Exhibit (d)(xxx)
AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT
This amendment (the "Amendment") to the Investment Sub-Advisory Agreement
is made as of May 15, 2003 by and between Xxxxxxx Xxxxxx Investment Management,
Inc. ("CSIM") and Janus Capital Management LLC (the "Sub-Adviser");
WHEREAS, CSIM and the Sub-Adviser have entered into a Investment
Sub-Advisory Agreement dated April 15, 2003; and
WHEREAS, CSIM and the Sub-Adviser desire to amend certain provisions of
the Agreement to reflect amendments by the U.S. Securities and Exchange
Commission (the "SEC") to Rules 10f-3, 12d3-1 and 17e-1 and adoption of new Rule
17a-10 under the Investment Company Act of 1940.
NOW THEREFORE, in consideration of the foregoing and the mutual covenants
herein contained, the parties agree as follows:
Sub-section (a) of Section 2. "Duties of sub-adviser" is hereby deleted
and replaced with the following:
(a) Subject to supervision of the Company, the Board of Trustees
("Trustees") and CSIM (collectively, "Fund Parties"), Sub-Adviser shall be
responsible for managing the investment and reinvestment of the Managed
Assets and determine in its discretion, the securities and other property
to be purchased or sold and the portion of the Managed Assets to be
retained in cash, and shall not be responsible for providing investment
advice to any other portion of a Fund. In performance of its duties and
obligation under this Agreement, Sub-Adviser shall not consult with any
other sub-adviser to a Fund concerning the Managed Assets, except to the
extent permitted by certain exemptive rules under the 1940 Act that permit
certain transactions with a subadviser or its affiliates, or any rule,
regulation or order thereunder. Sub-Adviser will use same skill and care
in providing the Services to each Fund as it utilizes in providing
investment advisory services to other fiduciary accounts for which it has
investment responsibilities. Sub-Adviser will provide Fund Parties with
records concerning Sub-Adviser's activities that Fund Parties are required
to maintain, and regular reports concerning Sub-Adviser's performance of
the Services. Notwithstanding any provision to the contrary, Sub-Adviser
is authorized to delegate any or all of its investment management
responsibilities to Perkins, Wolf, XxXxxxxxx and Company, LLC ("Agent"),
regardless of Sub-Adviser's percent ownership of Agent, if any; provided,
however, Sub-Adviser will be fully responsible for the Services of this
Agreement delegated to Agent, as if Sub-Adviser performed such Services
itself. Sub-Adviser makes no representation or warranty, express or
implied, that any level of performance or investment results will be
achieved by the Fund or that the Fund will perform comparably with any
standard or index, including other clients of the Sub-Adviser, whether
public or private.
Except as expressly superseded or modified by this Amendment, the terms
and provisions of the Investment Sub-Advisory Agreement shall continue to apply
with full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
date first above written.
XXXXXXX XXXXXX INVESTMENT MANAGEMENT, INC.
/s/ Xxxxxxx X. Xxxx
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By: Xxxxxxx X. Xxxx
Title: President and Chief Executive Officer
JANUS CAPITAL MANAGEMENT LLC
/s/ Xxxxxx X. Xxxx
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By: Xxxxxx X. Xxxx
Title: Vice President
