Exhibit 8(gg)
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 (the "Agreement"), provides for compensation to Janus Capital Management
("JCM") for investment advisory services rendered to Janus Institutional Cash
Reserves Fund (the "Fund"). This letter is to inform you that JCM will waive
one-half of its fee due from July 1, 2003 to March 1, 2005 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, 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. Xxxxx
Vice President
