Exhibit 8(ll)
July 1, 2004
Janus Investment Fund
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
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 Federal Tax-Exempt Fund (the "Fund"). This letter is to inform
you that JCM will waive a portion of its fee from July 1, 2004 until March 1,
2006, 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 0.55% 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, 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 JANUS INVESTMENT FUND
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxxx
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Xxxxx X. Xxxxx, Chief Financial Officer Xxxxxx X. Xxxxxx, President
and Senior Vice President and Chief Executive Officer