JANUS INVESTMENT FUND
497, 1997-08-12
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                              JANUS INVESTMENT FUND
                                JANUS TWENTY 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. Mr. Schoelzel joined
Janus Capital in 1993 and was Executive Vice President and portfolio  manager of
Janus  Olympus Fund from its  inception to August 1997.  From 1991 to 1993,  Mr.
Schoelzel  was a portfolio  manager  with  Founders  Asset  Management,  Denver,
Colorado. He holds a Bachelor of Arts in Business from Colorado College.



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