Janus Announces First Quarter 2006 Results

Janus Capital Group Inc. (NYSE: JNS) today reported first quarternet income of $35.3 million, or $0.17 per diluted share, compared withnet income of $10.8 million, or $0.05 per diluted share, in the fourthquarter 2005, and $19.6 million, or $0.09 per diluted share, in thefirst quarter 2005. The company's Investment Management operatingmargins for the first quarter 2006 were 27.1% compared with 24.6% inthe fourth quarter 2005 and 20.6% in the first quarter 2005.

First quarter 2006 results include a $10 million insurancerecovery, partially offset by approximately $5 million ofnon-recurring charges, including facility write-offs, severance andother administrative costs.

Beginning this quarter and for future quarters, Janus will onlyreport GAAP results. For informational purposes, the companypreviously disclosed adjusted earnings per diluted share of $0.16 and$0.11 for the fourth quarter 2005 and first quarter 2005,respectively.

Flows and Assets Under Management

Average assets under management during the first quarter were$154.4 billion compared with $142.6 billion during the fourth quarter2005, an 8.3% increase. At March 31, 2006, the company's total assetsunder management were $158.1 billion compared with $148.5 billion atDecember 31, 2005. The higher assets in the first quarter reflectlong-term net inflows of $3.5 billion, money market net outflows of$0.8 billion and a total of $6.9 billion in market appreciation andfund performance.

Janus' INTECH subsidiary had net inflows of $4.0 billion in thefirst quarter, and ended the first quarter with more than $50.0billion in assets under management. Excluding INTECH, Janus' long-termnet outflows totaled $0.5 billion in the first quarter 2006 versuslong-term net outflows of $0.9 billion and $3.9 billion in the fourthquarter 2005 and first quarter 2005, respectively.

"Our third straight quarter of positive flows reflects thecompany's steady progress across all parts of our business," saidJanus CEO Gary Black. "On the institutional side, we built on ourmomentum by delivering record sales of nearly $5 billion last quarter.Our positive net flows from financial advisors and fund supermarketsand in our international business were also encouraging signs."

Investment Management

Janus' investment management performance remained strong duringthe first quarter, driving continued improvement in the company'sfive-year results. As of March 31, 2006, approximately 72%, 65% and62% of the funds in the company's primary retail fund family, JanusInvestment Fund (JIF), were in the top half of their Lipper categorieson a one-, three- and five-year total-return basis, respectively. Thefive-year Lipper numbers improved significantly from a year ago, whenonly 25% of the JIF Funds were in the top half of their peercategories on a total-return basis. (Detailed Lipper rankings andperformance data for all JIF funds are on pages 10 - 12.)

"Our investment results are especially encouraging because they'reconsistently strong across multiple time periods and investmentcategories," Black said. "Now our five-year performance is nearly asgood as our one- and three-year numbers."

At the end of March, 52% of the rated funds in Janus' primary fundfamily had received either four- or five-star overall ratings fromMorningstar and 61% of those funds had earned four- or five-starratings on a three-year basis (based on risk-adjusted returns).(Detailed Morningstar ratings are on page 13.)

Financial Discussion
Financial Highlights
(dollars in millions, except per share data or as noted)

Three Months Ended
----------------------------------
March 31, December 31, March 31,
2006 2005 2005
---------- ------------- ---------

Investment Management Segment
------------------------------------
Average Assets (in billions) $154.4 $142.6 $133.8
Ending AUM (in billions) $158.1 $148.5 $131.8
Revenues $232.5 $225.2 $216.0
Operating Expenses $169.6 $169.8 $171.6
Operating Income $62.9 $55.4 $44.4
Operating Margin 27.1% 24.6% 20.6%

Printing and Fulfillment Operating
Loss $(3.7) $(23.4) $(3.1)

Consolidated Net Income $35.3 $10.8 $19.6
Diluted Earnings per Share $0.17 $0.05 $0.09
Shares Repurchased (in millions) 5.7 2.4 7.0
Cost of Shares Repurchased $125.0 $35.4 $100.0

Investment Management Segment - First Quarter 2006 versus FourthQuarter 2005

First quarter revenues increased 3.2% to $232.5 million from$225.2 million in the previous quarter. The increase reflects 8.3%higher average assets under management during the fourth quarterpartially offset by a decline in performance fee revenue from INTECH,fewer days of accrued fees in the first quarter and the continuingshift in asset mix. First quarter 2006 operating expenses reflecthigher employee compensation and benefits, long-term incentivecompensation, and asset-driven distribution costs. The increase inemployee compensation was driven by first quarter salary adjustmentsand higher payroll taxes. Long-term incentive compensation increasedfrom the annual grant made in February combined with acceleratedamortization of the 2005 and 2006 grants based on anticipated 2006financial performance. Including the $5 million net benefit discussedearlier, operating expenses were flat quarter to quarter.

Printing and Fulfillment Segment

Janus' printing business, Rapid Solutions Group (RSG), had anoperating loss of $3.7 million in the first quarter 2006 compared witha $23.4 million fourth quarter 2005 loss that included a $20 milliongoodwill impairment charge. RSG's core results were nearly flatquarter to quarter.

Capital and Liquidity

At March 31, 2006, Janus had stockholders' equity of $2.5 billion,cash and investments of $676.9 million and $376.0 million ofoutstanding debt. As part of its capital and liquidity management,Janus reduced its outstanding shares by 2.1% during the first quarterby repurchasing 5.7 million shares of its common stock at an averageprice of $21.87 per share and a total cost of $125.0 million. Inaddition, Janus purchased 5% of INTECH for $90.0 million, increasingits ownership stake to 82.5%.

On February 16, the Internal Revenue Service informed Janus thatit had accepted the company's tax-free treatment of the 2003 shareexchange transaction between Janus and DST Systems, Inc. (DST). Inexchange for 32.3 million shares of DST common stock, Janus receivedCapital Group Partners (CGP), a corporation that included a printingand graphics design business doing business as RSG and $999 million incash. Under original representations, the cash and investments held atCGP may not be distributed to Janus and no additional stock or debtrepurchases can occur at CGP until at least December 1, 2006, which isthe third anniversary of the transaction.

First Quarter 2006 Earnings Call Information

Janus Capital Group will discuss its results during a conferencecall on Thursday, April 27 at 10 a.m. Eastern Daylight Time. Thecall-in number will be 877-301-7574. Anyone outside the U.S. or Canadashould call 706-643-3623. The slides used during the presentation willbe available in the investor relations section of the Janus CapitalGroup Web site (www.janus.com/ir) approximately one hour prior to thecall. For those unable to join the conference call at the scheduledtime, an audio replay will be available on www.janus.com/ir.

About Janus Capital Group Inc.

Founded in 1969, Denver-based Janus Capital Group Inc. (Janus) isa recognized leader of growth and risk-managed investment strategies.Our commitment to deliver for investors is rooted in ourresearch-intensive approach and relentless passion to gain acompetitive edge.

At the end of March 2006, Janus managed approximately $158 billionin assets for more than four million shareholders, clients andinstitutions around the globe. Outside the U.S., Janus has offices inLondon, Milan, Tokyo and Hong Kong. Janus Capital Group consists ofJanus Capital Management LLC, Enhanced Investment Technologies, LLC(INTECH) and Capital Group Partners, Inc. (doing business as RapidSolutions Group). In addition, Janus Capital Group owns 30% ofPerkins, Wolf, McDonnell and Company, LLC.

Please consider the charges, risks, expenses and investmentobjectives carefully before investing. For a prospectus containingthis and other information, please call Janus at 1-800-525-3713 ordownload the file from www.janus.com. Read it carefully before youinvest or send money.

Data presented reflects past performance, which is no guarantee offuture results. Rankings referenced exclude money markets.

Funds distributed by Janus Distributors LLC (4/06).

This press release includes statements concerning potential futureevents involving Janus Capital Group Inc. that could differ materiallyfrom the events that actually occur. The differences could be causedby a number of factors including those factors identified in Janus'Annual Report on Form 10-K for the year ended December 31, 2005, onfile with the Securities and Exchange Commission (Commission file no.001-15253), including those that appear under headings such as "RiskFactors" and "Management's Discussion and Analysis of FinancialCondition and Results of Operations." Many of these factors are beyondthe control of the Company and its management. Any forward-lookingstatements contained in this release are as of the date on which suchstatements were made. The Company assumes no duty to update them, evenif experience, unexpected events, or future changes make it clear thatany projected results expressed or implied therein will not berealized.
JANUS CAPITAL GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)

Three Months Ended
-----------------------------------
March 31, December 31, March 31,
2006 2005 2005
---------- ----------- ----------
Investment Management Revenues:
Investment management fees $185.6 $176.0 $165.8
Performance fees 4.2 7.3 7.3
Shareowner servicing fees and
other 42.7 41.9 42.9
---------- ----------- ----------
Total 232.5 225.2 216.0
---------- ----------- ----------

Investment Management Operating
Expenses:
Employee compensation and
benefits 83.4 78.7 71.3
Long-term incentive compensation 22.0 19.5 19.0
Marketing and advertising 5.4 6.3 9.7
Distribution 26.8 24.4 27.1
Depreciation and amortization 8.3 7.9 10.2
General, administrative and
occupancy 33.7 33.0 32.1
Restructuring and impairments - - 5.5
Mutual fund investigation
recoveries, net of charges (10.0) - (3.3)
---------- ----------- ----------
Total 169.6 169.8 171.6
---------- ----------- ----------

Investment Management Operating
Income 62.9 55.4 44.4

Printing and Fulfillment Segment:
Revenue 23.6 22.1 23.0
Operating expenses 25.4 23.6 24.2
Goodwill impairment - 20.0 -
Intangibles amortization 1.9 1.9 1.9
---------- ----------- ----------
Printing and Fulfillment Operating
Loss (3.7) (23.4) (3.1)

Interest expense (7.0) (7.0) (7.2)
Other income, net 9.0 10.7 9.3
Income tax provision (22.2) (20.3) (21.4)
Equity in earnings of
unconsolidated affiliate 1.7 1.8 1.7
Minority interest in consolidated
earnings (5.4) (6.4) (4.1)
---------- ----------- ----------

Net Income $35.3 $10.8 $19.6
========== =========== ==========

Basic Earnings per Share
Weighted average shares
outstanding (in millions) 210.1 211.3 226.0
Basic earnings per share $0.17 $0.05 $0.09

Diluted Earnings per Share
Weighted average shares
outstanding (in millions) 211.7 212.3 227.1
Diluted earnings per share $0.17 $0.05 $0.09

Average Assets Under Management (in
billions) $154.4 $142.6 $133.8
JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)

March 31, December 31,
2006 2005
----------- -------------
Assets
Cash and cash equivalents $327.2 $552.6
Investments 349.7 334.1
Other assets 317.8 285.5
Property and equipment, net 61.4 64.7
Intangibles and goodwill, net 2,477.4 2,391.6
----------- -------------
Total Assets $3,533.5 $3,628.5
=========== =============

Liabilities and Stockholders' Equity
Debt $376.0 $376.3
Other liabilities 213.2 246.9
Deferred income taxes 425.0 424.1
Stockholders' equity 2,519.3 2,581.2
----------- -------------
Total Liabilities and Stockholders'
Equity $3,533.5 $3,628.5
=========== =============


UNAUDITED CONDENSED CONSOLIDATED
CASH FLOW INFORMATION
(dollars in millions)

Three Months Ended
--------------------------------------
March 31, December 31, March 31,
Cash provided by (used in) 2006 2005 2005
----------- -------------- -----------
Operating activities $32.2 $70.8 $43.8
Investing activities (128.2) (15.6) (5.8)
Financing activities (129.4) (28.6) (110.3)
----------- -------------- -----------
Net change during period $(225.4) $26.6 $(72.3)
=========== ============== ===========
JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)

Three Months Ended
------------------------------------
March 31, December 31, March 31,
2006 2005 2005
---------- ------------ ----------
Growth/Blend
Beginning of period assets $68.5 $66.7 $71.4
Sales 3.5 2.8 2.2
Redemptions 3.6 3.1 4.8
---------- ------------ ----------
Net Sales (redemptions) (0.1) (0.3) (2.6)
Market appreciation 3.1 2.1 (2.5)
---------- ------------ ----------
End of period assets $71.5 $68.5 $66.3
========== ============ ==========

Global/International
Beginning of period assets $12.2 $11.7 $14.6
Sales 0.9 0.5 0.4
Redemptions (1.1) 0.8 1.5
---------- ------------ ----------
Net Sales (redemptions) (0.2) (0.3) (1.2)
Market appreciation 1.3 0.7 -
---------- ------------ ----------
End of period assets $13.3 $12.2 $13.4
========== ============ ==========

Mathematical/Quantitative
Beginning of period assets $44.7 $38.2 $25.8
Sales 5.7 5.8 2.4
Redemptions 1.7 0.6 0.4
---------- ------------ ----------
Net Sales (redemptions) 4.0 5.2 2.0
Market appreciation 1.8 1.4 (0.3)
---------- ------------ ----------
End of period assets $50.6 $44.7 $27.6
========== ============ ==========

Fixed Income
Beginning of period assets $5.2 $5.4 $6.2
Sales 0.2 0.2 0.4
Redemptions 0.4 0.4 0.5
---------- ------------ ----------
Net Sales (redemptions) (0.3) (0.3) (0.2)
Market appreciation - - (0.1)
---------- ------------ ----------
End of period assets $4.9 $5.2 $5.9
========== ============ ==========

Value
Beginning of period assets $10.4 $10.3 $10.2
Sales 1.0 0.8 1.0
Redemptions 1.0 0.8 1.0
---------- ------------ ----------
Net Sales (redemptions) 0.1 - 0.1
Market appreciation 0.6 0.1 -
---------- ------------ ----------
End of period assets $11.1 $10.4 $10.2
========== ============ ==========

Money Market
Beginning of period assets $7.5 $7.0 $10.8
Sales 9.5 8.4 12.3
Redemptions 10.4 7.9 14.6
---------- ------------ ----------
Net Sales (redemptions) (0.8) 0.5 (2.3)
Market appreciation - - -
---------- ------------ ----------
End of period assets $6.7 $7.5 $8.5
========== ============ ==========

Total
Beginning of period assets $148.5 $139.4 $139.0
Sales 20.8 18.5 18.6
Redemptions 18.2 13.7 22.8
---------- ------------ ----------
Net Sales (redemptions) 2.6 4.8 (4.2)
Market appreciation 6.9 4.3 (3.0)
---------- ------------ ----------
End of period assets $158.1 $148.5 $131.8
========== ============ ==========

Total Excluding Money Markets
Beginning of period assets $141.0 $132.4 $128.2
Sales 11.3 10.1 6.3
Redemptions 7.8 5.8 8.2
---------- ------------ ----------
Net Sales (redemptions) 3.5 4.3 (1.9)
Market appreciation 6.9 4.3 (3.0)
---------- ------------ ----------
End of period assets $151.4 $141.0 $123.3
========== ============ ==========

Total Excluding Mathematical/Quantitative &
Money Markets
Beginning of period assets $96.2 $94.2 $102.4
Sales 5.6 4.3 3.9
Redemptions 6.2 5.1 7.8
---------- ------------ ----------
Net Sales (redemptions) (0.5) (0.9) (3.9)
Market appreciation 5.1 2.9 (2.7)
---------- ------------ ----------
End of period assets $100.8 $96.2 $95.7
========== ============ ==========

Each line has been rounded on the schedule individually to increase
the accuracy of the amounts presented. Therefore totals
and subtotals may not foot.
JANUS CAPITAL GROUP INC.
NON-GAAP RECONCILIATIONS
(dollars in millions, except per share data)

Janus management analyzes historical results after adjusting for
certain items that are not ongoing or are non-operational in nature.
The company believes that excluding these items is useful to
management and investors because it provides a more comparable basis
for evaluating Janus' operating results and financial performance over
time. Internally, these adjusted results are used to evaluate the
performance of the company. Only those line items impacted by
adjustments are presented individually.


Three Months Ended December 31, 2005
-----------------------------------------------------
Investment Printing
Investment Non-GAAP Management and
Management Adjustments Adjusted Fulfillment
--------------- ----------- ------------- -----------
Revenues $225.2 $- $225.2 $22.1

Long-term
incentive
compensation 19.5 (1.2)(1) 18.3 -
Marketing and
advertising 6.3 (2.0)(2) 4.3 -
General,
administrative
and occupancy 33.0 (0.9)(1) 32.1 0.9
Impairments - - - 20.0
Operating
expenses 111.0 - 111.0 24.6
-------------- -------- ------------ ---------
Total 169.8 (4.1) 165.7 45.5
-------------- -------- ------------ ---------

Operating
income
(loss) 55.4 4.1 59.5 (23.4)
Operating
margin 24.6% 26.4% -105.9%

Other income
(expense) (1.3) - (1.3) 0.4
Income tax
benefit
(provision) (21.2) (1.6)(3) (22.8) 0.9
-------------- -------- ------------ ---------
Net income
(loss) $32.9 $2.5 $35.4 $(22.1)
============== ======== ============ =========

Diluted
earnings
(loss) per
share $0.15 $0.01 $0.17 $(0.10)

Average AUM
(billions) $142.6


Three Months Ended December 31, 2005
------------------------------------------------
Printing
and
Non-GAAP Fulfillment Adjusted
Adjustments Adjusted Total
--------------- ------------------ ------------
Revenues $- $22.1 $247.3

Long-term
incentive
compensation - - 18.3
Marketing and
advertising - - 4.3
General,
administrative
and occupancy - 0.9 33.0
Impairments (20.0)(4) - -
Operating
expenses - 24.6 135.6
------------ ---------------- ------------
Total (20.0) 25.5 191.2
------------ ---------------- ------------

Operating
income
(loss) 20.0 (3.4) 56.1
Operating
margin -15.4% 22.7%

Other income
(expense) - 0.4 (0.9)
Income tax
benefit
(provision) - 0.9 (21.9)
------------ ---------------- ------------
Net income
(loss) $20.0 $(2.1) $33.3
============ ================ ============

Diluted
earnings
(loss) per
share $0.09 $(0.01) $0.16

Average AUM
(billions)


Three Months Ended March 31, 2005
-------------------------------------------------------
Investment Printing
Investment Non-GAAP Management and Adjusted
Management Adjustments Adjusted Fulfillment Total
----------- ----------- ---------- ----------- --------
Revenues $216.0 $- $216.0 $23.0 $239.0

Operating
expenses 169.4 - 169.4 26.1 195.5
Restructuring
and
impairments 5.5 (5.5)(4) - - -
Provision for
mutual fund
investigation (3.3) 3.3 (5) - - -
--------- -------- --------- ---------- --------
Total 171.6 (2.2) 169.4 26.1 195.5
--------- -------- --------- ---------- --------

Operating
Income (Loss) 44.4 2.2 46.6 (3.1) 43.5
Operating
Margin 20.6% 21.6% -13.5% 18.2%

Interest
expense (7.2) - (7.2) - (7.2)
Other income
(expense) 9.0 (4.1)(6) 4.9 0.3 5.2
Income tax
benefit
(provision) (22.4) 6.4 (3) (16.0) 1.0 (15.0)
Equity earnings
in
unconsolidated
affiliate 1.7 - 1.7 - 1.7
Minority
interest in
consolidated
earnings (4.1) - (4.1) - (4.1)
--------- -------- --------- ---------- --------
Net Income
(Loss) $21.4 $4.5 $25.9 $(1.8) $24.1
========= ======== ========= ========== ========

Diluted
Earnings
(Loss) per
Share $0.09 $0.02 $0.11 $(0.01) $0.11

Average Assets
Under
Management
(Billions) $133.8


(1) Severance and other administrative costs associated with the
August 2005 cost reduction plan.

(2) Costs associated with the settlement-mandated fund proxy mailing.

(3) Tax effect of adjustments.

(4) Charges related to the closure of a Bay Isle Financial LLC
facility in Oakland, California, severance of a Bay Isle portfolio
manager and impairment of intangibles associated with the loss of
institutional accounts.

(5) Insurance recovery of $6.0 million for costs incurred related to
the mutual fund investigation, net of ongoing legal fees.

(6) Realized gain on the sale of investments. In the first quarter of
2005, the Company reduced its seed capital investments by $22.8
million which which resulted in $2.5 million of after-tax gains.
Janus Investment Fund Lipper Rankings Based
on Total Returns as of 3/31/06
-------------------------------------
1-Year 3-Year
------------------ ------------------
Rank / Rank /
PM Lipper Percentile Total Percentile Total
Inception Category Rank(%) Funds Rank(%) Funds
----------------------------------------------------------
Growth
Funds
----------------------------------------------------------------------
Janus Fund Large-Cap
Growth
Jan-06 Funds 64 439/694 34 198/593
Janus Large-Cap
Twenty Growth
Fund(1) Aug-97 Funds 8 55/694 2 6/593
Janus Large-Cap
Mercury Growth
Fund Jan-06 Funds 36 249/694 10 56/593
Janus Multi-Cap
Olympus Growth
Fund Aug-97 Funds 22 89/418 53 190/359
Janus Mid-Cap
Enterprise Growth
Fund Jan-02 Funds 53 294/556 25 113/460
Janus Small-Cap
Venture Growth
Fund(1) Jan-01 Funds 55 292/538 9 38/455
Janus Multi-Cap
Orion Growth
Fund Jun-00 Funds 4 16/418 1 3/359
Janus Small-Cap
Triton Growth
Jan-06 Funds 4 17/538 - -
Janus Multi-Cap
Research Growth
Feb-05 Funds 7 28/418 - -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
Growth
and Large-Cap
Income Core
Fund Dec-03 Funds 3 24/884 10 68/751
Janus
Balanced Balanced
Fund Apr-05 Funds 7 44/665 56 267/481
Janus Multi-Cap
Contrarian Core
Fund Feb-00 Funds 1 1/875 1 2/608
Janus Core Large-Cap
Equity Core
Fund Apr-05 Funds 1 5/884 4 25/751
INTECH
Risk- Multi-Cap
Managed Core
Stock Feb-03 Funds 40 350/875 21 125/608
----------------------------------------------------------------------
Global/
Inter-
national
Funds
----------------------------------------------------------------------
Janus
Worldwide Global
Fund Jun-04 Funds 94 335/356 94 273/291
Janus Inter-
Overseas national
Fund Jun-03 Funds 1 1/897 1 4/768
Janus
Global Health/
Life Biotech-
Sciences nology
Fund Dec-98 Funds 34 61/179 28 46/165
Janus
Global Science &
Technology Technology
Fund Jan-06 Funds 34 99/291 51 133/264
Janus
Global
Opport-
unities Global
Fund Jun-01 Funds 99 353/356 39 111/291
----------------------------------------------------------------------
Value
Funds
----------------------------------------------------------------------
Janus
Mid
Cap
Value Mid-Cap
Fund Value
- Inv(2) Aug-98 Funds 65 170/263 56 119/214
Janus
Small
Cap
Value Small-Cap
Fund - Core
Inv.(1,2) Feb-97 Funds 91 568/626 91 447/493
----------------------------------------------------------------------
Fixed
Income
Funds
----------------------------------------------------------------------
Janus Inter-
Flexible mediate
Bond Inv Grade
Fund Debt
Dec-91 Funds 34 158/470 33 133/404
Janus High
High- Current
Yield Yield
Fund Dec-03 Funds 36 155/435 85 323/382
Janus
Short- Short
Term Investment
Bond Grade Debt
Fund Jun-03 Funds 28 63/224 17 30/181
Janus
Federal
Tax- General
Exempt Muni Debt
Fund Feb-05 Funds 48 123/256 86 215/249
----------------------------------------------------------------------


Janus Investment Fund Lipper Rankings Based
on Total Returns as of 3/31/06
-------------------------------------
5-Year 10-Year
------------------ ------------------
Rank / Rank /
PM Lipper Percentile Total Percentile Total
Inception Category Rank(%) Funds Rank(%) Funds
---------- -----------------------------------------------
Growth
Funds
----------------------------------------------------------------------
Janus Fund Large-Cap
Growth
Jan-06 Funds 70 335/479 50 82/163
Janus Large-Cap
Twenty Growth
Fund(1) Aug-97 Funds 8 38/479 2 2/163
Janus Large-Cap
Mercury Growth
Fund Jan-06 Funds 42 198/479 10 15/163
Janus Multi-Cap
Olympus Growth
Fund Aug-97 Funds 68 194/288 19 17/93
Janus Mid-Cap
Enterprise Growth
Fund Jan-02 Funds 69 242/353 71 89/126
Janus Small-Cap
Venture Growth
Fund(1) Jan-01 Funds 15 55/368 38 45/118
Janus Multi-Cap
Orion Growth
Fund Jun-00 Funds 6 15/288 - -
Janus Small-Cap
Triton Growth
Jan-06 Funds - - - -
Janus Multi-Cap
Research Growth
Feb-05 Funds - - - -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
Growth
and Large-Cap
Income Core
Fund Dec-03 Funds 12 73/619 3 5/238
Janus
Balanced Balanced
Fund Apr-05 Funds 27 104/393 7 12/185
Janus Multi-Cap
Contrarian Core
Fund Feb-00 Funds 3 10/438 - -
Janus Core Large-Cap
Equity Core
Fund Apr-05 Funds 3 14/619 - -
INTECH
Risk- Multi-Cap
Managed Core
Stock Feb-03 Funds - - - -
----------------------------------------------------------------------
Global/
Inter-
national
Funds
----------------------------------------------------------------------
Janus
Worldwide Global
Fund Jun-04 Funds 98 215/219 65 53/81
Janus Inter-
Overseas national
Fund Jun-03 Funds 14 80/586 4 7/225
Janus
Global Health/
Life Biotech-
Sciences nology
Fund Dec-98 Funds 38 45/119 - -
Janus
Global Science &
Technology Technology
Fund Jan-06 Funds 67 151/226 - -
Janus
Global
Opport-
unities Global
Fund Jun-01 Funds - - - -
----------------------------------------------------------------------
Value
Funds
----------------------------------------------------------------------
Janus
Mid
Cap
Value Mid-Cap
Fund Value
- Inv(2) Aug-98 Funds 32 44/139 - -
Janus
Small
Cap
Value Small-Cap
Fund - Core
Inv.(1,2) Feb-97 Funds 65 243/373 - -
----------------------------------------------------------------------
Fixed
Income
Funds
----------------------------------------------------------------------
Janus Inter-
Flexible mediate
Bond Inv Grade
Fund Debt
Dec-91 Funds 26 82/320 22 31/145
Janus High
High- Current
Yield Yield
Fund Dec-03 Funds 55 169/310 7 7/109
Janus
Short- Short
Term Investment
Bond Grade Debt
Fund Jun-03 Funds 47 60/129 22 14/65
Janus
Federal
Tax- General
Exempt Muni Debt
Fund Feb-05 Funds 76 166/220 82 117/ 42
----------------------------------------------------------------------


Janus Investment Fund Lipper Rankings Based
on Total Returns as of
3/31/06
---------------------------
Since PM Inception
---------------------------

PM Lipper Percentile Rank /
Inception Category Rank (%) Total Funds
------------------------------------------------
Growth
Funds
------------------------------------------------------------
Janus Fund Large-Cap
Growth
Jan-06 Funds ##
Janus Large-Cap
Twenty Growth
Fund(1) Aug-97 Funds 4 9/231
Janus Large-Cap
Mercury Growth
Fund Jan-06 Funds ##
Janus Multi-Cap
Olympus Growth
Fund Aug-97 Funds 15 20/134
Janus Mid-Cap
Enterprise Growth
Fund Jan-02 Funds 18 70/399
Janus Small-Cap
Venture Growth
Fund(1) Jan-01 Funds 27 93/353
Janus Multi-Cap
Orion Growth
Fund Jun-00 Funds 30 67/230
Janus Small-Cap
Triton Growth
Jan-06 Funds ##
Janus Multi-Cap
Research Growth
Feb-05 Funds 7 26/411
------------------------------------------------------------
Core Funds
------------------------------------------------------------
Janus
Growth
and Large-Cap
Income Core
Fund Dec-03 Funds 2 9/802
Janus
Balanced Balanced
Fund Apr-05 Funds ##
Janus Multi-Cap
Contrarian Core
Fund Feb-00 Funds 9 28/346
Janus Core Large-Cap
Equity Core
Fund Apr-05 Funds ##
INTECH
Risk- Multi-Cap
Managed Core
Stock Feb-03 Funds 24 140/607
------------------------------------------------------------
Global/
Inter-
national
Funds
------------------------------------------------------------
Janus
Worldwide Global
Fund Jun-04 Funds 86 278/326
Janus Inter-
Overseas national
Fund Jun-03 Funds 1 2/781
Janus
Global Health/
Life Biotech-
Sciences nology
Fund Dec-98 Funds 31 15/48
Janus
Global Science &
Technology Technology
Fund Jan-06 Funds ##
Janus
Global
Opport-
unities Global
Fund Jun-01 Funds 19 42/228
------------------------------------------------------------
Value
Funds
------------------------------------------------------------
Janus
Mid
Cap
Value Mid-Cap
Fund Value
- Inv(2) Aug-98 Funds 5 4/81
Janus
Small
Cap
Value Small-Cap
Fund - Core
Inv.(1,2) Feb-97 Funds 18 25/140
------------------------------------------------------------
Fixed
Income
Funds
------------------------------------------------------------
Janus Inter-
Flexible mediate
Bond Inv Grade
Fund Debt
Dec-91 Funds 4 2/57
Janus High
High- Current
Yield Yield
Fund Dec-03 Funds 48 195/407
Janus
Short- Short
Term Investment
Bond Grade Debt
Fund Jun-03 Funds 20 36/185
Janus
Federal
Tax- General
Exempt Muni Debt
Fund Feb-05 Funds 53 135/256
------------------------------------------------------------

Percent of JIF Funds per Lipper Quartile
based on Total Returns
---------------------------------------------------
Since PM
1-Year 3-Year 5-Year 10-Year Inception
----------------------------------------------------------------------
1st Quartile 40.0% 47.8% 33.3% 64.3% 68.4%
2nd Quartile 32.0% 17.4% 28.6% 14.3% 21.1%
3rd Quartile 16.0% 17.4% 28.6% 14.3% 5.3%
4th Quartile 12.0% 17.4% 9.5% 7.1% 5.3%
----------------------------------------------------------------------

Lipper Inc. - A Reuters Company, is a nationally recognized
organization that ranks the performance of mutual funds within a
universe of funds that have similar investment objectives. Rankings
are historical with capital gains and dividends reinvested. If an
expense waiver was in effect, it may have had a material effect on the
total return or yield for the period.

Data presented reflects past performance, which is no guarantee of
future results.

Notes:

(1) Closed to new investors

(2) Ranking is for the investor share class only; other classes may
have different performance characteristics.

## The Fund's since PM-Inception ranking is not available.
Data presented reflects past performance, which is no guarantee of
future results. Investment results and principal value will fluctuate
so that shares, when redeemed, may be worth more or less than their
original cost. Due to market volatility, current performance may be
higher or lower than the performance shown. Call 1-800-975-9932 or
visit www.janus.com for performance current to the most recent
month-end.

See notes to performance on the following page.
Janus Investment Fund ("JIF")
Average Annual Total Returns (%) for
Periods Ended 3/31/06(1)
------------------------------------
Life
Inception of
Date 1 Year 3 Year 5 Year 10 Year Fund
-------- ------ ------- ------ ------- ------
Growth Funds
----------------------------------------------------------------------
Janus Fund(2) 2/70 12.80 15.50 (0.25) 6.68 13.88
Janus Twenty Fund(3,4) 4/85 21.41 20.70 4.53 10.68 13.46
Janus Mercury Fund(5) 5/93 15.35 17.95 1.34 8.99 12.78
Janus Olympus Fund 12/95 24.43 19.67 2.59 11.07 11.95
Janus Enterprise Fund 9/92 23.42 25.35 4.74 7.03 11.72
Janus Venture
Fund(3,6) 4/85 24.90 31.29 12.38 9.95 13.92
Janus Orion
Fund(4,7,8,9,10) 6/00 34.09 31.81 11.41 -- (1.17)
Janus Triton(7,11) 2/05 39.27 -- -- -- 33.28
Janus Research(7) 2/05 31.71 -- -- -- 26.54
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Growth and Income
Fund 5/91 20.62 19.11 4.80 12.05 13.79
Janus Balanced Fund 9/92 13.84 11.78 5.45 10.25 11.41
Janus Contrarian
Fund(7,9,12) 2/00 31.88 35.15 11.64 -- 9.61
Janus Core Equity
Fund(12) 6/96 26.43 21.41 6.93 -- 13.43
INTECH Risk-Managed
Stock(12,13,14,15) 2/03 14.95 21.50 -- -- 20.93
----------------------------------------------------------------------
International/Global
Funds
----------------------------------------------------------------------
Janus Worldwide
Fund(13) 5/91 11.67 16.66 0.04 6.95 11.07
Janus Overseas
Fund(7,9,12,13) 5/94 58.06 42.13 12.66 14.06 14.37
Janus Global Life
Sciences Fund(4,12,13) 12/98 22.56 19.03 5.96 -- 10.89
Janus Global Technology
Fund(12,13,16,17) 12/98 28.12 22.11 (1.86) -- 3.78
Janus Global
Opportunities Fund 6/01 8.52 25.00 -- -- 9.65
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Small Cap Value
Fund - Inv.(3,8,18) 10/87 16.11 23.61 12.38 16.06 14.73
Janus Mid Cap Value
Fund - Inv.(8,12,19) 8/98 15.98 25.49 14.30 -- 18.08
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
Janus Flexible Income
Fund(12,20,21,22) 7/87 2.12 3.08 5.04 6.14 7.52
Janus High-Yield
Fund(8,12,20,21,22) 12/95 7.28 8.80 6.82 7.66 8.21
Janus Short-Term Bond
Fund(12,20,21,23) 9/92 2.74 2.35 3.14 4.84 4.66
Janus Federal Tax-
Exempt
Fund(12,20,21,23,24) 5/93 3.53 2.56 3.92 4.41 4.54
----------------------------------------------------------------------

Notes:

(1) All figures unaudited.

(2) Effective February 1, 2006, Blaine Rollins is no longer the
portfolio manager of Janus Fund, and David Corkins is now the
portfolio manager.

(3) Closed to new investors.

(4) Returns have sustained significant gains and losses due to market
volatility in the healthcare sector.

(5) Effective February 1, 2006, David Corkins is no longer the
portfolio manager of Janus Mercury Fund, and a research team now
selects the investments for Janus Mercury Fund led by Director of
Research, James Goff.

(6) This Fund has been significantly impacted, either positively or
negatively, by investing in initial public offerings (IPOs).

(7) This Fund may have significant exposure to emerging markets. In
general, emerging market investments have historically been
subject to significant gains and/or losses. As such, the Fund's
returns and NAV may be subject to such volatility.

(8) Due to certain investment strategies, some funds may have an
increased position in cash.

(9) Returns have sustained significant gains due to investments in
India and/or Brazil. As of 12/31/05, the Overseas Fund held
approximately 13.41% of its assets in Indian securities, and
11.21% of its assets in Brazilian securities; the Contrarian Fund
held approximately 17.5% of its assets in Indian securities; and
the Orion Fund held approximately 9.8% of its assets in Brazilian
securities. As a result, returns and NAV may be affected to a
large degree by fluctuations in currency exchange rates or
political or economic conditions in India and/or Brazil. Holdings
are subject to change without notice.

(10) Returns have sustained significant gains due to market volatility
in the financials sector.

(11) Effective February 1, 2006, Ron Sachs is no longer the portfolio
manager of Janus Triton Fund, and Blaine Rollins is now the
portfolio manager.

(12) The Fund will invest at least 80% of its net assets in the type
of securities described by its name.

(13) A 2% redemption fee may be imposed on shares held for 3 months or
less. Performance shown does not reflect this redemption fee and,
if reflected, performance would have been lower.

(14) For certain periods, the Fund's performance reflects the effect
of expense wavers. Without the effect of these expense wavers, the
performance shown would have been lower.

(15) Effective February 28, 2006, Janus Risk-Managed Stock Fund
changed its name to INTECH Risk-Managed Stock Fund.

(16) Returns have sustained significant gains due to market volatility
in the information technology sector.

(17) Effective February 1, 2006, Mike Lu is no longer the portfolio
manager of Janus Global Technology Fund, and Brad Slingerlend and
Barney Wilson are now leading the Janus Technology Team in
selecting investments for the fund.

(18) Returns shown for Janus Small Cap Value Fund prior to April 21,
2003 are those of Berger Small Cap Value Fund.

(19) Returns shown for Janus Mid Cap Value Fund prior to April 21,
2003 are those of Berger Mid Cap Value Fund.

(20) Bond funds have the same interest rate, inflation, and credit
risks that are associated with the underlying bonds owned by the
Fund. Unlike owning individual bonds, there are ongoing fees and
expenses associated with owning shares of bonds funds. The return
of principal is not guaranteed due to net asset value fluctuation
that is caused by changes in the price of specific bonds held in
the Fund and selling of bonds within the fund by the Portfolio
Manager.

(21) As of March 31, 2006, the 30-day SEC Yield was 4.06% on Janus
Federal Tax-Exempt Fund, 4.24% on Janus Flexible Bond Fund, 6.73%
on Janus High-Yield Fund and 4.13% on Janus Short-Term Bond Fund.

(22) Adviser has agreed to waive a portion of the Fund's expenses if
they exceed the designated cap. If during the periods shown, the
Fund's actual expenses exceeded the cap, its total return would
have been lower. There were no waivers in effect for the most
recent period presented.

(23) Janus Capital has contractually agreed to waive Janus Short-Term
Bond Fund and Janus Federal Tax-Exempt Fund's total operating
expenses to the levels indicated in the prospectus until at least
March 1, 2007. Without such waivers, Janus Short-Term Bond Fund
and Janus Federal Tax-Exempt Fund's yield as of March 31, 2006
would have been 3.66% and 3.63%, respectively and total returns
would have been lower.

(24) Income may be subject to state or local taxes and to a limited
extent certain federal tax. Capital gains are subject to federal,
state and local taxes.

Differences between compared investments may include objectives, sales
and management fees, liquidity, volatility, tax features and other
features, which may result in differences in performance.

A fund's performance may be affected by risks that include those
associated with non-diversification, investments in foreign
securities, non-investment grade debt securities, undervalued
companies or companies with a relatively small market capitalization.
Please see a Janus prospectus for more detailed information.
Janus Investment Fund ("JIF")
as of 3/31/2006

The Overall Morningstar Rating(TM) is derived from a weighted average
of the performance figures associated with its three-, five-, and
ten-year (if applicable) Morningstar Rating(TM) metrics.


Overall Three-Year Five-Year Ten-Year
Rating Rating Rating Rating
---------- ---------- ---------- ----------
# # # #
Stars of Stars of Stars of Stars of
Fund Category Funds Funds Funds Funds
----------------------------------------------------------------------
Janus Fund Large
Growth
Funds 3 1350 3 1350 2 1077 3 389
Janus Mid-Cap
Enterprise Growth
Fund Funds 2 796 4 796 2 622 2 219
Janus Growth Large
and Income Growth
Fund Funds 5 1350 4 1350 4 1077 5 389
Janus Mercury Large
Fund Growth
Funds 3 1350 4 1350 3 1077 3 389
Janus Olympus Large
Fund Growth
Funds 4 1350 4 1350 3 1077 4 389
Janus Orion Mid-Cap
Fund Growth
Funds 4 796 5 796 4 622 N/A
Janus Twenty Large
Fund(1) Growth
Funds 4 1350 5 1350 4 1077 4 389
Janus Venture Small
Fund(1) Growth
Funds 3 657 4 657 3 524 3 182
Janus Triton Small
Fund Growth
Funds N/A N/A N/A N/A
Janus Research Large
Fund Growth
Funds N/A N/A N/A N/A
Janus Global Specialty-
Life Sciences Health
Fund Funds 3 198 4 198 3 139 N/A
Janus Global Specialty-
Technology Technology
Fund Funds 3 298 3 298 3 256 N/A
Janus Overseas Foreign
Fund Large
Growth
Funds 4 194 5 194 4 150 4 64
Janus World Stock
Worldwide Funds
Fund 2 396 1 396 1 301 2 129
Janus Global World Stock
Opportunities Funds 3 396 3 396 N/A N/A
Janus Balanced Moderate
Fund Allocation
Funds 4 814 3 814 4 646 4 301
INTECH Risk- Large Blend
Managed Stock Funds 5 1478 5 1478 N/A N/A
Janus Core Large Blend
Equity Fund Funds 4 1478 5 1478 4 1162 N/A
Janus Large Blend
Contrarian Funds
Fund 5 1478 5 1478 5 1162 N/A
Janus Mid Cap Mid-Cap
Value Fund - Value
Investor Funds
Shares(2) 4 262 3 262 4 158 N/A
Janus Small Small Value
Cap Value Funds
Fund -
Investor
Shares(1)(2) 2 284 2 284 2 202 4 64
Janus Federal Muni
Tax-Exempt National
Fund Long Funds 2 299 2 299 2 276 2 196
Janus Flexible Inter-
Bond Fund mediate-
Term Bond
Funds 4 900 4 900 4 707 4 356
Janus High- High Yield
Yield Fund Bond Funds 4 459 2 459 3 378 5 140
Janus Short- Short-Term
Term Bond Bond Funds
Fund 3 322 4 322 3 235 3 137
----------------------------------------------------------------------
Percent of funds rated
4 / 5 Stars 52.2% 60.9% 42.9% 53.3%


Data presented reflects past performance, which is no guarantee of
future results.

For each fund with at least a three-year history, Morningstar
calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted
Return measure that accounts for variation in a fund's monthly
performance (including the effects of sales charges, loads, and
redemption fees), placing more emphasis on downward variations and
rewarding consistent performance. The top 10% of the funds in each
category receive 5 stars, the next 22.5% receive 4 stars, the next 35%
receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%
receive 1 star. (Each share class is counted as a fraction of one fund
within this scale and rated separately, which may cause slight
variations in the distribution percentages.)

Notes:
(1) Closed to new investors

(2) Ranking is for the investor share class only; other classes may
have different performance characteristics.