WINTER 2006


Inside
Letter from Gary Black
How Do You Measure Up?
How investing with Military precision helped the Zahody's retire debt-free
Oil Prices: Heating Up or Cooling Down?
Inside @ Janus
Test Your IRA I.Q.
Hits & Misses
Letter from Gary Black

Dear Shareholder,
We’re ending the year on a high note, proud to have delivered as we said we would for our valued  shareholders. We’re also optimistic about what we’re seeing in the markets. After a five-year stretch during which growth stocks trailed value stocks, growth resumed leadership during the second and third quarters of 2005. Is it a sign that growth is coming back? At Janus, we think it’s already here.

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How Do You Measure Up?

Find out where you stand finacially and get the tools you need to stay in control.

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How investing with Military precision helped the Zahody's retire debt-free

Dan Zahody knows something about discipline. He’s spent over half his life as a Green Beret in the U.S. Army Special Forces. Throughout his 32-year military career, Dan’s deployments have pulled him from country to country, requiring him to be away from his home and family for three months to three years at a time. But no matter how long he was away, Dan was focused on a very personal mission back at home – making sure he and his wife Somjit had the financial means to live out some of their lifelong dreams. “Military people aren’t rich,” Dan explained. “And I knew that after 30 years of service I would not likely be physically capable of competing in the job market. We realized we needed something else to tide us over so that we wouldn’t have financial concerns.”

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Oil Prices: Heating Up or Cooling Down?
We’ve all felt the effects of surging oil prices, whether it’s filling up at the corner gas station or opening this winter’s first utility bill. But steep oil prices can have an even more profound impact on financial markets, potentially spurring inflation and slowing entire economies.
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Inside @ Janus
By the time you read this, a brand new janus.com will be up and running.  The site- aimed at bringing you closer to the people and process behind your funds- features a series of videos that provide insight direct from our investment team.  It also makes it easier to monitor your account, track your funds, and gives you more tools and strategies to help you achieve your goals.  Log on to janus.com and get Janus like never before.


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Test Your IRA I.Q.
Then make your Janus IRA work even harder

You want to live the good life in retirement. Janus wants to help you get there. That’s why we offer accounts and services specifically aimed at helping you reach your retirement goals. Like a Janus IRA, which offers the opportunity for tax-deferred growth of your assets, access to the complete lineup of Janus mutual funds and the advantage of Janus’ intensive research.
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Copyright © 2005 Janus . All rights reserved.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

There is no assurance that the investment process will consistently lead to successful investing.
Past performance is no guarantee of future results.
Funds distributed by Janus Distributors LLC.

C-1205-247 1-15-06