JANUS BALANCED FUND
SUPPLEMENT DATED DECEMBER 21, 1995
TO PROSPECTUS DATED FEBRUARY 15, 1995
Effective January 1, 1996, Blaine P. Rollins will assume the management
responsibilities from James P. Craig for Janus Balanced Fund. Mr. Rollins joined
Janus in 1990 and has gained experience as a trader and research analyst prior
to assuming management responsibility for Janus Balanced Fund. He holds a
Bachelor of Science in Finance from the University of Colorado and is a
Chartered Financial Analyst (C.F.A.).
The change described above modifies the "Investment Personnel" section of the
prospectus.
