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Janus Income Funds
Janus Federal Tax-Exempt Fund
Supplement dated December 21, 2000
to Prospectus dated January 31, 2000, as
supplemented March 16, 2000, June 6, 2000
and September 13, 2000
THIS INFORMATION SUPPLEMENTS THE FUNDS' PROSPECTUS. THIS SUPPLEMENT, ANY
PREVIOUS SUPPLEMENT(S) AND THE PROSPECTUS TOGETHER CONSTITUTE A CURRENT
PROSPECTUS. TO REQUEST ANOTHER COPY OF THE PROSPECTUS, PLEASE CALL
1-800-525-3713.
The following information supplements the information under "Management of the
Funds -- Portfolio Managers":
Effective December 31, 2000, Darrell W. Watters will no longer be Executive Vice
President and Portfolio Manager of Janus Federal Tax-Exempt Fund, and Sharon S.
Pichler will become Executive Vice President and Portfolio Manager of Janus
Federal Tax-Exempt Fund. Ms. Pichler's biographical information currently
appears in the Prospectus.
INSUPP-12/21/00
