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CAPITAL APPRECIATION FUND
Supplement dated August 12, 1997 to May 1, 1997 Prospectus
Effective August 12, 1997, Scott W. Schoelzel has been appointed portfolio
manager of the Capital Appreciation Fund. He succeeds Thomas F. Marsico who is
no longer employed by Janus Capital Corporation, the Fund's investment
subadviser.
Mr. Schoelzel joined Janus Capital Corporation in 1994, most recently
serving as Executive Vice President and portfolio manager of Janus Olympus
Fund, which he has managed since its inception. 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.
L-11171A 8/97
