Exhibit 8(pp)
July 1, 2004
Janus Investment Fund
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Gentlemen:
As you know, Section 4 of our Investment Advisory Agreement dated April 3,
2002 (the "Agreement"), provides for compensation payable to Janus Capital
Management LLC ("JCM") for investment advisory services rendered to Janus
Money Market Fund (the "Fund"). This letter is to inform you that JCM will
waive one-half of its fee due from March 1, 2005 until March 1, 2006 under
the Agreement. Accordingly, the effective annual rate for the calculation of
the fee due to JCM under Section 4 of the Agreement will be 0.10% of the
Fund's average daily net assets.
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
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx, Chief Financial Officer
and Senior Vice President
JANUS INVESTMENT FUND
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
President and Chief Executive Officer
