FORM OF EXPENSE LIMITATION AGREEMENT
Exhibit (h)(32)
FORM OF EXPENSE LIMITATION AGREEMENT
December 10, 2014
Ladies and Gentlemen:
As you know, Section 5 of our Investment Advisory Agreement dated [ ] provides for
compensation payable to Janus Capital Management LLC (“JCM”) with respect to Global Bond Portfolio
(the “Fund”). This letter is to inform you that JCM will waive all or a portion of its management
fee (or otherwise reimburse/waive class specific expenses), as applicable, from the date of
commencement of operations until
[ ] under the following conditions:
In the event the daily 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 0.66% 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 pursuant to a Rule 12b-1 Plan,
shareholder servicing fees, such as transfer agency fees (including out of pocket
costs), as well as the amount of any items not normally considered operating
expenses such as acquired fund fees and expenses, 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) 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 paid 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, or until the Fund meets its first
breakpoint as described in the Fund’s initial Investment Advisory Agreement,
whichever occurs first, commencing with operations of the Fund, JCM shall be
permitted to recoup such reimbursement or fee reduction from the Fund, provided that
at no time during the term of this letter shall the expenses allocated to the Fund,
with the exceptions noted above, exceed 0.66% of average daily net assets, and as
otherwise noted in this Agreement. This provision survives the term of this letter.
This waiver/reimbursement will continue in effect until [ ], unless extended. This
waiver/reimbursement is applicable only to the Fund and shall not be applicable to any other series
of Janus Aspen Series, whether now existing or hereafter created.
| JANUS CAPITAL MANAGEMENT LLC | JANUS ASPEN SERIES | |||||||||
By:
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