Janus Investment Fund
Supplement dated September 15, 1999 to
Statement of Additional Information dated February 17, 1999
THIS INFORMATION SUPPLEMENTS THE FUND'S STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 17, 1999. THIS SUPPLEMENT, TOGETHER WITH THE STATEMENT OF
ADDITIONAL INFORMATION, CONSTITUTE A CURRENT STATEMENT OF ADDITIONAL
INFORMATION. TO REQUEST ANOTHER COPY OF THE STATEMENT OF ADDITIONAL INFORMATION,
PLEASE CALL 1-800-525-3713.
The following information should be added to the "Investment Strategies and
Risks" section:
Securities Lending
The Fund may lend securities to qualified parties (typically brokers or other
financial institutions) who need to borrow securities in order to complete
certain transactions such as covering short sales, avoiding failures to deliver
securities or completing arbitrage activities. The Fund will seek to earn
additional income through securities lending. Since there is the risk of delay
in recovering a loaned security or the risk of loss in collateral rights if the
borrower fails financially, securities lending will only be made to parties that
Janus Capital deems creditworthy and in good standing. In addition, such loans
will only be made if Janus Capital believes the benefit from granting such loan
justifies the risk. The Fund will not have the right to vote on securities while
they are being lent, but it will call a loan in anticipation of any important
vote. All loans will be continuously secured by collateral which consists of
cash, U.S. government securities, letters of credit and such other collateral
permitted by the Securities and Exchange Commission and policies approved by the
Trustees. Cash collateral may be invested in money market funds advised by Janus
to the extent consistent with exemptive relief obtained from the SEC.
OVSUP999
