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Janus Aspen Series
Supplement dated September 15, 1999 to
Statement of Additional Information dated May 1, 1999
THIS INFORMATION SUPPLEMENTS THE PORTFOLIOS' STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1999. THIS SUPPLEMENT, TOGETHER WITH THE STATEMENT OF ADDITIONAL
INFORMATION, CONSTITUTE A CURRENT STATEMENT OF ADDITIONAL INFORMATION. TO
REQUEST ANOTHER COPY OF THE STATEMENT OF ADDITIONAL INFORMATION, PLEASE CALL
1-800-525-3713.
The following information should be added to the "Investment Strategies and
Risks" section:
Securities Lending
The Portfolios may lend securities to qualified parties (typically brokers or
other financial institutions) who need to borrow securities in order to complete
certain transactions such as covering short sales, avoiding failures to deliver
securities or completing arbitrage activities. The Portfolios will seek to earn
additional income through securities lending. Since there is the risk of delay
in recovering a loaned security or the risk of loss in collateral rights if the
borrower fails financially, securities lending will only be made to parties that
Janus Capital deems creditworthy and in good standing. In addition, such loans
will only be made if Janus Capital believes the benefit from granting such loan
justifies the risk. The Portfolios will not have the right to vote on securities
while they are being lent, but it will call a loan in anticipation of any
important vote. All loans will be continuously secured by collateral which
consists of cash, U.S. government securities, letters of credit and such other
collateral permitted by the Securities and Exchange Commission and policies
approved by the Trustees. Cash collateral may be invested in money market funds
advised by Janus to the extent consistent with exemptive relief obtained from
the SEC.
AISUP999
