Document:

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                                                                   Exhibit 4(vv)

                              JANUS ADVISER SERIES

                          INVESTMENT ADVISORY AGREEMENT

                       JANUS ADVISER FLEXIBLE INCOME FUND

      THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this 1st day
of July, 2004, between JANUS ADVISER SERIES, a Delaware statutory trust (the
"Trust"), and JANUS CAPITAL MANAGEMENT LLC, a Delaware limited liability company
("JCM").

                              W I T N E S S E T H:

      WHEREAS, the Trust is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act"),
and has registered its shares for public offering under the Securities Act of
1933, as amended (the "1933 Act"); and

      WHEREAS, the Trust is authorized to create separate funds, each with its
own separate investment portfolio of which the beneficial interests are
represented by a separate series of shares; one of such funds created by the
Trust being designated as the Janus Adviser Flexible Income Fund (the "Fund");
and

      WHEREAS, the Trust and JCM deem it mutually advantageous that JCM should
assist the Trustees and officers of the Trust in the management of the
securities portfolio of the Fund.

      NOW, THEREFORE, the parties agree as follows:

      1.    Appointment. The Trust hereby appoints JCM as investment adviser and
manager with respect to the Fund for the period and on the terms set forth in
this Agreement. JCM hereby accepts such appointment and agrees to render the
services herein set forth, for the compensation herein provided.

      2.    Investment Advisory Services. JCM shall furnish continuous advice
and recommendations to the Fund as to the acquisition, holding, or disposition
of any or all of the securities or other assets which the Fund may own or
contemplate acquiring from time to time. JCM shall give due consideration to the
investment policies and restrictions and the other statements concerning the
Fund in the Trust Instrument, bylaws, and registration statements under the 1940
Act and the 1933 Act, and to the provisions of the Internal Revenue Code, as
amended from time to time, applicable to the Fund as a regulated investment
company. In addition, JCM shall cause its officers to attend meetings and
furnish oral or written reports, as the Trust may reasonably require, in order
to keep the Trustees and appropriate officers of the Trust fully informed as to
the condition of the investment portfolio of the Fund, the investment
recommendations of JCM, and the investment considerations which have given rise
to those recommendations. JCM shall supervise the purchase and sale of
securities as directed by the appropriate officers of the Trust.

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      3.    Other Services. JCM is hereby authorized (to the extent the Trust
has not otherwise contracted) but not obligated (to the extent it so notifies
the Trustees at least 60 days in advance), to perform (or arrange for the
performance by affiliates of) the management and administrative services
necessary for the operation of the Fund. JCM is specifically authorized, on
behalf of the Trust, to conduct relations with custodians, depositories,
transfer and pricing agents, accountants, attorneys, underwriters, brokers and
dealers, corporate fiduciaries, insurance company separate accounts, insurers,
banks and such other persons in any such other capacity deemed by JCM to be
necessary or desirable. JCM shall generally monitor and report to Fund officers
the Fund's compliance with investment policies and restrictions as set forth in
the currently effective prospectus and statement of additional information
relating to the shares of the Fund under the 1933 Act. JCM shall make reports to
the Trustees of its performance of services hereunder upon request therefor and
furnish advice and recommendations with respect to such other aspects of the
business and affairs of the Fund as it shall determine to be desirable. JCM is
also authorized, subject to review by the Trustees, to furnish such other
services as JCM shall from time to time determine to be necessary or useful to
perform the services contemplated by this Agreement.

      4.    Obligations of Trust. The Trust shall have the following obligations
under this Agreement:

            (a)   to keep JCM continuously and fully informed as to the
                  composition of its investment portfolio and the nature of all
                  of its assets and liabilities from time to time;

            (b)   to furnish JCM with a certified copy of any financial
                  statement or report prepared for it by certified or
                  independent public accountants and with copies of any
                  financial statements or reports made to its shareholders or to
                  any governmental body or securities exchange;

            (c)   to furnish JCM with any further materials or information which
                  JCM may reasonably request to enable it to perform its
                  function under this Agreement; and

            (d)   to compensate JCM for its services and reimburse JCM for its
                  expenses incurred hereunder in accordance with the provisions
                  hereof.

      5.    Compensation. The Trust shall pay to JCM for its investment advisory
services a fee, calculated and payable for each day that this Agreement is in
effect, of 1/365 of 0.50% of the first $300,000,000 of the daily closing net
asset value of the Fund, plus 1/365 of 0.40% of the daily closing net asset
value of the Fund in excess of $300,000,000 (1/366 of 0.50% of the first
$300,000,000 of the daily closing net asset value of the Fund, plus 1/366 of
0.40% of the daily closing net asset value of the Fund in excess of $300,000,000
in a leap year). The fee shall be paid monthly.

      6.    Expenses Borne by JCM. In addition to the expenses which JCM may
incur in the performance of its investment advisory functions under this
Agreement, and the expenses which it may expressly undertake to incur and pay
under other agreements with the Trust or otherwise,

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JCM shall incur and pay the following expenses relating to the Fund's operations
without reimbursement from the Fund:

            (a)   Reasonable compensation, fees and related expenses of the
                  Trust's officers and its Trustees, except for such Trustees
                  who are not "interested persons," as defined in the 1940 Act,
                  of JCM; and

            (b)   Rental of offices of the Trust.

      7.    Expenses Borne by the Trust. The Trust assumes and shall pay all
expenses incidental to its organization, operations and business not
specifically assumed or agreed to be paid by JCM pursuant to Sections 3 and 6
hereof, including, but not limited to, investment adviser fees; any
compensation, fees, or reimbursements which the Trust pays to its Trustees who
are not "interested persons," as defined in the 1940 Act, of JCM; compensation
of the Fund's custodian, transfer agent, registrar and dividend disbursing
agent; legal, accounting, audit and printing expenses; administrative, clerical,
recordkeeping and bookkeeping expenses; brokerage commissions and all other
expenses in connection with execution of portfolio transactions (including any
appropriate commissions paid to JCM or its affiliates for effecting exchange
listed, over-the-counter or other securities transactions); interest; all
federal, state and local taxes (including stamp, excise, income and franchise
taxes); costs of stock certificates and expenses of delivering such certificates
to purchasers thereof; expenses of local representation in Delaware; expenses of
shareholders' meetings and of preparing, printing and distributing proxy
statements, notices, and reports to shareholders; expenses of preparing and
filing reports and tax returns with federal and state regulatory authorities;
all expenses incurred in complying with all federal and state laws and the laws
of any foreign country applicable to the issue, offer, or sale of shares of the
Fund, including, but not limited to, all costs involved in the registration or
qualification of shares of the Fund for sale in any jurisdiction, the costs of
portfolio pricing services and compliance systems, and all costs involved in
preparing, printing and mailing prospectuses and statements of additional
information to Fund shareholders; and all fees, dues and other expenses incurred
by the Trust in connection with the membership of the Trust in any trade
association or other investment company organization.

      8.    Treatment of Investment Advice. The Trust shall treat the investment
advice and recommendations of JCM as being advisory only, and shall retain full
control over its own investment policies. However, the Trustees may delegate to
the appropriate officers of the Trust, or to a committee of the Trustees, the
power to authorize purchases, sales or other actions affecting the portfolio of
the Fund in the interim between meetings of the Trustees.

      9.    Termination. This Agreement may be terminated at any time, without
penalty, by the Trustees of the Trust, or by the shareholders of the Fund acting
by vote of at least a majority of its outstanding voting securities, provided in
either case that sixty (60) days advance written notice of termination be given
to JCM at its principal place of business. This Agreement may be terminated by
JCM at any time, without penalty, by giving sixty (60) days advance written
notice of termination to the Trust, addressed to its principal place of
business. The Trust agrees that, consistent with the terms of the Trust
Instrument, the Trust shall cease to use the name "Janus" in connection with the
Fund as soon as reasonably practicable following any termination of this

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Agreement if JCM does not continue to provide investment advice to the Fund
after such termination.

      10.   Assignment. This Agreement shall terminate automatically in the
event of any assignment of this Agreement.

      11.   Term. This Agreement shall continue in effect until July 1, 2005,
unless sooner terminated in accordance with its terms, shall continue in effect
from year to year thereafter only so long as such continuance is specifically
approved at least annually by (a) the vote of a majority of the Trustees of the
Trust who are not parties hereto or interested persons of any such party, cast
in person at a meeting called for the purpose of voting on the approval of the
terms of such renewal, and (b) either the Trustees of the Trust or the
affirmative vote of a majority of the outstanding voting securities of the Fund.
The annual approvals provided for herein shall be effective to continue this
Agreement from year to year if given within a period beginning not more than
ninety (90) days prior to July 1 of each applicable year, notwithstanding the
fact that more than three hundred sixty-five (365) days may have elapsed since
the date on which such approval was last given.

      12.   Amendments. This Agreement may be amended by the parties only if
such amendment is specifically approved (i) by a majority of the Trustees,
including a majority of the Trustees who are not interested persons (as that
phrase is defined in Section 2(a)(19) of the 1940 Act) of any party to this
Agreement and, if required by applicable law, (ii) by the affirmative vote of a
majority of the outstanding voting securities of the Fund (as that phrase is
defined in Section 2(a)(42) of the 1940 Act).

      13.   Other Series. The Trustees shall determine the basis for making an
appropriate allocation of the Trust's expenses (other than those directly
attributable to the Fund) between the Fund and the other series of the Trust.

      14.   Limitation of Personal Liability. All the parties hereto acknowledge
and agree that all liabilities of the Trust arising, directly or indirectly,
under this Agreement, of any and every nature whatsoever, shall be satisfied
solely out of the assets of the Fund and that no Trustee, officer or holder of
shares of beneficial interest of the Trust shall be personally liable for any of
the foregoing liabilities. The Trust Instrument describes in detail the
respective responsibilities and limitations on liability of the Trustees,
officers and holders of shares of beneficial interest of the Trust.

      15.   Limitation of Liability of JCM. JCM shall not be liable for any
error of judgment or mistake of law or for any loss arising out of any
investment or for any act or omission taken with respect to the Trust, except
for willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of reckless disregard of its obligations and duties
hereunder and except to the extent otherwise provided by law. As used in this
Section 15, "JCM" shall include any affiliate of JCM performing services for the
Trust contemplated hereunder and directors, officers and employees of JCM and
such affiliates.

      16.   Activities of JCM. The services of JCM to the Trust hereunder are
not to be deemed to be exclusive, and JCM and its affiliates are free to render
services to other parties. It is

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understood that trustees, officers and shareholders of the Trust are or may
become interested in JCM as directors, officers and shareholders of JCM, that
directors, officers, employees and shareholders of JCM are or may become
similarly interested in the Trust, and that JCM may become interested in the
Trust as a shareholder or otherwise.

      17.   Certain Definitions. The terms "vote of a majority of the
outstanding voting securities," "assignment" and "interested persons" when used
herein, shall have the respective meanings specified in the 1940 Act, as now in
effect or hereafter amended, and the rules and regulations thereunder, subject
to such orders, exemptions and interpretations as may be issued by the
Securities and Exchange Commission under said Act and as may be then in effect.

      18.   Governing Law. This Agreement shall be construed in accordance with
the laws of the State of Colorado (without giving effect to the conflicts of
laws principles thereof) and the 1940 Act. To the extent that the applicable
laws of the State of Colorado conflict with the applicable provisions of the
1940 Act, the latter shall control.

      This Agreement shall supercede all prior investment advisory agreements
entered into between JCM and the Trust, on behalf of the Fund.

      IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Investment Advisory Agreement as of the date and year first
above written.

                                     JANUS CAPITAL MANAGEMENT LLC

                                     By:   /s/Loren M. Starr
                                       -----------------------------------------
                                         Loren M. Starr, Chief Financial Officer
                                         and Senior Vice President

                                     JANUS ADVISER SERIES

                                     By:   /s/Girard C. Miller
                                       -----------------------------------------
                                         Girard C. Miller, President and Chief
                                         Executive Officer

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                                                                   Exhibit 4(ww)
                             SUB-ADVISORY AGREEMENT

                        JANUS ADVISER MID CAP VALUE FUND
                       (A SERIES OF JANUS ADVISER SERIES)

      This SUB-ADVISORY AGREEMENT (the "Agreement") is entered into effective as
of the 1st day of July 2004, by and between JANUS CAPITAL MANAGEMENT LLC, a
Delaware limited liability company ("Janus") and Perkins, Wolf, McDonnell and
Company, LLC, a Delaware limited liability company ("PWM").

      WHEREAS, Janus has entered into an Investment Advisory Agreement (the
"Advisory Agreement") with Janus Adviser Series, a Delaware statutory trust (the
"Trust") and an open-end, management investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), with respect to
Janus Adviser Mid Cap Value Fund, a series of the Trust (the "Fund") pursuant to
which Janus has agreed to provide investment advisory services with respect to
the Fund; and

      WHEREAS, PWM is engaged in the business of rendering investment advisory
services and is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended (the "Advisers Act"); and

      WHEREAS, Janus desires to retain PWM to furnish investment advisory
services with respect to the Fund, and PWM is willing to furnish such services;

      NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

      1.    Duties of PWM. Janus hereby engages the services of PWM as
subadviser in furtherance of the Advisory Agreement. PWM agrees to perform the
following duties, subject to the oversight of Janus and to the overall control
of the officers and the Board of Trustees (the "Trustees") of the Trust:

            (a)   PWM shall manage the investment operations of the Fund and the
composition of its investment portfolio, shall determine without prior
consultation with the Trust or Janus, what securities and other assets of the
Fund will be acquired, held, disposed of or loaned, and shall direct Janus with
respect to the execution of trades in connection with such determinations, in
conformity with the investment objectives, policies and restrictions and the
other statements concerning the Fund in the Trust's trust instrument, as amended
from time to time (the "Trust Instrument"), bylaws and registration statements
under the 1940 Act and the Securities Act of 1933, as amended (the "1933 Act"),
the Advisers Act, the rules thereunder and all other applicable federal and
state laws and regulations, and the provisions of the Internal Revenue Code of
1986, as amended (the "Code"), applicable to the Trust, on behalf of the Fund,
as a regulated investment company;

            (b)   PWM shall cause its officers to attend meetings and furnish
oral or written reports, as the Trust or Janus may reasonably require, in order
to keep Janus, the Trustees and appropriate officers of the Trust fully informed
as to the condition of the investment portfolio of

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the Fund, the investment decisions of PWM, and the investment considerations
which have given rise to those decisions;

            (c)   PWM shall maintain all books and records required to be
maintained by PWM pursuant to the 1940 Act, the Advisers Act, and the rules and
regulations promulgated thereunder, as the same may be amended from time to
time, with respect to transactions on behalf of the Fund, and shall furnish the
Trustees and Janus with such periodic and special reports as the Trustees or
Janus reasonably may request. PWM hereby agrees that all records which it
maintains for the Fund or the Trust are the property of the Trust, agrees to
permit the reasonable inspection thereof by the Trust or its designees and
agrees to preserve for the periods prescribed under the 1940 Act and the
Advisers Act any records which it maintains for the Trust and which are required
to be maintained under the 1940 Act and the Advisers Act, and further agrees to
surrender promptly to the Trust or its designees any records which it maintains
for the Trust upon request by the Trust;

            (d)   PWM shall submit such reports relating to the valuation of the
Fund's assets and to otherwise assist in the calculation of the net asset value
of shares of the Fund as may reasonably be requested;

            (e)   PWM shall provide Janus with such assistance and advice as
Janus may reasonably request as to the manner in which to exercise, on behalf of
the Fund, such voting rights, subscription rights, rights to consent to
corporate action and any other rights pertaining to the Fund's assets that may
be exercised, in accordance with any policy pertaining to the same that may be
adopted or agreed to by the Trustees of the Trust, so that Janus may exercise
such rights, or, in the event that the Trust retains the right to exercise such
voting and other rights, to furnish the Trust with advice as may reasonably be
requested as to the manner in which such rights should be exercised;

            (f)   At such times as shall be reasonably requested by the Trustees
or Janus, PWM shall provide the Trustees and Janus with economic, operational
and investment data and reports, including without limitation all information
and materials reasonably requested by or requested to be delivered to the
Trustees of the Trust pursuant to Section 15(c) of the 1940 Act, and shall make
available to the Trustees and Janus any economic, statistical and investment
services normally available to similar investment company clients of PWM; and

            (g)   PWM will provide to Janus for regulatory filings and other
appropriate uses materially accurate and complete information relating to PWM as
may be reasonably requested by Janus from time to time and, notwithstanding
anything herein to the contrary, PWM shall be liable to Janus for all damages,
costs and expenses, including without limitation reasonable attorney's fees
(hereinafter referred to collectively as "Damages"), incurred by Janus as a
result of any material inaccuracies or omissions in such information provided by
PWM to Janus, provided, however, that PWM shall not be liable to the extent that
any Damages are based upon inaccuracies or omissions made in reliance upon
information furnished to PWM by Janus.

      2.    Further Obligations. In all matters relating to the performance of
this Agreement, PWM shall act in conformity with the Trust's Trust Instrument,
bylaws and currently effective registration statements under the 1940 Act and
the 1933 Act and any amendments or

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supplements thereto (the "Registration Statements") and with the written
policies, procedures and guidelines of the Fund, and written instructions and
directions of the Trustees and Janus and shall comply with the requirements of
the 1940 Act, the Advisers Act, the rules thereunder, and all other applicable
federal and state laws and regulations. Janus agrees to provide to PWM copies of
the Trust's Trust Instrument, bylaws, Registration Statement, written policies,
procedures and guidelines and written instructions and directions of the
Trustees and Janus, and any amendments or supplements to any of them at, or, if
practicable, before the time such materials become effective.

      3.    Obligations of Janus. Janus shall have the following obligations
under this Agreement:

            (a)   To keep PWM continuously and fully informed (or cause the
custodian of the Fund's assets to keep PWM so informed) as to the composition of
the investment portfolio of the Fund and the nature of all of the Fund's assets
and liabilities from time to time;

            (b)   To furnish PWM with a certified copy of any financial
statement or report prepared for the Fund by certified or independent public
accountants and with copies of any financial statements or reports made to the
Fund's shareholders or to any governmental body or securities exchange; and

            (c)   To furnish PWM with any further materials or information which
PWM may reasonably request to enable it to perform its function under this
Agreement.

      4.    Compensation. For PWM's services under this Agreement, the Fund
shall pay to PWM a fee equal to 50% of the advisory fee payable to Janus from
the Fund before reduction of the Janus fee by the amount of the fee payable to
PWM (net of any reimbursement of expenses incurred or fees waived by Janus).
Such fee shall be computed and accrued daily and payable monthly as of the last
day of each month during which or part of which this Agreement is in effect and
shall be paid at the same time and in the same amount as the fees payable to
Janus. For the month during which this Agreement becomes effective and the month
during which it terminates, however, there shall be an appropriate proration of
the fee payable for such month based on the number of calendar days of such
month during which the Agreement is effective.

      5.    Expenses. PWM shall pay all its own costs and expenses incurred in
rendering its service under this Agreement.

      6.    Representations of PWM. PWM hereby represents, warrants and
covenants to Janus as follows:

            (a)   PWM: (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from performing the services contemplated by this Agreement; (iii) has met, and
will continue to meet for so long as this Agreement remains in effect, any other
applicable federal or state requirements, or the applicable requirements of any
regulatory or industry self-regulatory organization necessary to be met in order
to perform the services contemplated by this Agreement; (iv) has the legal and
corporate authority to enter into and perform the services contemplated by this
Agreement; and (v) will immediately notify Janus

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of the occurrence of any event that would disqualify PWM from serving as an
investment adviser of an investment company pursuant to Section 9(a) of the 1940
Act or otherwise, and of the institution of any administrative, regulatory or
judicial proceeding against PWM that could have a material adverse effect upon
PWM's ability to fulfill its obligations under this Agreement.

            (b)   PWM has adopted a written code of ethics complying with the
requirements of Rule 17j-1 under the 1940 Act and will provide Janus with a copy
of such code of ethics, together with evidence of its adoption. Within 45 days
after the end of the last calendar quarter of each year that this Agreement is
in effect, the president or a vice president of PWM shall certify to Janus that
PWM has complied with the requirements of Rule 17j-1 during the previous year
and that there has been no violation of PWM's code of ethics or, if such a
violation has occurred, that appropriate action was taken in response to such
violation. Upon the written request of Janus, PWM shall permit Janus, its
employees or its agents to examine the reports required to be made to PWM by
Rule 17j-1(c)(1) and all other records relevant to PWM's code of ethics.

            (c)   PWM has provided Janus with a copy of its Form ADV as most
recently filed with the U.S. Securities and Exchange Commission ("SEC") and
will, promptly after filing any amendment to its Form ADV with the SEC, furnish
a copy of such amendment to Janus.

            (d)   PWM will notify Janus of any change in the identity or control
of its shareholders owning a 10% or greater interest in PWM, or any change that
would constitute a change in control of PWM under the 1940 Act, prior to any
such change if PWM is aware, or should be aware, of any such change, but in any
event as soon as any such change becomes known to PWM.

      7.    Term. This Agreement shall become effective as of the date first set
forth above and shall continue in effect until July 1, 2005 unless sooner
terminated in accordance with its terms, and shall continue in effect from year
to year thereafter only so long as such continuance is specifically approved at
least annually by (a) the vote of a majority of the Trustees of the Trust who
are not parties hereto or interested persons of the Trust, Janus or PWM, cast in
person at a meeting called for the purpose of voting on the approval of the
terms of such renewal, and (b) either the Trustees of the Trust or the
affirmative vote of a majority of the outstanding voting securities of the Fund.
The annual approvals provided for herein shall be effective to continue this
Agreement from year to year if given within a period beginning not more than
ninety (90) days prior to July 1 of each applicable year, notwithstanding the
fact that more than three hundred sixty-five (365) days may have elapsed since
the date on which such approval was last given.

      8.    Termination. This Agreement may be terminated at any time, without
penalty, by the Trustees or by the shareholders of the Fund acting by vote of at
least a majority of its outstanding voting securities, provided in any such case
that 60 days' advance written notice of termination be given to PWM at its
principal place of business. This Agreement may also be terminated by Janus or
the Trust: (i) by giving 60 days' advance written notice of termination to PWM;
(ii) upon a material breach by PWM of any of the representations and warranties
set forth in Section 6 of this Agreement, if such breach shall not have been
cured within a 20-day period after notice of such breach; or (iii) if PWM
becomes unable to discharge its duties and

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obligations under this Agreement. This Agreement may be terminated by PWM at any
time, without penalty upon a material breach by Janus of any of the obligations
set forth in Section 3 of this Agreement, if such breach shall not have been
cured within a 20-day period after notice of such breach. This Agreement may be
terminated by PWM after May 1, 2005 upon three years' written notice. In
addition, this Agreement shall terminate, without penalty, upon the termination
of the Advisory Agreement.

      9.    Assignment. This Agreement shall automatically terminate in the
event of its assignment.

      10.   Amendments. This Agreement may be amended by the parties only in a
written instrument signed by the parties to this Agreement and only if such
amendment is specifically approved (i) by a majority of the Trustees, including
a majority of the Trustees who are not interested persons (as that phrase is
defined in Section 2(a)(19) of the 1940 Act) of the Trust or Janus, PWM or their
affiliates, and (ii) if required by applicable law, by the affirmative vote of a
majority of the outstanding voting securities of the Fund (as that phrase is
defined in Section 2(a)(42) of the 1940 Act).

      11.   Limitation on Personal Liability. All parties to this Agreement
acknowledge and agree that the Trust is a series trust and all debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to a particular series shall be enforceable against the
assets held with respect to such series only, and not against the assets of the
Trust generally or against the assets held with respect to any other series and
further that no Trustee, officer or holder of shares of beneficial interest of
the Trust shall be personally liable for any of the foregoing.

      12.   Limitation of Liability of PWM. Janus will not seek to hold PWM, and
PWM shall not be, liable for any error of judgment or mistake of law or for any
loss arising out of any investment or for any act or omission taken with respect
to the Fund, except for willful misfeasance, bad faith or gross negligence in
the performance of its duties, or by reason of reckless disregard of its
obligations and duties hereunder and except to the extent otherwise provided by
law. As used in this section, "PWM" shall include any affiliate of PWM
performing services for the Fund contemplated hereunder and directors, officers
and employees of PWM and such affiliates.

      13.   Activities of PWM. The services of PWM hereunder are not to be
deemed to be exclusive, and PWM is free to render services to other parties, so
long as its services under this Agreement are not materially adversely affected
or otherwise impaired thereby. Nothing in this Agreement shall limit or restrict
the right of any director, officer or employee of PWM to engage in any other
business or to devote his or her time and attention in part to the management or
other aspects of any other business, whether of a similar or a dissimilar
nature. It is understood that Trustees, officers and shareholders of the Trust
are or may become interested in PWM as directors, officers and shareholders of
PWM, that directors, officers, employees and shareholders of PWM are or may
become similarly interested in the Trust, and that PWM may become interested in
the Trust as a shareholder or otherwise.

                                      5
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      14.   Third Party Beneficiary. The parties expressly acknowledge and agree
that the Trust is a third party beneficiary of this Agreement and that the Trust
shall have the full right to sue upon and enforce this Agreement in accordance
with its terms as if it were a signatory hereto. Any oversight, monitoring or
evaluation of the activities of PWM by Janus, the Trust or the Fund shall not
diminish or relieve in any way the liability of PWM for any of its duties and
responsibilities under this Agreement.

      15.   Notices. Any notice or other communication required to be given
pursuant to this Agreement shall be deemed duly given if delivered personally or
by overnight delivery service or mailed by certified or registered mail, return
receipt requested and postage prepaid, or sent by facsimile addressed to the
parties at their respective addresses set forth below, or at such other address
as shall be designated by any party in a written notice to the other party.

            (a)   To Janus at:

                  Janus Capital Management LLC
                  151 Detroit Street
                  Denver, Colorado  80206
                  Attention:  General Counsel
                  Phone:  (303) 333-3863
                  Fax:  (303) 316-5728

            (b)   To PWM at:

                  Perkins, Wolf, McDonnell and Company, LLC
                  310 South Michigan Avenue
                  Chicago, Illinois  60604
                  Attention:  President
                  Phone:  (312) 922-0355
                  Fax:  (312) 922-0418

            (c)   To the Trust at:

                  Janus Adviser Series
                  151 Detroit Street
                  Denver, Colorado  80206
                  Attention:  General Counsel

            16.   Certain Definitions. The terms "vote of a majority of the
outstanding voting securities," "assignment," "approved at least annually," and
"interested persons" shall have the respective meanings specified in the 1940
Act, as now in effect or hereafter amended, and the rules and regulations
thereunder, subject to such orders, exemptions and interpretations as may be
issued by the SEC under the 1940 Act and as may be then in effect.

            17.   Governing Law. This Agreement shall be construed in accordance
with the laws of the State of Colorado (without giving effect to the conflicts
of laws principles thereof) and the 1940 Act. To the extent that the applicable
laws of the State of Colorado conflict with the applicable provisions of the
1940 Act, the latter shall control.

                                       6
<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their duly authorized officers designated below as of the day and year first
above written.

                                    JANUS CAPITAL MANAGEMENT LLC
                                    By:  /s/Loren M. Starr
                                      ------------------------------------------
                                        Loren M. Starr, Chief Financial Officer
                                        and Senior Vice President

                                    PERKINS, WOLF, MCDONNELL AND COMPANY, LLC

                                    By: /s/ Gregory E. Wolf
                                    Name: Gregory E. Wolf
                                    Title: Chief Operating Officer

                                    ACKNOWLEDGMENT:

                                    The undersigned acknowledges that it is
                                    obligated to compensate PWM for its services
                                    in accordance with the provisions of
                                    Section 4 of this Agreement.

                                    JANUS ADVISER SERIES on behalf of
                                    Janus Adviser Mid Cap Value Fund

                                    By: /s/Girard C. Miller
                                       -----------------------------------------
                                       Girard C. Miller
                                       President and Chief Executive Officer

                                       7

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