Document:

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                                                                    Exhibit 4(e)

                                  AMENDMENT TO

                                  JANUS ADVISER

                          INVESTMENT ADVISORY AGREEMENT

                                 U.S. VALUE FUND

      THIS AMENDMENT is made this 6th day of July, 2004, between JANUS ADVISER,
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 and JCM are parties to an Investment Advisory Agreement
on behalf of U.S. Value Fund (the "Fund"), dated August 5, 2003 (the
"Agreement");

      WHEREAS, the parties desire to amend the Agreement as set forth in greater
detail below;

      WHEREAS, pursuant to Section 11 of the Agreement, any amendment to the
Agreement is subject to approval by (i) 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 Investment Company Act of 1940 (the "1940
Act")) of JCM and, if required by applicable law, (ii) by the affirmative vote
of a majority of the outstanding voting securities of the Portfolio (as that
phrase is defined in Section 2(a)(42) of the 1940 Act);

      WHEREAS, the parties have obtained Trustee approval as set forth above,
and the parties agree that a shareholder vote is not required to amend the
Agreement; and

      WHEREAS, the name of U.S Value Fund has been changed to Focused Value Fund
effective July 6, 2004;

      NOW, THEREFORE, in consideration of the premises and of the mutual
agreements set forth below, the parties agree to amend the Agreement as follows:

      1.    All references to "U.S. Value Fund" shall be replaced with "Focused
Value Fund."

      2.    The parties acknowledge that the Agreement, as amended, remains in
full force and effect as of the date of this Amendment, and that this Amendment,
together with the Agreement and any prior amendments, contains the entire
understanding and the full and complete agreement of the parties and supercedes
and replaces any prior understandings and agreements among the parties
respecting the subject matter hereof.

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      3.    This Amendment may be contemporaneously executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

      IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Amendment as of the date first above written.

                                             JANUS CAPITAL MANAGEMENT LLC

                                             By: /s/Kelley Abbott Howes
                                                 -------------------------------
                                                 Kelley Abbott Howes, Vice
                                                 President and General Counsel

                                             JANUS ADVISER

                                             By: /s/Bonnie M. Howe
                                                 -------------------------------
                                                 Bonnie M. Howe, Vice President<PAGE>

                                                                    Exhibit 4(f)

                                  AMENDMENT TO

                                  JANUS ADVISER

                             SUB-ADVISORY AGREEMENT

                                 U.S. VALUE FUND

      THIS AMENDMENT is made this 6th day of July, 2004, between JANUS CAPITAL
MANAGEMENT LLC, a Delaware limited liability company ("Janus") and VONTOBEL
ASSET MANAGEMENT, INC., a New York corporation ("Vontobel").

                               W I T N E S S E T H

      WHEREAS, Janus and Vontobel are parties to a Sub-Advisory Agreement on
behalf of U.S. Value Fund (the "Fund"), a series of Janus Adviser, a Delaware
statutory trust (the "Trust"), dated August 5, 2003 (the "Agreement");

      WHEREAS, the parties desire to amend the Agreement as set forth in greater
detail below;

      WHEREAS, pursuant to Section 11 of the Agreement, any amendment to the
Agreement is subject to approval by (i) 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, Vontobel 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);

      WHEREAS, the parties have obtained Trustee approval as set forth above,
and the parties agree that a shareholder vote is not required to amend the
Agreement; and

      WHEREAS, the name of U.S. Value Fund has been changed to Focused Value
Fund effective July 6, 2004;

      NOW, THEREFORE, in consideration of the premises and of the mutual
agreements set forth below, the parties agree to amend the Agreement as follows:

      1.    All references to "U.S. Value Fund" shall be replaced with "Focused
Value Fund."

      2.    The parties acknowledge that the Agreement, as amended, remains in
full force and effect as of the date of this Amendment, and that this Amendment,
together with the Agreement and any prior amendments, contains the entire
understanding and the full and

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complete agreement of the parties and supercedes and replaces any prior
understandings and agreements among the parties respecting the subject matter
hereof.

      3.    This Amendment may be contemporaneously executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

      IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Amendment as of the date first above written.

                                   JANUS CAPITAL MANAGEMENT LLC

                                   By: /s/Kelley Abbott Howes
                                       -------------------------------
                                       Kelley Abbott Howes, Vice
                                       President and General Counsel

                                   VONTOBEL ASSET MANAGEMENT, INC.

                                   By: /s/Joseph Mastoloni  /s/Heinrich Schlegel
                                       -------------------  --------------------
                                   Name: Joseph Mastoloni   Heinrich Schlegel
                                   Title: Vice President    President<PAGE>

                                                                    EXHIBIT 4(g)
                           FORM OF ADVISORY AGREEMENT

     THIS AGREEMENT effective as of the   day of           , 2005 (the "Contract
Date") is by and between the Phoenix Adviser Trust, a Delaware business trust
(the "Trust") having a place of business at 101 Munson Street, Greenfield,
Massachusetts and Phoenix Investment Counsel, Inc., a Massachusetts corporation
having a place of business at 56 Prospect Street, Hartford, Connecticut (the
"Adviser").

     WITNESSETH THAT:

     1. The Trust has appointed the Adviser to act as investment adviser to the
Trust on behalf of the series of the Trust established and designated by the
Board of Trustees of the Trust (the "Trustees") on or before the date hereof, as
listed on attached Schedule A (collectively, the "Existing Series"), for the
period and on the terms set forth herein. The Adviser has accepted such
appointment and has agreed to render the services described in this Agreement
for the compensation herein provided.

     2. In the event that the Trustees desire to retain the Adviser to render
investment advisory services hereunder with respect to one or more additional
series (the "Additional Series"), by agreement in writing, the Trust and the
Adviser may agree to amend Schedule A to include such Additional Series,
whereupon such Additional Series shall become subject to the terms and
conditions of this Agreement.

     3. The Adviser shall furnish continuously an investment program for the
Existing Series and any Additional Series which may become subject to the terms
and conditions set forth herein (sometimes collectively referred to as the
"Series") and shall manage the investment and reinvestment of the assets of each
Series, subject at all times to the supervision of the Trustees.

     4. The Adviser may delegate its investment responsibilities under paragraph
3 above with respect to the Series or segments thereof to one or more persons or
companies ("Subadviser(s)") pursuant to an agreement between the Adviser, the
Trust and any such Subadviser ("Subadvisory Agreement"). Each Subadvisory
Agreement may provide that the applicable Subadviser, subject to the control and
supervision of the Board of Trustees and the Adviser, shall have full investment
discretion for the Series, shall make all determinations with respect to the
investment and reinvestment of the assets of each Series assigned to it and the
purchase and sale of portfolio securities of those assets, and shall take such
steps as may be necessary to implement investment decisions. Any delegation of
duties pursuant to this paragraph shall comply with any applicable provisions of
Section 15 of the Investment Company Act of 1940 (the "Act"), except to the
extent permitted by any exemptive order of the Securities and Exchange
Commission ("SEC") or similar relief. The Adviser shall not be responsible or
liable for the investment merits of any decision by a Subadviser to purchase,
hold or sell a security for any Series' portfolio.

     5. With respect to managing the investment and reinvestment of the Series'
assets, the Adviser shall provide, at its own expense:

          a) Investment research, advice and supervision;

          b) An investment program for each Series consistent with its
     investment objectives, policies and procedures as set forth in the
     registration statement for the Trust;

          c) Implementation of the investment program for each Series including
     the purchase and sale of securities;

          d) Implementation of an investment program designed to manage cash,
     cash equivalents and short-term investments for a Series with respect to
     assets designated from time to time to be managed by a Subadviser to such
     Series;

          e) Advice and assistance on the general operations of the Trust; and

          f) Regular reports to the Trustees on the implementation of each
     Series' investment program.

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     6. The Adviser shall, for all purposes herein, be deemed to be an
independent contractor and shall, unless otherwise expressly provided or
authorized, have no authority to act for or represent the Trust or the Series in
any way or otherwise be deemed an agent of the Trust or of the Series. However,
one or more shareholders, officers, directors or employees of the Adviser may
serve as trustees and/or officers of the Trust, but without compensation or
reimbursement of expenses for such services from the Trust. Nothing herein
contained shall be deemed to require the Trust to take any action contrary to
its Declaration of Trust, as amended, restated or supplemented, or any
applicable statute or regulation, or to relieve or deprive the Board of Trustees
of its responsibility for and control of the affairs of the Series.

     7. The Adviser shall furnish at its own expense, or pay the expenses of the
Trust, for the following:

          a) Office facilities, including office space, furniture and equipment;

          b) Personnel necessary to perform the functions required to manage the
     investment and reinvestment of each Series' assets (including those
     required for research, statistical and investment work);

          c) Except as otherwise approved by the Board, personnel to serve
     without salaries from the Trust as officers or agents of the Trust. The
     Adviser need not provide personnel to perform, or pay the expenses of the
     Trust for, services customarily performed for an open-end management
     investment company by its national distributor, custodian, financial agent,
     transfer agent, registrar, dividend disbursing agent, auditors and legal
     counsel;

          d) Compensation and expenses, if any, of the Trustees who are also
     full-time employees of the Adviser or any of its affiliates; and

          e) Any Subadviser recommended by the Adviser and appointed to act on
     behalf of the Trust.

     8. All costs and expenses not specifically enumerated herein as payable by
the Adviser shall be paid by the Trust. Such expenses shall include, but shall
not be limited to, all expenses (other than those specifically referred to as
being borne by the Adviser) incurred in the operation of the Trust and any
public offering of its shares, including, among others, interest, taxes,
brokerage fees and commissions, fees of Trustees who are not affiliated persons
of the Adviser (as that term is defined in the Act) or any of its affiliates,
expenses of Trustees' and shareholders' meetings including the cost of printing
and mailing proxies, expenses of Adviser personnel attending Trustee meetings as
required, expenses of insurance premiums for fidelity and other coverage for the
Trust and its personnel, expenses of repurchase and redemption of shares,
expenses of issue and sale of shares (to the extent not borne by its national
distributor under its agreement with the Trust), expenses of printing and
mailing stock certificates representing shares of the Trust, association
membership dues, charges of custodians, transfer agents, dividend disbursing
agents and financial agents, bookkeeping, auditing and legal expenses. The Trust
will also pay the fees and bear the expense of registering and maintaining the
registration of the Trust and its shares with the SEC and registering or
qualifying its shares under state or other securities laws and the expense of
preparing and mailing prospectuses and reports to shareholders. Additionally, if
authorized by the Trustees, the Trust shall pay for extraordinary expenses and
expenses of a non-recurring nature which may include, but not be limited to the
reasonable and proportionate cost of any reorganization or acquisition of assets
and the cost of legal proceedings to which the Trust is a party.

     9. The Adviser shall adhere, and shall use reasonable efforts to cause the
Trust to adhere, to all applicable policies and procedures as adopted from time
to time by the Trustees, including but not limited to the following:

          a) Code of Ethics.  The Adviser shall adopt a Code of Ethics designed
     to prevent "access persons" (as defined therein in accordance with Rule
     17j-1 under the Act from engaging in fraudulent acts or transactions that
     are, or have the potential of being viewed as, a conflict of interest, and
     shall monitor for compliance with its Code of Ethics and report any
     violations to the Trust's Compliance Officer.

          b) Policy with Respect to Brokerage Allocation.  The Adviser shall
     have full trading discretion in selecting brokers for Series transactions
     on a day to day basis so long as each selection is in conformance with the
     Trust's Policy with Respect to Brokerage Allocation. Such discretion shall
     include use of "soft
                                       A-2
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     dollars" for certain broker and research services, also in conformance with
     the Trust's Policy with Respect to Brokerage Allocation. The Adviser may
     delegate the responsibilities under this section to a Subadviser of a
     Series.

          c) Procedures for the Determination of Liquidity of Assets.  It shall
     be the responsibility of the Adviser to monitor the Series' assets that are
     not liquid, making such determinations as to liquidity of a particular
     asset as may be necessary, in accordance with the Trust's Procedures for
     the Determination of Liquidity of Assets. The Adviser may delegate the
     responsibilities under this section to a Subadviser of a Series.

          d) Policy with Respect to Proxy Voting.  In the absence of specific
     direction to the contrary and in a manner consistent with the Trust's
     Policy with Respect to Proxy Voting, the Adviser shall be responsible for
     voting proxies with respect to portfolio holdings of the Trust. The Adviser
     shall review all proxy solicitation materials and be responsible for voting
     and handling all proxies in relation to the assets under management by the
     Adviser in accordance with such policies and procedures adopted or approved
     by each Series'. Unless the Fund gives the Adviser written instructions to
     the contrary, the Adviser will, in compliance with the proxy voting
     procedures of the Series then in effect or approved by the series, vote or
     abstain from voting, all proxies solicited by or with respect to the
     issuers of securities in which the assets of the Series may be invested.
     The Adviser shall cause the Custodian to forward promptly to the Adviser
     (or designee) all proxies upon receipt so as to afford the Adviser a
     reasonable amount of time in which to determine how to vote such proxies.
     The Adviser agrees to provide the Trust with quarterly proxy voting reports
     in such form as the Trust may request from time to time. The Adviser may
     delegate the responsibilities under this section to a Subadviser of a
     Series.

          e) Procedures for the Valuation of Securities.  It shall be the
     responsibility of the Adviser to fully comply with the Trust's Procedures
     for the Valuation of Securities. The Adviser may delegate the
     responsibilities under this section to a Subadviser of a Series.

     10. For providing the services and assuming the expenses outlined herein,
the Trust agrees that the Adviser shall be compensated as follows:

          a) The Trust shall pay a monthly fee calculated at an annual rate as
     specified in Schedule A. The amounts payable to the Adviser with respect to
     the respective Series shall be based upon the average of the values of the
     net assets of such Series as of the close of business each day, computed in
     accordance with the Trust's Declaration of Trust.

          b) Compensation shall accrue immediately upon the effective date of
     this Agreement.

          c) If there is termination of this Agreement with respect to any
     Series during a month, the Series' fee for that month shall be
     proportionately computed upon the average of the daily net asset values of
     such Series for such partial period in such month.

          d) The Adviser agrees to reimburse the Trust for the amount, if any,
     by which the total operating and management expenses for any Series
     (including the Adviser's compensation, pursuant to this paragraph, but
     excluding taxes, interest, costs of portfolio acquisitions and dispositions
     and extraordinary expenses), for any "fiscal year" exceed the level of
     expenses which such Series is permitted to bear under the most restrictive
     expense limitation (which is not waived by the State) imposed on open-end
     investment companies by any state in which shares of such Series are then
     qualified. Such reimbursement, if any, will be made by the Adviser to the
     Trust within five days after the end of each month. For the purpose of this
     subparagraph (d), the term "fiscal year" shall include the portion of the
     then current fiscal year that shall have elapsed at the date of termination
     of this Agreement.

     11. The services of the Adviser to the Trust are not to be deemed
exclusive, the Adviser being free to render services to others and to engage in
other activities. Without relieving the Adviser of its duties hereunder and
subject to the prior approval of the Trustees and subject farther to compliance
with applicable provisions of the Investment Company Act, as amended, the
Adviser may appoint one or more agents to perform any of

                                       A-3
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the functions and services which are to be provided under the terms of this
Agreement upon such terms and conditions as may be mutually agreed upon among
the Trust, the Adviser and any such agent.

     12. The Adviser shall not be liable to the Trust or to any shareholder of
the Trust for any error of judgment or mistake of law or for any loss suffered
by the Trust or by any shareholder of the Trust in connection with the matters
to which this Agreement relates, except a loss resulting from willful
misfeasance, bad faith, gross negligence or reckless disregard on the part of
the Adviser in the performance of its duties hereunder.

     13. It is understood that:

          a) Trustees, officers, employees, agents and shareholders of the Trust
     are or may be "interested persons" of the Adviser as directors, officers,
     stockholders or otherwise;

          b) Directors, officers, employees, agents and stockholders of the
     Adviser are or may be "interested persons" of the Trust as Trustees,
     officers, shareholders or otherwise; and

          c) The existence of any such dual interest shall not affect the
     validity hereof or of any transactions hereunder.

     14. This Agreement shall become effective with respect to the Existing
Series as of           , 2005, and with respect to any Additional Series, on the
date specified in any amendment to this Agreement reflecting the addition of
each Additional Series in accordance with paragraph 2 (the "Amendment Date").
Unless terminated as herein provided, this Agreement shall remain in full force
and effect until November 30, 2005 with respect to each Existing Series and
until December 31 of the first full calendar year following the Amendment Date
with respect to each Additional Series, and shall continue in full force and
effect for periods of one year thereafter with respect to each Series so long as
(a) such continuance with respect to any such Series is approved at least
annually by either the Trustees or by a "vote of the majority of the outstanding
voting securities" of such Series and (b) the terms and any renewal of this
Agreement with respect to any such Series have been approved by a vote of a
majority of the Trustees who are not parties to this Agreement or "interested
persons" of any such party cast in person at a meeting called for the purpose of
voting on such approval; provided, however, that the continuance of this
Agreement with respect to each Additional Series is subject to its approval by a
"vote of a majority of the outstanding voting securities" of any such Additional
Series on or before the next anniversary of the Contract Date following the date
on which such Additional Series became a Series hereunder.

     Any approval of this Agreement by a vote of the holders of a "majority of
the outstanding voting securities" of any Series shall be effective to continue
this Agreement with respect to such Series notwithstanding (a) that this
Agreement has not been approved by a "vote of a majority of the outstanding
voting securities" of any other Series of the Trust affected thereby and (b)
that this Agreement has not been approved by the holders of a "vote of a
majority of the outstanding voting securities" of the Trust, unless either such
additional approval shall be required by any other applicable law or otherwise.

     15. The Trust may terminate this Agreement with respect to the Trust or to
any Series upon 60 days' written notice to the Adviser at any time, without the
payment of any penalty, by vote of the Trustees or, as to each Series, by a
"vote of the majority of the outstanding voting securities" of such Series. The
Adviser may terminate this Agreement upon 60 days' written notice to the Trust,
without the payment of any penalty. This Agreement shall immediately terminate
in the event of its "assignment".

     16. The terms "majority of the outstanding voting securities", "interested
persons" and "assignment", when used herein, shall have the respective meanings
in the Investment Company Act.

     17. In the event of termination of this Agreement, or at the request of the
Adviser, the Trust will eliminate all reference to "Phoenix" from its name, and
will not thereafter transact business in a name using the word "Phoenix" in any
form or combination whatsoever, or otherwise use the word "Phoenix" as a part of
its name. The Trust will thereafter in all prospectuses, advertising materials,
letterheads, and other material designed to be read by investors or prospective
investors delete from the name the word "Phoenix" or any approximation thereof.
If the Adviser chooses to withdraw the Trust's right to use the word "Phoenix,"
it
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agrees to submit the question of continuing this Agreement to a vote of the
Trust's shareholders at the time of such withdrawal.

     18. It is expressly agreed that the obligations of the Trust hereunder
shall not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Trust personally, but bind only the trust property of
the Trust, as provided in the Declaration of Trust. The execution and delivery
of this Agreement have been authorized by the Trustees and shareholders of the
Trust and signed by the President of the Trust, acting as such, and neither such
authorization by such Trustees and shareholders nor such execution and delivery
by such officer shall be deemed to have been made by any of them individually or
be binding upon or impose any liability on any of them personally, but shall
bind only the trust property of the Trust as provided in its Declaration of
Trust. The Certificate of Trust, as amended, is or shall be on file with the
Secretary of State of Delaware.

     19. This Agreement shall be construed and the rights and obligations of the
parties hereunder enforced in accordance with the laws of the State of
Connecticut.

     20. The Adviser hereby warrants and represents that it will provide the
requisite certifications requested by the chief executive officer and chief
financial officer of the Fund necessary for those named officers to fulfill
their reporting and certification obligations on Forms N-CSR and N-Q as required
under the Sarbanes-Oxley Act of 2002.

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

                                          Phoenix Adviser Trust

                                          By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                          Phoenix Investment Counsel, Inc.

                                          By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                       A-5
<PAGE>

                                   SCHEDULE A

<Table>
<Caption>
SERIES                                                        INVESTMENT ADVISORY FEE
------                                                        -----------------------
<S>                                                           <C>
Focused Value Fund..........................................           0.75%
International Equity Fund...................................           0.85%
</Table>

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