JANUS INVESTMENT FUND
497, 1997-08-12
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                              JANUS INVESTMENT FUND


     Supplement dated August 12, 1997 to Prospectus dated February 17, 1997

THIS  SUPPLEMENT IS INTENDED TO BE USED WITH THE  PROSPECTUS  DATED FEBRUARY 17,
1997. 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.

Effective  August 12,  1997,  Thomas F.  Marsico is no longer  employed by Janus
Capital  Corporation,  investment adviser to the Janus funds. Scott W. Schoelzel
has been appointed  portfolio  manager of Janus Twenty Fund and will  relinquish
his management  responsibilities  for Janus Olympus Fund.  Claire Young has been
appointed  portfolio  manager of Janus  Olympus  Fund.  David  Corkins  has been
appointed portfolio manager of Janus Growth and Income Fund.

Prior to this change, Ms. Young was assistant portfolio manager for Janus Twenty
Fund and Janus Growth and Income Fund. Ms. Young joined Janus in 1992 and has an
undergraduate degree in electrical engineering from Yale University.

Mr. Corkins joined Janus in 1995 as a research analyst  specializing in domestic
financial  services companies and a variety of foreign  industries.  Mr. Corkins
was most recently an assistant  portfolio  manager for Janus Mercury Fund. Prior
to  joining  Janus,  Mr.  Corkins  was the  Chief  Financial  Officer  of  Chase
Manhattan's mortgage business. Mr. Corkins has a Bachelor of Arts in English and
Russian from Dartmouth and received his Master in Business  Administration  from
Columbia University in 1993.



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