**Exhibit 99.1**

 

**Janus Investment Fund (“JIF”)**

 
| ** **                              | ** ** | ** **    | ** ** | ** **                                 | ** ** | **Lipper Rankings Based on Total Returns as of 9/30/08** | ** ** |
|-----------------------------------------|------------|---------------|------------|--------------------------------------------|------------|--------------------------------------------------------------------------------------------------|------------|
| ** **                              | ** ** | ** **    | ** ** | ** **                                 | ** ** | **1-Year**                                                                                       | ** ** | **3-Year** | ** ** | **5-Year** | ** ** | **10-Year** | ** ** | **Since PM Inception** | ** ** |
| ** **                              | ** ** | **PM**        | ** ** | ** **                                 | ** ** | **Percentile**                                                                                   | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** |
| ** **                              | ** ** | **Inception** | ** ** | **Lipper Category**                   | ** ** | **Rank (%)**                                                                                | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** |
| **Growth  Funds**                       |       |          |       |                                       | ** ** | ** **                                                                                       | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   |   |
| Janus Twenty Fund  (1)                  |       | Jan-08        |       | Large-Cap Growth Funds                     | ** ** | **15**                                                                                           | ** ** | **112 / 769** | ** ** | **1** | ** ** | **1 / 652** | ** ** | **1** | ** ** | **1 / 538** | ** ** | **11** | ** ** | **28 / 255** | ** ** | ** ** | ** ** | **‡** |   |
| Janus Fund                              |       | Oct-07        |       | Large-Cap Growth Funds                     | ** ** | **57**                                                                                           | ** ** | **436 / 769** | ** ** | **29** | ** ** | **184 / 652** | ** ** | **34** | ** ** | **181 / 538** | ** ** | **46** | ** ** | **117 / 255** | ** ** | ** ** | ** ** | **‡** |   |
| Janus Orion Fund                        |       | Dec-07        |       | Multi-Cap Growth Funds                     | ** ** | **44**                                                                                           | ** ** | **220 / 509** | ** ** | **2** | ** ** | **6 / 382** | ** ** | **1** | ** ** | **1 / 325** | ** ** | **—** | ** ** | **—** | ** ** | ** ** | ** ** | **‡** |   |
| Janus Research  Fund                    |       | Jan-06        |       | Large-Cap Growth Funds                     | ** ** | **66**                                                                                           | ** ** | **504 / 769** | ** ** | **14** | ** ** | **87 / 652** | ** ** | **7** | ** ** | **36 / 538** | ** ** | **9** | ** ** | **21 / 255** | ** ** | **15** | ** ** | **98 / 673** | ** ** |
| Janus Enterprise  Fund                  |       | Oct-07        |       | Mid-Cap Growth Funds                       | ** ** | **12**                                                                                           | ** ** | **70 / 611** | ** ** | **5** | ** ** | **23 / 525** | ** ** | **3** | ** ** | **12 / 421** | ** ** | **50** | ** ** | **96 / 192** | ** ** | ** ** | ** ** | **‡** |   |
| Janus Venture  Fund (1)                 |       | Jan-01        |       | Small-Cap Growth Funds                     | ** ** | **93**                                                                                           | ** ** | **555 / 597** | ** ** | **48** | ** ** | **233 / 494** | ** ** | **34** | ** ** | **133 / 399** | ** ** | **50** | ** ** | **97 / 195** | ** ** | **33** | ** ** | **97 / 297** | ** ** |
| Janus Triton Fund                       |       | Jun-06        |       | Small-Cap Growth Funds                     | ** ** | **40**                                                                                           | ** ** | **236 / 597** | ** ** | **5** | ** ** | **22 / 494** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **3** | ** ** | **15 / 526** | ** ** |
| **Core  Funds**                         |       |          |       |                                       |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Janus Contrarian  Fund                  |       | Feb-00        |       | Multi-Cap Core Funds                       | ** ** | **85**                                                                                           | ** ** | **691 / 815** | ** ** | **4** | ** ** | **25 / 638** | ** ** | **1** | ** ** | **1 / 465** | ** ** | **—** | ** ** | **—** | ** ** | **10** | ** ** | **24 / 247** | ** ** |
| Janus Growth and  Income Fund           |       | Nov-07        |       | Large-Cap Core Funds                       | ** ** | **95**                                                                                           | ** ** | **801 / 850** | ** ** | **94** | ** ** | **669 / 716** | ** ** | **55** | ** ** | **329 / 600** | ** ** | **24** | ** ** | **81 / 339** | ** ** | ** ** | ** ** | **‡** |   |
| Janus Balanced  Fund                    |       | Apr-05        |       | Mixed-Asset Target Alloc. Mod. Funds       | ** ** | **7**                                                                                            | ** ** | **32 / 498** | ** ** | **3** | ** ** | **9 / 362** | ** ** | **7** | ** ** | **16 / 244** | ** ** | **5** | ** ** | **7 / 139** | ** ** | **2** | ** ** | **6 / 351** | ** ** |
| Janus Fundamental  Equity Fund          |       | Nov-07        |       | Large-Cap Core Funds                       | ** ** | **81**                                                                                           | ** ** | **684 / 850** | ** ** | **63** | ** ** | **449 / 716** | ** ** | **10** | ** ** | **56 / 600** | ** ** | **8** | ** ** | **26 / 339** | ** ** | ** ** | ** ** | **‡** |   |
| INTECH Risk-Managed  Stock Fund         |       | Feb-03        |       | Multi-Cap Core Funds                       | ** ** | **19**                                                                                           | ** ** | **148 / 815** | ** ** | **54** | ** ** | **340 / 638** | ** ** | **17** | ** ** | **78 / 465** | ** ** | **—** | ** ** | **—** | ** ** | **28** | ** ** | **120 / 441** | ** ** |
| **Global/International  Funds**         |       |          |       |                                       |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Janus Overseas  Fund (1)                |       | Jun-03        |       | International Funds                        | ** ** | **85**                                                                                           | ** ** | **969 / 1150** | ** ** | **1** | ** ** | **5 / 829** | ** ** | **1** | ** ** | **4 / 684** | ** ** | **6** | ** ** | **19 / 340** | ** ** | **1** | ** ** | **4 / 664** | ** ** |
| Janus Worldwide  Fund                   |       | Jun-04        |       | Global Funds                               | ** ** | **85**                                                                                           | ** ** | **387 / 458** | ** ** | **77** | ** ** | **270 / 352** | ** ** | **98** | ** ** | **270 / 277** | ** ** | **88** | ** ** | **115 / 131** | ** ** | **89** | ** ** | **262 / 296** | ** ** |
| Janus Global Life  Sciences Fund        |       | Apr-07        |       | Global Healthcare/Biotechnology Funds      | ** ** | **20**                                                                                           | ** ** | **12 / 60** | ** ** | **35** | ** ** | **19 / 54** | ** ** | **8** | ** ** | **4 / 49** | ** ** | **—** | ** ** | **—** | ** ** | **12** | ** ** | **7 / 60** | ** ** |
| Janus Global  Technology Fund           |       | Jan-06        |       | Global Science & Technology Funds | ** ** | **2**                                                                                            | ** ** | **1 / 95** | ** ** | **17** | ** ** | **15 / 90** | ** ** | **27** | ** ** | **21 / 78** | ** ** | **—** | ** ** | **—** | ** ** | **17** | ** ** | **15 / 90** | ** ** |
| Janus Global  Research Fund             |       | Feb-05        |       | Global Funds                               | ** ** | **48**                                                                                           | ** ** | **219 / 458** | ** ** | **8** | ** ** | **25 / 352** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **3** | ** ** | **8 / 321** | ** ** |
| Janus Global  Opportunities Fund        |       | Jun-01        |       | Global Funds                               | ** ** | **59**                                                                                           | ** ** | **268 / 458** | ** ** | **63** | ** ** | **222 / 352** | ** ** | **77** | ** ** | **213 / 277** | ** ** | **—** | ** ** | **—** | ** ** | **19** | ** ** | **38 / 205** | ** ** |
| **Value  Funds**                        |       |          |       |                                       |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Janus Mid Cap  Value Fund - Inv(2)      |       | Aug-98        |       | Mid-Cap Value Funds                        | ** ** | **3**                                                                                            | ** ** | **8 / 359** | ** ** | **2** | ** ** | **5 / 275** | ** ** | **8** | ** ** | **16 / 209** | ** ** | **3** | ** ** | **2 / 73** | ** ** | **3** | ** ** | **2 / 68** | ** ** |
| Janus Small Cap  Value Fund - Inv.(1,2) |       | Feb-97        |       | Small-Cap Core Funds                       | ** ** | **2**                                                                                            | ** ** | **8 / 796** | ** ** | **8** | ** ** | **50 / 633** | ** ** | **18** | ** ** | **87 / 493** | ** ** | **14** | ** ** | **28 / 204** | ** ** | **9** | ** ** | **10 / 122** | ** ** |
| **Income  Funds**                       |       |          |       |                                       |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Janus Flexible Bond  Fund               |       | May-07        |       | Intermediate Investment Grade Debt         | ** ** | **5**                                                                                            | ** ** | **27 / 565** | ** ** | **5** | ** ** | **22 / 462** | ** ** | **11** | ** ** | **40 / 395** | ** ** | **22** | ** ** | **43 / 198** | ** ** | **10** | ** ** | **50 / 537** | ** ** |
| Janus High-Yield  Fund                  |       | Dec-03        |       | High Current Yield Funds                   | ** ** | **27**                                                                                           | ** ** | **122 / 466** | ** ** | **22** | ** ** | **83 / 390** | ** ** | **39** | ** ** | **130 / 338** | ** ** | **19** | ** ** | **34 / 185** | ** ** | **31** | ** ** | **104 / 343** | ** ** |
| Janus Short-Term  Bond Fund             |       | May-07        |       | Short Investment Grade Debt                | ** ** | **7**                                                                                            | ** ** | **18 / 261** | ** ** | **7** | ** ** | **14 / 211** | ** ** | **8** | ** ** | **14 / 174** | ** ** | **13** | ** ** | **11 / 84** | ** ** | **11** | ** ** | **27 / 259** | ** ** |
| **Asset  Allocation Funds**             |       |          |       |                                       |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Janus Smart  Portfolio-Growth           |       | Dec-05        |       | Mixed-Asset Target Alloc. Growth Funds     | ** ** | **72**                                                                                           | ** ** | **477 / 663** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **7** | ** ** | **36 / 559** | ** ** |
| Janus Smart  Portfolio-Moderate         |       | Dec-05        |       | Mixed-Asset Target Alloc. Mod. Funds       | ** ** | **49**                                                                                           | ** ** | **244 / 498** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **9** | ** ** | **31 / 384** | ** ** |
| Janus Smart  Portfolio-Conservative     |       | Dec-05        |       | Mixed-Asset Target Alloc. Cons. Funds      | ** ** | **46**                                                                                           | ** ** | **204 / 446** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **4** | ** ** | **13 / 341** | ** ** |

 

Please considerthe charges, risks, expenses and investment objectives carefully beforeinvesting. For a prospectus containing this and other information, please callJanus at 1-800-525-1068 or download the file from janus.com. Read it carefullybefore you invest or send money.

 

Lipper Inc. – AReuters Company, is a nationally recognized organization that ranks theperformance of mutual funds within a universe of funds that have similarinvestment objectives.  Rankings arehistorical with capital gains and dividends reinvested. If an expense waiverwas in effect, it may have had a material effect on the total return or yieldfor the period.

 

Data presentedreflects 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.                                                 |

 

----

 

**Janus Adviser Series (“JAD”) Class S Shares**

 
| ** **                             | ** ** | ** **    | ** ** | ** **                            | ** ** | **Lipper Rankings Based on Total Returns as of 9/30/08** | ** ** |
|----------------------------------------|------------|---------------|------------|---------------------------------------|------------|--------------------------------------------------------------------------------------------------|------------|
| ** **                             | ** ** | ** **    | ** ** | ** **                            | ** ** | **1-Year**                                                                                       | ** ** | **3-Year** | ** ** | **5-Year** | ** ** | **10-Year** | ** ** | **Since PM Inception** | ** ** |
| ** **                             | ** ** | **PM**        | ** ** | ** **                            | ** ** | **Percentile**                                                                                   | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** |
| ** **                             | ** ** | **Inception** | ** ** | **Lipper Category**              | ** ** | **Rank (%)**                                                                                | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** |
| **Growth Funds**                       |       |          |       |                                  |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forty Fund                             |       | Jan-08        |       | Large-Cap Growth Funds                | ** ** | **23**                                                                                           | ** ** | **172 /  769** | ** ** | **1** | ** ** | **3 /  652** | ** ** | **1** | ** ** | **2 /  538** | ** ** | **1** | ** ** | **1 /  255** | ** ** | ** ** |   | **‡** |   |
| Mid Cap Growth Fund                    |       | Oct-07        |       | Mid-Cap Growth Funds                  | ** ** | **10**                                                                                           | ** ** | **58 /  611** | ** ** | **5** | ** ** | **26 /  525** | ** ** | **4** | ** ** | **13 /  421** | ** ** | **52** | ** ** | **99 /  192** | ** ** | ** ** |   | **‡** |   |
| Large Cap Growth Fund                  |       | Oct-07        |       | Large-Cap Growth Funds                | ** ** | **56**                                                                                           | ** ** | **429 /  769** | ** ** | **38** | ** ** | **245 /  652** | ** ** | **45** | ** ** | **238 /  538** | ** ** | **41** | ** ** | **103 /  255** | ** ** | ** ** |   | **‡** |   |
| INTECH Risk-Managed Growth Fund        |       | Jan-03        |       | Multi-Cap Growth Funds                | ** ** | **35**                                                                                           | ** ** | **175 /  509** | ** ** | **70** | ** ** | **267 /  382** | ** ** | **71** | ** ** | **231 /  325** | ** ** | **—** | ** ** | **—** | ** ** | **77** | ** ** | **234 /  306** | ** ** |
| Orion Fund                             |       | Dec-07        |       | Mid-Cap Growth Funds                  | ** ** | **43**                                                                                           | ** ** | **258 /  611** | ** ** | **3** | ** ** | **12 /  525** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | ** ** |   | **‡** |   |
| Small-Mid Growth Fund                  |       | Jun-06        |       | Small-Cap Growth Funds                | ** ** | **46**                                                                                           | ** ** | **273 /  597** | ** ** | **6** | ** ** | **25 /  494** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **5** | ** ** | **22 /  526** | ** ** |
| **Core Funds**                         |       |          |       |                                  |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balanced Fund                          |       | Apr-05        |       | Mixed-Asset Target Alloc.  Mod. Funds | ** ** | **7**                                                                                            | ** ** | **30 /  498** | ** ** | **4** | ** ** | **12 /  362** | ** ** | **9** | ** ** | **20 /  244** | ** ** | **3** | ** ** | **4 /  139** | ** ** | **3** | ** ** | **9 /  351** | ** ** |
| Growth and Income Fund                 |       | Nov-07        |       | Large-Cap Core Funds                  | ** ** | **97**                                                                                           | ** ** | **819 /  850** | ** ** | **97** | ** ** | **692 /  716** | ** ** | **73** | ** ** | **437 /  600** | ** ** | **14** | ** ** | **45 /  339** | ** ** | ** ** |   | **‡** |   |
| Fundamental Equity Fund                |       | Nov-07        |       | Large-Cap Core Funds                  | ** ** | **79**                                                                                           | ** ** | **667 /  850** | ** ** | **63** | ** ** | **446 /  716** | ** ** | **11** | ** ** | **64 /  600** | ** ** | **8** | ** ** | **24 /  339** | ** ** | ** ** |   | **‡** |   |
| Small Company Value Fund               |       | Mar-02        |       | Small-Cap Core Funds                  | ** ** | **59**                                                                                           | ** ** | **465 /  796** | ** ** | **36** | ** ** | **226 /  633** | ** ** | **50** | ** ** | **244 /  493** | ** ** | **—** | ** ** | **—** | ** ** | **24** | ** ** | **99 /  414** | ** ** |
| INTECH Risk-Managed Core Fund          |       | Jan-03        |       | Multi-Cap Core Funds                  | ** ** | **20**                                                                                           | ** ** | **159 /  815** | ** ** | **57** | ** ** | **360 /  638** | ** ** | **19** | ** ** | **86 /  465** | ** ** | **—** | ** ** | **—** | ** ** | **25** | ** ** | **107 /  432** | ** ** |
| Contrarian Fund                        |       | Aug-05        |       | Multi-Cap Core Funds                  | ** ** | **85**                                                                                           | ** ** | **687 /  815** | ** ** | **12** | ** ** | **75 /  638** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **3** | ** ** | **15 /  629** | ** ** |
| **Global/International/ Funds**        |       |          |       |                                  |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| International Growth Fund (1)          |       | Jun-03        |       | International Funds                   | ** ** | **56**                                                                                           | ** ** | **636 /  1150** | ** ** | **1** | ** ** | **2 /  829** | ** ** | **1** | ** ** | **3 /  684** | ** ** | **6** | ** ** | **18 /  340** | ** ** | **1** | ** ** | **3 /  664** | ** ** |
| Worldwide Fund                         |       | Jun-04        |       | Global Funds                          | ** ** | **85**                                                                                           | ** ** | **389 /  458** | ** ** | **83** | ** ** | **292 /  352** | ** ** | **99** | ** ** | **273 /  277** | ** ** | **85** | ** ** | **111 /  131** | ** ** | **91** | ** ** | **269 /  296** | ** ** |
| International Equity Fund              |       | Nov-06        |       | International Funds                   | ** ** | **13**                                                                                           | ** ** | **147 /  1150** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **8** | ** ** | **71 /  1010** | ** ** |
| INTECH Risk-Managed International Fund |       | May-07        |       | International Funds                   | ** ** | **38**                                                                                           | ** ** | **429 /  1150** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **36** | ** ** | **392 /  1105** | ** ** |
| **Value Funds**                        |       |          |       |                                  |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mid Cap Value Fund                     |       | Dec-02        |       | Mid-Cap Value Funds                   | ** ** | **3**                                                                                            | ** ** | **8 /  359** | ** ** | **1** | ** ** | **2 /  275** | ** ** | **9** | ** ** | **17 /  209** | ** ** | **—** | ** ** | **—** | ** ** | **13** | ** ** | **26 /  202** | ** ** |
| INTECH Risk-Managed Value Fund         |       | Dec-05        |       | Multi-Cap Value Funds                 | ** ** | **29**                                                                                           | ** ** | **117 /  416** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **35** | ** ** | **116 /  334** | ** ** |
| **Alternative Funds**                  |       |          |       |                                  |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long/Short Fund (1)                    |       | Aug-06        |       | Long/Short Equity Funds               | ** ** | **39**                                                                                           | ** ** | **31 /  79** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **30** | ** ** | **15 /  50** | ** ** |
| **Income Funds**                       |       |          |       |                                  |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Flexible Bond Fund                     |       | May-07        |       | Intermediate Investment  Grade Debt   | ** ** | **5**                                                                                            | ** ** | **25 /  565** | ** ** | **8** | ** ** | **34 /  462** | ** ** | **16** | ** ** | **61 /  395** | ** ** | **21** | ** ** | **41 /  198** | ** ** | **9** | ** ** | **44 /  537** | ** ** |
| Floating Rate High Income Fund         |       | May-07        |       | Loan Participation Funds              | ** ** | **29**                                                                                           | ** ** | **22 /  75** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **31** | ** ** | **22 /  70** | ** ** |
| High-Yield Fund                        |       | Aug-05        |       | High Current Yield                    | ** ** | **24**                                                                                           | ** ** | **110 /  466** | ** ** | **26** | ** ** | **100 /  390** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **31** | ** ** | **119 /  390** | ** ** |

 

Rankings are forthe Class S Shares only; other classes may have different performancecharacteristics.

 

----

Note:

(1)          Closed to newinvestors.

‡                  The Fund’s sincePM-Inception ranking is not available.

 

**Janus Aspen Series (“JAS”) Institutional Shares**

 
| ** **                         | ** ** | ** **    | ** ** | ** **                             | ** ** | **Lipper Rankings Based on Total Returns as of 9/30/08** | ** ** |
|------------------------------------|------------|---------------|------------|----------------------------------------|------------|--------------------------------------------------------------------------------------------------|------------|
| ** **                         | ** ** | ** **    | ** ** | ** **                             | ** ** | **1-Year**                                                                                       | ** ** | **3-Year** | ** ** | **5-Year** | ** ** | **10-Year** | ** ** | **Since PM Inception** | ** ** |
| ** **                         | ** ** | **PM**        | ** ** | ** **                             | ** ** | **Percentile**                                                                                   | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** |
| ** **                         | ** ** | **Inception** | ** ** | **Lipper Category**               | ** ** | **Rank (%)**                                                                                | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** |
| **Growth Funds**                   |       |          |       |                                   |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forty Portfolio                    |       | Jan-08        |       | VA Large-Cap Growth                    | ** ** | **24**                                                                                           | ** ** | **49 /  207** | ** ** | **1** | ** ** | **1 /  192** | ** ** | **1** | ** ** | **1 /  177** | ** ** | **2** | ** ** | **1 /  61** | ** ** | ** ** |   | **‡** |   |
| Large Cap Growth Portfolio         |       | Oct-07        |       | VA Large-Cap Growth                    | ** ** | **42**                                                                                           | ** ** | **86 /  207** | ** ** | **20** | ** ** | **38 /  192** | ** ** | **40** | ** ** | **70 /  177** | ** ** | **54** | ** ** | **33 /  61** | ** ** | ** ** |   | **‡** |   |
| Mid Cap Growth Portfolio           |       | Oct-07        |       | VA Mid-Cap Growth                      | ** ** | **11**                                                                                           | ** ** | **15 /  147** | ** ** | **3** | ** ** | **3 /  135** | ** ** | **5** | ** ** | **6 /  121** | ** ** | **40** | ** ** | **16 /  40** | ** ** | ** ** |   | **‡** |   |
| **Core Funds**                     |       |          |       |                                   |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balanced Portfolio                 |       | Apr-05        |       | VA Mixed-Asset Target  Alloc Mod.      | ** ** | **8**                                                                                            | ** ** | **11 /  154** | ** ** | **2** | ** ** | **2 /  110** | ** ** | **7** | ** ** | **5 /  78** | ** ** | **7** | ** ** | **3 /  48** | ** ** | **1** | ** ** | **1 /  100** | ** ** |
| Growth and Income Portfolio        |       | Nov-07        |       | VA Large-Cap Core                      | ** ** | **95**                                                                                           | ** ** | **199 /  209** | ** ** | **95** | ** ** | **176 /  186** | ** ** | **64** | ** ** | **108 /  170** | ** ** | **9** | ** ** | **7 /  84** | ** ** | ** ** |   | **‡** |   |
| Fundamental Equity Portfolio       |       | Nov-07        |       | VA Large-Cap Core                      | ** ** | **80**                                                                                           | ** ** | **166 /  209** | ** ** | **74** | ** ** | **137 /  186** | ** ** | **13** | ** ** | **22 /  170** | ** ** | **5** | ** ** | **4 /  84** | ** ** | ** ** |   | **‡** |   |
| **Global/International Funds**     |       |          |       |                                   |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Worldwide Growth Portfolio         |       | Jun-04        |       | VA Global                              | ** ** | **86**                                                                                           | ** ** | **93 /  108** | ** ** | **80** | ** ** | **65 /  81** | ** ** | **96** | ** ** | **70 /  72** | ** ** | **84** | ** ** | **31 /  36** | ** ** | **90** | ** ** | **70 /  77** | ** ** |
| International Growth Portfolio (1) |       | Jun-03        |       | VA International                       | ** ** | **87**                                                                                           | ** ** | **217 /  249** | ** ** | **1** | ** ** | **1 /  217** | ** ** | **1** | ** ** | **1 /  196** | ** ** | **6** | ** ** | **5 /  96** | ** ** | **1** | ** ** | **1 /  194** | ** ** |
| Global Life Sciences Portfolio     |       | Oct-04        |       | VA Health/Biotechnology                | ** ** | **25**                                                                                           | ** ** | **9 /  35** | ** ** | **21** | ** ** | **7 /  33** | ** ** | **7** | ** ** | **2 /  28** | ** ** | **—** | ** ** | **—** | ** ** | **4** | ** ** | **1 /  32** | ** ** |
| Global Technology Portfolio        |       | Jan-06        |       | VA Science &  Technology      | ** ** | **11**                                                                                           | ** ** | **6 /  57** | ** ** | **15** | ** ** | **8 /  53** | ** ** | **24** | ** ** | **12 /  50** | ** ** | **—** | ** ** | **—** | ** ** | **19** | ** ** | **10 /  53** | ** ** |
| **Value Funds**                    |       |          |       |                                   |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mid Cap Value Portfolio            |       | May-03        |       | VA Mid-Cap Value                       | ** ** | **2**                                                                                            | ** ** | **1 /  73** | ** ** | **2** | ** ** | **1 /  66** | ** ** | **2** | ** ** | **1 /  54** | ** ** | **—** | ** ** | **—** | ** ** | **2** | ** ** | **1 /  53** | ** ** |
| **Income Funds**                   |       |          |       |                                   |       |                                                                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Flexible Bond Portfolio            |       | May-07        |       | VA Intermediate Investment  Grade Debt | ** ** | **10**                                                                                           | ** ** | **6 /  64** | ** ** | **13** | ** ** | **7 /  57** | ** ** | **15** | ** ** | **8 /  53** | ** ** | **8** | ** ** | **2 /  24** | ** ** | **19** | ** ** | **12 /  64** | ** ** |

 

Rankings are for the Institutional Shares only; other classes may havedifferent performance characteristics.

 

----

Note:

(1)          Closed to newinvestors.

‡                  The Fund’s sincePM-Inception ranking is not available.

 

Please considerthe charges, risks, expenses and investment objectives carefully beforeinvesting. For a prospectus containing this and other information, please callJanus at 1-800-525-1068 or download the file from janus.com. Read it carefullybefore you invest or send money.

 

Lipper Inc. – AReuters Company, is a nationally recognized organization that ranks theperformance of mutual funds within a universe of funds that have similarinvestment objectives.  Rankings arehistorical with capital gains and dividends reinvested. If an expense waiverwas in effect, it may have had a material effect on the total return or yieldfor the period.

 

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

 

----