Exhibit 99.2
Janus Investment Funds
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| | | | | Lipper Rankings Based on Total Returns as of 12/31/04 | |
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| | | | | 1-Year | | | 3-Year | | | 5-Year | | | 10-Year | |
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| | | | | Percentile | | | Rank/ | | | Percentile | | | Rank/ | | | Percentile | | | Rank/ | | | Percentile | | | Rank/ | |
| | | | | Rank | | | Total | | | Rank | | | Total | | | Rank | | | Total | | | Rank | | | Total | |
| | | Lipper Category | | (%) | | | Funds | | | (%) | | | Funds | | | (%) | | | Funds | | | (%) | | | Funds | |
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Growth Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Janus Enterprise Fund | | Mid-Cap Growth Funds | | | 6 | | | | 29/529 | | | | 30 | | | | 124/425 | | | | 93 | | | | 262/282 | | | | 68 | | | | 74/109 | |
| Janus Fund | | Large-Cap Growth Funds | | | 75 | | | | 489/652 | | | | 37 | | | | 197/538 | | | | 59 | | | | 246/418 | | | | 37 | | | | 49/133 | |
| Janus Mercury Fund | | Large-Cap Growth Funds | | | 16 | | | | 103/652 | | | | 22 | | | | 117/538 | | | | 78 | | | | 326/418 | | | | 6 | | | | 8/133 | |
| Janus Olympus Fund | | Multi-Cap Growth Funds | | | 68 | | | | 283/418 | | | | 60 | | | | 205/343 | | | | 75 | | | | 168/223 | | | | — | | | | — | |
| Janus Orion Fund | | Multi-Cap Growth Funds | | | 20 | | | | 80/418 | | | | 17 | | | | 56/343 | | | | — | | | | — | | | | — | | | | — | |
| Janus Twenty Fund(1) | | Large-Cap Growth Funds | | | 1 | | | | 1/652 | | | | 6 | | | | 32/538 | | | | 78 | | | | 323/418 | | | | 1 | | | | 1/133 | |
| Janus Venture Fund(1) | | Small-Cap Growth Funds | | | 11 | | | | 56/515 | | | | 12 | | | | 49/427 | | | | 83 | | | | 257/310 | | | | 33 | | | | 28/85 | |
Core Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Janus Balanced Fund | | Balanced Funds | | | 38 | | | | 215/576 | | | | 39 | | | | 173/446 | | | | 57 | | | | 208/368 | | | | 8 | | | | 12/162 | |
| Janus Core Equity Fund | | Large-Cap Core Funds | | | 3 | | | | 20/925 | | | | 7 | | | | 49/788 | | | | 24 | | | | 141/605 | | | | — | | | | — | |
| Janus Growth and Income Fund | | Large-Cap Core Funds | | | 11 | | | | 94/925 | | | | 25 | | | | 191/788 | | | | 56 | | | | 335/605 | | | | 3 | | | | 6/221 | |
| Janus Risk-Managed Stock Fund | | Multi-Cap Core Funds | | | 5 | | | | 32/722 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Janus Contrarian Fund | | Multi-Cap Core Funds | | | 1 | | | | 4/722 | | | | 3 | | | | 12/514 | | | | — | | | | — | | | | — | | | | — | |
Income Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Janus Federal Tax-Exempt Fund(2) | | General Muni Debt Funds | | | 88 | | | | 261/297 | | | | 64 | | | | 171/269 | | | | 84 | | | | 197/234 | | | | 73 | | | | 101/139 | |
| Janus Flexible Bond Fund(3) | | Intermediate Inv Grade Debt Funds | | | 56 | | | | 256/460 | | | | 11 | | | | 39/379 | | | | 65 | | | | 173/266 | | | | 9 | | | | 11/132 | |
| Janus High-Yield Fund | | High Current Yield Funds | | | 60 | | | | 248/416 | | | | 71 | | | | 246/346 | | | | 22 | | | | 59/275 | | | | — | | | | — | |
| Janus Short-Term Bond Fund | | Short Investment Grade Debt Funds | | | 16 | | | | 31/195 | | | | 36 | | | | 46/127 | | | | 40 | | | | 40/99 | | | | 38 | | | | 21/55 | |
International/ Global Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Janus Global Life Sciences Fund | | Health/Biotechnolog Funds | | | y10 | | | | 18/195 | | | | 49 | | | | 77/159 | | | | 79 | | | | 56/70 | | | | — | | | | — | |
| Janus Global Opportunities Fund | | Global Funds | | | 37 | | | | 115/317 | | | | 18 | | | | 45/250 | | | | — | | | | — | | | | — | | | | — | |
| Janus Global Technology Fund | | Science & Technology Funds | | | 62 | | | | 189/305 | | | | 61 | | | | 170/279 | | | | 64 | | | | 84/131 | | | | — | | | | — | |
| Janus Overseas Fund | | International Funds | | | 42 | | | | 357/854 | | | | 75 | | | | 527/703 | | | | 72 | | | | 367/513 | | | | 5 | | | | 7/163 | |
| Janus Worldwide Fund | | Global Funds | | | 97 | | | | 308/317 | | | | 99 | | | | 246/250 | | | | 93 | | | | 165/178 | | | | 43 | | | | 24/56 | |
Value Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Janus Mid Cap Value Fund — Inv(4) | | Mid-Cap Value Funds | | | 58 | | | | 136/234 | | | | 40 | | | | 71/177 | | | | 20 | | | | 21/108 | | | | — | | | | — | |
| Janus Small Cap Value Fund — Inv.(1,4) | | Small-Cap Core Funds | | | 88 | | | | 490/556 | | | | 76 | | | | 338/448 | | | | 27 | | | | 83/318 | | | | — | | | | — | |
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| | | Percent of JIF Funds per Lipper | |
| | | Quartile based on Total Returns | |
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| | | 1-Year | | | 3-Year | | | 5-Year | | | 10-Year | |
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| 1st Quartile | | | 47.8 | % | | | 40.9 | % | | | 15.8 | % | | | 50.0 | % |
| 2nd Quartile | | | 13.1 | | | | 27.3 | | | | 10.5 | | | | 33.3 | |
| 3rd Quartile | | | 26.1 | | | | 22.7 | | | | 36.9 | | | | 16.7 | |
| 4th Quartile | | | 13.0 | | | | 9.1 | | | | 36.8 | | | | 0.0 | |
Past performance is no guarantee of future results.
Lipper Inc. — A Reuters Company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested.
Call 1-800-525-3713 for current month end performance.
Funds not ranked by Lipper are not included in percentages disclosed on pages 4 and 5. Rankings exclude money market funds.
A fund’s performance may be affected by risks that include those associated with non-diversification, investments in foreign securities, non-investment grade debt securities, undervalued companies or companies with a relatively small market capitalization. Please see a Janus prospectus for more detailed information.
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| 1. | Closed to new investors. |
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| 2. | Effective 02/25/05, Sharon Pichler is no longer the portfolio manager of Janus Federal Tax-Exempt Fund, and Doug Nelson is now the Fund manager. |
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| 3. | Effective February 28, 2005, Janus Flexible Income Fund changed its name to Janus Flexible Bond Fund and added to its investment policy to state that at least 80% of its net assets (plus borrowings for investment purposes) will be invested in bonds. |
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| 4. | Rating is for the investor share class only; other classes may have different performance characteristics. |
JANUS INVESTMENT FUNDS
Morningstar Ratings based on risk-adjusted returns as of 12/31/04
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| Growth & Core | | | | | | | | | | |
| (Inception Date) | | Morningstar Category | | Overall | | Three Years | | Five Years | | Ten Years |
| Janus Fund (2/70) | | | Large Growth | | | | «««(1,039 | ) | | | «««(1,039 | ) | | | «««(743 | ) | | | «««(260 | ) |
| Janus Twenty Fund* (4/85) | | | Large Growth | | | | ««««(1,039 | ) | | | «««««(1,039 | ) | | | ««(743 | ) | | | ««««(260 | ) |
| Janus Olympus Fund (12/95) | | | Large Growth | | | | ««(1,039 | ) | | | «««(1,039 | ) | | | ««(743 | ) | | | — | |
| Janus Orion Fund (6/00) | | | Mid-Cap Growth | | | | «««(641 | ) | | | «««(641 | ) | | | — | | | | — | |
| Janus Mercury Fund (5/93) | | | Large Growth | | | | «««««(1,039 | ) | | | ««««(1,039 | ) | | | ««(743 | ) | | | ««(260 | ) |
| Janus Enterprise Fund (9/92) | | | Mid-Cap Growth | | | | ««(641 | ) | | | «««(641 | ) | | | ««(430 | ) | | | ««(160 | ) |
| Janus Venture Fund* (4/85) | | | Small Growth | | | | ««(554 | ) | | | «««« (554 | ) | | | ««(402 | ) | | | ««(123 | ) |
| Janus Growth and Income Fund (5/91) | | | Large Growth | | | | «««««(1,039 | ) | | | «««« (1,039 | ) | | | ««««(743 | ) | | | «««««(260 | ) |
| Janus Contrarian Fund (2/00) | | | Mid-CapBlend | | | | ««««(283 | ) | | | ««««(283 | ) | | | — | | | | — | |
| Janus Core Equity Fund (6/96) | | | Large Blend | | | | ««««(1,216 | ) | | | ««««(1,216 | ) | | | ««««(901 | ) | | | — | |
| Janus Balanced Fund (9/92) | | | Moderate Allocation | | | | ««««(654 | ) | | | «««(654 | ) | | | ««« (515 | ) | | | «««««(212 | ) |
International & Global
(Inception Date) | | | | | | | | | | | | | | | | | | | | |
| Janus Worldwide Fund (5/91) | | | World Stock | | | | ««(274 | ) | | | «(274 | ) | | | ««(208 | ) | | | «««(73 | ) |
| Janus Overseas Fund (5/94) | | | Foreign Large Growth | | | | ««««(175 | ) | | | «««(175 | ) | | | «««(131 | ) | | | ««««(48 | ) |
| Janus Global Technology Fund (12/98) | | | Specialty-Technology | | | | «««(265 | ) | | | ««« (265 | ) | | | «««(125 | ) | | | — | |
| Janus Global Life Sciences Fund (12/98) | | | Specialty-Health | | | | ««(157 | ) | | | «««(157 | ) | | | ««(69 | ) | | | — | |
| Janus Global Opportunities Fund (6/01) | | | World Stock | | | | ««««(274 | ) | | | ««««(274 | ) | | | — | | | | — | |
Value
(Inception Date) | | | | | | | | | | | | | | | | | | | | |
| Janus Focused Value Fund (3/90) | | | Mid-Cap Value | | | | ««««(199 | ) | | | «««(199 | ) | | | ««««(128 | ) | | | «««« (47 | ) |
| Janus Mid Cap Value Fund | | | | | | | | | | | | | | | | | | | | |
| — Investor Shares(3) (8/98) | | | Mid-Cap Value | | | | «««««(199 | ) | | | ««««(199 | ) | | | «««««(128 | ) | | | — | |
| Janus Mid Cap Value Fund | | | | | | | | | | | | | | | | | | | | |
| — Institutional Shares(4) (8/98) | | | Mid-Cap Value | | | | «««««(199 | ) | | | ««««(199 | ) | | | «««««(128 | ) | | | — | |
| Janus Small Cap Value Fund | | | | | | | | | | | | | | | | | | | | |
| — Investor Shares(3) (10/87) | | | Small Value | | | | ««««(201 | ) | | | «(201 | ) | | | «««(154 | ) | | | «««««(40 | ) |
| Janus Small Cap Value Fund | | | | | | | | | | | | | | | | | | | | |
| — Institutional Shares(4) (10/87) | | | Small Value | | | | ««««(201 | ) | | | ««(201 | ) | | | «««(154 | ) | | | «««««(40 | ) |
Fixed-Income
(Inception Date) | | | | | | | | | | | | | | | | | | | | |
| Janus Flexible Bond Fund(1) (7/87) | | | Intermediate-Term Bond | | | | ««««(738 | ) | | | ««««(738 | ) | | | «««(554 | ) | | | «««««(275 | ) |
| Janus High-Yield Fund (12/95) | | | High Yield Bond | | | | ««««(347 | ) | | | «««(347 | ) | | | ««««(274 | ) | | | — | |
| Janus Short-Term Bond Fund (9/92) | | | Short-Term Bond | | | | «««(226 | ) | | | «««(226 | ) | | | «««(185 | ) | | | «««(101 | ) |
| Janus Federal Tax-Exempt Fund(2) (5/93) | | | Muni National Long | | | | «««(258 | ) | | | ««««(258 | ) | | | ««(232 | ) | | | ««(149 | ) |
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-1068 or download the file from janus.com. Read it carefully before you invest or send money.
The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™metrics.
Data presented reflects past performance, which is no guarantee of future results.
A fund’s performance may be affected by risks that include those associated with non-diversification, investments in foreign securities, non-investment grade debt securities, undervalued companies or companies with a relatively small market capitalization. Please see a Janus prospectus for more detailed information.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ 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.
Funds not rated by Morningstar are not included in percentages disclosed on page 4. Ratings exclude Money Market funds.
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| * | Closed to new investors. (1) Effective February 28, 2005, Janus Flexible Income Fund changed its name to Janus Flexible Bond Fund and added to its investment policy to state that at least 80% of its net assets (plus borrowings for investment purposes) will be invested in bonds. (2) Effective February 25, 2005, Douglas E. Nelson has been appointed Portfolio Manager of Janus Federal Tax-Exempt Fund, replacing Sharon Pichler. Sharon will continue as Portfolio Manager of Janus Tax-Exempt Money Market Fund and Co-Portfolio Manager of Janus Money Market Fund. (3) Ratings are for the Investor share class only; other classes may have different performance characteristics. (4) Ratings are for the Institutional share class only; other classes may have different performance characteristics. |
Funds Distributed by Janus Distributors, LLC.
