Exhibit 8(qqq)
February 23, 2007
Xxxxx Adviser Series
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
As you know, Section 4 of our Investment Advisory Agreement dated February 23,
2007 (the "Agreement"), provides for compensation payable to Janus Capital
Management LLC ("JCM") for services rendered to Janus Institutional Cash
Management Fund (the "Fund"). This letter is to inform you that JCM will waive
one-half of its fee due from the effective date of the Agreement until December
1, 2008. Accordingly, the effective annual rate for the calculation of the fee
due to JCM under Section 4 of the Agreement for that period will be 0.10% of the
Fund's average daily net assets.
This waiver will continue in effect until December 1, 2008, unless extended.
This waiver is applicable only to the Fund and shall not be applicable to any
other series of Janus Adviser Series, whether now existing or hereafter created.
JANUS CAPITAL MANAGEMENT LLC
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx, Executive Vice
President and Chief Financial Officer
JANUS ADVISER SERIES
By: /s/ Xxxxxxxxx Xxxxxxxxxx-Xxxxxx
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Xxxxxxxxx Xxxxxxxxxx-Xxxxxx
Vice President and Secretary
