Janus Capital Group Inc. Announces Preliminary First Quarter 2009 Results

Janus Capital Group Inc. (“JCG”) (NYSE: JNS) today reported preliminary first quarter net income from continuing operations of $2.7 million, or $0.02 per diluted share, excluding expected goodwill and intangible asset impairment charges, compared with $7.8 million, or $0.05 per diluted share, in the fourth quarter 2008 and $39.0 million, or $0.24 per diluted share, in the first quarter 2008. The company’s preliminary operating margin for the first quarter 2009 was 20.2% compared with 25.5% for the fourth quarter 2008 and 31.8% for the first quarter 2008.

Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share which are non-cash and not deductible for income tax purposes. The impaired assets were originally recognized in connection with the buyout of Janus Capital Management LLC’s founder in 2001. JCG assessed goodwill and intangible assets for impairment as a result of lower forecasted results of operations based on continued deterioration in global market conditions and revenues during the first quarter 2009. Final first quarter 2009 results will be released through the filing of JCG’s first quarter Form 10-Q which is expected on or before May 11, 2009.

Flows and Assets Under Management

Average assets under management during the first quarter decreased 9% to $113.1 billion compared with $124.3 billion during the fourth quarter 2008. At March 31, 2009, the company’s total assets under management were $110.9 billion compared with $123.5 billion at December 31, 2008 and $187.6 billion at March 31, 2008. The decrease in firmwide assets during the first quarter reflects $6.4 billion of net market depreciation, long-term net outflows of $0.9 billion and money market net outflows of $5.3 billion.

Investment Performance

Relative long-term investment performance remained strong with approximately 51%, 73% and 87% of firmwide mutual funds in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of March 31, 2009.2 In addition, 55% of firmwide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at March 31, 2009.3

Janus-managed equity mutual funds continue to outperform the majority of peers over longer periods with 38%, 71% and 85% of equity mutual funds ranking in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of March 31, 2009.2

INTECH’s relative investment performance remained strong with 83%, 56%, 86% and 100% of strategies outperforming their respective benchmarks over the one-, three-, five- and 10-year periods, as of March 31, 2009.

Perkins continues to deliver exceptional investment performance with the Mid Cap Value and Small Cap Value mutual funds ranked in the top 11% of their Lipper categories on a one-, three- and five-year total-return basis as of March 31, 2009.4

“Despite continued challenges in the market, we believe our distribution build-out and strong long-term investment performance will translate into market share gains once equity markets recover,” said Gary Black CEO.

Financial Discussion

Preliminary Financial Highlights
(dollars in millions, except per share data or as noted)
Three Months Ended
March 31,December 31,March 31,
200920082008

Continuing Operations (Investment Management)

Average Assets (in billions) $ 113.1 $ 124.3 $ 189.7
Ending AUM (in billions) $ 110.9 $ 123.5 $ 187.6
Revenues $ 170.3 $ 177.1 $ 281.2
Operating Expenses * $ 135.9 $ 131.9 $ 191.7
Operating Income * $ 34.4 $ 45.2 $ 89.5
Operating Margin * 20.2 % 25.5 % 31.8 %
Net Income * $ 2.7 $ 7.8 $ 39.0
Diluted Earnings per Share * $ 0.02 $ 0.05 $ 0.24

* Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share. The expected impairment charges are non-cash and not deductible for income tax purposes. Final financial results for the first quarter 2009, including the expected goodwill and intangible asset impairment charges, will be included in JCG's Form 10-Q for the quarter ended March 31, 2009 to be filed on or before May 11, 2009.

Continuing Operations

First quarter 2009 revenues of $170.3 million decreased 39% from first quarter 2008 due to lower average assets under management, driven primarily by declining global markets. Preliminary operating expenses decreased $55.8 million, or 29%, from the first quarter 2008 as a result of a 49% decrease in variable expenses and a 25% decline in both marketing and administrative expenses from cost reductions implemented in the fourth quarter 2008.

“We’re on track to realize $40 to $45 million of savings from previously announced cost reduction initiatives,” said Greg Frost CFO. “As we move forward, we continue to balance the need to manage expenses in this environment with positioning the firm for growth as markets improve.”

Non-operating items for the first quarter 2009 include impairment losses of $6.6 million, or $0.03 per diluted share, primarily on JCG’s unconsolidated seed capital investments.

Acquisition

JCG is finalizing the acquisition of an additional 3% interest in INTECH for $25 million. Upon completion, JCG’s interest in INTECH will be approximately 92%. The acquisition is pursuant to contractual obligations with the INTECH founders.

Capital and Liquidity

At March 31, 2009, JCG had preliminary stockholders’ equity of $1.5 billion, cash and investments of $341 million and $1.1 billion of outstanding debt.

First Quarter 2009 Earnings Call Information

JCG will discuss its results during a conference call on Thursday, April 23 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.

Janus Capital Group Inc. (JCG) is a global investment firm offering strategies from three individual investment boutiques: Janus Capital Management LLC (Janus), INTECH Investment Management LLC (INTECH) and Perkins Investment Management LLC (Perkins). Each manager employs a research-intensive approach that is distinct within its respective asset class. This multi-boutique approach enables the firm to provide style-specific expertise across an array of strategies, including growth, value and risk-managed equities, fixed income and alternatives through one common distribution platform.

At the end of March 2009, JCG managed $110.9 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in London, Tokyo, Hong Kong and Singapore.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call JCG 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 (4/09).

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 JCG’s Annual Report on Form 10-K for the year ended December 31, 2008, 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.

1 Strong relative performance is not 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, 23 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 9 and 10.

2 Strong relative performance is not 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, 23 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 9 and 10.

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 11-13.

4 Rankings are for the “JIF” investor share class only; other classes may have different performance characteristics. See pages 9 and 10 for complete Lipper rankings. Janus Mid Cap Value Fund and Janus Small Cap Value Fund changed names and are now Perkins Mid Cap Value Fund and Perkins Small Cap Value Fund, respectively.

JANUS CAPITAL GROUP INC.
PRELIMINARY AND UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
EXCLUDING AN EXPECTED GOODWILL IMPAIRMENT CHARGE
(dollars in millions, except per share data or as noted)
Three Months Ended
March 31,December 31,March 31,
200920082008
Revenues:
Investment management fees $ 136.8 $ 142.5 $ 225.5
Performance fees 3.4 1.6 5.6
Shareowner servicing fees and other 30.1 33.0 50.1
Total 170.3 177.1 281.2
Operating Expenses:
Employee compensation and benefits 62.2 53.3 91.8
Long-term incentive compensation 13.4 8.2 12.1
Marketing and advertising 5.6 8.6 7.8
Distribution 20.1 23.9 36.3
Depreciation and amortization 8.9 9.5 9.9
General, administrative and occupancy 25.7 28.4 33.8
Goodwill impairment * - -
Total 135.9 131.9 191.7
Operating Income *34.445.289.5
Interest expense (19.9 ) (18.9 ) (18.9 )
Investment losses, net (7.2 ) (21.6 ) (9.5 )
Other income, net - 3.0 4.2
Income tax provision (2.1 ) (3.3 ) (24.5 )
Equity in earnings of unconsolidated affiliate - 2.2 2.0
Income from Continuing Operations *5.26.642.8
Loss from Discontinued Operations - - (1.6 )
Net income * 5.2 6.6 41.2
Noncontrolling interest (2.5 ) 1.2 (3.8 )
Net income attributable to JCG *$2.7$7.8$37.4
Diluted weighted average shares outstanding (in millions) 156.9 156.4 164.0

Diluted earnings per share attributable to JCG common shareholders:

Continuing operations *$0.02$0.05$0.24
Discontinued operations - - (0.01 )
Diluted earnings per share * $ 0.02 $ 0.05 $ 0.23
Amounts attributable to JCG common shareholders:
Income from Continuing Operations * $ 2.7 $ 7.8 $ 39.0
Loss from Discontinued Operations - - (1.6 )
Net income * $ 2.7 $ 7.8 $ 37.4
Average Assets Under Management (in billions)$113.1$124.3$189.7

*Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share. The expected impairment charges are non-cash and not deductible for income tax purposes. Final financial results for the first quarter 2009, including the expected goodwill and intangible asset impairment charges, will be included in JCG's Form 10-Q for the quarter ended March 31, 2009 to be filed on or before May 11, 2009.

JANUS CAPITAL GROUP INC.
PRELIMINARY AND UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
March 31,December 31,
20092008
Assets
Cash and cash equivalents $ 232.1 $ 282.6
Marketable securities 108.4 125.3
Other assets 251.6 236.2
Property and equipment, net 52.0 51.1
Intangibles and goodwill, net * 2,639.6 2,641.5
Total Assets * $ 3,283.7 $ 3,336.7
Liabilities and Stockholders' Equity
Debt $ 1,128.0 $ 1,128.0
Other liabilities 241.7 305.6
Deferred income taxes 390.2 388.1
Stockholders' equity * 1,523.8 1,515.0
Total Liabilities and Stockholders' Equity * $ 3,283.7 $ 3,336.7

*Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share. The expected impairment charges are non-cash and not deductible for income tax purposes. Final financial results for the first quarter 2009, including the expected goodwill and intangible asset impairment charges, will be included in JCG's Form 10-Q for the quarter ended March 31, 2009 to be filed on or before May 11, 2009.

UNAUDITED CONDENSED CASH FLOW INFORMATION
CONTINUING OPERATIONS
(dollars in millions)
Three Months Ended
March 31,December 31,March 31,
Cash provided by (used in):200920082008
Operating activities $ (18.3 ) $ 70.1 $ 1.9
Investing activities (26.8 ) (82.6 ) (76.4 )
Financing activities (5.4 ) (2.5 ) (135.9 )
Net change during period $ (50.5 ) $ (15.0 ) $ (210.4 )
JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
Three Months Ended
March 31, 2009December 31, 2008March 31, 2008
Growth/Blend
Beginning of period assets $ 49.5 $ 66.2 $ 83.5
Sales 2.4 3.8 5.9
Redemptions 3.4 5.1 5.6
Net sales (redemptions) (1.0 ) (1.3 ) 0.2
Market / fund performance (2.0 ) (15.4 ) (6.9 )
End of period assets $ 46.6 $ 49.5 $ 76.8
Global/International
Beginning of period assets $ 10.9 $ 15.7 $ 24.9
Sales 0.5 0.5 1.1
Redemptions 0.6 1.3 1.8
Net sales (redemptions) (0.1 ) (0.8 ) (0.7 )
Market / fund performance (0.1 ) (4.0 ) (2.1 )
End of period assets $ 10.7 $ 10.9 $ 22.1

Mathematical/Quantitative (1)

Beginning of period assets $ 42.4 $ 55.6 $ 69.7
Sales 0.9 1.8 1.8
Redemptions 1.4 2.8 2.9
Net sales (redemptions) (0.5 ) (1.0 ) (1.1 )
Market / fund performance (3.5 ) (12.2 ) (7.5 )
End of period assets $ 38.3 $ 42.4 $ 61.2
Fixed Income
Beginning of period assets $ 3.2 $ 3.4 $ 4.9
Sales 0.8 0.5 0.5
Redemptions 0.3 0.6 1.6
Net sales (redemptions) 0.5 (0.1 ) (1.1 )
Market / fund performance - (0.1 ) -
End of period assets $ 3.7 $ 3.2 $ 3.8
Alternatives
Beginning of period assets $ 0.5 $ 0.8 $ 0.8
Sales - - 0.7
Redemptions 0.1 0.2 0.1
Net sales (redemptions) (0.1 ) (0.2 ) 0.6
Market / fund performance (0.1 ) (0.1 ) -
End of period assets $ 0.4 $ 0.5 $ 1.4

Value (2)

Beginning of period assets $ 9.1 $ 10.9 $ 10.1
Sales 1.4 1.7 1.3
Redemptions 1.1 1.3 0.8
Net sales (redemptions) 0.3 0.3 0.5
Market / fund performance (0.8 ) (2.2 ) (0.5 )
End of period assets $ 8.6 $ 9.1 $ 10.1
Money Market
Beginning of period assets $ 7.9 $ 7.9 $ 12.8
Sales 3.0 15.6 24.9
Redemptions 8.3 15.6 25.5
Net sales (redemptions) (5.3 ) - (0.6 )
Market / fund performance - - -
End of period assets $ 2.6 $ 7.9 $ 12.2
Total Company
Beginning of period assets$123.5$160.5$206.7
Sales9.023.936.2
Redemptions15.226.938.3
Net sales (redemptions)(6.2)(3.0)(2.1)
Market / fund performance(6.4)(34.0)(17.0)
End of period assets$110.9$123.5$187.6
Total Excluding Money Markets
Beginning of period assets$115.6$152.7$194.0
Sales6.08.311.3
Redemptions6.911.312.8
Net sales (redemptions)(0.9)(3.0)(1.5)
Market / fund performance(6.4)(34.0)(17.0)
End of period assets$108.3$115.6$175.4

Each line has been rounded on the schedule individually to increase the accuracy of the amounts presented. Therefore totals and subtotals may not foot.

Notes:

(1) Represents all assets managed by INTECH Investment Management LLC.

(2) Represents all assets managed by Perkins Investment Management LLC.

Janus Investment Fund ("JIF")Lipper Rankings Based on Total Returns as of 3/31/2009
1-Year3-Year5-Year10-YearSince PM Inception
PMPercentileRank /PercentileRank /PercentileRank /PercentileRank /PercentileRank /

Inception

Lipper Category

Rank (%)Total FundsRank (%)Total FundsRank (%)Total FundsRank (%)Total FundsRank (%)Total Funds
Growth Funds

Janus Twenty Fund (1)

Jan-08 Large-Cap Growth Funds 76595 / 78911 / 67412 / 5633186 / 28544343 / 781
Janus Fund Oct-07 Large-Cap Growth Funds 60474 / 78937246 / 67432180 / 56360169 / 28549369 / 761
Janus Orion Fund Dec-07 Multi-Cap Growth Funds 99492 / 49937143 / 387618 / 323--97473 / 488
Janus Research Fund Jan-06 Large-Cap Growth Funds 95747 / 78945299 / 67431173 / 56346130 / 28541271 / 662
Janus Enterprise Fund Oct-07 Mid-Cap Growth Funds 65364 / 56222103 / 4861246 / 39874139 / 18739209 / 543

Janus Venture Fund (1)

Jan-01 Small-Cap Growth Funds 75443 / 59340201 / 50634138 / 41363131 / 2072882 / 292
Janus Triton Fund Jun-06 Small-Cap Growth Funds 740 / 593311 / 506----15 / 515
Core Funds
Janus Contrarian Fund Feb-00 Multi-Cap Core Funds 99763 / 77274464 / 627833 / 468--2044 / 222
Janus Growth and Income Fund Nov-07 Large-Cap Core Funds 67589 / 88874562 / 76634213 / 63833117 / 36054460 / 866
Janus Balanced Fund Apr-05 Mixed-Asset Target Alloc. Mod. Funds 419 / 522412 / 39112 / 2891116 / 15313 / 353
Janus Fundamental Equity Fund Nov-07 Large-Cap Core Funds 87771 / 88883631 / 76623144 / 6382486 / 36082706 / 866
INTECH Risk-Managed Stock Fund Feb-03 Multi-Cap Core Funds 38292 / 77251318 / 62728128 / 468--32126 / 398
Global/International Funds
Janus Overseas Fund Jun-03 International Funds 50591 / 1203324 / 88414 / 705515 / 36713 / 648
Janus Worldwide Fund Jun-04 Global Funds 71351 / 49460228 / 38191268 / 29492140 / 15276227 / 298
Janus Global Life Sciences Fund Apr-07 Global Healthcare/Biotechnology Funds 6634 / 513918 / 463616 / 44132 / 152412 / 51
Janus Global Technology Fund Jan-06 Global Science & Technology Funds 2722 / 824031 / 774330 / 70296 / 204031 / 77
Janus Global Research Fund Feb-05 Global Funds 61299 / 4942594 / 381----720 / 323
Janus Global Opportunities Fund Jun-01 Global Funds 27133 / 49440150 / 38167196 / 294--1632 / 206
Value Funds

Perkins Mid Cap Value Fund - Inv (2)

Aug-98 Mid-Cap Value Funds 621 / 360410 / 29224 / 21832 / 7421 / 63

Perkins Small Cap Value Fund - Inv (1, 2)

Feb-97 Small-Cap Core Funds 423 / 758421 / 6061152 / 4821430 / 22867 / 122
Income Funds
Janus Flexible Bond Fund May-07 Intermediate Investment Grade Debt 634 / 580419 / 480726 / 4011939 / 208632 / 535
Janus High-Yield Fund Dec-03 High Current Yield Funds 1360 / 4611348 / 3901343 / 335917 / 2071446 / 329
Janus Short-Term Bond Fund May-07 Short Investment Grade Debt 24 / 25924 / 21434 / 17665 / 89512 / 254
Asset Allocation Funds
Janus Smart Portfolio-Growth Dec-05 Mixed-Asset Target Alloc. Growth Funds 75508 / 68227145 / 542----1473 / 539
Janus Smart Portfolio-Moderate Dec-05 Mixed-Asset Target Alloc. Mod. Funds 32165 / 5221555 / 391----933 / 387
Janus Smart Portfolio-Conservative Dec-05 Mixed-Asset Target Alloc. Cons. Funds 35150 / 4331754 / 336----1030 / 320

Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not 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 SharesLipper Rankings Based on Total Returns as of 3/31/2009
1-Year3-Year5-Year10-YearSince PM Inception
PMPercentileRank /PercentileRank /PercentileRank /PercentileRank /PercentileRank /

Inception

Lipper Category

Rank (%)Total FundsRank (%)Total FundsRank (%)Total FundsRank (%)Total FundsRank (%)Total Funds
Growth Funds
Forty Fund Jan-08 Large-Cap Growth Funds 94735 / 789212 / 67413 / 56337 / 28567522 / 781
Mid Cap Growth Fund Oct-07 Mid-Cap Growth Funds 48270 / 5621361 / 486726 / 39873137 / 18726140 / 543
Large Cap Growth Fund Oct-07 Large-Cap Growth Funds 59463 / 78941273 / 67440224 / 56351144 / 28546347 / 761
INTECH Risk-Managed Growth Fund Jan-03 Multi-Cap Growth Funds 58288 / 49969267 / 38778252 / 323--81237 / 294
Orion Fund Dec-07 Mid-Cap Growth Funds 91510 / 5622096 / 486----81444 / 552
Small-Mid Growth Fund Jun-06 Small-Cap Growth Funds 1059 / 593420 / 506----28 / 515
Core Funds
Balanced Fund Apr-05 Mixed-Asset Target Alloc. Mod. Funds 315 / 522311 / 39123 / 289812 / 15312 / 353
Growth and Income Fund Nov-07 Large-Cap Core Funds 83734 / 88887666 / 76655347 / 6382484 / 36077661 / 866
Fundamental Equity Fund Nov-07 Large-Cap Core Funds 88776 / 88883633 / 76624153 / 6382692 / 36084726 / 866
Small Company Value Fund Mar-02 Small-Cap Core Funds 21158 / 75833196 / 60632152 / 482--2390 / 396
INTECH Risk-Managed Core Fund Jan-03 Multi-Cap Core Funds 35266 / 77249305 / 62727122 / 468--2698 / 389
Contrarian Fund Aug-05 Multi-Cap Core Funds 100766 / 77285530 / 627----59338 / 572
Global/International/ Funds
International Growth Fund Jun-03 International Funds 26308 / 1203215 / 88411 / 705412 / 36711 / 648
Worldwide Fund Jun-04 Global Funds 65320 / 49460229 / 38193273 / 29489136 / 15278232 / 298
International Equity Fund Nov-06 International Funds 30361 / 1203------766 / 989
INTECH Risk-Managed International Fund May-07 International Funds 43509 / 1203------38406 / 1083
Global Research Fund Nov-07 Global Funds 60297 / 494------48224 / 466
Value Funds
Perkins Mid Cap Value Fund Dec-02 Mid-Cap Value Funds 516 / 36049 / 29235 / 218--814 / 192
INTECH Risk-Managed Value Fund Dec-05 Multi-Cap Value Funds 58210 / 36453154 / 291----56153 / 277
Alternative Funds
Long/Short Fund Aug-06 Long/Short Equity Funds 4344 / 102------2211 / 49
Global Real Estate Fund Nov-07 Global Real Estate Funds 54 / 84------54 / 81
Income Funds
Flexible Bond Fund May-07 Intermediate Investment Grade Debt 524 / 580520 / 480936 / 4011735 / 208628 / 535
High-Yield Fund Aug-05 High Current Yield 1252 / 4611454 / 390----1761 / 376

Rankings are for the Class S Shares only; other classes may have different performance characteristics.

Note:

In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year.

Janus Aspen Series ("JAS") Institutional SharesLipper Rankings Based on Total Returns as of 3/31/2009
1-Year3-Year5-Year10-YearSince PM Inception
PMPercentileRank /PercentileRank /PercentileRank /PercentileRank /PercentileRank /

Inception

Lipper Category

Rank (%)Total FundsRank (%)Total FundsRank (%)Total FundsRank (%)Total FundsRank (%)Total Funds
Growth Funds
Forty Portfolio Jan-08 VA Large-Cap Growth 89212 / 23823 / 21123 / 19332 / 7164149 / 234
Large Cap Growth Portfolio Oct-07 VA Large-Cap Growth 56132 / 2382551 / 2113669 / 1936345 / 713783 / 229
Mid Cap Growth Portfolio Oct-07 VA Mid-Cap Growth 77110 / 1431924 / 1281719 / 1137431 / 414155 / 136
Core Funds
Balanced Portfolio Apr-05 VA Mixed-Asset Target Alloc. Mod. 34 / 18422 / 11721 / 78115 / 4711 / 101
Growth and Income Portfolio Nov-07 VA Large-Cap Core 3380 / 24252112 / 2172037 / 189119 / 842148 / 237
Fundamental Equity Portfolio Nov-07 VA Large-Cap Core 72173 / 24275163 / 2171834 / 1891916 / 8466156 / 237
Global/International Funds
Worldwide Growth Portfolio Jun-04 VA Global 7593 / 1245142 / 829570 / 738733 / 378970 / 78
International Growth Portfolio Jun-03 VA International 43116 / 26935 / 22522 / 19565 / 9722 / 189
Global Life Sciences Portfolio Oct-04 VA Health/Biotechnology 9535 / 366522 / 33113 / 28--72 / 31
Global Technology Portfolio Jan-06 VA Science & Technology 5533 / 593721 / 564021 / 52--3922 / 56
Value Funds
Perkins Mid Cap Value Portfolio May-03 VA Mid-Cap Value 21 / 8721 / 7321 / 59--21 / 57
Income Funds
Flexible Bond Portfolio May-07 VA Intermediate Investment Grade Debt 64 / 6874 / 6084 / 5682 / 26106 / 65

Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not 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:

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 RatingThree-Year RatingFive-Year RatingTen-Year Rating

Fund

Category

Stars

# of Funds

Stars

# of Funds

Stars

# of Funds

Stars

# of Funds

Janus Fund Large Growth Funds

3

1491

3

1491

3

1229

2

615
Janus Enterprise Fund Mid-Cap Growth Funds

3

805

4

805

4

673

2

331
Janus Growth and Income Fund Large Growth Funds

3

1491

2

1491

3

1229

4

615
Janus Research Fund Large Growth Funds

3

1491

3

1491

3

1229

2

615
Janus Twenty Fund (1) Large Growth Funds

4

1491

5

1491

5

1229

3

615
Janus Venture Fund (1) Small Growth Funds

3

678

3

678

3

566

2

293
Janus Overseas Fund Foreign Large Growth Funds

4

212

4

212

5

164

4

82
Janus Balanced Fund Moderate Allocation Funds

5

968

5

968

5

799

4

462
Janus Fundamental Equity Fund Large Blend Funds

3

1723

2

1723

3

1371

3

695

Janus Mid Cap Value Fund - Investor Shares (2)

Mid-Cap Value Funds

5

334

5

334

5

239

5

82

Janus Small Cap Value Fund - Investor Shares (1, 2)

Small Value Funds

5

349

5

349

5

269

4

126
Janus Flexible Bond Fund Intermediate-Term Bond Funds

5

993

5

993

5

856

4

467
Janus High-Yield Fund High Yield Bond Funds

4

473

4

473

4

405

4

259
Janus Short-Term Bond Fund Short-Term Bond Funds

5

372

5

372

5

318

4

168
Janus Worldwide Fund World Stock Funds

2

529

3

529

2

425

2

249
Janus Orion Fund Health Funds

3

169

3

169

3

154

3

54
Janus Global Life Sciences Fund Technology Funds

4

220

3

220

3

201

4

70
Janus Global Technology Fund Mid-Cap Growth Funds

4

805

3

805

4

673 N/A
INTECH Risk-Managed Stock Fund Large Blend Funds

4

1723

3

1723

4

1371 N/A
Janus Contrarian Fund Large Blend Funds

2

1723

1

1723

3

1371 N/A
Janus Global Opportunities Fund World Stock Funds

3

529

3

529

3

425 N/A
Janus Triton Fund Small Growth Funds

5

678

5

678 N/A N/A
Janus Global Research Fund World Stock Funds

4

529

4

529 N/A N/A
Janus Smart Portfolio-Growth Moderate Allocation Funds

3

968

3

968 N/A N/A
Janus Smart Portfolio-Moderate Moderate Allocation Funds

5

968

5

968 N/A N/A
Janus Smart Portfolio-Conservative Conservative Allocation Funds

4

489

4

489 N/A N/A
Percent of funds rated 4 / 5 Stars57.7%50.0%52.4%52.9%

Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2009 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 Rating TM 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 SharesThe 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 RatingThree-Year RatingFive-Year RatingTen-Year Rating

Fund

Category

Stars

# of Funds

Stars

# of Funds

Stars

# of Funds

Stars

# of Funds

Balanced Fund Moderate Allocation Funds

5

968

5

968

5

799

5

462
Fundamental Equity Fund Large Blend Funds

3

1723

2

1723

3

1371

3

695
Flexible Bond Fund Intermediate-Term Bond Funds

4

993

5

993

4

856

4

467
Forty Fund Large Growth Funds

5

1491

5

1491

5

1229

4

615
Growth & Income Fund Large Growth Funds

3

1491

2

1491

3

1229

4

615
International Growth Fund Foreign Large Growth Funds

5

212

5

212

5

164

5

82
Large Cap Growth Fund Large Growth Funds

3

1491

3

1491

3

1229

3

615
Mid Cap Growth Fund Mid-Cap Growth Funds

3

805

4

805

4

673

2

331
Worldwide Fund World Stock Funds

2

529

3

529

2

425

2

249
Perkins Mid Cap Value Fund Mid-Cap Value Funds

5

334

5

334

5

239 N/A
INTECH Risk-Managed Core Fund Large Blend Funds

4

1723

3

1723

4

1371 N/A
INTECH Risk-Managed Growth Fund Large Growth Funds

2

1491

2

1491

2

1229 N/A
Perkins Small Company Value Fund Small Value Funds

3

349

3

349

3

269 N/A
Contrarian Fund Large Blend Funds

1

1723

1

1723 N/A N/A
Orion Fund Mid-Cap Growth Funds

3

805

3

805 N/A N/A
Small-Mid Growth Fund Mid-Cap Growth Funds

4

805

4

805 N/A N/A
High-Yield Fund High Yield Bond Funds

4

473

4

473 N/A N/A
INTECH Risk-Managed Value Fund Large Value Funds

3

1192

3

1192 N/A N/A
International Equity Fund Foreign Large Growth Funds N/A N/A N/A N/A
Perkins Large Cap Value Fund Large Value Funds N/A N/A N/A N/A
Global Real Estate Fund Global 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 Long-Short Funds N/A N/A N/A N/A
International Forty Fund Foreign Large Growth Funds N/A N/A N/A N/A
INTECH Risk-Managed International Fund Foreign Large Blend Funds N/A N/A N/A N/A
Modular Portfolio Construction Fund Moderate Allocation Funds N/A N/A N/A N/A
Percent of funds rated 4 / 5 Stars44.4%44.4%53.8%55.6%

Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2009 Morningstar, Inc. All Rights Reserved.

Ratings are for Class S Shares only; other classes may have different performance characteristics.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM 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 RatingThree-Year RatingFive-Year RatingTen-Year Rating

Fund

Category

Stars

# of Funds

Stars

# of Funds

Stars

# of Funds

Stars

# of Funds

Balanced Fund Moderate Allocation Funds

5

968

5

968

5

799

5

462
Flexible Bond Fund Intermediate-Term Bond Funds

5

993

5

993

5

856

4

467
Forty Fund Large Growth Funds

5

1491

5

1491

5

1229

4

615
Fundamental Equity Fund Large Blend Funds

3

1723

2

1723

4

1371

3

695
Growth & Income Fund Large Growth Funds

4

1491

3

1491

4

1229

4

615
International Growth Fund Foreign Large Growth Funds

4

212

4

212

5

164

4

82
Worldwide Fund World Stock Funds

2

529

3

529

2

425

2

249
Large Cap Growth Fund Large Growth Funds

4

1491

4

1491

4

1229

3

615
Mid Cap Growth Fund Mid-Cap Growth Funds

3

805

3

805

4

673

2

331
Global Life Sciences Fund Health Funds

4

169

3

169

4

154 N/A
Global Technology Fund Technology Funds

3

220

3

220

3

201 N/A
Perkins Mid Cap Value Fund Mid-Cap Value Funds

5

334

5

334

5

239 N/A
Percent of funds rated 4 / 5 Stars66.7%50.0%83.3%55.6%

Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2009 Morningstar, Inc. All Rights Reserved.

Ratings are for Institutional Shares only; other classes may have different performance characteristics.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM 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.)

Contacts:

Janus Capital Group Inc.
Shelley Peterson, 303-316-5625
or
Scott Grace, 303-394-7709

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