Exhibit 8(qq)
July 1, 2004
Janus Investment Fund
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Gentlemen:
As you know, Section 5 of our Investment Advisory Agreement dated July 1,
2004, provides for compensation payable to Janus Capital Management LLC
("JCM") with respect to Janus Short-Term Bond Fund (the "Fund"). This letter
is to inform you that JCM will waive a portion of its fee from July 1, 2004
until March 1, 2006, under the following conditions:
In the event the operating expenses of the Fund, including the amount
payable to JCM pursuant to Section 5 of the Investment Advisory
Agreement, for any fiscal year ending on a date on which this Agreement
is in effect, exceed 0.64% of the Fund's average daily net assets, JCM
shall reduce its fee payable with respect to the Fund by the extent of
such excess; provided, however, there shall be excluded from such
expenses the amount of any items not normally considered operating
expenses such as interest, taxes, brokerage commissions, distribution
fees and extraordinary expenses (including, but not limited to, legal
claims and liabilities and litigation costs and any indemnification
related thereto) paid or payable by the Fund. Operating expenses shall
be calculated net of balance credits and similar offset arrangements
(excluding directed brokerage arrangements). Whenever the expenses of
the Fund exceed a pro rata portion of this annual expense limitation,
the estimated amount of reimbursement under such limitation shall be
offset against the monthly payment of the fee due to JCM.
This waiver will continue in effect until March 1, 2006, unless extended.
This waiver is applicable only to the Fund and shall not be applicable to any
other series of Janus Investment Fund, whether now existing or hereafter
created.
JANUS CAPITAL MANAGEMENT LLC JANUS INVESTMENT FUND
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxxx
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Xxxxx X. Xxxxx, Chief Financial Officer Xxxxxx X. Xxxxxx, President
and Senior Vice President and Chief Executive Officer
