N-14/A

              AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
                               ON APRIL 21, 2009



                                                     REGISTRATION NO. 333-158028


================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM N-14

                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933


       [X] PRE-EFFECTIVE AMENDMENT NO. 1 [ ] POST-EFFECTIVE AMENDMENT NO.


                        (Check appropriate Box or Boxes)

                              JANUS INVESTMENT FUND
               (Exact Name of Registrant as Specified in Charter)

                 151 DETROIT STREET, DENVER, COLORADO 80206-4805
                    (Address of Principal Executive Offices)

                                  303-333-3863
                (Registrant's Telephone No., including Area Code)

                        STEPHANIE GRAUERHOLZ-LOFTON, ESQ.
                               151 DETROIT STREET
                           DENVER, COLORADO 80206-4805
                     (Name and Address of Agent for Service)

                                 WITH COPIES TO:

            GEOFFREY R.T. KENYON, ESQ.      BRUCE A. ROSENBLUM, ESQ.
                    DECHERT LLP                  K&L GATES LLP
         200 CLARENDON STREET, 27TH FLOOR     1615 L. STREET N.W.
            BOSTON, MASSACHUSETTS 02116      WASHINGTON, D.C. 20036

     APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after
this Registration Statement becomes effective under the Securities Act of 1933.

     The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until this Registration Statement shall become
effective on such date as the Commission, acting pursuant to Section 8(a), may
determine.

     No filing fee is required because an indefinite number of shares of
beneficial interest with $0.01 par value, of the Registrant have previously been
registered pursuant to Section 24(f) of the Investment Company Act of 1940, as
amended.

================================================================================



FOR SHAREHOLDERS OF                                                 (JANUS LOGO)
JANUS ADVISER FLEXIBLE BOND FUND

                                                             [___________], 2009

Dear Shareholder:

     The Board of Trustees for Janus Adviser Flexible Bond Fund ("JAD Flexible
Bond Fund"), a series of Janus Adviser Series ("JAD Trust"), recently authorized
Janus Capital Management LLC ("Janus Capital") to reorganize JAD Flexible Bond
Fund with and into Janus Flexible Bond Fund ("JIF Flexible Bond Fund," and
together with JAD Flexible Bond Fund, the "Funds"), a series of Janus Investment
Fund (the "JIF Trust") (the "Reorganization"). It is expected that the
Reorganization will be completed on or about July 6, 2009 (the "Closing Date")
at which time you will receive shares of JIF Flexible Bond Fund equivalent in
dollar value to your shares in JAD Flexible Bond Fund as of the Closing Date.

     You are not being asked to vote on, or take any other action in connection
with the Reorganization. As of the Closing Date, your assets will automatically
be invested in JIF Flexible Bond Fund, which has the same investment objective,
strategies, policies and risks as JAD Flexible Bond Fund, and both Funds are
managed by the same portfolio manager.

     As explained in greater detail below and in the attached materials, the
Reorganization is part of a larger effort by Janus Capital to reorganize and
simplify its mutual fund platform. Janus Capital believes that these efforts
will provide both meaningful short- and long-term benefits to Janus fund
shareholders, and will enable Janus Capital to manage and operate its mutual
fund platform more effectively and more efficiently. The following provides a
summary of the broad effort Janus Capital is undertaking, and the actions Janus
Capital will be executing in the months ahead.

     Janus Capital has historically organized its retail mutual funds into two
separate and distinct corporate structures, called "trusts." The original mutual
fund trust, the JIF Trust, was designed to offer shares using only one no-load
pricing model to primarily meet the needs of the self-directed investor. In
2000, your trust, the JAD Trust, was introduced to offer multi-class pricing to
facilitate the sale of shares of Janus mutual funds through Janus Capital's
network of third-party intermediaries. The two trusts have very similar product
offerings that are managed by the same portfolio managers or investment teams
and backed by the same research teams. In response to changing market conditions
and investor movement towards advice-driven channels, Janus Capital believes
that it is in the best interests of all fund shareholders to reorganize your
trust and create one consolidated mutual fund platform with multi-share class
pricing that is designed to meet the needs of various types of investors. To
that end, Janus Capital has proposed, and the Board of Trustees of the Janus
Funds has approved, merging each fund of the JAD trust into the similarly
managed fund in the JIF trust, including the merger of JAD Flexible Bond Fund
into JIF Flexible Bond Fund.

     The impact of the Reorganization on you and your Fund is discussed in
detail in the attached materials. As a general matter, Janus Capital's efforts
to reorganize and simplify its mutual fund platform are expected to benefit
Janus fund shareholders in the following ways:

     -    The mergers provide Janus fund shareholders with the opportunity to
          continue to invest in a Janus mutual fund offering the same or
          substantially similar investment objective, strategies, policies and
          risks, and with the same portfolio management, as their current fund,
          but as part of an enhanced fund platform;

     -    Janus Capital will have the opportunity to operate its platform more
          efficiently, providing the potential to reduce fund expenses by
          reducing possible inefficiencies arising from having similarly managed
          mutual funds in the same fund complex;

     -    As a result of the mergers, certain Janus funds will have larger asset
          bases, which may result in the elimination of duplicative expenses and
          lead to lower expense ratios in the future; and


                                        i



     -    Janus Capital's evolving distribution model will permit different
          types of shareholders to invest in the same Janus fund providing
          shareholders more investment options, and Janus Capital a more stable
          asset base.

     In addition, each merger, including the Reorganization, is designed to
qualify as a tax-free reorganization, so fund shareholders should not realize a
tax gain or loss as a direct result of the merger, nor will any fund shareholder
pay any costs related to the merger.

     Additional details about the Reorganization are described in the enclosed
Q&A and Prospectus/Information Statement. For information about other available
options, please contact your broker-dealer, plan sponsor, or financial
intermediary or call a Janus representative at 1-877-335-2687.

     We value the trust and confidence you have placed with us and look forward
to continuing our relationship with you.

                                        Sincerely,


                                        ----------------------------------------
                                        Robin C. Beery
                                        President of
                                        Janus Adviser Series


                                       ii



                        PROSPECTUS/INFORMATION STATEMENT

                             [______________, 2009]

                                TABLE OF CONTENTS

                                                                                      
INTRODUCTION..........................................................................   [___]
SYNOPSIS..............................................................................   [___]
   Investment Objectives, Strategies, Restrictions and Risks..........................   [___]
   Comparison of Fees and Expenses....................................................   [___]
   Comparison of Fund Performance.....................................................   [___]
   Distribution and Purchase Procedures, Exchange Rights, and Redemption Procedures...   [___]
   Calculation of Net Asset Value.....................................................   [___]
   Dividends and Distributions........................................................   [___]
   Frequent Purchases and Redemptions.................................................   [___]
   Taxes..............................................................................   [___]
   Distribution Arrangements..........................................................   [___]
THE REORGANIZATION....................................................................   [___]
   The Plan...........................................................................   [___]
   Reasons for the Reorganization.....................................................   [___]
   Federal Income Tax Consequences....................................................   [___]
   Capitalization.....................................................................   [___]
   Other Comparative Information about the Funds......................................   [___]
      Investment Adviser..............................................................   [___]
      Management Expenses.............................................................   [___]
      Administrative Services Fees....................................................   [___]
      Investment Personnel............................................................   [___]
   Charter Documents..................................................................   [___]
ADDITIONAL INFORMATION................................................................   [___]
   Share Ownership....................................................................   [___]
   Trustees and Officers..............................................................   [___]
   Independent Registered Public Accounting Firm......................................   [___]
   Legal Matters......................................................................   [___]
   Information Available Through the SEC..............................................   [___]
APPENDICES............................................................................   [___]
   Appendix A - Form of Agreement and Plan of Reorganization..........................   [___]
   Appendix B - Other Investment Techniques and Related Risks of the Funds............   [___]
   Appendix C - Shareholder's Guide...................................................   [___]
   Appendix D - Legal Matters.........................................................   [___]




                                       iii



                        PROSPECTUS/INFORMATION STATEMENT

                             [_______________], 2009

                  Relating to the acquisition of the assets of

                        JANUS ADVISER FLEXIBLE BOND FUND
                        a series of Janus Adviser Series
                               151 Detroit Street
                           Denver, Colorado 80206-4805
                                [1-800-525-0020]

             by and in exchange for shares of beneficial interest of

                            JANUS FLEXIBLE BOND FUND
                        a series of Janus Investment Fund
                               151 Detroit Street
                           Denver, Colorado 80206-4805
                                [1-800-525-3713]

                                  INTRODUCTION

     This Prospectus/Information Statement is being furnished to shareholders of
Janus Adviser Flexible Bond Fund ("JAD Flexible Bond Fund"), a series of Janus
Adviser Series (the "JAD Trust"), in connection with an Agreement and Plan of
Reorganization (the "Plan"). Under the Plan, shareholders of JAD Flexible Bond
Fund will receive shares of Janus Flexible Bond Fund ("JIF Flexible Bond Fund,"
and together with JAD Flexible Bond Fund, the "Funds"), a corresponding series
of Janus Investment Fund (the "JIF Trust") (the "Reorganization"). It is
expected that the Reorganization will be completed on or about July 6, 2009 (the
"Closing Date"). As described more fully in this Prospectus/Information
Statement, the Reorganization is one of several reorganizations that will take
place among various Janus funds.

     Pursuant to the Plan, all or substantially all of the assets of JAD
Flexible Bond Fund will be transferred to JIF Flexible Bond Fund, a Fund also
managed by Janus Capital Management LLC ("Janus Capital"), in exchange for
shares of beneficial interest of JIF Flexible Bond Fund and the assumption by
JIF Flexible Bond Fund of all of the liabilities of JAD Flexible Bond Fund, as
described more fully below. As a result of the Reorganization, each shareholder
of JAD Flexible Bond Fund will receive a number of full and fractional shares of
JIF Flexible Bond Fund equal in value to their holdings in JAD Flexible Bond
Fund as of the closing date of the Reorganization. After the Reorganization is
completed, JAD Flexible Bond Fund will be liquidated.

     JIF Flexible Bond Fund is a series of the JIF Trust, an open-end,
registered management investment company organized as a Massachusetts business
trust. JAD Flexible Bond Fund is a series of the JAD Trust, an open-end,
registered management investment company organized as a Delaware statutory
trust. JAD Flexible Bond Fund and JIF Flexible Bond Fund are each a diversified
series within the meaning of the Investment Company Act of 1940, as amended (the
"1940 Act"). The investment objective of both JAD Flexible Bond Fund and JIF
Flexible Bond Fund is to seek to obtain maximum total return, consistent with
preservation of capital.

     Janus Capital will remain the investment adviser of JIF Flexible Bond Fund
after the Reorganization. Janus Capital is responsible for the day-to-day
management of JAD Flexible Bond Fund's and JIF Flexible Bond Fund's investment
portfolios and furnishes continuous advice and recommendations concerning each
Fund's investments. Janus Capital, which as of [___________], [2009], sponsored
[______] mutual funds with approximately $[_________] billion in mutual fund
assets under management, is one of the larger mutual fund sponsors in the United
States. The Reorganization will offer shareholders continuity in portfolio
management while giving them continued access to Janus Capital's experience and
resources in managing mutual funds.


                                       1



     This Prospectus/Information Statement, which you should read carefully and
retain for future reference, sets forth concisely the information that you
should know about JIF Flexible Bond Fund, JAD Flexible Bond Fund and the
Reorganization. This Prospectus/Information Statement is being mailed on or
about [______, 2009].

INCORPORATION BY REFERENCE

     For more information about the investment objectives, strategies,
restrictions and risks of JIF Flexible Bond Fund and JAD Flexible Bond Fund,
see:

          i.    the Prospectus of JAD Flexible Bond Fund, Class A and Class C
                Shares, dated November 28, 2008,as supplemented (File
                No.333-33978);

          ii.   the Prospectus of JAD Flexible Bond Fund, Class I Shares, dated
                November 28, 2008, as supplemented (File No.333-33978);

          iii.  the Prospectus of JAD Flexible Bond Fund, Class R Shares, dated
                November 28, 2008, as supplemented (File No.333-33978);

          iv.   the Prospectus of JAD Flexible Bond Fund, Class S Shares, dated
                November 28, 2008, as supplemented (File No.333-33978);

          v.    the Statement of Additional Information of JAD Flexible Bond
                Fund, dated November 28, 2008, as supplemented (File
                No.333-33978);

          vi.   the Annual Report of JAD Flexible Bond Fund for the fiscal year
                ended July 31, 2008 (File No. 811-09885);

          vii.  the unaudited Semiannual Report of JAD Flexible Bond Fund for
                the fiscal period ended January 31, 2009 (File No. 811-09885);

          viii. the Statement of Additional Information of JIF Flexible Bond
                Fund, dated February 28, 2009, as supplemented (File
                No.002-34393);

          ix.   the Annual Report of JIF Flexible Bond Fund for the fiscal year
                ended October 31, 2008 (File No.811-01879); and

          x.    the unaudited Semiannual Report of JIF Flexible Bond Fund for
                the fiscal period ended [April 30, 2008] (File No. 811-01879).

     These documents have been filed with the U.S. Securities and Exchange
Commission ("SEC") and are incorporated by reference herein as appropriate. The
Prospectus of the appropriate class of JAD Flexible Bond Fund and its Annual
Report and Semiannual Report have previously been delivered to JAD Flexible Bond
Fund shareholders.

     THE FUNDS PROVIDE ANNUAL AND SEMIANNUAL REPORTS TO THEIR SHAREHOLDERS THAT
HIGHLIGHT RELEVANT INFORMATION, INCLUDING INVESTMENT RESULTS AND A REVIEW OF
PORTFOLIO CHANGES. ADDITIONAL COPIES OF EACH FUND'S MOST RECENT ANNUAL REPORT
AND ANY MORE RECENT SEMIANNUAL REPORT ARE AVAILABLE, WITHOUT CHARGE, BY
CONTACTING YOUR BROKER-DEALER, PLAN SPONSOR, OR FINANCIAL INTERMEDIARY, OR BY
CALLING A JANUS REPRESENTATIVE AT 1-877-335-2687, VIA THE INTERNET AT
WWW.JANUS.COM/INFO, OR BY SENDING A WRITTEN REQUEST TO THE SECRETARY OF THE JAD
TRUST OR THE JIF TRUST AT 151 DETROIT STREET, DENVER, COLORADO 80206-4805.

     A Statement of Additional Information dated [__], 2009 relating to the
Reorganization has been filed with the SEC and is incorporated by reference into
this Prospectus/Information Statement. You can obtain a free copy of that
document by contacting your broker-dealer, plan sponsor, or financial
intermediary or by calling Janus at 1-877-335-2687.


                                       2



     THE SHARES OF THE FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, ANY FINANCIAL INSTITUTION, ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY,
AND INVOLVE RISK, INCLUDING THE POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.

     Each Fund is subject to the informational requirements of the Securities
Exchange Act of 1934, as amended, and the 1940 Act, and files reports, proxy
materials, and other information with the SEC. You may review and copy
information about the Funds at the Public Reference Room of the SEC or get text
only copies, after paying a duplicating fee, by sending an electronic request by
e-mail to publicinfo@sec.gov or by writing to or calling the Public Reference
Room, Washington, D.C. 20549-0102 (1-202-942-8090). Information on the operation
of the Public Reference Room may also be obtained by calling this number. You
may also obtain reports and other information about the Funds from the
Electronic Data Gathering Analysis and Retrieval (EDGAR) Database on the SEC's
website at http://www.sec.gov.

     THIS PROSPECTUS/INFORMATION STATEMENT IS FOR INFORMATIONAL PURPOSES ONLY.
YOU DO NOT NEED TO DO ANYTHING IN RESPONSE TO THIS PROSPECTUS/INFORMATION
STATEMENT. WE ARE NOT ASKING YOU FOR A PROXY OR WRITTEN CONSENT, AND YOU ARE
REQUESTED NOT TO SEND US A PROXY OR WRITTEN CONSENT.

     SHARES OF THE FUNDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC NOR
HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS/INFORMATION
STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.


                                       3



                                    SYNOPSIS

     This Prospectus/Information Statement provides a brief overview of the key
features and other matters typically of concern to shareholders affected by a
reorganization between mutual funds. These responses are qualified in their
entirety by the remainder of this Prospectus/Information Statement, which you
should read carefully because it contains additional information and further
details regarding the Reorganization. The description of the Reorganization is
qualified by reference to the full text of the Plan, which is attached as
Appendix A.

Q.   WHAT IS HAPPENING IN THE REORGANIZATION?

A.   At a meeting held on [_________, 2008], the Board of Trustees of the JAD
     Trust approved the Plan which authorizes the reorganization of JAD Flexible
     Bond Fund with and into JIF Flexible Bond Fund, with JIF Flexible Bond Fund
     being the surviving entity. JAD Flexible Bond Fund is a series of the JAD
     Trust and JIF Flexible Bond Fund is a series of the JIF Trust. Each Fund is
     managed by Janus Capital. You are receiving this Prospectus/Information
     Statement because you are a shareholder of JAD Flexible Bond Fund and will
     be impacted by the Reorganization.

     Upon the Closing, JAD Flexible Bond Fund investors will receive shares of
     JIF Flexible Bond Fund equivalent in dollar value to their shares in JAD
     Flexible Bond Fund at the time of the Reorganization. Specifically, all or
     substantially all of the assets of JAD Flexible Bond Fund will be
     transferred to JIF Flexible Bond Fund solely in exchange for shares of JIF
     Flexible Bond Fund with a value equal to the value of JAD Flexible Bond
     Fund's assets net of liabilities, and the assumption by JIF Flexible Bond
     Fund of all liabilities of JAD Flexible Bond Fund. Immediately following
     the transfer, the shares of JIF Flexible Bond Fund received by JAD Flexible
     Bond Fund will be distributed pro rata to the JAD Flexible Bond Fund
     shareholders of record as of the Closing Date (on or about July 6, 2009).
     After the Reorganization is completed, JAD Flexible Bond Fund will be
     liquidated. The Reorganization is conditioned upon receipt of an opinion of
     counsel that the Reorganization qualifies as a tax-free reorganization, and
     other conditions as outlined in the Plan.

Q.   WHY IS THE REORGANIZATION IN THE BEST INTERESTS OF JAD FLEXIBLE BOND FUND
     SHAREHOLDERS?

A.   The Board of Trustees of the JAD Trust concluded that the Reorganization is
     in the best interests of JAD Flexible Bond Fund's shareholders after
     consideration of the following factors, among others:

     -    The Reorganization is part of a larger strategic repositioning of
          Janus Capital's distribution model for Janus mutual funds that is
          designed to offer certain potential benefits to Fund shareholders that
          are not currently available, including a more diverse Fund shareholder
          base, the potential for a more stable level of Fund assets, and access
          to a wider-range of Janus funds with differing investment strategies.

     -    The current conditions and trends in the securities markets and
          related trends in the investment management business, and their
          current and potential impact on Janus Capital, the JAD Trust and Fund
          shareholders.

     -    JAD Flexible Bond Fund has the same investment objective, strategies,
          policies and risks as JIF Flexible Bond Fund, and the two Funds have
          been managed by the same co-portfolio managers for the past year.

     -    The two Funds have similar historical performance.

     -    Shareholders of each Fund will have the opportunity to invest in a
          significantly larger Fund and potentially benefit from long-term
          economies of scale that may result from the Reorganization.

     -    Fund expenses are not expected to increase materially as a result of
          the Reorganization, and Janus Capital anticipates that in the future,
          the elimination of some duplicative expenses and the opportunity for
          economies of scale may result in lower future fund expenses (other
          than management fees).


                                       4



     -    While the contractual management fee rate for JIF Flexible Bond Fund
          (before waivers and reimbursements, if any), is higher than the
          contractual management fee rate (before waivers and reimbursements, if
          any), for JAD Flexible Bond Fund, Janus Capital has agreed to reduce
          JIF Flexible Bond Fund's contractual management fee rate to match that
          of JAD Flexible Bond Fund. JIF Flexible Bond Fund's total annual fund
          operating expenses ratio is expected to be the same or lower than that
          of JAD Flexible Bond Fund, without giving effect to any fee waivers.
          Janus Capital has agreed to a contractual expense limit for JIF
          Flexible Bond Fund for one year from the Closing Date of the
          Reorganization that is the same expense limit currently in place for
          the JAD Flexible Bond Fund.

     -    The expense limitation agreements applicable to each Fund which, after
          giving effect to fee waivers after the Reorganization, may result in
          current JAD Flexible Bond Fund shareholders paying the same or lower
          fees in the short-term, and provides greater longer term certainty
          with respect to total expense ratios.

     -    The benefits of the Reorganization to Janus Capital and its
          affiliates, including, among other things, that Janus Capital should
          derive greater efficiency, in terms of portfolio management and
          operations, by managing a single fund rather than two separate funds
          with substantially the same investment objective, strategies, policies
          and risks.

     -    The Reorganization would not dilute the interests of either Fund's
          current shareholders.

     -    The impact of the Reorganization on the ability of JIF Flexible Bond
          Fund to benefit from using a portion of the realized capital losses
          generated by JAD Flexible Bond Fund and JIF Flexible Bond Fund, as
          applicable, to offset or defer future gains on the sales of securities
          in certain circumstances.

     -    The Reorganization, for each Fund and its shareholders, is expected to
          be tax-free in nature.

     -    JAD Flexible Bond Fund's shareholders will not pay any of the costs of
          the Reorganization, and immediately after the Reorganization, the
          value of their shares in JIF Flexible Bond Fund will be the same as
          the value of their JAD Flexible Bond Fund holdings immediately prior
          to the Reorganization.

Q.   WHAT ARE THE SIMILARITIES BETWEEN THE FUNDS?

A.   Both Funds have the same investment objective of seeking to obtain maximum
     total return, consistent with preservation of capital. Each Fund has the
     same investment strategies and risks. Each Fund pursues its investment
     objective by primarily investing, under normal circumstances, at least 80%
     of its assets in bonds. Bonds include, but are not limited to, government
     bonds, corporate bonds, convertible bonds, mortgage-backed securities, and
     zero-coupon bonds. Each Fund will invest at least 65% of its assets in
     investment grade debt securities and will maintain an average-weighted
     effective maturity of five to ten years. Each Fund will limit its
     investment in high-yield/high-risk bonds to 35% or less of its net assets.
     Each Fund generates total return from a combination of current income and
     capital appreciation, but income is usually the dominant portion.

     Further information comparing the investment objectives, strategies and
     restrictions is included below under "Investment Objectives, Strategies,
     Restrictions and Risks."

Q.   HOW DO THE FUNDS COMPARE IN SIZE?

A.   As of October 31, 2008, JIF Flexible Bond Fund's net assets were
     approximately $740.5 million and JAD Flexible Bond Fund's net assets were
     approximately $209.9 million. The asset size of each Fund fluctuates on a
     daily basis and the asset size of JIF Flexible Bond Fund after the
     Reorganization may be larger or smaller than the combined assets of the
     Funds as of October 31, 2008.

Q.   WILL THE REORGANIZATION RESULT IN A HIGHER INVESTMENT ADVISORY FEE RATE?

A.   No. While the contractual management fee rate for JIF Flexible Bond Fund
     (before waivers and reimbursements, if any), is higher than the contractual
     management fee rate (before waivers and reimbursements, if any), for JAD
     Flexible Bond Fund, Janus Capital has agreed to reduce JIF Flexible


                                       5



     Bond Fund's contractual management fee rate, post-Reorganization, to match
     that of JAD Flexible Bond Fund.

     Pro forma fee, expense, and financial information is included in this
     Prospectus/Information Statement.

Q.   WILL THE REORGANIZATION RESULT IN HIGHER FUND EXPENSES?

A.   No. Based on October 31, 2008 assets, the projected total expense ratio of
     JIF Flexible Bond Fund (following completion of the Reorganization) is
     expected to be the same or lower than that of JAD Flexible Bond Fund,
     without giving effect to any fee waivers. Janus Capital believes that, as a
     result of the Reorganization, JIF Flexible Bond Fund's greater asset base
     will produce economies of scale that will further lower expenses over the
     long-term.

     Pro forma fee, expense, and financial information is included in this
     Prospectus/Information Statement.

Q.   WHAT ARE THE FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATION?

A.   The Reorganization is expected to qualify as a tax-free transaction for
     federal income tax purposes and will not take place unless counsel provides
     an opinion to that effect. Shareholders should not recognize any capital
     gain or loss as a direct result of the Reorganization. As a result of the
     Reorganization, however, JAD Flexible Bond Fund and/or JIF Flexible Bond
     Fund may lose the ability to utilize a portion of realized capital losses
     that might have been used to offset or defer gains on sales of portfolio
     securities under some circumstances. If you choose to redeem or exchange
     your shares before or after the Reorganization, you may realize a taxable
     gain or loss; therefore, consider consulting a tax adviser before doing so.
     In addition, immediately prior to the date of the Reorganization you may
     receive a distribution of ordinary income or capital gains as a result of
     the normal operations of JAD Flexible Bond Fund.

Q.   WILL THE SHAREHOLDER SERVICES PROVIDED BY JANUS CAPITAL CHANGE?

A.   No. Janus Capital manages both JAD Flexible Bond Fund and JIF Flexible Bond
     Fund. The custodian, transfer agent, and distributor are the same for the
     Funds and will not change as a result of the Reorganization. Following the
     Reorganization, shareholders of JAD Flexible Bond Fund will have the same
     purchase and redemption privileges and expanded exchange privileges given
     the additional available fund offerings in the JIF Trust. Please consult
     your financial intermediary for information on any services provided by
     them to the Funds.

Q.   ARE THERE ANY DIFFERENCES IN SHAREHOLDER RIGHTS AND PRIVILEGES OF A FUND
     UNDER THE JAD TRUST VERSUS THE JIF TRUST?

A.   Shareholders of the JAD Trust (your current trust) and shareholders of the
     JIF Trust (the trust into which JAD Flexible Bond Fund is reorganizing)
     have similar rights and privileges under their respective trust documents
     and state laws. As a result, the Reorganization is not expected to have any
     substantial effect on the rights of shareholders. Several differences in
     the trusts are worth noting however. Under the JAD Trust, subject to making
     certain determinations, the Board of Trustees may terminate the JAD Trust
     or any fund of the JAD Trust without seeking shareholder approval. Under
     the JIF Trust, shareholder approval is required to terminate the JIF Trust,
     but the Board of Trustees may merge, liquidate or reorganize a fund of the
     JIF Trust without seeking shareholder approval, if it is in accordance with
     legal requirements such as the 1940 Act requirements. The JAD Trust,
     however, is subject to more restrictive requirements with respect to
     mergers, liquidations and reorganizations than it is permitted under the
     1940 Act. In addition, under the JAD Trust, shareholders of each Fund are
     entitled to one vote for each full share held and fractional votes for
     fractional shares held. Under the JIF Trust, each holder of a whole or
     fractional share held in a Fund is entitled to one vote for each whole
     dollar and a proportionate fractional vote for each fractional dollar of
     net asset value standing in the shareholders' name.


                                       6



Q.   WILL THERE BE ANY SALES LOAD, COMMISSION OR OTHER TRANSACTIONAL FEE IN
     CONNECTION WITH THE REORGANIZATION?

A.   No. There will be no sales load, commission or other transactional fee in
     connection with the Reorganization. The full value of shares of JAD
     Flexible Bond Fund will be exchanged for shares of JIF Flexible Bond Fund
     having equal value, without any sales load, commission or other
     transactional fee being imposed.

Q.   CAN I STILL ADD TO MY EXISTING JAD FLEXIBLE BOND FUND ACCOUNT UNTIL THE
     REORGANIZATION?

A.   Yes. JAD Flexible Bond Fund shareholders may continue to make additional
     investments until the date of the Reorganization (anticipated to be on or
     about July 6, 2009). However, the Board of Trustees of the JAD Trust may
     determine to temporarily limit future investments in JAD Flexible Bond Fund
     prior to the date of the Reorganization to ensure a smooth transition of
     shareholder accounts into JIF Flexible Bond Fund.

Q.   WILL EITHER FUND PAY FOR THE COSTS ASSOCIATED WITH THE REORGANIZATION?

A.   No. Janus Capital will bear those costs.

Q.   WHEN WILL THE REORGANIZATION TAKE PLACE?

A.   The Reorganization will occur on or about July 6, 2009. Shortly after
     completion of the Reorganization, affected shareholders will receive a
     confirmation statement reflecting their new Fund account number and number
     of shares owned.

Q.   WHAT IF I WANT TO EXCHANGE MY SHARES INTO ANOTHER JANUS FUND PRIOR TO THE
     REORGANIZATION?

A.   You may exchange your shares into another Janus fund before the Closing
     Date (on or about July 6, 2009) in accordance with your pre-existing
     exchange privileges by contacting your broker-dealer, plan sponsor, or
     financial intermediary or by calling a Janus representative at
     [1-800-525-0020]. If you choose to exchange your shares of JAD Flexible
     Bond Fund for another Janus fund, your request will be treated as a normal
     exchange of shares and will be a taxable transaction unless your shares are
     held in a tax-deferred account, such as an individual retirement account
     ("IRA"). Exchanges may be subject to minimum investment requirements and
     redemption fees.

     Please note that other Janus funds in the JAD Trust are also subject to
     reorganization with and into the JIF Trust. So, if you exchange your shares
     with and into another Janus fund in the JAD Trust, shareholders of that
     fund may also be participating in a reorganization of that fund with and
     into a similarly-managed fund in the JIF Trust.


                                       7



INVESTMENT OBJECTIVES, STRATEGIES, RESTRICTIONS AND RISKS

     Both Funds are designed for long-term investors who primarily seek total
return. The Funds have the same investment objective, principal investment
strategies and risks, which are discussed in detail below. The Funds also have
the same fundamental and non-fundamental investment policies and restrictions, a
description of each of these investment policies and restrictions is included in
each Fund's Statement of Additional Information.

INVESTMENT OBJECTIVE

     Each Fund's investment objective is to seek to obtain maximum total return,
consistent with preservation of capital. Each Fund's Board of Trustees may
change this objective or the Funds' principal investment strategies without a
shareholder vote. Each Fund has a policy of investing at least 80% of its net
assets, measured at the time of purchase, in the type of securities suggested by
its name, as described below. Each Fund will notify its shareholders in writing
at least 60 days before making any changes to this policy. If there is a
material change to your Fund's objective or principal investment strategies, you
should consider whether the Fund remains an appropriate investment for you.
There is no guarantee that a Fund will achieve its investment objective.

PRINCIPAL INVESTMENT STRATEGIES

     Each Fund pursues its investment objective by primarily investing, under
normal circumstances, at least 80% of its assets in bonds. Bonds include, but
are not limited to, government bonds, corporate bonds, convertible bonds,
mortgage-backed securities, and zero-coupon bonds. The Funds will invest at
least 65% of its assets in investment grade debt securities and will maintain an
average-weighted effective maturity of five to ten years. Each Fund will limit
its investment in high-yield/high-risk bonds to 35% or less of its net assets.
Each Fund generates total return from a combination of current income and
capital appreciation, but income is usually the dominant portion. Due to the
nature of the securities in which the Fund invests, it may have relatively high
portfolio turnover compared to other Funds.

     In addition to considering economic factors such as the effect of interest
rates on each Fund's investments, the portfolio managers apply a "bottom up"
approach in choosing investments. This means that the portfolio managers look at
income-producing securities one at a time to determine if a security is an
attractive investment opportunity and if it is consistent with a Fund's
investment policies. If the portfolio managers are unable to find such
investments, a Fund's uninvested assets may be held in cash or similar
investments, subject to the Fund's specific investment policies.

     Each Fund may invest no more than 20% of its total assets in bank loans.

     Within the parameters of its specific investment policies, a Fund may
invest its assets in derivatives. A Fund may use derivatives for different
purposes, including hedging (to offset risks associated with an investment,
currency exposure, or market conditions) and to earn income and enhance returns.

     For more information on the Funds' investment techniques and related risks,
please see Appendix B.

PRINCIPAL RISK FACTORS OF INVESTING IN THE FUNDS

     Each Fund may invest in various types of securities or use certain
investment techniques to achieve its investment objective of seeking to obtain
maximum total return, consistent with preservation of capital. The following is
a summary of the principal risks associated with such securities and investment
techniques. Each Fund has the same investment objective, policies and
strategies, so the principal risks are the same for each Fund. Additional
information about these risks is included in each Fund's Prospectus. As with any
security, an investment in either Fund involves certain risks, including loss of
principal. The fact that a particular risk is not identified does not indicate
that a Fund does not invest its assets in, or is precluded from investing its
assets in, securities that give rise to that risk. Information about additional
investment techniques that the Funds may utilize and related risks is included
in Appendix B.


                                       8



RISK FACTORS OF THE FUNDS

     Although each Fund may be less volatile than funds that invest most of
their assets in common stocks, the Fund's returns and yields will vary, and you
could lose money.

     Fixed-Income Securities Risk. Each Fund invests in a variety of
fixed-income securities. Typically, the values of fixed-income securities change
inversely with interest rates. Therefore, a fundamental risk of these securities
is that their value will generally decline as interest rates rise which may
cause a Fund's net asset value ("NAV") to likewise decrease, and vice versa. How
specific fixed-income securities may react to changes in interest rates will
depend on the specific characteristics of each security. For example, while
securities with longer maturities tend to produce higher yields, they also tend
to be more sensitive to changes in interest rates and are therefore more
volatile than shorter-term securities and are subject to greater market
fluctuations as a result of changes in interest rates. Fixed-income securities
are also subject to credit risk, which is the risk that the credit strength of
an issuer of a fixed-income security will weaken and/or the issuer will be
unable to make timely principal and interest payments and that the security may
go into default. In addition, there is the risk that during periods of falling
interest rates, certain fixed-income securities with higher interest rates, such
as mortgage- and asset-backed securities, may be prepaid by the issuer thereby
reducing the amount of interest payments and may result in a Fund having to
reinvest its proceeds in lower yielding securities. Collateral related to such
investments also may be subject to a higher degree of credit risk, valuation
risk, and liquidity risk.

     Market Risk. The value of each Fund's portfolio may decrease if the value
of an individual company or multiple companies in the portfolio decreases or if
the portfolio managers' belief about a company's intrinsic worth is incorrect.
Regardless of how well individual companies perform, the value of each Fund's
portfolio could also decrease if there are deteriorating economic or market
conditions, including, but not limited to, a general decline in prices on the
stock markets, a general decline in real estate markets, a decline in
commodities prices, or if the market favors different types of securities than
the types of securities in which the Fund invests. If the value of a Fund's
portfolio decreases, the Fund's NAV will also decrease, which means if you sell
your shares in the Fund you may lose money.

     High-Yield/High-Risk Bond Risk. Each Fund will limit its investments in
high-yield/ high-risk bonds, also known as "junk" bonds, to 35% or less of its
net assets. High-yield/high-risk bonds may be sensitive to economic changes,
political changes, or adverse developments specific to the company that issued
the bond. These bonds generally have a greater credit risk than other types of
fixed-income securities. The issuers are typically in poor financial health.
Because of these factors, the performance and NAV of a Fund may vary
significantly, depending upon its holdings of high-yield/high-risk bonds.

     Portfolio Turnover Risk. Increased portfolio turnover may result in higher
costs for brokerage commissions, dealer mark-ups, and other transaction costs.
Higher costs associated with increased portfolio turnover may offset gains in
each Fund's performance.

     Bank Loan Risk. Each Fund may invest in bank loans, which include floating
rate securities. There are a number of risks associated with an investment in
bank loans including credit risk, interest rate risk, liquidity risk, and
prepayment risk. There is also the possibility that the collateral securing a
loan, if any, may be difficult to liquidate or be insufficient to cover the
amount owed under the loan. These risks could cause each Fund to lose income or
principal on a particular investment, which in turn could affect each Fund's
returns and you could lose money.

     Derivatives Risk. Derivatives can be highly volatile and involve risks in
addition to the risks of the underlying referenced securities. Gains or losses
from derivatives can be substantially greater than the derivatives' original
cost, and can therefore involve leverage. Derivatives can be complex instruments
and may involve analysis that differs from that required for other investment
types used by a Fund. If the value of a derivative does not correlate well with
the particular market or other asset class to which the derivative is intended
to provide exposure, the derivative may not have the anticipated effect.
Derivatives can also reduce the opportunity for gain or result in losses by
offsetting positive returns in other investments. Derivatives can be less liquid
than other types of investments. Derivatives entail the risk that the
counterparty will default on its payment obligations to a Fund. If the
counterparty to a derivative transaction defaults, a Fund would risk the loss of
the net amount of the payments that it contractually is entitled to receive.


                                       9



     An investment in each Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

FREQUENTLY ASKED QUESTIONS ABOUT PRINCIPAL INVESTMENT STRATEGIES

     The following questions and answers are designed to help you better
understand each Fund's principal investment strategies.

1.   WHAT IS A HIGH-YIELD/HIGH-RISK BOND?

     A high-yield/high-risk bond (also called a "junk" bond) is a bond rated
below investment grade by major rating agencies (i.e., BB+ or lower by Standard
& Poor's Ratings Service ("Standard & Poor's") and Fitch, Inc. ("Fitch"), or Ba
or lower by Moody's Investors Service, Inc. ("Moody's")) or is an unrated bond
of similar quality. It presents greater risk of default (the failure to make
timely interest and principal payments) than higher quality bonds.

2.   WHAT ARE U.S. GOVERNMENT SECURITIES?

     Each Fund may invest in U.S. Government securities. U.S. Government
securities include those issued directly by the U.S. Treasury and those issued
or guaranteed by various U.S. Government agencies and instrumentalities. Some
government securities are backed by the "full faith and credit" of the United
States. Other government securities are backed only by the rights of the issuer
to borrow from the U.S. Treasury. Others are supported by the discretionary
authority of the U.S. Government to purchase the obligations. Certain other
government securities are supported only by the credit of the issuer. For
securities not backed by the full faith and credit of the United States, each
Fund must look principally to the agency or instrumentality issuing or
guaranteeing the securities for repayment and may not be able to assert a claim
against the United States if the agency or instrumentality does not meet its
commitment. Although they are high-quality, such securities may involve
increased risk of loss of principal and interest compared to government debt
securities that are backed by the full faith and credit of the United States.

3. WHAT ARE BANK LOANS?

     Bank loans, which include institutionally-traded floating rate securities,
are generally acquired as an assignment from another holder of, or participation
interest in, loans originated by a lender or financial institution. Bank loans,
which include floating rate loans, often involve borrowers whose financial
conditions are troubled or uncertain and companies that are highly leveraged.

     Assignments and participations involve various risks including credit,
interest rate, and liquidity risk. Interest rates on floating rate loans adjust
periodically and are tied to a benchmark lending rate such as the London
Interbank Offered Rate ("LIBOR"), which is a short-term interest rate that banks
charge one another and that is generally representative of the most competitive
and current cash rates. In other cases, the lending rate could be tied to the
prime rate offered by one or more major U.S. banks or the rate paid on large
certificates of deposit traded in the secondary markets. Investing in floating
rate loans with longer interest rate reset periods may increase fluctuations in
a Fund's net asset value as a result of changes in interest rates.

     When a Fund purchases an assignment, the Fund generally assumes all the
rights and obligations under the loan agreement and will generally become a
"lender" for purposes of the particular loan agreement. The rights and
obligations acquired by a Fund under an assignment may be different, and be more
limited, than those held by an assigning lender. If a loan is foreclosed, a Fund
may become part owner of any collateral securing the loan, and may bear the
costs and liabilities associated with owning and disposing of any collateral. A
Fund could be held liable as a co-lender. There is no assurance that the
liquidation of any collateral from a secured loan would satisfy a borrower's
obligations or that any collateral could be liquidated. There is also the
possibility that the collateral may be over committed and may be subject to many
claims by other lenders against the same collateral.


                                       10



     If a Fund purchases a participation interest, it typically will have a
contractual relationship with the lender and not with the borrower. A Fund may
only be able to enforce its rights through the lender and may assume the credit
risk of both the borrower and the lender, or any other intermediate participant.

     Bank loans are also subject to prepayment risk, which may occur if the
underlying borrower on the loan is permitted to repay the loan principal,
whether in whole or in part, prior to the scheduled maturity date. This may
result in a Fund realizing less income on a particular investment and replacing
the loan with a less attractive security, which may provide less return to the
Fund.

     Because floating rate loan investments are generally below investment
grade, a Fund may have difficulty trading these investments to third parties. In
addition, the secondary market on which floating rate loans are traded may be
less liquid than the market for investment grade securities or other types of
income-producing securities. This may make it difficult for a Fund to sell such
securities in such secondary markets, which in turn may affect the Fund's NAV.

4.   HOW COULD INTEREST RATES AFFECT THE VALUE OF MY INVESTMENT?

     Generally, a fixed-income security will increase in value when interest
rates fall and decrease in value when interest rates rise. Longer-term
securities are generally more sensitive to interest rate changes than
shorter-term securities, but they generally offer higher yields to compensate
investors for the associated risks. High-yield bond prices and floating rate
debt security prices are generally less directly responsive to interest rate
changes than investment grade issues or comparable fixed rate securities, and
may not always follow this pattern.

5.   HOW DOES A FUND MANAGE INTEREST RATE RISK?

     The portfolio managers may vary the average-weighted effective maturity of
a portfolio to reflect their analysis of interest rate trends and other factors.
Each Fund's average-weighted effective maturity will tend to be shorter when the
portfolio managers expect interest rates to rise and longer when the portfolio
managers expect interest rates to fall. The Funds may also use futures, options,
and other derivatives to manage interest rate risk.

6.   WHAT IS MEANT BY "AVERAGE-WEIGHTED EFFECTIVE MATURITY"?

     The stated maturity of a bond is the date when the issuer must repay the
bond's entire principal value to an investor. Some types of bonds may also have
an "effective maturity" that is shorter than the stated date due to prepayment
or call provisions. Securities without prepayment or call provisions generally
have an effective maturity equal to their stated maturity. Average-weighted
effective maturity is calculated by averaging the effective maturity of bonds
held by a Fund with each effective maturity "weighted" according to the
percentage of net assets that it represents.

7.   WHAT IS MEANT BY "DURATION"?

     A bond's duration indicates the time it will take investors to recoup their
investment. Unlike average maturity, duration reflects both principal and
interest payments. Generally, the higher the coupon rate on a bond, the lower
its duration will be. The duration of a bond portfolio is calculated by
averaging the duration of bonds held by a Fund with each duration "weighted"
according to the percentage of net assets that it represents. Because duration
accounts for interest payments, a Fund's duration is usually shorter than its
average maturity.

RISKS

     Because each Fund invests substantially all of its assets in fixed-income
securities or income-generating securities, it is subject to risks such as
credit risk and interest rate increases. A Fund's performance may also be
affected by risks of certain types of investments, such as foreign (non-U.S.)
securities and derivative instruments.

     Each Fund is an actively managed investment portfolio and is therefore
subject to the risk that the investment strategies employed for the Fund may
fail to produce the intended results.


                                       11



     Janus Capital manages many funds and numerous other accounts. Management of
multiple accounts may involve conflicts of interest among those accounts, and
may create potential risks, such as the risk that investment activity in one
account may adversely affect another account. For example, short sale activity
in an account could adversely affect the market value of long positions in one
or more other accounts (and vice versa). Additionally, Janus Capital is the
adviser to the Janus "funds of funds," which are funds that invest primarily in
other underlying mutual funds managed by Janus Capital. Because Janus Capital is
the adviser to the Janus "fund of funds" and the funds, it is subject to certain
potential conflicts of interest when allocating the assets of the Janus "fund of
funds" among such funds. To the extent that a Fund is an underlying fund in a
Janus "fund of funds," a potential conflict of interest arises when allocating
the assets of the Janus "fund of funds" to that Fund. Purchases and redemptions
of fund shares by a Janus "fund of funds" due to reallocations or rebalancings
may result in a fund having to sell securities or invest cash when it otherwise
would not do so. Such transactions could accelerate the realization of taxable
income if sales of securities resulted in gains and could also increase a fund's
transaction costs. Large redemptions by a Janus "fund of funds" may cause a
Fund's expense ratio to increase due to a resulting smaller asset base. A
further discussion of potential conflicts of interest and a discussion of
certain procedures intended to mitigate such potential conflicts are contained
in each Fund's Statement of Additional Information.

FREQUENTLY ASKED QUESTIONS ABOUT CERTAIN RISKS

     The following questions and answers are designed to help you better
understand some of the risks of investing in each Fund.

1.   ARE THERE SPECIAL RISKS ASSOCIATED WITH INVESTMENTS IN HIGH-YIELD/HIGH-RISK
     BONDS?

     High-yield/high-risk bonds (or "junk" bonds) are bonds rated below
investment grade by the primary rating agencies such as Standard & Poor's,
Fitch, and Moody's or are unrated bonds of similar quality. The value of lower
quality bonds generally is more dependent on credit risk and default risk than
investment grade bonds. Issuers of high-yield/high-risk bonds may not be as
strong financially as those issuing bonds with higher credit ratings and are
more vulnerable to real or perceived economic changes, political changes, or
adverse developments specific to the issuer. In addition, the junk bond market
can experience sudden and sharp price swings.

     The secondary market on which high-yield securities are traded may be less
liquid than the market for investment grade securities. The lack of a liquid
secondary market may have an adverse impact on the market price of the security.
Secondary markets for high-yield securities are less liquid than the market for
investment grade securities; therefore, it may be more difficult to value the
securities because valuation may require more research, and elements of judgment
may play a larger role in the valuation because there is less reliable,
objective data available. Please refer to the "Explanation of Rating Categories"
section of the JAD Flexible Bond Fund's Prospectus for a description of bond
rating categories.

2.   WHAT IS MEANT BY "CREDIT QUALITY" AND WHAT ARE THE RISKS ASSOCIATED WITH
     IT?

     Credit quality measures the likelihood that the issuer or borrower will
meet its obligations on a bond. One of the fundamental risks is credit risk,
which is the risk that an issuer will be unable to make principal and interest
payments when due, or default on its obligations. This may negatively impact a
Fund's returns. U.S. Government securities are generally considered to be the
safest type of investment in terms of credit risk. Municipal obligations
generally rank between U.S. Government securities and corporate debt securities
in terms of credit safety. Corporate debt securities, particularly those rated
below investment grade, present the highest credit risk.

3.   HOW IS CREDIT QUALITY MEASURED?

     Ratings published by nationally recognized statistical rating agencies such
as Standard & Poor's, Fitch, and Moody's are widely accepted measures of credit
risk. The lower a bond issue is rated by an agency, the more credit risk it is
considered to represent. Lower rated instruments and securities generally pay
higher yields to compensate investors for the associated risk. Please refer to
the "Explanation of Rating Categories" section of the JAD Flexible Bond Fund's
Prospectus for a description of bond rating categories.


                                       12



4.   HOW COULD A FUND'S INVESTMENTS IN FOREIGN SECURITIES AFFECT ITS
     PERFORMANCE?

     Within the parameters of its specific investment policies, each Fund may
invest in foreign debt and equity securities either indirectly (e.g., depositary
receipts, depositary shares, and passive foreign investment companies) or
directly in foreign markets, including emerging markets. Investments in foreign
securities, including those of foreign governments, may involve greater risks
than investing in domestic securities because a Fund's performance may depend on
factors other than the performance of a particular company. These factors
include:

     -    Currency Risk. As long as a Fund holds a foreign security, its value
          will be affected by the value of the local currency relative to the
          U.S. dollar. When a Fund sells a foreign currency denominated
          security, its value may be worth less in U.S. dollars even if the
          security increases in value in its home country. U.S.
          dollar-denominated securities of foreign issuers may also be affected
          by currency risk due to the overall impact of exposure to the issuer's
          local currency.

     -    Political and Economic Risk. Foreign investments may be subject to
          heightened political and economic risks, particularly in emerging
          markets which may have relatively unstable governments, immature
          economic structures, national policies restricting investments by
          foreigners, different legal systems, and economies based on only a few
          industries. In some countries, there is the risk that the government
          may take over the assets or operations of a company or that the
          government may impose taxes or limits on the removal of a Fund's
          assets from that country.

     -    Regulatory Risk. There may be less government supervision of foreign
          markets. As a result, foreign issuers may not be subject to the
          uniform accounting, auditing, and financial reporting standards and
          practices applicable to domestic issuers, and there may be less
          publicly available information about foreign issuers.

     -    Foreign Market Risk. Foreign securities markets, particularly those of
          emerging market countries, may be less liquid and more volatile than
          domestic markets. Certain markets may require payment for securities
          before delivery, and delays may be encountered in settling securities
          transactions. In some foreign markets, there may not be protection
          against failure by other parties to complete transactions. Such
          factors may hinder a Fund's ability to buy and sell emerging market
          securities in a timely manner, affecting the Fund's investment
          strategies and potentially affecting the value of the Fund.

     -    Transaction Costs. Costs of buying, selling, and holding foreign
          securities, including brokerage, tax, and custody costs, may be higher
          than those involved in domestic transactions.

5.   HOW DO THE FUNDS TRY TO REDUCE RISK?

     Each Fund may use short sales, futures, options, swap agreements
(including, but not limited to, equity, interest rate, credit default, and total
return swaps), and other derivative instruments individually or in combination
to "hedge" or protect its portfolio from adverse movements in securities prices
and interest rates. The Funds may also use a variety of currency hedging
techniques, including the use of forward currency contracts, to manage currency
risk. There is no guarantee that derivative investments will benefit a Fund. A
Fund's performance could be worse than if the Fund had not used such
instruments.

6.   WHAT IS "INDUSTRY RISK"?

     Industry risk is the possibility that a group of related securities will
decline in price due to industry-specific developments. Companies in the same or
similar industries may share common characteristics and are more likely to react
similarly to industry-specific market or economic developments. A Fund's
investments, if any, in multiple companies in a particular industry increase the
Fund's exposure to industry risk.


                                       13



GENERAL PORTFOLIO POLICIES

     Unless otherwise stated, the following general policies apply to each Fund.
Except for a Fund's policies with respect to investments in illiquid securities,
the percentage limitations included in these policies and elsewhere in this
Prospectus/Information Statement and/or the Fund's Statement of Additional
Information normally apply only at the time of purchase of a security. So, for
example, if a Fund exceeds a limit as a result of market fluctuations or the
sale of other securities, it will not be required to dispose of any securities.

CASH POSITION

     The Funds may not always stay fully invested. For example, when the
portfolio managers believe that market conditions are unfavorable for profitable
investing, or when they are otherwise unable to locate attractive investment
opportunities, a Fund's cash or similar investments may increase. In other
words, cash or similar investments generally are a residual - they represent the
assets that remain after a Fund has committed available assets to desirable
investment opportunities. When a Fund's investments in cash or similar
investments increase, it may not participate in market advances or declines to
the same extent that it would if a Fund remained more fully invested. To the
extent a Fund invests its uninvested cash through a sweep program, it is subject
to the risks of the account or fund into which it is investing, including
liquidity issues that may delay the Fund from accessing its cash.

     In addition, a Fund may temporarily increase its cash position under
certain unusual circumstances, such as to protect its assets or maintain
liquidity in certain circumstances, for example, to meet unusually large
redemptions. A Fund's cash position may also increase temporarily due to
unusually large cash inflows. Under unusual circumstances such as these, a Fund
may invest up to 100% of its assets in cash or similar investments. In this
case, the Fund may take positions that are inconsistent with its investment
objective. As a result, the Fund may not achieve its investment objective.

PORTFOLIO TURNOVER

     In general, each Fund intends to purchase securities for long-term
investment, although, to a limited extent, each Fund may purchase securities in
anticipation of relatively short-term price gains. Short-term transactions may
also result from liquidity needs, securities having reached a price or yield
objective, changes in interest rates or the credit standing of an issuer, or by
reason of economic or other developments not foreseen at the time of the
investment decision. A Fund may also sell one security and simultaneously
purchase the same or a comparable security to take advantage of short-term
differentials in bond yields or securities prices. Portfolio turnover is
affected by market conditions, changes in the size of a Fund, the nature of a
Fund's investments, and the investment style of the portfolio managers. Changes
are normally made in a Fund's portfolio whenever the portfolio managers believe
such changes are desirable. Portfolio turnover rates are generally not a factor
in making buy and sell decisions.

     Due to the nature of the securities in which each Fund invests, it may have
relatively high portfolio turnover compared to other funds.

     Increased portfolio turnover may result in higher costs for brokerage
commissions, dealer mark-ups, and other transaction costs, and may also result
in taxable capital gains. Higher costs associated with increased portfolio
turnover may offset gains in a Fund's performance.

COUNTERPARTIES

     Fund transactions involving a counterparty are subject to the risk that the
counterparty or third party will not fulfill its obligation to a Fund
("counterparty risk"). Counterparty risk may arise because of the counterparty's
financial condition (i.e., financial difficulties, bankruptcy, or insolvency),
market activities and developments, or other reasons, whether foreseen or not. A
counterparty's inability to fulfill its obligation may result in significant
financial loss to the Fund. A Fund may not recover its investment or may obtain
a limited recovery, and/or recovery may be delayed.


                                       14



     Each Fund may be exposed to counterparty risk through participation in
various programs including, but not limited to, lending its securities to third
parties, cash sweep arrangements whereby a Fund's cash balance is invested in
one or more money market funds, as well as investments in, but not limited to,
repurchase agreements, debt securities, and derivatives, including various types
of swaps, futures, and options. Each Fund intends to enter into financial
transactions with counterparties that Janus Capital believes to be creditworthy
at the time of the transaction. There is always the risk that Janus Capital's
analysis of creditworthiness is incorrect or may change due to market
conditions. To the extent that a Fund focuses its transactions with a limited
number of counterparties, it will be more susceptible to the risks associated
with one or more counterparties.

OTHER TYPES OF INVESTMENTS

     Unless otherwise stated within its specific investment policies, each Fund
may also invest in other types of domestic and foreign securities and use other
investment strategies, as described in Appendix B. These securities and
strategies are not principal investment strategies of a Fund. If successful,
they may benefit a Fund by earning a return on the Fund's assets or reducing
risk; however, they may not achieve the Fund's investment objective. These
securities and strategies may include:

     -    equity securities

     -    other debt securities

     -    exchange-traded funds

     -    pass-through securities including mortgage- and asset-backed
          securities and mortgage dollar rolls (without limit)

     -    zero coupon, pay-in-kind, and step coupon securities (without limit)

     -    various derivative transactions (which could comprise a significant
          percentage of a Fund's portfolio) including, but not limited to,
          options, futures, forwards, swap agreements (such as equity, interest
          rate, credit default, and total return swaps), participatory notes,
          structured notes, and other types of derivatives individually or in
          combination for hedging purposes or for nonhedging purposes such as
          seeking to enhance return, to protect unrealized gains, or to avoid
          realizing losses; such techniques may also be used to gain exposure to
          the market pending investment of cash balances or to meet liquidity
          needs

     -    short sales (no more than 10% of a Fund's net assets may be invested
          in short sales other than against the box)

     -    securities purchased on a when-issued, delayed delivery, or forward
          commitment basis

     -    entering into transactions to manage a Fund's realization of capital
          gains and to offset such realization of capital gains with capital
          losses where the portfolio managers believe it is appropriate; such
          techniques may result in increased transaction costs paid by each Fund
          and may be limited under the Internal Revenue Code and related
          regulations

MORTGAGE- AND ASSET-BACKED SECURITIES

     Each Fund may purchase fixed or variable rate mortgage-backed securities
issued by the Government National Mortgage Association ("Ginnie Mae"), the
Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan
Mortgage Corporation ("Freddie Mac"), or other governmental or
government-related entities. Each Fund may purchase other mortgage- and
asset-backed securities through single- and multi-seller conduits,
collateralized debt obligations, structured investment vehicles, and other
similar securities. Asset-backed securities may be backed by automobile loans,
equipment leases, credit card receivables, or other collateral. In the event the
underlying securities fail to perform, these investment vehicles could be forced
to sell the assets and recognize losses on such assets, which could impact a
Fund's yield and your return.

     Unlike traditional debt instruments, payments on these securities include
both interest and a partial payment of principal. Prepayments of the principal
of underlying loans may shorten the effective maturities of these securities and
may result in a Fund having to reinvest proceeds at a lower interest rate.


                                       15



     In addition to prepayment risk, investments in mortgage-backed securities,
including those comprised of subprime mortgages, and investments in other
asset-backed securities comprised of under-performing assets may be subject to a
higher degree of credit risk, valuation risk, and liquidity risk.

SHORT SALES

     To a limited extent, each Fund may engage in short sales. A short sale is
subject to the risk that if the price of the security sold short increases in
value, a Fund will incur a loss because it will have to replace the security
sold short by purchasing it at a higher price. In addition, a Fund may not
always be able to close out a short position at a particular time or at an
acceptable price. A Fund's losses are potentially unlimited in a short sale
transaction. A lender may request, or market conditions may dictate, that the
securities sold short be returned to the lender on short notice, and a Fund may
have to buy the securities sold short at an unfavorable price. If this occurs at
a time that other short sellers of the same security also want to close out
their positions, it is more likely that a Fund will have to cover its short sale
at an unfavorable price and potentially reduce or eliminate any gain, or cause a
loss, as a result of the short sale.

     Due to certain foreign countries' restrictions, a Fund will not be able to
engage in short sales in certain foreign countries where it may maintain long
positions. As a result, a Fund's ability to fully implement a short selling
strategy that could otherwise help the Fund pursue its investment goals may be
limited.

     Although Janus Capital believes that its rigorous "bottom up" approach will
be effective in selecting short positions, there is no assurance that Janus
Capital will be successful in applying this approach when engaging in short
sales.

SWAP AGREEMENTS

     Each Fund may utilize swap agreements as a means to gain exposure to
certain common stocks and/or to "hedge" or protect its portfolio from adverse
movements in securities prices and interest rates. Swap agreements are two-party
contracts to exchange one set of cash flows for another. Swap agreements entail
the risk that a party will default on its payment obligations to a Fund. If the
other party to a swap defaults, a Fund would risk the loss of the net amount of
the payments that it contractually is entitled to receive. If a Fund utilizes a
swap at the wrong time or judges market conditions incorrectly, the swap may
result in a loss to the Fund and reduce the Fund's total return. Various types
of swaps such as credit default, equity, interest rate, and total return swaps
are described in Appendix B.

SECURITIES LENDING

     A Fund may seek to earn additional income through lending its securities to
certain qualified broker-dealers and institutions. Each Fund may lend portfolio
securities on a short-term or long-term basis, up to one-third of its total
assets as determined at the time of the loan. When a Fund lends its securities,
it receives collateral (including cash collateral), at least equal to the value
of securities loaned. There is the risk that when portfolio securities are lent,
the securities may not be returned on a timely basis, and the Fund may
experience delays and costs in recovering the security or gaining access to the
collateral. If the Fund is unable to recover a security on loan, the Fund may
use the collateral to purchase replacement securities in the market. There is a
risk that the value of the collateral could decrease below the cost of the
replacement security by the time the replacement investment is made, resulting
in a loss to the Fund.

ILLIQUID INVESTMENTS

     Each Fund may invest up to 15% of its net assets in illiquid investments.
An illiquid investment is a security or other position that cannot be disposed
of quickly in the normal course of business. For example, some securities are
not registered under U.S. securities laws and cannot be sold to the U.S. public
because of SEC regulations (these are known as "restricted securities"). Under
procedures adopted by each Fund's Board of Trustees, certain restricted
securities may be deemed liquid and will not be counted toward this 15% limit.


                                       16



SPECIAL SITUATIONS

     Each Fund may invest in companies that demonstrate special situations or
turnarounds, meaning companies that have experienced significant business
problems but are believed to have favorable prospects for recovery. For example,
a special situation or turnaround may arise when, in the opinion of a Fund's
portfolio managers, the securities of a particular issuer will be recognized by
the market and appreciate in value due to a specific development with respect to
that issuer. Special situations may include significant changes in a company's
allocation of its existing capital, a restructuring of assets, or a redirection
of free cash flow. For example, issuers undergoing significant capital changes
may include companies involved in spin-offs, sales of divisions, mergers or
acquisitions, companies emerging from bankruptcy, or companies initiating large
changes in their debt to equity ratio. Companies that are redirecting cash flows
may be reducing debt, repurchasing shares, or paying dividends. Special
situations may also result from: (i) significant changes in industry structure
through regulatory developments or shifts in competition; (ii) a new or improved
product, service, operation, or technological advance; (iii) changes in senior
management or other extraordinary corporate event; (iv) differences in market
supply of and demand for the security; or (v) significant changes in cost
structure. A Fund's performance could suffer from its investments in "special
situations."

COMPARISON OF FEES AND EXPENSES

     Currently, the Funds have similar investment advisory agreements, but with
different advisory fee rates. The investment advisory fee rate for JAD Flexible
Bond Fund is currently 0.50% per annum of average net assets for the first $300
million and 0.40% per annum of average net assets over $300 million. The
investment advisory fee rate for JIF Flexible Bond Fund is currently 0.58% per
annum of average net assets for the first $300 million and 0.48% per annum of
average net assets over $300 million. While the contractual management fee rate
for JIF Flexible Bond Fund are higher than the contractual management fee rates
paid by shareholders of JAD Flexible Bond Fund, Janus Capital has agreed to
reduce JIF Flexible Bond Fund's contractual management fee rate,
post-Reorganization, to match that of JAD Flexible Bond Fund. As a result, JIF
Flexible Bond Fund's total annual fund operating expense ratio is expected to be
equal to or lower than that of JAD Flexible Bond Fund without giving effect to
any fee waivers. Janus Capital also believes that, as a result of the
Reorganization, JIF Flexible Bond Fund's greater asset base will produce
economies of scale that will further lower expenses over the long-term

CURRENT AND PRO FORMA FEES AND EXPENSES

     The following tables compare the fees and expenses you may bear directly or
indirectly as an investor in JAD Flexible Bond Fund versus JIF Flexible Bond
Fund, and show the projected ("pro forma") estimated fees and expenses of JIF
Flexible Bond Fund, assuming consummation of the Reorganization as of October
31, 2008. Fees and expenses shown for JAD Flexible Bond Fund were determined
based on the Fund's net assets as of its fiscal year ended July 31, 2008. The
pro forma fees and expenses shown for JIF Flexible Bond Fund were determined
based on the Fund's net assets as of its fiscal year ended October 31, 2008. The
pro forma fees and expenses are estimated in good faith and are hypothetical.
THE FUNDS WILL NOT BEAR ANY COSTS IN CONNECTION WITH THE REORGANIZATION.

SHAREHOLDER FEES

     Shareholder fees are those paid directly from your investment, such as
sales loads and redemption fees. Class A, C, I, R and S shares of JIF Flexible
Bond Fund will have substantially the same class characteristics as the Class A,
C, I, R and S Shares of JAD Flexible Bond Fund, respectively. JIF Flexible Bond
Fund currently does not offer Class A, C, I, R and S Shares. Upon the
consummation of the Reorganization, shares of these classes of JIF Flexible Bond
Fund will be established to correspond with shares of JAD Flexible Bond Fund.


                                       17



SHAREHOLDER FEES(1)(2) (PAID DIRECTLY FROM YOUR INVESTMENT)



                                                       CLASS A   CLASS C   CLASS I   CLASS R   CLASS S
                                                       -------   -------   -------   -------   -------
                                                                                
JAD FLEXIBLE BOND FUND /
JIF FLEXIBLE BOND FUND (PRO FORMA)
Maximum Sales Charge (load) Imposed on Purchases (as
   a % of offering price) ..........................   5.75%(3)    N/A       N/A       N/A       N/A
Maximum Deferred Sales Charge (load) (as a % of the
   lower of original purchase price or redemption
   proceeds) .......................................    None(4)  1.00%(5)    N/A       N/A       N/A


----------
(1)  JIF Flexible Bond Fund currently does not offer Class A, Class C, Class I,
     Class R and Class S Shares. Upon the consummation of the Reorganization,
     shares of these classes of JIF Flexible Bond Fund will be established to
     correspond with shares of JAD Flexible Bond Fund.

(2)  Your financial intermediary may charge you a separate or additional fee for
     processing purchases and redemptions of shares.

(3)  Sales charge may be waived for certain investors, as described in the
     Shareholder's Guide (attached hereto as Appendix C).

(4)  A contingent deferred sales charge of up to 1.00% may be imposed on certain
     redemptions of Class A Shares bought without an initial sales charge and
     then redeemed within 12 months of purchase. The contingent deferred sales
     charge is not reflected in the example.

(5)  A contingent deferred sales charge of 1.00% applies on Class C Shares
     redeemed within 12 months of purchase. The contingent deferred sales charge
     may be waived for certain investors, as described in the Shareholder's
     Guide (attached hereto as Appendix C).

ANNUAL FUND OPERATING EXPENSES

     Annual fund operating expenses are paid out of a Fund's assets and include
fees for portfolio management, maintenance of shareholder accounts, shareholder
servicing, accounting, and other services. You do not pay these fees directly,
but as the examples below show, these costs are borne indirectly by all
shareholders.

     The Annual Fund Operating Expenses shown below represent annualized
expenses for the fiscal year ended July 31, 2008 for JIF Flexible Bond Fund and
those projected for JIF Flexible Bond Fund on a pro forma basis for the fiscal
year ended October 31, 2008 assuming consummation of the Reorganization. The pro
forma expenses include estimated costs of the larger JIF Flexible Bond Fund,
which may result in higher costs that over the long-term are anticipated to
decline. The Annual Fund Operating Expenses do not show current expenses for JIF
Flexible Bond Fund since, as noted above, the Fund does not currently offer any
Class A, C, I, R and S Shares. The pro forma information below assumes that JIF
Flexible Bond Fund post-Reorganization has an investment advisory fee rate of
0.50% on the first $300,000,000 of the daily closing net asset value, plus 0.40%
on assets in excess of $300,000,000. Please note that post-Reorganization you
will be in a Fund that has a higher contractual management fee. Neither the
current nor pro forma Annual Fund Operating Expenses include the effect of
recent market volatility which may increase those expenses to the extent there
has been a decline in either Fund's asset levels.

EXPENSE LIMITATIONS

     Total annual fund operating expenses shown in the table below do not
include any expense limitations agreed to by Janus Capital. Currently, through
December 1, 2009, pursuant to a contract between Janus Capital and JAD Flexible
Bond Fund, Janus Capital reduces its investment advisory fee rate paid by JAD
Flexible Bond Fund by the amount by which the total operating expenses allocated
to any class of the Fund exceed 0.55% of average daily net assets for the fiscal
year. Currently, through March 1, 2010, pursuant to a contract between Janus
Capital and JIF Flexible Bond Fund, Janus Capital reduces its investment
advisory fee rate paid by JIF Flexible Bond Fund by the amount by which the
total operating expenses allocated to any class of the Fund exceed 0.93% of
average daily net assets for the fiscal year. For purposes of these waivers,
operating expenses do not include fees payable pursuant to Rule 12b-1 under the
1940 Act, administrative services fees (applicable to Class R Shares and Class S
Shares), or items not normally considered operating expenses, such as interest,
dividends, taxes, brokerage commissions and extraordinary expenses (including,
but not limited to, legal claims and liabilities and litigation costs, acquired
fund fees and expenses and any indemnification related thereto). Assuming
consummation of the Reorganization, Janus Capital has contractually agreed to
reduce its investment advisory fee paid by JIF Flexible Bond Fund by the amount,
if any, by which the total operating expenses allocated to any class exceed
0.55% of average daily net assets for the fiscal year until at least November 1,
2010.

     Based on expenses and asset levels of JIF Flexible Bond Fund as of October
31, 2008, assuming consummation of the Reorganization, the estimated pro forma
expense ratio of JIF Flexible Bond Fund shows that no fees are being waived.
Changes to expenses and asset levels of both JAD Flexible Bond Fund and JIF
Flexible Bond Fund at the time of the Reorganization could trigger application
of JIF Flexible Bond Fund's anticipated expense limit of 0.55% (with certain
expenses excluded from the waiver as noted above), resulting in a possible
reduction of the investment advisory fee payable to Janus Capital by JIF
Flexible Bond Fund.


                                       18



ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)(1)



                                                                                       TOTAL ANNUAL
                                         DISTRIBUTION /                   ACQUIRED         FUND
                           MANAGEMENT       SERVICE          OTHER      FUND(5) FEES     OPERATING
                             FEE(2)     (12B-1) FEES(3)   EXPENSES(4)   AND EXPENSES    EXPENSES(6)
                           ----------   ---------------   -----------   ------------   ------------
                                                                        
JAD FLEXIBLE BOND FUND /
JIF FLEXIBLE BOND FUND (PRO FORMA ASSUMING CONSUMMATION OF THE REORGANIZATION ONLY)
Class A Shares
   CURRENT                    0.50%          0.25%            0.45%         0.00%          1.20%
   Pro Forma                  0.43%          0.25%            0.12%         0.00%          0.80%
Class C Shares
   CURRENT                    0.50%          1.00%            0.49%         0.00%          1.99%
   Pro Forma                  0.43%          1.00%            0.12%         0.00%          1.55%
Class I Shares
   CURRENT                    0.50%           N/A             0.49%         0.00%          0.99%
   Pro Forma                  0.43%           N/A             0.09%         0.00%          0.52%
Class R Shares
   CURRENT                    0.50%          0.50%            0.71%         0.00%          1.71%
   Pro Forma                  0.43%          0.50%            0.34%         0.00%          1.27%
Class S Shares
   CURRENT                    0.50%          0.25%            0.71%         0.00%          1.46%
   Pro Forma                  0.43%          0.25%            0.34%         0.00%          1.02%


----------
(1)  All expenses are shown without the effect of expense offset arrangements.
     Pursuant to such arrangements, credits realized as a result of uninvested
     cash balances are used to reduce custodian and transfer agent expenses.

(2)  The "Management Fee" is the investment advisory fee rate paid by the Fund
     to Janus Capital. The Management Fee includes breakpoints that are based
     upon net asset levels. The Pro Forma Management Fee is based on the
     combined net assets of JAD Flexible Bond Fund and JIF Flexible Bond Fund.

(3)  Includes a shareholder servicing fee of up to 0.25% for Class C Shares.
     Because the 12b-1 fee is charged as an ongoing fee, over time the fee will
     increase the cost of your investment and may cost you more than paying
     other types of sales charges.

(4)  For Class A Shares, Class C Shares, and Class I Shares, Other Expenses may
     include administrative, networking, or omnibus positioning fees charged by
     intermediaries with respect to processing orders in Fund shares. For Class
     R Shares and Class S Shares, Other Expenses include an administrative
     services fee of 0.25% of the average daily net assets of each class to
     compensate Janus Services LLC for providing, or arranging for the provision
     of, recordkeeping, subaccounting, and administrative services to retirement
     plan participants, pension plan participants, or other underlying investors
     investing through institutional channels.

(5)  "Acquired Fund" means any underlying fund (including, but not limited to,
     exchange-traded funds) in which a Fund invests or has invested during the
     period. A Fund's "ratio of gross expenses to average net assets" appearing
     in the Financial Highlights tables in the Fund's current prospectus does
     not include Acquired Fund Fees and Expenses and may not correlate to the
     Total Annual Fund Operating Expenses shown in the table above. Amounts less
     than 0.01%, if applicable, are included in Other Expenses.

(6)  Total Annual Fund Operating Expenses do not reflect the application of
     contractual expense waivers by Janus Capital. Janus Capital has
     contractually agreed to waive the total operating expenses of (i) JAD
     Flexible Bond Fund and (ii) assuming the consummation of the
     Reorganization, JIF Flexible Bond Fund post-Reorganization (excluding the
     distribution and shareholder servicing fees (applicable to Class A Shares,
     Class C Shares, Class R Shares, and Class S Shares), administrative
     services fees (applicable to Class R Shares and Class S Shares), brokerage
     commissions, interest, dividends, taxes, and extraordinary expenses
     including, but not limited to, acquired fund fees and expenses) to the
     extent such operating expenses for each Fund exceeds 0.55% of average daily
     net assets on the fiscal year ending date in which the agreement is in
     effect. The agreement to contractually waive expenses of JIF Flexible Bond
     Fund post-Reorganization will be in effect, unless terminated, revised, or
     extended, until at least November 1, 2010. Refer to "Expense Limitations"
     in this Prospectus/Information Statement for the Funds' expense limit. With
     the waiver, Net Annual Fund Operating Expenses for each Fund are as
     follows:



          JAD FLEXIBLE BOND FUND   JIF FLEXIBLE BOND FUND (PRO FORMA)
          ----------------------   ----------------------------------
                             
Class A            0.81%                          0.80%
Class C            1.56%                          1.55%
Class I            0.55%                          0.52%
Class R            1.30%                          1.27%
Class S            1.05%                          1.02%



                                       19



EXAMPLES:

     THE FOLLOWING EXAMPLES ARE BASED ON EXPENSES WITHOUT WAIVERS AS DISCUSSED
ABOVE UNDER "EXPENSE LIMITATIONS." These examples are intended to help you
compare the cost of investing in the Funds, under both the current fee structure
and the proposed fee structure, with the cost of investing in other mutual
funds. The examples assume that you invest $10,000 in the Funds for the time
periods indicated and reinvest all dividends and distributions without a sales
charge. The examples also assume that your investment has a 5% return each year
and that the Funds' operating expenses without waivers remain the same. The
first example assumes that you redeem all of your Shares at the end of each
period. The second example assumes that you keep your Shares. Although your
actual costs may be higher or lower, based upon these assumptions your costs
would be as follows:

IF YOU REDEEM YOUR SHARES: *



                           1 YEAR(1)(2)(3)   3 YEARS(1)(4)   5 YEARS(1)(4)   10 YEARS(1)(4)
                           ---------------   -------------   -------------   --------------
                                                                 
JAD FLEXIBLE BOND FUND /
JIF FLEXIBLE BOND FUND (PRO FORMA ASSUMING CONSUMMATION OF THE REORGANIZATION ONLY)
   Class A Shares
      CURRENT                    $591             $838           $1,103          $1,860
      Pro Forma                  $553             $718           $  898          $1,418
   Class C Shares
      CURRENT                    $302             $624           $1,073          $2,317
      Pro Forma                  $258             $490           $  845          $1,845
   Class I Shares
      CURRENT                    $101             $315           $  547          $1,213
      Pro Forma                  $53              $167           $  291          $  653
   Class R Shares
      CURRENT                    $174             $539           $  928          $2,019
      Pro Forma                  $129             $403           $  697          $1,534
   Class S Shares
      CURRENT                    $149             $462           $  797          $1,746
      Pro Forma                  $104             $325           $  563          $1,248


IF YOU DO NOT REDEEM YOUR SHARES: *



                           1 YEAR (1)   3 YEARS(1)   5 YEARS(1)   10 YEARS(1)
                           ----------   ----------   ----------   -----------
                                                      
JAD FLEXIBLE BOND FUND /
JIF FLEXIBLE BOND FUND (PRO FORMA ASSUMING CONSUMMATION OF THE REORGANIZATION ONLY)
   Class A Shares
      CURRENT                 $591         $838        $1,103       $1,860
      Pro Forma               $553         $718        $  898       $1,418
   Class C Shares
      CURRENT                 $202         $624        $1,073       $2,317
      Pro Forma               $158         $490        $  845       $1,845
   Class I Shares
      CURRENT                 $101         $315        $  547       $1,213
      Pro Forma               $53          $167        $  291       $  653
   Class R Shares
      CURRENT                 $174         $539        $  928       $2,019
      Pro Forma               $129         $403        $  697       $1,534
   Class S Shares
      CURRENT                 $149         $462        $  797       $1,746
      Pro Forma               $104         $325        $  563       $1,248


----------
(1)  Assumes the payment of the maximum initial sales charge on Class A Shares
     at the time of purchase for the Funds. The sales charge may be waived or
     reduced for certain investors, which would reduce the expenses for those
     investors.

(2)  A contingent deferred sales charge of up to 1.00% may be imposed on certain
     redemptions of Class A Shares bought without an initial sales charge and
     then redeemed within 12 months of purchase. The contingent deferred sales
     charge is not reflected in the example.

(3)  A contingent deferred sales charge of 1.00% applies on Class C Shares
     redeemed within 12 months of purchase. The contingent deferred sales charge
     may be waived for certain investors, as described in the Shareholder's
     Guide (attached hereto as Appendix C).

(4)  Contingent deferred sales charge is not applicable.

*    The pro forma numbers shown for each class of shares of the Fund include a
     pro forma management fee calculated as described in the text and related
     footnotes that accompany the fee table above.


                                       20



COMPARISON OF FUND PERFORMANCE

     The following information provides some indication of the risks of
investing in the Funds by showing how each Fund's actual performance has varied
over time. The bar charts depict the change in performance from year to year
during the periods indicated. The bar chart figures do not include any
applicable sales charges that an investor may pay when they buy or sell shares
of a Fund. If sales charges were included, the returns would be lower. The table
following the charts shows how the performance of each Fund compares to
broad-based market indices (which, unlike the Funds, do not have any fees or
expenses). Each Fund's performance is compared to the Barclays Capital U.S.
Aggregate Bond Index (formerly named Lehman Brothers U.S. Aggregate Bond Index).
After the Reorganization, it is expected that JIF Flexible Bond Fund will
continue to compare its performance to the Barclays Capital U.S. Aggregate Bond
Index (formerly named Lehman Brothers U.S. Aggregate Bond Index). The index is
not actively managed and is not available for direct investment. All figures
assume reinvestment of dividends and distributions. For certain periods, the
Funds' performance may reflect the effect of expense waivers. Without the effect
of these waivers, the performance shown would have been lower. The performance
of the Funds and the index varies over time. Of course, a Fund's past
performance (before and after taxes) is not necessarily an indication of future
performance.

JAD FLEXIBLE BOND FUND - CLASS S

                                                                         
 Annual returns for periods ended 12/31
        8.58%     0.90%     6.10%     7.20%     9.70%     6.01%     3.68%     1.44%     3.79%     6.63%   6.16%
        1998      1999      2000      2001      2002      2003      2004      2005      2006      2007    2008
Best Quarter:    Worst Quarter:



The Fund's year-to-date return as of the calendar quarter ended [______].

JIF FLEXIBLE BOND FUND

                                                                  
 Annual returns for periods ended 12/31
        0.46%     4.89%     7.23%     9.93%     6.37%     3.82%     1.79%     4.12%     6.87%     5.64%
        1999      2000      2001      2002      2003      2004      2005      2006      2007      2008
Best Quarter:   Worst Quarter:



The Fund's year-to-date return as of the calendar quarter ended [______].

AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 12/31/08



                                                    1 Year(1)   5 Years   10 Years   Since Inception(2)
                                                    ---------   -------   -------    ------------------
                                                                         
JAD FLEXIBLE BOND FUND
   Class S Shares
      Return Before Taxes                             6.16%      4.32%      5.13%          6.53%
      Return After Taxes on Distributions             4.74%      2.74%      3.36%          4.54%
      Return After Taxes on Distributions and
         Sale of Fund Shares(3)                       3.97%      2.78%      3.32%          4.42%
   Class A Shares
      Return Before Taxes(4)                          1.38%      3.51%      4.72%          6.42%
   Class C Shares
      Return Before Taxes                             4.60%      3.79%      4.52%          5.85%
   Class I Shares
      Return Before Taxes                             6.62%      4.32%      5.13%          6.53%
   Class R Shares
      Return Before Taxes                             5.80%      4.03%      4.81%          6.29%
   Barclays Capital U.S. Aggregate Bond Index(5)
      (reflects no deduction for expenses, fees,
      or taxes)                                       5.24%      4.65%      5.63%          6.02%

JIF FLEXIBLE BOND FUND
   Return Before Taxes                                5.64%      4.43%      5.08%          7.36%
   Return After Taxes on Distributions                4.05%      2.79%      3.08%          4.66%
   Return After Taxes on Distributions and
      Sale of Fund Shares(3)                          3.63%      2.81%      3.09%          4.66%
   Barclays Capital U.S. Aggregate Bond Index(5)
      (reflects no deduction for expenses, fees,
      or taxes)                                       5.24%      4.65%      5.63%          7.41%(6)


----------
(1)  Calculated to include contingent deferred sales charge applicable to Class
     C Shares.

(2)  The inception date for JAD Flexible Bond Fund is August 1, 2000 and the
     inception date for JIF Flexible Bond Fund is July 7, 1987.

(3)  If the Fund incurs a loss, which generates a tax benefit, the Return After
     Taxes on Distributions and Sale of Fund Shares may exceed the Fund's other
     return figures.

(4)  Calculated assuming maximum permitted sales loads.


                                       21



(5)  The Barclays Capital U.S. Aggregate Bond Index (formerly named Lehman
     Brothers U.S. Aggregate Bond Index) is made up of the Barclays Capital U.S.
     Government/Corporate Bond Index (formerly named Lehman Brothers
     Government/Corporate Bond Index), Mortgage-Backed Securities Index, and
     Asset-Backed Securities Index, including securities that are of investment
     grade quality or better, have at least one year to maturity, and have an
     outstanding par value of at least $100 million. Pursuant to an acquisition,
     the Lehman Brothers indices were acquired by Barclays Capital.

(6)  The average annual total return was calculated based on historical
     information from June 30, 1987 to December 31, 2008 for Barclays Capital
     U.S. Aggregate Bond Index (formerly named Lehman Brothers U.S. Aggregate
     Bond Index). Pursuant to an acquisition, the Lehman Brothers indices were
     acquired by Barclays Capital.

     After-tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on your individual tax situation
and may differ from those shown in the preceding table. The after-tax return
information shown above does not apply to Fund shares held through a
tax-deferred account, such as a 401(k) plan or IRA.

     Current performance may be higher or lower than the performance data shown
above. For more recent performance information, visit Janus' website at
www.janus.com/info.

DISTRIBUTION AND PURCHASE PROCEDURES, EXCHANGE RIGHTS, AND REDEMPTION PROCEDURES

     Class A, C, I, R and S Shares of JIF Flexible Bond Fund will have
substantially similar class characteristics as the Class A, C, I, R and S Shares
of JAD Flexible Bond Fund, respectively. JIF Flexible Bond Fund currently does
not offer Class A, C, I, R and S Shares. Upon consummation of the
Reorganization, shares of these classes of JIF Flexible Bond will be established
to correspond with shares of JAD Flexible Bond Fund. For additional information
about purchase procedures, exchange rights and redemption procedures, please
refer to the Shareholder's Guide, attached as Appendix C.

     Janus Capital manages both JAD Flexible Bond Fund and JIF Flexible Bond
Fund, and Janus Distributors LLC ("Janus Distributors") is the distributor of
each Fund. In addition, the custodian, State Street Bank and Trust Company, and
transfer agent, Janus Services LLC, are the same for both Funds. After the
Reorganization, JIF Flexible Bond Fund will have purchase, exchange, and
redemption procedures for Class A, C, I, R and S Shares that are the same or
similar to those of the corresponding share classes in JAD Flexible Bond Fund.
Prior to the Reorganization, the JIF Trust will adopt a new plan pursuant to
Rule 18f-3 under the 1940 Act which will make the share class characteristics of
the JIF Trust substantially similar to the share class characteristics of the
JAD Trust. Therefore, it is expected that shareholders of JAD Flexible Bond Fund
will continue to be subject to the same procedures and receive the same services
as shareholders of JIF Flexible Bond Fund, as they currently do as shareholders
of JAD Flexible Bond Fund.

CALCULATION OF NET ASSET VALUE

     The Funds each calculate their respective net asset value per share ("NAV")
once each business day at the close of the regular trading session of the New
York Stock Exchange (normally 4:00 p.m. Eastern time). For additional
information about calculation of NAV, please refer to the Shareholder's Guide,
attached as Appendix C.

DIVIDENDS AND DISTRIBUTIONS

     A detailed description of each Fund's policy with respect to dividends and
distributions is available in the "Distributions" section of JAD Flexible Bond
Fund's Prospectus, which is incorporated by reference herein, and in Appendix C.

FREQUENT PURCHASES AND REDEMPTIONS

     A detailed description of the Funds' policies with respect to frequent
trading of Fund shares is available in the "Excessive Trading" section of JAD
Flexible Bond Fund's Prospectus, which is incorporated by reference herein, and
in Appendix C.


                                       22



TAXES

     A detailed description of the tax consequences of buying, holding,
exchanging and selling the Funds' shares is available in the "Taxes" section of
JAD Flexible Bond Fund's Prospectus, which is incorporated by reference herein,
and in Appendix C.

DISTRIBUTION ARRANGEMENTS

     A detailed description of the Funds' distribution arrangements is available
in the "Distribution, Servicing, and Administrative Fees" section of JAD
Flexible Bond Fund's Prospectus, which is incorporated by reference herein, and
in Appendix C.

                               THE REORGANIZATION

THE PLAN

     The Plan sets forth the terms and conditions under which the Reorganization
will be implemented. Significant provisions of the Plan are summarized below;
however, this summary is qualified in its entirety by reference to the Plan,
which is attached hereto as Appendix A.

     The Plan contemplates: (i) JIF Flexible Bond Fund's acquisition of all or
substantially all of the assets of JAD Flexible Bond Fund in exchange solely for
shares of JIF Flexible Bond Fund and the assumption by JIF Flexible Bond Fund of
all of JAD Flexible Bond Fund's liabilities, if any, as of the Closing Date;
(ii) the distribution on the Closing Date of those shares to the shareholders of
JAD Flexible Bond Fund; and (iii) the complete liquidation of JAD Flexible Bond
Fund.

     The value of JAD Flexible Bond Fund's assets to be acquired and the amount
of its liabilities to be assumed by JIF Flexible Bond Fund and the NAV of a
share of JAD Flexible Bond Fund will be determined as of the close of regular
trading on the New York Stock Exchange ("NYSE") on the Closing Date, after the
declaration by JAD Flexible Bond Fund of distributions, if any on the Closing
Date, and will be determined in accordance with the valuation methodologies
described in JAD Flexible Bond Fund's currently effective Prospectuses and
Statement of Additional Information. The Plan provides that Janus Capital will
bear all costs and expenses of the Reorganization, including the costs and
expenses incurred in the preparation and mailing of this Prospectus/Information
Statement. The Closing Date is expected to be on or about July 6, 2009.

     As soon as practicable after the Closing Date, JAD Flexible Bond Fund will
distribute pro rata to its shareholders of record the shares of JIF Flexible
Bond Fund it receives in the Reorganization, so that each shareholder of JAD
Flexible Bond Fund will receive a number of full and fractional shares of JIF
Flexible Bond Fund equal in value to his or her holdings in JAD Flexible Bond
Fund, and JAD Flexible Bond Fund will be liquidated.

     Such distribution will be accomplished by opening accounts on the books of
JIF Flexible Bond Fund in the names of JAD Flexible Bond Fund shareholders and
by transferring thereto the shares of JIF Flexible Bond Fund previously credited
to the account of JAD Flexible Bond Fund on those books. Each shareholder
account shall be credited with the pro rata number of JIF Flexible Bond Fund's
shares due to that shareholder. All issued and outstanding shares of JAD
Flexible Bond Fund will simultaneously be canceled on the books of the JAD
Trust. Accordingly, immediately after the Reorganization, each former
shareholder of JAD Flexible Bond Fund will own shares of JIF Flexible Bond Fund
that will be equal to the value of that shareholder's shares of JAD Flexible
Bond Fund as of the Closing Date. Any special options will automatically
transfer to the new fund accounts.

     The implementation of the Reorganization is subject to a number of
conditions set forth in the Plan. The Plan also requires receipt of a tax
opinion indicating that, for federal income tax purposes, the Reorganization
qualifies as a tax-free reorganization. The Plan may be terminated and the
Reorganization abandoned at any time prior to the Closing Date by the Boards of
Trustees if the Trustees determine that the Reorganization is not in the best
interests of the Funds. Please review the Plan carefully.


                                       23



REASONS FOR THE REORGANIZATION

     The Reorganization is part of some significant enhancements Janus Capital
has recently undertaken to reorganize and simplify its mutual fund offerings.
Janus Capital believes that these enhancements will provide both meaningful
short- and long-term benefits to fund shareholders. Janus Capital has
historically organized its retail mutual funds into two separate and distinct
trusts with different distribution models and pricing structures. Over time, the
funds offered under these two trusts have been substantially similar. Given
Janus Capital's evolving distribution model focused on servicing the
intermediary and advisor marketplace and the overlapping similarity of fund
offerings in the two trusts, Janus Capital believes that it is in the best
interests of all fund shareholders to merge funds of the two trusts that have
the same or substantially similar investment objectives, strategies, policies
and risks. These reorganizations will create one mutual fund platform with
multi-share class pricing intended to meet the needs of all investor types.
Through the reorganizations, shareholders are expected to benefit from the
following:

     -    The reorganizations provide Janus fund shareholders with the
          opportunity to continue to invest in a Janus mutual fund offering the
          same or substantially similar investment objectives, strategies,
          policies and risks, and with the same portfolio management, as their
          current fund, but as part of an enhanced fund platform;

     -    Janus Capital will have the opportunity to operate its platform more
          efficiently, providing the potential to reduce possible inefficiencies
          arising from having similarly managed mutual funds in the same fund
          complex;

     -    As a result of the reorganizations, certain Janus funds will have
          larger asset bases, which may result in the elimination of duplicative
          expenses and lead to lower expense ratios in the future; and

     -    Janus Capital's evolving distribution model will permit difference
          types of shareholders to invest in the same Janus fund providing
          shareholders more investment options and the opportunity to invest in
          funds that have a more stable asset base.

     It is also noteworthy that the Reorganization is designed to qualify as a
tax-free reorganization, so shareholders of JAD Flexible Bond Fund should not
realize a tax gain or loss as a direct result of the Reorganization.

     Janus Capital met with the Trustees, all of whom are not "interested
persons" (as defined in the 1940 Act ("Independent Trustees"), counsel to the
Funds and counsel to the Independent Trustees on September 5, 2008, October 2,
2008, February 25, 2009 and March 11-12, 2009 to discuss Janus Capital's
proposal to reorganize the Funds. At each meeting, the Independent Trustees also
discussed this proposal and the Plan with their independent counsel in executive
session. During the course of these meetings, the Trustees requested and
considered such information as they deemed relevant to their deliberations.

     At the joint meeting of the Boards of Trustees of the JIF Trust and the JAD
Trust held on March 12, 2009, the Trustees determined that (1) the
Reorganization is in the best interests of the shareholders of JAD Flexible Bond
Fund and JIF Flexible Bond Fund and (2) the Plan should be approved by the
Trustees. In making these determinations, the Trustees considered the following
factors, among others:

     (1)  The Reorganization is part of a larger strategic repositioning of
          Janus Capital's distribution model for Janus mutual funds that is
          designed to offer certain potential benefits to Fund shareholders that
          are not currently available, including a more diverse Fund shareholder
          base, the potential for a more stable level of Fund assets, and access
          to a wider-range of Janus funds with differing investment strategies.

     (2)  The current conditions and trends in the securities markets and
          related trends in the investment management business, and their
          current and potential impact on Janus Capital, the JAD Trust and Fund
          shareholders.


                                       24



     (3)  JAD Flexible Bond Fund has the same investment objective, strategies,
          policies and risks as JIF Flexible Bond Fund, and the two Funds have
          been managed by the same co-portfolio managers for the past year.

     (4)  The two Funds have similar historical performance.

     (5)  Shareholders of each Fund will have the opportunity to invest in a
          significantly larger Fund and potentially benefit from long-term
          economies of scale that may result from the Reorganization.

     (6)  Fund expenses are not expected to increase materially as a result of
          the Reorganization, and Janus Capital anticipates that in the future,
          the elimination of some duplicative expenses and the opportunity for
          economies of scale may result in lower future fund expenses (other
          than management fees).

     (7)  While the contractual management fee rate for JIF Flexible Bond Fund
          (before waivers and reimbursements, if any), is higher than the
          contractual management fee rate (before waivers and reimbursements, if
          any), for JAD Flexible Bond Fund, Janus Capital has agreed to reduce
          JIF Flexible Bond Fund's contractual management fee rate to match that
          of JAD Flexible Bond Fund. JIF Flexible Bond Fund's total annual fund
          operating expenses ratio is expected to be the same or lower than that
          of JAD Flexible Bond Fund, without giving effect to any fee waivers.
          Janus Capital has agreed to a contractual expense limit for JIF
          Flexible Bond Fund for one year from the Closing Date of the
          Reorganization that is the same expense limit currently in place for
          the JAD Flexible Bond Fund.

     (8)  The expense limitation agreements applicable to each Fund which, after
          giving effect to fee waivers after the Reorganization, may result in
          current JAD Flexible Bond Fund shareholders paying the same or lower
          fees in the short-term, and provides greater longer term certainty
          with respect to total expense ratios.

     (9)  The benefits of the Reorganization to Janus Capital and its
          affiliates, including, among other things, that Janus Capital should
          derive greater efficiency, in terms of portfolio management and
          operations, by managing a single fund rather than two separate funds
          with substantially the same investment objective, strategies, policies
          and risks.

     (10) The Reorganization would not dilute the interests of either Fund's
          current shareholders.

     (11) The impact of the Reorganization on the ability of JIF Flexible Bond
          Fund to benefit from using a portion of the realized capital losses
          generated by JAD Flexible Bond Fund and JIF Flexible Bond Fund, as
          applicable, to offset or defer future gains on the sales of securities
          in certain circumstances.

     (12) The Reorganization, for each Fund and its shareholders, is expected to
          be tax-free in nature.

     (13) JAD Flexible Bond Fund's shareholders will not pay any of the costs of
          the Reorganization, and immediately after the Reorganization, the
          value of their shares in JIF Flexible Bond Fund will be the same as
          the value of their JAD Flexible Bond Fund holdings immediately prior
          to the Reorganization.

Based on these considerations, among others, the Boards of Trustees of the JAD
Trust and JIF Trust concluded that: (1) the Reorganization is in the best
interests of JAD Flexible Bond Fund and JIF Flexible Bond Fund and their
respective shareholders; and (2) the interests of the existing shareholders of
each Fund will not be diluted as a result of the Reorganization. Accordingly,
the Trustees approved the Plan.

FEDERAL INCOME TAX CONSEQUENCES

     As a condition to the Reorganization, the JAD Trust and the JIF Trust will
receive a legal opinion from Dechert LLP, special counsel to Janus Capital,
substantially to the effect that, subject to customary assumptions and
representations, on the basis of the existing provisions of the Internal Revenue
Code of 1986, as amended (the "Code"), the Treasury Regulations promulgated
thereunder and current administrative and judicial interpretations thereof, for
federal income tax purposes:

     -    the transfer of all or substantially all of the assets of JAD Flexible
          Bond Fund solely in exchange for shares of JIF Flexible Bond Fund and
          the assumption by JIF Flexible Bond Fund of all liabilities of


                                       25



          JAD Flexible Bond Fund, and the distribution of such shares to the
          shareholders of JAD Flexible Bond Fund, will constitute a
          "reorganization" within the meaning of Section 368(a) of the Code;

     -    no gain or loss will be recognized by JAD Flexible Bond Fund on the
          transfer of the assets of JAD Flexible Bond Fund to JIF Flexible Bond
          Fund in exchange for JIF Flexible Bond Fund shares and the assumption
          by JIF Flexible Bond Fund of all liabilities of JAD Flexible Bond Fund
          or upon the distribution of JIF Flexible Bond Fund shares to JAD
          Flexible Bond Fund shareholders in exchange for their shares of JAD
          Flexible Bond Fund;

     -    the tax basis of JAD Flexible Bond Fund's assets acquired by JIF
          Flexible Bond Fund will be the same to JIF Flexible Bond Fund as the
          tax basis of such assets to JAD Flexible Bond Fund immediately prior
          to the Reorganization, and the holding period of the assets of JAD
          Flexible Bond Fund in the hands of JIF Flexible Bond Fund will include
          the period during which those assets were held by JAD Flexible Bond
          Fund;

     -    no gain or loss will be recognized by JIF Flexible Bond Fund upon the
          receipt of the assets of JAD Flexible Bond Fund solely in exchange for
          JIF Flexible Bond Fund shares and the assumption by JIF Flexible Bond
          Fund of all liabilities of JAD Flexible Bond Fund;

     -    no gain or loss will be recognized by shareholders of JAD Flexible
          Bond Fund upon the receipt of JIF Flexible Bond Fund shares by such
          shareholders, provided such shareholders receive solely JIF Flexible
          Bond Fund shares (including fractional shares) in exchange for their
          JAD Flexible Bond Fund shares; and

     -    the aggregate tax basis of JIF Flexible Bond Fund shares, including
          any fractional shares, received by each shareholder of JAD Flexible
          Bond Fund pursuant to the Reorganization will be the same as the
          aggregate tax basis of JAD Flexible Bond Fund shares held by such
          shareholder immediately prior to the Reorganization, and the holding
          period of JIF Flexible Bond Fund shares, including fractional shares,
          to be received by each shareholder of JAD Flexible Bond Fund will
          include the period during which JAD Flexible Bond Fund shares
          exchanged therefor were held by such shareholder (provided that JAD
          Flexible Bond Fund shares were held as a capital asset on the date of
          the Reorganization).

     The receipt of such an opinion is a condition to the consummation of the
Reorganization. The JAD Trust has not obtained an Internal Revenue Service
("IRS") private letter ruling regarding the federal income tax consequences of
the Reorganization, and the IRS is not bound by advice of counsel. If the
transfer of the assets of JAD Flexible Bond Fund in exchange for JIF Flexible
Bond Fund shares and the assumption by JIF Flexible Bond Fund of all liabilities
of JAD Flexible Bond Fund does not constitute a tax-free reorganization, each
JAD Flexible Bond Fund shareholder generally will recognize a gain or loss equal
to the difference between the value of JIF Flexible Bond Fund shares such
shareholder acquires and the tax basis of such shareholder's JAD Flexible Bond
Fund shares.

     Prior to the Closing Date, JAD Flexible Bond Fund may pay to its
shareholders a cash distribution consisting of any undistributed investment
company taxable income and/or any undistributed realized net capital gains,
including any gains realized from any sales of assets prior to the Closing Date,
which may be attributable to portfolio transitioning. This distribution would be
taxable to shareholders that are subject to tax.

     Shareholders of JAD Flexible Bond Fund should consult their tax advisers
regarding the effect, if any, of the Reorganization in light of their individual
circumstances. Since the foregoing discussion relates only to the federal income
tax consequences of the Reorganization, shareholders of JAD Flexible Bond Fund
should also consult tax advisers as to state and local tax consequences, if any,
of the Reorganization.

     As of July 31, 2008, JAD Flexible Bond Fund had accumulated capital loss
carryforwards of $590,382. After the Reorganization, these losses may be
available to JIF Flexible Bond Fund, which had accumulated capital loss
carryforwards of $2,839,282, as of October 31, 2008, to offset its capital
gains. The final amount of the accumulated capital loss carryforwards for JAD
Flexible Bond Fund and JIF Flexible Bond Fund is subject to


                                       26



change and will not be determined until the time of the Reorganization. After
and as a result of the Reorganization, these accumulated capital loss
carryforwards may in part be subject to limitations under applicable tax laws.
As a result, JIF Flexible Bond Fund may not be able to use some or all of these
losses, if any, as quickly as each Fund may have used these losses in the
absence of the Reorganization, and part of these losses may not be useable at
all. The Boards of Trustees of the JAD Trust and JIF Trust took this factor into
account in concluding that the Reorganization would be in the best interests of
the Funds and their shareholders.

CAPITALIZATION

     The following table shows, on an unaudited basis, the capitalization as of
October 31, 2008 for JAD Flexible Bond Fund and JIF Flexible Bond Fund, as well
as pro forma capitalization giving effect to the Reorganization:



                                                                                  JIF Flexible Bond Fund
                            JAD Flexible Bond   JIF Flexible Bond                    (pro forma after
                                  Fund(1)             Fund(2)       Adjustments     Reorganization)(2)
                            -----------------   -----------------   -----------   ----------------------
                                                                      
CLASS A
Net Assets                                             N/A
Net Asset Value Per Share                              N/A
Shares Outstanding                                     N/A
CLASS C
Net Assets                                             N/A
Net Asset Value Per Share                              N/A
Shares Outstanding                                     N/A
CLASS I
Net Assets                                             N/A
Net Asset Value Per Share                              N/A
Shares Outstanding                                     N/A
CLASS R
Net Assets                                             N/A
Net Asset Value Per Share                              N/A
Shares Outstanding                                     N/A
CLASS S
Net Assets                                             N/A
Net Asset Value Per Share                              N/A
Shares Outstanding                                     N/A
CLASS [____]
Net Assets                         N/A
Net Asset Value Per Share          N/A
Shares Outstanding                 N/A


----------
(1)  JAD Flexible Bond Fund currently offers Class A, C, I, R and S Shares.

(2)  JIF Flexible Bond Fund currently does not designate separate share classes.
     Upon the consummation of the Reorganization, Class A, C, I, R and S Shares
     of JIF Flexible Bond Fund will be established with substantially the same
     class characteristics as the Class A, C, I, R and S Shares of JAD Flexible
     Bond Fund, respectively.

OTHER COMPARATIVE INFORMATION ABOUT THE FUNDS

INVESTMENT ADVISER

     Janus Capital, 151 Detroit Street, Denver, Colorado 80206-4805, is the
investment adviser to each Fund. Janus Capital is responsible for the day-to-day
management of each Fund's investment portfolio and furnishes continuous advice
and recommendations concerning each Fund's investments. Janus Capital also
provides certain administrative and other services and is responsible for other
business affairs of each Fund.


                                       27



     Janus Capital (together with its predecessors) has served as investment
adviser to Janus mutual funds since 1970 and currently serves as investment
adviser to all of the Janus funds, acts as subadviser for a number of
private-label mutual funds, and provides separate account advisory services for
institutional accounts.

     Janus Capital furnishes certain administrative, compliance, and accounting
services for the Funds, and may be reimbursed by the Funds for its costs in
providing those services. In addition, employees of Janus Capital and/or its
affiliates serve as officers of the JIF Trust and the JAD Trust, and Janus
Capital provides office space for the Funds and pays all or a portion of the
salaries, fees, and expenses of all Fund officers (with some shared expenses
with the Funds of compensation payable to the Funds' Chief Compliance Officer
and compliance staff) and those Trustees who are considered interested persons
of Janus Capital. As of the date of this Prospectus/Information Statement, none
of the members of the Board of Trustees are "affiliated persons" of Janus
Capital as that term is defined by the Investment Company Act of 1940, as
amended.

     From its own assets, Janus Capital or its affiliates may pay fees to
selected brokerage firms or other financial intermediaries that sell shares of
the Janus funds for distribution, marketing, promotional, or related services.
Such payments may be based on gross sales, assets under management, or
transactional charges, or on a combination of these factors. The amount of these
payments is determined from time to time by Janus Capital, may be substantial,
and may differ for different financial intermediaries. Payments based primarily
on sales create an incentive to make new sales of shares, while payments based
on assets create an incentive to retain previously sold shares. Sales- and
asset-based payments currently range up to 25 basis points on sales and up to 20
basis points on average annual net assets of shares held through the
intermediary and are subject to change. Payments based on transactional charges
may include the payment or reimbursement of all or a portion of "ticket
charges." Ticket charges are fees charged to salespersons purchasing through a
financial intermediary firm in connection with mutual fund purchases,
redemptions, or exchanges. The payment or reimbursement of ticket charges
creates an incentive for salespersons of an intermediary to sell shares of Janus
funds over shares of funds for which there is lesser or no payment or
reimbursement of any applicable ticket charge. Janus Capital and its affiliates
consider a number of factors in making payments to financial intermediaries,
including the distribution capabilities of the intermediary, the overall quality
of the relationship, expected gross and/or net sales generated by the
relationship, redemption and retention rates of assets held through the
intermediary, the willingness of the intermediary to cooperate with Janus
Capital's marketing efforts, access to sales personnel, and the anticipated
profitability of sales through the institutional relationship. These factors may
change from time to time. Currently, these payments are limited to the top 100
distributors (measured by sales or expected sales of shares of the Janus funds).

     For all share classes of the Janus funds, Janus Capital, Janus
Distributors, or their affiliates may pay fees, from their own assets, to
brokerage firms, banks, financial advisors, retirement plan service providers,
and other financial intermediaries for providing other marketing or
distribution-related services, as well as recordkeeping, subaccounting,
transaction processing, and other shareholder or administrative services
(including payments for processing transactions via National Securities Clearing
Corporation ("NSCC") or other means) in connection with investments in the Janus
funds. These fees are in addition to any fees that may be paid by the Janus
funds for these types of services or other services.

     In addition, Janus Capital or its affiliates may also share certain
marketing expenses with intermediaries, or pay for or sponsor informational
meetings, seminars, client awareness events, support for marketing materials, or
business building programs for such intermediaries, to raise awareness of the
Janus funds. Such payments may be in addition to, or in lieu of, sales-based,
asset-based, and transaction-based payments. These payments are intended to
promote the sales of Janus funds and to reimburse financial intermediaries,
directly or indirectly, for the costs that they or their salespersons incur in
connection with educational seminars, meetings, and training efforts about the
Janus funds to enable the intermediaries and their salespersons to make suitable
recommendations, provide useful services, and maintain the necessary
infrastructure to make the Janus funds available to their customers.

     The receipt of (or prospect of receiving) sales-, asset-, and/or
transaction-based payments or reimbursements and other forms of compensation
described above may provide a financial intermediary and its salespersons with
an incentive to favor sales of Janus funds' shares over sales of other mutual
funds (or non-mutual fund investments) or to favor sales of one class of Janus
funds' shares over sales of another Janus funds' share class with respect to
which the financial intermediary does not receive such payments or receives them
in a lower amount. The receipt of these payments may cause certain financial
intermediaries to elevate the prominence of the Janus


                                       28



funds within such financial intermediary's organization by, for example,
placement on a list of preferred or recommended funds and/or the provision of
preferential or enhanced opportunities to promote the Janus funds in various
ways within such financial intermediary's organization.

     The payment arrangements described above will not change the price an
investor pays for shares nor the amount that a Janus fund receives to invest on
behalf of the investor. You should consider whether such arrangements exist when
evaluating any recommendations from an intermediary to purchase or sell shares
of the Funds and when considering which share class of a Fund is most
appropriate for you. Please contact your financial intermediary or plan sponsor
for details on such arrangements.

MANAGEMENT EXPENSES

     Each Fund currently pays Janus Capital an investment advisory fee rate
which is calculated daily and paid monthly. The investment advisory fee rate for
JAD Flexible Bond Fund is currently 0.50% per annum of the Fund's average net
assets for the first $300 million and 0.40% per annum of the Fund's average net
assets over $300 million. The investment advisory fee rate for JIF Flexible Bond
Fund is currently 0.58% per annum of the Fund's average net assets for the first
$300 million and 0.48% per annum of the Fund's average net assets over $300
million. Each Fund's investment advisory agreement details the investment
advisory fee and other expenses that the Funds pay. Each Fund incurs expenses
not assumed by Janus Capital, including any distribution and shareholder
servicing fees (12b-1 fee), transfer agent and custodian fees and expenses,
legal and auditing fees, printing and mailing costs of sending reports and other
information to existing shareholders, and Independent Trustees' fees and
expenses.



                                                   ACTUAL INVESTMENT
                         INVESTMENT ADVISORY FEE      ADVISORY FEE
                         -----------------------   -----------------
                                             
JAD FLEXIBLE BOND FUND            0.50%               0.09%(1)(2)
JIF FLEXIBLE BOND FUND            0.58%               0.52%(3)(4)


----------
(1)  For the fiscal year ended July 31, 2008.

(2)  Janus Capital has agreed to limit the Fund's total operating expenses
     (excluding the distribution and shareholder servicing fees (applicable to
     Class A, Class C, Class R and Class S Shares), administrative services fee
     (applicable to Class R and Class S Shares) and brokerage commissions,
     interest, dividends, taxes, and extraordinary expenses including, but not
     limited to, acquired fund fees and expenses) to a certain level until at
     least December 1, 2009. Application of the expense waiver and its effect on
     annual fund operating expenses is reflected, when applicable, in the Annual
     Fund Operating Expenses table in the "Fees and Expenses" section of this
     Prospectus/Information Statement, and additional information is included
     under "Expense Limitations." The waiver is not reflected in the contractual
     fee rate shown.

(3)  For the fiscal year ended October 31, 2008.

(4)  Janus Capital has agreed to limit the Fund's total operating expenses
     (excluding brokerage commissions, interest, dividends, taxes, and
     extraordinary expenses including, but not limited to, acquired fund fees
     and expenses) to a certain level until at least March 1, 2010. Application
     of the expense waiver and its effect on annual fund operating expenses is
     reflected, when applicable, in the Annual Fund Operating Expenses table in
     the "Fees and Expenses" section of this Prospectus/Information Statement,
     and additional information is included under "Expense Limitations." The
     waiver is not reflected in the contractual fee rate shown.

     The basis for the Trustees' approval of the current investment advisory
agreement for JIF Flexible Bond Fund is contained in JIF Flexible Bond Fund's
unaudited Semiannual Report to shareholders dated April 30, 2008. The basis for
the Trustees' approval of the current investment advisory agreement for JAD
Flexible Bond Fund is contained in JAD Flexible Bond Fund's unaudited Semiannual
Report to shareholders dated January 31, 2009.

ADMINISTRATIVE SERVICES FEES

     As noted above, upon the consummation of the Reorganization, Class A, C, I,
R and S Shares of JIF Flexible Bond Fund will be established with substantially
the same class characteristics as the Class A, C, I, R and S Shares of JAD
Flexible Bond Fund, respectively. There will be no change in the terms of
administrative services fees paid by shareholders of Class A, C, I, R and S
Shares of JIF Flexible Bond Fund after the Reorganization.


                                       29



     Janus Services LLC, the transfer agent of the JAD Trust and the JIF Trust,
receives an administrative services fee at an annual rate of up to 0.25% of the
average daily net assets of Class R and Class S Shares of each Fund for
providing, or arranging for the provision of, recordkeeping, subaccounting, and
other administrative services to investors. Janus Services LLC expects to use
all or a significant portion of this fee to compensate retirement plan service
providers, broker-dealers, bank trust departments, financial advisers, and other
financial intermediaries for providing these services to their customers who
invest in the Funds.

     With respect to transactions in or for administrative services provided to
Class A, Class C and Class I Shares of the Funds, certain intermediaries may
charge networking, omnibus account, or other administrative fees. Transactions
may be processed through the NSCC or similar systems or processed on a manual
basis with Janus. These fees are paid by Class A, Class C and Class I Shares of
each Fund to Janus Services LLC, which uses such fees to reimburse
intermediaries. In the event an intermediary receiving payments from Janus
Services LLC on behalf of a Fund converts from a networking structure to an
omnibus account structure or otherwise experiences increased costs, fees borne
by the shares may increase.

INVESTMENT PERSONNEL

     Gibson Smith and Darrell Watters jointly share responsibility for the
day-to-day management of the Funds, with no limitation on the authority of one
co-portfolio manager in relation to the other.

     GIBSON SMITH is Co-Chief Investment Officer of Janus Capital. He is
Executive Vice President and Co-Portfolio Manager of JAD Flexible Bond Fund and
JIF Flexible Bond Fund, which he has co-managed since May 2007. Mr. Smith is
also Portfolio Manager of other Janus accounts. He joined Janus Capital in 2001
as a fixed-income analyst. He holds a Bachelor's degree in Economics from the
University of Colorado.

     DARRELL WATTERS is Executive Vice President and Co-Portfolio Manager of JAD
Flexible Bond Fund and JIF Flexible Bond Fund, which he has co-managed since May
2007. Mr. Watters is also Portfolio Manager of other Janus accounts and performs
duties as a fixed-income analyst. He joined Janus Capital in 1993 as a municipal
bond trader. Mr. Watters holds a Bachelor's degree in Economics from Colorado
State University.

     JIF Flexible Bond Fund's Statement of Additional Information dated February
27, 2009, and JAD Flexible Bond Fund's Statement of Additional Information dated
November 28, 2008, both of which are incorporated by reference herein, provide
information about the structure and method of Mr. Smith's and Mr. Watters's
compensation, as well as their management of other accounts and ownership of
Fund securities.

CHARTER DOCUMENTS

     JIF Flexible Bond Fund is a series of the JIF Trust, a Massachusetts
business trust governed by Massachusetts law. JIF Flexible Bond Fund is governed
by an Amended and Restated Agreement and Declaration of Trust dated March 18,
2003, as amended from time to time ("JIF Trust Instrument"). The following is a
summary of certain provisions of the JIF Trust Instrument and is qualified in
its entirety by reference to the JIF Trust Instrument.

     Voting. A shareholder is entitled to one vote for each dollar of net asset
value standing in such shareholder's name on the books of the JIF Trust (and a
fractional vote for each fractional dollar). Generally, all funds and classes
vote together as a single group, except where a separate vote of one or more
funds or classes is required by law or where the interests of one or more funds
or classes are affected differently from other funds or classes. Shares of all
series of the JIF Trust have noncumulative voting rights, which means that the
holders of more than 50% of the value of shares of all series of the JIF Trust
voting for the election of Trustees can elect 100% of the Trustees if they
choose to do so. In such event, the holders of the remaining value of shares
will not be able to elect any Trustees.

     All shares of a fund participate equally in dividends and other
distributions by the shares of the same class of that fund, and in residual
assets of that class of that fund in the event of liquidation. Shares of each
fund have no preemptive, conversion, or appraisal rights. Shares of each fund
may be transferred by endorsement or stock power


                                       30



as is customary, but a fund is not bound to recognize any transfer until it is
recorded on its books. The funds have the right to redeem, at the then current
NAV, the shares of any shareholder whose account does not meet certain minimum
requirements as described in the funds' prospectus(es).

     Shareholder Meetings. The JIF Trust is not required, and does not intend,
to hold annual shareholder meetings unless otherwise required by the JIF Trust
Instrument, the 1940 Act or in compliance with any regulatory order. Under the
terms of a settlement reached between Janus and the SEC in August 2004,
commencing in 2005 and not less than every fifth calendar year thereafter, the
JIF Trust will hold a meeting of shareholders to elect Trustees. Special
meetings may be called for a specific fund or for the JIF Trust for purposes
such as election of Trustees, when required by the JIF Trust Instrument or to
comply with the 1940 Act or a regulatory order. Under the JIF Trust Instrument,
special meetings of shareholders of the JIF Trust or of any fund shall be called
upon written request of shareholders holding not less than 10% of the shares
then outstanding.

     Shareholder Liability. Under Massachusetts law, shareholders of a
Massachusetts business trust could, under certain circumstances, be held liable
for the obligations of their fund. However, the JIF Trust Instrument disclaims
shareholder liability for acts or obligations of the funds and requires that
notice of this disclaimer be given in each agreement, obligation, or instrument
entered into or executed by the funds or the Trustees. The JIF Trust Instrument
also provides for indemnification from the assets of the funds for all losses
and expenses of any Fund shareholder held liable for the obligations of their
fund.

     The Trustees intend to conduct the operations of the funds to avoid, to the
extent possible, liability of shareholders for liabilities of their fund.

     Trustee Liability. A Trustee shall be liable for such Trustee's own willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of the office of Trustee, and shall not be liable for
errors of judgment or mistakes of fact or law. All persons extending credit to,
contracting with or having any claim against the JIF Trust shall look only to
the assets of a fund with which such person dealt for payment under such credit,
contract, or claim.

     Liquidation or Dissolution. In the event of the liquidation or dissolution
of the Trust, shareholders of the funds are entitled to receive, when and as
declared by the Trustees, the excess of the assets belonging to their fund, or
in the case of a class, belonging to that fund and allocable to that class, over
the liabilities belonging to that fund or class. The assets shall be distributed
to shareholders in proportion to the relative NAV of the shares of that fund or
class held by them and recorded on the books of the JIF Trust. The liquidation
of any particular fund or class thereof may be authorized at any time by vote of
a majority of the Trustees then in office. Shareholders will receive prior
notice of any liquidation effecting their fund or class.

KEY DIFFERENCES IN THE RIGHTS OF JAD FLEXIBLE BOND FUND AND JIF FLEXIBLE BOND
FUND SHAREHOLDERS

     JAD Flexible Bond Fund is organized as a separate series of the JAD Trust,
a Delaware statutory trust, and is governed by an Amended and Restated Trust
Instrument ("JAD Trust Instrument") and JAD Bylaws. JIF Flexible Bond Fund is
organized as a separate series of the JIF Trust, a Massachusetts business trust,
and is governed by the JIF Trust Instrument and JIF Bylaws. Key differences
affecting the rights of shareholders under the JAD Trust Instrument, JAD Bylaws
and Delaware Law and the JIF Trust Instrument and JIF Bylaws and Massachusetts
law are presented below, and are qualified in their entirety by reference to the
JAD Trust Instrument and the JIF Trust Instrument.



          JAD FLEXIBLE BOND FUND                   JIF FLEXIBLE BOND FUND
          ----------------------            ---------------------------------------
                                         
Any Trustee may be removed at any meeting   Any Trustee may be removed by a vote of
of the shareholders by a vote of at least   at least two-thirds of the shareholders
two-thirds of the outstanding shares of     of the JIF Trust at a meeting called
the JAD Trust.                              for the purpose, or by a written
                                            declaration signed by at least
                                            two-thirds of the shareholders and
                                            filed with the Trust's custodian.



                                       31





          JAD FLEXIBLE BOND FUND                   JIF FLEXIBLE BOND FUND
          ----------------------            ---------------------------------------
                                         
No requirement exists that shareholders     Shareholders of the relevant series or
receive notification of the liquidation     class thereof must be notified prior to
of any particular series or class           giving effect to any authorization for
thereof.                                    the liquidation of any particular
                                            series or class.

No shareholder shall be personally bound    As previously noted, under
and no payment demand made on any           Massachusetts law, shareholders of a
shareholder except as agreed to by the      Massachusetts business trust could,
shareholder.  Shareholders shall have the   under certain circumstances, be held
same limitation of personal liability as    liable for the obligations of their
is extended to shareholders of a private    fund.  However, the JIF Trust
corporation for profit incorporated in      Instrument provides that no shareholder
the State of Delaware.                      shall be personally bound and no
                                            payment demand made on any shareholder
                                            except as agreed to by the
                                            shareholder.

The Trustees may not change outstanding     No provision prevents the Trustees from
shares in a manner materially adverse to    changing outstanding shares in a manner
the shareholders.                           materially adverse to the shareholders.

There is no provision related to            Any dividend or distribution paid in
dividends or distributions paid in          shares will be paid at the net asset
shares.                                     value of the shares.

Shareholders do not have the power to       Shareholders have the power to vote to
vote on whether or not a court action,      the same extent as shareholders of a
proceeding or claim should or should not    Massachusetts business corporation as
be brought or maintained derivatively or    to whether a court action, proceeding
as a class action on behalf of the Trust    or claim should be brought or
or any series thereof or the shareholders.  maintained derivatively or as a class
                                            action on behalf of the Trust or any
                                            series thereof.

A shareholder is entitled to one vote for   A shareholder is entitled to one vote
each whole share held (and fractional       for each dollar of net asset value
votes for fractional shares held) in such   standing in such shareholder's name on
shareholder's name on the books of the      the books of the JIF Trust (and a
JAD Trust.                                  fractional vote for each fractional
                                            dollar).

Shareholders shall be entitled to at        Shareholders shall be entitled to at
least fifteen days' notice of any           least seven days' notice of any
shareholder meetings.                       shareholder meetings.

The Trustees are required to call a         The Trustees are required to promptly
special meeting upon the written request    call a special meeting upon the written
of shareholders owning at least             request of shareholders holding not
two-thirds of the outstanding shares of     less than 10% of the shares then
such series or class entitled to vote.      outstanding for the purpose of voting
                                            on the removal of any Trustee.
                                            Additionally, if the Trustees fail to
                                            call meeting by 30 days after a request
                                            by the holders of 10% of the shares
                                            then outstanding, the shareholders may
                                            call and give notice of such meeting.

Quorum for the transaction of business at   Quorum for the transaction of business
shareholder meetings is set at one-third    at shareholder meetings is set at
of the outstanding shares or of the         thirty percent of the outstanding
Shares entitled to vote either in person    shares or of the shares entitled to
or by proxy, unless otherwise required by   vote either in person or by proxy,
applicable law, the Bylaws or the Trust     unless otherwise required by applicable
Instrument.                                 law, the Bylaws or the Trust
                                            Instrument.

The Trust, on behalf of the affected        In case any shareholder (or former
series, shall, upon request by such         shareholder) of any series of the Trust
shareholder, assume the                     shall be charged or held to be



                                       32





          JAD FLEXIBLE BOND FUND                   JIF FLEXIBLE BOND FUND
          ----------------------            ---------------------------------------
                                         
defense of any such claim made against      personally liable for any obligation or
such shareholder for any act or             liability of the Trust solely by reason
obligation of the series and satisfy        of being or having been a shareholder
any judgment thereon from the assets of     and not because of such shareholder's
the series.                                 acts or omissions or for some other
                                            reason, said series (upon proper and
                                            timely request by the shareholder)
                                            shall assume the defense against such
                                            charge and satisfy any judgment
                                            thereon, and the shareholder or former
                                            shareholder (or such shareholder's
                                            heirs, executors, administrators or
                                            other legal representatives or in the
                                            case of a corporation or other entity,
                                            its corporate or other general
                                            successor) shall be entitled out of the
                                            assets of said series estate to be held
                                            harmless from and indemnified against
                                            all loss and expense arising from such
                                            liability.

Subject to making certain determinations,   A shareholder vote is necessary to
the Trustees may terminate the Trust or     terminate the Trust. However, the
any series without obtaining a              Trustees may merge, liquidate or
shareholder vote.                           reorganize any series without seeking
                                            shareholder approval if in accordance
                                            with legal requirements such as the
                                            1940 Act requirements.

No provision is made for shareholder        Subject to meeting certain stated
communications.                             criteria, shareholders may communicate
                                            directly with other shareholders for
                                            the purpose of obtaining signatures to
                                            request a shareholder meeting.

There is no requirement that shareholders   Prior to giving effect to any such
receive prior notice of any                 authorization of consolidation, merger
consolidation, merger or transfer.          or transfer, shareholders of the
                                            relevant series or class must be
                                            notified.


                             ADDITIONAL INFORMATION

SHARE OWNERSHIP

     The following table shows, as of the close of business on the Record Date,
the number of outstanding shares and net assets of each class of JAD Flexible
Bond Fund:



FUND                     TOTAL NUMBER OF SHARES OUTSTANDING   NET ASSETS
----                     ----------------------------------   ----------
                                                        
JAD Flexible Bond Fund
- Class A Shares
- Class C Shares
- Class I Shares
- Class R Shares
- Class S Shares
TOTAL


     [To the knowledge of Janus Capital, as of _________, 2009, the officers and
Trustees beneficially owned, as a group, less than 1% of any class of each
Fund.]


                                       33



     Beneficial owners of 5% or more of the outstanding shares of JAD Flexible
Bond Fund as of __________, 2009 are shown below. To the best knowledge of the
Trust, no person beneficially owned more than 5% of the outstanding shares of
JAD Flexible Bond Fund except as shown below, and such owners may not be the
beneficial owner of all or a portion of the shares.



Name and Address of Beneficial Owner   Number of Shares   Percent of Fund
------------------------------------   ----------------   ---------------
                                                    



TRUSTEES AND OFFICERS

     The following individuals comprise the Boards of Trustees of the JIF and
JAD Trusts: Jerome S. Contro, William F. McCalpin, John W. McCarter, Jr., Dennis
B. Mullen, James T. Rothe, William D. Stewart, Martin H. Waldinger and Linda S.
Wolf. Each of the Trustees is not an "interested" person of Janus, the JIF Trust
or the JAD Trust, as that term is defined under the 1940 Act. The officers of
each Trust are disclosed in each Fund's Statement of Additional Information.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     [ ], [ ], Independent Registered Public Accounting Firm for the Funds,
audits the Funds' annual financial statements and reviews their tax returns.

LEGAL MATTERS

     Information regarding material pending legal proceedings involving Janus
Capital and/or the Funds is attached as Appendix D to this
Prospectus/Information Statement.

INFORMATION AVAILABLE THROUGH THE SEC

     JAD Flexible Bond Fund and JIF Flexible Bond Fund are each subject to the
information requirements of the Securities Exchange Act of 1934, as amended, and
the 1940 Act. In accordance therewith, each files reports and other information
with the SEC. Reports, proxy statements, registration statements, and other
information may be inspected without charge and copied at the Public Reference
Room maintained by the SEC at: 100 F Street, NE, Room 1580, Washington, DC 20549
and at the following regional offices of the SEC: 3 World Financial Center, Room
4300, New York, NY 10281; 801 Brickell Ave., Suite 1800, Miami, FL 33131; 175 W.
Jackson Boulevard, Suite 900, Chicago, IL 60604; 1801 California Street, Suite
1500 Denver, CO 80202-2656; and 5670 Wilshire Boulevard, 11th Floor, Los
Angeles, CA 90036-3648. Copies of such materials also may be obtained from the
Public Reference Branch, Office of Consumer Affairs and Information Services,
Securities and Exchange Commission, Washington, D.C. 20549 at prescribed rates.

     You can get text only copies, after paying a duplicating fee, by sending an
electronic request by e-mail to publicinfo@sec.gov or by writing to or calling
the Public Reference Room, Washington, D.C. 20549-0102 (1-202-942-8090).

     Information on the operation of the Public Reference Room may also be
obtained by calling this number. You may also obtain reports and other
information about the Funds from the Electronic Data Gathering Analysis and
Retrieval (EDGAR) Database on the SEC's website at http://www.sec.gov.

                                        By order of the Board of Trustees,


                                        ---------------------
                                        Robin C. Beery
                                        Chief Executive Officer and President of
                                        Janus Adviser Series


                                       34



                                                                      APPENDIX A

                  FORM OF AGREEMENT AND PLAN OF REORGANIZATION

THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made as of this [
] day of [ ], 200_, by and among Janus Adviser Series, a Delaware statutory
trust (the "JAD Trust"), on behalf of Janus Adviser [ ] Fund, a series of the
JAD Trust (the "Predecessor Fund"), Janus Investment Fund (the "JIF Trust"), a
Massachusetts business trust, on behalf of Janus [ ] Fund a series of the JIF
Trust (the "Successor Fund"), and Janus Capital Management LLC, a Delaware
limited liability company ("JCM").

All references in this Agreement to action taken by the Predecessor Fund or the
Successor Fund shall be deemed to refer to action taken by the JIF Trust or JAD
Trust on behalf of the respective portfolio series.

This Agreement is intended to be and is adopted as a plan of reorganization and
liquidation within the meaning of Section 368(a) of the United States Internal
Revenue Code of 1986, as amended (the "Code"). The reorganization (the
"Reorganization") will consist of the transfer by the Predecessor Fund of all or
substantially all of its assets to the Successor Fund, in exchange solely for
[Class A, Class C, Class I, Class R and Class S] voting shares of beneficial
interest in the Successor Fund (the "Successor Fund Shares") having an aggregate
net asset value equal to the aggregate net asset value of the same class of
shares of the Predecessor Fund, the assumption by the Successor Fund of all the
liabilities of the Predecessor Fund, and the distribution of the [Class A, Class
C, Class I, Class R and Class S] Successor Fund Shares to the shareholders of
the Predecessor Fund in complete liquidation of the Predecessor Fund as provided
herein, all upon the terms and conditions hereinafter set forth in this
Agreement.

WHEREAS, the Board of Trustees of each of the JAD Trust and the JIF Trust has
determined that it is in the best interest of the Predecessor Fund and the
Successor Fund, respectively, that the assets of the Predecessor Fund be
acquired by the Successor Fund pursuant to this Agreement and in accordance with
the applicable statutes of the Commonwealth of Massachusetts and the State of
Delaware, and that the interests of existing shareholders will not be diluted as
a result of this transaction;

WHEREAS, concurrently herewith, the Board of Trustees of each of the JAD Trust
and the JIF Trust are entering into separate Plans of Reorganization which
contemplate the reorganization of certain series of the JAD Trust into existing
series of the JIF Trust (each a "Preexisting Fund Reorganization"); and

WHEREAS, concurrently herewith, the Board of Trustees of each of the JAD Trust
and the JIF Trust are entering into separate Plans of Reorganization which
contemplate the reorganization of certain series of the JAD Trust into newly
created series of the JIF Trust (each a "Shell Reorganization").

NOW, THEREFORE, in consideration of the premises and of the covenants and
agreements hereinafter set forth, the parties hereto covenant and agree as
follows:

1. PLAN OF REORGANIZATION

1.1 Subject to the terms and conditions herein set forth, the JAD Trust shall
(i) transfer all or substantially all of the assets of the Predecessor Fund, as
set forth in paragraph 1.2, to the Successor Fund, (ii) the JIF Trust shall
cause the Successor Fund to deliver to the JAD Trust full and fractional [Class
A, Class C, Class I, Class R and Class S] Successor Fund Shares having an
aggregate net asset value equal to the value of the aggregate net assets of the
same class of shares of the Predecessor Fund as of the close of regular session
trading on the New York Stock Exchange on the Closing Date, as set forth in
paragraph 2.1 (the "Closing Date") and (iii) the JIF Trust shall cause the
Successor Fund to assume all liabilities of the Predecessor Fund, as set forth
in paragraph 1.2. Such transactions shall take place at the closing provided for
in paragraph 2.1 (the "Closing").

1.2 The assets of the Predecessor Fund to be acquired by the Successor Fund
shall consist of all property, including, without limitation, all cash,
securities, commodities and futures interests, and dividends or interest
receivable which are owned by the Predecessor Fund and any deferred or prepaid
expenses shown as an asset on the books of the Predecessor Fund on the Closing
Date. The Successor Fund will assume all of the liabilities, expenses, costs,
charges and reserves of the Predecessor Fund of any kind, whether absolute,
accrued, contingent or otherwise in existence on the Closing Date.


                                       A-1



1.3 The Predecessor Fund will distribute pro rata to its shareholders of record
of the applicable classes, determined as of immediately after the close of
business on the Closing Date (the "Current Shareholders"), the [Class A, Class
C, Class I, Class R and Class S] Successor Fund Shares received by the JAD Trust
pursuant to paragraph 1.1. Such distribution and liquidation will be
accomplished by the transfer of the [Class A, Class C, Class I, Class R and
Class S] Successor Fund Shares then credited to the accounts of the Predecessor
Fund on the books of the Successor Fund to open accounts on the share records of
the Successor Fund in the names of the Current Shareholders and representing the
respective pro rata number of the [Class A, Class C, Class I, Class R and Class
S] Successor Fund Shares due to such shareholders. All issued and outstanding
shares of the Predecessor Fund will simultaneously be canceled on the books of
the JAD Trust. The Successor Fund shall not issue certificates representing the
[Class A, Class C, Class I, Class R and Class S] Successor Fund Shares in
connection with such exchange. Ownership of [Class A, Class C, Class I, Class R
and Class S] Successor Fund Shares will be shown on the books of the JIF Trust's
transfer agent. As soon as practicable after the Closing, the JAD Trust shall
take all steps necessary to effect a complete liquidation of the Predecessor
Fund.

2. CLOSING AND CLOSING DATE

2.1 The Closing Date shall be July 6, 2009, or such other date as the parties
may agree to in writing. All acts taking place at the Closing shall be deemed to
take place simultaneously as of immediately after the close of business on the
Closing Date unless otherwise agreed to by the parties. The close of business on
the Closing Date shall be as of 4:00 p.m. New York Time. The Closing shall be
held at the offices of JCM, 151 Detroit Street, Denver, Colorado 80206-4805, or
at such other time and/or place as the parties may agree.

2.2 The JAD Trust shall cause Janus Services LLC (the "Transfer Agent"),
transfer agent of the Predecessor Fund, to deliver at the Closing a certificate
of an authorized officer stating that its records contain the names and
addresses of the Current Shareholders and the number, class, and percentage
ownership of outstanding shares of the Predecessor Fund owned by each such
shareholder immediately prior to the Closing. The Successor Fund shall issue and
deliver a confirmation evidencing the [Class A, Class C, Class I, Class R and
Class S] Successor Fund Shares to be credited on the Closing Date to the
Secretary of the JAD Trust or provide evidence satisfactory to the JAD Trust
that such [Class A, Class C, Class I, Class R and Class S] Successor Fund Shares
have been credited to the accounts of the Predecessor Fund on the books of the
Successor Fund. At the Closing, each party shall deliver to the other such bills
of sales, checks, assignments, share certificates, if any, receipts or other
documents as such other party or its counsel may reasonably request.

3. REPRESENTATIONS AND WARRANTIES

3.1 The JAD Trust, on behalf of the Predecessor Fund, hereby represents and
warrants to the Successor Fund as follows:

     (i)    the JAD Trust is a trust duly organized, validly existing and in
            good standing under the laws of the State of Delaware and has full
            power and authority to conduct its business as presently conducted;

     (ii)   the JAD Trust has full power and authority to execute, deliver and
            carry out the terms of this Agreement on behalf of the Predecessor
            Fund;

     (iii)  the execution and delivery of this Agreement on behalf of the
            Predecessor Fund and the consummation of the transactions
            contemplated hereby are duly authorized and no other proceedings on
            the part of the JAD Trust or the shareholders of the Predecessor
            Fund are necessary to authorize this Agreement and the transactions
            contemplated hereby;

     (iv)   this Agreement has been duly executed by the JAD Trust on behalf of
            the Predecessor Fund and constitutes its valid and binding
            obligation, enforceable in accordance with its terms, subject to
            applicable bankruptcy, reorganization, insolvency, moratorium and
            other rights affecting creditors' rights generally, and general
            equitable principles;


                                      A-2



     (v)    neither the execution and delivery of this Agreement by the JAD
            Trust on behalf of the Predecessor Fund, nor the consummation by the
            JAD Trust on behalf of the Predecessor Fund of the transactions
            contemplated hereby, will conflict with, result in a breach or
            violation of or constitute (or with notice, lapse of time or both) a
            breach of or default under, the JAD Trust's Amended and Restated
            Trust Instrument ("JAD Trust Instrument") or Bylaws of the JAD
            Trust, as each may be amended, or any statute, regulation, order,
            judgment or decree, or any instrument, contract or other agreement
            to which the JAD Trust is a party or by which the JAD Trust or any
            of its assets is subject or bound;

     (vi)   the unaudited statement of assets and liabilities of the Predecessor
            Fund as of the Closing Date, determined in accordance with generally
            accepted accounting principles consistently applied from the prior
            audited period, accurately reflects all liabilities of the
            Predecessor Fund as of the Closing Date;

     (vii)  no authorization, consent or approval of any governmental or other
            public body or authority or any other party is necessary for the
            execution and delivery of this Agreement by the JAD Trust on behalf
            of the Predecessor Fund or the consummation of any transactions
            contemplated hereby by the JAD Trust, other than as shall be
            obtained at or prior to the Closing;

     (viii) On the Closing Date, all Federal and other tax returns, dividend
            reporting forms, and other tax-related reports of the Predecessor
            Fund required by law to have been filed by such date (including any
            extensions) shall have been filed and are or will be correct in all
            material respects, and all Federal and other taxes shown as due or
            required to be shown as due on said returns and reports shall have
            been paid or provision shall have been made for the payment thereof;
            and

     (ix)   For each taxable year of its operation (including the taxable year
            which ends on the Closing Date), the Predecessor Fund has met (or
            will meet) the requirements of Subchapter M of the Internal Revenue
            Code of 1986, as amended (the "Code") for qualification as a
            regulated investment company, has been (or will be) eligible to and
            has computed (or will compute) its federal income tax under Section
            852 of the Code, and will have distributed all of its investment
            company taxable income and net capital gain (as defined in the Code)
            that has accrued through the Closing Date.

3.2 The JIF Trust, on behalf of the Successor Fund, hereby represents and
warrants to the Predecessor Fund as follows:

     (i)    the JIF Trust is duly organized and existing under its Amended and
            Restated Declaration of Trust (the "JIF Declaration of Trust") and
            the laws of the Commonwealth of Massachusetts as a voluntary
            association with transferable shares of beneficial interest commonly
            referred to as a "Massachusetts business trust";

     (ii)   the JIF Trust has full power and authority to execute, deliver and
            carry out the terms of this Agreement on behalf of the Successor
            Fund;

     (iii)  the execution and delivery of this Agreement on behalf of the
            Successor Fund and the consummation of the transactions contemplated
            hereby are duly authorized and no other proceedings on the part of
            the JIF Trust or the shareholders of the Successor Fund are
            necessary to authorize this Agreement and the transactions
            contemplated hereby;

     (iv)   this Agreement has been duly executed by the JIF Trust on behalf of
            the Successor Fund and constitutes its valid and binding obligation,
            enforceable in accordance with its terms, subject to applicable
            bankruptcy, reorganization, insolvency, moratorium and other rights
            affecting creditors' rights generally, and general equitable
            principles;

     (v)    neither the execution and delivery of this Agreement by the JIF
            Trust on behalf of the Successor Fund, nor the consummation by the
            JIF Trust on behalf of the Successor Fund of the transactions
            contemplated hereby, will conflict with, result in a breach or
            violation of or constitute (or with


                                      A-3



            notice, lapse of time or both constitute) a breach of or default
            under, the JIF Declaration of Trust or the Amended and Restated
            Bylaws of the JIF Trust, as each may be amended, or any statute,
            regulation, order, judgment or decree, or any instrument, contract
            or other agreement to which the JIF Trust is a party or by which the
            JIF Trust or any of its assets is subject or bound;

     (vi)   the net asset value per share of a [Class A, Class C, Class I, Class
            R and Class S] Successor Fund Share as of the close of regular
            session trading on the New York Stock Exchange on the Closing Date
            reflects all liabilities of the Successor Fund as of that time and
            date;

     (vii)  no authorization, consent or approval of any governmental or other
            public body or authority or any other party is necessary for the
            execution and delivery of this Agreement by the JIF Trust on behalf
            of the Successor Fund or the consummation of any transactions
            contemplated hereby by the JIF Trust, other than as shall be
            obtained at or prior to the Closing;

     (viii) On the Closing Date, all Federal and other tax returns, dividend
            reporting forms, and other tax-related reports of the Successor Fund
            required by law to have been filed by such date (including any
            extensions) shall have been filed and are or will be correct in all
            material respects, and all Federal and other taxes shown as due or
            required to be shown as due on said returns and reports shall have
            been paid or provision shall have been made for the payment thereof;
            and

     (ix)   For each taxable year of its operation (including the taxable year
            which includes the Closing Date), the Successor Fund has met (or
            will meet) the requirements of Subchapter M of the Code for
            qualification as a regulated investment company, has been (or will
            be) eligible to and has computed (or will compute) its federal
            income tax under Section 852 of the Code, and has distributed all of
            its investment company taxable income and net capital gain (as
            defined in the Code) for periods ending prior to the Closing Date.

4. CONDITIONS PRECEDENT

4.1 The obligations of the JAD Trust on behalf of each Predecessor Fund and the
JIF Trust on behalf of each Successor Fund to effectuate the Reorganization
shall be subject to the satisfaction of the following conditions with respect to
such Reorganization:

     (i)    The JIF Trust shall have filed with the Securities and Exchange
            Commission (the "Commission") a registration statement on Form N-14
            under the Securities Act of 1933, as amended (the "Securities Act")
            and such amendment or amendments thereto as are determined by the
            Board of Trustees of the JIF Trust and/or JCM to be necessary and
            appropriate to effect the registration of the [Class A, Class C,
            Class I, Class R and Class S] Successor Fund Shares (the
            "Registration Statement"), and the Registration Statement shall have
            become effective, and no stop-order suspending the effectiveness of
            the Registration Statement shall have been issued, and no proceeding
            for that purpose shall have been initiated or threatened by the
            Commission (and not withdrawn or terminated);

     (ii)   The applicable [Class A, Class C, Class I, Class R and Class S]
            Successor Fund Shares shall have been duly qualified for offering to
            the public in all states in which such qualification is required for
            consummation of the transactions contemplated hereunder;

     (iii)  All representations and warranties of the JAD Trust on behalf of the
            Predecessor Fund contained in this Agreement shall be true and
            correct in all material respects as of the date hereof and as of the
            Closing, with the same force and effect as if then made, and the JIF
            Trust on behalf of the Successor Fund shall have received a
            certificate of an officer of the JAD Trust acting on behalf of the
            Predecessor Fund to that effect in form and substance reasonably
            satisfactory to the JIF Trust on behalf of the Successor Fund;

     (iv)   All representations and warranties of the JIF Trust on behalf of the
            Successor Fund contained in


                                      A-4



            this Agreement shall be true and correct in all material respects as
            of the date hereof and as of the Closing, with the same force and
            effect as if then made, and the JAD Trust on behalf of the
            Predecessor Fund shall have received a certificate of an officer of
            the JIF Trust acting on behalf of the Successor Fund to that effect
            in form and substance reasonably satisfactory to the JAD Trust on
            behalf of the Predecessor Fund;

     (v)    The JIF Trust and the JAD Trust shall have received the opinion of
            Dechert LLP addressed to each of them substantially to the effect
            that, based upon certain facts, assumptions, and representations,
            the transaction contemplated by this Agreement shall constitute a
            tax-free reorganization for Federal income tax purposes. The
            delivery of such opinion is conditioned upon receipt by Dechert LLP
            of representations it shall request of JCM, the JIF Trust and the
            JAD Trust. Notwithstanding anything herein to the contrary, neither
            the JIF Trust nor the JAD Trust may waive the condition set forth in
            this paragraph;

     (vi)   Unless otherwise determined by the officers of the Predecessor Fund,
            the Predecessor Fund shall have declared and paid a distribution or
            distributions prior to the Closing that, together with all previous
            distributions, shall have the effect of distributing to its
            shareholders (i) all of its investment company taxable income and
            all of its net realized capital gains, if any, for the period from
            the close of its last fiscal year to 4:00 p.m. New York Time on the
            Closing; and (ii) any undistributed investment company taxable
            income and net realized capital gains from any period to the extent
            not otherwise already distributed; and

     (vii)  The conditions precedent to (A) each of the Preexisting Fund
            Reorganizations and (B) each of the Shell Reorganizations shall have
            been satisfied, unless the Boards of Trustees of the JAD Trust
            and/or the JIF Trust shall have mutually agreed to waive this
            condition and deemed it to be in the best interests of Shareholders
            of the Predecessor Fund that the Reorganization should proceed.

5.  EXPENSES

All of the expenses and costs of the Reorganization and the transactions
contemplated thereby shall be borne by JCM.

6. ENTIRE AGREEMENT

The JAD Trust agrees on behalf of the Predecessor Fund and the JIF Trust agrees
on behalf of the Successor Fund that this Agreement constitutes the entire
agreement between the parties.

7.  TERMINATION

This Agreement and the transactions contemplated hereby may be terminated and
abandoned by resolution of the Board of Trustees of the JIF Trust or the Board
of Trustees of the JAD Trust, at any time prior to the Closing Date, if
circumstances should develop that, in the opinion of the Board of Trustees of
the JIF Trust or the Board of Trustees of the JAD Trust, make proceeding with
the Agreement inadvisable.

 8.  AMENDMENTS

This agreement may be amended, modified or supplemented in such manner as may be
mutually agreed upon in writing by the parties.

9.  NOTICES

Any notice, report, statement or demand required or permitted by any provisions
of this Agreement shall be in writing and shall be given by prepaid telegraph,
telecopy or certified mail addressed to the parties hereto at their principal
place of business.


                                       A-5



10. HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY

10.1 The Article and paragraph headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

10.2 This Agreement may be executed in any number of counterparts each of which
shall be deemed an original.

10.3 This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Massachusetts.

10.4 This Agreement shall bind and inure to the benefit of the parties hereto
and their respective successors and assigns, but no assignment or transfer
hereof or of any rights or obligations hereunder shall be made by any party
without the written consent of the other party. Nothing herein expressed or
implied is intended or shall be construed to confer upon or give any person,
firm or corporation, other than the parties hereto and their respective
successors and assigns, any rights or remedies under or by reason of this
Agreement.

10.5 It is expressly agreed that the obligations of each of the JIF Trust and
JAD Trust hereunder shall not be binding upon any of the Trustees, shareholders,
nominees, officers, agents or employees of each trust personally, but shall bind
only the trust property of the trusts, as provided in the JAD Trust Instrument
and the JIF Declaration of Trust, respectively, of each trust. The execution and
delivery by such officers of the Trusts shall not be deemed to have been made by
any of them individually or to impose any liability on any of them personally,
but shall bind only the trust property of each Trust as provided in the JAD
Trust Instrument and the JIF Declaration of Trust, respectively. The JAD Trust
is a series company with multiple series and has entered into this Agreement on
behalf of the Predecessor Fund. The JIF Trust is a series company with multiple
series and has entered into this Agreement on behalf of the Successor Fund.

10.6 The sole remedy of a party hereto for a breach of any representation or
warranty made in this Agreement by the other party shall be an election by the
non-breaching party not to complete the transactions contemplated herein.


                                      A-6



IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as
of the date set forth above.

ATTEST                                  JANUS ADVISER SERIES
                                        For and on behalf of the Predecessor
                                        Fund


Name:                                   By:
      ------------------------------        ------------------------------------
                                        Name:
                                        Title:

ATTEST                                  JANUS INVESTMENT FUND
                                        For and on behalf of the Successor Fund


Name:                                   By:
      ------------------------------        ------------------------------------
                                        Name:
                                        Title:

ATTEST                                  JANUS CAPITAL MANAGEMENT LLC


Name:                                   By:
      ------------------------------        ------------------------------------
                                        Name:
                                        Title:


                                      A-7



                                                                      APPENDIX B

           OTHER INVESTMENT TECHNIQUES AND RELATED RISKS OF THE FUNDS

     Unless otherwise stated within its specific investment policies, each Fund
may also invest in other types of domestic and foreign securities and use other
investment strategies as described below. These securities and strategies are
not principal investment strategies of the Funds. If successful, they may
benefit the Funds by earning a return on the Funds' assets or reducing risk;
however, they may not achieve the Funds' objective. Additional information
regarding these investment techniques and risks is included in each Fund's
Statement of Additional Information. These securities and strategies may
include:

EQUITY AND DEBT SECURITIES

BANK LOANS include institutionally-traded floating and fixed-rate debt
securities generally acquired as a participation interest in or assignment of a
loan originated by a lender or financial institution. Assignments and
participations involve credit, interest rate, and liquidity risk. Interest rates
on floating rate securities adjust with interest rate changes and/or issuer
credit quality. If a Fund purchases a participation interest, it may only be
able to enforce its rights through the lender and may assume the credit risk of
both the borrower and the lender. Additional risks are involved in purchasing
assignments. If a loan is foreclosed, a Fund may become part owner of any
collateral securing the loan and may bear the costs and liabilities associated
with owning and disposing of any collateral. The Fund could be held liable as a
co-lender. In addition, there is no assurance that the liquidation of any
collateral from a secured loan would satisfy a borrower's obligations or that
any collateral could be liquidated. A Fund may have difficulty trading
assignments and participations to third parties or selling such securities in
secondary markets, which in turn may affect the Fund's NAV.

BONDS are debt securities issued by a company, municipality, government, or
government agency. The issuer of a bond is required to pay the holder the amount
of the loan (or par value of the bond) at a specified maturity and to make
scheduled interest payments.

CERTIFICATES OF PARTICIPATION ("COPS") are certificates representing an interest
in a pool of securities. Holders are entitled to a proportionate interest in the
underlying securities. Municipal lease obligations are often sold in the form of
COPs. Refer to "Municipal lease obligations" below.

COMMERCIAL PAPER is a short-term debt obligation with a maturity ranging from 1
to 270 days issued by banks, corporations, and other borrowers to investors
seeking to invest idle cash. A Fund may purchase commercial paper issued in
private placements under Section 4(2) of the Securities Act of 1933, as amended
(the "1933 Act").

COMMON STOCKS are equity securities representing shares of ownership in a
company and usually carry voting rights and earn dividends. Unlike preferred
stock, dividends on common stock are not fixed but are declared at the
discretion of the issuer's board of directors.

CONVERTIBLE SECURITIES are preferred stocks or bonds that pay a fixed dividend
or interest payment and are convertible into common stock at a specified price
or conversion ratio.

DEBT SECURITIES are securities representing money borrowed that must be repaid
at a later date. Such securities have specific maturities and usually a specific
rate of interest or an original purchase discount.

DEPOSITARY RECEIPTS are receipts for shares of a foreign-based corporation that
entitle the holder to dividends and capital gains on the underlying security.
Receipts include those issued by domestic banks (American Depositary Receipts),
foreign banks (Global or European Depositary Receipts), and broker-dealers
(depositary shares).

EQUITY SECURITIES generally include domestic and foreign common stocks;
preferred stocks; securities convertible into common stocks or preferred stocks;
warrants to purchase common or preferred stocks; and other securities with
equity characteristics.


                                      B-1



EXCHANGE-TRADED FUNDS are index-based investment companies which hold
substantially all of their assets in securities with equity characteristics. As
a shareholder of another investment company, a Fund would bear its pro rata
portion of the other investment company's expenses, including advisory fees, in
addition to the expenses the Fund bears directly in connection with its own
operations.

FIXED-INCOME SECURITIES are securities that pay a specified rate of return. The
term generally includes short- and long-term government, corporate, and
municipal obligations that pay a specified rate of interest, dividends, or
coupons for a specified period of time. Coupon and dividend rates may be fixed
for the life of the issue or, in the case of adjustable and floating rate
securities, for a shorter period.

HIGH-YIELD/HIGH-RISK BONDS are bonds that are rated below investment grade by
the primary rating agencies (i.e., BB+ or lower by Standard & Poor's and Fitch,
or Ba or lower by Moody's). Other terms commonly used to describe such bonds
include "lower rated bonds," "non-investment grade bonds," and "junk bonds."

INDUSTRIAL DEVELOPMENT BONDS are revenue bonds that are issued by a public
authority but which may be backed only by the credit and security of a private
issuer and may involve greater credit risk. Refer to "Municipal securities"
below.

MORTGAGE- AND ASSET-BACKED SECURITIES are shares in a pool of mortgages or other
debt instruments. These securities are generally pass-through securities, which
means that principal and interest payments on the underlying securities (less
servicing fees) are passed through to shareholders on a pro rata basis. These
securities involve prepayment risk, which is the risk that the underlying
mortgages or other debt may be refinanced or paid off prior to their maturities
during periods of declining interest rates. In that case, a Fund may have to
reinvest the proceeds from the securities at a lower rate. Potential market
gains on a security subject to prepayment risk may be more limited than
potential market gains on a comparable security that is not subject to
prepayment risk.

MORTGAGE DOLLAR ROLLS are transactions in which a Fund sells a mortgage-related
security, such as a security issued by GNMA, to a dealer and simultaneously
agrees to purchase a similar security (but not the same security) in the future
at a predetermined price. A "dollar roll" can be viewed as a collateralized
borrowing in which a Fund pledges a mortgage-related security to a dealer to
obtain cash.

MUNICIPAL LEASE OBLIGATIONS are revenue bonds backed by leases or installment
purchase contracts for property or equipment. Lease obligations may not be
backed by the issuing municipality's credit and may involve risks not normally
associated with general obligation bonds and other revenue bonds. For example,
their interest may become taxable if the lease is assigned and the holders may
incur losses if the issuer does not appropriate funds for the lease payments on
an annual basis, which may result in termination of the lease and possible
default.

MUNICIPAL SECURITIES are bonds or notes issued by a U.S. state or political
subdivision. A municipal security may be a general obligation backed by the full
faith and credit (i.e., the borrowing and taxing power) of a municipality or a
revenue obligation paid out of the revenues of a designated project, facility,
or revenue source.

PASS-THROUGH SECURITIES are shares or certificates of interest in a pool of debt
obligations that have been repackaged by an intermediary, such as a bank or
broker-dealer.

PASSIVE FOREIGN INVESTMENT COMPANIES (PFICS) are any foreign corporations which
generate certain amounts of passive income or hold certain amounts of assets for
the production of passive income. Passive income includes dividends, interest,
royalties, rents, and annuities. To avoid taxes and interest that a Fund must
pay if these investments are profitable, the Funds may make various elections
permitted by the tax laws. These elections could require that a Fund recognize
taxable income, which in turn must be distributed, before the securities are
sold and before cash is received to pay the distributions.

PAY-IN-KIND BONDS are debt securities that normally give the issuer an option to
pay cash at a coupon payment date or give the holder of the security a similar
bond with the same coupon rate and a face value equal to the amount of the
coupon payment that would have been made.


                                      B-2



PREFERRED STOCKS are equity securities that generally pay dividends at a
specified rate and have preference over common stock in the payment of dividends
and liquidation. Preferred stock generally does not carry voting rights.

REAL ESTATE INVESTMENT TRUST (REIT) is an investment trust that operates through
the pooled capital of many investors who buy its shares. Investments are in
direct ownership of either income property or mortgage loans.

RULE 144A SECURITIES are securities that are not registered for sale to the
general public under the 1933Act, but that may be resold to certain
institutional investors.

STANDBY COMMITMENT is a right to sell a specified underlying security or
securities within a specified period of time and at an exercise price equal to
the amortized cost of the underlying security or securities plus accrued
interest, if any, at the time of exercise, that may be sold, transferred, or
assigned only with the underlying security or securities. A standby commitment
entitles the holder to receive same day settlement, and will be considered to be
from the party to whom the investment company will look for payment of the
exercise price.

STEP COUPON BONDS are high-quality issues with above-market interest rates and a
coupon that increases over the life of the bond. They may pay monthly,
semiannual, or annual interest payments. On the date of each coupon payment, the
issuer decides whether to call the bond at par, or whether to extend it until
the next payment date at the new coupon rate.

STRIP BONDS are debt securities that are stripped of their interest (usually by
a financial intermediary) after the securities are issued. The market value of
these securities generally fluctuates more in response to changes in interest
rates than interest-paying securities of comparable maturity.

TENDER OPTION BONDS are relatively long-term bonds that are coupled with the
option to tender the securities to a bank, broker-dealer, or other financial
institution at periodic intervals and receive the face value of the bond. This
investment structure is commonly used as a means of enhancing a security's
liquidity.

U.S. GOVERNMENT SECURITIES include direct obligations of the U.S. Government
that are supported by its full faith and credit. Treasury bills have initial
maturities of less than one year, Treasury notes have initial maturities of one
to ten years, and Treasury bonds may be issued with any maturity but generally
have maturities of at least ten years. U.S. Government securities also include
indirect obligations of the U.S. Government that are issued by federal agencies
and government sponsored entities. Unlike Treasury securities, agency securities
generally are not backed by the full faith and credit of the U.S. Government.

Some agency securities are supported by the right of the issuer to borrow from
the Treasury, others are supported by the discretionary authority of the U.S.
Government to purchase the agency's obligations, and others are supported only
by the credit of the sponsoring agency.

VARIABLE AND FLOATING RATE SECURITIES have variable or floating rates of
interest and, under certain limited circumstances, may have varying principal
amounts. Variable and floating rate securities pay interest at rates that are
adjusted periodically according to a specified formula, usually with reference
to some interest rate index or market interest rate (the "underlying index").
The floating rate tends to decrease the security's price sensitivity to changes
in interest rates.

WARRANTS are securities, typically issued with preferred stock or bonds, which
give the holder the right to buy a proportionate amount of common stock at a
specified price. The specified price is usually higher than the market price at
the time of issuance of the warrant. The right may last for a period of years or
indefinitely.

ZERO COUPON BONDS are debt securities that do not pay regular interest at
regular intervals, but are issued at a discount from face value. The discount
approximates the total amount of interest the security will accrue from the date
of issuance to maturity. The market value of these securities generally
fluctuates more in response to changes in interest rates than interest-paying
securities.


                                       B-3



FUTURES, OPTIONS, AND OTHER DERIVATIVES

CREDIT DEFAULT SWAPS are a specific kind of counterparty agreement that allows
the transfer of third party credit risk from one party to the other. One party
in the swap is a lender and faces credit risk from a third party, and the
counterparty in the credit default swap agrees to insure this risk in exchange
for regular periodic payments.

EQUITY-LINKED STRUCTURED NOTES are derivative securities which are specially
designed to combine the characteristics of one or more underlying securities and
their equity derivatives in a single note form. The return and/or yield or
income component may be based on the performance of the underlying equity
securities, an equity index, and/or option positions. Equity-linked structured
notes are typically offered in limited transactions by financial institutions in
either registered or non-registered form. An investment in equity-linked notes
creates exposure to the credit risk of the issuing financial institution, as
well as to the market risk of the underlying securities. There is no guaranteed
return of principal with these securities, and the appreciation potential of
these securities may be limited by a maximum payment or call right. In certain
cases, equity-linked notes may be more volatile and less liquid than less
complex securities or other types of fixed-income securities. Such securities
may exhibit price behavior that does not correlate with other fixed-income
securities.

EQUITY SWAPS involve the exchange by two parties of future cash flow (e.g., one
cash flow based on a referenced interest rate and the other based on the
performance of stock or a stock index).

FORWARD CONTRACTS are contracts to purchase or sell a specified amount of a
financial instrument for an agreed upon price at a specified time. Forward
contracts are not currently exchange-traded and are typically negotiated on an
individual basis. A Fund may enter into forward currency contracts for
investment purposes or to hedge against declines in the value of securities
denominated in, or whose value is tied to, a currency other than the U.S. dollar
or to reduce the impact of currency appreciation on purchases of such
securities. It may also enter into forward contracts to purchase or sell
securities or other financial indices.

FUTURES CONTRACTS are contracts that obligate the buyer to receive and the
seller to deliver an instrument or money at a specified price on a specified
date. A Fund may buy and sell futures contracts on foreign currencies,
securities, and financial indices including indices of U.S. Government, foreign
government, equity, or fixed-income securities. A Fund may also buy options on
futures contracts. An option on a futures contract gives the buyer the right,
but not the obligation, to buy or sell a futures contract at a specified price
on or before a specified date. Futures contracts and options on futures are
standardized and traded on designated exchanges.

INDEXED/STRUCTURED SECURITIES are typically short- to intermediate-term debt
securities whose value at maturity or interest rate is linked to currencies,
interest rates, equity securities, indices, commodity prices, or other financial
indicators. Such securities may be positively or negatively indexed (e.g., their
value may increase or decrease if the reference index or instrument
appreciates). Indexed/structured securities may have return characteristics
similar to direct investments in the underlying instruments and may be more
volatile than the underlying instruments. A Fund bears the market risk of an
investment in the underlying instruments, as well as the credit risk of the
issuer.

INTEREST RATE SWAPS involve the exchange by two parties of their respective
commitments to pay or receive interest (e.g., an exchange of floating rate
payments for fixed rate payments).

INVERSE FLOATERS are debt instruments whose interest rate bears an inverse
relationship to the interest rate on another instrument or index. For example,
upon reset, the interest rate payable on the inverse floater may go down when
the underlying index has risen. Certain inverse floaters may have an interest
rate reset mechanism that multiplies the effects of change in the underlying
index. Such mechanism may increase the volatility of the security's market
value.

OPTIONS are the right, but not the obligation, to buy or sell a specified amount
of securities or other assets on or before a fixed date at a predetermined
price. A Fund may purchase and write put and call options on securities,
securities indices, and foreign currencies. A Fund may purchase or write such
options individually or in combination.


                                      B-4



PARTICIPATORY NOTES are derivative securities which are linked to the
performance of an underlying Indian security and which allow investors to gain
market exposure to Indian securities without trading directly in the local
Indian market.

TOTAL RETURN SWAPS involve an exchange by two parties in which one party makes
payments based on a set rate, either fixed or variable, while the other party
makes payments based on the return of an underlying asset, which includes both
the income it generates and any capital gains over the payment period.

OTHER INVESTMENTS, STRATEGIES, AND/OR TECHNIQUES

CASH SWEEP PROGRAM is an arrangement in which a Fund's uninvested cash balance
is used to purchase shares of affiliated or non-affiliated money market funds or
cash management pooled investment vehicles at the end of each day.

INDUSTRY CONCENTRATION for purposes under the 1940 Act is the investment of more
than 25% of a Fund's total assets in an industry or group of industries.

MARKET CAPITALIZATION is the most commonly used measure of the size and value of
a company. It is computed by multiplying the current market price of a share of
the company's stock by the total number of its shares outstanding. Market
capitalization is an important investment criterion for certain funds, while
others do not emphasize investments in companies of any particular size.

NONDIVERSIFICATION is a classification given to a fund under the 1940 Act. Funds
are classified as either "diversified" or "nondiversified." To be classified as
"diversified" under the 1940 Act, a fund may not, with respect to 75% of its
total assets, invest more than 5% of its total assets in any issuer and may not
own more than 10% of the outstanding voting securities of an issuer. A fund that
is classified under the 1940 Act as "nondiversified," on the other hand, is not
subject to the same restrictions and therefore has the flexibility to take
larger positions in a smaller number of issuers than a fund that is classified
as "diversified." This gives a "nondiversified" fund more flexibility to focus
its investments in companies that the portfolio managers and/or investment
personnel have identified as the most attractive for the investment objective
and strategy of a fund but also may increase the risk of a fund.

REPURCHASE AGREEMENTS involve the purchase of a security by a Fund and a
simultaneous agreement by the seller (generally a bank or dealer) to repurchase
the security from the Fund at a specified date or upon demand. This technique
offers a method of earning income on idle cash. These securities involve the
risk that the seller will fail to repurchase the security, as agreed. In that
case, a Fund will bear the risk of market value fluctuations until the security
can be sold and may encounter delays and incur costs in liquidating the
security.

REVERSE REPURCHASE AGREEMENTS involve the sale of a security by a Fund to
another party (generally a bank or dealer) in return for cash and an agreement
by the Fund to buy the security back at a specified price and time. This
technique will be used primarily to provide cash to satisfy unusually high
redemption requests, or for other temporary or emergency purposes.

SHORT SALES in which a Fund may engage may be either "short sales against the
box" or other short sales. Short sales against the box involve selling short a
security that a Fund owns, or the Fund has the right to obtain the amount of the
security sold short at a specified date in the future. A Fund may also enter
into a short sale to hedge against anticipated declines in the market price of a
security or to reduce portfolio volatility. If the value of a security sold
short increases prior to the scheduled delivery date, the Fund loses the
opportunity to participate in the gain. For short sales, the Fund will incur a
loss if the value of a security increases during this period because it will be
paying more for the security than it has received from the purchaser in the
short sale. If the price declines during this period, a Fund will realize a
short-term capital gain. Although a Fund's potential for gain as a result of a
short sale is limited to the price at which it sold the security short less the
cost of borrowing the security, its potential for loss is theoretically
unlimited because there is no limit to the cost of replacing the borrowed
security.

WHEN-ISSUED, DELAYED DELIVERY, AND FORWARD COMMITMENT TRANSACTIONS generally
involve the purchase of a security with payment and delivery at some time in the
future - i.e., beyond normal settlement. A Fund does not earn interest on such
securities until settlement and bears the risk of market value fluctuations in
between the purchase and settlement dates. New issues of stocks and bonds,
private placements, and U.S. Government securities may be sold in this manner.


                                      B-5



                                                                      APPENDIX C

                               SHAREHOLDER'S GUIDE

This Prospectus/Information Statement relates to five separate classes of shares
("Shares"): Class A, Class C, Class I, Class R and Class S of Janus Flexible
Bond Fund (the "JIF Flexible Bond Fund"), a series of Janus Investment Fund (the
"Trust"). JIF Flexible Bond Fund currently does not offer shares of any of these
classes. However, upon consummation of the reorganization of Janus Adviser
Flexible Bond Fund with and into JIF Flexible Bond Fund (the "Reorganization"),
JIF Flexible Bond Fund will complete the registration of Shares of these classes
pursuant to the Securities Act of 1933, as amended, and the Investment Company
Act of 1940, as amended, and start offering these shares. JIF Flexible Bond Fund
currently only offers one class of shares (the "Initial Class") which is not
offered in this Prospectus/Information Statement. Please refer to JIF Flexible
Bond Fund's prospectus dated February 27, 2009 (the "JIF Flexible Bond Fund's
Prospectus") for information about shares of this Initial Class. You can obtain
a free copy of that document by contacting your broker-dealer, plan sponsor, or
financial intermediary or by calling a Janus representative at 1-877-335-2687.
The information below relates to classes of JIF Flexible Bond Fund as of the
date when they are created.

PURCHASE PROCEDURES, EXCHANGE RIGHTS, AND REDEMPTION PROCEDURES

Investors may not purchase, exchange, or redeem Class A, Class C, Class R and
Class S Shares of JIF Flexible Bond Fund directly. Shares may be purchased,
exchanged, or redeemed only through retirement plans, broker-dealers, bank trust
departments, financial advisers, or other financial intermediaries. Class A and
Class C Shares made available through full service broker-dealers are primarily
available only through wrap accounts under which such broker-dealers impose
additional fees for services connected to the wrap account. Class S Shares are
only available to broker-dealers in connection with their customers' investment
in the Shares through (1) retirement plans and (2) asset allocation, wrap fee,
fee-in-lieu of commission, or other discretionary or nondiscretionary investment
advisory programs under which such broker-dealers charge asset-based fees. This
restriction on Class S Shares does not apply to broker-dealers that had existing
agreements to purchase the Shares on behalf of their customers prior to
September 30, 2004. Not all financial intermediaries offer all classes of
shares. CONTACT YOUR FINANCIAL INTERMEDIARY OR REFER TO YOUR PLAN DOCUMENTS FOR
INSTRUCTIONS ON HOW TO PURCHASE, EXCHANGE, OR REDEEM SHARES.

Class I Shares may generally be purchased, exchanged, or redeemed only through
the following types of financial intermediaries and by certain institutional
investors. Class I Shares are offered through financial intermediaries
(including, but not limited to, broker-dealers, retirement plans, bank trust
departments, and financial advisors) who do not require payment from JIF
Flexible Bond Fund or its service providers for the provision of distribution or
shareholder retention services, except for administrative (networking, omnibus
positioning) fees. Administrative (networking, omnibus positioning) fees may be
paid by JIF Flexible Bond Fund to financial intermediaries for Class I Shares
processed through certain securities clearing systems. Institutional investors
may include, but are not limited to, corporations, retirement plans, public
plans, and foundations/endowments. Class I Shares are not offered directly to
individual investors. Not all financial intermediaries offer all classes of
shares. FOR INSTRUCTIONS ON HOW TO PURCHASE, EXCHANGE, OR REDEEM SHARES, CONTACT
YOUR FINANCIAL INTERMEDIARY, A JANUS REPRESENTATIVE AT [1-800-333-1181], OR
REFER TO YOUR PLAN DOCUMENTS.

With certain limited exceptions, JIF Flexible Bond Fund is available only to
U.S. citizens or residents.

PRICING OF JIF FLEXIBLE BOND FUND SHARES

The per share net asset value ("NAV") for each class is computed by dividing the
total value of assets allocated to the class, less liabilities allocated to that
class, by the total number of outstanding shares of the class. JIF Flexible Bond
Fund's NAV is calculated as of the close of the regular trading session of the
New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York time) each day
that the NYSE is open ("business day"). However, the NAV may be calculated
earlier if trading on the NYSE is restricted, or as permitted by the SEC.
Because foreign securities markets may operate on days that are not business
days in the United States, the value of JIF Flexible


                                       C-1



Bond Fund's holdings may change on days that are not business days in the United
States and on which you will not be able to purchase or redeem JIF Flexible Bond
Fund's Shares.

The price you pay for purchases of Class A Shares and Class C Shares is the
public offering price, which is the NAV next determined after your order is
received in good order by JIF Flexible Bond Fund or its agent, plus, for Class A
Shares, any applicable initial sales charge. The price you pay to sell Class A
Shares and Class C Shares is also the NAV, although a contingent deferred sales
charge may be taken out of the proceeds. All purchases and redemptions of Class
I Shares, Class R Shares and Class S Shares will be duly processed at the NAV
next calculated after your request is received in good order by JIF Flexible
Bond Fund or its agent. Your financial intermediary may charge you a separate or
additional fee for processing purchases and redemptions of Shares. In order to
receive a day's price, your order must be received in good order by JIF Flexible
Bond Fund or its agent by the close of the regular trading session of the NYSE.

Securities held by JIF Flexible Bond Fund are generally valued at market value.
Certain short-term instruments maturing within 60 days or less are valued at
amortized cost, which approximates market value. If a market quotation for a
security is not readily available or is deemed unreliable, or if an event that
is expected to affect the value of the security occurs after the close of the
principal exchange or market on which the security is traded, and before the
close of the NYSE, a fair value of the security (except for short-term
instruments maturing within 60 days or less) will be determined in good faith
under policies and procedures established by and under the supervision of JIF
Flexible Bond Fund's Board of Trustees. Such events include, but are not limited
to: (i) a significant event that may affect the securities of a single issuer,
such as a merger, bankruptcy, or significant issuer-specific development; (ii)
an event that may affect an entire market, such as a natural disaster or
significant governmental action; and (iii) a non-significant event such as a
market closing early or not opening, or a security trading halt. JIF Flexible
Bond Fund may use a systematic fair valuation model provided by an independent
pricing service to value foreign equity securities in order to adjust for stale
pricing, which may occur between the close of certain foreign exchanges and the
close of the NYSE. While fair value pricing may be more commonly used with
foreign equity securities, it may also be used with, among other things,
thinly-traded domestic securities or fixed-income securities.

Due to the subjective nature of fair value pricing, JIF Flexible Bond Fund's
value for a particular security may be different from the last quoted market
price. Fair value pricing may reduce arbitrage activity involving the frequent
buying and selling of mutual fund shares by investors seeking to take advantage
of a perceived lag between a change in the value of JIF Flexible Bond Fund's
portfolio securities and the reflection of such change in JIF Flexible Bond
Fund's NAV, as further described in the "Excessive Trading" section this
Appendix C. While funds that invest in foreign securities may be at a greater
risk for arbitrage activity, such activity may also arise in funds which do not
invest in foreign securities, for example, when trading in a security held by a
fund is halted and does not resume prior to the time the fund calculates its NAV
(referred to as "stale pricing"). Funds that hold thinly-traded securities, such
as certain small-capitalization securities, may be subject to attempted use of
arbitrage techniques. To the extent that JIF Flexible Bond Fund's valuation of a
security is different from the security's market value, short-term arbitrage
traders may dilute the NAV of JIF Flexible Bond Fund, which negatively impacts
long-term shareholders. JIF Flexible Bond Fund's fair value pricing and
excessive trading policies and procedures may not completely eliminate
short-term trading in certain omnibus accounts and other accounts traded through
intermediaries.

The value of the securities of other open-end funds held by JIF Flexible Bond
Fund, if any, will be calculated using the NAV of such underlying funds, and the
prospectuses for such open-end funds explain the circumstances under which they
use fair value pricing and the effects of using fair value pricing.

If you hold Class I Shares in an account through a financial intermediary or
plan sponsor or if you hold Shares of Class A, Class C, Class R or Class S, all
purchases, exchanges, redemptions, or other account activity must be processed
through your financial intermediary or plan sponsor. Your financial intermediary
or plan sponsor is responsible for promptly transmitting purchase, redemption,
and other requests to JIF Flexible Bond Fund under the arrangements made between
your financial intermediary or plan sponsor and its customers. JIF Flexible Bond
Fund is not responsible for the failure of any financial intermediary or plan
sponsor to carry out its obligations to its customers.


                                      C-2



CHOOSING A SHARE CLASS

As noted above, upon the closing of the Reorganization, and subject to certain
contingencies, JIF Flexible Bond Fund will start offering shares of Class A,
Class C, Class I, Class R and Class S. Each class represents an interest in the
same portfolio of investments, but has different charges and expenses, allowing
you to choose the class that best meets your needs. When choosing a share class,
you should consider:

     -    how much you plan to invest;

     -    how long you expect to own the shares;

     -    the expenses paid by each class; and

     -    whether you qualify for any reduction or waiver of any sales charges.

You should also consult your financial intermediary about which class is most
suitable for you. The following table summarizes some of the factors you should
consider with respect to each class of shares.*



                         CLASS A           CLASS C           CLASS I       CLASS R       CLASS S
                      --------------   ---------------   --------------   ---------   --------------
                                                                       
Initial sales         Up to                 None              None           None          None
charge on purchases   5.75%(1) (2)

Deferred sales        None except      1.00% on               None           None          None
charge (CDSC)         on certain       Shares
                      redemptions      redeemed
                      of Shares        within 12
                      purchased        months of
                      without an       purchase(2)
                      initial sales
                      charge(2)

Redemption fee             None             None              None           None          None

Exchange fee               None             None              None           None          None

Minimum initial       $2,500 for       $2,500 for        $1 million for   $2,500(3)   $2,500 for
investment            non-retirement   non-retirement    institutional                non-retirement
                      account; $500    account; $500     investors;                   account; $500
                      for certain      for certain       $500 for                     for certain
                      tax-deferred     tax-deferred      tax-deferred                 tax-deferred
                      or UGMA/UTMA     or UGMA/UTMA      accounts and                 or UGMA/UTMA
                      accounts         accounts          $2,500 for                   accounts
                                                         other accounts

Maximum purchase           None        $500,000 per a         None           None          None
                                       single purchase

Minimum aggregate          None             None              None           None          None
account balance
12b-1 fee                 0.25%           1.00%(4)            None          0.50%         0.25%


*    Information in this table is qualified in its entirety by reference to more
     detailed description in the sections below. Your financial intermediary may
     charge you a separate or additional fee for purchases and redemptions of
     Shares.

(1)  The initial sales charge is reduced for purchases of $50,000 or more and is
     waived for purchases of $1 million or more.

(2)  May also be waived under certain circumstances.

(3)  Investors in a defined contribution plan through a third party
     administrator should refer to their plan document or contact their plan
     administrator for information regarding account minimums.

(4)  Up to 0.75% distribution fee and up to 0.25% shareholder servicing fee.


                                      C-3



DISTRIBUTION, SERVICING, AND ADMINISTRATIVE FEES

DISTRIBUTION AND SHAREHOLDER SERVICING PLANS

Under distribution and shareholder servicing plans adopted in accordance with
Rule 12b-1 under the 1940 Act for Class A Shares and Class C Shares (the "Class
A Plan" and "Class C Plan," respectively), JIF Flexible Bond Fund may pay Janus
Distributors LLC, the Trust's distributor ("Janus Distributors"), a fee for the
sale and distribution of Class A Shares and Class C Shares at an annual rate up
to 0.25% and 1.00% of the average daily net assets of Class A Shares and Class C
Shares of JIF Flexible Bond Fund, respectively. Under the Class A and the Class
C Plans, Janus Distributors may pay all or a portion of 12b-1 fees to retirement
plan service providers, broker-dealers, bank trust departments, financial
advisors, and other financial intermediaries, as compensation for distribution
and shareholder account services performed by such entities for their customers
who are investors in JIF Flexible Bond Fund.

Under a distribution and shareholder servicing plan adopted in accordance with
Rule 12b-1 under the 1940 Act for Class R Shares and Class S Shares (the "Class
R Plan" and "Class S Plan," respectively), JIF Flexible Bond Fund may pay Janus
Distributors a fee for the sale and distribution of Class R Shares and Class S
Shares at an annual rate of up to 0.50% and 0.25% of the average daily net
assets of Class R Shares and Class S Shares of JIF Flexible Bond Fund,
respectively. Under the terms of the Class R and Class S Plans, the Trust is
authorized to make payments to Janus Distributors for remittance to retirement
plan service providers, broker-dealers, bank trust departments, financial
advisors, and other financial intermediaries, as compensation for distribution
and shareholder account services performed by such entities for their customers
who are investors in JIF Flexible Bond Fund.

Financial intermediaries may from time to time be required to meet certain
criteria in order to receive 12b-1 fees. Janus Distributors is entitled to
retain all fees paid under the Class C Plan for the first 12 months on any
investment in Class C Shares to recoup its expenses with respect to the payment
of commissions on sales of Class C Shares. Financial intermediaries will become
eligible for compensation under the Class C Plan beginning in the 13th month
following the purchase of Class C Shares, although Janus Distributors may,
pursuant to a written agreement between Janus Distributors and a particular
financial intermediary, pay such financial intermediary 12b-1 fees prior to the
13th month following the purchase of Class C Shares. Janus Distributors is
entitled to retain some or all fees payable under the Class A, Class C, Class R
and Class S Plans in certain circumstances, including when there is no broker of
record or when certain qualification standards have not been met by the broker
of record. Because 12b-1 fees are paid out of JIF Flexible Bond Fund's assets on
an ongoing basis, over time they will increase the cost of your investment and
may cost you more than paying other types of sales charges.

ADMINISTRATIVE FEES - CLASS A, CLASS C AND CLASS I SHARES

Certain intermediaries may charge fees for administrative services, including
recordkeeping, subaccounting, order processing for omnibus or networked
accounts, or other shareholder services provided by intermediaries on behalf of
the shareholders of JIF Flexible Bond Fund. Order processing includes the
submission of transactions through the National Securities Clearing Corporation
(NSCC) or similar systems, or those processed on a manual basis with Janus.
These administrative fees are paid by the Shares of JIF Flexible Bond Fund to
Janus Services LLC ("Janus Services"), which uses such fees to reimburse
intermediaries. Because the form and amount charged varies by intermediary, the
amount of the administrative fee borne by each shareholder of the class is an
average of all fees charged by intermediaries. In the event an intermediary
receiving payments from Janus Services on behalf of JIF Flexible Bond Fund
converts from a networking structure to an omnibus account structure, or
otherwise experiences increased costs, fees borne by the Shares may increase.

ADMINISTRATIVE SERVICES FEE - CLASS R AND CLASS S SHARES

Janus Services, the Trust's transfer agent, receives an administrative services
fee at an annual rate of up to 0.25% of the average daily net assets of Class R
Shares and Class S Shares of JIF Flexible Bond Fund for providing, or arranging
for the provision of, recordkeeping, subaccounting, and other administrative
services to investors. Janus Services expects to use all or a significant
portion of this fee to compensate retirement plan service providers,
broker-dealers, bank trust departments, financial advisors, and other financial
intermediaries for providing these services to their customers who invest in JIF
Flexible Bond Fund.


                                      C-4



PURCHASES

Purchases of Class A, Class C, Class R or Class S Shares may generally be made
only through institutional channels such as retirement plans, broker-dealers,
and other financial intermediaries. Contact your financial intermediary or refer
to your plan documents for information on how to invest in JIF Flexible Bond
Fund, including additional information on minimum initial or subsequent
investment requirements.

Purchases of Class I Shares may generally be made only through financial
intermediaries and by certain institutional investors. Contact your financial
intermediary, a Janus representative ([1-800-333-1181]), or refer to your plan
documents for information on how to invest in JIF Flexible Bond Fund, including
additional information on minimum initial or subsequent investment requirements.

Your financial intermediary may charge you a separate or additional fee for
purchases of Shares. Only certain financial intermediaries are authorized to
receive purchase orders on JIF Flexible Bond Fund's behalf. As discussed under
the section titled "The Reorganization - Other Comparative Information about the
Fund - Investment Adviser" in this Prospectus/Information Statement, Janus
Capital Management LLC ("Janus Capital"), JIF Flexible Bond Fund's investment
adviser, and its affiliates may make payments to brokerage firms or other
financial intermediaries that were instrumental in the acquisition or retention
of shareholders for JIF Flexible Bond Fund or that provide services in
connection with investments in JIF Flexible Bond Fund. You should consider such
arrangements when evaluating any recommendation of JIF Flexible Bond Fund.

JIF Flexible Bond Fund reserves the right to reject any purchase order,
including exchange purchases, for any reason. JIF Flexible Bond Fund is not
intended for excessive trading. For more information about JIF Flexible Bond
Fund's policy on excessive trading, refer to the "Excessive Trading" section in
this Appendix C.

In compliance with the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA
PATRIOT Act"), your financial intermediary is required to verify certain
information on your account application as part of its Anti-Money Laundering
Program. You will be required to provide your full name, date of birth, social
security number, and permanent street address to assist in verifying your
identity. You may also be asked to provide documents that may help to establish
your identity. Until verification of your identity is made, your financial
intermediary may temporarily limit additional share purchases. In addition, your
financial intermediary may close an account if they are unable to verify a
shareholder's identity. Please contact your financial intermediary if you need
additional assistance when completing your application or additional information
about the intermediary's Anti-Money Laundering Program.

MINIMUM AND MAXIMUM INVESTMENT REQUIREMENTS

The minimum investment for Class A Shares, Class C Shares and Class S Shares is
$2,500 per JIF Flexible Bond Fund account for non-retirement accounts and $500
per JIF Flexible Bond Fund account for certain tax-deferred accounts or
UGMA/UTMA accounts. Investors in a defined contribution plan through a third
party administrator should refer to their plan document or contact their plan
administrator for additional information. In addition, accounts held through
certain wrap programs may not be subject to these minimums. Investors should
refer to their intermediary for additional information.

The minimum investment for Class I Shares is $1 million for institutional
investors. Institutional investors generally may meet the minimum investment
amount by aggregating multiple accounts within JIF Flexible Bond Fund. Accounts
offered through an intermediary institution must meet the minimum investment
requirements of $500 for tax-deferred accounts and $2,500 for other account
types. Directors, officers, and employees of Janus Capital Group Inc. ("JCGI")
and its affiliates, as well as Trustees and officers of JIF Flexible Bond Fund,
may purchase Class I Shares through certain financial intermediaries'
institutional platforms. For more information about this program and eligibility
requirements, please contact a Janus representative at [1-800-333-1181].
Exceptions to these minimums may apply for certain tax-deferred, tax-qualified
and retirement plans, and accounts held through certain wrap programs. For
additional information, contact your intermediary, plan sponsor, administrator,
or a Janus representative, as applicable.


                                      C-5



With respect to Class R Shares, investors in a defined contribution plan through
a third party administrator should refer to their plan document or contact their
plan administrator for information regarding account minimums. For all other
account types, the minimum investment is $2,500.

JIF Flexible Bond Fund reserves the right to annually request that
intermediaries close JIF Flexible Bond Fund accounts that are valued at less
than $100, other than as a result solely of depreciation in share value. Certain
accounts held through intermediaries may not be subject to closure due to the
policies of the intermediaries. You may receive written notice from your
intermediary to increase your account balance to the required minimum to avoid
having your account closed. If you hold Class I Shares directly with JIF
Flexible Bond Fund, you may receive written notice prior to the closure of your
JIF Flexible Bond Fund account so that you may increase your account balance to
the required minimum. Please note that you may incur a tax liability as a result
of a redemption.

The maximum purchase in Class C Shares is $500,000 for any single purchase.
There is no limitation on maximum purchase of Class A, Class I, Class R and
Class S Shares.

JIF Flexible Bond Fund reserves the right to change the amount of these minimums
or maximums from time to time or to waive them in whole or in part.

SYSTEMATIC PURCHASE PLAN

You may arrange for periodic purchases by authorizing your financial
intermediary (or a Janus representative, if you are a holder of Class I Shares
and you hold Class I Shares directly with JIF Flexible Bond Fund) to withdraw
the amount of your investment from your bank account on a day or days you
specify. Not all financial intermediaries offer this plan. Contact your
financial intermediary for details.

CLASS A SHARES SALES CHARGE

An initial sales charge may apply to your purchase of Class A Shares of JIF
Flexible Bond Fund based on the amount invested, as set forth in the table
below. The sales charge is allocated between Janus Distributors and your
financial intermediary. Sales charges, as expressed as a percentage of offering
price and as a percentage of your net investment, are shown in the table. The
dollar amount of your initial sales charge is calculated as the difference
between the public offering price and the net asset value of those shares. Since
the offering price is calculated to two decimal places using standard rounding
criteria, the number of shares purchased and the dollar amount of your sales
charge as a percentage of the offering price and of your net investment may be
higher or lower than the amounts set forth in the table depending on whether
there was a downward or upward rounding.



                                       Class A Shares Sales Charge as a Percentage of
                                       ----------------------------------------------
Amount of Purchase at Offering Price   Offering Price(1)     Net Amount Invested(1)
------------------------------------   -----------------   --------------------------
                                                     
Under $50,000                                 5.75%                  6.10%
$50,000 but under $100,000                    4.50%                  4.71%
$100,000 but under $250,000                   3.50%                  3.63%
$250,000 but under $500,000                   2.50%                  2.56%
$500,000 but under $1,000,000(2)              2.00%                  2.04%
$1,000,000 and above                          None(3)                None



                                      C-6



----------
(1)  Offering price includes the initial sales charge.

(2)  Compared to Class C Shares, the sales charge and expense structure of Class
     A Shares may be more advantageous for investors purchasing more than
     $500,000 of JIF Flexible Bond Fund shares.

(3)  A deferred sales charge of 1.00% may apply to Class A Shares purchased
     without an initial sales charge if redeemed within 12 months of purchase.

Janus Distributors may pay financial intermediaries commissions on purchases of
Class A Shares as follows:

     -    1.00% on amounts from $1,000,000 to $4,000,000;

     -    plus 0.50% on amounts greater than $4,000,000 to $10,000,000;

     -    plus 0.25% on amounts over $10,000,000.

The purchase totals eligible for these commissions are aggregated on a rolling
one year basis so that the rate payable resets to the highest rate annually.

QUALIFYING FOR A REDUCTION OR WAIVER OF CLASS A SHARES SALES CHARGE

You may be able to lower your Class A Shares sales charge under certain
circumstances. For example, you can combine Class A Shares and Class C Shares
you already own (either in this JIF Flexible Bond Fund or certain other Janus
funds) with your current purchase of Class A Shares of JIF Flexible Bond Fund
and certain other Janus funds (including Class C Shares of those funds) to take
advantage of the breakpoints in the sales charge schedule as set forth above.
Certain circumstances under which you may combine such ownership of Shares and
purchases are described below. Contact your financial intermediary for more
information.

Class A Shares of JIF Flexible Bond Fund may be purchased without an initial
sales charge by the following persons (and their spouses and children under 21
years of age): (i) registered representatives and other employees of
intermediaries that have selling agreements with Janus Distributors to sell
Class A Shares; (ii) directors, officers, and employees of JCGI and its
affiliates; and (iii) trustees and officers of the Trust. In addition, the
initial sales charge may be waived on purchases of Class A Shares through
financial intermediaries that have entered into an agreement with Janus
Distributors that allows the waiver of the sales charge.

In order to obtain a sales charge discount, you should inform your financial
intermediary of other accounts in which there are JIF Flexible Bond Fund
holdings eligible to be aggregated to meet a sales charge breakpoint. These
other accounts may include the accounts described under "Aggregating Accounts"
below. You may need to provide documents such as account statements or
confirmation statements to prove that the accounts are eligible for aggregation.
The Letter of Intent described below requires historical cost information in
certain circumstances. You should retain records necessary to show the price you
paid to purchase JIF Flexible Bond Fund shares, as JIF Flexible Bond Fund, its
agents, or your financial intermediary may not retain this information.

RIGHT OF ACCUMULATION. You may purchase Class A Shares of JIF Flexible Bond Fund
at a reduced sales charge determined by aggregating the dollar amount of the new
purchase (measured by the offering price) and the total prior day's net asset
value (net amount invested) of all Class A Shares of JIF Flexible Bond Fund and
of certain other classes (Class A Shares and Class C Shares of the Trust) of
Janus funds then held by you, or held in accounts identified under "Aggregating
Accounts" below, and applying the sales charge applicable to such aggregate
amount. In order for your purchases and holdings to be aggregated for purposes
of qualifying for such discount, they must have been made through one financial
intermediary and you must provide sufficient information to your financial
intermediary at the time of purchase to permit verification that the purchase
qualifies for the reduced sales charge. The right of accumulation is subject to
modification or discontinuance at any time with respect to all shares purchased
thereafter.

LETTER OF INTENT. You may obtain a reduced sales charge on Class A Shares by
signing a Letter of Intent indicating your intention to purchase $50,000 or more
of Class A Shares (including Class A Shares in other series of the Trust) over a
13-month period. The term of the Letter of Intent will commence upon the date
you sign the Letter of Intent. You must refer to such Letter when placing
orders. With regard to a Letter of Intent, the amount of investment for purposes
of applying the sales load schedule includes (i) the historical cost (what you
actually paid for the shares at the time of purchase, including any sales
charges) of all Class A Shares acquired during the term of the Letter of Intent,
minus (ii) the value of any redemptions of Class A Shares made during the term
of the Letter of


                                      C-7



Intent. Each investment made during the period receives the
reduced sales charge applicable to the total amount of the investment goal. A
portion of shares purchased may be held in escrow to pay for any sales charge
that may be applicable. If the goal is not achieved within the period, you must
pay the difference between the sales charges applicable to the purchases made
and the charges previously paid, or an appropriate number of escrowed shares
will be redeemed. Please contact your financial intermediary to obtain a Letter
of Intent application.

AGGREGATING ACCOUNTS. To take advantage of lower Class A Shares sales charges on
large purchases or through the exercise of a Letter of Intent or right of
accumulation, investments made by you, your spouse, and your children under age
21 may be aggregated if made for your own account(s) and/or certain other
accounts such as:

     -    trust accounts established by the above individuals (or the accounts
          of the primary beneficiary of the trust if the person who established
          the trust is deceased);

     -    solely controlled business accounts; and

     -    single participant retirement plans.

To receive a reduced sales charge under rights of accumulation or a Letter of
Intent, you must notify your financial intermediary of any eligible accounts
that you, your spouse, and your children under age 21 have at the time of your
purchase.

You may access information regarding sales loads, breakpoint discounts, and
purchases of JIF Flexible Bond Fund's shares, free of charge, and in a clear and
prominent format, at www.janus.com/breakpoints, and by following the appropriate
hyperlinks to the specific information.

COMMISSION ON CLASS C SHARES

Janus Distributors may compensate your financial intermediary at the time of
sale at a commission rate of 1.00% of the net asset value of the Class C Shares
purchased. Service providers to qualified plans will not receive this amount if
they receive 12b-1 fees from the time of initial investment of qualified plan
assets in Class C Shares.

EXCHANGES

Contact your financial intermediary or consult your plan documents to exchange
into other funds in the Trust. Be sure to read the prospectus of the fund into
which you are exchanging. An exchange is generally a taxable transaction (except
for certain tax-deferred accounts).

     -    You may generally exchange shares of JIF Flexible Bond Fund for shares
          of the same class of any other fund in the Trust offered through your
          financial intermediary or qualified plan.

     -    You must meet the minimum investment amount for each fund.

     -    JIF Flexible Bond Fund reserves the right to reject any exchange
          request and to modify or terminate the exchange privilege at any time.

     -    The exchange privilege is not intended as a vehicle for short-term or
          excessive trading. JIF Flexible Bond Fund may suspend or terminate
          your exchange privilege if you engage in an excessive pattern of
          exchanges.

     -    With respect to exchange of Class I Shares, accounts holding Class I
          Shares directly with JIF Flexible Bond Fund may make up to four round
          trips in JIF Flexible Bond Fund in a 12-month period, although JIF
          Flexible Bond Fund at all times reserves the right to reject any
          exchange purchase for any reason without prior notice. Generally, a
          "round trip" is a redemption out of JIF Flexible Bond Fund (by any
          means) followed by a purchase back into JIF Flexible Bond Fund (by any
          means). JIF Flexible Bond Fund will work with intermediaries to apply
          JIF Flexible Bond Fund's exchange limit. However, JIF Flexible Bond
          Fund may not always have the ability to monitor or enforce the trading
          activity in such accounts.

     -    For more information about JIF Flexible Bond Fund's policy on
          excessive trading, refer to the "Excessive Trading" section in this
          Appendix C.


                                      C-8



WAIVER OF SALES CHARGES

Class A Shares received through an exchange of Class A Shares of another fund of
the Trust will not be subject to any initial sales charge of JIF Flexible Bond
Fund's Class A Shares. Class A Shares or Class C Shares received through an
exchange of Class A Shares or Class C Shares, respectively, of another fund of
the Trust will not be subject to any applicable contingent deferred sales charge
("CDSC") at the time of the exchange. Any CDSC applicable to redemptions of
Class A Shares or Class C Shares will continue to be measured on the Shares
received by exchange from the date of your original purchase. For more
information about the CDSC, please refer to "Redemptions." While Class C Shares
do not have any front-end sales charges, their higher annual operating expenses
mean that over time, you could end up paying more than the equivalent of the
maximum allowable front-end sales charge.

REDEMPTIONS

Redemptions, like purchases, of Class A, Class C, Class R and Class S Shares may
generally be effected only through retirement plans, broker-dealers, and
financial intermediaries. Please contact your financial intermediary or refer to
the appropriate plan documents for details.

Redemptions, like purchases, of Class I Shares may generally be effected only
through financial intermediaries and by certain institutional investors. Please
contact your financial intermediary, a Janus representative ([1-800-333-1181]),
or refer to the appropriate plan documents for details.

Your financial intermediary may charge a processing or service fee in connection
with the redemption of Shares.

Shares of JIF Flexible Bond Fund may be redeemed on any business day on which
JIF Flexible Bond Fund's NAV is calculated. Redemptions are duly processed at
the NAV next calculated after your redemption order is received in good order by
JIF Flexible Bond Fund or its agent. Redemption proceeds, less any applicable
CDSC for Class A Shares and Class C Shares will normally be sent the business
day following receipt of the redemption order, but in no event later than seven
days after receipt of such order.

If you hold Class A, Class C, Class I or Class S Shares, you should note that
JIF Flexible Bond Fund reserves the right to annually request that
intermediaries close JIF Flexible Bond Fund accounts that are valued at less
than $100, other than as a result solely of depreciation in share value. Certain
accounts held through intermediaries may not be subject to closure due to the
policies of the intermediaries. You may receive written notice from your
intermediary to increase your account balance to the required minimum to avoid
having your account closed. In addition, if you hold Class I Shares directly
with JIF Flexible Bond Fund, you may receive written notice prior to the closure
of your JIF Flexible Bond Fund account so that you may increase your account
balance to the required minimum. Please note that you may incur a tax liability
as a result of a redemption.

REDEMPTIONS IN-KIND

Shares normally will be redeemed for cash, although JIF Flexible Bond Fund
retains the right to redeem some or all of its shares in-kind under unusual
circumstances, in order to protect the interests of remaining shareholders or to
accommodate a request by a particular shareholder that does not adversely affect
the interest of the remaining shareholders, by delivery of securities selected
from its assets at its discretion. However, JIF Flexible Bond Fund is required
to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV
of JIF Flexible Bond Fund during any 90-day period for any one shareholder.
Should redemptions by any shareholder exceed such limitation, JIF Flexible Bond
Fund will have the option of redeeming the excess in cash or in-kind. In-kind
payment means payment will be made in portfolio securities rather than cash. If
this occurs, the redeeming shareholder might incur brokerage or other
transaction costs to convert the securities to cash.

SYSTEMATIC WITHDRAWAL PLAN

You may arrange for periodic redemptions of Class A Shares or Class C Shares by
authorizing your financial intermediary to redeem a specified amount from your
account on a day or days you specify. Any resulting CDSC


                                       C-9



may be waived through financial intermediaries that have entered into an
agreement with Janus Distributors. The maximum annual rate at which shares
subject to a CDSC may be redeemed, pursuant to a systematic withdrawal plan,
without paying a CDSC, is 12% of the net asset value of the account. Certain
other terms and minimums may apply. Not all financial intermediaries offer this
plan. Contact your financial intermediary for details.

You may arrange for periodic redemptions of Class I Shares by authorizing your
financial intermediary (or a Janus representative, if you hold Shares directly
with JIF Flexible Bond Fund) to redeem a specified amount from your account on a
day or days you specify. Not all financial intermediaries offer this plan.
Contact your financial intermediary or a Janus representative for details.

You may arrange for periodic redemptions of Class R Shares or Class S Shares by
authorizing your financial intermediary to redeem a specified amount from your
account on a day or days you specify. Not all financial intermediaries offer
this plan. Contact your financial intermediary for details.

CLASS A SHARES AND CLASS C SHARES CDSC

A 1.00% CDSC may be deducted with respect to Class A Shares purchased without an
initial sales charge if redeemed within 12 months of purchase, unless any of the
CDSC waivers listed below apply. A 1.00% CDSC will be deducted with respect to
Class C Shares redeemed within 12 months of purchase, unless a CDSC waiver
applies. The CDSC will be based on the lower of the original purchase price or
the value of the redemption of the Class A Shares or Class C Shares redeemed, as
applicable.

CDSC WAIVERS

There are certain cases in which you may be exempt from a CDSC charged to Class
A Shares and Class C Shares. Among others, these include:

     -    Upon the death or disability of an account owner;

     -    Retirement plans and certain other accounts held through a financial
          intermediary that has entered into an agreement with Janus
          Distributors to waive CDSCs for such accounts;

     -    Retirement plan shareholders taking required minimum distributions;

     -    The redemption of Class A Shares or Class C Shares acquired through
          reinvestment of JIF Flexible Bond Fund dividends or distributions;

     -    The portion of the redemption representing appreciation as a result of
          an increase in NAV above the total amount of payments for Class A
          Shares or Class C Shares during the period during which the CDSC
          applied; or

     -    If JIF Flexible Bond Fund chooses to liquidate or involuntarily redeem
          shares in your account.

To keep the CDSC as low as possible, Class A Shares or Class C Shares not
subject to any CDSC will be redeemed first, followed by shares held longest.

REINSTATEMENT PRIVILEGE - CLASS A SHARES

After you have redeemed Class A Shares, you have a one-time right to reinvest
the proceeds within 90 days of the redemption date at the current NAV (without
an initial sales charge). You will not be reimbursed for any CDSC paid on your
redemption of Class A Shares.

EXCESSIVE TRADING

EXCESSIVE TRADING POLICIES AND PROCEDURES

The Board of Trustees of JIF Flexible Bond Fund has adopted policies and
procedures with respect to short-term and excessive trading of Fund shares
("excessive trading"). JIF Flexible Bond Fund is intended for long-term
investment purposes only, and the Fund will take reasonable steps to attempt to
detect and deter excessive trading. Transactions placed in violation of JIF
Flexible Bond Fund's excessive trading policies may be cancelled or revoked


                                      C-10



by the Fund by the next business day following receipt by the Fund. The trading
history of accounts determined to be under common ownership or control within
any of the Janus funds may be considered in enforcing these policies and
procedures. As described below, however, JIF Flexible Bond Fund may not be able
to identify all instances of excessive trading or completely eliminate the
possibility of excessive trading. In particular, it may be difficult to identify
excessive trading in certain omnibus accounts and other accounts traded through
intermediaries. By their nature, omnibus accounts, in which purchases and
redemptions of JIF Flexible Bond Fund's shares by multiple investors are
aggregated by the intermediary and presented to the Fund on a net basis, may
effectively conceal the identity of individual investors and their transactions
from the Fund and its agents. This makes the elimination of excessive trading in
the accounts impractical without the assistance of the intermediary.

JIF Flexible Bond Fund attempts to deter excessive trading through at least the
following methods:

     -    exchange limitations as described under "Exchanges;"

     -    redemption fees (where applicable on certain classes of certain
          funds); and

     -    fair valuation of securities as described under "Pricing of Fund
          Shares."

JIF Flexible Bond Fund monitors Fund share transactions, subject to the
limitations described below. Generally, a purchase of JIF Flexible Bond Fund's
shares followed by the redemption of JIF Flexible Bond Fund's shares within a
90-day period may result in enforcement of JIF Flexible Bond Fund's excessive
trading policies and procedures with respect to future purchase orders, provided
that the Fund reserves the right to reject any purchase request as explained
above.

If JIF Flexible Bond Fund detects excessive trading, the Fund may suspend or
permanently terminate the exchange privilege (if permitted by your financial
intermediary) of the account and may bar future purchases into the Fund and any
of the other Janus funds by such investor. JIF Flexible Bond Fund's excessive
trading policies generally do not apply to a (i) money market fund, although
money market funds at all times reserve the right to reject any purchase request
(including exchange purchases) for any reason without prior notice; and (ii)
transactions in the Janus funds by a Janus "fund of funds," which is a fund that
primarily invests in other Janus mutual funds.

JIF Flexible Bond Fund's Board of Trustees may approve from time to time a
redemption fee to be imposed by any Janus fund, subject to 60 days' notice to
shareholders of that fund.

Investors who place transactions through the same financial intermediary on an
omnibus basis may be deemed part of a group for the purpose of JIF Flexible Bond
Fund's excessive trading policies and procedures and may be rejected in whole or
in part by the Fund. JIF Flexible Bond Fund, however, cannot always identify or
reasonably detect excessive trading that may be facilitated by financial
intermediaries or made difficult to identify through the use of omnibus accounts
by those intermediaries that transmit purchase, exchange, and redemption orders
to JIF Flexible Bond Fund, and thus the Fund may have difficulty curtailing such
activity. Transactions accepted by a financial intermediary in violation of JIF
Flexible Bond Fund's excessive trading policies may be cancelled or revoked by
the Fund by the next business day following receipt by the Fund.

In an attempt to detect and deter excessive trading in omnibus accounts, JIF
Flexible Bond Fund or its agents may require intermediaries to impose
restrictions on the trading activity of accounts traded through those
intermediaries. Such restrictions may include, but are not limited to, requiring
that trades be placed by U.S. mail, prohibiting purchases for a designated
period of time (typically 30 to 90 days) by investors who have recently redeemed
Fund shares, requiring intermediaries to report information about customers who
purchase and redeem large amounts, and similar restrictions. JIF Flexible Bond
Fund's ability to impose such restrictions with respect to accounts traded
through particular intermediaries may vary depending on the systems
capabilities, applicable contractual and legal restrictions, and cooperation of
those intermediaries.

Certain transactions in Fund shares, such as periodic rebalancing (no more
frequently than quarterly) or those which are made pursuant to systematic
purchase, exchange, or redemption programs generally do not raise excessive
trading concerns and normally do not require application of JIF Flexible Bond
Fund's methods to detect and deter excessive trading.


                                      C-11



JIF Flexible Bond Fund also reserves the right to reject any purchase request
(including exchange purchases) by any investor or group of investors for any
reason without prior notice, including, in particular, if the trading activity
in the account(s) is deemed to be disruptive to the Fund. For example, JIF
Flexible Bond Fund may refuse a purchase order if the Fund's portfolio managers
believe they would be unable to invest the money effectively in accordance with
the Fund's investment policies or the Fund would otherwise be adversely affected
due to the size of the transaction, frequency of trading, or other factors.

JIF Flexible Bond Fund's policies and procedures regarding excessive trading may
be modified at any time by the Fund's Board of Trustees.

EXCESSIVE TRADING RISKS

Excessive trading may present risks to JIF Flexible Bond Fund's long-term
shareholders. Excessive trading into and out of JIF Flexible Bond Fund may
disrupt portfolio investment strategies, may create taxable gains to remaining
Fund shareholders, and may increase Fund expenses, all of which may negatively
impact investment returns for all remaining shareholders, including long-term
shareholders.

Funds that invest in foreign securities may be at a greater risk for excessive
trading. Investors may attempt to take advantage of anticipated price movements
in securities held by a fund based on events occurring after the close of a
foreign market that may not be reflected in JIF Flexible Bond Fund's NAV
(referred to as "price arbitrage"). Such arbitrage opportunities may also arise
in funds which do not invest in foreign securities, for example, when trading in
a security held by a fund is halted and does not resume prior to the time JIF
Flexible Bond Fund calculates its NAV (referred to as "stale pricing"). Funds
that hold thinly-traded securities, such as certain small-capitalization
securities, may be subject to attempted use of arbitrage techniques. To the
extent that JIF Flexible Bond Fund's valuation of a security differs from the
security's market value, short-term arbitrage traders may dilute the NAV of JIF
Flexible Bond Fund, which negatively impacts long-term shareholders. Although
JIF Flexible Bond Fund has adopted fair valuation policies and procedures
intended to reduce the Fund's exposure to price arbitrage, stale pricing, and
other potential pricing inefficiencies, under such circumstances there is
potential for short-term arbitrage trades to dilute the value of Fund shares.

Although JIF Flexible Bond Fund takes steps to detect and deter excessive
trading pursuant to the policies and procedures described in this Appendix C and
approved by the Board of Trustees, there is no assurance that these policies and
procedures will be effective in limiting excessive trading in all circumstances.
For example, JIF Flexible Bond Fund may be unable to completely eliminate the
possibility of excessive trading in certain omnibus accounts and other accounts
traded through intermediaries. Omnibus accounts may effectively conceal the
identity of individual investors and their transactions from JIF Flexible Bond
Fund and its agents. This makes JIF Flexible Bond Fund's identification of
excessive trading transactions in the Fund through an omnibus account difficult
and makes the elimination of excessive trading in the account impractical
without the assistance of the intermediary. Although JIF Flexible Bond Fund
encourages intermediaries to take necessary actions to detect and deter
excessive trading, some intermediaries may be unable or unwilling to do so, and
accordingly, the Fund cannot eliminate completely the possibility of excessive
trading.

Shareholders that invest through an omnibus account should be aware that they
may be subject to the policies and procedures of their financial intermediary
with respect to excessive trading in JIF Flexible Bond Fund.

AVAILABILITY OF PORTFOLIO HOLDINGS INFORMATION

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by Janus
Capital and all mutual funds managed within the Janus fund complex are designed
to be in the best interests of the funds and to protect the confidentiality of
the funds' portfolio holdings. The following describes policies and procedures
with respect to disclosure of portfolio holdings of JIF Flexible Bond Fund.

     -    FULL HOLDINGS. JIF Flexible Bond Fund is required to disclose its
          complete holdings in the quarterly holdings report on Form N-Q within
          60 days of the end of each fiscal quarter, and in the annual report
          and semiannual report to fund shareholders. These reports (i) are
          available on the SEC's website at


                                      C-12



          http://www.sec.gov; (ii) may be reviewed and copied at the SEC's
          Public Reference Room in Washington, D.C. (information on the Public
          Reference Room may be obtained by calling 1-800-SEC-0330); and (iii)
          are available without charge, upon request, by calling a Janus
          representative at 1-877-335-2687 (toll free). Holdings are generally
          posted under the Characteristics tab at www.janus.com/info
          approximately two business days after the end of the following period:
          portfolio holdings (excluding cash investments, derivatives, short
          positions, and other investment positions), consisting of at least the
          names of the holdings, are generally available on a calendar
          quarter-end basis with a 30-day lag.

     -    TOP HOLDINGS. JIF Flexible Bond Fund's top portfolio holdings, in
          order of position size and as a percentage of the Fund's total
          portfolio, are available monthly with a 15-day lag and on a calendar
          quarter-end basis with a 15-day lag. Most funds disclose their top ten
          portfolio holdings. However, certain funds disclose only their top
          five portfolio holdings.

     -    OTHER INFORMATION. JIF Flexible Bond Fund may occasionally provide
          security breakdowns (e.g., industry, sector, regional, market
          capitalization, and asset allocation), top performance
          contributors/detractors, and specific portfolio level performance
          attribution information and statistics monthly with a 30-day lag and
          on a calendar quarter-end basis with a 15-day lag.

Full portfolio holdings will remain available on the Janus websites at least
until a Form N-CSR or Form N-Q is filed with the SEC for the period that
includes the date as of which the website information is current. JIF Flexible
Bond Fund discloses its short positions, if applicable, only to the extent
required in regulatory reports. Janus Capital may exclude from publication all
or any portion of portfolio holdings or change the time periods of disclosure as
deemed necessary to protect the interests of JIF Flexible Bond Fund, including
under extraordinary circumstances exceptions to the Mutual Fund Holdings
Disclosure Policies and Procedures made by Janus Capital's Chief Investment
Officer(s) or their delegates. Such exceptions may be made without prior notice
to shareholders. A summary of JIF Flexible Bond Fund's portfolio holdings
disclosure policies and procedures, which includes a discussion of any
exceptions, is contained in the Fund's SAI.

DISTRIBUTION OF JIF FLEXIBLE BOND FUND

JIF Flexible Bond Fund is distributed by Janus Distributors LLC, which is a
member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). To obtain
information about FINRA member firms and their associated persons, you may
contact FINRA at www.finra.org, or at 1-800-289-9999.

DISTRIBUTIONS AND TAXES

DISTRIBUTIONS

To avoid taxation of JIF Flexible Bond Fund, the Internal Revenue Code requires
the Fund to distribute all or substantially all of its net investment income and
any net capital gains realized on its investments at least annually. JIF
Flexible Bond Fund's income from certain dividends, interest, and any net
realized short-term capital gains are paid to shareholders as ordinary income
dividends. Certain dividend income may be reported to shareholders as "qualified
dividend income," which is generally subject to reduced rates of taxation. Net
realized long-term capital gains are paid to shareholders as capital gains
distributions, regardless of how long Shares of the Fund have been held.
Distributions are made at the class level, so they may vary from class to class
within a single fund.

DISTRIBUTION SCHEDULE

Income dividends for JIF Flexible Bond Fund are normally declared daily
(Saturdays, Sundays, and holidays included) and are distributed as of the last
business day of each month. If a month begins on a Saturday, Sunday, or a
holiday, dividends for those days are declared and distributed at the end of the
preceding month. Distributions of capital gains are normally declared and
distributed in December. If necessary, dividends and net capital gains may be
distributed at other times as well. For investors investing through
intermediaries, the date you receive your distribution may vary depending on how
your intermediary processes trades. Please consult your intermediary for
details.


                                      C-13



HOW DISTRIBUTIONS AFFECT JIF FLEXIBLE BOND FUND'S NAV

Distributions are paid to shareholders as of the record date of a distribution
of JIF Flexible Bond Fund, regardless of how long the shares have been held.
Undistributed dividends and net capital gains are included in JIF Flexible Bond
Fund's daily NAV. The share price of JIF Flexible Bond Fund drops by the amount
of the distribution, net of any subsequent market fluctuations. For example,
assume that on December 31, JIF Flexible Bond Fund declared a dividend in the
amount of $0.25 per share. If JIF Flexible Bond Fund's share price was $10.00 on
December 30, JIF Flexible Bond Fund's share price on December 31 would be $9.75,
barring market fluctuations. You should be aware that distributions from a
taxable mutual fund do not increase the value of your investment and may create
income tax obligations.

"BUYING A DIVIDEND"

If you purchase shares of JIF Flexible Bond Fund just before a distribution, you
will pay the full price for the shares and receive a portion of the purchase
price back as a taxable distribution. This is referred to as "buying a
dividend." In the above example, if you bought shares on December 30, you would
have paid $10.00 per share. On December 31, JIF Flexible Bond Fund would pay you
$0.25 per share as a dividend and your shares would now be worth $9.75 per
share. Unless your account is set up as a tax-deferred account, dividends paid
to you would be included in your gross income for tax purposes, even though you
may not have participated in the increase in NAV of JIF Flexible Bond Fund,
whether or not you reinvested the dividends. Before buying shares of JIF
Flexible Bond Fund close to year-end, you should consult with your financial
intermediary or tax adviser as to potential tax consequences of any
distributions that may be paid shortly after purchase.

For your convenience, JIF Flexible Bond Fund's distributions of net investment
income and net capital gains are automatically reinvested in JIF Flexible Bond
Fund. To receive distributions in cash, contact your financial intermediary or a
Janus representative at 1-800-525-0020. Whether reinvested or paid in cash, the
distributions may be subject to taxes, unless your shares are held in a
qualified tax-deferred plan or account.

TAXES

As with any investment, you should consider the tax consequences of investing in
JIF Flexible Bond Fund. Any time you sell or exchange shares of a fund in a
taxable account, it is considered a taxable event. For federal income tax
purposes, an exchange is treated the same as a sale. Depending on the purchase
price and the sale price, you may have a gain or loss on the transaction;
whether the gain or loss is long-term or short-term depends on how long you
owned the shares. Any tax liabilities generated by your transactions are your
responsibility.

The following discussion does not apply to qualified tax-deferred accounts or
other non-taxable entities, nor is it a complete analysis of the federal income
tax implications of investing in JIF Flexible Bond Fund. You should consult your
tax adviser if you have any questions. Additionally, state or local taxes may
apply to your investment, depending upon the laws of your state of residence.

TAXES ON DISTRIBUTIONS

Distributions by JIF Flexible Bond Fund are subject to federal income tax,
regardless of whether the distribution is made in cash or reinvested in
additional shares of JIF Flexible Bond Fund. When gains from the sale of a
security held by JIF Flexible Bond Fund are paid to shareholders, the rate at
which the gain will be taxed to shareholders depends on the length of time JIF
Flexible Bond Fund held the security. In certain states, a portion of the
distributions (depending on the sources of JIF Flexible Bond Fund's income) may
be exempt from state and local taxes. JIF Flexible Bond Fund's net investment
income and capital gains are distributed to (and may be taxable to) those
persons who are shareholders of JIF Flexible Bond Fund at the record date of
such payments. Although JIF Flexible Bond Fund's total net income and net
realized gain are the results of its operations, the per share amount
distributed or taxable to shareholders is affected by the number of Fund shares
outstanding at the record date. Generally, account tax information will be made
available to shareholders on or before January 31st of each year. Information
regarding distributions may also be reported to the Internal Revenue Service.


                                      C-14



Distributions made by JIF Flexible Bond Fund with respect to Shares purchased
through a qualified retirement plan will generally be exempt from current
taxation if left to accumulate within the qualified plan.

Generally, withdrawals from qualified plans may be subject to ordinary income
tax and, if made before age 59 1/2, a 10% penalty tax may be imposed. The tax
status of your investment depends on the features of your qualified plan. For
further information, please contact your plan sponsor.

JIF Flexible Bond Fund may be required to withhold U.S. federal income tax on
all distributions and redemptions payable to shareholders who fail to provide
their correct taxpayer identification number, fail to make certain required
certifications, or who have been notified by the Internal Revenue Service that
they are subject to backup withholding. The current backup withholding rate is
applied.

TAXATION OF JIF FLEXIBLE BOND FUND

Dividends, interest, and some capital gains received by JIF Flexible Bond Fund
on foreign securities may be subject to foreign tax withholding or other foreign
taxes. If JIF Flexible Bond Fund is eligible, it may from year to year make the
election permitted under Section 853 of the Internal Revenue Code to pass
through such taxes to shareholders as a foreign tax credit. If such an election
is not made, any foreign taxes paid or accrued will represent an expense to JIF
Flexible Bond Fund. JIF Flexible Bond Fund's transactions may involve short
sales, futures, options, swap agreements, hedged investments, and other similar
transactions, and may be subject to special provisions of the Internal Revenue
Code that, among other things, can potentially affect the character, amount,
timing of distributions to shareholders, and utilization of capital loss
carryforwards. JIF Flexible Bond Fund will monitor its transactions and may make
certain tax elections and use certain investment strategies where applicable in
order to mitigate the effect of these tax provisions, if possible.

JIF Flexible Bond Fund does not expect to pay any federal income or excise taxes
because it intends to meet certain requirements of the Internal Revenue Code. It
is important that JIF Flexible Bond Fund meet these requirements so that any
earnings on your investment will not be subject to federal income taxes twice.
If JIF Flexible Bond Fund invests in partnerships, it may be subject to state
tax liabilities.


                                      C-15



                                                                      APPENDIX D

                                  LEGAL MATTERS

In the fall of 2003, the Securities and Exchange Commission ("SEC"), the Office
of the New York State Attorney General ("NYAG"), the Colorado Attorney General
("COAG"), and the Colorado Division of Securities ("CDS") announced that they
were investigating alleged frequent trading practices in the mutual fund
industry. On August 18, 2004, Janus Capital announced that it had reached final
settlements with the SEC, the NYAG, the COAG, and the CDS related to such
regulators' investigations into Janus Capital's frequent trading arrangements.

A number of civil lawsuits were brought against Janus Capital and certain of its
affiliates, the Janus funds, and related entities and individuals based on
allegations similar to those announced by the above regulators and were filed in
several state and federal jurisdictions. Such lawsuits alleged a variety of
theories for recovery including, but not limited to, the federal securities
laws, other federal statutes (including ERISA), and various common law
doctrines. The Judicial Panel on Multidistrict Litigation transferred these
actions to the U.S. District Court for the District of Maryland (the "Court")
for coordinated proceedings. On September 29, 2004, five consolidated amended
complaints were filed with the Court that generally include: (i) claims by a
putative class of investors in certain Janus funds asserting claims on behalf of
the investor class (Marini, et al. v. Janus Investment Fund, et al., U.S.
District Court, District of Maryland, Case No. 04-CV-00497); (ii) derivative
claims by investors in certain Janus funds ostensibly on behalf of such funds
(Steinberg et al. v. Janus Capital Management, LLC et al., U.S. District Court,
District of Maryland, Case No. 04-CV-00518); (iii) claims on behalf of
participants in the Janus 401(k) plan (Wangberger v. Janus Capital Group Inc.,
401(k) Advisory Committee, et al., U.S. District Court, District of Maryland,
Case No. JFM-05-2711); (iv) claims brought on behalf of shareholders of Janus
Capital Group Inc. ("JCGI") on a derivative basis against the Board of Directors
of JCGI (Chasen v. Whiston, et al., U.S. District Court, District of Maryland,
Case No. 04-MD-00855); and (v) claims by a putative class of shareholders of
JCGI asserting claims on behalf of the shareholders (Wiggins, et al. v. Janus
Capital Group, Inc., et al., U.S. District Court, District of Maryland, Case No.
04-CV-00818). Each of the five complaints initially named JCGI and/or Janus
Capital as a defendant. In addition, the following were also named as defendants
in one or more of the actions: Janus Investment Fund ("JIF"), Janus Aspen Series
("JAS"), Janus Adviser Series ("JAD"), Janus Distributors LLC, INTECH Investment
Management LLC ("INTECH") (formerly named Enhanced Investment Technologies,
LLC), Bay Isle Financial LLC ("Bay Isle"), Perkins Investment Management LLC
("Perkins") (formerly named Perkins, Wolf, McDonnell and Company, LLC), the
Advisory Committee of the Janus 401(k) plan, and the current or former directors
of JCGI.

On August 25, 2005, the Court entered orders dismissing most of the claims
asserted against Janus Capital and its affiliates by fund investors in the
Marini and Steinberg cases (actions (i) and (ii) above) except certain claims
under Section 10(b) of the Securities Exchange Act of 1934 and under Section
36(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). On
December 30, 2008, the court granted partial summary judgment in Janus Capital's
favor with respect to Plaintiffs' damage demand as it relates to what was
categorized as "approved" market timing based on the court's finding that there
was no evidence that investors suffered damages that exceed the $50 million they
are entitled to receive under the regulatory settlement. The court did not grant
summary judgment on the remaining causes of action and requested the parties to
submit additional briefing with respect to what was categorized as "unapproved"
market timing. On August 15, 2006, the Wangberger complaint in the 401(k) plan
class action (action (iii) above) was dismissed by the Court with prejudice. The
plaintiff appealed that dismissal decision to the United States Court of Appeals
for the Fourth Circuit, which remanded the case back to the Court for further
proceedings. The Court also dismissed the Chasen lawsuit (action (iv) above)
against JCGI's Board of Directors without leave to amend. Finally, a Motion to
Dismiss the Wiggins suit (action (v) above) was granted and the matter was
dismissed in May 2007. Plaintiffs appealed that dismissal to the United States
Court of Appeals for the Fourth Circuit where the appeal is pending.

In addition to the lawsuits described above, the Auditor of the State of West
Virginia ("Auditor"), in his capacity as securities commissioner, has initiated
administrative proceedings against many of the defendants in the market timing
cases (including JCGI and Janus Capital) and, as a part of its relief, is
seeking disgorgement and other monetary relief based on similar market timing
allegations (In the Matter of Janus Capital Group Inc. et al., Before the
Securities Commissioner, State of West Virginia, Summary Order No. 05-1320). In
September 2006, JCGI and


                                       D-1



Janus Capital filed their answer to the Auditor's summary order instituting
proceedings as well as a Motion to Discharge Order to Show Cause. This action is
pending.

During 2007, two lawsuits were filed against Janus Management Holdings
Corporation ("Janus Holdings"), an affiliate of JCGI, by former Janus portfolio
managers, alleging that Janus Holdings unilaterally implemented certain changes
to compensation in violation of prior agreements (Edward Keely v. Janus
Holdings, Denver District Court, Case No. 2007CV7366; Tom Malley v. Janus
Holdings, Denver District Court, Case No. 2007CV10719). These complaints allege
some or all of the following claims: (1) breach of contract; (2) willful and
wanton breach of contract; (3) breach of good faith and fair dealing; and (4)
estoppel. Janus Holdings filed Answers to these complaints denying any liability
for these claims and intends to vigorously defend against the allegations.

Additional lawsuits may be filed against certain of the Janus funds, Janus
Capital, and related parties in the future. Janus Capital does not currently
believe that these pending actions will materially affect its ability to
continue providing services it has agreed to provide to the Janus funds.


                                      D-2



                              JANUS INVESTMENT FUND

                       STATEMENT OF ADDITIONAL INFORMATION

                                [APRIL   , 2009]
                  RELATING TO THE ACQUISITION OF THE ASSETS OF

                        JANUS ADVISER FLEXIBLE BOND FUND
                        A SERIES OF JANUS ADVISER SERIES
                               151 DETROIT STREET
                           DENVER, COLORADO 80206-4805
                                 1-800-525-0200

             BY AND IN EXCHANGE FOR SHARES OF BENEFICIAL INTEREST OF

                            JANUS FLEXIBLE BOND FUND
                        A SERIES OF JANUS INVESTMENT FUND
                               151 DETROIT STREET
                           DENVER, COLORADO 80206-4805
                                 1-800-525-3713

     This Statement of Additional Information (the "SAI") expands upon and
supplements the information contained in the combined prospectus and information
statement (the "Prospectus/Information Statement") dated [April   , 2009]. The
Prospectus/Information Statement is being furnished to shareholders of Janus
Adviser Flexible Bond Fund, a series of Janus Adviser Series ("JAD Flexible Bond
Fund"), in connection with the reorganization of JAD Flexible Bond with and into
Janus Flexible Bond Fund, a series of Janus Investment Fund ("JIF Flexible Bond
Fund"), pursuant to which all of the assets and liabilities of JAD Flexible Bond
Fund would be transferred to JIF Flexible Bond Fund in exchange for shares of
beneficial interest of JIF Flexible Bond Fund (the "Reorganization").

     This SAI is not a prospectus and should be read in conjunction with the
Prospectus/Information Statement. A copy of the Prospectus/Information Statement
may be obtained without charge by contacting Janus Capital Management LLC
("Janus Capital") at 151 Detroit Street, Denver, Colorado 80206 or by
telephoning Janus toll-free at 1-800-525-0200.

     This SAI consists of: (i) this cover page; (ii) Additional Information
about Class A, Class C, Class I, Class R and Class S shares of JIF Flexible Bond
Fund; (iii) the accompanying Pro Forma Financial Statements; and (iv) the
following documents, each of which was filed electronically with the U.S.
Securities and Exchange Commission (the "SEC") and is incorporated by reference
herein:

     1. The SAI for JAD Flexible Bond Fund, dated November 28, 2008, as
        supplemented (File No: 333-33978), and the SAI for JIF Flexible Bond
        Fund, dated February 27, 2009, as supplemented (File No: 002-34393).

     2. The Financial Statements of JAD Flexible Bond Fund are included in the
        annual report, dated July 31, 2008, as filed on September 29, 2008, and
        the semi-annual report, dated January 31, 2009, as filed on March 31,
        2009 (File No: 811-09885), and the Financial Statements of JIF Flexible
        Bond Fund are included in the annual



        report, dated October 31, 2008, as filed on December 29, 2008, and the
        semi-annual report, dated April 30, 2008, as filed on June 27, 2008
        (File No: 811-01879).

     As described in the Prospectus/Information Statement, upon the closing of
the Reorganization, each owner of Class A, Class C, Class I, Class R and Class S
shares of JAD Flexible Bond Fund would become a shareholder of the corresponding
class of shares of JIF Flexible Bond Fund. JIF Flexible Bond Fund does not
currently offer Class A, Class C, Class I, Class R and Class S shares. However,
upon consummation of the Reorganization, JIF Flexible Bond Fund will establish
Class A, Class C, Class I, Class R and Class S shares pursuant to the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended.
Information about JIF Flexible Bond Fund and its Class A, Class C, Class I,
Class R and Class S shares provided in the Prospectus/Information Statement and
other general information about JIF Flexible Bond Fund in its SAI dated February
27, 2009 (File No. 002-34393), is incorporated herein by reference. Only certain
information specific to JIF Flexible Bond Fund's Class A, Class C, Class I,
Class R and Class S shares is provided herein.

                          ADDITIONAL INFORMATION ABOUT
            CLASS A, CLASS C, CLASS I, CLASS R AND CLASS S SHARES OF
                             JIF FLEXIBLE BOND FUND

TRANSFER AGENCY AND OTHER SERVICES

     Janus Services LLC ("Janus Services"), P.O. Box 173375, Denver, Colorado
80217-3375, a wholly-owned subsidiary of Janus Capital, is JIF Flexible Bond
Fund's transfer agent. In addition, Janus Services provides certain other
administrative, recordkeeping, and shareholder relations services for JIF
Flexible Bond Fund. Janus Services receives an administrative services fee at an
annual rate of up to 0.25% of the average daily net assets of Class R shares and
Class S shares of JIF Flexible Bond Fund for providing or procuring
recordkeeping, subaccounting, and other administrative services to investors in
Class R shares and Class S shares of JIF Flexible Bond Fund. Janus Services
expects to use a significant portion of this fee to compensate retirement plan
service providers, broker-dealers, bank trust departments, financial advisors,
and other financial intermediaries for providing these services. Services
provided by these financial intermediaries may include but are not limited to
recordkeeping, processing and aggregating purchase and redemption transactions,
providing periodic statements, forwarding prospectuses, shareholder reports, and
other materials to existing customers, and other administrative services.

     Janus Services is not compensated for its services related to Class A
shares, Class C shares, and Class I shares, except for out-of-pocket expenses.
Included in out-of-pocket expenses are the networking and/or omnibus account
fees which certain intermediaries charge with respect to transactions in JIF
Flexible Bond Fund that are processed through the National Securities Clearing
Corporation or similar systems.



PURCHASES OF CLASS A SHARES

     The price you pay for Class A shares is the public offering price, which is
the NAV next determined after JIF Flexible Bond Fund or its agent receives in
good order your order plus an initial sales charge, if applicable, based on the
amount invested as set forth in the table. JIF Flexible Bond Fund receives the
NAV. The sales charge is allocated between your financial intermediary and Janus
Distributors, the Trust's distributor, as shown in the table, except where Janus
Distributors, in its discretion, allocates up to the entire amount to your
financial intermediary. Sales charges, as expressed as a percentage of offering
price, a percentage of your net investment, and as a percentage of the sales
charge reallowed to financial intermediaries, are shown in the table. The dollar
amount of your initial sales charge is calculated as the difference between the
public offering price and the NAV of those shares. Since the offering price is
calculated to two decimal places using standard rounding criteria, the number of
shares purchased and the dollar amount of your sales charge as a percentage of
the offering price and of your net investment may be higher or lower than the
amounts set forth in the table depending on whether there was a downward or
upward rounding. Although you pay no initial sales charge on purchases of
$1,000,000 or more, Janus Distributors may pay, from its own resources, a
commission to your financial intermediary on such investments.



                                                                          AMOUNT OF SALES
                                                                          CHARGE REALLOWED
                                                                            TO FINANCIAL
                                 SALES CHARGE AS A   SALES CHARGE AS A   INTERMEDIARIES AS
                                   PERCENTAGE OF     PERCENTAGE OF NET    A PERCENTAGE OF
                                  OFFERING PRICE*     AMOUNT INVESTED      OFFERING PRICE
                                 -----------------   -----------------   -----------------
                                                                
Under $50,000..................         4.75%               4.99%               4.25%
$50,000 but under $100,000.....         4.50%               4.71%               4.00%
$100,000 but under $250,000....         3.50%               3.63%               3.00%
$250,000 but under $500,000....         2.50%               2.56%               2.25%
$500,000 but under $1,000,000..         2.00%               2.04%               1.75%
$1,000,000 and above...........         None**              None                None



--------

 *  Offering Price includes the initial sales charge.

**  A contingent deferred sales charge of 1.00% may apply to Class A shares
    purchased without an initial sales charge if redeemed within 12 months of
    purchase.

DISTRIBUTION AND SHAREHOLDER SERVICING PLANS

CLASS A SHARES, CLASS R SHARES, AND CLASS S SHARES

     As described in the Prospectus/Information Statement, Class A shares, Class
R shares, and Class S shares will each adopt distribution and shareholder
servicing plans (the "Class A Plan," "Class R Plan," and "Class S Plan,"
respectively) in accordance with Rule 12b-1 under the 1940 Act. The Plans are
compensation type plans and permit the payment at an annual rate of up to 0.25%
of the average daily net assets of Class A shares and Class S shares and at an
annual rate of up to 0.50% of the average daily net assets of Class R shares of
a Fund for activities that are primarily intended to result in sales of Class A
shares, Class R shares, or Class S shares of such Fund, including but not
limited to preparing, printing, and distributing prospectuses, SAIs, shareholder
reports, and



educational materials to prospective and existing investors; responding to
inquiries by investors; receiving and answering correspondence and similar
activities. Payments under the Plans are not tied exclusively to actual
distribution and service expenses, and the payments may exceed distribution and
service expenses actually incurred. Payments are made to Janus Distributors LLC,
JIF Flexible Bond Fund's distributor ("Janus Distributors"), who may make
ongoing payments to financial intermediaries based on the value of Fund shares
held by such intermediaries' customers.

CLASS C SHARES

     As described in the Prospectus/Information Statement, Class C shares will
adopt a distribution and shareholder servicing plan (the "Class C Plan") in
accordance with Rule 12b-1 under the 1940 Act. The Class C Plan is a
compensation type plan and permits the payment at an annual rate of up to 0.75%
of the average daily net assets of Class C shares of JIF Flexible Bond Fund for
activities which are primarily intended to result in sales of Class C shares of
JIF Flexible Bond Fund. In addition, the Plan permits the payment of up to 0.25%
of the average daily net assets of Class C shares of JIF Flexible Bond Fund for
shareholder servicing activities such as providing facilities to answer
questions from existing investors about JIF Flexible Bond Fund; receiving and
answering correspondence; assisting investors in changing dividend and other
account options and any other activities for which "service fees" may be paid
under Rule 2830 of the Financial Industry Regulatory Authority, Inc. Conduct
Rules. Payments under the Class C Plan are not tied exclusively to actual
distribution and service expenses, and the payments may exceed distribution and
service expenses actually incurred.

     The Plans and any Rule 12b-1 related agreement to be entered into by JIF
Flexible Bond Fund or Janus Distributors in connection with the Plans will
continue in effect for a period of more than one year only so long as
continuance is specifically approved at least annually by a vote of a majority
of the Trustees, and of a majority of the Trustees who are not interested
persons (as defined in the 1940 Act) of the Trust and who have no direct or
indirect financial interest in the operation of the Plans or any related
agreements ("12b-1 Trustees"). All material amendments to any Plan must be
approved by a majority vote of the Trustees, including a majority of the 12b-1
Trustees, at a meeting called for that purpose. In addition, any Plan may be
terminated as to JIF Flexible Bond Fund at any time, without penalty, by vote of
a majority of the outstanding shares of that Class of JIF Flexible Bond Fund or
by vote of a majority of the 12b-1 Trustees.

     Janus Distributors is entitled to retain all fees paid under the Class C
Plan for the first 12 months on any investment in Class C shares to recoup its
expenses with respect to the payment of commissions on sales of Class C shares.
Financial intermediaries will become eligible for compensation under the Class C
Plan beginning in the 13th month following the purchase of Class C shares,
although Janus Distributors may, pursuant to a written agreement between Janus
Distributors and a particular financial intermediary, pay such financial
intermediary 12b-1 fees prior to the 13th month following the purchase of Class
C shares.



                         PRO FORMA FINANCIAL STATEMENTS

     In connection with a proposed transaction whereby all of the assets and
liabilities of JAD Flexible Bond Fund will be transferred to JIF Flexible Bond
Fund (each, a "Fund" and collectively, the "Funds"), in exchange for shares of
JIF Flexible Bond Fund, shown below are financial statements for each Fund and
Pro Forma Financial Statements for the combined Fund, assuming the
Reorganization is consummated, as of October 31, 2008. The first table presents
Statements of Assets and Liabilities for each Fund and estimated pro forma
figures for the combined Fund. The second table presents Statements of
Operations for each Fund and estimated pro forma figures for the combined Fund.
The third table presents Schedule of Investments for each Fund and estimated pro
forma figures for the combined Fund. The tables are followed by the Notes to the
Pro Forma Financial Statements.






                            JANUS FLEXIBLE BOND FUND
                  PRO FORMA SCHEDULE OF INVESTMENTS (UNAUDITED)





                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
CORPORATE BONDS -- 32.2%
AGRICULTURAL OPERATIONS -- 0.2%
  Bunge Limited Finance Corp.,
     4.3750%, due 12/15/08.................  $ 1,296,000    $  379,000   $ 1,675,000  $  1,291,845   $    377,785  $  1,669,630
BEVERAGES -- NON-ALCOHOLIC -- 1.0%
  PepsiCo, Inc.,
     7.9000%, due 11/1/18..................    2,125,000       650,000     2,775,000     2,241,901        685,757     2,927,658
  Dr. Pepper Snapple Group,
     6.1200%, due 5/1/13 (144A)............    2,498,000       727,000     3,225,000     2,344,251        682,254     3,026,505
  Dr. Pepper Snapple Group,
     6.8200%, due 5/1/18 (144A)............    1,691,000       493,000     2,184,000     1,480,516        431,635     1,912,151
  Dr. Pepper Snapple Group,
     7.4500%, due 5/1/38 (144A)............    1,993,000       580,000     2,573,000     1,613,672        469,609     2,083,281
                                                                                         7,680,340      2,269,255     9,949,595
CABLE TELEVISION -- 2.0%
  Comcast Corp.,
     6.3000%, due 11/15/17.................    1,946,000       567,000     2,513,000     1,681,698        489,991     2,171,689
  Comcast Corp.,
     5.7000%, due 5/15/18..................    2,861,000       834,000     3,695,000     2,363,973        689,113     3,053,086
  Cox Communications, Inc.,
     4.6300%, due 1/15/10..................    3,367,000       981,000     4,348,000     3,227,475        940,348     4,167,823
  Cox Communications, Inc.,
     6.2500%, due 6/1/18 (144A)............    2,865,000       836,000     3,701,000     2,337,611        682,109     3,019,720
  Cox Communications, Inc.,
     6.9500%, due 6/1/38 (144A)............      736,000       204,000       940,000       553,342        153,372       706,714
  Time Warner Cable, Inc.,
     6.7500%, due 7/1/18...................    1,851,000       540,000     2,391,000     1,587,551        463,143     2,050,694
  Time Warner Cable, Inc.,
     7.3000%, due 7/1/38...................    4,092,000     1,193,000     5,285,000     3,423,707        998,163     4,421,870
                                                                                        15,175,357      4,416,239    19,591,596
CELLULAR TELECOMMUNICATIONS -- 0.5%
  Rogers Communications,
     6.3800%, due 3/1/14...................    3,768,000     1,097,000     4,865,000     3,364,617        979,561     4,344,178
CHEMICALS --
  DIVERSIFIED -- 0.2%
  E.I. DU Pont De Nemours,
     5.0000%, due 7/15/13..................    1,914,000       558,000     2,472,000     1,827,535        532,792     2,360,327
COAL -- 0.2%
  Arch Western Finance,
     6.7500%, due 7/1/13...................    2,046,000       597,000     2,643,000     1,718,640        501,480     2,220,120
COMMERCIAL BANKS -- 1.0%
  Credit Suisse New York,
     5.0000%, due 5/15/13..................    7,858,000     2,289,000    10,147,000     7,086,745      2,064,337     9,151,082
COMMERCIAL SERVICES -- 0.6%
  Aramark Services, Inc.,
     8.5000%, due 2/1/15...................    2,048,000       597,000     2,645,000     1,751,040        510,435     2,261,475
  Iron Mountain, Inc.,
     8.6300%, due 4/1/13...................    2,826,000       823,000     3,649,000     2,578,725        750,988     3,329,713
                                                                                         4,329,765      1,261,423     5,591,188








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
COMPUTER SERVICES -- 0.2%
  SunGard Data Systems, Inc.,
     9.1300%, due 8/15/13..................      744,000       204,000       948,000       617,520        169,320       786,840
  SunGard Data Systems, Inc.,
     10.2500%, due 8/15/15.................      744,000       204,000       948,000       520,800        142,800       663,600
                                                                                         1,138,320        312,120     1,450,440
CONSUMER PRODUCTS --
  MISCELLANEOUS -- 0.4%
  Kimberly-Clark Corp.,
     7.5000%, due 11/1/18..................      650,000       195,000       845,000       660,031        198,009       858,040
  Clorox Company,
     5.0000%, due 3/1/13...................      922,000       269,000     1,191,000       845,454        246,667     1,092,121
  Clorox Company,
     5.9500%, due 10/15/17.................    1,629,000       475,000     2,104,000     1,450,905        423,070     1,873,975
                                                                                         2,956,390        867,746     3,824,136
COSMETICS AND TOILETRIES -- 0.2%
  Estee Lauder Companies, Inc.,
     7.7500%, due 11/1/13..................    1,475,000       465,000     1,940,000     1,498,050        472,267     1,970,317
DATA PROCESSING AND MANAGEMENT -- 0.4%
  Fiserv, Inc.,
     6.1300%, due 11/20/12.................    1,843,000       537,000     2,380,000     1,622,931        472,878     2,095,809
  Fiserv, Inc.,
     6.8000%, due 11/20/17.................    1,839,000       537,000     2,376,000     1,405,108        410,301     1,815,409
                                                                                         3,028,039        883,179     3,911,218
DIVERSIFIED OPERATIONS -- 2.3%
  3M Company,
     4.3800%, due 8/15/13..................    7,066,000     2,058,000     9,124,000     6,962,886      2,027,967     8,990,853
  Dover Corp.,
     5.4500%, due 3/15/18..................    1,367,000       399,000     1,766,000     1,242,373        362,624     1,604,997
  Dover Corp.,
     6.6000%, due 3/15/38..................      680,000       188,000       868,000       618,112        170,890       789,002
  Eaton Corp.,
     4.9000%, due 5/15/13..................    1,696,000       495,000     2,191,000     1,574,042        459,405     2,033,447
  Kansas City Southern,
     7.5000%, due 6/15/09..................    2,406,000       701,000     3,107,000     2,309,760        672,960     2,982,720
  SPX Corp.,
     7.6300%, due 12/15/14 (144A)..........    1,272,000       371,000     1,643,000     1,068,480        311,640     1,380,120
  Textron, Inc.,
     6.3800%, due 11/15/08.................    2,350,000       685,000     3,035,000     2,351,598        685,465     3,037,063
                                                                                        16,127,251      4,690,951    20,818,202
ELECTRIC -- GENERATION -- 0.7%
  Allegheny Energy Supply,
     8.2500%, due 4/15/12 (144A)...........    2,048,000       597,000     2,645,000     1,873,920        546,255     2,420,175
  Edison Mission Energy,
     7.0000%, due 5/15/17..................    4,405,000     1,283,000     5,688,000     3,485,456      1,015,174     4,500,630
                                                                                         5,359,376      1,561,429     6,920,805
ELECTRIC --
  INTEGRATED -- 5.4%
  Centerpoint Energy, Inc.,
     6.5000%, due 5/1/18...................      955,000       279,000     1,234,000       722,671        211,126       933,797
  CMS Energy Corp.,
     6.3000%, due 2/1/12...................    3,999,000     1,165,000     5,164,000     3,570,180      1,040,075     4,610,255
  Consumers Energy Co.,
     5.6500%, due 9/15/18..................      685,000       190,000       875,000       541,417        150,174       691,591








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
  Duke Energy Carolinas,
     5.1000%, due 4/15/18..................      970,000       283,000     1,253,000       845,180        246,584     1,091,764
  Duke Energy Carolinas,
     6.0500%, due 4/15/38..................    1,365,000       375,000     1,740,000     1,151,324        316,298     1,467,622
  MidAmerican Energy Holdings,
     5.9500%, due 5/15/37..................    2,125,000       660,000     2,785,000     1,519,675        471,993     1,991,668
  MidAmerican Energy Holdings,
     6.5000%, due 9/15/37..................    2,150,000       610,000     2,760,000     1,660,419        471,096     2,131,515
  Monongahela Power Co.,
     6.7000%, due 6/15/14..................    3,550,000     1,035,000     4,585,000     3,234,707        943,076     4,177,783
  Oncor Electric Delivery,
     5.9500%, due 9/1/13 (144A)............    2,503,000       702,000     3,205,000     2,294,297        643,467     2,937,764
  Oncor Electric Delivery,
     6.8000%, due 9/1/18 (144A)............    2,651,000       772,000     3,423,000     2,239,822        652,260     2,892,082
  Oncor Electric Delivery,
     7.5000%, due 9/1/38 (144A)............    1,073,000       313,000     1,386,000       839,060        244,758     1,083,818
  Pacific Gas and Electric Co.,
     4.8000%, due 3/1/14...................    1,652,000       483,000     2,135,000     1,463,475        427,881     1,891,356
  Pacific Gas and Electric Co.,
     8.2500%, due 10/15/18.................    4,250,000     1,300,000     5,550,000     4,326,548      1,323,413     5,649,961
  Pacificorp,
     6.2500%, due 10/15/37.................    1,259,000       367,000     1,626,000     1,025,458        298,922     1,324,380
  Public Service Colorado,
     5.8000%, due 8/1/18...................      568,000       157,000       725,000       517,278        142,980       660,258
  Southern California Edison Co.,
     7.6300%, due 1/15/10..................    3,902,000     1,137,000     5,039,000     3,933,178      1,146,084     5,079,262
  Tampa Electric,
     6.1000%, due 5/15/18..................    4,094,000     1,193,000     5,287,000     3,292,509        959,444     4,251,953
  Virginia Electric & Power Co.,
     5.1000%, due 11/30/12.................    3,484,000     1,015,000     4,499,000     3,176,039        925,281     4,101,320
  West Penn Power Co.,
     5.9500%, due 12/15/17 (144A)..........    3,448,000     1,005,000     4,453,000     2,787,722        812,547     3,600,269
                                                                                        39,140,959     11,427,459    50,568,418
ELECTRONIC
  COMPONENTS -- SEMICONDUCTORS -- 0.5%
  National Semiconductor Corp.,
     3.0700%, due 6/15/10++,S..............    3,600,000       215,000     3,815,000     3,469,932        207,232     3,677,164
ENTERPRISE SOFTWARE/SERVICES -- 0.5%
  BMC Software, Inc.,
     7.2500%, due 6/1/18...................    3,886,000     1,133,000     5,019,000     3,348,162        976,188     4,324,350
FIDUCIARY BANKS -- 0.3%
  Bank of America Corp.,
     4.5000%, due 4/1/13...................    1,985,000       578,000     2,563,000     1,862,408        542,303     2,404,711
FINANCE -- CONSUMER LOANS -- 0.2%
  John Deere Capital Corp.,
     4.8800%, due 10/15/10.................    1,488,000       435,000     1,923,000     1,473,443        430,744     1,904,187
FINANCE -- INVESTMENT
  BANKERS/BROKERS -- 1.4%
  Citigroup, Inc.,
     6.1300%, due 11/21/17.................    3,921,000     1,142,000     5,063,000     3,371,044        981,824     4,352,868
  JP Morgan Chase & Co,
     6.0000%, due 1/15/18..................    7,888,000     2,298,000    10,186,000     7,076,183      2,061,495     9,137,678
                                                                                        10,447,227      3,043,319    13,490,546








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
FOOD -- MISCELLANEOUS/
  DIVERSIFIED -- 0.8%
  General Mills, Inc.,
     5.2500%, due 8/15/13..................    2,157,000       629,000     2,786,000     2,041,566        595,339     2,636,905
  General Mills, Inc.,
     5.2000%, due 3/17/15..................    1,436,000       419,000     1,855,000     1,243,274        362,766     1,606,040
  Kellogg Company,
     4.2500%, due 3/6/13...................    1,014,000       295,000     1,309,000       937,202        272,657     1,209,859
  Kraft Foods, Inc.
     6.1300%, due 2/1/18...................    2,125,000       660,000     2,785,000     1,820,685        565,483     2,386,168
                                                                                         6,042,727      1,796,245     7,838,972
FOOD -- RETAIL -- 1.0%
  Kroger Co.,
     6.1500%, due 1/15/20..................      893,000       261,000     1,154,000       733,119        214,271       947,390
  Stater Brothers Holdings, Inc.,
     8.1300%, due 6/15/12..................      955,000       278,000     1,233,000       849,950        247,420     1,097,370
  Stater Brothers Holdings, Inc.,
     7.7500%, due 4/15/15..................    1,553,000       453,000     2,006,000     1,273,460        371,460     1,644,920
  Supervalu, Inc.,
     7.5000%, due 11/15/14.................    5,814,000     1,694,000     7,508,000     4,767,480      1,389,080     6,156,560
                                                                                         7,624,009      2,222,231     9,846,240
GAS -- DISTRIBUTION -- 0.1%
  Southern Star Central Corp.,
     6.0000%, due 6/1/16 (144A)............    1,025,000       299,000     1,324,000       891,750        260,130     1,151,880
INDEPENDENT POWER PRODUCER -- 0.7%
  NRG Energy, Inc.,
     7.3800%, due 2/1/16...................    3,431,000     1,034,000     4,465,000     2,959,238        891,825     3,851,063
  Reliant Energy, Inc.,
     7.6300%, due 6/15/14..................    2,583,000       753,000     3,336,000     1,988,910        579,810     2,568,720
  Reliant Energy, Inc.,
     7.8800%, due 6/15/17..................      530,000       154,000       684,000       405,450        117,810       523,260
                                                                                         5,353,598      1,589,445     6,943,043
MEDICAL -- HOSPITALS -- 0.4%
  HCA, Inc.,
     6.5000%, due 2/15/16..................    2,052,000       598,000     2,650,000     1,205,550        351,325     1,556,875
  HCA, Inc.,
     9.2500%, due 11/15/16.................    2,392,000       697,000     3,089,000     2,033,200        592,450     2,625,650
                                                                                         3,238,750        943,775     4,182,525
MEDICAL PRODUCTS -- 0.9%
  Covidien, Ltd.,
     6.5500%, due 10/15/37.................    1,500,000       598,000     2,098,000     1,185,780        577,075     1,762,855
  Covidien International,
     5.4500%, due 10/15/12.................    2,049,000     1,286,000     3,335,000     1,977,303      1,121,366     3,098,669
  Covidien International,
     6.0000%, due 10/15/17.................    4,192,000       460,000     4,652,000     3,655,336        363,639     4,018,975
                                                                                         6,818,419      2,062,080     8,880,499
METAL -- DIVERSIFIED -- 0.2%
  Freeport-McMoRan Copper & Gold, Inc.
     #8.3800%, due 4/1/17..................    1,751,000       511,000     2,262,000     1,374,535        401,135     1,775,670








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
MULTIMEDIA -- 0.2%
  Viacom, Inc.,
     6.2500%, due 4/30/16..................      817,000       238,000     1,055,000       658,809        191,917       850,726
  Viacom, Inc.,
     6.1300%, due 10/5/17..................      820,000       240,000     1,060,000       635,964        186,136       822,100
                                                                                         1,294,773        378,053     1,672,826
NON-HAZARDOUS WASTE DISPOSAL -- 0.6%
  Allied Waste Industries, Inc.,
     6.5000%, due 11/15/10.................    2,528,000       737,000     3,265,000     2,363,680        689,095     3,052,775
  Waste Management, Inc.,
     7.3800%, due 8/1/10...................    2,177,000       635,000     2,812,000     2,079,237        606,484     2,685,721
                                                                                         4,442,917      1,295,579     5,738,496
OFFICE AUTOMATION AND EQUIPMENT -- 0.4%
  Xerox Corp.,
     3.6300%, due 12/18/09++...............      742,000       231,000       973,000       676,906        210,735       887,641
  Xerox Corp.,
     5.6500%, due 5/15/13..................    1,362,000       398,000     1,760,000     1,074,971        314,125     1,389,096
  Xerox Corp.,
     6.3500%, due 5/15/18..................    1,953,000       569,000     2,522,000     1,431,158        416,963     1,848,121
                                                                                         3,183,035        941,823     4,124,858
OIL COMPANIES -- EXPLORATION AND
  PRODUCTION -- 0.3%
  Forest Oil Corp.,
     8.0000%, due 12/15/11.................      260,000        70,000       330,000       231,400         62,300       293,700
  Kerr-McGee Corp.,
     6.8800%, due 9/15/11..................    1,869,000       545,000     2,414,000     1,870,906        545,556     2,416,462
                                                                                         2,102,306        607,856     2,710,162
PIPELINES -- 1.6%
  El Paso Corporation,
     7.0000%, due 6/15/17..................    3,162,000       922,000     4,084,000     2,413,251        703,674     3,116,925
  Kinder Morgan Finance Co.,
     5.7000%, due 1/5/16...................    8,190,000       179,000     8,369,000     6,347,250        140,075     6,487,325
  Kinder Morgan Energy Partners N.T.
     #5.9500%, due 2/15/18.................      656,000       648,000     1,304,000       513,347        475,247       988,594
  Kinder Morgan Energy Partners N.T.
     #6.9500%, due 1/15/38.................    2,152,000     2,386,000     4,538,000     1,578,290      1,849,150     3,427,440
  Plains All American Pipeline,
     6.5000%, due 5/1/18 (144A)............    1,009,000       295,000     1,304,000       746,597        218,282       964,879
                                                                                        11,598,735      3,386,428    14,985,163
REINSURANCE -- 0.6%
  Berkshire Hathaway, Inc.,
     5.0000%, due 8/15/13 (144A)...........    3,745,000     1,091,000     4,836,000     3,566,191      1,038,909     4,605,100
  Berkshire Hathaway, Inc.,
     4.6300%, due 10/15/13.................    1,275,000       372,000     1,647,000     1,220,698        356,157     1,576,855
                                                                                         4,786,889      1,395,066     6,181,955
RETAIL -- DISCOUNT -- 0.3%
  Wal-Mart Stores, Inc.,
     4.2500%, due 4/15/13..................    1,365,000       398,000     1,763,000     1,326,539        386,786     1,713,325
  Wal-Mart Stores, Inc.,
     6.2000%, due 4/15/38..................    1,365,000       399,000     1,764,000     1,178,306        344,428     1,522,734
                                                                                         2,504,845        731,214     3,236,059








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
SPECIAL PURPOSE ENTITY -- 0.4%
  Petroplus Finance, Ltd.,
     6.7500%, 5/1/14 (144A)................    1,742,000       508,000     2,250,000     1,167,140        340,360     1,507,500
  Petroplus Finance, Ltd.,
     7.0000%, 5/1/17 (144A)................    1,285,000       374,000     1,659,000       841,675        244,970     1,086,645
  Source Gas LLC
     5.9000%, due 4/1/17 (144A)sec.........    1,390,000        95,000     1,485,000     1,036,893         70,867     1,107,760
                                                                                         3,045,708        656,197     3,701,905
STEEL -- PRODUCERS -- 0.4%
  Steel Dynamics, Inc.,
     7.7500%, due 4/15/16 (144A)...........    4,093,000     1,193,000     5,286,000     2,711,613        790,363     3,501,976
SUPER-REGIONAL BANKS -- 1.5%
  Bank of America Corp.,
     4.9000%, due 5/1/13...................    3,893,000     1,135,000     5,028,000     3,601,044      1,049,881     4,650,925
  Bank of America Corp.,
     8.0000%, due 7/30/99++................    2,575,000       250,000     2,825,000     1,927,928        187,178     2,115,106
  Wells Fargo Co.,
     5.6300%, due 12/11/17.................    4,887,000     1,460,000     6,347,000     4,311,268      1,287,998     5,599,266
  Wells Fargo Co.,
     9.7500%, due 3/26/99++................    1,550,000       115,000     1,665,000     1,503,500        111,550     1,615,050
                                                                                        11,343,740      2,636,607    13,980,347
TELEPHONE --
  INTEGRATED -- 1.4%
  AT&T, Inc.,
     4.9500%, due 1/15/13..................    5,583,000     1,626,000     7,209,000     5,169,126      1,505,463     6,674,589
  AT&T, Inc.,
     5.5000%, due 2/1/18...................    1,430,000       418,000     1,848,000     1,215,000        355,154     1,570,154
  AT&T, Inc.,
     5.6000%, due 5/15/18..................    1,951,000       569,000     2,520,000     1,664,580        485,467     2,150,047
  BellSouth Corp.,
     4.7500%, due 11/15/12.................    2,566,000       747,000     3,313,000     2,356,357        685,970     3,042,327
  Verizon Communications,
     8.9500%, due 3/1/39...................    1,725,000       490,000     2,215,000     1,746,356        496,066     2,242,422
                                                                                        12,151,419      3,528,120    15,679,539
TELEPHONE -- LOCAL -- 0.4%
  Verizon Communications, Inc.,
     8.7500%, due 11/1/18..................    3,175,000       990,000     4,165,000     3,241,993      1,010,889     4,252,882
TRANSPORTATION --
  RAILROAD -- 1.0%
  CSX Corp.,
     8.3800%, due 10/15/14.................    1,900,000       590,000     2,490,000     1,907,125        592,213     2,499,338
  Burlington North Santa Fe,
     5.7500%, due 3/15/18..................    1,637,000       478,000     2,115,000     1,433,578        418,601     1,852,179
  Kansas City Southern Mex.,
     7.3800%, due 6/1/14...................      614,000       171,000       785,000       480,455        133,808       614,263
  Union Pacific Corp.,
     5.7000%, due 8/15/18..................    3,975,000     1,159,000     5,134,000     3,343,277        974,806     4,318,083
                                                                                         7,164,435      2,119,428     9,283,863
TRANSPORTATION --
  SERVICES -- 0.1%
  Fedex Corp.,
     5.5000%, due 8/15/09..................    1,104,000       322,000     1,426,000     1,082,188        315,638     1,397,826








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
WIRELESS EQUIPMENT -- 0.5%
  Rogers Communications, Inc.,
     6.8000%, due 8/15/18..................    3,720,000     1,084,000     4,804,000     3,255,122        948,536     4,203,658
  Rogers Communications, Inc.,
     7.5000%, due 8/15/38..................      925,000       271,000     1,196,000       777,167        227,689     1,004,856
                                                                                         4,032,289      1,176,225     5,208,514
TOTAL CORPORATE BONDS (COST $269,848,828;
  COST $74,253,845; COMBINED COST
  $344,102,673)............................                                            238,355,074     68,062,336   306,417,410
MORTGAGE BACKED SECURITIES -- 44.4%
U.S. GOVERNMENT AGENCY -- 42.3%
  Fannie Mae:
     2.8800%, due 10/12/10.................    7,692,000     2,373,000    10,065,000     7,664,878      2,364,633    10,029,511
     3.6300%, due 8/15/11..................    3,821,000     1,174,000     4,995,000     3,859,244      1,185,751     5,044,995
     3.8800%, due 7/12/13..................    7,490,000     2,180,000     9,670,000     7,400,884      2,154,062     9,554,946
     5.3800%, due 6/12/17..................    3,783,000     1,102,000     4,885,000     3,824,034      1,113,953     4,937,987
     6.5000%, due 11/1/17..................      494,511       128,059       622,570       506,922        131,273       638,195
     5.0000%, due 11/1/18..................    1,441,396       375,574     1,816,970     1,420,769        370,200     1,790,969
     4.5000%, due 5/1/19...................    2,101,327       626,845     2,728,172     2,011,500        600,049     2,611,549
     5.5000%, due 8/1/19...................      398,368       123,302       521,670       398,711        123,408       522,119
     5.5000%, due 9/1/19...................      932,755       274,922     1,207,677       933,560        275,159     1,208,719
     5.5000%, due 9/1/19...................      140,660        48,344       189,004       140,967         48,449       189,416
     4.5000%, due 4/1/20...................      363,738        91,406       455,144       347,166         87,241       434,407
     4.5000%, due 9/1/20...................           --        23,178        23,178            --         22,122        22,122
     6.0000%, due 10/1/21..................    1,380,144       357,235     1,737,379     1,391,254        360,110     1,751,364
     5.0000%, due 2/1/23...................    2,720,000       270,000     2,990,000     2,660,676        264,111     2,924,787
     5.0000%, due 4/1/23...................    1,814,602       543,569     2,358,171     1,775,875        531,968     2,307,843
     4.5000%, due 6/1/23...................    4,354,018     1,301,055     5,655,073     4,146,123      1,238,933     5,385,056
     4.5000%, due 7/1/23C..................    3,825,000     1,185,000     5,010,000     3,639,725      1,127,601     4,767,326
     5.0000%, due 9/1/23...................    7,513,107     2,244,097     9,757,204     7,349,242      2,195,154     9,544,396
     6.0000%, due 11/1/23..................    2,725,000       265,000     2,990,000     2,746,715        267,112     3,013,827
     5.5000%, due 9/1/24...................    2,028,018       608,763     2,636,781     1,997,356        599,559     2,596,915
     7.0000%, due 11/1/28..................      486,138       124,223       610,361       506,145        129,336       635,481
     6.6250%, due 11/15/30.................    3,775,000     1,175,000     4,950,000     4,266,407      1,327,954     5,594,361
     6.5000%, due 2/1/31...................      655,814       167,852       823,666       664,620        170,106       834,726
     7.0000%, due 2/1/32...................    1,196,799       314,311     1,511,110     1,246,055        327,247     1,573,302
     6.0000%, due 10/1/32..................    4,128,403     1,230,834     5,359,237     4,142,379      1,235,001     5,377,380
     5.5000%, due 2/1/33...................    3,611,464     1,076,331     4,687,795     3,539,047      1,054,749     4,593,796
     6.5000%, due 3/1/33...................      982,084       253,793     1,235,877     1,002,094        258,964     1,261,058
     5.5000%, due 11/1/33..................    2,582,421       769,974     3,352,395     2,529,024        754,054     3,283,078
     5.0000%, due 4/1/34...................    3,015,066       900,344     3,915,410     2,860,983        854,333     3,715,316
     6.0000%, due 7/1/34...................    4,577,821     1,364,862     5,942,683     4,598,475      1,371,020     5,969,495
     6.5000%, due 9/1/34...................      388,803        97,376       486,179       395,353         99,017       494,370
     5.5000%, due 11/1/34..................    4,314,292     1,287,853     5,602,145     4,222,388      1,260,419     5,482,807
     5.5000%, due 11/1/34..................      648,444       122,272       770,716       634,631        119,668       754,299
     6.0000%, due 1/1/35...................           --       194,658       194,658            --        194,952       194,952
     5.5000%, due 1/1/36...................           --       105,100       105,100            --        102,795       102,795








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
     6.5000%, due 1/1/36...................    1,265,236       323,359     1,588,595     1,283,305        327,977     1,611,282
     6.0000%, due 3/1/36...................    3,062,355       915,169     3,977,524     3,062,674        915,265     3,977,939
     6.0000%, due 7/1/36...................   16,842,548     5,224,502    22,067,050    16,844,302      5,225,045    22,069,347
     6.0000%, due 8/1/36...................           --       177,253       177,253            --        177,272       177,272
     6.0000%, due 8/1/36...................      680,409        64,814       745,223       680,480         64,821       745,301
     6.0000%, due 1/1/37...................    1,137,399       294,818     1,432,217     1,137,517        294,848     1,432,365
     5.5000%, due 6/1/37...................    3,706,854     1,108,892     4,815,746     3,623,628      1,083,995     4,707,623
     6.0000%, due 9/1/37C..................    3,825,000     1,185,000     5,010,000     3,822,609      1,184,259     5,006,868
     6.0000%, due 12/1/37..................    5,323,436     1,589,357     6,912,793     5,323,691      1,589,433     6,913,124
     6.5000%, due 1/1/38...................    9,022,759     3,467,298    12,490,057     9,150,206      4,392,984    13,543,190
     5.5000%, due 1/1/38...................   15,069,658     4,493,882    19,563,540    14,731,312      3,516,274    18,247,586
     5.5000%, due 3/1/38...................    4,550,659     1,357,281     5,907,940     4,448,032      1,326,671     5,774,703
     6.0000%, due 3/1/38...................    3,743,744     1,118,703     4,862,447     3,743,923      1,118,757     4,862,680
     5.5000%, due 4/1/38...................                  1,095,130     1,095,130            --      1,070,433     1,070,433
     5.0000%, due 5/1/38...................    3,801,686     1,133,337     4,935,023     3,602,652      1,074,002     4,676,654
     5.0000%, due 5/1/38...................    2,734,428       743,439     3,477,867     2,591,270        704,517     3,295,787
     5.5000%, due 5/1/38...................    7,666,086     2,286,792     9,952,878     7,493,200      2,235,220     9,728,420
     5.0000%, due 6/1/38...................    7,555,458     2,253,873     9,809,331     7,159,898      2,135,873     9,295,771
     5.5000%, due 6/1/38...................    2,741,325     1,157,089     3,898,414     2,679,503      1,130,994     3,810,497
     5.5000%, due 6/1/38...................    3,870,093     1,150,758     5,020,851     3,782,814      1,124,806     4,907,620
     5.5000%, due 6/1/38...................    3,851,033       820,152     4,671,185     3,764,184        801,656     4,565,840
     5.5000%, due 7/1/38...................    3,866,684     1,153,187     5,019,871     3,779,482      1,127,180     4,906,662
  Freddie Mac:
     3.1300%, due 10/25/10.................    7,692,000     2,373,000    10,065,000     7,709,339      2,378,350    10,087,689
     3.8800%, due 6/29/11..................    3,821,000     1,174,000     4,995,000     3,889,128      1,194,932     5,084,060
     3.7500%, due 6/28/13..................    7,448,000     2,172,000     9,620,000     7,304,470      2,130,143     9,434,613
     5.5000%, due 1/1/16...................      702,722       180,128       882,850       705,304        180,790       886,094
     5.5000%, due 1/1/18...................    1,243,695       321,572     1,565,267     1,246,998        322,426     1,569,424
     4.8800%, due 6/13/18..................    3,741,000     1,029,000     4,770,000     3,659,098      1,006,472     4,665,570
     5.5000%, due 2/1/21...................      907,594       233,026     1,140,620       904,406        232,208     1,136,614
     5.0000%, due 4/1/21...................      864,905       163,112     1,028,017       845,365        159,427     1,004,792
     5.5000%, due 10/1/21..................    2,270,000       231,000     2,501,000     2,262,026        230,189     2,492,215
     4.5000%, due 4/1/23...................    3,734,635     1,113,381     4,848,016     3,548,144      1,057,784     4,605,928
     6.0000%, due 8/1/23...................    2,270,000       231,000     2,501,000     2,285,345        232,562     2,517,907
     6.0000%, due 11/1/33..................    1,291,380       334,070     1,625,450     1,293,075        334,509     1,627,584
     6.0000%, due 2/1/34...................    2,060,106       613,942     2,674,048     2,063,970        169,562     2,233,532
     6.5000%, due 7/1/34...................      664,214       165,749       829,963       679,490        615,093     1,294,583
     5.5000%, due 12/1/34..................    2,175,168       649,865     2,825,033     2,125,185        634,932     2,760,117
     5.5000%, due 12/1/34..................      591,335       153,244       744,579       577,747        149,723       727,470
     5.0000%, due 10/1/35..................    6,287,745     1,886,552     8,174,297     5,956,590      1,787,192     7,743,782
     5.0000%, due 11/1/35..................    5,930,114     1,766,712     7,696,826     5,617,794      1,673,665     7,291,459
     5.5000%, due 8/1/36...................           --        82,925        82,925            --         80,929        80,929
     6.0000%, due 2/1/38...................   13,575,000       482,287    14,057,287    13,558,880        470,602    14,029,482
     5.5000%, due 2/1/38...................    1,800,220     1,355,000     3,155,220     1,756,603      1,353,391     3,109,994
     5.0000%, due 4/1/38...................    3,271,944       978,040     4,249,984     3,097,577        925,919     4,023,496
     4.5000%, due 5/1/38...................      878,112       886,356     1,764,468       796,813        804,294     1,601,107








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
     4.5000%, due 5/1/38...................    2,966,722       235,023     3,201,745     2,692,053        213,264     2,905,317
     5.0000%, due 5/1/38...................    3,843,081     1,148,382     4,991,463     3,638,277      1,087,183     4,725,460
     5.5000%, due 5/1/38...................   19,000,000     1,900,000    20,900,000    18,539,646      1,853,964    20,393,610
     5.0000%, due 6/1/38...................    3,712,038     1,107,431     4,819,469     3,514,217      1,048,414     4,562,631
     5.5000%, due 6/1/38...................    2,647,372       728,479     3,375,851     2,583,229        710,829     3,294,058
     5.0000%, due 8/1/38...................   13,575,000     1,355,001    14,930,001    12,851,566      1,282,790    14,134,356
     5.5000%, due 9/1/38...................    1,070,619       296,341     1,366,960     1,044,679        289,161     1,333,840
     6.5000%, due 9/1/38...................    4,550,000       460,000     5,010,000     4,614,269        466,498     5,080,767
     6.5000%, due 9/1/38...................    2,715,000       275,003     2,990,003     2,753,349        278,887     3,032,236
  Ginnie Mae:
     6.0000%, due 10/20/34.................    2,016,999       531,767     2,548,766     2,017,514        531,902     2,549,416
     6.5000%, due 2/20/35..................      919,843       239,281     1,159,124       927,766        241,342     1,169,108
     5.5000%, due 3/20/35..................    3,618,629       936,619     4,555,248     3,553,126        919,665     4,472,791
                                                                                       318,140,922     83,991,738   402,132,660
U.S. GOVERNMENT AGENCY VARIABLE
  NOTES -- 2.1%
  Fannie Mae:
     5.0300%, due 1/1/33++.................    4,311,841     1,286,304     5,598,145     4,306,564      1,284,730     5,591,294
     4.5800%, due 4/1/33++.................    2,053,703       612,567     2,666,270     2,038,707        608,094     2,646,801
     4.5700%, due 12/1/34++................    1,495,263       386,394     1,881,657     1,506,360        389,262     1,895,622
     5.5400%, due 11/1/36++................    3,737,910     1,116,099     4,854,009     3,736,567      1,115,698     4,852,265
  Freddie Mac:
     3.7400%, due 7/1/34++.................    2,684,632       801,996     3,486,628     2,663,008        795,537     3,458,545
     5.6600%, due 3/1/37++.................    1,191,285       307,657     1,498,942     1,191,438        307,696     1,499,134
                                                                                        15,442,644      4,501,017    19,943,661
TOTAL MORTGAGE BACKED SECURITIES (COST
  $339,349,382; COST $90,283,148; COMBINED
  COST $429,632,530).......................                                            333,583,566     88,492,755   422,076,321
U.S. TREASURY NOTES/BONDS -- 19.9%
  U.S. Treasury Notes/Bonds:
     4.8800%, due 5/31/09..................           --       665,000       665,000            --        678,819       678,819
     4.6300%, due 7/31/09..................    6,726,000     2,080,000     8,806,000     6,886,267      2,129,562     9,015,829
     3.2500%, due 12/31/09.................   14,461,000     4,473,000    18,934,000    14,750,220      4,562,460    19,312,680
     4.5000%, due 5/15/10**................   31,150,000     9,633,000    40,783,000    32,632,054     10,091,318    42,723,372
     2.6300%, due 5/31/10..................    2,756,000       852,000     3,608,000     2,805,953        867,443     3,673,396
     2.3800%, due 8/31/10..................    5,605,000     3,635,000     9,240,000     5,692,578      3,691,797     9,384,375
     2.0000%, due 9/30/10..................   14,300,000     4,033,000    18,333,000    14,432,947      4,070,495    18,503,442
     5.1300%, due 6/30/11..................    2,040,000       632,000     2,672,000     2,221,050        688,090     2,909,140
     4.6300%, due 2/29/12..................   21,007,000     6,463,000    27,470,000    22,810,640      7,017,907    29,828,547
     4.7500%, due 5/31/12..................    3,470,000     1,074,000     4,544,000     3,791,516      1,173,513     4,965,029
     3.1300%, due 8/31/13..................      747,000       117,000       864,000       760,131        119,057       879,188
     3.1300%, due 9/30/13..................   24,433,000     8,471,000    32,904,000    24,830,036      8,608,653    33,438,689
     4.0000%, due 8/15/18..................    2,008,000       286,000     2,294,000     2,010,667        286,380     2,297,047
     7.2500%, due 8/15/22..................       72,000        15,000        87,000        88,920         18,525       107,445








                                                JANUS     JANUS ADVISER   PRO FORMA       JANUS     JANUS ADVISER    PRO FORMA
                                               FLEXIBLE      FLEXIBLE      FLEXIBLE     FLEXIBLE       FLEXIBLE      FLEXIBLE
                                                 BOND          BOND          BOND         BOND           BOND          BOND
                                                 FUND          FUND          FUND         FUND           FUND          FUND
                                             -----------  -------------  -----------  ------------  -------------  ------------
                                              PRINCIPAL     PRINCIPAL     PRINCIPAL
AS OF OCTOBER 31, 2008                          AMOUNT        AMOUNT        AMOUNT        VALUE         VALUE          VALUE
----------------------                       -----------  -------------  -----------  ------------  -------------  ------------
                                                                                                 
     5.0000%, due 5/15/37..................    2,399,000       968,000     3,367,000     2,642,273      1,066,161     3,708,434
     4.3800%, due 2/15/38..................       25,000        36,000        61,000        25,074         36,107        61,181
     4.5000%, due 5/15/38..................    5,879,000     1,670,000     7,549,000     6,008,979      1,706,922     7,715,901
TOTAL U.S. TREASURY NOTES/BONDS (COST
  $138,406,948; COST $46,506,237; COMBINED
  COST $184,913,185).......................                                            142,389,305     46,813,209   189,202,514
MONEY MARKETS -- 4.8%
Janus Institutional Cash Management
  Fund -- Institutional Shares, 1.46%......           --     4,995,358     4,995,358            --      4,995,358     4,995,358
Janus Institutional Money Market
  Fund -- Institutional Shares 1.09%.......   35,201,000     5,071,860    40,272,860    35,201,000      5,071,859    40,272,859
TOTAL MONEY MARKETS (TOTAL COST
  $35,201,000; COST $10,067,217; COMBINED
  COST $45,268,217)........................                                             35,201,000     10,067,217    45,268,217
TOTAL INVESTMENTS (TOTAL COST $782,806,158;
  COST $221,110,447; COMBINED COST
  $1,003,916,605) -- 101.3%................                                            749,528,945    213,435,517   962,964,462
LIABILITIES, NET OF CASH, RECEIVABLES AND
  OTHER ASSETS -- (1.3)%...................                                             (8,986,020)    (3,584,564)  (12,570,584)
NET ASSETS -- 100%.........................                                           $740,542,925   $209,850,953  $950,393,878





NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)


                                
144A.............................  Securities sold under Rule 144A of the
                                   Securities Act of 1933, as amended, are
                                   subject to legal and/or contractual
                                   restrictions on resale and may not be
                                   publicly sold without registration under
                                   the 1933 Act.




--------

**  A portion of this security has been segregated by the custodian to cover
    margin or segregation requirements on open futures contracts, forward
    currency contracts, options contracts, short sales and/or securities with
    extended settlement dates.

++  Rate is subject to change. Rate shown reflects current rate.

 S  Security is illiquid.

 C  Security is traded on a "to-be-announced" basis.

     Aggregate collateral segregated to cover margin or segregation requirements
on open futures contracts, forward currency contracts, options contracts, short
sales and/or securities with extended settlement dates as of October 31, 2008 is
noted below.



                                                      AGGREGATE
FUND                                                    VALUE
----                                                 -----------
                                                  
Janus Flexible Bond Fund...........................  $ 8,642,519
Janus Adviser Flexible Bond Fund...................    2,618,945
Pro Forma Janus Flexible Bond Fund.................  $11,261,464



     The interest rate on floating rate notes is based on an index or market
interest rates and is subject to change. Rates in the security description are
as of October 31, 2008.



         PRO FORMA SUMMARY OF INVESTMENTS BY COUNTRY -- (LONG POSITIONS)
                             AS OF OCTOBER 31, 2008



                           JANUS       JANUS ADVISER   PRO FORMA JANUS   PRO FORMA JANUS
                       FLEXIBLE BOND   FLEXIBLE BOND    FLEXIBLE BOND     FLEXIBLE BOND
                            FUND            FUND             FUND              FUND
                       -------------   -------------   ---------------   ---------------
                                                                         % OF INVESTMENT
COUNTRY                                     VALUE                           SECURITIES
-------                -----------------------------------------------   ---------------
                                                             
Bermuda..............   $  2,008,815    $    585,330     $  2,594,145           0.3%
Canada...............     13,744,156       4,004,935       17,749,091           1.8%
Luxembourg...........      6,818,420       2,062,079        8,880,499           0.9%
Mexico...............        480,455         133,808          614,263           0.1%
Switzerland..........      7,086,745       2,064,337        9,151,082           1.0%
United States........    719,390,354     204,585,028      923,975,382          96.0%
                        ------------    ------------     ------------         ------
Total................   $749,528,945    $213,435,517     $962,964,462         100.0%
                        ============    ============     ============         ======




sec. PRO FORMA SCHEDULE OF RESTRICTED AND ILLIQUID SECURITIES AS OF OCTOBER 31,
2008



                                              JANUS       JANUS ADVISER   PRO FORMA JANUS
                                          FLEXIBLE BOND   FLEXIBLE BOND    FLEXIBLE BOND
                                               FUND            FUND             FUND
                                          -------------   -------------   ---------------
                                           ACQUISITION     ACQUISITION      ACQUISITION
SECURITY                                       DATE            DATE             DATE
--------                                  -------------   -------------   ---------------
                                                                 
                                            4/11/2007 -     4/11/2007 -      4/11/2007 -
Source Gas LLC, 5.9000%, due 4/1/17.....    9/20/2007       9/20/2007        9/20/2007






                                              JANUS       JANUS ADVISER   PRO FORMA JANUS
                                          FLEXIBLE BOND   FLEXIBLE BOND    FLEXIBLE BOND
                                               FUND            FUND             FUND
                                          -------------   -------------   ---------------
                                           ACQUISITION     ACQUISITION      ACQUISITION
SECURITY                                       COST            COST             COST
--------                                  -------------   -------------   ---------------
                                                                 
Source Gas LLC, 5.9000%, due 4/1/17.....    $1,383,772       $94,516         $1,478,288






                                 JANUS       JANUS ADVISER   PRO FORMA JANUS   PRO FORMA JANUS
                             FLEXIBLE BOND   FLEXIBLE BOND    FLEXIBLE BOND     FLEXIBLE BOND
                                  FUND            FUND             FUND              FUND
                             -------------   -------------   ---------------   ---------------
                                                                                VALUE AS A% OF
SECURITY                         VALUE           VALUE            VALUE           NET ASSETS
--------                     -------------   -------------   ---------------   ---------------
                                                                   
Source Gas LLC, 5.9000%,
  due 4/1/17...............    $1,036,893       $70,867         $1,107,760           0.1%



     The Funds have registration rights for certain restricted securities held
as of October 31, 2008. The issuer incurs all registration costs.



                STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)




                                                 JANUS      JANUS ADVISER               PRO FORMA JANUS
                                             FLEXIBLE BOND  FLEXIBLE BOND   PRO FORMA    FLEXIBLE BOND
AS OF OCTOBER 31, 2008                            FUND           FUND      ADJUSTMENTS        FUND
----------------------                       -------------  -------------  -----------  ---------------
(ALL NUMBERS IN THOUSANDS EXCEPT NET ASSET VALUE PER SHARE)
                                                                            
ASSETS:
  Investments at cost......................     $782,806       $221,110                    $1,003,916
  Unaffiliated investments at value........     $714,328       $203,368                    $  917,696
  Affiliated money market investments......     $ 35,201       $ 10,067                    $   45,268
  Cash.....................................        1,718            329                         2,047
  Receivables:
     Investments sold......................        6,691          1,990                         8,681
     Fund shares sold......................          224            324                           548
     Interest..............................        8,457          2,437                        10,894
     Dividends.............................           --             31                            31
  Non-interested Trustees' Deferred
     Compensation..........................           11              1                            12
  Other assets.............................           45             18                            63
Total Assets...............................      766,675        218,565                       985,240
LIABILITIES:
  Payables:
     Investments purchased.................       24,404          7,568                        31,972
     Fund shares repurchased...............          891            212                         1,103
     Dividends and distributions...........          180            762                           942
     Advisory fees.........................          340             92                           432
     Transfer agent fees and expenses......          179              4                           183
  Administrative fees -- R Shares..........          N/A             --                            --
  Administrative fees -- S Shares..........          N/A              9                             9
  Distribution fees -- A Shares............          N/A              8                             8
  Distribution fees -- C Shares............          N/A             24                            24
  Distribution fees -- R Shares............          N/A             --                            --
  Distribution fees -- S Shares............          N/A              9                             9
  Networking fees -- A Shares..............          N/A              2                             2
  Networking fees -- C Shares..............          N/A             --                            --
  Networking fees -- I Shares..............          N/A             --                            --
  Non-interested Trustees' fees and
     expenses..............................           --              9                             9
  Non-interested Trustees' deferred
     compensation fees.....................           11              1                            12
  Accrued expenses.........................          127             14                           141
Total Liabilities..........................       26,132          8,714                        34,846
Net Assets.................................     $740,543       $209,851                    $  950,394
Net Assets Consist of:
  Capital (par value and paid-in-
     surplus)*.............................     $794,886       $218,637                    $1,013,523
  Undistributed net investment
     income/(loss)*........................        1,102             (8)                        1,094
  Undistributed net realized gain/(loss)
     from investments and foreign currency
     transactions*.........................      (22,168)        (1,103)                      (23,271)
  Unrealized appreciation/(depreciation) of
     investments and foreign currency
     translations..........................      (33,277)        (7,675)                      (40,952)
Total Net Assets...........................     $740,543       $209,851                    $  950,394







                                     JANUS      JANUS ADVISER               PRO FORMA JANUS
                                 FLEXIBLE BOND  FLEXIBLE BOND   PRO FORMA    FLEXIBLE BOND
AS OF OCTOBER 31, 2008                FUND           FUND      ADJUSTMENTS        FUND
----------------------           -------------  -------------  -----------  ---------------
(ALL NUMBERS IN THOUSANDS EXCEPT NET ASSET VALUE PER SHARE)
                                                                
Net Assets.....................     $740,543            N/A                     $740,543
  Shares Outstanding, $0.01 Par
     Value (unlimited shares
     authorized)...............       81,511            N/A                       81,511
Net Asset Value Per Share......     $   9.09            N/A                     $   9.09
Net Assets -- A Shares.........          N/A       $ 30,909                     $ 30,909
  Shares Outstanding, $0.01 Par
     Value (unlimited shares
     authorized)...............          N/A          2,683          717           3,400
  Net Asset Value Per
     Share(1)(2)...............          N/A       $  11.52       $(2.43)       $   9.09
  Maximum Offering Price Per
     Share(3)..................          N/A       $  12.10       $(2.56)       $   9.54
Net Assets -- C Shares.........          N/A       $ 28,809                     $ 28,809
  Shares Outstanding, $0.01 Par
     Value (unlimited shares
     authorized)...............          N/A          2,507          662           3,169
Net Asset Value Per Share(1)...          N/A       $  11.49       $(2.40)       $   9.09
Net Assets -- I Shares.........          N/A       $113,022                     $113,022
     Shares Outstanding, $0.01
       Par Value (unlimited
       shares authorized)......          N/A          9,832        2,602          12,434
Net Asset Value Per Share(1)...          N/A       $  11.50       $(2.41)       $   9.09
Net Assets -- R Shares.........          N/A       $    349                     $    349
  Shares Outstanding, $0.01 Par
     Value (unlimited shares
     authorized)...............          N/A             30            8              38
Net Asset Value Per Share(1)...          N/A       $  11.52       $(2.43)       $   9.09
Net Assets -- S Shares.........          N/A       $ 36,762                     $ 36,762
  Shares Outstanding, $0.01 Par
     Value (unlimited shares
     authorized)...............          N/A          3,191          853           4,044
Net Asset Value Per Share(1)...          N/A       $  11.52       $(2.43)       $   9.09





--------

(1) Janus Adviser Flexible Bond Fund -- Class A Shares will be exchanged for
    Janus Flexible Bond Fund -- Class A Shares.

    Janus Adviser Flexible Bond Fund -- Class C Shares will be exchanged for
    Janus Flexible Bond Fund -- Class C Shares.

    Janus Adviser Flexible Bond Fund -- Class I Shares will be exchanged for
    Janus Flexible Bond Fund -- Class I Shares.

    Janus Adviser Flexible Bond Fund -- Class R Shares will be exchanged for
    Janus Flexible Bond Fund -- Class R Shares.

    Janus Adviser Flexible Bond Fund -- Class S Shares will be exchanged for
    Janus Flexible Bond Fund -- Class S Shares.

(2) Redemption price per share may be reduced for any applicable contingent
    deferred sales charge.

(3) Maximum offering price is computed at 100/95.25 of net asset value.



                      STATEMENTS OF OPERATIONS (UNAUDITED)



                                         JANUS      JANUS ADVISER                  PRO FORMA JANUS
FOR THE TWELVE-MONTH PERIOD ENDED    FLEXIBLE BOND  FLEXIBLE BOND     PRO FORMA     FLEXIBLE BOND
OCTOBER 31, 2008                          FUND           FUND      ADJUSTMENTS(2)        FUND
---------------------------------    -------------  -------------  --------------  ---------------
(ALL NUMBERS IN THOUSANDS)
                                                                       
INVESTMENT INCOME:
  INCOME:
     Interest......................     $ 41,003       $ 3,357          $  --          $ 44,360
     Securities lending income.....        1,028            67             --             1,095
     Dividends.....................          310            18             --               328
     Dividends from affiliates.....        1,236           133             --             1,369
  TOTAL INVESTMENT INCOME..........       43,577         3,575             --            47,152
  EXPENSES:
     Advisory fees.................        4,368           357           (793)            3,932
     Transfer agent expenses.......        1,873            13             --             1,886
     Registration fees.............           51            68            (64)               55
     Postage and Mailing expenses..          213             2             --               215
     Custodian fees................            2             8             --                10
     Audit Fees....................           38            17            (15)               40
     Non-interested Trustees' fees
       and expenses................           18            11             (8)               21
     Printing Expenses.............           44            67            (10)              101
     Distribution
       fees -- A Shares............          N/A            36             --                36
     Distribution
       fees -- C Shares............          N/A           104             --               104
     Distribution
       fees -- R Shares............          N/A             1             --                 1
     Distribution
       fees -- S Shares............          N/A            92             --                92
     Administrative
       fees -- R Shares............          N/A            --             --                --
     Administrative
       fees -- S Shares............          N/A            92             --                92
     Networking fees -- A Shares...          N/A             7             --                 7
     Networking fees -- C Shares...          N/A             1             --                 1
     Networking fees -- I Shares...          N/A            --             --                --
     Other expenses................           67            51            (49)               69
Non-recurring costs*...............            1            --             --                 1
Cost assumed by Janus Capital
  Management LLC*..................           (1)           --             --                (1)
  TOTAL EXPENSES...................        6,674           927           (939)            6,662
  EXPENSE AND FEE OFFSET...........          (52)           (2)            --               (54)
  NET EXPENSES.....................        6,622           925           (939)            6,608
  LESS: EXCESS EXPENSE
     REIMBURSEMENT(1)..............           --          (194)           194                --
  NET EXPENSES AFTER EXPENSE
     REIMBURSEMENT.................        6,622           731           (745)            6,608
NET INVESTMENT INCOME/(LOSS).......       36,955         2,844            745            40,544
NET REALIZED AND UNREALIZED
  GAIN/(LOSS) ON INVESTMENTS:
  Net realized gain/(loss) from
     investment transactions and
     foreign currency
     transactions..................        5,173           108             --             5,281
  Change in unrealized net
     appreciation/
     (depreciation) of investments,
     foreign currency translations
     and non-interested trustees
     deferred comp.................      (39,708)       (8,060)            --           (47,768)
NET GAIN/(LOSS) ON INVESTMENTS.....      (34,535)       (7,952)            --           (42,487)
NET INCREASE/(DECREASE) IN NET
  ASSETS RESULTING FROM
  OPERATIONS.......................     $  2,420       $(5,108)         $ 745          $ (1,943)




--------

(1) Pro Forma adjustment assumes termination of Janus Adviser Flexible Bond Fund
    expense limit agreement.

(2) Reflects adjustments in expenses due to elimination of duplicative services.

 *  For the fiscal year ended October 31, 2008, Janus Capital assumed $59,332 of
    legal, consulting and Trustee costs and fees incurred by the funds in Janus
    Investment Fund, Janus Aspen Series and Janus Adviser Series (the
    "Portfolios") in connection with regulatory and civil litigation matters.
    These non-recurring costs were allocated to all Portfolios based on the
    Portfolios' respective net assets as of July 31, 2004. No fees were
    allocated to the Portfolios that commenced operations after July 31, 2004.
    Additionally, all future non-recurring costs will be allocated to the
    Portfolios based on the Portfolios' respective net assets on July 31, 2004.

               NOTES TO PRO FORMA FINANCIAL STATEMENTS (UNAUDITED)

     The following section describes the organization and significant accounting
policies and provides more detailed information about the schedules and tables
that appear throughout this report. In addition, the Notes to Financial
Statements explain the methods used in preparing and presenting this report.

1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

     Janus Flexible Bond Fund ("Acquiring Fund") is a series fund. The Acquiring
Fund is a part of the Janus Investment Fund (the "JIF Trust"), which is
organized as a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company. The JIF Trust has twenty-eight funds. The Funds
invest primarily in equity securities. The Acquiring Fund is diversified as
defined in the 1940 Act. The Acquiring Fund is a no-load investment.

     The accompanying pro forma financial statements are presented to show the
effect of the proposed acquisition of Janus Adviser Flexible Bond Fund ("Target
Fund"), a series fund. The Target Fund is a part of Janus Adviser Series (the
"JAD Trust"), which is organized as a Delaware statutory trust and is registered
under the 1940 Act, as an open-end management investment company. The JAD Trust
offers thirty funds, which include multiple series of shares with differing
investment objectives and policies. The Target Fund invests primarily in equity
securities and is classified as diversified as defined in the 1940 Act.

     The Target Fund offers Class A Shares, Class C Shares, Class I Shares,
Class R Shares, and Class S Shares. Each class represents an interest in the
same portfolio of investments. Certain financial intermediaries may not offer
all classes of shares.

     Class A Shares and Class C Shares are available in connection with
investments through retirement plans, broker-dealers, bank trust departments,
financial advisers, and other financial intermediaries. Class C Shares have a
minimum initial investment requirement.

     Class I Shares are offered only through certain types of financial
intermediaries and to certain institutional investors. Class I Shares are
offered through financial intermediaries (including, but not limited to, broker-
dealers, retirement plans, bank trust departments, and financial advisers) who
do not require payment from a Fund or its service providers for the provision of
distribution, administrative or shareholder retention services, except for
networking and/or omnibus account fees. Networking and/or



omnibus account fees may be paid by the Funds to financial intermediaries for
Class I Shares processed through certain securities clearing systems.
Institutional investors may include, but are not limited to, corporations,
retirement plans, public plans, and foundations/endowments. Class I Shares are
not offered directly to individual investors. Class I Shares have an aggregate
account balance requirement.

     Class R Shares are available in connection with investments through
retirement plans, broker-dealers, bank trust departments, financial advisers,
and other financial intermediaries.

     Class S Shares are available in connection with investments through
retirement plans, broker-dealers (primarily in connection with wrap accounts),
bank trust departments, financial advisers, and other financial intermediaries.

     Effective September 30, 2004, two additional classes were added to the
Trust and designated as Class A Shares and Class R Shares. Effective November
28, 2005, the existing Class I Shares were renamed Class S Shares and a new
Class I Shares was added to the Trust.

     The accompanying pro forma financial statements are presented to show the
effect of the proposed acquisition of the Target Fund, as if such acquisition
had taken place as of October 31, 2008.

     Under the terms of the Plan of Reorganization the combination of Target
Fund and Acquiring Fund will be accounted for by the method of accounting for
tax-free mergers of investment companies. The acquisition would be accomplished
by an acquisition of the net assets of Target Fund in exchange for shares of
Acquiring Fund at net asset value. The statement of assets and liabilities and
the related statement of operation of Target Fund and Acquiring Fund have been
combined as of and for the twelve months ended October 31, 2008. Following the
acquisition, the Acquiring Fund will be the accounting survivor. In accordance
with accounting principles generally accepted in the United States of America,
the historical cost of investment securities will be carried forward to the
surviving fund and the results of operations for pre-combination periods of the
surviving fund will not be restated.

     The accompanying pro forma financial statements should be read in
conjunction with the financial statements of the Acquiring Fund and Target Fund
included in their respective annual reports dated October 31, 2008 and July 31,
2008, respectively.

     The following notes refer to the accompanying pro forma financial
statements as if the above-mentioned acquisition of Target Fund by Acquiring
Fund had taken place as of October 31, 2008. The following accounting policies
have been consistently followed by the Funds and are in conformity with
accounting principles generally accepted in the United States of America in the
investment company industry.

INVESTMENT VALUATION

     Securities are valued at the last sales price or the official closing price
for securities traded on a principal securities exchange (U.S. or foreign) and
on the NASDAQ National Market. Securities traded on over-the-counter markets and
listed securities for which no sales are reported are valued at the latest bid
price (or yield equivalent thereof) obtained



from one or more dealers transacting in a market for such securities or by a
pricing service approved by the Funds' Trustees. Short-term securities with
maturities of 60 days or less may be valued at amortized cost, which
approximates market value. Debt securities with a remaining maturity of greater
than 60 days are valued in accordance with the evaluated bid price supplied by
the pricing service. The evaluated bid price supplied by the pricing service is
an evaluation that reflects such factors as security prices, yields, maturities
and ratings. Short positions shall be valued in accordance with the same
methodologies, except that in the event that a last sale price is not available,
the latest ask price shall be used instead of a bid price. Foreign securities
and currencies are converted to U.S. dollars using the applicable exchange rate
in effect as of the daily close of the New York Stock Exchange ("NYSE"). When
market quotations are not readily available or deemed unreliable, or events or
circumstances that may affect the value of portfolio securities held by the
Funds are identified between the closing of their principal markets and the time
the net asset value ("NAV") is determined, securities may be valued at fair
value as determined in good faith under procedures established by and under the
supervision of the Funds' Trustees. Circumstances in which fair value pricing
may be utilized include, but are not limited to: (i) when significant events
occur which may affect the securities of a single issuer, such as mergers,
bankruptcies, or significant issuer-specific developments; (ii) when significant
events occur which may affect an entire market, such as natural disasters or
significant governmental actions; and (iii) when non-significant events occur
such as markets closing early or not opening, security trading halts, or pricing
of non-valued securities and restricted or non-public securities. The Funds may
use a systematic fair valuation model provided by an independent third party to
value international equity securities in order to adjust for stale pricing,
which may occur between the close of certain foreign exchanges and the NYSE.
Restricted and illiquid securities are valued in accordance with procedures
established by the Funds' Trustees.

CAPITAL SHARES

     The pro forma net asset value per share assumes the issuance of shares of
Acquiring Fund that would have been issued at October 31, 2008, in connection
with the proposed reorganization. The number of shares assumed to be issued is
equal to the net asset value of shares of Target Fund, as of October 31, 2008
divided by the net asset value per share of the shares of Acquiring Fund as of
October 31, 2008. The pro forma number of shares outstanding, by class, for the
combined fund consists of the following at October 31, 2008:




                               SHARES OF      ADDITIONAL SHARES   TOTAL OUTSTANDING
                             ACQUIRING FUND   ASSUMED ISSUED IN         SHARES
CLASS OF SHARES             PRE-COMBINATION     REORGANIZATION     POST-COMBINATION
---------------             ---------------   -----------------   -----------------
                                                         
Class A Shares............                         3,400,322           3,400,322
Class C Shares............                         3,169,280           3,169,280
Class I Shares............                        12,433,735          12,433,735
Class R Shares............                            38,390              38,390
Class S Shares............                         4,044,187           4,044,187
Initial Shares............     81,510,778                             81,510,778





FEDERAL INCOME TAXES

     Each fund has elected to be taxed as a "regulated investment company" under
the Internal Revenue Code. After the acquisition, the Acquiring Fund intends to
continue to qualify as a regulated investment company by complying with the
provisions available to certain investment companies, as defined in applicable
sections of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from all, or substantially all, Federal income
taxes. The identified cost of investments for the funds is substantially the
same for both financial accounting and Federal income tax purposes. The tax cost
of investments will remain unchanged for the combined fund.

     Accumulated capital losses, noted below, represent net capital loss
carryovers, as of October 31, 2008, that may be available to offset future
realized capital gains and thereby reduce future taxable gains distributions.
Accumulated capital losses the Target Fund, noted below, are as of July 31,
2008. The following table shows the expiration dates of the carryovers.

                   CAPITAL LOSS CARRYOVER EXPIRATION SCHEDULE
                        FOR THE YEAR ENDED JULY 31, 2008



                                             JULY 31,     ACCUMULATED
FUND                                           2015     CAPITAL LOSSES
----                                         --------   --------------
                                                  
Janus Adviser Flexible Bond Fund...........  $590,382      $590,382



                   CAPITAL LOSS CARRYOVER EXPIRATION SCHEDULE
                       FOR THE YEAR ENDED OCTOBER 31, 2008



                                            OCTOBER 31,     ACCUMULATED
FUND                                            2015      CAPITAL LOSSES
----                                        -----------   --------------
                                                    
Janus Flexible Bond Fund..................   $2,839,282     $2,839,282




                           PART C - OTHER INFORMATION

ITEM 15. Indemnification

     Article VI of Janus Investment Fund's Amended and Restated Agreement and
Declaration of Trust provides for indemnification of certain persons acting on
behalf of the Funds. In general, Trustees, officers and Advisory Board members
will be indemnified against liability and against all expenses of litigation
incurred by them in connection with any claim, action, suit or proceeding (or
settlement of the same) in which they become involved by virtue of their
connection with the Funds, unless their conduct is determined to constitute
willful misfeasance, bad faith, gross negligence or reckless disregard of their
duties. A determination that a person covered by the indemnification provisions
is entitled to indemnification may be made by the court or other body before
which the proceeding is brought, or by either a vote of a majority of a quorum
of Trustees who are neither "interested persons" of the Trust nor parties to the
proceeding or by an independent legal counsel in a written opinion. The Funds
also may advance money for these expenses, provided that the Trustee or officer
undertakes to repay the Funds if his or her conduct is later determined to
preclude indemnification, and that either he or she provide security for the
undertaking, the Trust be insured against losses resulting from lawful advances
or a majority of a quorum of disinterested Trustees, or independent counsel in a
written opinion, determines that he or she ultimately will be found to be
entitled to indemnification. The Trust also maintains a liability insurance
policy covering its Trustees, officers and any Advisory Board members.

ITEM 16. Exhibits

Exhibit 1    (a)        Agreement and Declaration of Trust dated February 11,
                        1986, is incorporated herein by reference to Exhibit
                        1(a) to Post-Effective Amendment No. 79, filed on
                        December 18, 1996 (File No. 2-34393).

             (b)        Certificate of Designation for Janus Growth and Income
                        Fund is incorporated herein by reference to Exhibit 1(b)
                        to Post-Effective Amendment No. 79, filed on December
                        18, 1996 (File No. 2-34393).

             (c)        Certificate of Designation for Janus Worldwide Fund is
                        incorporated herein by reference to Exhibit 1(c) to
                        Post-Effective Amendment No. 79, filed on December 18,
                        1996 (File No. 2-34393).

             (d)        Certificate of Designation for Janus Twenty Fund is
                        incorporated herein by reference to Exhibit 1(d) to
                        Post-Effective Amendment No. 80, filed on February 14,
                        1997 (File No. 2-34393).



             (e)        Certificate of Designation for Janus Flexible Income
                        Fund is incorporated herein by reference to Exhibit 1(e)
                        to Post-Effective Amendment No. 80, filed on February
                        14, 1997 (File No. 2-34393).

             (f)        Certificate of Designation for Janus Intermediate
                        Government Securities Fund filed as Exhibit 1(f) to
                        Post-Effective Amendment No. 46, filed on June 18, 1992
                        (File No. 2-34393), has been withdrawn.

             (g)        Certificate of Designation for Janus Venture Fund is
                        incorporated herein by reference to Exhibit 1(g) to
                        Post-Effective Amendment No. 80, filed on February 14,
                        1997 (File No. 2-34393).

             (h)        Certificate of Designation for Janus Enterprise Fund is
                        incorporated herein by reference to Exhibit 1(h) to
                        Post-Effective Amendment No. 80, filed on February 14,
                        1997 (File No. 2-34393).

             (i)        Certificate of Designation for Janus Balanced Fund is
                        incorporated herein by reference to Exhibit 1(i) to
                        Post-Effective Amendment No. 80, filed on February 14,
                        1997 (File No. 2-34393).

             (j)        Certificate of Designation for Janus Short-Term Bond
                        Fund is incorporated herein by reference to Exhibit 1(j)
                        to Post-Effective Amendment No. 80, filed on February
                        14, 1997 (File No. 2-34393).

             (k)        Certificate of Designation for Janus Federal Tax-Exempt
                        Fund is incorporated herein by reference to Exhibit 1(k)
                        to Post-Effective Amendment No. 81, filed on June 26,
                        1997 (File No. 2-34393).

             (l)        Certificate of Designation for Janus Mercury Fund is
                        incorporated herein by reference to Exhibit 1(l) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (m)        Certificate of Designation for Janus Overseas Fund is
                        incorporated herein by reference to Exhibit 1(m) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (n)        Form of Amendment to the Registrant's Agreement and
                        Declaration of Trust is incorporated herein by reference
                        to Exhibit 1(n) to Post-Effective Amendment No. 81,
                        filed on June 26, 1997 (File No. 2-34393).



             (o)        Form of Certificate of Designation for Janus Money
                        Market Fund, Janus Government Money Market Fund and
                        Janus Tax-Exempt Money Market Fund is incorporated
                        herein by reference to Exhibit 1(o) to Post-Effective
                        Amendment No. 81, filed on June 26, 1997 (File No.
                        2-34393).

             (p)        Form of Certificate of Designation for Janus High-Yield
                        Fund and Janus Olympus Fund is incorporated herein by
                        reference to Exhibit 1(p) to Post-Effective Amendment
                        No. 68, filed on September 14, 1995 (File No. 2-34393).

             (q)        Certificate of Designation for Janus Equity Income Fund
                        is incorporated herein by reference to Exhibit 1(q) to
                        Post-Effective Amendment No. 72, filed on March 15, 1996
                        (File No. 2-34393).

             (r)        Form of Certificate of Establishment and Designation for
                        Janus Special Situations Fund filed as Exhibit 1(r) to
                        Post-Effective Amendment No. 75, filed on September 11,
                        1996 (File No. 2-34393), has been withdrawn.

             (s)        Form of Amendment to Registrant's Agreement and
                        Declaration of Trust is incorporated herein by reference
                        to Exhibit 1(s) to Post-Effective Amendment No. 75,
                        filed on September 11, 1996 (File No. 2-34393).

             (t)        Certificate of Establishment and Designation for Janus
                        Global Life Sciences Fund filed as Exhibit 1(t) to
                        Post-Effective Amendment No. 82, filed on September 16,
                        1997 (File No. 2-34393), has been withdrawn.

             (u)        Certificate of Establishment and Designation for Janus
                        Global Life Sciences Fund is incorporated herein by
                        reference to Exhibit 1(u) to Post-Effective Amendment
                        No. 85, filed on September 10, 1998 (File No. 2-34393).

             (v)        Form of Certificate of Establishment and Designation for
                        Janus Global Technology Fund is incorporated herein by
                        referenced to Exhibit 1(v) to Post-Effective Amendment
                        No. 85, filed on September 10, 1998 (File No. 2-34393).

             (w)        Certificate of Establishment and Designation for Janus
                        Strategic Value Fund is incorporated herein by reference
                        to Exhibit 1(w) to Post-Effective Amendment No. 88,
                        filed on November 15, 1999 (File No. 2-34393).

             (x)        Form of Certificate of Establishment and Designation for
                        Janus



                        Orion Fund is incorporated herein by reference to
                        Exhibit 1(x) to Post-Effective Amendment No. 92, filed
                        on March 17, 2000 (File No. 2-34393).

             (y)        Certificate of Establishment and Designation for Janus
                        Fund 2 filed as Exhibit 1(y) to Post-Effective Amendment
                        No. 95, filed on September 13, 2000 (File No. 2-34393),
                        has been withdrawn.

             (z)        Certificate of Establishment and Designation for Janus
                        Global Value Fund is incorporated herein by reference to
                        Exhibit 1(z) to Post-Effective Amendment No. 98, filed
                        on March 15, 2001 (File No. 2-34393).

             (aa)       Form of Instrument dated July 31, 2001 amending the
                        Certificate of Designation for Janus Equity Income Fund
                        is incorporated herein by reference to Exhibit 1(aa) to
                        Post-Effective Amendment No. 99, filed on June 1, 2001
                        (File No. 2-34393).

             (bb)       Amendment to Registrant's Agreement and Declaration of
                        Trust, dated October 18, 2001, is incorporated herein by
                        reference to Exhibit 1(bb) to Post-Effective Amendment
                        No. 102, filed on December 21, 2001 (File No. 2-34393).

             (cc)       Amended and Restated Agreement and Declaration of Trust,
                        dated January 31, 2002, is incorporated herein by
                        reference to Exhibit 1(cc) to Post-Effective Amendment
                        No. 103, filed on February 22, 2002 (File No. 2-34393).

             (dd)       Certificate of Establishment and Designation for Janus
                        Institutional Cash Reserves Fund is incorporated herein
                        by reference to Exhibit 1(dd) to Post-Effective
                        Amendment No. 104, filed on February 28, 2002 (File No.
                        2-34393).

             (ee)       Certificate of Establishment and Designation for Janus
                        Risk-Managed Stock Fund is incorporated herein by
                        reference to Exhibit 1(ee) to Post-Effective Amendment
                        No. 105, filed on December 13, 2002 (File No. 2-34393).

             (ff)       Form of Certificate of Establishment and Designation for
                        Janus Small Cap Value Fund is incorporated herein by
                        reference to Exhibit 1(ff) to Post-Effective Amendment
                        No. 106, filed on January 3, 2003 (File No. 2-34393).



             (gg)       Certificate of Establishment and Designation for Janus
                        Mid Cap Value Fund is incorporated herein by reference
                        to Exhibit 1(gg) to Post-Effective Amendment No. 106,
                        filed on January 3, 2003 (File No. 2-34393).

             (hh)       Certificate of Re-Designation of Janus Strategic Value
                        Fund is incorporated herein by reference to Exhibit
                        1(hh) to Post-Effective Amendment No. 107, filed on
                        February 28, 2003 (File No. 2-34393).

             (ii)       Amended and Restated Agreement and Declaration of Trust,
                        dated March 18, 2003, is incorporated herein by
                        reference to Exhibit 1(ii) to Post-Effective Amendment
                        No. 109, filed on April 17, 2003 (File No. 2-34393).

             (jj)       Certificate of Amendment Establishing and Designating
                        Series, dated September 16, 2003, is incorporated herein
                        by reference to Exhibit 1(jj) to Post-Effective
                        Amendment No. 110, filed on December 23, 2003 (File No.
                        2-34393).

             (kk)       Form of Certificate of Establishment and Designation for
                        Janus Research Fund and Janus Explorer Fund is
                        incorporated herein by reference to Exhibit 1(kk) to
                        Post-Effective Amendment No. 112, filed on December 10,
                        2004 (File No. 2-34393).

             (ll)       Certificate Redesignating Janus Explorer Fund is
                        incorporated herein by reference to Exhibit 1(ll) to
                        Post-Effective Amendment No. 113, filed on February 24,
                        2005 (File No. 2-34393).

             (mm)       Certificate Redesignating Janus Flexible Income Fund is
                        incorporated herein by reference to Exhibit 1(mm) to
                        Post-Effective Amendment No. 114, filed on October 14,
                        2005 (File No. 2-34393).

             (nn)       Form of Certificate of Establishment and Designation of
                        Janus Smart Portfolios is incorporated herein by
                        reference to Exhibit 1(nn) to Post-Effective Amendment
                        No. 114, filed on October 14, 2005 (File No. 2-34393).

             (oo)       Form of Certificate Redesignating Janus Risk-Managed
                        Stock Fund is incorporated herein by reference to
                        Exhibit 1(oo) to Post-Effective Amendment No. 117, filed
                        on February 27, 2006 (File No. 2-34393).

             (pp)       Certificate of Amendment of the Amended and Restated
                        Agreement and Declaration of Trust is incorporated
                        herein by



                        reference to Exhibit 1(a) to N-14/A Pre-Effective
                        Amendment No. 1, filed on August 8, 2006 (File No.
                        2-34393).

             (qq)       Certificate of Amendment of the Amended and Restated
                        Agreement and Declaration of Trust is incorporated
                        herein by reference to Exhibit 1(b) to N-14/A
                        Pre-Effective Amendment No. 1, filed on August 8, 2006
                        (File No. 2-34393).

             (rr)       Certificate Redesignating Janus Core Equity Fund is
                        incorporated herein by reference to Exhibit 1(pp) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (ss)       Certificate of Amendment of the Amended and Restated
                        Agreement and Declaration of Trust is incorporated
                        herein by reference to Exhibit 1(qq) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (tt)       Certificate Redesignating Janus Mercury Fund is
                        incorporated herein by reference to Exhibit 1(tt) to
                        Post-Effective Amendment No. 120, filed on February 28,
                        2007 (File No. 2-34393).

             (uu)       Certificate Redesignating Janus Research Fund is
                        incorporated herein by reference to Exhibit 1(uu) to
                        Post-Effective Amendment No. 120, filed on February 28,
                        2007 (File No. 2-34393).

             (vv)       Certificate Redesignating Janus Mid Cap Value Fund,
                        dated December 23, 2008, is incorporated herein by
                        reference to Exhibit 1(vv) to Post-Effective Amendment
                        No. 123, filed on February 27, 2009 (File No. 2-34393).

             (ww)       Certificate Redesignating Janus Small Cap Value Fund,
                        dated December 23, 2008, is incorporated herein by
                        reference to Exhibit 1(ww) to Post-Effective Amendment
                        No. 123, filed on February 27, 2009 (File No. 2-34393).

             (xx)       Amendment to Certificate Redesignating Janus Mid Cap
                        Value Fund, dated December 30, 2008, is incorporated
                        herein by reference to Exhibit 1(xx) to Post-Effective
                        Amendment No. 123, filed on February 27, 2009 (File No.
                        2-34393).

             (yy)       Amendment to Certificate Redesignating Janus Small Cap
                        Value Fund, dated December 30, 2008, is incorporated
                        herein by reference to Exhibit 1(yy) to Post-Effective
                        Amendment No. 123, filed on February 27, 2009 (File No.
                        2-34393).

             (zz)       Certificate Redesignating INTECH Risk-Managed Stock
                        Fund,



                        dated February 24, 2009, is incorporated herein by
                        reference to Exhibit 1(zz) to Post-Effective Amendment
                        No. 123, filed on February 27, 2009 (File No. 2-34393).

             (aaa)      Certificate Redesignating Janus Fundamental Equity Fund,
                        dated February 24, 2009, is incorporated herein by
                        reference to Exhibit 1(aaa) to Post-Effective Amendment
                        No. 123, filed on February 27, 2009 (File No. 2-34393).

Exhibit 2    (a)        Restated Bylaws are incorporated herein by reference to
                        Exhibit 2(a) Post-Effective Amendment No. 71, filed on
                        December 20, 1995 (File No. 2-34393).

             (b)        First Amendment to the Bylaws is incorporated herein by
                        reference to Exhibit 2(b) to Post-Effective Amendment
                        No. 71, filed on December 20, 1995 (File No. 2-34393).

             (c)        Second Amendment to the Bylaws is incorporated herein by
                        Reference to Exhibit 2(c) to Post-Effective Amendment
                        No. 96, filed on December 18, 2000 (File No. 2-34393).

             (d)        Third Amendment to the Bylaws is incorporated herein by
                        reference to Exhibit 2(d) to Post-Effective Amendment
                        No. 105, filed on December 13, 2002 (File No. 2-34393).

             (e)        Amended and Restated Bylaws are incorporated herein by
                        reference to Exhibit 2(e) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (f)        First Amendment to the Amended and Restated Bylaws is
                        incorporated herein by reference to Exhibit 2(f) to
                        Post-Effective Amendment No. 114, filed on October 14,
                        2005 (File No. 2-34393).

             (g)        Second Amendment to the Amended and Restated Bylaws is
                        incorporated herein by reference to Exhibit 2(g) to
                        Post-Effective Amendment No. 114, filed on October 14,
                        2005 (File No. 2-34393).

Exhibit 3               Not Applicable.


Exhibit 4               Form of Agreement and Plan of Reorganization among Janus
                        Adviser Series (on behalf of certain series), Janus
                        Investment Fund (on behalf of certain series) and Janus
                        Capital Management LLC (included as Appendix A to the
                        Prospectus /Information Statement of this Registration
                        Statement) is incorporated herein by reference to
                        Exhibit 4 to Form N-14, filed on March 17, 2009 (File
                        No. 333-158028).




Exhibit 5    (a)        Instruments Defining Rights of Security Holders, see
                        Exhibits 1 and 2.

             (b)        Specimen Stock Certificate for Janus Fund(1) is
                        incorporated herein by reference to Exhibit 4(a) to
                        Post-Effective Amendment No. 79, filed on December 18,
                        1996 (File No. 2-34393).

             (c)        Specimen Stock Certificate for Janus Growth and Income
                        Fund is incorporated herein by reference to Exhibit 4(b)
                        to Post-Effective Amendment No. 79, filed on December
                        18, 1996 (File No. 2-34393).

             (d)        Specimen Stock Certificate for Janus Worldwide Fund is
                        incorporated herein by reference to Exhibit 4(c) to
                        Post-Effective Amendment No. 79, filed on December 18,
                        1996 (File No. 2-34393).

             (e)        Specimen Stock Certificate for Janus Twenty Fund(1) is
                        incorporated herein by reference to Exhibit 4(d) to
                        Post-Effective Amendment No. 80, filed on February 14,
                        1997 (File No. 2-34393).

             (f)        Specimen Stock Certificate for Janus Flexible Income
                        Fund(1) is incorporated herein by reference to Exhibit
                        4(e) to Post-Effective Amendment No. 80, filed on
                        February 14, 1997 (File No. 2-34393).

             (g)        Specimen Stock Certificate for Janus Intermediate
                        Government Securities Fund(1) filed as Exhibit 4(f) to
                        Post-Effective Amendment No. 46, filed on June 18, 1992
                        (File No. 2-34393), has been withdrawn.

             (h)        Specimen Stock Certificate for Janus Venture Fund(2) is
                        incorporated herein by reference to Exhibit 4(g) to
                        Post-Effective Amendment No. 80, filed on February 14,
                        1997 (File No. 2-34393).

             (i)        Specimen Stock Certificate for Janus Enterprise Fund is
                        incorporated herein by reference to Exhibit 4(h) to
                        Post-Effective

----------
(1)  Outstanding certificates representing shares of predecessor entity to this
     series of the Trust are deemed to represent shares of this series.

(2)  Outstanding certificates representing shares of predecessor entity to this
     series of the Trust are deemed to represent shares of this series.



                        Amendment No. 80, filed on February 14, 1997 (File No.
                        2-34393).

             (j)        Specimen Stock Certificate for Janus Balanced Fund is
                        incorporated herein by reference to Exhibit 4(i) to
                        Post-Effective Amendment No. 80, filed on February 14,
                        1997 (File No. 2-34393).

             (k)        Specimen Stock Certificate for Janus Short-Term Bond
                        Fund is incorporated herein by reference to Exhibit 4(j)
                        to Post-Effective Amendment No. 80, filed on February
                        14, 1997 (File No. 2-34393).

             (l)        Specimen Stock Certificate for Janus Federal Tax-Exempt
                        Fund is incorporated herein by reference to Exhibit 4(k)
                        to Post-Effective Amendment No. 81, filed on June 26,
                        1997 (File No. 2-34393).

             (m)        Specimen Stock Certificate for Janus Mercury Fund is
                        incorporated herein by reference to Exhibit 4(l) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (n)        Specimen Stock Certificate for Janus Overseas Fund is
                        incorporated herein by reference to Exhibit 4(m) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (o)        Revised Specimen Stock Certificates for Janus High-Yield
                        Fund and Janus Olympus Fund are incorporated herein by
                        reference to Exhibit 4(n) to Post-Effective Amendment
                        No. 79, filed on December 18, 1996 (File No. 2-34393).

             (p)        Revised Specimen Stock Certificate for Janus Equity
                        Income Fund is incorporated herein by reference to
                        Exhibit 4(o) to Post-Effective Amendment No. 79, filed
                        on December 18, 1996 (File No. 2-34393).

             (q)        Revised Specimen Stock Certificate for Janus Special
                        Situations Fund filed as Exhibit 4(p) to Post-Effective
                        Amendment No. 79, filed on December 18, 1996 (File No.
                        2-34393), has been withdrawn.

             (r)        Specimen Stock Certificate for Janus Global Life
                        Sciences Fund filed as Exhibit 4(q) to Post-Effective
                        Amendment No. 82, filed on September 16, 1997 (File No.
                        2-34393), has been withdrawn.

             (s)        Form of Specimen Stock Certificate for Janus Global Life
                        Sciences Fund is incorporated herein by reference to
                        Exhibit 3(r)



                        to Post-Effective Amendment No. 85, filed on September
                        10, 1998 (File No. 2-34393).

             (t)        Form of Specimen Stock Certificate for Janus Global
                        Technology Fund is incorporated herein by reference to
                        Exhibit 3(s) to Post-Effective Amendment No. 85, filed
                        on September 10, 1998 (File No. 2-34393).

Exhibit 6    (a)        Investment Advisory Agreement for Janus Fund dated July
                        1, 1997, is incorporated herein by reference to Exhibit
                        5(a) to Post-Effective Amendment No. 83, filed on
                        December 15, 1997 (File No. 2-34393).

             (b)        Investment Advisory Agreements for Janus Growth and
                        Income Fund and Janus Worldwide Fund dated July 1, 1997,
                        are incorporated herein by reference to Exhibit 5(b) to
                        Post-Effective Amendment No. 83, filed on December 15,
                        1997 (File No. 2-34393).

             (c)        Investment Advisory Agreements for Janus Twenty Fund and
                        Janus Venture Fund dated July 1, 1997, are incorporated
                        herein by reference to Exhibit 5(c) to Post-Effective
                        Amendment No. 83, filed on December 15, 1997 (File No.
                        2-34393).

             (d)        Investment Advisory Agreement for Janus Flexible Income
                        Fund dated July 1, 1997, is incorporated herein by
                        reference to Exhibit 5(d) to Post-Effective Amendment
                        No. 83, filed on December 15, 1997 (File No. 2-34393).

             (e)        Investment Advisory Agreements for Janus Enterprise
                        Fund, Janus Balanced Fund, and Janus Short-Term Bond
                        Fund dated July 1, 1997, are incorporated herein by
                        reference to Exhibit 5(e) to Post-Effective Amendment
                        No. 83, filed on December 15, 1997 (File No. 2-34393).

             (f)        Investment Advisory Agreements for Janus Federal
                        Tax-Exempt Fund and Janus Mercury Fund dated July 1,
                        1997, are incorporated herein by reference to Exhibit
                        5(f) to Post-Effective Amendment No. 83, filed on
                        December 15, 1997 (File No. 2-34393).

             (g)        Investment Advisory Agreement for Janus Overseas Fund
                        dated July 1, 1997, is incorporated herein by reference
                        to Exhibit 5(g) to Post-Effective Amendment No. 83,
                        filed on December 15, 1997 (File No. 2-34393).

             (h)        Investment Advisory Agreements for Janus Money Market
                        Fund,



                        Janus Government Money Market Fund, and Janus Tax-Exempt
                        Money Market Fund dated July 1, 1997, are incorporated
                        herein by reference to Exhibit 5(h) to Post-Effective
                        Amendment No. 83, filed on December 15, 1997 (File No.
                        2-34393).

             (i)        Investment Advisory Agreement for Janus High-Yield Fund
                        dated July 1, 1997, is incorporated herein by reference
                        to Exhibit 5(i) to Post-Effective Amendment No. 83,
                        filed on December 15, 1997 (File No. 2-34393).

             (j)        Investment Advisory Agreement for Janus Olympus Fund
                        dated July 1, 1997, is incorporated herein by reference
                        to Exhibit 5(j) to Post-Effective Amendment No. 83,
                        filed on December 15, 1997 (File No. 2-34393).

             (k)        Investment Advisory Agreement for Janus Equity Income
                        Fund dated July 1, 1997, is incorporated herein by
                        reference to Exhibit 5(k) to Post-Effective Amendment
                        No. 83, filed on December 15, 1997 (File No. 2-34393).

             (l)        Investment Advisory Agreement for Janus Special
                        Situations Fund dated July 1, 1997, filed as Exhibit
                        5(l) to Post-Effective Amendment No. 83, filed on
                        December 15, 1997 (File No. 2-34393), has been
                        withdrawn.

             (m)        Investment Advisory Agreement for Janus Global Life
                        Sciences Fund filed as Exhibit 5(m) to Post-Effective
                        Amendment No. 82, filed on September 16, 1997 (File No.
                        2-34393), has been withdrawn.

             (n)        Form of Investment Advisory Agreement for Janus Global
                        Life Sciences Fund is incorporated herein by reference
                        to Exhibit 4(n) to Post-Effective Amendment No. 85,
                        filed on September 10, 1998 (File No. 2-34393).

             (o)        Form of Investment Advisory Agreement for Janus Global
                        Technology Fund is incorporated herein by reference to
                        Exhibit 4(o) to Post-Effective Amendment No. 85, filed
                        on September 10, 1998 (File No. 2-34393).

             (p)        Investment Advisory Agreement for Janus Strategic Value
                        Fund is incorporated herein by reference to Exhibit 4(p)
                        to Post-Effective Amendment No. 88, filed on November
                        15, 1999 (File No. 2-34393).

             (q)        Amendment dated January 31, 2000 to the Investment
                        Advisory



                        Agreement for Janus Fund dated July 1, 1997, is
                        incorporated herein by reference to Exhibit 4(q) to
                        Post-Effective Amendment No. 90, filed on January 31,
                        2000 (File No. 2-34393).

             (r)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Growth and Income Fund
                        dated July 1, 1997, is incorporated herein by reference
                        to Exhibit 4(r) to Post-Effective Amendment No. 90,
                        filed on January 31, 2000 (File No. 2-34393).

             (s)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Twenty Fund dated July 1,
                        1997, is incorporated herein by reference to Exhibit
                        4(s) to Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (t)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Enterprise Fund dated July
                        1, 1997, is incorporated herein by reference to Exhibit
                        4(t) to Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (u)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Balanced Fund dated July 1,
                        1997, is incorporated herein by reference to Exhibit
                        4(u) to Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (v)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Overseas Fund dated July 1,
                        1997, is incorporated herein by reference to Exhibit
                        4(v) to Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (w)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Equity Income Fund dated
                        July 1, 1997, is incorporated herein by reference to
                        Exhibit 4(w) to Post-Effective Amendment No. 90, filed
                        on January 31, 2000 (File No. 2-34393).

             (x)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Global Life Sciences Fund
                        dated September 14, 1998, is incorporated herein by
                        reference to Exhibit 4(x) to Post-Effective Amendment
                        No. 90, filed on January 31, 2000 (File No. 2-34393).

             (y)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Global Technology Fund
                        dated September 14, 1998, is incorporated herein by
                        reference to Exhibit 4(y) to Post-Effective Amendment
                        No. 90, filed on January 31, 2000 (File No. 2-34393).



             (z)        Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Mercury Fund dated July 1,
                        1997, is incorporated herein by reference to Exhibit
                        4(z) of Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (aa)       Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Olympus Fund dated July 1,
                        1997, is incorporated herein by reference to Exhibit
                        4(aa) to Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (bb)       Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Special Situations Fund
                        dated July 1, 1997, filed as Exhibit 4(bb) to
                        Post-Effective Amendment No. 90, filed on January 31,
                        2000 (File No. 2-34393), has been withdrawn.

             (cc)       Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Strategic Value Fund dated
                        September 14, 1999, is incorporated herein by reference
                        to Exhibit 4(cc) to Post-Effective Amendment No. 90,
                        filed on January 31, 2000 (File No. 2-34393).

             (dd)       Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Venture Fund dated July 1,
                        1997, is incorporated herein by reference to Exhibit
                        4(dd) to Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (ee)       Amendment dated January 31, 2000 to the Investment
                        Advisory Agreement for Janus Worldwide Fund dated July
                        1, 1997, is incorporated herein by reference to Exhibit
                        4(ee) to Post-Effective Amendment No. 90, filed on
                        January 31, 2000 (File No. 2-34393).

             (ff)       Form of Investment Advisory Agreement for Janus Orion
                        Fund is incorporated herein by reference to Exhibit
                        4(ff) to Post-Effective Amendment No. 92, filed on March
                        17, 2000 (File No. 2-34393).

             (gg)       Form of Investment Advisory Agreement for Janus Fund 2
                        filed as Exhibit 4(gg) to Post-Effective Amendment No.
                        95, filed on September 13, 2000 (File No. 2-34393), has
                        been withdrawn.

             (hh)       Form of Investment Advisory Agreement for Janus Global
                        Value Fund is incorporated herein by reference to
                        Exhibit 4(hh) to Post-Effective Amendment No. 98, filed
                        on March 15, 2001 (File No. 2-34393).

             (ii)       Form of Amendment dated July 31, 2001 to the Investment



                        Advisory Agreement for Janus Equity Income Fund dated
                        July 1, 1997, as amended January 31, 2000, is
                        incorporated herein by reference to Exhibit 4(ii) to
                        Post-Effective Amendment No. 99, filed on June 1, 2001
                        (File No. 2-34393).

             (jj)       Form of Investment Advisory Agreement for Janus
                        Institutional Cash Reserves Fund is incorporated herein
                        by reference to Exhibit 4(jj) to Post-Effective
                        Amendment No. 104, filed on February 28, 2002 (File No.
                        2-34393).

             (kk)       Form of Investment Advisory Agreement for Janus
                        Risk-Managed Stock Fund is incorporated herein by
                        reference to Exhibit 4(kk) to Post-Effective Amendment
                        No. 105, filed on December 13, 2002 (File No. 2-34393).

             (ll)       Form of Sub-Advisory Agreement for Janus Risk-Managed
                        Stock Fund is incorporated herein by reference to
                        Exhibit 4(ll) to Post-Effective Amendment No. 105, filed
                        on December 13, 2002 (File No. 2-34393).

             (mm)       Form of Investment Advisory Agreement for Janus Small
                        Cap Value Fund is incorporated herein by reference to
                        Exhibit 4(mm) to Post-Effective Amendment No. 106, filed
                        on January 3, 2003 (File No. 2-34393).

             (nn)       Form of Sub-Advisory Agreement for Janus Small Cap Value
                        Fund (pre-acquisition version) is incorporated herein by
                        reference to Exhibit 4(nn) to Post-Effective Amendment
                        No. 106, filed on January 3, 2003 (File No. 2-34393).

             (oo)       Form of Sub-Advisory Agreement for Janus Small Cap Value
                        Fund (post-acquisition version) is incorporated herein
                        by reference to Exhibit 4(oo) to Post-Effective
                        Amendment No. 106, filed on January 3, 2003 (File No.
                        2-34393).

             (pp)       Form of Investment Advisory Agreement for Janus Mid Cap
                        Value Fund is incorporated herein by reference to
                        Exhibit 4(pp) to Post-Effective Amendment No. 106, filed
                        on January 3, 2003 (File No. 2-34393).

             (qq)       Form of Sub-Advisory Agreement for Mid Cap Value Fund
                        (pre-acquisition version) is incorporated herein by
                        reference to Exhibit 4(qq) to Post-Effective Amendment
                        No. 106, filed on January 3, 2003 (File No. 2-34393).

             (rr)       Form of Sub-Advisory Agreement for Mid Cap Value Fund
                        (post-



                        acquisition version) is incorporated herein by reference
                        to Exhibit 4(rr) to Post-Effective Amendment No. 106,
                        filed on January 3, 2003 (File No. 2-34393).

             (ss)       Amendment to Investment Advisory Agreement for Janus
                        Global Value Fund is incorporated herein by reference to
                        Exhibit 4(ss) to Post-Effective Amendment No. 110, filed
                        on December 23, 2003 (File No. 2-34393).

             (tt)       Investment Advisory Agreement for Janus Balanced Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(tt) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (uu)       Investment Advisory Agreement for Janus Core Equity Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(uu) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (vv)       Investment Advisory Agreement for Janus Enterprise Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(vv) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (ww)       Investment Advisory Agreement for Janus Federal
                        Tax-Exempt Fund dated July 1, 2004 is incorporated
                        herein by reference to Exhibit 4(ww) to Post-Effective
                        Amendment No. 112, filed on December 10, 2004 (File No.
                        2-34393).

             (xx)       Investment Advisory Agreement for Janus Flexible Income
                        Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 4(xx) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (yy)       Investment Advisory Agreement for Janus Global Life
                        Sciences Fund dated July 1, 2004 is incorporated herein
                        by reference to Exhibit 4(yy) to Post-Effective
                        Amendment No. 112, filed on December 10, 2004 (File No.
                        2-34393).

             (zz)       Investment Advisory Agreement for Janus Global
                        Opportunities Fund dated July 1, 2004 is incorporated
                        herein by reference to Exhibit 4(zz) to Post-Effective
                        Amendment No. 112, filed on December 10, 2004 (File No.
                        2-34393).

             (aaa)      Investment Advisory Agreement for Janus Global
                        Technology Fund dated July 1, 2004 is incorporated
                        herein by reference to



                        Exhibit 4(aaa) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (bbb)      Investment Advisory Agreement for Janus Growth and
                        Income Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 4(bbb) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (ccc)      Investment Advisory Agreement for Janus High-Yield Fund
                        dated July 1, 2004 is filed incorporated herein by
                        reference to Exhibit 4(ccc) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (ddd)      Investment Advisory Agreement for Janus Fund dated July
                        1, 2004 is incorporated herein by reference to Exhibit
                        4(ddd) to Post-Effective Amendment No. 112, filed on
                        December 10, 2004 (File No. 2-34393).

             (eee)      Investment Advisory Agreement for Janus Mercury Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(eee) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (fff)      Investment Advisory Agreement for Janus Mid Cap Value
                        Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 4(fff) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (ggg)      Investment Advisory Agreement for Janus Olympus Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(ggg) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (hhh)      Investment Advisory Agreement for Janus Orion Fund dated
                        July 1, 2004 is incorporated herein by reference to
                        Exhibit 4(hhh) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (iii)      Investment Advisory Agreement for Janus Overseas Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(iii) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).



             (jjj)      Investment Advisory Agreement for Janus Risk-Managed
                        Stock Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 4(jjj) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (kkk)      Investment Advisory Agreement for Janus Short-Term Bond
                        Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 4(kkk) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (lll)      Investment Advisory Agreement for Janus Small Cap Value
                        Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 4(lll) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (mmm)      Investment Advisory Agreement for Janus Special Equity
                        Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 4(mmm) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (nnn)      Investment Advisory Agreement for Janus Twenty Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(nnn) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (ooo)      Investment Advisory Agreement for Janus Venture Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(ooo) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (ppp)      Investment Advisory Agreement for Janus Worldwide Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 4(ppp) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (qqq)      Amendment to Investment Advisory Agreement for Janus
                        Special Equity Fund dated September 30, 2004 is
                        incorporated herein by reference to Exhibit 4(qqq) to
                        Post-Effective Amendment No. 112, filed on December 10,
                        2004 (File No. 2-34393).

             (rrr)      Investment Advisory Agreement for Janus Explorer Fund
                        dated December 2, 2004 is incorporated herein by
                        reference to Exhibit 4(rrr) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (sss)      Investment Advisory Agreement for Janus Research Fund
                        dated



                        December 2, 2004 is incorporated herein by reference to
                        Exhibit 4(sss) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (ttt)      Amendment to Investment Advisory Agreement for Janus
                        Explorer Fund is incorporated herein by reference to
                        Exhibit 4(ttt) to Post-Effective Amendment No. 113,
                        filed on February 24, 2005 (File No. 2-34393).

             (uuu)      Amendment to Investment Advisory Agreement for Janus
                        Flexible Income Fund dated February 28, 2005 is
                        incorporated herein by reference to Exhibit 4(uuu) to
                        Post-Effective Amendment No. 114, filed on October 14,
                        2005 (File No. 2-34393).

             (vvv)      Form of Investment Advisory Agreement for Janus Smart
                        Portfolio - Growth is incorporated herein by reference
                        to Exhibit 4(vvv) to Post-Effective Amendment No. 114,
                        filed on October 14, 2005 (File No. 2-34393).

             (www)      Form of Investment Advisory Agreement for Janus Smart
                        Portfolio - Moderate is incorporated herein by reference
                        to Exhibit 4(www) to Post-Effective Amendment No. 114,
                        filed on October 14, 2005 (File No. 2-34393).

             (xxx)      Form of Investment Advisory Agreement for Janus Smart
                        Portfolio - Conservative is incorporated herein by
                        reference to Exhibit 4(xxx) to Post-Effective Amendment
                        No. 114, filed on October 14, 2005 (File No. 2-34393).

             (yyy)      Investment Advisory Agreement for Janus Fund dated July
                        1, 2004, as amended February 1, 2006, is incorporated
                        herein by reference to Exhibit 4(yyy) to Post-Effective
                        Amendment No. 117, filed on February 27, 2006 (File No.
                        2-34393).

             (zzz)      Investment Advisory Agreement for Janus Enterprise Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(zzz) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (aaaa)     Investment Advisory Agreement for Janus Mercury Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(aaaa) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (bbbb)     Investment Advisory Agreement for Janus Olympus Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein



                        by reference to Exhibit 4(bbbb) to Post-Effective
                        Amendment No. 117, filed on February 27, 2006 (File No.
                        2-34393).

             (cccc)     Investment Advisory Agreement for Janus Orion Fund dated
                        July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(cccc) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (dddd)     Investment Advisory Agreement for Janus Triton Fund
                        dated December 2, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(dddd) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (eeee)     Investment Advisory Agreement for Janus Twenty Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(eeee) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (ffff)     Investment Advisory Agreement for Janus Venture Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(ffff) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (gggg)     Investment Advisory Agreement for Janus Global Life
                        Sciences Fund dated July 1, 2004, as amended February 1,
                        2006, is incorporated herein by reference to Exhibit
                        4(gggg) to Post-Effective Amendment No. 117, filed on
                        February 27, 2006 (File No. 2-34393).

             (hhhh)     Investment Advisory Agreement for Janus Global
                        Technology Fund dated July 1, 2004, as amended February
                        1, 2006, is incorporated herein by reference to Exhibit
                        4(hhhh) to Post-Effective Amendment No. 117, filed on
                        February 27, 2006 (File No. 2-34393).

             (iiii)     Investment Advisory Agreement for Janus Balanced Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(iiii) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (jjjj)     Investment Advisory Agreement for Janus Contrarian Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(jjjj) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).



             (kkkk)     Investment Advisory Agreement for Janus Core Equity Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(kkkk) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (llll)     Investment Advisory Agreement for Janus Growth and
                        Income Fund dated July 1, 2004, as amended February 1,
                        2006, is incorporated herein by reference to Exhibit
                        4(llll) to Post-Effective Amendment No. 117, filed on
                        February 27, 2006 (File No. 2-34393).

             (mmmm)     Investment Advisory Agreement for Janus Research Fund
                        dated December 2, 2004, as amended January 1, 2006, is
                        incorporated herein by reference to Exhibit 4(mmmm) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (nnnn)     Investment Advisory Agreement for Janus Risk-Managed
                        Stock Fund dated July 1, 2004, as amended January 1,
                        2006, is incorporated herein by reference to Exhibit
                        4(nnnn) to Post-Effective Amendment No. 117, filed on
                        February 27, 2006 (File No. 2-34393).

             (oooo)     Investment Advisory Agreement for Janus Mid Cap Value
                        Fund dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(oooo) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (pppp)     Investment Advisory Agreement for Janus Global
                        Opportunities Fund dated July 1, 2004, as amended
                        February 1, 2006, is incorporated herein by reference to
                        Exhibit 4(pppp) to Post-Effective Amendment No. 117,
                        filed on February 27, 2006 (File No. 2-34393).

             (qqqq)     Investment Advisory Agreement for Janus Overseas Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(qqqq) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (rrrr)     Investment Advisory Agreement for Janus Worldwide Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(rrrr) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (ssss)     Investment Advisory Agreement for Janus Flexible Bond
                        Fund



                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(ssss) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (tttt)     Investment Advisory Agreement for Janus High-Yield Fund
                        dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(tttt) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (uuuu)     Investment Advisory Agreement for Janus Short-Term Bond
                        Fund dated July 1, 2004, as amended February 1, 2006, is
                        incorporated herein by reference to Exhibit 4(uuuu) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (vvvv)     Investment Advisory Agreement for Janus Federal
                        Tax-Exempt Fund dated July 1, 2004, as amended February
                        1, 2006, is incorporated herein by reference to Exhibit
                        4(vvvv) to Post-Effective Amendment No. 117, filed on
                        February 27, 2006 (File No. 2-34393).

             (wwww)     Investment Advisory Agreement for Janus Money Market
                        Fund dated April 3, 2002, as amended February 1, 2006,
                        is incorporated herein by reference to Exhibit 4(wwww)
                        to Post-Effective Amendment No. 117, filed on February
                        27, 2006 (File No. 2-34393).

             (xxxx)     Investment Advisory Agreement for Janus Government Money
                        Market Fund dated April 3, 2002, as amended February 1,
                        2006, is incorporated herein by reference to Exhibit
                        4(xxxx) to Post-Effective Amendment No. 117, filed on
                        February 27, 2006 (File No. 2-34393).

             (yyyy)     Investment Advisory Agreement for Janus Tax-Exempt Money
                        Market Fund dated April 3, 2002, as amended February 1,
                        2006, is incorporated herein by reference to Exhibit
                        4(yyyy) to Post-Effective Amendment No. 117, filed on
                        February 27, 2006 (File No. 2-34393).

             (zzzz)     Investment Advisory Agreement for Janus Institutional
                        Cash Reserves Fund dated April 3, 2002, as amended
                        February 1, 2006, is incorporated herein by reference to
                        Exhibit 4(zzzz) to Post-Effective Amendment No. 117,
                        filed on February 27, 2006 (File No. 2-34393).



             (aaaaa)    Sub-Advisory Agreement for Janus Risk-Managed Stock Fund
                        dated July 1, 2004, as amended January 1, 2006, is
                        incorporated herein by reference to Exhibit 4(aaaaa) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (bbbbb)    Form of Amendment to Investment Advisory Agreement for
                        Janus Risk-Managed Stock Fund is incorporated herein by
                        reference to Exhibit 4(bbbbb) to Post-Effective
                        Amendment No. 117, filed on February 27, 2006 (File No.
                        2-34393).

             (ccccc)    Form of Amendment to Sub-Advisory Agreement for Janus
                        Risk-Managed Stock Fund is incorporated herein by
                        reference to Exhibit 4(ccccc) to Post-Effective
                        Amendment No. 117, filed on February 27, 2006 (File No.
                        2-34393).

             (ddddd)    Amendment to Investment Advisory Agreement for Janus
                        Balanced Fund dated June 14, 2006 is incorporated herein
                        by reference to Exhibit 4(ddddd) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (eeeee)    Amendment to Investment Advisory Agreement for Janus
                        Contrarian Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(eeeee) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (fffff)    Amendment to Investment Advisory Agreement for Janus
                        Core Equity Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(fffff) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (ggggg)    Amendment to Investment Advisory Agreement for Janus
                        Enterprise Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(ggggg) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (hhhhh)    Amendment to Investment Advisory Agreement for Janus
                        Federal Tax-Exempt Fund dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(hhhhh) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (iiiii)    Amendment to Investment Advisory Agreement for Janus
                        Flexible Bond Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(iiiii) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).



             (jjjjj)    Amendment to Investment Advisory Agreement for Janus
                        Fund dated June 14, 2006 is incorporated herein by
                        reference to Exhibit 4(jjjjj) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (kkkkk)    Amendment to Investment Advisory Agreement for Janus
                        Global Life Sciences Fund dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(kkkkk) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (lllll)    Amendment to Investment Advisory Agreement for Janus
                        Global Opportunities Fund dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(lllll) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (mmmmm)    Amendment to Investment Advisory Agreement for Janus
                        Global Technology Fund dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(mmmmm) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (nnnnn)    Amendment to Investment Advisory Agreement for Janus
                        Growth and Income Fund dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(nnnnn) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (ooooo)    Amendment to Investment Advisory Agreement for Janus
                        High-Yield Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(ooooo) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (ppppp)    Amendment to Investment Advisory Agreement for Janus
                        Mercury Fund dated June 14, 2006 is incorporated herein
                        by reference to Exhibit 4(ppppp) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (qqqqq)    Amendment to Investment Advisory Agreement for Janus Mid
                        Cap Value Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(qqqqq) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (rrrrr)    Amendment to Investment Advisory Agreement for Janus
                        Orion Fund dated June 14, 2006 is incorporated herein by
                        reference to Exhibit 4(rrrrr) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).



             (sssss)    Amendment to Investment Advisory Agreement for Janus
                        Overseas Fund dated June 14, 2006 is incorporated herein
                        by reference to Exhibit 4(sssss) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (ttttt)    Amendment to Investment Advisory Agreement for Janus
                        Research Fund dated June 14, 2006 is incorporated herein
                        by reference to Exhibit 4(ttttt) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (uuuuu)    Amendment to Investment Advisory Agreement for INTECH
                        Risk-Managed Stock Fund dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(uuuuu) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (vvvvv)    Amendment to Investment Advisory Agreement for Janus
                        Short-Term Bond Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(vvvvv) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (wwwww)    Amendment to Investment Advisory Agreement for Janus
                        Small Cap Value Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(wwwww) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (xxxxx)    Amendment to Investment Advisory Agreement for Janus
                        Smart Portfolio - Conservative dated June 14, 2006 is
                        inorporated herein by reference to Exhibit 4(xxxxx) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (yyyyy)    Amendment to Investment Advisory Agreement for Janus
                        Smart Portfolio - Growth dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(yyyyy) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (zzzzz)    Amendment to Investment Advisory Agreement for Janus
                        Smart Portfolio - Moderate dated June 14, 2006 is
                        incorporated herein by reference to Exhibit 4(zzzzz) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (aaaaaa)   Amendment to Investment Advisory Agreement for Janus
                        Triton Fund dated June 14, 2006 is incorporated herein
                        by reference to Exhibit 4(aaaaaa) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).



             (bbbbbb)   Amendment to Investment Advisory Agreement for Janus
                        Twenty Fund dated June 14, 2006 is incorporated herein
                        by reference to Exhibit 4(bbbbbb) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (cccccc)   Amendment to Investment Advisory Agreement for Janus
                        Venture Fund dated June 14, 2006 is incorporated herein
                        by reference to Exhibit 4(cccccc) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (dddddd)   Amendment to Investment Advisory Agreement for Janus
                        Worldwide Fund dated June 14, 2006 is incorporated
                        herein by reference to Exhibit 4(dddddd) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (eeeeee)   Amendment to Sub-Advisory Agreement for Janus Mid Cap
                        Value Fund dated June 14, 2006 is incorporated herein by
                        reference to Exhibit 4(eeeeee) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (ffffff)   Amendment to Sub-Advisory Agreement for Janus Small Cap
                        Value Fund dated June 14, 2006 is incorporated herein by
                        reference to Exhibit 4(ffffff) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

             (gggggg)   Amendment to Investment Advisory Agreement for Janus
                        Core Equity Fund dated June 30, 2006 is incorporated
                        herein by reference to Exhibit 4(gggggg) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (hhhhhh)   Form of Agreement and Plan of Reorganization is
                        incorporated herein by reference to Exhibit 4 to N-14/A
                        Pre-Effective Amendment No. 1, filed on August 8, 2006
                        (File No. 2-34393).

             (iiiiii)   Amendment to Investment Advisory Agreement for Janus
                        Mercury Fund dated December 31, 2006 is incorporated
                        herein by reference to Exhibit 4(iiiiii) to
                        Post-Effective Amendment No. 120, filed on February 28,
                        2007 (File No. 2-34393).

             (jjjjjj)   Amendment to Investment Advisory Agreement for Janus
                        Research Fund dated December 31, 2006 is incorporated
                        herein by reference to Exhibit 4(jjjjjj) to
                        Post-Effective Amendment No. 120, filed on February 28,
                        2007 (File No. 2-34393).

             (kkkkkk)   Amendment to Sub-Advisory Agreement for INTECH
                        Risk-Managed Stock Fund dated January 1, 2008 is
                        incorporated herein



                        by reference to Exhibit 4(kkkkkk) to Post-Effective
                        Amendment No. 122, filed on February 28, 2008 (File No.
                        2-34393).

             (llllll)   Amended and Restated Investment Advisory Agreement for
                        Perkins Mid Cap Value Fund dated December 31, 2008 is
                        incorporated herein by reference to Exhibit 4(llllll) to
                        Post-Effective Amendment No. 123, filed on February 27,
                        2009 (File No. 2-34393).

             (mmmmmm)   Amended and Restated Investment Advisory Agreement for
                        Perkins Small Cap Value Fund dated December 31, 2008 is
                        incorporated herein by reference to Exhibit 4(mmmmmm) to
                        Post-Effective Amendment No. 123, filed on February 27,
                        2009 (File No. 2-34393).

             (nnnnnn)   Sub-Advisory Agreement for Perkins Mid Cap Value Fund
                        dated December 31, 2008 is incorporated herein by
                        reference to Exhibit 4(nnnnnn) to Post-Effective
                        Amendment No. 123, filed on February 27, 2009 (File No.
                        2-34393).

             (oooooo)   Sub-Advisory Agreement for Perkins Small Cap Value Fund
                        dated December 31, 2008 is incorporated herein by
                        reference to Exhibit 4(oooooo) to Post-Effective
                        Amendment No. 123, filed on February 27, 2009 (File No.
                        2-34393).


             (pppppp)   Form of Investment Advisory Agreement is incorporated
                        herein by reference to Exhibit 6(pppppp) to Form N-14,
                        filed on March 17, 2009 (File No. 333-158028).


Exhibit 7    (a)        Distribution Agreement between Janus Investment Fund and
                        Janus Distributors, Inc., dated July 1, 1997, is
                        incorporated herein by reference to Exhibit 6 to
                        Post-Effective Amendment No. 83, filed on December 15,
                        1997 (File No. 2-34393).

             (b)        Distribution Agreement between Janus Investment Fund and
                        Janus Distributors LLC, dated June 18, 2002, is
                        incorporated herein by reference to Exhibit 5(b) to
                        Post-Effective Amendment No. 105, filed on December 13,
                        2002 (File No. 2-34393).

             (c)        Amendment to Amended and Restated Distribution Agreement
                        between Janus Investment Fund and Janus Distributors
                        LLC, dated June 14, 2006, is incorporated herein by
                        reference to Exhibit 5(c) to Post-Effective Amendment
                        No. 119, filed on December 19, 2006 (File No. 2-34393).

             (d)        Amendment to Amended and Restated Distribution Agreement
                        between Janus Investment Fund and Janus Distributors
                        LLC, dated



                        January 1, 2008, is incorporated herein by reference to
                        Exhibit 5(d) to Post-Effective Amendment No. 122, filed
                        on February 28, 2008 (File No. 2-34393).

Exhibit 8               Not Applicable.

Exhibit 9    (a)        Custodian Contract between Janus Investment Fund and
                        State Street Bank and Trust Company is incorporated
                        herein by reference to Exhibit 8(a) to Post-Effective
                        Amendment No. 79, filed on December 18, 1996 (File No.
                        2-34393).

             (b)        Amendment dated April 25, 1990, of State Street
                        Custodian Contract is incorporated herein by reference
                        to Exhibit 8(b) to Post-Effective Amendment No. 79,
                        filed on December 18, 1996 (File No. 2-34393).

             (c)        Letter Agreement dated February 1, 1991, regarding State
                        Street Custodian Contract is incorporated herein by
                        reference to Exhibit 8(c) to Post-Effective Amendment
                        No. 79, filed on December 18, 1996 (File No. 2-34393).

             (d)        Custodian Contract between Janus Investment Fund and
                        Investors Fiduciary Trust Company filed as Exhibit 8(d)
                        to Post-Effective Amendment No. 79, filed on December
                        18, 1996 (File No. 2-34393), has been withdrawn.

             (e)        Letter Agreement dated October 9, 1992, regarding State
                        Street Custodian Agreement is incorporated herein by
                        reference to Exhibit 8(e) to Post-Effective Amendment
                        No. 81, filed on June 26, 1997 (File No. 2-34393).

             (f)        Letter Agreement dated April 28, 1993, regarding State
                        Street Custodian Agreement is incorporated herein by
                        reference to Exhibit 8(f) to Post-Effective Amendment
                        No. 81, filed on June 26, 1997 (File No. 2-34393).

             (g)        Letter Agreement dated April 4, 1994, regarding State
                        Street Custodian Agreement is incorporated herein by
                        reference to Exhibit 8(g) to Post-Effective Amendment
                        No. 81, filed on June 26, 1997 (File No. 2-34393).



             (h)        Form of Custody Agreement between Janus Investment Fund,
                        on behalf of Janus Money Market Fund, Janus Government
                        Money Market Fund and Janus Tax-Exempt Money Market
                        Fund, and United Missouri Bank, N.A. filed as Exhibit
                        8(h) to Post-Effective Amendment No. 81, filed on June
                        26, 1997 (File No. 2-34393), has been withdrawn.

             (i)        Letter Agreement dated December 12, 1995, regarding
                        State Street Custodian Contract is incorporated herein
                        by reference to Exhibit 8(i) to Post-Effective Amendment
                        No. 72, filed on March 15, 1996 (File No. 2-34393).

             (j)        Amendment dated October 11, 1995, of State Street
                        Custodian Contract is incorporated herein by reference
                        to Exhibit 8(j) to Post-Effective Amendment No. 71,
                        filed on December 20, 1995 (File No. 2-34393).

             (k)        Form of Amendment dated September 10, 1996, of State
                        Street Custodian Contract is incorporated herein by
                        reference to Exhibit 8(k) to Post-Effective Amendment
                        No. 75, filed on September 11, 1996 (File No. 2-34393).

             (l)        Letter Agreement dated September 10, 1996, regarding
                        State Street Custodian Contract is incorporated herein
                        by reference to Exhibit 8(l) to Post-Effective Amendment
                        No. 75, filed on September 11, 1996 (File No. 2-34393).

             (m)        Form of Subcustodian Contract between United Missouri
                        Bank, N.A., and State Street Bank and Trust Company is
                        incorporated herein by reference to Exhibit 8(m) to
                        Post-Effective Amendment No. 75, filed on September 11,
                        1996 (File No. 2-34393).

             (n)        Form of Letter Agreement dated September 9, 1997,
                        regarding State Street Custodian Contract is
                        incorporated herein by reference to Exhibit 8(n) to
                        Post-Effective Amendment No. 82, filed on September 16,
                        1997 (File No. 2-34393).

             (o)        Form of Letter Agreement dated September 14, 1998,
                        regarding State Street Custodian Contract is
                        incorporated herein by reference to Exhibit 7(o) to
                        Post-Effective Amendment No. 85, filed on September 10,
                        1998 (File No. 2-34393).

             (p)        Letter Agreement dated September 14, 1999, regarding
                        State Street Custodian Contract is incorporated herein
                        by reference to Exhibit 7(p) to Post-Effective Amendment
                        No. 88, filed on November 15, 1999 (File No. 2-34393).



             (q)        Global Custody Services Agreement between Janus
                        Investment Fund, on behalf of Janus Money Market Fund,
                        Janus Government Money Market Fund and Janus Tax-Exempt
                        Money Market Fund, and Citibank, N.A. dated March 15,
                        1999 is incorporated herein by reference to Exhibit 7(q)
                        to Post-Effective Amendment No. 88, filed on November
                        15, 1999 (File No. 2-34393).

             (r)        Form of Letter Agreement dated April 3, 2000, regarding
                        State Street Custodian Contract is incorporated herein
                        by reference to Exhibit 7(r) to Post-Effective Amendment
                        No. 92, filed on March 17, 2000 (File No. 2-34393).

             (s)        Form of Letter Agreement dated September 26, 2000,
                        regarding State Street Custodian Contract filed as
                        Exhibit 7(s) to Post-Effective Amendment No. 95, filed
                        on September 13, 2000 (File No. 2-34393), has been
                        withdrawn.

             (t)        Amendment to State Street Bank and Trust Company
                        Custodian Contract dated April 10, 2000 is incorporated
                        herein by reference to Exhibit 7(t) to Post-Effective
                        Amendment No. 96, filed on December 18, 2000 (File No.
                        2-34393).

             (u)        Foreign Custody Amendment to State Street Bank and Trust
                        Company Custodian Contract dated December 5, 2000 is
                        incorporated herein by reference to Exhibit 7(u) to
                        Post-Effective Amendment No. 96, filed on December 18,
                        2000 (File No. 2-34393).

             (v)        Foreign Custody Manager Addendum to Global Custodial
                        Services Agreement dated December 5, 2000 is
                        incorporated herein by reference to Exhibit 7(v) to
                        Post-Effective Amendment No. 96, filed on December 18,
                        2000 (File No. 2-34393).

             (w)        Form of Amendment to State Street Bank and Trust Company
                        Custodian Contract dated December 5, 2000 is
                        incorporated herein by reference to Exhibit 7(w) to
                        Post-Effective Amendment No. 96, filed on December 18,
                        2000 (File No. 2-34393).

             (x)        Form of Amendment to State Street Bank and Trust Company
                        Custodian Contract dated December 5, 2000 is
                        incorporated herein by reference to Exhibit 7(x) to
                        Post-Effective Amendment No. 96, filed on December 18,
                        2000 (File No. 2-34393).

             (y)        Form of Letter Agreement dated June 29, 2001, regarding
                        State Street Bank and Trust Custodian Contract is
                        incorporated herein



                        by reference to Exhibit 7(y) to Post-Effective Amendment
                        No. 98, filed on March 15, 2001 (File No. 2-34393).

             (z)        Form of Letter Agreement dated July 31, 2001 regarding
                        State Street Bank and Trust Custodian Contract is
                        incorporated herein by reference to Exhibit 7(z) to
                        Post-Effective Amendment No. 99, filed on June 1, 2001
                        (File No. 2-34393).

             (aa)       Amendment to State Street Bank and Trust Company
                        Custodian Contract dated June 15, 2001 is incorporated
                        herein by reference to Exhibit 7(aa) to Post-Effective
                        Amendment No. 100, filed on July 31, 2001 (File No.
                        2-34393).

             (bb)       Amendment to State Street Bank and Trust Company
                        Custodian Contract dated June 21, 1988 is incorporated
                        herein by reference to Exhibit 7(bb) to Post-Effective
                        Amendment No. 103, filed on February 22, 2002 (File No.
                        2-34393).

             (cc)       Form of Letter Agreement regarding Citibank, N.A.
                        Custodian Contract is incorporated herein by reference
                        to Exhibit 7(cc) to Post-Effective Amendment No. 104,
                        filed on February 28, 2002 (File No. 2-34393).

             (dd)       Form of Amendment to Subcustodian Contract between
                        Citibank, N.A. and State Street Bank and Trust Company
                        is incorporated herein by reference to Exhibit 7(dd) to
                        Post-Effective Amendment No. 104, filed on February 28,
                        2002 (File No. 2-34393).

             (ee)       Form of Letter Agreement dated February 28, 2003,
                        regarding State Street Bank and Trust Company Custodian
                        Contract is incorporated herein by reference as Exhibit
                        7(ee) to Post-Effective Amendment No. 105, filed on
                        December 13, 2002 (File No. 2-34393).

             (ff)       Form of Letter Agreement dated March 21, 2003, regarding
                        State Street Bank and Trust Company Custodian Contract
                        is incorporated herein by reference to Exhibit 7(ff) to
                        Post-Effective Amendment No. 106, filed on January 3,
                        2003 (File No. 2-34393).

             (gg)       Form of Letter Agreement dated December 5, 2003, with
                        regard to Janus Global Opportunities Fund, with State
                        Street Bank and Trust Company, is incorporated herein by
                        reference to Exhibit 7(gg) to Post-Effective Amendment
                        No. 110, filed on December 23, 2003 (File No. 2-34393).

             (hh)       Form of Letter Agreement dated February 25, 2005,
                        regarding



                        State Street Bank and Trust Company Custodian Contract
                        is incorporated herein by reference to Exhibit 7(hh) to
                        Post-Effective Amendment No. 112, filed on December 10,
                        2004 (File No. 2-34393).

             (ii)       Amendment to Custodian Contract dated January 21, 2005,
                        between Janus Investment Fund, on behalf of its
                        Portfolios, and State Street Bank and Trust Company is
                        incorporated herein by reference to Exhibit 7(ii) to
                        Post-Effective Amendment No. 113, filed on February 24,
                        2005 (File No. 2-34393).

             (jj)       Amendment to Global Custodial Services Agreement dated
                        January 14, 2005, between Janus Investment Fund, on
                        behalf of Janus Money Market Fund, Janus Government
                        Money Market Fund and Janus Tax-Exempt Money Market
                        Fund, and Citibank, N.A. is incorporated herein by
                        reference to Exhibit 7(jj) to Post-Effective Amendment
                        No. 113, filed on February 24, 2005 (File No. 2-34393).

             (kk)       Form of Letter Agreement in regards to Janus Explorer
                        Fund, with State Street Bank and Trust Company is
                        incorporated herein by reference to Exhibit 7(kk) to
                        Post-Effective Amendment No. 113, filed on February 24,
                        2005 (File No. 2-34393).

             (ll)       Letter Agreement in regards to Janus Flexible Income
                        Fund, with State Street Bank and Trust Company is
                        incorporated herein by reference to Exhibit 7(ll) to
                        Post-Effective Amendment No. 114, filed on October 14,
                        2005 (File No. 2-34393).

             (mm)       Amended and Restated Custodian Contract dated August 1,
                        2005, between Janus Investment Fund and State Street
                        Bank and Trust Company is incorporated herein by
                        reference to Exhibit 7(mm) to Post-Effective Amendment
                        No. 114, filed on October 14, 2005 (File No. 2-34393).

             (nn)       Form of Letter Agreement in regards to Janus Smart
                        Portfolio - Growth, Janus Smart Portfolio - Moderate and
                        Janus Smart Portfolio - Conservative, with State Street
                        Bank and Trust Company is incorporated herein by
                        reference to Exhibit 7(nn) to Post-Effective Amendment
                        No. 114, filed on October 14, 2005 (File No. 2-34393).



             (oo)       Form of Letter Agreement with State Street Bank and
                        Trust Company regarding Janus Risk-Managed Stock Fund is
                        incorporated herein by reference to Exhibit 7(oo) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (pp)       Letter Agreement in regards to Janus Core Equity Fund,
                        with State Street Bank and Trust Company is incorporated
                        herein by reference to Exhibit 7(pp) to Post-Effective
                        Amendment No. 119, filed on December 19, 2006 (File No.
                        2-34393).

Exhibit 10   (a)        Form of plan for Janus Money Market Fund, Janus
                        Government Money Market Fund and Janus Tax-Exempt Money
                        Market Fund pursuant to Rule 18f-3 setting forth the
                        separate arrangement and expense allocation of each
                        class of such Funds filed as Exhibit 18 to
                        Post-Effective Amendment No. 66, filed on April 13, 1995
                        (File No. 2-34393), has been withdrawn.

             (b)        Restated form of Rule 18f-3 Plan for Janus Money Market
                        Fund, Janus Government Money Market Fund and Janus
                        Tax-Exempt Money Market Fund is incorporated herein by
                        reference to Exhibit 18(b) to Post-Effective Amendment
                        No. 69, filed on September 28, 1995 (File No. 2-34393).

             (c)        Amended and Restated form of Rule 18f-3 Plan for Janus
                        Money Market Fund, Janus Government Money Market Fund,
                        and Janus Tax-Exempt Money Market Fund is incorporated
                        herein by reference to Exhibit 18(c) to Post-Effective
                        Amendment No. 78, filed on December 16, 1996 (File No.
                        2-34393).

             (d)        Form of Amended and Restated Rule 18f-3 Plan for Janus
                        Money Market Fund, Janus Government Money Market Fund,
                        and Janus Tax-Exempt Money Market Fund dated June 12,
                        2001 is incorporated herein by reference to Exhibit
                        14(d) to Post-Effective Amendment No. 99, filed on June
                        1, 2001 (File No. 2-34393).

             (e)        Rule 18f-3 Plan for Janus Investment Fund with respect
                        to Janus Mid Cap Value Fund and Janus Small Cap Value
                        Fund is incorporated herein by reference to Exhibit
                        14(e) to Post-Effective Amendment No. 106, filed on
                        January 3, 2003 (File No. 2-34393).


             (f)        Form of Amended Rule 18f-3 Plan is incorporated herein
                        by reference to Exhibit 10(f) to Form N-14, filed on
                        March 17, 2009 (File No. 333-158028).




Exhibit 11   (a)        Opinion and Consent of Messrs. Davis, Graham & Stubbs
                        with respect to shares of Janus Fund is incorporated
                        herein by reference to Exhibit 10(a) to Post-Effective
                        Amendment No. 79, filed on December 18, 1996 (File No.
                        2-34393).

             (b)        Opinion and Consent of Counsel with respect to shares of
                        Janus Growth and Income Fund and Janus Worldwide Fund is
                        incorporated herein by reference to Exhibit 10(b) to
                        Post-Effective Amendment No. 79, filed on December 18,
                        1996 (File No. 2-34393).

             (c)        Opinion and Consent of Counsel with respect to shares of
                        Janus Enterprise Fund, Janus Balanced Fund and Janus
                        Short-Term Bond Fund is incorporated herein by reference
                        to Exhibit 10(c) to Post-Effective Amendment No. 80,
                        filed on February 14, 1997 (File No. 2-34393).

             (d)        Opinion and Consent of Messrs. Sullivan and Worcester
                        with respect to shares of Janus Twenty Fund is
                        incorporated herein by reference to Exhibit 10(d) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (e)        Opinion and Consent of Messrs. Sullivan and Worcester
                        with respect to shares of Janus Venture Fund is
                        incorporated herein by reference to Exhibit 10(e) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (f)        Opinion and Consent of Messrs. Sullivan and Worcester
                        with respect to shares of Janus Flexible Income Fund is
                        incorporated herein by reference to Exhibit 10(f) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (g)        Opinion and Consent of Messrs. Sullivan and Worcester
                        with respect to shares of Janus Intermediate Government
                        Securities Fund filed as Exhibit 10(g) to Post-Effective
                        Amendment No. 46, filed on June 18, 1992 (File No.
                        2-34393), has been withdrawn.

             (h)        Opinion and Consent of Counsel with respect to shares of
                        Janus Federal Tax-Exempt Fund and Janus Mercury Fund is
                        incorporated herein by reference to Exhibit 10(h) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (i)        Opinion and Consent of Counsel with respect to shares of
                        Janus Overseas Fund is incorporated herein by reference
                        to Exhibit 10(i) to Post-Effective Amendment No. 81,
                        filed on June 26, 1997 (File No. 2-34393).



             (j)        Opinion and Consent of Counsel with respect to shares of
                        Janus Money Market Fund, Janus Government Money Market
                        Fund and Janus Tax-Exempt Money Market Fund is
                        incorporated herein by reference to Exhibit 10(j) to
                        Post-Effective Amendment No. 81, filed on June 26, 1997
                        (File No. 2-34393).

             (k)        Opinion and Consent of Counsel with respect to
                        Institutional Shares of Janus Money Market Fund, Janus
                        Government Money Market Fund and Janus Tax-Exempt Money
                        Market Fund is incorporated herein by reference to
                        Exhibit 10(k) to Post-Effective Amendment No. 81, filed
                        on June 26, 1997 (File No. 2-34393).

             (l)        Opinion and Consent of Counsel with respect to shares of
                        Janus High-Yield Fund and Janus Olympus Fund is
                        incorporated herein by reference to Exhibit 10(l) to
                        Post-Effective Amendment No. 68, filed on September 14,
                        1995 (File No. 2-34393).

             (m)        Opinion and Consent of Counsel with respect to shares of
                        Janus Equity Income Fund is incorporated herein by
                        reference to Exhibit 10(m) to Post-Effective Amendment
                        No. 72, filed on March 15, 1996 (File No. 2-34393).

             (n)        Opinion and Consent of Counsel with respect to shares of
                        Janus Special Situations Fund filed as Exhibit 10(n) to
                        Post-Effective Amendment No. 75, filed on September 11,
                        1996 (File No. 2-34393), has been withdrawn.

             (o)        Opinion and Consent of Counsel with respect to shares of
                        Janus Money Market Fund, Janus Government Money Market
                        Fund, and Janus Tax-Exempt Money Market Fund is
                        incorporated herein by reference to Exhibit 10(o) to
                        Post-Effective Amendment No. 76, filed on September 23,
                        1996 (File No. 2-34393).

             (p)        Opinion and Consent of Counsel with respect to shares of
                        Janus Global Life Sciences Fund filed as Exhibit 10(p)
                        to Post-Effective Amendment No. 82, filed on September
                        16, 1997 (File No. 2-34393), has been withdrawn.

             (q)        Opinion and Consent of Counsel with respect to shares of
                        Janus Global Life Sciences Fund and Janus Global
                        Technology Fund is incorporated herein by reference to
                        Exhibit 9(q) to Post-Effective Amendment No. 85, filed
                        on September 10, 1998 (File No. 2-34393).

             (r)        Opinion and Consent of Counsel with respect to shares of
                        Janus



                        Strategic Value Fund is incorporated herein by reference
                        to Exhibit 9(r) to Post-Effective Amendment No. 88,
                        filed on November 15, 1999 (File No. 2-34393).

             (s)        Opinion and Consent of Counsel with respect to shares of
                        Janus Orion Fund is incorporated herein by reference to
                        Exhibit 9(s) to Post-Effective Amendment No. 92, filed
                        on March 17, 2000 (File No. 2-34393).

             (t)        Opinion and Consent of Counsel with respect to shares of
                        Janus Fund 2 filed as Exhibit 9(t) to Post-Effective
                        Amendment No. 95, filed on September 13, 2000 (File No.
                        2-34393), has been withdrawn.

             (u)        Opinion and Consent of Counsel with respect to Janus
                        Global Value Fund is incorporated herein by reference to
                        Exhibit 9(u) to Post-Effective Amendment No. 98, filed
                        on March 15, 2001 (File No. 2-34393).

             (v)        Opinion and Consent of Counsel with respect to Janus
                        Institutional Cash Reserves Fund is incorporated herein
                        by reference to Exhibit 9(v) to Post-Effective Amendment
                        No. 104, filed on February 28, 2002 (File No. 2-34393).

             (w)        Opinion and Consent of Counsel with respect to Janus
                        Risk-Managed Stock Fund is incorporated herein by
                        reference to Exhibit 9(w) to Post-Effective Amendment
                        No. 105, filed on December 13, 2002 (File No. 2-34393).

             (x)        Opinion and Consent of Counsel with respect to Janus Mid
                        Cap Value Fund and Janus Small Cap Value Fund dated
                        April 17, 2003, is incorporated herein by reference to
                        Exhibit 9(x) to Post-Effective Amendment No. 109, filed
                        on April 17, 2003 (File No. 2-34393).

             (y)        Opinion and Consent of Counsel with respect to Janus
                        Explorer Fund and Janus Research Fund is incorporated
                        herein by reference to Exhibit 9(y) to Post-Effective
                        Amendment No. 112, filed on December 10, 2004 (File No.
                        2-34393).

             (z)        Opinion and Consent of Counsel with respect to Janus
                        Smart Portfolio - Growth, Janus Smart Portfolio -
                        Moderate and Janus Smart Portfolio - Conservative is
                        incorporated herein by reference to Exhibit 9(z) to
                        Post-Effective Amendment No. 116, filed on December 30,
                        2005 (File No. 2-34393).



             (aa)       Opinion and Consent of Counsel as to legality of shares
                        being registered to be filed by Amendment.

Exhibit 12              Tax Opinion of Dechert LLP, counsel for the Registrant
                        to be filed by Amendment.

Exhibit 13   (a)        Transfer Agency Agreement with Investors Fiduciary Trust
                        Company filed as Exhibit 9(a) to Post-Effective
                        Amendment No. 79, filed on December 18, 1996 (File No.
                        2-34393), has been withdrawn.

             (b)        Subagency Agreement between Janus Service Corporation
                        and Investors Fiduciary Trust Company filed as Exhibit
                        9(b) to Post-Effective Amendment No. 79, filed on
                        December 18, 1996 (File No. 2-34393), has been
                        withdrawn.

             (c)        Form of Administration Agreement with Janus Capital
                        Corporation for Janus Money Market Fund, Janus
                        Government Money Market Fund and Janus Tax-Exempt Money
                        Market Fund is incorporated herein by reference to
                        Exhibit 9(c) to Post-Effective Amendment No. 81, filed
                        on June 26, 1997 (File No. 2-34393).

             (d)        Transfer Agency Agreement dated December 9, 1994, with
                        Janus Service Corporation for Janus Money Market Fund,
                        Janus Government Money Market Fund and Janus Tax-Exempt
                        Money Market Fund filed as Exhibit 9(d) to
                        Post-Effective Amendment No. 64, filed on February 8,
                        1995 (File No. 2-34393), has been withdrawn.

             (e)        Transfer Agency Agreement dated September 27, 1995, with
                        Janus Service Corporation for Janus Money Market Fund,
                        Janus Government Money Market Fund, Janus Tax-Exempt
                        Money Market Fund, Janus High-Yield Fund and Janus
                        Olympus Fund is incorporated herein by reference to
                        Exhibit 9(e) to Post-Effective Amendment No. 70, filed
                        on November 28, 1995 (File No. 2-34393).

             (f)        Letter Agreement dated December 21, 1995, regarding
                        Janus Service Corporation Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 9(f) to
                        Post-Effective Amendment No. 72, filed on March 15, 1996
                        (File No. 2-34393).



             (g)        Letter Agreement dated May 21, 1996, regarding Janus
                        Service Corporation Transfer Agency Agreement is
                        incorporated by reference to Exhibit 9(g) to
                        Post-Effective Amendment No. 73, filed on May 28, 1996
                        (File No. 2-34393).

             (h)        Form of Amended Administration Agreement with Janus
                        Capital Corporation for Janus Money Market Fund, Janus
                        Government Money Market Fund, and Janus Tax-Exempt Money
                        Market Fund is incorporated by reference to Exhibit 9(h)
                        to Post-Effective Amendment No. 77, filed on November
                        21, 1996 (File No. 2-34393).

             (i)        Letter Agreement dated September 10, 1996, regarding
                        Janus Service Corporation Transfer Agency Agreement
                        filed as Exhibit 9(i) to Post-Effective Amendment No.
                        76, filed on September 23, 1996 (File No. 2-34393), has
                        been withdrawn.

             (j)        Letter Agreement dated September 9, 1997, regarding
                        Janus Service Corporation Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 9(j) to
                        Post-Effective Amendment No. 82, filed on September 16,
                        1997 (File No. 2-34393).

             (k)        Form of Letter Agreement dated September 14, 1998,
                        regarding Janus Service Corporation Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(k) to Post-Effective Amendment No. 85, filed on
                        September 10, 1998 (File No. 2-34393).

             (l)        Letter Agreement dated September 14, 1999, regarding
                        Janus Service Corporation Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 8(l) to
                        Post-Effective Amendment No. 88, filed on November 15,
                        1999 (File No. 2-34393).

             (m)        Form of Letter Agreement dated April 3, 2000, regarding
                        Janus Service Corporation Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 8(m) to
                        Post-Effective Amendment No. 92, filed on March 17, 2000
                        (File No. 2-34393).

             (n)        Form of Letter Agreement dated September 26, 2000,
                        regarding Janus Service Corporation Transfer Agency
                        Agreement filed as Exhibit 8(n) to Post-Effective
                        Amendment No. 95, filed on September 13, 2000 (File No.
                        2-34393), has been withdrawn.

             (o)        Form of Letter Agreement dated September 26, 2000,
                        regarding Janus Service Corporation Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(o) to Post-Effective



                        Amendment No. 96, filed on December 18, 2000 (File No.
                        2-34393).

             (p)        Letter Agreement dated March 13, 2001, regarding Janus
                        Service Corporation Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 8(p) to
                        Post-Effective Amendment No. 98, filed on March 15, 2001
                        (File No. 2-34393).

             (q)        Form of Letter Agreement dated July 1, 2001 regarding
                        Janus Service Corporation Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 8(q) to
                        Post-Effective Amendment No. 99, filed on June 1, 2001
                        (File No. 2-34393).

             (r)        Form of Letter Agreement dated July 31, 2001 regarding
                        Janus Service Corporation Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 8(r) to
                        Post-Effective Amendment No. 99, filed on June 1, 2001
                        (File No. 2-34393).

             (s)        Form of Letter Agreement regarding Janus Service
                        Corporation Transfer Agency Agreement is incorporated
                        herein by reference to Exhibit 8(s) to Post-Effective
                        Amendment No. 104, filed on February 28, 2002 (File No.
                        2-34393).

             (t)        Form of Administration Agreement with Janus Capital
                        Corporation for Janus Institutional Cash Reserves Fund
                        is incorporated herein by reference to Exhibit 8(t) to
                        Post-Effective Amendment No. 104, filed on February 28,
                        2002 (File No. 2-34393).

             (u)        Amended and Restated Transfer Agency Agreement dated
                        June 18, 2002, between Janus Investment Fund and Janus
                        Services LLC is incorporated herein by reference to
                        Exhibit 8(u) to Post-Effective Amendment No. 105, filed
                        on December 13, 2002 (File No. 2-34393).

             (v)        Form of Letter Agreement regarding Janus Services LLC
                        Transfer Agency Agreement is incorporated herein by
                        reference to Exhibit 8(v) to Post-Effective Amendment
                        No. 105, filed on December 13, 2002 (File No. 2-34393).

             (w)        Form of Letter Agreement regarding Janus Services LLC
                        Transfer Agency Agreement is incorporated herein by
                        reference to Exhibit 8(w) to Post-Effective Amendment
                        No. 106, filed on January 3, 2003 (File No. 2-34393).

             (x)        Form of Agreement and Plan of Reorganization by and
                        among



                        Janus Investment Fund and Berger Omni Investment Trust
                        is incorporated herein by reference to Exhibit 8(x) to
                        Post-Effective Amendment No. 106, filed on January 3,
                        2003 (File No. 2-34393).

             (y)        Form of Agreement and Plan of Reorganization by and
                        among Janus Investment Fund and Berger Investment
                        Portfolio Trust is incorporated herein by reference to
                        Exhibit 8(y) to Post-Effective Amendment No. 106, filed
                        on January 3, 2003 (File No. 2-34393).

             (z)        Form of Agreement regarding Administrative Services
                        between Janus Capital Management LLC and Janus
                        Investment Fund with respect to Janus Mid Cap Value Fund
                        is incorporated herein by reference to Exhibit 8(z) to
                        Post-Effective Amendment No. 106, filed on January 3,
                        2003 (File No. 2-34393).

             (aa)       Form of Agreement regarding Administrative Services
                        between Janus Capital Management LLC and Janus
                        Investment Fund with respect to Janus Small Cap Value
                        Fund is incorporated herein by reference to Exhibit
                        8(aa) to Post-Effective Amendment No. 106, filed on
                        January 3, 2003 (File No. 2-34393).

             (bb)       Letter Agreement dated September 17, 2003 regarding
                        Janus Services LLC Amended and Restated Transfer Agency
                        Agreement and Janus Overseas Fund is incorporated herein
                        by reference to Exhibit 8(bb) to Post-Effective
                        Amendment No. 110, filed on December 23, 2003 (File No.
                        2-34393).

             (cc)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Federal Tax-Exempt Fund dated
                        July 1, 2003 is incorporated herein by reference to
                        Exhibit 8(cc) to Post-Effective Amendment No. 110, filed
                        on December 23, 2003 (File No. 2-34393).

             (dd)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Flexible Income Fund dated July
                        1, 2003 is incorporated herein by reference to Exhibit
                        8(dd) to Post-Effective Amendment No. 110, filed on
                        December 23, 2003 (File No. 2-34393).

             (ee)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Government Money Market Fund
                        dated July 1, 2003 is incorporated herein by reference
                        to Exhibit 8(ee) to Post-Effective Amendment No. 110,
                        filed on December 23, 2003 (File No. 2-34393).

             (ff)       Expense Limitation Agreement between Janus Capital



                        Management LLC and Janus High-Yield Fund dated July 1,
                        2003 is incorporated herein by reference to Exhibit
                        8(ff) to Post-Effective Amendment No. 110, filed on
                        December 23, 2003 (File No. 2-34393).

             (gg)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Institutional Cash Reserves
                        Fund dated July 1, 2003 is incorporated herein by
                        reference to Exhibit 8(gg) to Post-Effective Amendment
                        No. 110, filed on December 23, 2003 (File No. 2-34393).

             (hh)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Money Market Fund dated July 1,
                        2003 is incorporated herein by reference to Exhibit
                        8(hh) to Post-Effective Amendment No. 110, filed on
                        December 23, 2003 (File No. 2-34393).

             (ii)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Short-Term Bond Fund dated July
                        1, 2003 is incorporated herein by reference to Exhibit
                        8(ii) to Post-Effective Amendment No. 110, filed on
                        December 23, 2003 (File No. 2-34393).

             (jj)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Tax-Exempt Money Market Fund
                        dated July 1, 2003 is incorporated herein by reference
                        to Exhibit 8(jj) to Post-Effective Amendment No. 110,
                        filed on December 23, 2003 (File No. 2-34393).

             (kk)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Institutional Cash Reserves
                        Fund dated July 1, 2004 is incorporated herein by
                        reference to Exhibit 8(kk) to Post-Effective Amendment
                        No. 112, filed on December 10, 2004 (File No. 2-34393).

             (ll)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Federal Tax-Exempt Fund dated
                        July 1, 2004 is incorporated herein by reference to
                        Exhibit 8(ll) to Post-Effective Amendment No. 112, filed
                        on December 10, 2004 (File No. 2-34393).

             (mm)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Flexible Income Fund dated July
                        1, 2004 is incorporated herein by reference to Exhibit
                        8(mm) to Post-Effective Amendment No. 112, filed on
                        December 10, 2004 (File No. 2-34393).



             (nn)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Government Money Market Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 8(nn) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (oo)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus High-Yield Fund dated July 1,
                        2004 is incorporated herein by reference to Exhibit
                        8(oo) to Post-Effective Amendment No. 112, filed on
                        December 10, 2004 (File No. 2-34393).

             (pp)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Money Market Fund dated July 1,
                        2004 is incorporated herein by reference to Exhibit
                        8(pp) to Post-Effective Amendment No. 112, filed on
                        December 10, 2004 (File No. 2-34393).

             (qq)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Short-Term Bond Fund dated July
                        1, 2004 is incorporated herein by reference to Exhibit
                        8(qq) to Post-Effective Amendment No. 112, filed on
                        December 10, 2004 (File No. 2-34393).

             (rr)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Tax-Exempt Money Market Fund
                        dated July 1, 2004 is incorporated herein by reference
                        to Exhibit 8(rr) to Post-Effective Amendment No. 112,
                        filed on December 10, 2004 (File No. 2-34393).

             (ss)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Explorer Fund dated December 2,
                        2004 is incorporated herein by reference to Exhibit
                        8(ss) to Post-Effective Amendment No. 112, filed on
                        December 10, 2004 (File No. 2-34393).

             (tt)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Research Fund dated December 2,
                        2004 is incorporated herein by reference to Exhibit
                        8(tt) to Post-Effective Amendment No. 112, filed on
                        December 10, 2004 (File No. 2-34393).

             (uu)       Form of Letter Agreement regarding Janus Services LLC
                        Amended and Restated Transfer Agency Agreement is
                        incorporated herein by reference to Exhibit 8(uu) to
                        Post-Effective



                        Amendment No. 112, filed on December 10, 2004 (File No.
                        2-34393).

             (vv)       Letter Agreement between Janus Capital Management LLC
                        and Janus Investment Fund regarding Janus Explorer Fund
                        is incorporated herein by reference to Exhibit 8(vv) to
                        Post-Effective Amendment No. 113, filed on February 24,
                        2005 (File No. 2-34393).

             (ww)       Letter Agreement regarding Janus Services LLC Amended
                        and Restated Transfer Agency Agreement is incorporated
                        herein by reference to Exhibit 8(ww) to Post-Effective
                        Amendment No. 113, filed on February 24, 2005 (File No.
                        2-34393).

             (xx)       Letter Agreement dated February 9, 2005, regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(xx) to Post-Effective Amendment No. 114, filed on
                        October 14, 2005 (File No. 2-34393).

             (yy)       Letter Agreement between Janus Capital Management LLC
                        and Janus Investment Fund regarding Janus Flexible
                        Income Fund is incorporated herein by reference to
                        Exhbit 8(yy) to Post-Effective Amendment No. 114, filed
                        on October 14, 2005 (File No. 2-34393).

             (zz)       Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Federal Tax-Exempt Fund dated
                        July 1, 2005 is incorporated herein by reference to
                        Exhibit 8(zz) to Post-Effective Amendment No. 114, filed
                        on October 14, 2005 (File No. 2-34393).

             (aaa)      Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Flexible Bond Fund dated July
                        1, 2005 is incorporated herein by reference to Exhibit
                        8(aaa) to Post-Effective Amendment No. 114, filed on
                        October 14, 2005 (File No. 2-34393).

             (bbb)      Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus High-Yield Fund dated July 1,
                        2005 is incorporated herein by reference to Exhibit
                        8(bbb) to Post-Effective Amendment No. 114, filed on
                        October 14, 2005 (File No. 2-34393).

             (ccc)      Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Short-Term Bond Fund dated
                        July 1,



                        2005 is incorporated herein by reference to Exhibit
                        8(ccc) to Post-Effective Amendment No. 114, filed on
                        October 14, 2005 (File No. 2-34393).

             (ddd)      Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Research Fund dated July 1,
                        2005 is incorporated herein by reference to Exhibit
                        8(ddd) to Post-Effective Amendment No. 114, filed on
                        October 14, 2005 (File No. 2-34393).

             (eee)      Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Triton Fund dated July 1, 2005
                        is incorporated herein by reference to Exhibit 8(eee) to
                        Post-Effective Amendment No. 114, filed on October 14,
                        2005 (File No. 2-34393).

             (fff)      Form of Administration Agreement between Janus
                        Investment Fund, on behalf of Janus Smart Portfolio -
                        Growth, Janus Smart Portfolio - Moderate and Janus Smart
                        Portfolio - Conservative, and Janus Capital Management
                        LLC is incorporated herein by reference to Exhibit
                        8(fff) to Post-Effective Amendment No. 114, filed on
                        October 14, 2005 (File No. 2-34393).

             (ggg)      Form of Letter Agreement regarding Janus Services LLC
                        Amended and Restated Transfer Agency is incorporated
                        herein by reference to Exhibit 8(ggg) to Post-Effective
                        Amendment No. 114, filed on October 14, 2005 (File No.
                        2-34393).

             (hhh)      Form of Expense Limitation Agreement between Janus
                        Capital Management LLC and Janus Investment Fund, on
                        behalf of Janus Smart Portfolio-Growth is incorporated
                        herein by reference to Exhibit 8(hhh) to Post-Effective
                        Amendment No. 116, filed on December 30, 2005 (File No.
                        2-34393).

             (iii)      Form of Expense Limitation Agreement between Janus
                        Capital Management LLC and Janus Investment Fund, on
                        behalf of Janus Smart Portfolio-Moderate is incorporated
                        herein by reference to Exhibit 8(iii) to Post-Effective
                        Amendment No. 116, filed on December 30, 2005 (File No.
                        2-34393).

             (jjj)      Form of Expense Limitation Agreement between Janus
                        Capital Management LLC and Janus Investment Fund, on
                        behalf of Janus Smart Portfolio-Conservative is
                        incorporated herein by reference to Exhibit 8(jjj) to
                        Post-Effective Amendment No. 116, filed on December 30,
                        2005 (File No. 2-34393).



             (kkk)      Form of Letter Agreement regarding Amended and Restated
                        Transfer Agency Agreement is incorporated herein by
                        reference to Exhibit 8(kkk) to Post-Effective Amendment
                        No. 117, filed on February 27, 2006 (File No. 2-34393).

             (lll)      Letter Agreement dated April 18, 2006 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(lll) to Post-Effective Amendment No. 119, filed on
                        December 19, 2006 (File No. 2-34393).

             (mmm)      Amendment dated June 14, 2006 to Administration
                        Agreement between Janus Investment Fund, on behalf of
                        Janus Government Money Market Fund, and Janus Capital
                        Management LLC is incorporated herein by reference to
                        Exhibit 8(mmm) to Post-Effective Amendment No. 119,
                        filed on December 19, 2006 (File No. 2-34393).

             (nnn)      Amendment dated June 14, 2006 to Administration
                        Agreement between Janus Investment Fund, on behalf of
                        Janus Institutional Cash Reserves Fund, and Janus
                        Capital Management LLC is incorporated herein by
                        reference to Exhibit 8(nnn) to Post-Effective Amendment
                        No. 119, filed on December 19, 2006 (File No. 2-34393).

             (ooo)      Amendment dated June 14, 2006 to Administration
                        Agreement between Janus Investment Fund, on behalf of
                        Janus Money Market Fund, and Janus Capital Management
                        LLC is incorporated herein by reference to Exhibit
                        8(ooo) to Post-Effective Amendment No. 119, filed on
                        December 19, 2006 (File No. 2-34393).

             (ppp)      Amendment dated June 14, 2006 to Administration
                        Agreement between Janus Investment Fund, on behalf of
                        Janus Smart Portfolio - Growth, Janus Smart Portfolio -
                        Moderate, Janus Smart Portfolio - Conservative, and
                        Janus Capital Management LLC is incorporated herein by
                        reference to Exhibit 8(ppp) to Post-Effective Amendment
                        No. 119, filed on December 19, 2006 (File No. 2-34393).

             (qqq)      Amendment dated June 14, 2006 to Administration
                        Agreement between Janus Investment Fund, on behalf of
                        Janus Tax-Exempt Money Market Fund, and Janus Capital
                        Management LLC is incorporated herein by reference to
                        Exhibit 8(qqq) to Post-Effective Amendment No. 119,
                        filed on December 19, 2006 (File No. 2-34393).



             (rrr)      Expense Limitation Agreement between Janus Capital
                        Management LLC and Janus Investment Fund, on behalf of
                        Janus Worldwide Fund, is incorporated herein by
                        reference to Exhibit 8(rrr) to Post-Effective Amendment
                        No. 119, filed on December 19, 2006 (File No. 2-34393).

             (sss)      Letter Agreement dated November 1, 2006 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(sss) to Post-Effective Amendment No. 119, filed on
                        December 19, 2006 (File No. 2-34393).

             (ttt)      Letter Agreement dated December 14, 2006 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(ttt) to Post-Effective Amendment No. 119, filed on
                        December 19, 2006 (File No. 2-34393).

             (uuu)      Letter Agreement dated December 20, 2006 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(uuu) to Post-Effective Amendment No. 120, filed on
                        February 28, 2007 (File No. 2-34393).

             (vvv)      Agreement and Plan of Reorganization by and among Janus
                        Investment Fund and Janus Adviser Series dated February
                        23, 2007 is incorporated herein by reference to Exhibit
                        8(vvv) to Post-Effective Amendment No. 120, filed on
                        February 28, 2007 (File No. 2-34393).

             (www)      Agreement and Plan of Reorganization by and among Janus
                        Investment Fund and Janus Capital Management LLC dated
                        February 23, 2007 is incorporated herein by reference to
                        Exhibit 8(www) to Post-Effective Amendment No. 120,
                        filed on February 28, 2007 (File No. 2-34393).

             (xxx)      Letter Agreement dated February 23, 2007 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(xxx) to Post-Effective Amendment No. 120, filed on
                        February 28, 2007 (File No. 2-34393).



             (yyy)      First Amendment dated December 14, 2007 to the Amended
                        and Restated Transfer Agency Agreement, between Janus
                        Investment Fund and Janus Services LLC is incorporated
                        herein by reference to Exhibit 8(yyy) to Post-Effective
                        Amendment No. 122, filed on February 28, 2008 (File No.
                        2-34393).

             (zzz)      Letter Agreement dated December 21, 2007 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(zzz) to Post-Effective Amendment No. 122, filed on
                        February 28, 2008 (File No. 2-34393).

             (aaaa)     Letter Agreement dated February 26, 2008 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(aaaa) to Post-Effective Amendment No. 122, filed on
                        February 28, 2008 (File No. 2-34393).

             (bbbb)     Letter Agreement dated August 29, 2008 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(bbbb) to Post-Effective Amendment No. 123, filed on
                        February 27, 2009 (File No. 2-34393).

             (cccc)     Second Amendment dated October 2, 2008 to the Amended
                        and Restated Transfer Agency Agreement, between Janus
                        Investment Fund and Janus Services LLC is incorporated
                        herein by reference to Exhibit 8(cccc) to Post-Effective
                        Amendment No. 123, filed on February 27, 2009 (File No.
                        2-34393).

             (dddd)     Letter Agreement dated October 2, 2008 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(dddd) to Post-Effective Amendment No. 123, filed on
                        February 27, 2009 (File No. 2-34393).

             (eeee)     Letter Agreement dated December 29, 2008 regarding Janus
                        Services LLC Amended and Restated Transfer Agency
                        Agreement is incorporated herein by reference to Exhibit
                        8(eeee) to Post-Effective Amendment No. 123, filed on
                        February 27, 2009 (File No. 2-34393).

             (ffff)     Form of Expense Limitation Agreement between Janus
                        Capital Management LLC and Janus Investment Fund to be
                        filed by Amendment.



Exhibit 14              Consent of PricewaterhouseCoopers LLP to be filed by
                        Amendment.

Exhibit 15              Not applicable.

Exhibit 16   (a)        Powers of Attorney dated as of January 1, 2006 are
                        incorporated herein by reference to Exhibit 15(a) to
                        Post-Effective Amendment No. 117, filed on February 27,
                        2006 (File No. 2-34393).

             (b)        Powers of Attorney dated as of March 16, 2007 are
                        incorporated herein by reference to Exhibit 15(b) to
                        Post-Effective Amendment No. 121, filed on December 14,
                        2007 (File No. 2-34393).

             (c)        Powers of Attorney dated as of April 11, 2008, are
                        incorporated herein by reference to Exhibit 15(c) to
                        Post-Effective Amendment No. 123, filed on February 27,
                        2009 (File No. 2-34393).

Exhibit 17   (a)        Janus Ethics Rules filed as Exhibit 15 to Post-Effective
                        Amendment No. 95, filed on September 13, 2000 (File No.
                        2-34393), have been withdrawn.

             (b)        Amended Janus Ethics Rules filed as Exhibit 15(b) to
                        Post-Effective Amendment No. 98, filed on March 15, 2001
                        (File No. 2-34393), have been withdrawn.

             (c)        Amended Janus Ethics Rules filed as Exhibit 15(c) to
                        Post-Effective Amendment No. 100, filed on July 31, 2001
                        (File No. 2-34393), have been withdrawn.

             (d)        Amended Janus Ethics Rules filed as Exhibit 15(d) to
                        Post-Effective Amendment No. 105, filed on December 13,
                        2002 (File No. 2-34393), have been withdrawn.

             (e)        Code of Ethics and Statement of Personal Trading
                        Policies for Enhanced Investment Technologies, LLC filed
                        as Exhibit 15(e) to Post-Effective Amendment No. 105,
                        filed on December 13, 2002 (File No. 2-34393), have been
                        withdrawn.

             (f)        Code of Ethics and Statement of Personal Trading
                        Policies for Perkins, Wolf, McDonnell and Company filed
                        as Exhibit 15(f) to Post-Effective Amendment No. 106,
                        filed on January 3, 2003 (File No. 2-34393), have been
                        withdrawn.

             (g)        Amended Janus Ethics Rules filed as Exhibit 15(g) to
                        Post-Effective Amendment No 107, filed on February 28,
                        2003 (File No. 2-32393), have been withdrawn.



             (h)        Amended Janus Ethics Rules filed as Exhibit 15(h) to
                        Post-Effective Amendment No. 109, filed on April 17,
                        2003 (File No. 2-32393), have been withdrawn.

             (i)        Amended Janus Ethics Rules filed as Exhibit 15(i) to
                        Post-Effective Amendment No. 110, filed on December 23,
                        2003 (File No. 2-34393), have been withdrawn.

             (j)        Amended Janus Ethics Rules filed as Exhibit 15(j) to
                        Post-Effective Amendment No. 111, filed on February 27,
                        2004 (File No. 2-34393), have been withdrawn.

             (k)        Amended Janus Ethics Rules filed as Exhibit 16(k) to
                        Post-Effective Amendment No. 112, filed on December 10,
                        2004 (File No. 2-34393), have been withdrawn.

             (l)        Code of Ethics of Perkins, Wolf, McDonnell and Company,
                        LLC revised July 7, 2004 filed as Exhibit 16(l) to
                        Post-Effective Amendment 113, filed on February 24, 2005
                        (File No. 2-34393), have been withdrawn.

             (m)        Amended Janus Ethics Rules filed as Exhibit 16(m) to
                        Post-Effective Amendment 113, filed on February 24, 2005
                        (File No. 2-34393), have been withdrawn.

             (n)        Amended Janus Ethics Rules dated September 20, 2005 are
                        filed as Exhibit 16(n) to Post-Effective Amendment No.
                        114, filed on October 14, 2005 (File No. 2-34393), have
                        been withdrawn.

             (o)        Code of Ethics of Perkins, Wolf, McDonnell and Company,
                        LLC revised April 27, 2005 is incorporated herein by
                        reference to Exhibit 16(o) to Post-Effective Amendment
                        No. 115, filed on December 16, 2005 (File No. 2-34393).

             (p)        Amended Janus Ethics Rules dated December 6, 2005 are
                        incorporated herein by reference to Exhibit 16(p) to
                        Post-Effective Amendment No. 115, filed on December 16,
                        2005 (File No. 2-34393).

             (q)        Amended Janus Ethics Rules dated July 12, 2006 are
                        incorporated herein by reference to Exhibit 17 to N-14/A
                        Pre-Effective Amendment No. 1, filed on August 8, 2006
                        (File No. 2-234393).

             (r)        Code of Ethics for Perkins, Wolf, McDonnell and Company,
                        LLC revised October 11, 2006, is incorporated herein by
                        reference to



                        Exhibit 16(r) to Post-Effective Amendment No. 119, filed
                        on December 19, 2006 (File No. 2-34393).

             (s)        Amended Janus Ethics Rules dated November 21, 2006 are
                        incorporated herein by reference to Exhibit 16(s) to
                        Post-Effective Amendment No. 119, filed on December 19,
                        2006 (File No. 2-34393).

             (t)        Amended Janus Ethics Rules dated January 26, 2007 are
                        incorporated herein by reference to Exhibit 16(t) to
                        Post-Effective Amendment No. 120, filed on February 28,
                        2007 (File No. 2-34393).

             (u)        Amended Janus Ethics Rules dated August 22, 2007 are
                        incorporated herein by reference to Exhibit 16(u) to
                        Post-Effective Amendment No. 121, filed on December 14,
                        2007 (File No. 2-34393).

             (v)        Code of Ethics for Perkins, Wolf, McDonnell and Company,
                        LLC revised June 1, 2007 is incorporated herein by
                        reference to Exhibit 16(v) to Post-Effective Amendment
                        No. 121, filed on December 14, 2007 (File No. 2-34393).

             (w)        Amended Janus Ethics Rules dated February 19, 2008 are
                        incorporated herein by reference to Exhibit 16(w) to
                        Post-Effective Amendment No. 122, filed on February 28,
                        2008 (File No. 2-34393).

             (x)        Janus Ethics Rules, revised February 18, 2009, are
                        incorporated herein by reference to Exhibit 16(x) to
                        Post-Effective Amendment No. 123, filed on February 27,
                        2009 (File No. 2-34393).

ITEM 17. Undertakings

(1) The undersigned registrant agrees that prior to any public reoffering of the
securities registered through the use of a prospectus which is a part of this
registration statement by any person or party who is deemed to be an underwriter
within the meaning of Rule 145(c) of the Securities Act, the reoffering
prospectus will contain the information called for by the applicable
registration form for by the applicable registration form for the reofferings by
persons who may be deemed underwriters, in addition to the information called
for by the other items of the applicable form.

(2) The undersigned registrant agrees that every prospectus that is filed under
paragraph (1) above will be filed as a part of an amendment to the registration
statement and will not be used until the amendment is effective, and that, in
determining any liability under the 1933 Act, each post-effective amendment
shall be deemed to be a new registration statement for the securities



offered therein, and the offering of the securities at that time shall be deemed
to be the initial bona fide offering of them.



                                   SIGNATURES


     As required by the Securities Act of 1933, as amended, the Registrant has
duly caused this Registration Statement on Form N-14 to be signed on its behalf
by the undersigned, thereto duly authorized, in the City of Denver, and State of
Colorado, on the 21st day of April, 2009.


                                        JANUS INVESTMENT FUND


                                        By: /s/ Robin C. Beery
                                            ------------------------------------
                                            Robin C. Beery, President and
                                            Chief Executive Officer

     As required by the Securities Act of 1933, as amended, this Registration
Statement on Form N-14 has been signed below by the following persons in the
capacities and on the dates indicated.




Signature                                                  Title                          Date
---------                                                  -----                          ----
                                                                               


/s/ Robin C. Beery                      President and Chief Executive Officer        April 21, 2009
-------------------------------------   (Principal Executive Officer)
Robin C. Beery


/s/ Jesper Nergaard                     Vice President, Chief Financial Officer,     April 21, 2009
-------------------------------------   Treasurer and Principal Accounting Officer
Jesper Nergaard                         (Principal Financial Officer and
                                        Principal Accounting Officer)


William F. McCalpin*                    Chairman and Trustee                         April 21, 2009
-------------------------------------
William F. McCalpin


Jerome S. Contro*                       Trustee                                      April 21, 2009
-------------------------------------
Jerome S. Contro


John W. McCarter, Jr.*                  Trustee                                      April 21, 2009
-------------------------------------
John W. McCarter, Jr.


Dennis B. Mullen*                       Trustee                                      April 21, 2009
-------------------------------------
Dennis B. Mullen








Signature                                                  Title                          Date
---------                                                  -----                          ----
                                                                               


James T. Rothe*                         Trustee                                      April 21, 2009
-------------------------------------
James T. Rothe


William D. Stewart*                     Trustee                                      April 21, 2009
-------------------------------------
William D. Stewart


Martin H. Waldinger*                    Trustee                                      April 21, 2009
-------------------------------------
Martin H. Waldinger


Linda S. Wolf*                          Trustee                                      April 21, 2009
-------------------------------------
Linda S. Wolf




/s/ Stephanie Grauerholz-Lofton
-------------------------------------
*By: Stephanie Grauerholz-Lofton
     Attorney-in-Fact

     Pursuant to Powers of Attorney dated April 11, 2008, incorporated by
     reference to Exhibit 15(c) to Post-Effective Amendment No. 123, filed on
     February 27, 2009 (File No. 2-34393).

COVER

[Janus letterhead]



April 21, 2009


EDGAR Operations Branch
Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, DC 20549-0505

Re:  JANUS INVESTMENT FUND (the "Registrant")
     1933 Act File No. 2-34393
     1940 Act File No. 811-1879

Dear Sir or Madam:

The Registrant is transmitting today for filing under the Securities Act of
1933, as amended, Pre-Effective Amendment No. 1 to the registration statement on
Form N-14 (the "Registration Statement") relating to the registration of shares
of beneficial interest to be issued in connection with the reorganization of
Janus Adviser Flexible Bond Fund (the "Acquired Fund"), a series of Janus
Adviser Series, into Janus Flexible Bond Fund (the "Acquiring Fund"), a series
of the Registrant (the "Reorganization). The purpose for filing the Registration
Statement is to revise the pro forma financial statements that were filed as a
part of the initial registration statement filed on Form N-14 on March 17, 2009.
(Any additional comments received from the Staff will be addressed under a
separate filing.) The pro forma financial statements were revised as a result of
amendments to the methodology used in calculating the starting NAV for the
Acquiring Fund's new shares classes, which were discussed with the Staff on an
April 16, 2009 telephone conference call. The statement of additional
information has been redlined to show changes from the initial registration
statement. Since the Staff has previously reviewed the contents of the
Registration Statement, the Registrant respectfully requests selective review of
only the above referenced revisions.

The Registration Statement is also being filed under the Securities Exchange Act
of 1934, as amended. No filing fee is due in connection with this filing.

If you have any questions regarding this filing, please call me at (303)
336-4562.

Sincerely,

/s/ Rodney A. DeWalt

Rodney A. DeWalt
Legal Counsel

Enclosures

cc:  Stephanie Grauerholz-Lofton, Esq.
     Larry Greene, Esq.
     Robin R. Nesbitt, Esq.
     Cindy A. Antonson
     Donna Brungardt