<PAGE>
Janus Global Technology Fund
Janus Overseas Fund
Janus Venture Fund
Janus Twenty Fund
Supplement Dated September 25, 2000
to Statements of Additional Information Dated January 31, 2000, as
Supplemented July 28, 2000
THIS INFORMATION SUPPLEMENTS EACH FUND'S STATEMENT OF ADDITIONAL INFORMATION.
THIS SUPPLEMENT, ANY PREVIOUS SUPPLEMENT(S) AND EACH FUND'S STATEMENT OF
ADDITIONAL INFORMATION TOGETHER CONSTITUTE A CURRENT STATEMENT OF ADDITIONAL
INFORMATION. TO REQUEST A CURRENT COPY OF A STATEMENT OF ADDITIONAL INFORMATION,
PLEASE CALL 1-800-525-3713.
I. The following replaces the information about Janus Capital's ownership
under the heading "Investment Adviser:"
Stilwell Financial Inc. ("Stilwell") owns approximately 81.5% of the
outstanding voting stock of Janus Capital. Stilwell is a publicly traded
holding company with principal operations in financial asset management
businesses. Thomas H. Bailey, President, Chief Executive Officer and
Chairman of the Board of Janus Capital, owns approximately 12% of Janus
Capital's voting stock and, by agreement with Stilwell, selects a majority
of Janus Capital's Board, subject to the approval of Stilwell, which
Stilwell cannot unreasonably withhold.
II. With respect to the fourth sentence of the second paragraph under the
heading "Custodian, Transfer Agent and Certain Affiliations," DST Systems,
Inc. is now a subsidiary of Stilwell and not of KCSI.
III. Effective September 25, 2000, James P. Craig is no longer a Trustee or a
Vice President of the Funds.
IV. Effective September 25, 2000, Steven R. Goodbarn is no longer Vice
President and Chief Financial Officer of the Funds.
