Form of AGREEMENT

Exhibit (h)(123)

Form of

AGREEMENT

     Agreement, dated May 3, 2011, between Janus Capital Management LLC, a Delaware limited liability company (“JCM”), and Janus Investment Fund, a Massachusetts Business Trust (the “Trust”).

     Pursuant to the Investment Advisory Agreement between JCM and the Trust, with respect to Janus Protected Series — Growth (the “Fund”), that provides that JCM may perform certain administrative and clerical functions and shall be reimbursed for the costs thereof or receive such compensation therefor as may be agreed upon from time to time, JCM and the Trust agree as follows:

     1. Except as may otherwise be agreed to, such agreement which may be reflected in a separate contract on behalf of the Fund, JCM shall perform all necessary and appropriate internal accounting, recordkeeping, and blue sky monitoring and registration functions of the Fund, including the preparation of reports and returns incidental thereto.

     2. The Fund shall reimburse to JCM on a monthly basis the reasonable costs incurred by JCM in performing the functions described herein, including without limitation the salaries of JCM personnel performing those functions, applicable systems costs, and other ancillary costs such as costs associated with DTC confirms and the costs of the pricing feed into such systems.

JANUS CAPITAL MANAGEMENT LLC
 

By:  

Xxxxx X. Xxxxxx, Senior Vice President, General 

Counsel and Secretary 

JANUS INVESTMENT FUND
 

By:  

Xxxxxxxxx Xxxxxxxxxx-Xxxxxx, Vice President, 

Chief Legal Counsel and Secretary