JANUS INVESTMENT FUND
JANUS HIGH-YIELD FUND
Supplement Dated June 27, 1996 to Prospectus Dated November 28, 1995
THIS SUPPLEMENT IS INTENDED TO BE USED WITH THE PROSPECTUS DATED NOVEMBER 28,
1995. THIS SUPPLEMENT, TOGETHER WITH THE PROSPECTUS PREVIOUSLY FURNISHED TO YOU,
CONSTITUTE A CURRENT PROSPECTUS. TO REQUEST ANOTHER COPY OF THE PROSPECTUS,
PLEASE CALL 1-800-525-3713.
I. The following table is added at page 2 of the Prospectus:
FINANCIAL HIGHLIGHTS
The unaudited information below is for the semiannual period ended April 30,
1996.
Janus High-Yield Fund(1)
- --------------------------------------------------------------------------------
1. Net asset value, beginning of period $10.00
- --------------------------------------------------------------------------------
Income from investment operations:
2. Net investment income .30
3. Net gains or (losses) on securities
(both realized and unrealized) .70
- --------------------------------------------------------------------------------
4. Total from investment operations 1.00
- --------------------------------------------------------------------------------
Less distributions:
5. Dividends (from net investment income) (.30)
6. Distributions (from capital gains) --
- --------------------------------------------------------------------------------
7. Total distributions (.30)
- --------------------------------------------------------------------------------
8. Net asset value, end of period $10.70
- --------------------------------------------------------------------------------
9. Total return* 10.10%
- --------------------------------------------------------------------------------
10. Net assets, end of period (in thousands) $34,162
11. Average net assets for the period (in thousands) $17,088
12. Ratio of gross expenses to average net assets** 1.00%(2)
13. Ratio of net expenses to average net assets** 1.00%
14. Ratio of net investment income to average net assets** 9.08%
15. Portfolio turnover rate** 627%
- --------------------------------------------------------------------------------
(1) Period from December 29, 1995 (inception) through April 30, 1996.
(2) The ratio was 1.49% before voluntary waiver of certain fees incurred by the
Fund.
*Total return is not annualized for periods of less than one year.
**Annualized for periods of less than one full year.
II. The section "How to Get in Touch with Janus" on page 7 of the Prospectus is
amended as follows:
If you have any questions while reading this Prospectus, please call one of
our Investor Service Representatives at 1-800-525-3713 Monday-Friday: 8:00
a.m.-10:00 p.m., and Saturday: 10:00 a.m.-7:00 p.m., New York time.
III. The section "Portfolio Manager" on page 12 of the Prospectus is amended to
add the following:
Sandy R. Rufenacht is co-manager of the Fund. He is also Executive Vice
President and portfolio manager of Janus Intermediate Government Securities
Fund and Janus Short-Term Bond Fund. Mr. Rufenacht joined Janus Capital in
1990 and gained experience as a trader and research analyst before assuming
management responsibilities. He holds a Bachelor of Arts in Business from
the University of Northern Colorado.
