Exhibit 8(x)
July 1, 2004
Xxxxx Xxxxx Series
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Gentlemen:
As you know, Section 4 of our Investment Advisory Agreement dated April 3, 2002,
provides for compensation payable to Janus Capital Management LLC ("JCM") with
respect to Money Market Portfolio (the "Fund"). This letter is to inform you
that JCM will waive a portion of its fee from May 1, 2005 until May 1, 2006,
under the following conditions:
In the event the operating expenses allocated to any class 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 0.50% of average daily net
assets, JCM shall reduce its fee payable with respect to the Fund by the
extent of such excess and/or shall reimburse the Fund (or class as
applicable) by the amount 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 as well as
the 12b-1 fee payable by the Service Shares of the Fund. Operating
expenses shall be calculated net of balance credits and similar offset
arrangements (excluding directed brokerage arrangements). Whenever the
expenses allocated to any class of the Fund exceed a pro rata portion of
the applicable annual expense limitations, the estimated amount of
reimbursement under such limitations shall be offset against the monthly
payment of the fee due to JCM and/or paid by JCM to the Fund (or
applicable class). The waiver or reimbursement shall be allocated to each
class of the Fund in the same manner as the underlying expenses or fees
were allocated.
This waiver/reimbursement will continue in effect until May 1, 2006, unless
extended. This waiver/reimbursement is applicable only to the Fund and shall not
be applicable to any other series of Janus Aspen Series, whether now existing or
hereafter created.
JANUS CAPITAL MANAGEMENT LLC JANUS ASPEN SERIES
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxxx
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Xxxxx X. Xxxxx, Chief Financial Officer and Xxxxxx X. Xxxxxx
Senior Vice President President and Chief Executive Officer