Exhibit 8(ccc)
July 1, 2005
Janus Investment Fund
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Gentlemen:
As you know, Section 5 of our Investment Advisory Agreement dated July 1, 2004,
provides for compensation payable to Janus Capital Management LLC ("JCM") with
respect to Janus Short-Term Bond Fund (the "Fund"). This letter is to inform you
that JCM will waive a portion of its fee from March 1, 2006 until March 1, 2007,
under the following conditions:
In the event the operating expenses 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 0.64% of the Fund's average daily net assets, JCM shall reduce its
fee payable with respect to the Fund by the extent of such excess;
provided, however, there shall be excluded from such expenses the amount of
any items not normally considered operating expenses such as interest,
taxes, brokerage commissions, distribution fees 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 directed brokerage arrangements). Whenever
the expenses of the Fund exceed a pro rata portion of this annual expense
limitation, the estimated amount of reimbursement under such limitation
shall be offset against the monthly payment of the fee due to JCM.
This waiver will continue in effect until March 1, 2007, 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 JANUS INVESTMENT FUND
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Executive Vice ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, President and
President and Chief Financial Chief Executive Officer
Officer