Exhibit 8(ff)
July 1, 2003
Janus Investment Fund
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Gentlemen:
As you know, Section 4 of our Investment Advisory Agreement, dated April 3, 2002
provides for compensation to Janus Capital Management LLC ("JCM") with respect
to Janus High-Yield Fund (the "Fund"). This letter is to inform you that JCM
will waive a portion of its fee from July 1, 2003, until March 1, 2005, under
the following conditions:
In the event the operating expenses of the Fund, including the amount payable to
JCM pursuant to Section 4 of the Investment Advisory Agreement, for any fiscal
year ending on a date on which this Agreement is in effect, exceed 1.00% 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, 2005 unless extended.
This waiver is applicable only to the Fund and shall not be applicable to any
other series of the Trust, whether now existing or hereafter created.
JANUS CAPITAL MANAGEMENT LLC
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Early
Vice President
