Exhibit 8(kk)
July 1, 2004
Janus Investment Fund
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Gentlemen:
As you know, Section 4 of our Investment Advisory Agreement dated April 3, 2002
(the "Agreement"), provides for compensation payable to Janus Capital Management
LLC ("JCM") for investment advisory services rendered to Janus Institutional
Cash Reserves Fund (the "Fund"). This letter is to inform you that JCM will
waive one-half of its fee due from March 1, 2005 to March 1, 2006, under the
Agreement. Accordingly, the effective annual rate for the calculation of the fee
due to JCM under Section 4 of the Agreement will be 0.10% of the Fund's average
daily net assets.
This waiver will continue in effect until March 1, 2006, unless extended.
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
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx, Chief Financial Officer
and Senior Vice President
JANUS INVESTMENT FUND
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
President and Chief Executive Officer
