Dec. 5, 2003 — Portfolio manager Michael Buchanan, who runs the Janus High Yield Fund (JAHYX), is leaving Janus Capital Group (JNS) just five months after joining the troubled mutual fund company.

Janus spokesman Blair Johnson said Buchanan’s departure is not related to the mutual fund market timing scandal. Buchanan has told Janus he wants to return to New York, Johnson said.

The High Yield fund is one of seven funds that Janus has said was used for market timing trades by some investors. The fund was one of many that New York Attorney General has said was used by a hedge fund, Canary Capital Partners LLC, to make improper trades. Janus has not been charged with any wrongdoing.

Buchanan joined Janus in July from New York-based BlackRock Inc., a money management firm, where he helped run the BlackRock High Yield Bond Fund/Inv B (BHYBX). He succeeded Sandy Rufenacht on the Janus fund. Rufenacht, who had managed the fund since 1996, has said he was unaware of any improper market timing activity in the fund while he was running it.

Market timing involves rapidly buying and selling fund shares to take advantage of inefficiencies in fund pricing. While not illegal, the practice can hurt long-term investors.

Buchanan, who will leave Janus on December 19, will be replaced by Gibson Smith, who runs the Janus Short Term Bond Fund (JASBX) and helps oversee the Janus Flexible Income Fund (JAFIX).

Janus also announced that stock picker Minyoung Sohn will replace David Corkins as manager of the Janus Growth and Income Fund (JAGIX), starting next month. Corkins will continue running the Janus Mercury Fund (JAMRX) with Sohn, who is currently the assistant portfolio manager of the Growth and Income fund.