X0201 42003-12-31 0001065865 JANUS CAPITAL GROUP INC JNS 0001217488 HUDNER TIMOTHY R JANUS CAPITAL GROUP INC. 100 FILLMORE STREET DENVER, CO 80206-4928 0100SVP of Operations and TechCommon Stock2003-12-314F0131616.39D224169DCommon Stock2003-12-314S042416.40D225485DCommon Stock4018.05IHeld by ESOPOption (Right to Buy) and LSAR14.372013-05-07Common Stock4385943859DOption (Right to Buy) and LSAR25.712012-01-27Common Stock82048204DThe sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on March 12, 2003 to cover tax liabilities arising from vesting events.Reflects number of shares held in Employee Stock Ownership Plan as of March 10, 2003.Limited Stock Appreciation Rights ("LSARs") are granted in tandem with stock options. LSARs are automatically exercised (in lieu of related options) upon a change-of-control of the Company which has not been approved by certain members of the Company's board of directors and result in the receipt of only cash by the option holder. LSARs terminate when the related options are exercised or terminated.The option award vests annually in five installments beginning on May 8, 2004; the first four vesting events will be 8,772 options per vesting event, and the last vesting event will be 8,771 options.The option award vests annually in five installments beginning on January 28, 2003; the first four vesting events will be 1,641 options per vesting event, and the last vesting event will be 1,640 options.Jill M. Jepson, Attorney-in-Fact for R. Timothy Hudner2004-01-02