Exhibit (h)(72)
July 6, 2009
Janus Investment Fund
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
As you know, Section 5 of our Investment Advisory Agreement provides for
compensation payable to Janus Capital Management LLC ("JCM") with respect to
Janus Long/Short Fund (the "Fund"). This letter is to inform you that JCM will
waive all or a portion of its fee, as applicable, from July 6, 2009 until
November 1, 2010, 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 5 of the Investment
Advisory Agreement, for any fiscal year ending on a date on which this
Agreement is in effect, exceed 1.75% 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 fees payable by Class A Shares, Class C Shares, Class R Shares
and Class S Shares of the Fund pursuant to a Rule 12b-1 Plan, the
administrative services fee payable by Class R Shares, Class S Shares and
Class T Shares of the Fund pursuant to the Transfer Agency Agreement, as
well as the amount of any items not normally considered operating expenses
such as interest, dividends, taxes, brokerage commissions and extraordinary
expenses (including, but not limited to, legal claims and liabilities and
litigation costs, and any indemnification related thereto, and acquired
fund fees and expenses) paid or payable by the Fund. Operating expenses
shall be calculated net of balance credits and similar offset arrangements
(excluding any 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 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.
For any reimbursement paid by JCM to the Fund or any fee reduction by JCM
pursuant to this letter, for a three year period commencing with operations
of the Fund's predecessor fund, Janus Adviser Long/Short Fund, JCM shall be
permitted to recoup such reimbursement or fee reduction from the Fund,
provided that, for purposes of recoupment, at no time during the term of
this letter shall the expenses allocated to the Fund, with the exceptions
noted above, exceed 1.74% of average daily net assets. This provision
survives the term of this letter.
This waiver/reimbursement will continue in effect until November 1, 2010,
unless otherwise terminated, revised or extended. This waiver/reimbursement
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: By:
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Xxxxx X. Xxxxxx Xxxxxxxxx Xxxxxxxxxx-Xxxxxx
Senior Vice President, General Vice President, Chief Legal Counsel
Counsel and Secretary and Secretary
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