Janus Announces Second Quarter 2008 Results

Janus Capital Group Inc. (NYSE: JNS) today reported second quarter net income from continuing operations of $65.6 million, or $0.40 per diluted share, compared with net income from continuing operations of $39.0 million, or $0.24 per diluted share, in the first quarter 2008 and $51.6 million, or $0.28 per diluted share, in the second quarter 2007. Second quarter 2008 includes a one-time income tax benefit of approximately $0.06 per share associated with a legislative change in state taxes. The company’s operating margin from continuing operations for the second quarter 2008 was 34.5% compared with 31.8% for the first quarter 2008 and 34.6% for the second quarter 2007. Flows and Assets Under Management Average assets under management during the second quarter increased 5.5% to $200.1 billion compared with $189.7 billion during the first quarter 2008. At June 30, 2008, the company’s total assets under management were $191.8 billion compared with $187.6 billion at March 31, 2008. The increase in firmwide assets during the second quarter reflects long-term net inflows of $5.0 billion, $0.4 billion of net market depreciation / fund performance and money market net outflows of $0.4 billion. Excluding INTECH, Janus had long-term net inflows during the second quarter this year of $4.8 billion compared with long-term net outflows of $0.4 billion in the previous quarter. INTECH had long-term net inflows of $0.2 billion during the second quarter 2008 compared with long-term net outflows of $1.1 billion in the first quarter 2008. Investment Management Despite challenging market conditions during the second quarter, Janus’ relative investment performance remained strong with approximately 78%, 81% and 83% of Janus’ mutual funds in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of June 30, 2008.2 In addition, 79% of Janus mutual funds have a 4- or 5-star Overall Morningstar RatingTM at June 30, 2008.3 "In the midst of a turbulent market, we’re pleased that our continued strong performance and investments in distribution led to our best quarterly flows in nearly eight years,” said Janus CEO Gary Black. "It’s especially gratifying to see Janus-managed products gaining traction with institutional clients.” Financial Discussion Financial Highlights       (dollars in millions, except per share data or as noted)     Three Months Ended June 30, March 31, June 30, 2008* 2008 2007   Continuing Operations (Investment Management) Average Assets (in billions) $ 200.1 $ 189.7 $ 188.2 Ending AUM (in billions) $ 191.8 $ 187.6 $ 190.6 Revenues $ 304.2 $ 281.2 $ 273.0 Operating Expenses $ 199.1 $ 191.7 $ 178.6 Operating Income $ 105.1 $ 89.5 $ 94.4 Operating Margin 34.5 % 31.8 % 34.6 %   Net Income $ 65.6 $ 39.0 $ 51.6   Diluted Earnings per Share $ 0.40 $ 0.24 $ 0.28   Shares Repurchased (in millions) 2.6 5.2 10.4 Cost of Shares Repurchased $ 75.0 $ 134.2 $ 276.5 Average Price $ 28.93 $ 25.75 $ 26.60 Total shares outstanding end of period (in millions) 160.6 162.7 176.3   * Net income and diluted earnings per share for second quarter 2008 include a one-time income tax benefit of approximately $10.8 million, or $0.06 per share. Continuing Operations Second quarter 2008 revenues of $304.2 million increased 8.2% from the previous quarter due to higher average assets under management driven primarily by favorable market conditions through the first two months of the quarter and higher performance fees. Operating expenses increased $7.4 million, or 3.9%, from the previous quarter as a result of higher asset-based distribution expenses and administrative expenses. Non-operating items for the second quarter 2008 include a one-time $10.8 million, or $0.06 per diluted share, income tax benefit as a result of a legislative change in Colorado state taxes. Beginning in 2009, Janus’ tax rate will decline by approximately 1% from the current rate as a result of the change in state taxes. Also included in non-operating items is a gain of $3.0 million on Janus’ seed capital investments compared with a $9.5 million mark-to-market loss in the first quarter 2008. Acquisition On July 7, 2008, Janus agreed to purchase an additional 50% interest in the U.S. value manager Perkins, Wolf, McDonnell and Company, LLC ("Perkins”) for $90.0 million in cash. Pending customary regulatory and fund shareholder approvals, the acquisition is expected to close in the fourth quarter 2008. "Perkins has been a key strategic partner for Janus and we have great confidence in its ability as a value manager,” Black said. "This acquisition will enable Janus to offer clients a broader range of investment products, including a large-cap value fund later this year.” Capital and Liquidity At June 30, 2008, Janus had stockholders’ equity of $1.6 billion, cash and investments of $477 million and $1.1 billion of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 1.3% during the second quarter by repurchasing 2.6 million shares of its common stock at an average price of $28.93 per share and a total cost of $75 million. Second Quarter 2008 Earnings Call Information Janus will discuss its results during a conference call on Thursday, July 24 at 10 a.m. Eastern Daylight Time. The call-in number will be 877-301-7574. Anyone outside the U.S. or Canada should call 706-643-3623. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group Web site (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, 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”) is a recognized leader of growth and risk-managed investment strategies. Our commitment to deliver for investors is rooted in our research-intensive approach and relentless passion to gain a competitive edge. At the end of June 2008, Janus managed $191.8 billion in assets for more than four million shareholders, clients and institutions around the globe. Outside the U.S., Janus has offices in London, Tokyo, Hong Kong and Singapore. Janus Capital Group consists of Janus Capital Management LLC and Enhanced Investment Technologies, LLC (INTECH). In addition, Janus Capital Group owns 30% of Perkins, Wolf, McDonnell and Company, LLC. 1 Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Funds included in the analysis are Janus Retail (JIF), Janus Adviser Series Class S Shares (JAD) and Janus Aspen Series Institutional Shares (JAS). The number of funds in each trust is 26, 22 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12. 2 Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 22 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12. 3 Funds included in the Morningstar analysis were JIF, JAD and JAS with at least a three-year history. Morningstar rankings are based on risk-adjusted returns. Complete Morningstar ratings are on pages 13-15. Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at (800) 525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money. Data presented reflects past performance, which is no guarantee of future results. Rankings referenced exclude money markets. Funds distributed by Janus Distributors LLC (7/08). This press release includes statements concerning potential future events involving Janus Capital Group Inc. that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus’ Annual Report on Form 10-K for the year ended December 31, 2007, on file with the Securities and Exchange Commission (Commission file no. 001-15253), including those that appear under headings such as "Risk Factors” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Many of these factors are beyond the control of the Company and its management. Any forward-looking statements contained in this release are as of the date on which such statements were made. The Company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results expressed or implied therein will not be realized.   JANUS CAPITAL GROUP INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (dollars in millions, except per share data or as noted)           Three Months Ended June 30, March 31, June 30, 2008 2008 2007 Investment Management Revenues: Investment management fees $ 239.8 $ 225.5 $ 220.6 Performance fees 11.6 5.6 3.8 Shareowner servicing fees and other 52.8   50.1   48.6   Total 304.2   281.2   273.0     Investment Management Operating Expenses: Employee compensation and benefits 91.6 91.8 86.8 Long-term incentive compensation 12.5 12.1 17.0 Marketing and advertising 8.7 7.8 5.0 Distribution 38.2 36.3 34.5 Depreciation and amortization 10.7 9.9 8.7 General, administrative and occupancy 37.4   33.8   26.6   Total 199.1   191.7   178.6     Investment Management Operating Income 105.1 89.5 94.4   Interest expense (18.8 ) (18.9 ) (11.5 ) Investment gains (losses), net 3.0 (9.5 ) 0.4 Other income, net 1.0 4.2 4.6 Income tax provision (23.8 ) (24.5 ) (32.9 ) Equity in earnings of unconsolidated affiliate 2.3 2.0 1.7 Minority interest in consolidated earnings (3.2 ) (3.8 ) (5.1 )   Income from Continuing Operations 65.6 39.0 51.6   Income (loss) from Discontinued Operations 0.7 (1.6 ) (2.8 )       Net income $ 66.3   $ 37.4   $ 48.8       Diluted weighted average shares outstanding (in millions) 162.4 164.0 182.4 Diluted earnings per share: Continuing operations $ 0.40 $ 0.24 $ 0.28 Discontinued operations 0.00   (0.01 ) (0.02 ) Diluted earnings per share $ 0.41   $ 0.23   $ 0.27     Average Assets Under Management (in billions) $ 200.1 $ 189.7 $ 188.2 JANUS CAPITAL GROUP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in millions)             June 30, December 31, 2008 2007 Assets Cash and cash equivalents $ 275.7 $ 480.7 Marketable securities 201.1 210.7 Other assets 343.4 344.9 Property and equipment, net 48.4 46.5 Intangibles and goodwill, net 2,511.6 2,451.5 Assets related to discontinued operations 12.4 29.8 Total Assets $ 3,392.6 $ 3,564.1   Liabilities and Stockholders' Equity Debt $ 1,127.8 $ 1,127.7 Other liabilities 215.5 297.8 Deferred income taxes 401.8 404.3 Liabilities related to discontinued operations 8.8 10.8 Stockholders' equity 1,638.7 1,723.5 Total Liabilities and Stockholders' Equity $ 3,392.6 $ 3,564.1 UNAUDITED CONDENSED CASH FLOW INFORMATION CONTINUING OPERATIONS (dollars in millions)               Three Months Ended June 30, March 31, June 30, Cash provided by (used in): 2008 2008 2007 Operating activities $ 78.8 $ 1.9 $ 130.2 Investing activities 6.9 (76.4 ) (13.2 ) Financing activities (80.3 ) (135.9 ) 316.4   Net change during period $ 5.4   $ (210.4 ) $ 433.4     JANUS CAPITAL GROUP INC. ASSETS & FLOWS BY INVESTMENT DISCIPLINE (dollars in billions)       Three Months Ended June 30, 2008 March 31, 2008 June 30, 2007 Growth/Blend Beginning of period assets $ 76.8 $ 83.5 $ 65.7 Sales 8.9 5.9 4.7 Redemptions 4.7   5.6   4.0   Net sales (redemptions) 4.2 0.2 0.7 Market appreciation (depreciation) 0.9   (6.9 ) 5.1   End of period assets $ 81.8   $ 76.8   $ 71.6     Global/International Beginning of period assets $ 22.1 $ 24.9 $ 19.5 Sales 1.0 1.1 1.7 Redemptions 0.9   1.8   1.1   Net sales (redemptions) 0.1 (0.7 ) 0.6 Market appreciation (depreciation) (1.2 ) (2.1 ) 2.0   End of period assets $ 21.0   $ 22.1   $ 22.1     Mathematical/Quantitative Beginning of period assets $ 61.2 $ 69.7 $ 66.3 Sales 2.5 1.8 4.5 Redemptions 2.3   2.9   3.2   Net sales (redemptions) 0.2 (1.1 ) 1.3 Market appreciation (depreciation) -   (7.5 ) 2.6   End of period assets $ 61.3   $ 61.2   $ 70.1     Fixed Income Beginning of period assets $ 3.8 $ 4.9 $ 4.8 Sales 0.2 0.5 0.8 Redemptions 0.5   1.6   0.3   Net sales (redemptions) (0.2 ) (1.1 ) 0.5 Market appreciation (depreciation) -   -   -   End of period assets $ 3.7   $ 3.8   $ 5.2     Alternatives Beginning of period assets $ 1.4 $ 0.8 $ 0.4 Sales 0.1 0.7 0.1 Redemptions 0.2   0.1   -   Net sales (redemptions) - 0.6 0.1 Market appreciation (depreciation) (0.1 ) -   -   End of period assets $ 1.2   $ 1.4   $ 0.4     Value Beginning of period assets $ 10.1 $ 10.1 $ 10.5 Sales 1.5 1.3 0.8 Redemptions 0.6   0.8   1.1   Net sales (redemptions) 0.9 0.5 (0.3 ) Market appreciation (depreciation) -   (0.5 ) 0.6   End of period assets $ 10.9   $ 10.1   $ 10.8     Money Market Beginning of period assets $ 12.2 $ 12.8 $ 9.0 Sales 23.0 24.9 22.8 Redemptions 23.4   25.5   21.5   Net sales (redemptions) (0.4 ) (0.6 ) 1.3 Market appreciation (depreciation) -   -   -   End of period assets $ 11.8   $ 12.2   $ 10.4       JANUS CAPITAL GROUP INC. ASSETS & FLOWS BY INVESTMENT DISCIPLINE (dollars in billions)   Three Months Ended June 30, 2008 March 31, 2008 June 30, 2007 Total Beginning of period assets $ 187.6 $ 206.7 $ 176.2 Sales 37.2 36.2 35.3 Redemptions 32.6   38.3   31.3   Net sales (redemptions) 4.6 (2.1 ) 4.0 Market appreciation (depreciation) (0.4 ) (17.0 ) 10.3   End of period assets $ 191.8   $ 187.6   $ 190.6     Total Excluding Money Markets Beginning of period assets $ 175.4 $ 194.0 $ 167.2 Sales 14.2 11.3 12.6 Redemptions 9.2   12.8   9.8   Net sales (redemptions) 5.0 (1.5 ) 2.8 Market appreciation (depreciation) (0.4 ) (17.0 ) 10.3   End of period assets $ 179.9   $ 175.4   $ 180.2     Total Excluding Mathematical/Quantitative & Money Markets Beginning of period assets $ 114.2 $ 124.2 $ 100.9 Sales 11.7 9.5 8.1 Redemptions 6.9   9.9   6.6   Net sales (redemptions) 4.8 (0.4 ) 1.5 Market appreciation (depreciation) (0.4 ) (9.5 ) 7.7   End of period assets $ 118.6   $ 114.2   $ 110.1     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 Investment Fund ("JIF")       Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08 1-Year   3-Year   5-Year   10-Year   Since PM Inception PM Inception Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Lipper Category   Growth Funds                                                 Janus Twenty Fund(1) Jan-08 Large-Cap Growth Funds 1 1 / 756 1 1 / 641 1 1 / 530 2 4 / 259 ‡ Janus Fund Oct-07 Large-Cap Growth Funds 55 411 / 756 29 183 / 641 33 175 / 530 45 117 / 259 ‡ Janus Orion Fund Dec-07 Multi-Cap Growth Funds 3 12 / 493 2 6 / 374 1 1 / 314 - - ‡ Janus Research Fund Jan-06 Large-Cap Growth Funds 46 342 / 756 7 43 / 641 9 46 / 530 4 10 / 259 6 37 / 679 Janus Enterprise Fund Oct-07 Mid-Cap Growth Funds 13 75 / 596 8 40 / 501 7 27 / 408 44 79 / 181 ‡ Janus Venture Fund(1) Jan-01 Small-Cap Growth Funds 88 532 / 604 44 212 / 486 23 91 / 400 33 63 / 192 28 85 / 307 Janus Triton Fund   Jun-06   Small-Cap Growth Funds   20   119 / 604   5   24 / 486   -   -   -   -   8   38 / 539 Core Funds                                                 Janus Contrarian Fund Feb-00 Multi-Cap Core Funds 47 392 / 847 1 6 / 664 1 4 / 486 - - 7 18 / 276 Janus Growth and Income Fund Nov-07 Large-Cap Core Funds 44 358 / 817 34 233 / 692 23 132 / 574 11 33 / 323 ‡ Janus Balanced Fund Apr-05 Mixed-Asset Target Alloc. Mod. Funds 3 10 / 462 4 12 / 361 14 32 / 239 7 9 / 141 2 6 / 359 Janus Fundamental Equity Fund Nov-07 Large-Cap Core Funds 35 280 / 817 11 73 / 692 4 19 / 574 3 7 / 323 ‡ INTECH Risk-Managed Stock Fund   Feb-03   Multi-Cap Core Funds   41   344 / 847   63   415 / 664   28   132 / 486   -   -   39   182 / 475 Global/International Funds                                                 Janus Overseas Fund(1) Jun-03 International Funds 10 108 / 1141 1 2 / 815 1 1 / 676 4 13 / 339 1 2 / 674 Janus Worldwide Fund Jun-04 Global Funds 95 422 / 446 91 317 / 350 98 263 / 268 95 117 / 123 94 279 / 298 Janus Global Life Sciences Fund Apr-07 Global Healthcare/ Biotechnology Funds 3 2 / 70 21 11 / 53 3 1 / 48 - - 2 1 / 69 Janus Global Technology Fund Jan-06 Global Science & Technology Funds 34 36 / 108 16 16 / 102 36 32 / 90 - - 20 20 / 103 Janus Global Research Fund Feb-05 Global Funds 9 38 / 446 5 16 / 350 - - - - 4 10 / 323 Janus Global Opportunities Fund   Jun-01   Global Funds   96   426 / 446   98   343 / 350   83   221 / 268   -   -   41   84 / 206 Value Funds                                                 Janus Mid Cap Value Fund - Inv(2) Aug-98 Mid-Cap Value Funds 7 24 / 343 11 28 / 270 15 31 / 209 - - 2 1 / 67 Janus Small Cap Value Fund - Inv.(12)   Feb-97   Small-Cap Core Funds   24   182 / 786   40   249 / 628   52   251 / 486   18   33 / 193   17   21 / 125 Income Funds                                                 Janus Flexible Bond Fund May-07 Intermediate Investment Grade Debt 10 51 / 557 8 34 / 464 18 67 / 393 36 67 / 189 12 60 / 544 Janus High-Yield Fund Dec-03 High Current Yield Funds 74 340 / 460 60 232 / 387 65 218 / 339 24 39 / 167 51 175 / 348 Janus Short-Term Bond Fund   May-07   Short Investment Grade Debt   37   97 / 263   28   59 / 212   22   35 / 165   32   27 / 84   36   94 / 262 Asset Allocation Funds                                                 Janus Smart Portfolio-Growth Dec-05 Mixed-Asset Target Alloc. Growth Funds 9 53 / 655 - - - - - - 3 13 / 563 Janus Smart Portfolio-Moderate Dec-05 Mixed-Asset Target Alloc. Mod. Funds 6 26 / 462 - - - - - - 2 7 / 393 Janus Smart Portfolio-Conservative   Dec-05   Mixed-Asset Target Alloc. Cons. Funds   17   69 / 429   -   -   -   -   -   -   2   6 / 338 Data presented reflects past performance, which is no guarantee of future results. Strong rankings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period. Notes: (1) Closed to new investors. (2) Ranking is for the investor share class only; other classes may have different performance characteristics. ‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year. Janus Adviser Series ("JAD") Class S Shares     Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   1-Year   3-Year   5-Year   10-Year   Since PM Inception PM Inception Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%) Rank / Total Funds Lipper Category     Growth Funds                                                 Forty Fund Jan-08 Large-Cap Growth Funds 1 4 / 756 1 3 / 641 1 2 / 530 1 1 / 259 ‡ 0 0 Mid Cap Growth Fund Oct-07 Mid-Cap Growth Funds 17 96 / 596 10 46 / 501 10 38 / 408 49 88 / 181 ‡ 0 0 Large Cap Growth Fund Oct-07 Large-Cap Growth Funds 62 464 / 756 36 231 / 641 41 217 / 530 41 105 / 259 ‡ 0 0 INTECH Risk-Managed Growth Fund Jan-03 Multi-Cap Growth Funds 53 257 / 493 83 309 / 374 73 229 / 314 - - 79 240 / 305 Orion Fund Dec-07 Mid-Cap Growth Funds 8 42 / 596 - - - - - - ‡ 0 0 Small-Mid Growth Fund   Jun-06   Small-Cap Growth Funds   22   133 / 604   -   -   -   -   -   -   11   59 / 539 Core Funds                                                 Balanced Fund Apr-05 Mixed-Asset Target Alloc. Mod. Funds 4 15 / 462 4 13 / 361 15 34 / 239 5 7 / 141 2 7 / 359 Growth and Income Fund Nov-07 Large-Cap Core Funds 51 411 / 817 47 325 / 692 31 173 / 574 4 11 / 323 ‡ 0 0 Fundamental Equity Fund Nov-07 Large-Cap Core Funds 34 277 / 817 11 74 / 692 5 24 / 574 2 4 / 323 ‡ 0 0 Small Company Value Fund Mar-02 Small-Cap Core Funds 61 478 / 786 61 378 / 628 58 280 / 486 - - 27 109 / 416 INTECH Risk-Managed Core Fund Jan-03 Multi-Cap Core Funds 41 344 / 847 64 424 / 664 30 144 / 486 - - 33 154 / 466 Contrarian Fund   Aug-05   Multi-Cap Core Funds   46   390 / 847   -   -   -   -   -   -   3   15 / 673 Global/International/ Funds                                                 International Growth Fund (1) Jun-03 International Funds 5 50 / 1141 1 3 / 815 1 2 / 676 4 12 / 339 1 3 / 674 Worldwide Fund Jun-04 Global Funds 96 428 / 446 94 329 / 350 99 265 / 268 93 115 / 123 97 288 / 298 International Equity Fund Nov-06 International Funds 3 24 / 1141 - - - - - - 4 36 / 1022 INTECH Risk-Managed International Fund   May-07   International Funds   21   230 / 1141   -   -   -   -   -   -   34   374 / 1123 Value Funds                                                 Mid Cap Value Fund Dec-02 Mid-Cap Value Funds 7 22 / 343 10 26 / 270 14 29 / 209 - - 21 41 / 202 INTECH Risk-Managed Value Fund   Dec-05   Multi-Cap Value Funds   50   215 / 431   -   -   -   -   -   -   64   225 / 355 Alternative Funds                                                 Long/Short Fund (1)   Aug-06   Long/Short Equity Funds   30   24 / 81   -   -   -   -   -   -   13   7 / 53 Income Funds                                                 Flexible Bond Fund May-07 Intermediate Investment Grade Debt 13 69 / 557 15 69 / 464 28 107 / 393 39 74 / 189 15 78 / 544 Floating Rate High Income Fund May-07 Loan Participation Funds 81 63 / 77 - - - - - - 80 59 / 73 High-Yield Fund   Aug-05   High Current Yield   75   342 / 460   -   -   -   -   -   -   69   272 / 395 Rankings are for the Class S Shares only; other classes may have different performance characteristics. Note: (1) Closed to new investors. ‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year. Janus Aspen Series ("JAS") Institutional Shares   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   Lipper Rankings Based on Total Returns as of 6/30/08   1-Year   3-Year   5-Year   10-Year   Since PM Inception PM Inception Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Percentile Rank (%)   Rank / Total Funds Lipper Category   Growth Funds                                                 Large Cap Growth Portfolio Oct-07 VA Large-Cap Growth 50 103 / 205 23 44 / 191 40 68 / 173 49 29 / 59 ‡ Forty Portfolio Jan-08 VA Large-Cap Growth 1 1 / 205 1 1 / 191 2 2 / 173 2 1 / 59 ‡ Mid Cap Growth Portfolio   Oct-07   VA Mid-Cap Growth   9   12 / 148   5   6 / 136   9   10 / 123   42   16 / 38   ‡     Core Funds                                                 Balanced Portfolio Apr-05 VA Mixed-Asset Target Alloc Mod. 4 5 / 144 6 6 / 104 10 7 / 75 7 3 / 44 5 4 / 98 Growth and Income Portfolio Nov-07 VA Large-Cap Core 33 67 / 207 35 64 / 183 24 40 / 166 4 3 / 79 ‡ Fundamental Equity Portfolio   Nov-07   VA Large-Cap Core   26   54 / 207   13   23 / 183   4   6 / 166   3   2 / 79   ‡     Global/International Funds                                                 Worldwide Growth Portfolio Jun-04 VA Global 97 106 / 109 91 75 / 82 96 71 / 73 95 33 / 34 97 76 / 78 International Growth Portfolio(1) Jun-03 VA International 8 19 / 247 1 1 / 212 1 1 / 194 6 5 / 93 1 1 / 194 Global Life Sciences Portfolio Oct-04 VA Health/ Biotechnology 6 2 / 35 22 7 / 32 4 1 / 28 - - 4 1 / 32 Global Technology Portfolio   Jan-06   VA Science & Technology   33   20 / 60   25   14 / 56   35   19 / 54   -   -   28   16 / 57 Value Funds                                                 Mid Cap Value Portfolio   May-03   VA Mid-Cap Value   2   1 / 71   2   1 / 63   2   1 / 54   -   -   2   1 / 53 Income Funds                                                 Flexible Bond Portfolio   May-07   VA Intermediate Investment Grade Debt   31   20 / 64   22   12 / 56   29   15 / 52   27   6 / 22   36   23 / 64 Data presented reflects past performance, which is no guarantee of future results. Strong rankings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period. Rankings are for the Institutional Shares only; other classes may have different performance characteristics. Note: (1) Closed to new investors. ‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year. Janus Investment Fund ("JIF")   The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics.                               Overall Rating Three-Year Rating Five-Year Rating Ten-Year Rating Fund Category Stars # of Funds Stars # of Funds Stars # of Funds Stars # of Funds                               Janus Fund Large Growth Funds 3 1488 4 1488 3 1215 3 589 Janus Enterprise Fund Mid-Cap Growth Funds 4 813 5 813 5 684 2 325 Janus Growth and Income Fund Large Growth Funds 4 1488 3 1488 3 1215 4 589 Janus Research Fund Large Growth Funds 4 1488 4 1488 4 1215 3 589 Janus Orion Fund Mid-Cap Growth Funds 5 813 5 813 5 684 N/A Janus Twenty Fund (1) Large Growth Funds 5 1488 5 1488 5 1215 4 589 Janus Venture Fund (1) Small Growth Funds 3 705 3 705 4 571 2 273 Janus Triton Fund Small Growth Funds 5 705 5 705 N/A N/A Janus Global Research Fund World Stock Funds 5 479 5 479 N/A N/A Janus Global Life Sciences Fund Specialty-Health Funds 4 183 4 183 4 166 N/A Janus Global Technology Fund Specialty-Technology Funds 4 257 4 257 4 229 N/A Janus Overseas Fund (1) Foreign Large Growth Funds 5 182 5 182 5 157 4 75 Janus Worldwide Fund World Stock Funds 1 479 2 479 1 400 1 208 Janus Global Opportunities Fund World Stock Funds 2 479 1 479 2 400 N/A Janus Balanced Fund Moderate Allocation Funds 4 935 5 935 4 707 4 415 INTECH Risk-Managed Stock Fund Large Blend Funds 4 1715 3 1715 4 1325 N/A Janus Fundamental Equity Fund Large Blend Funds 4 1715 4 1715 4 1325 4 660 Janus Contrarian Fund Large Blend Funds 5 1715 5 1715 5 1325 N/A Janus Mid Cap Value Fund - Investor Shares (2) Mid-Cap Value Funds 5 318 5 318 5 225 N/A Janus Small Cap Value Fund - Investor Shares (1,2) Small Value Funds 4 331 4 331 3 265 4 108 Janus Flexible Bond Fund Intermediate-Term Bond Funds 4 990 4 990 4 831 3 438 Janus High-Yield Fund High Yield Bond Funds 4 476 3 476 3 413 4 214 Janus Short-Term Bond Fund Short-Term Bond Funds 4 381 4 381 4 303 3 164 Janus Smart Portfolio-Growth Moderate Allocation Funds N/A N/A N/A N/A Janus Smart Portfolio-Moderate Moderate Allocation Funds N/A N/A N/A N/A Janus Smart Portfolio-Conservative Conservative Allocation Funds     N/A     N/A     N/A     N/A   Percent of funds rated 4 / 5 Stars 82.6% 73.9% 71.4% 50.0% Data presented reflects past performance, which is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2008 Morningstar, Inc. All Rights Reserved. Notes: (1) Closed to new investors. (2) Rating is for this share class only; other classes may have different performance characteristics. 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.) Janus Adviser Series ("JAD") S Shares   The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics.                               Overall Rating Three-Year Rating Five-Year Rating Ten-Year Rating Fund Category Stars # of Funds Stars # of Funds Stars # of Funds Stars # of Funds                               Balanced Fund   Moderate Allocation Funds   5 935   5 935   4 707   5 415 Fundamental Equity Fund   Large Blend Funds   4 1715   4 1715   4 1325   5 660 Flexible Bond Fund   Intermediate-Term Bond Funds   4 990   4 990   4 831   3 438 International Growth Fund   Foreign Large Growth Funds   5 182   5 182   5 157   5 75 Forty Fund   Large Growth Funds   5 1488   5 1488   5 1215   5 589 Growth & Income Fund   Large Growth Funds   4 1488   2 1488   3 1215   5 589 International Growth Fund (1)   Foreign Large Growth Funds   5 182   5 182   5 157   5 75 Large Cap Growth Fund   Large Growth Funds   3 1488   3 1488   3 1215   3 589 Mid Cap Growth Fund   Mid-Cap Growth Funds   4 813   5 813   5 684   2 325 Mid Cap Value Fund   Mid-Cap Value Funds   5 318   5 318   5 225     N/A Risk-Managed Core Fund   Large Blend Funds   4 1715   3 1715   4 1325     N/A Risk-Managed Growth Fund   Large Growth Funds   3 1488   2 1488   3 1215     N/A Contrarian Fund   Large Blend Funds     N/A     N/A     N/A     N/A International Equity Fund   Foreign Large Growth Funds     N/A     N/A     N/A     N/A Floating Rate High Income   Bank Loan Funds     N/A     N/A     N/A     N/A Global Real Estate Fund   Specialty-Real Estate Funds     N/A     N/A     N/A     N/A Global Research Fund   World Stock Funds     N/A     N/A     N/A     N/A Long/Short Fund (1)   Long-Short Funds     N/A     N/A     N/A     N/A High-Yield Fund   High Yield Bond Funds     N/A     N/A     N/A     N/A Orion Fund   Mid-Cap Growth Funds     N/A     N/A     N/A     N/A Risk-Managed Value Fund   Large Value Funds     N/A     N/A     N/A     N/A Small Company Value Fund   Small Value Funds     N/A     N/A     N/A     N/A Small-Mid Growth Fund   Mid-Cap Growth Funds     N/A     N/A     N/A     N/A International Forty Fund   Foreign Large Growth Funds     N/A     N/A     N/A     N/A Worldwide Fund World Stock Funds N/A N/A N/A N/A   Percent of funds rated 4 / 5 Stars 83.3% 66.7% 75.0% 66.7% Data presented reflects past performance, which is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2008 Morningstar, Inc. All Rights Reserved. Ratings are for Class S Shares only; other classes may have different performance characteristics. Note: (1) Closed to new investors. 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.) Janus Aspen Series ("JAS") Institutional Shares The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics.                               Overall Rating Three-Year Rating Five-Year Rating Ten-Year Rating Fund Category Stars # of Funds Stars # of Funds Stars # of Funds Stars # of Funds                               Balanced Fund   Moderate Allocation Funds   5 935   5 935   4 707   5 415 Flexible Bond Fund   Intermediate-Term Bond Funds   4 990   5 990   4 831   4 438 Forty Fund   Large Growth Funds   5 1488   5 1488   5 1215   5 589 Fundamental Equity Fund   Large Blend Funds   4 1715   4 1715   4 1325   5 660 Global Life Sciences Fund   Specialty-Health Funds   4 183   5 183   4 166     N/A Global Technology Fund   Specialty-Technology Funds   4 257   4 257   4 229     N/A Growth & Income Fund   Large Growth Funds   4 1488   3 1488   3 1215   5 589 International Growth Fund (1)   Foreign Large Growth Funds   5 182   5 182   5 157   4 75 Worldwide Fund   World Stock Funds   2 479   2 479   1 400   2 208 Large Cap Growth Fund   Large Growth Funds     N/A     N/A     N/A     N/A Mid Cap Growth Fund   Mid-Cap Growth Funds     N/A     N/A     N/A     N/A Mid Cap Value Fund Mid-Cap Value Funds N/A N/A N/A N/A   Percent of funds rated 4 / 5 Stars 88.9% 77.8% 77.8% 85.7% Data presented reflects past performance, which is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2008 Morningstar, Inc. All Rights Reserved. Ratings are for Institutional Shares only; other classes may have different performance characteristics. Note: (1) Closed to new investors. 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.)