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JANUS ASPEN SERIES
HIGH-YIELD PORTFOLIO
Supplement Dated October 24, 1996 to Prospectus Dated May 1, 1996
THIS SUPPLEMENT IS INTENDED TO BE USED WITH THE PROSPECTUS DATED MAY 1,
1996. THIS SUPPLEMENT, TOGETHER WITH THE PROSPECTUS PREVIOUSLY FURNISHED TO
YOU, CONSTITUTE A CURRENT PROSPECTUS. TO REQUEST ANOTHER COPY OF THE
PROSPECTUS, PLEASE CALL OR WRITE YOUR INSURANCE COMPANY.
I. The following table is added at page 2 of the Prospectus:
<TABLE>
FINANCIAL HIGHLIGHTS
The unaudited information below is for the period from May 1, 1996 (inception) through August 31, 1996.
High-Yield Portfolio
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<S> <C>
1. Net asset value, beginning of period $10.00
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Income from investment operations:
2. Net investment income .21
3. Net gains or (losses) on securities (both realized and unrealized) .23
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4. Total from investment operations 10.44
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Less distributions:
5. Dividends (from net investment income) (.10)
6. Distributions (from capital gains) --
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7. Total distributions (.10)
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8. Net asset value, end of period $10.34
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9. Total return* 4.42%
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10. Net assets, end of period (in thousands) $559
11. Average net assets for the period (in thousands) $329
12. Ratio of gross expenses to average net assets* 1.01%(1)
13. Ratio of net expenses to average net assets** 1.00%
14. Ratio of net investment income to average net assets** 8.36%
15. Portfolio turnover rate** 313%
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(1) The ratio was 6.82% before voluntary waiver of certain fees incurred by the Portfolio.
*Total return is not annualized for periods of less than one year.
**Annualized.
</TABLE>
II. The section "Portfolio Manager" on page 7 of the Prospectus is amended
to add the following:
Sandy R. Rufenacht is co-manager of the Portfolio. He is also
Executive Vice President and portfolio manager of Janus Intermediate
Government Securities Fund and Janus Short-Term Bond Fund and
Executive Vice President and co-manager of Janus Flexible Income Fund
and Janus High-Yield Fund. Mr. Rufenacht joined Janus Capital in 1990
and gained experience as a trader and research analyst before assuming
management responsibilities. He holds a Bachelor of Arts in Business
from the University of Northern Colorado.
III. The section "Other Service Providers" on page 8 of the Prospectus is
amended to reflect State Street Bank and Trust Company as the sole
custodian of the Portfolio.
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