Exhibit 8(ccc)

July 1, 2005

Janus Investment Fund
151 Detroit Street
Denver, Colorado 80206

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/ David R. Martin                 By: /s/ Girard C. Miller
    ---------------------------------       ------------------------------------
    David R. Martin, Executive Vice         Girard C. Miller, President and
    President and Chief Financial           Chief Executive Officer
    Officer