CIO.

-- David Corkins, portfolio manager of Janus Mercury Fund, has been appointed portfolio manager of the company's flagship Janus Fund, replacing Blaine Rollins. Corkins, who joined Janus in 1995, built a distinguished track record as manager of Janus Growth and Income Fund from 1997 through 2003. During that time, the fund earned an overall five-star rating from Morningstar based on risk-adjusted returns and it ranked in Lipper's top 5th percentile (16th out of 351 funds) in the large-cap core category based on total returns. Since Corkins assumed management of Janus Mercury Fund Feb. 28, 2003, its average annual total return of 18.4% ranked it in Lipper's top 15th percentile (88th out of 601 funds) in the large-cap growth category as of Dec. 31, 2005. "David's a classic growth manager with a disciplined and consistent investment style, which makes him a great fit to manage Janus Fund," Black said.

C-0106-221 (The Overall Morningstar Rating(TM) for a fund isderived from a weighted average of the performance figures associatedwith its three-, five- and 10-year (if applicable) MorningstarRating(TM) metrics.)

112-07-926 01-06

-- Janus Mercury Fund, formerly run by Corkins, will be managed by Janus' research team, led by Director of Research Jim Goff. This team has run Janus Research Fund, which invests in the Janus analysts' most compelling ideas, since its inception Feb. 28, 2005. As of Dec. 31, 2005, Janus Research Fund delivered a total return of 18.6%, outperforming its benchmark, the Russell 1000 Index, which returned 6.6% during the same period. Under its new management, Janus Mercury Fund will continue to be a diversified fund that invests in attractive growth stocks. Stock selection will be driven by Janus research analysts and the portfolio will reflect what they consider the most promising opportunities in several business sectors, including communications, retail, energy, financials, healthcare, industrials and materials, and technology. "Rigorous fundamental research has been Janus' hallmark for more than 35 years," Black said. "Our research analysts are the backbone of Janus' investment process and they play a vital role in our ability to deliver for investors. These appointments make the most of our strengths and reflect my confidence in our investment team."

-- Blaine Rollins, former portfolio manager of Janus Fund, will replace Ron Sachs as portfolio manager of Janus Triton Fund, a small- and mid-cap growth fund introduced in February 2005. Sachs will continue to manage Janus Orion Fund, a multi-cap growth fund he's run since its inception in 2000.

The portfolio management appointments will take effect February 1,2006.

Black noted that Janus has been delivering strong, consistentinvestment returns during the last one-, three- and 10-year periodsand that its five-year results have steadily improved.

Based on total returns as of December 31, 2005, 75% of theJanus-managed equity funds in the company's primary retail fundfamily, Janus Investment Fund (JIF), were in the top half of theirLipper categories on a one-year and three-year basis. Total returnsfor the same Janus-managed equity funds on a five-year and 10-yearbasis were 53% and 80%, respectively. (Detailed Lipper Rankings,Morningstar Ratings and performance data for all JIF funds are onpages 4-7.)

About Janus Capital Group Inc.

Founded in 1969, Denver-based Janus Capital Group Inc. (Janus) isa recognized leader of growth and risk-managed investment strategies.Our commitment to deliver for investors is rooted in ourresearch-intensive approach and relentless passion to gain acompetitive edge.

At the end of September 2005, Janus managed approximately $139.4billion in assets for more than four million shareholders, clients andinstitutions around the globe. Outside the U.S., Janus has offices inLondon, Milan, Tokyo and Hong Kong.

Please consider the charges, risks, expenses and investmentobjectives carefully before investing. For a prospectus containingthis and other information, please call Janus at 800-525-3713 ordownload the file from janus.com. Read it carefully before you investor send money.

Data presented reflects past performance, which is no guarantee offuture results.

Rankings referenced exclude money markets.

Janus Distributors LLC 151 Detroit Street Denver, CO 80206 (1/06)
Janus Investment Fund ("JIF") The Overall Morningstar Rating(TM)
is derived from a weighted average
of the performance figures
associated with its three-, five-,
and ten-year (if applicable)
Morningstar Rating(TM) metrics.

Overall Rating
---------------
Fund Category Stars # of
Funds
------------------------------------------------- ----------------

------------------------------------------------- ----------------
Janus Fund Large Growth Funds 3 Stars 1353
Janus Enterprise Fund Mid-Cap Growth Funds 2 Stars 803
Janus Growth and Income Fund Large Growth Funds 5 Stars 1353
Janus Mercury Fund Large Growth Funds 3 Stars 1353
Janus Olympus Fund Large Growth Funds 3 Stars 1353
Janus Orion Fund Mid-Cap Growth Funds 4 Stars 803
Janus Twenty Fund(1) Large Growth Funds 4 Stars 1353
Janus Venture Fund(1) Small Growth Funds 3 Stars 650
Janus Global Life Sciences Specialty-Health 3 Stars 194
Fund Funds
Janus Global Technology Fund Specialty-Technology 3 Stars 292
Funds
Janus Overseas Fund Foreign Large Growth 4 Stars 196
Funds
Janus Worldwide Fund World Stock Funds 2 Stars 392
Janus Global Opportunities World Stock Funds 3 Stars 392
Janus Balanced Fund Moderate Allocation 3 Stars 868
Funds
Janus Core Equity Fund Large Blend Funds 4 Stars 1490
Janus Contrarian Fund Large Blend Funds 5 Stars 1490
Janus Mid Cap Value Fund - Mid-Cap Value Funds 4 Stars 257
Investor Shares(2)
Janus Small Cap Value Fund - Small Value Funds 3 Stars 276
Investor Shares(1)(2)
Janus Federal Tax-Exempt Fund Muni National Long 2 Stars 307
Funds
Janus Flexible Bond Fund Intermediate-Term 4 Stars 901
Bond Funds
Janus High-Yield Fund High Yield Bond 4 Stars 447
Funds
Janus Short-Term Bond Fund Short-Term Bond 3 Stars 317
Funds
------------------------------------------------- ----------------

Percent of funds rated 4 / 5
Stars 40.9%



Three-Year Five-Year
Rating Rating
--------------- --------------
Fund Stars # of Stars # of
Funds Funds
------------------------------------------------------------

------------------------------------------------------------
Janus Fund 3 Stars 1353 2 Stars 1065
Janus Enterprise Fund 4 Stars 803 2 Stars 613
Janus Growth and Income Fund 4 Stars 1353 4 Stars 1065
Janus Mercury Fund 4 Stars 1353 2 Stars 1065
Janus Olympus Fund 4 Stars 1353 2 Stars 1065
Janus Orion Fund 5 Stars 803 4 Stars 613
Janus Twenty Fund(1) 5 Stars 1353 3 Stars 1065
Janus Venture Fund(1) 4 Stars 650 3 Stars 507
Janus Global Life Sciences 4 Stars 194 3 Stars 136
Fund
Janus Global Technology Fund 3 Stars 292 3 Stars 248
Janus Overseas Fund 5 Stars 196 4 Stars 151
Janus Worldwide Fund 1 Star 392 1 Star 285
Janus Global Opportunities 3 Stars 392 N/A
Janus Balanced Fund 3 Stars 868 3 Stars 664
Janus Core Equity Fund 5 Stars 1490 4 Stars 1155
Janus Contrarian Fund 5 Stars 1490 5 Stars 1155
Janus Mid Cap Value Fund - 4 Stars 257 4 Stars 140
Investor Shares(2)
Janus Small Cap Value Fund - 2 Stars 276 2 Stars 192
Investor Shares(1)(2)
Janus Federal Tax-Exempt 2 Stars 307 2 Stars 285
Fund
Janus Flexible Bond Fund 4 Stars 901 4 Stars 691
Janus High-Yield Fund 2 Stars 447 3 Stars 373
Janus Short-Term Bond Fund 4 Stars 317 3 Stars 227
------------------------------------------------------------

Percent of funds rated 4 / 5
Stars 63.6% 33.3%



Ten-Year Rating
---------------
Fund Stars # of
Funds
--------------------------------------------

--------------------------------------------
Janus Fund 3 Stars 370
Janus Enterprise Fund 2 Stars 215
Janus Growth and Income Fund 5 Stars 370
Janus Mercury Fund 3 Stars 370
Janus Olympus Fund 4 Stars 370
Janus Orion Fund N/A
Janus Twenty Fund(1) 4 Stars 370
Janus Venture Fund(1) 2 Stars 174
Janus Global Life Sciences N/A
Fund
Janus Global Technology Fund N/A
Janus Overseas Fund 4 Stars 62
Janus Worldwide Fund 3 Stars 126
Janus Global Opportunities N/A
Janus Balanced Fund 4 Stars 296
Janus Core Equity Fund N/A
Janus Contrarian Fund N/A
Janus Mid Cap Value Fund - N/A
Investor Shares(2)
Janus Small Cap Value Fund - 4 Stars 59
Investor Shares(1)(2)
Janus Federal Tax-Exempt 2 Stars 205
Fund
Janus Flexible Bond Fund 4 Stars 351
Janus High-Yield Fund 5 Stars 135
Janus Short-Term Bond Fund 3 Stars 131
--------------------------------------------

Percent of funds rated 4 / 5
Stars 53.3%

Data presented reflects past performance, which is no guarantee of
future results.

Notes: (1) Closed to new investors. (2) Rating is for this share
class only; other classes may have different performance
characteristics. For each fund with at least a three-year history,
Morningstar calculates a Morningstar Rating(TM) based on a Morningstar
Risk-Adjusted Return measure that accounts for variation in a fund's
monthly performance (including the effects of sales charges, loads,
and redemption fees), placing more emphasis on downward variations
and rewarding consistent performance. The top 10% of the funds in
each category receive 5 stars, the next 22.5% receive 4 stars, the
next 35% receive 3 stars, the next 22.5% receive 2 stars, and the
bottom 10% receive 1 star. (Each share class is counted as a fraction
of one fund within this scale and rated separately, which may cause
slight variations in the distribution percentages.) The Overall
Morningstar Rating(TM) for a fund is derived from a weighted average
of the performance figures associated with its three-, five- and
ten-year (if applicable) Morningstar Rating(TM) metrics.


Janus Investment Fund Lipper Rankings Based
on Total Returns as of 12/31/05
--------------------------------------------------

1-Year
--------------------
PM Percentile Rank /
---------
Inception Lipper Category Rank (%) Total
Funds
--------- ----------------------------------------
Growth Funds
----------------------------------------------------------------------
Janus Enterprise Jan-02 Mid-Cap Growth Funds
Fund 39 212 / 553
Janus Fund Dec-99 Large-Cap Growth
Funds 67 457 / 687
Janus Mercury Fund Feb-03 Large-Cap Growth
Funds 39 263 / 687
Janus Olympus Fund Aug-97 Multi-Cap Growth
Funds 17 68 / 409
Janus Orion Fund Jun-00 Multi-Cap Growth
Funds 4 16 / 409
Janus Twenty Fund(1) Aug-97 Large-Cap Growth
Funds 21 144 / 687
Janus Venture Jan-01 Small-Cap Growth
Fund(1) Funds 84 439 / 523
----------------------------------------------------------------------

Core Funds
----------------------------------------------------------------------
Janus Balanced Fund Apr-05 Balanced Funds 6 38 / 650
Janus Core Equity Apr-05 Large-Cap Core Funds
Fund 2 9 / 890
Janus Growth and Dec-03 Large-Cap Core Funds
Income Fund 3 18 / 890
Janus Risk-Managed Feb-03 Multi-Cap Core Funds
Stock Fund 8 65 / 828
Janus Contrarian Feb-00 Multi-Cap Core Funds
Fund 2 14 / 828
----------------------------------------------------------------------

Income Funds
----------------------------------------------------------------------
Janus Federal Tax- Feb-05 General Muni Debt
Exempt Fund Funds 68 175 / 260
Janus Flexible Bond Dec-91 Intermediate Inv
Fund Grade Debt Funds 53 247 / 468
Janus High-Yield Dec-03 High Current Yield
Fund Funds 40 166 / 423
Janus Short-Term Jun-03 Short Investment
Bond Fund Grade Debt Funds 53 120 / 227
----------------------------------------------------------------------

International/Global
Funds
----------------------------------------------------------------------
Janus Global Life Dec-98 Health/Biotechnology
Sciences Fund Funds 31 53 / 173
Janus Global Jun-01 Global Funds
Opportunities Fund 95 321 / 340
Janus Global Dec-98 Science & Technology
Technology Fund Funds 11 29 / 284
Janus Overseas Fund Jun-03 International Funds 1 2 / 875
Janus Worldwide Fund Jun-04 Global Funds 87 294 / 340
----------------------------------------------------------------------

Value Funds
----------------------------------------------------------------------
Janus Mid Cap Value Aug-98 Mid-Cap Value Funds
Fund - Inv(2) 45 111 / 250
Janus Small Cap Feb-97 Small-Cap Core Funds
Value Fund -
Inv.(1,2) 27 168 / 634
----------------------------------------------------------------------



3-Year 5-Year
-------------------- --------------------
Percentile Rank / Percentile Rank /
Rank (%) Total Rank (%) Total
Funds Funds
-------------------- --------------------
Growth Funds
-------------------- -------------------- --------------------
Janus Enterprise
Fund 15 65 / 458 82 283 / 348
Janus Fund 50 293 / 593 66 310 / 475
Janus Mercury Fund 15 87 / 593 61 290 / 475
Janus Olympus Fund 51 180 / 358 70 194 / 279
Janus Orion Fund 4 13 / 358 9 24 / 279
Janus Twenty Fund(1) 4 19 / 593 25 115 / 475
Janus Venture
Fund(1) 17 72 / 447 30 105 / 350
-------------------- -------------------- --------------------

Core Funds
-------------------- -------------------- --------------------
Janus Balanced Fund 57 267 / 475 38 143 / 382
Janus Core Equity
Fund 4 24 / 759 5 26 / 619
Janus Growth and
Income Fund 8 57 / 759 20 118 / 619
Janus Risk-Managed
Stock Fund - - - -
Janus Contrarian
Fund 1 2 / 602 7 26 / 420
-------------------- -------------------- --------------------

Income Funds
-------------------- -------------------- --------------------
Janus Federal Tax-
Exempt Fund 84 208 / 247 77 165 / 216
Janus Flexible Bond
Fund 28 109 / 399 25 73 / 303
Janus High-Yield
Fund 88 327 / 371 60 183 / 305
Janus Short-Term
Bond Fund 18 32 / 179 49 61 / 124
-------------------- -------------------- --------------------

International/Global
Funds
-------------------- -------------------- --------------------
Janus Global Life
Sciences Fund 27 43 / 163 62 71 / 115
Janus Global
Opportunities Fund 53 149 / 285 - -
Janus Global
Technology Fund 49 128 / 263 62 137 / 221
Janus Overseas Fund 5 36 / 757 38 210 / 562
Janus Worldwide Fund 96 272 / 285 97 200 / 206
-------------------- -------------------- --------------------

Value Funds
-------------------- -------------------- --------------------
Janus Mid Cap Value
Fund - Inv(2) 34 71 / 209 16 19 / 118
Janus Small Cap
Value Fund -
Inv.(1,2) 80 402 / 503 33 119 / 370
-------------------- -------------------- --------------------



10-Year Since PM Inception
------------------- --------------------
Percentile Rank / Percentile Rank /
Rank (%) Total Rank (%) Total
Funds Funds
------------------- --------------------
Growth Funds
--------------------------------------- --------------------
Janus Enterprise
Fund 64 81 / 126 14 56 / 405
Janus Fund 52 82 / 158 66 264 / 403
Janus Mercury Fund 8 12 / 158 15 88 / 601
Janus Olympus Fund 14 12 / 89 13 17 / 135
Janus Orion Fund - - 36 82 / 232
Janus Twenty Fund(1) 2 2 / 158 6 12 / 235
Janus Venture
Fund(1) 44 45 / 103 31 108 / 350
--------------------------------------- --------------------

Core Funds
--------------------------------------- --------------------
Janus Balanced Fund 7 12 / 177 ++
Janus Core Equity
Fund - - ++
Janus Growth and
Income Fund 3 5 / 229 2 9 / 823
Janus Risk-Managed
Stock Fund - - 19 111 / 608
Janus Contrarian
Fund - - 14 45 / 341
--------------------------------------- --------------------

Income Funds
--------------------------------------- --------------------
Janus Federal Tax-
Exempt Fund 70 99 / 141 ++
Janus Flexible Bond
Fund 16 21 / 137 4 2 / 55
Janus High-Yield
Fund 3 3 / 104 47 191 / 406
Janus Short-Term
Bond Fund 23 14 / 62 22 41 / 189
--------------------------------------- --------------------

International/Global
Funds
--------------------------------------- --------------------
Janus Global Life
Sciences Fund - - 35 17 / 48
Janus Global
Opportunities Fund - - 12 27 / 228
Janus Global
Technology Fund - - 22 16 / 75
Janus Overseas Fund 6 11 / 209 2 14 / 784
Janus Worldwide
Fund 49 38 / 77 80 257 / 322
--------------------------------------- --------------------

Value Funds
--------------------------------------- --------------------
Janus Mid Cap Value
Fund - Inv(2) - - 4 3 / 79
Janus Small Cap
Value Fund -
Inv.(1,2) - - 12 18 / 152
--------------------------------------- --------------------



Percent of JIF Funds per Lipper Quartile based on
Total Returns
-------------------------------------------------
1-Year 3-Year 5-Year 10-Year Since PM
Inception
----------------------------------------------------------------------
1st Quartile 43.5% 45.5% 33.3% 64.3% 70.0%
2nd Quartile 26.1 22.7 23.8 14.3 20.0
3rd Quartile 17.4 13.6 28.6 21.4 5.0
4th Quartile 13.0 18.2 14.3 0.0 5.0
----------------------------------------------------------------------

Lipper Inc. -- A Reuters Company, is a nationally recognized
organization that ranks the performance of mutual funds within a
universe of funds that have similar investment objectives.
Rankings are historical with capital gains and dividends reinvested.

Data presented reflects past performance, which is no guarantee of
future results.

(1) Closed to new investors.

(2) Ranking is for the investor share class only; other classes may
have different performance characteristics.



Janus Investment Fund ("JIF")

Average Annual Total Returns (%) for Periods
Ended 12/31/05(1)
----------------------------------------------


Inception Life
of
Date 1 Year 3 Year 5 Year 10 Year Fund
--------- ------ ------ ------- ------ ------
Growth Funds
---------------------------------- -----------------------------------
Janus Fund 2/70 3.98 12.76 (5.16) 6.95 13.82
Janus Twenty Fund(2,3) 4/85 9.42 19.32 (1.79) 11.34 13.47
Janus Mercury Fund 5/93 6.82 16.06 (4.86) 9.43 12.71
Janus Olympus Fund 12/95 14.21 17.81 (4.42) 11.72 11.72
Janus Enterprise Fund 9/92 11.40 22.23 (4.68) 7.22 11.31
Janus Venture Fund(2,4) 4/85 1.55 22.97 3.57 8.85 13.27
Janus Orion Fund(5,16) 6/00 20.93 25.96 3.67 -- (3.08)
---------------------------------- -----------------------------------
Core Funds
---------------------------------- -----------------------------------
Janus Growth and Income
Fund 5/91 12.48 16.19 1.07 12.45 13.60
Janus Balanced Fund 9/92 7.75 10.04 3.40 10.16 11.31
Janus Contrarian
Fund(5,18,19) 2/00 16.01 29.66 7.98 -- 8.17
Janus Core Equity
Fund(19) 6/96 16.36 17.73 3.29 -- 13.04
Janus Risk-Managed Stock
Fund(6,7,19) 2/03 11.06 -- -- -- 21.08
---------------------------------- -----------------------------------
International/Global
Funds
---------------------------------- -----------------------------------
Janus Worldwide Fund(6) 5/91 5.84 11.54 (4.56) 7.57 10.91
Janus Overseas
Fund(5,6,17,19) 5/94 32.39 29.01 4.67 12.90 12.92
Janus Global Life
Sciences Fund(3,6,19) 12/98 11.45 17.75 (1.34) -- 10.46
Janus Global Technology
Fund(4,5,6,8,19) 12/98 11.50 18.42 (10.05) -- 2.85
Janus Global
Opportunities Fund 6/01 4.07 18.44 -- -- 9.39
---------------------------------- -----------------------------------
Value Funds
---------------------------------- -----------------------------------
Janus Small Cap Value
Fund - Inv.(2,9,16) 10/87 8.90 19.15 11.38 15.76 14.56
Janus Mid Cap Value Fund
- Inv.(10,16,19) 8/98 10.36 22.09 13.77 -- 17.90
---------------------------------- -----------------------------------
Income Funds
---------------------------------- -----------------------------------
Janus Flexible Bond
Fund(11,12,13,19) 7/87 1.79 3.98 5.79 6.11 7.66
Janus High-Yield
Fund(6,11,12,13,19,20) 12/95 2.77 9.28 6.96 8.14 8.14
Janus Short-Term Bond
Fund(11,12,14,19) 9/92 1.52 2.46 3.54 4.78 4.69
Janus Federal Tax-Exempt
Fund(11,12,14,15,19) 5/93 2.53 2.92 4.23 4.41 4.62
---------------------------------- -----------------------------------

Data presented reflects past performance, which is no guarantee of
future results. Investment results and principal value will fluctuate
so that shares, when redeemed, may be worth more or less than their
original cost. Due to market volatility, current performance may be
higher or lower than the performance shown. Call 1-800-975-9932 or
visit www.janus.com for performance current to the most recent month-
end.

See notes to performance on the following page.

Total return includes reinvestment of dividends and capital gains.

(1) All figures unaudited.

(2) Closed to new investors.

(3) Returns have sustained significant gains and losses due to market
volatility in the healthcare sector.

(4) This Fund has been significantly impacted, either positively or
negatively, by investing in initial public offerings (IPOs).

(5) This Fund may have significant exposure to emerging markets which
may lead to greater price volatility.

(6) A 2% redemption fee may be imposed on shares held for 3 months or
less. Performance shown does not reflect this redemption fee and,
if reflected, performance would have been lower.

(7) The voluntary waiver of the Fund's management fee terminated on
June 25, 2004. Without such waivers total returns from inception
to June 24, 2004 would have been lower.

(8) Returns have sustained significant gains due to market volatility
in the information technology sector.

(9) Returns shown for Janus Small Cap Value Fund prior to April 21,
2003 are those of Berger Small Cap Value Fund.

(10) Returns shown for Janus Mid Cap Value Fund prior to April 21,
2003 are those of Berger Mid Cap Value Fund.

(11) Bond funds have the same interest rate, inflation, and credit
risks that are associated with the underlying bonds owned by the
Fund. Unlike owning individual bonds, there are ongoing fees and
expenses associated with owning shares of bonds funds. The return
of principal is not guaranteed due to net asset value fluctuation
that is caused by changes in the price of specific bonds held in
the Fund and selling of bonds within the fund by the Portfolio
Manager.

(12) As of December 30, 2005, the 30-day SEC Yield was 4.06% on Janus
Federal Tax-Exempt Fund, 4.24% on Janus Flexible Bond Fund, 6.73%
on Janus High-Yield Fund and 4.13% on Janus Short-Term Bond Fund.

(13) Adviser has agreed to waive a portion of the Fund's expenses if
they exceed the designated cap. If during the periods shown, the
Fund's actual expenses exceeded the cap, its total return would
have been lower. There were no waivers in effect for the most
recent period presented.

(14) Janus Capital has contractually agreed to waive Janus Short-Term
Bond Fund and Janus Federal Tax-Exempt Fund's total operating
expenses to the levels indicated in the prospectus until at
least March 1, 2007. Without such waivers, Janus Short-Term
Bond Fund and Janus Federal Tax-Exempt Fund's yield as of
December 30, 2005 would have been 3.66% and 3.63%, respectively
and total returns would have been lower.

(15) Income may be subject to state or local taxes and to a limited
extent certain federal tax. Capital gains are subject to federal,
state and local taxes.

(16) Due to recent market volatility, certain funds may have an
increased position in cash for temporary defensive purposes.

(17) Returns have sustained significant gains due to market volatility
in the financials sector.

(18) Returns have sustained significant gains due to investments in
India. As of 9/30/05, the fund held approximately 20% of its
assets in Indian securities. As a result, returns and NAV may
be affected to a large degree by fluctuations in currency
exchange rates or political or economic conditions in India.
Holdings are subject to change without notice.

(19) The Fund will invest at least 80% of its net assets in the type
of securities described by its name.

(20) Due to a onetime payment added to the fund, the yield experienced
a positive fluctuation. There is no guarantee of any future
payments to the fund.

Differences between compared investments may include objectives,
sales and management fees, liquidity, volatility, tax features
and other features, which may result in differences in performance.

A fund's performance may be affected by risks that include those
associated with non-diversification, investments in foreign
securities, non-investment grade debt securities, undervalued
companies or companies with a relatively small market capitalization.
Please see a Janus prospectus for more detailed information.