JANUS ASPEN SERIES
HIGH-YIELD PORTFOLIO
Supplement Dated January 13, 1997 to Prospectus Dated May 1, 1996
THIS SUPPLEMENT IS INTENDED TO BE USED WITH THE PROSPECTUS DATED MAY 1,
1996 AND REPLACES THE SUPPLEMENT DATED OCTOBER 24, 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:
FINANCIAL HIGHLIGHTS
The unaudited information below is for the period from May 1, 1996 (inception)
through August 31, 1996.
<TABLE>
HIGH-YIELD PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
1. Net asset value, beginning of period $10.00
- ---------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
2. Net investment income .21
3. Net gains or (losses) on securities (both realized and unrealized) .23
- ---------------------------------------------------------------------------------------------------------------------------
4. Total from investment operations 10.44
- --------------------------------------------------------------------------------
Less distributions:
5. Dividends (from net investment income) (.10)
6. Distributions (from capital gains) --
- ---------------------------------------------------------------------------------------------------------------------------
7. Total distributions (.10)
- --------------------------------------------------------------------------------
8. Net asset value, end of period $10.34
- --------------------------------------------------------------------------------
9. Total return* 4.42%
- --------------------------------------------------------------------------------
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%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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.
II. The section "Portfolio Manager" on page 7 of the Prospectus is amended
to add the following:
Effective June 1996, 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, each of which he has managed since January 1996 and
Executive Vice President and co-manager of Janus Flexible Income Fund
and Janus High-Yield Fund, each of which he has co-managed since June
1996. 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.
On January 13, 1997, Ronald V. Speaker, a co-manager of the High-Yield
Portfolio, settled an SEC administrative action involving two personal
trades made by him in January of 1993. Without admitting or denying
the allegations, Mr. Speaker agreed to civil money penalty,
disgorgement and interest payments totaling $37,199 and to a 90-day
suspension starting on or about January 27, 1997. During that time,
the High-Yield Portfolio will be managed by its other co-manager,
Sandy Rufenacht.
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.
- --------------------------------------------------------------------------------
