JANUS INVESTMENT FUND
497, 1997-08-12
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                              JANUS INVESTMENT FUND
                               JANUS OLYMPUS 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, Claire Young has been appointed  portfolio manager of
Janus Olympus Fund. Ms. Young replaces Scott Schoelzel, who has managed the Fund
since  inception,  in order to allow  Mr.  Schoelzel  to  assume  new  portfolio
management duties for other Janus funds.

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.



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