JANUS ASPEN SERIES
497, 1995-08-25
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                               JANUS ASPEN SERIES
                             MONEY MARKET PORTFOLIO


        Supplement dated August 25, 1995 to Prospectus dated May 1, 1995

THIS  SUPPLEMENT IS INTENDED TO BE USED WITH THE  PROSPECTUS  DATED MAY 1, 1995.
THIS  SUPPLEMENT,  TOGETHER  WITH THE  PROSPECTUS  PREVIOUSLY  FURNISHED TO YOU,
CONSTITUTE A CURRENT  PROSPECTUS.  TO REQUEST  ANOTHER  COPY OF THE  PROSPECTUS,
PLEASE CALL YOUR INSURANCE COMPANY.

     I. The following table is added at page 2 of the Prospectus:

FINANCIAL HIGHLIGHTS

The  unaudited  information  below is for the  semiannual  period ended June 30,
1995.  Expense and income ratios have been  annualized  while total returns have
not been annualized.


<TABLE>
<CAPTION>
                                                                                                    Money Market Portfolio(1)
---------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                         <C>  
 1. Net asset value, beginning of period                                                                      $1.00
---------------------------------------------------------------------------------------------------------------------------
    Income from investment operations:
 2. Net investment income                                                                                       .01
 3. Net gains or (losses) on securities (both realized and unrealized)                                            --
---------------------------------------------------------------------------------------------------------------------------
 4. Total from investment operations                                                                            .01
---------------------------------------------------------------------------------------------------------------------------
    Less distributions:
 5. Dividends (from net investment income)                                                                     (.01)
 6. Distributions (from capital gains)                                                                            --
---------------------------------------------------------------------------------------------------------------------------
 7. Total distributions                                                                                        (.01)
---------------------------------------------------------------------------------------------------------------------------
 8. Net asset value, end of period                                                                            $1.00
---------------------------------------------------------------------------------------------------------------------------
 9. Total return                                                                                              0.91%
10. Net assets, end of period (in thousands)                                                                   $938
11. Ratio of expenses to average net assets                                                                    .50%(2)
12. Ratio of net investment income to average net assets                                                      5.85%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)  Period from May 1, 1995 (inception) through June 30, 1995.
(2)  The ratio was 1.90% before voluntary waiver of certain fees incurred by the
     Portfolio.

II.  The following is added to the section  "Types of  Securities"  on page 2 of
     the Prospectus:

     Joint Accounts.

     The  Portfolio has  requested  exemptive  relief from the SEC to permit the
     Portfolio  and other  funds  advised by Janus  Capital to invest in certain
     money  market  instruments  through  a  joint  account.   Accordingly,  the
     Portfolio  may purchase  such  instruments  through a joint account if such
     relief is granted. 


                                                                       JCC507104


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