Exhibit 8(rrr)
July 1, 2006
Janus Investment Fund
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
As you know, Section 5 of our Investment Advisory Agreement dated July 1,
2004, as amended February 1, 2006, provides for compensation payable to Janus
Capital Management LLC ("JCM") with respect to Janus Worldwide Fund (the
"Fund"). This letter is to inform you that JCM will waive a portion of its
Base Fee (as defined in the Investment Advisory Agreement) from July 1, 2006
through January 31, 2007 (the "Waiver Period"), at the annual rate of up to
0.15% of average daily net assets, under the following conditions:
o This waiver will apply for any calendar month in the Waiver Period if
the total return performance of the Fund ("Fund Performance") for the
period from February 1, 2006 through the end of the preceding calendar
month, calculated as though there had been no waiver of the Base Fee,
is less than the performance of the MSCI World(SM) Index ("Benchmark
Performance") for that period, as follows:
PERCENT BY WHICH FUND PERFORMANCE IS LESS THAN ANNUAL RATE OF WAIVER AS PERCENT OF
--------------------------------- ------------- -----------------------------------
BENCHMARK PERFORMANCE AVERAGE NET ASSETS*
--------------------- -------------------
0.0 0.0
-0.5 0.0125
-1.0 0.0250
-1.5 0.0375
-2.0 0.0500
-2.5 0.0625
-3.0 0.0750
-3.5 0.0875
-4.0 0.1000
-4.5 0.1125
-5.0 0.1250
-5.5 0.1375
-6.0 0.1500
* The waiver is calculated in increments of 0.0125% for every
full 0.50% of Fund Performance below the Benchmark, with a
maximum waiver of 0.15%.
o The Waiver Period terminates effective January 31, 2007.
o During the Waiver Period, even if Fund Performance should exceed
Benchmark Performance, the management fee will not exceed the Base Fee,
and Janus Capital may not recover any management fees previously
waived.
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
JANUS INVESTMENT FUND
By: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxxxxx Xxxxxxxxxx-Xxxxxx
-------------------------------- -------------------------------
Xxxxx X. Xxxxxx, Chief Financial Xxxxxxxxx Xxxxxxxxxx-Xxxxxx
Officer and Executive Vice President Vice President and Secretary
