Document:

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                                                                  EXHIBIT 10.26

THIS WARRANT AND THE SECURITIES WHICH MAY BE ISSUED UPON EXERCISE OF THIS
WARRANT (THE "WARRANT SHARES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "ACT'), OR ANY STATE BLUE SKY LAW AND THE HOLDER OF
THIS WARRANT OR ANY WARRANT SHARES MAY NOT TRANSFER ANY BENEFICIAL INTEREST
THEREIN ABSENT REGISTRATION OR EXEMPTION FROM REGISTRATION UNDER THE ACT AND
APPLICABLE BLUE SKY LAWS.

                                     WARRANT

                              To Purchase Shares of
                                 Common Stock of
                                XATA CORPORATION

         THIS CERTIFIES THAT for good and valuable consideration, ____________
("Name") or registered assigns is entitled to subscribe for and purchase from
XATA Corporation, a Minnesota corporation (the "Company"), at any time after
______________, to and including ____________, subject to the terms and
conditions set forth herein, __________ fully paid and nonassessable shares of
the Common Stock of the Company at the price of $______ per share (the "Warrant
Exercise Price"), subject to Section 1 hereof and the other provisions of this
Warrant. The shares which may be acquired upon exercise of this Warrant are
referred to herein as the "Warrant Shares." As used herein the term "Holder"
means __________, any party who acquires all or a part of this Warrant as a
registered transferee of _________ or any record holder or holders of the
Warrant Shares issued upon exercise, whether in whole or in part, of the
Warrant; the term "Common Stock" means and includes the Company's presently
authorized common stock, $.0l par value, and shall also include any capital
stock of any class of the Company hereafter authorized which shall not be
limited to a fixed sum or percentage in respect of the rights of the holders
thereof to participate in dividends or in the distribution of assets upon the
voluntary or involuntary liquidation dissolution, or winding up of the Company;
and the term "Convertible Securities" means any stock or other securities
convertible into, or exchangeable for, Common Stock.

                This Warrant is subject to the following provisions, terms and
conditions:

                1.  Exercise; Transferability.

         (a) The rights represented by this Warrant may be exercised for
purchase, in whole or in part (but not as to a fractional share), of Warrant
Shares by written notice of exercise (in the form attached hereto) delivered to
the Company at the principal office of the Company prior to the expiration of
this Warrant and accompanied or preceded by the surrender of this manually
signed Warrant along with a cashier's or certified check in payment of the
Warrant Exercise Price for such shares.

         (b) In the alternative to exercise pursuant to Subsection 1(a), above,
if the Fair Market Value (as defined below) of one share of Common Stock of the
Company is greater than the Warrant Exercise Price (at the date of calculation
as set forth below), in lieu of exercising the

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rights represented by this Warrant for cash as provided in Subsection 1(a), the
Holder may elect to receive Warrant Shares equal to the value (as determined
below) of this Warrant (or the portion thereof being canceled) by surrender of
this Warrant at the principal office of the Company together with a notice of
such election, in which event the Company shall issue to the Holder hereof a
number of Warrant Shares computed using the following formula:

                  X =    Y (A-B)
                         -------
                              A

         Where    X =    the number of Warrant Shares to be issued to the Holder

                  Y =    the number of Warrant Shares purchasable under this
                         Warrant, or if only a portion of this Warrant is being
                         exercised, the portion of the Warrant being canceled
                         (at the date of such calculation)

                  A =    the Fair Market Value of one share of Common Stock (at
                         the date of such calculation)

                  B =    Warrant Exercise Price (as adjusted to the date of such
                         calculation)

For purposes of the above calculation, Fair Market Value of one share of Common
Stock shall be determined as follows:

                  (i) If the Company's Common Stock is listed on any established
         stock exchange or a national market system, including without
         limitation the Nasdaq National Market System (the "Nasdaq National
         Market"), the Fair Market Value of one share of Common Stock shall be
         the closing sales price for such stock (or the closing bid, if no sales
         were reported) as quoted on such system or exchange (or the exchange
         with the greatest volume of trading in the Common Stock) on the last
         market trading day prior to the day of calculation, as reporting in the
         Wall Street Journal or such other source as the Board of Directors of
         the Company deems reliable;

                  (ii) If the Company's Common Stock is quoted in the Nasdaq
         Smallcap Market (but not in the Nasdaq National Market) or is regularly
         quoted by a recognized securities dealer but selling prices are not
         reported, the Fair Market Value of one share of Common Stock shall be
         the mean between the bid and asked prices for the Common Stock on the
         last market trading day prior to the day of calculation, as reported in
         the Wall Street Journal or such other source as the Board of Directors
         of the Company deems reliable;

                  (iii) In the absence of an established market for the
         Company's Common Stock, the Fair Market Value of one share of Common
         Stock shall be determined in good faith by the Board of Directors of
         the Company.

         (c) This Warrant may not be sold, transferred, assigned, hypothecated
or divided into two or more Warrants of smaller denominations, nor may any
Warrant Shares issued pursuant to exercise of this Warrant be transferred,
except as provided in Section 7 hereof.

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         2.  Exchange and Replacement. Subject to Sections 1 and 7 hereof, this
Warrant is exchangeable upon the surrender hereof by the Holder to the Company
at its office for new Warrants of like tenor and date representing in the
aggregate the right to purchase the number of Warrant Shares purchasable
hereunder, each of such new Warrants to represent the right to purchase such
number of Warrant Shares (not to exceed the aggregate total number purchasable
hereunder) as shall be designated by the Holder at the time of such surrender.
Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction, or mutilation of this Warrant, and, in case of loss,
theft or destruction, of indemnity or security reasonably satisfactory to it,
and upon surrender and cancellation of this Warrant, if mutilated, the Company
will make and deliver a new Warrant of like tenor, in lieu of this Warrant. This
Warrant shall be promptly canceled by the Company upon the surrender hereof in
connection with any exchange or replacement. The Company shall pay all expenses,
taxes (other than stock transfer taxes), and other charges payable in connection
with the preparation, execution, and delivery of Warrants pursuant to this
Section 2.

         3.  Issuance of the Warrant Shares.

         (a) The Company agrees that the shares of Common Stock purchased
hereby shall be and are deemed to be issued to the Holder as of the close of
business on the date on which this Warrant shall have been surrendered and the
payment made for such Warrant Shares as aforesaid. Certificates for the Warrant
Shares so purchased shall be delivered to the Holder within a reasonable time,
not exceeding fifteen (15) days after the rights represented by this Warrant
shall have been so exercised, and, unless this Warrant has expired, a new
Warrant representing the right to purchase the number of Warrant Shares, if any,
with respect to which this Warrant shall not then have been exercised shall also
be delivered to the Holder within such time.

         (b) Notwithstanding the foregoing, however, the Company shall not be
required to deliver any certificate for Warrant Shares upon exercise of this
Warrant except in accordance with exemptions from the applicable securities
registration requirements or registrations under applicable securities laws.
Nothing herein, however, shall obligate the Company to effect registrations
under federal or state securities laws. The Holder agrees to execute such
documents and make such representations, warranties, and agreements as may be
required solely to comply with the exemptions relied upon by the Company, or the
registrations made, for the issuance of the Warrant Shares.

         4. Covenants of the Company. The Company covenants and agrees that all
Warrant Shares will, upon issuance, be duly authorized and issued, fully paid,
nonassessable, and free from all taxes, liens, and charges with respect to the
issue thereof. The Company further covenants and agrees that during the period
within which the rights represented by this Warrant may be exercised, the
Company will at all times have authorized and reserved for the purpose of issue
or transfer upon exercise of the subscription rights evidenced by this Warrant a
sufficient number of shares of Common Stock to provide for the exercise of the
rights represented by this Warrant.

<PAGE>

         5.  Antidilution Adjustments. The provisions of this Warrant are
subject to adjustment as provided in this Section 5.

         (a) The Warrant Exercise Price and the number of Warrant Shares shall
be adjusted from time to time such that in case the Company shall hereafter: (i)
pay a dividend or make a distribution on its Common Stock in shares of Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater
number of shares, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares, or (iv) issue by reclassification of its Common Stock
any shares of capital stock of the Company, then the Warrant Exercise Price in
effect immediately prior to such event shall (until adjusted again pursuant
hereto) be adjusted immediately after such event to a price (calculated to the
nearest full cent) determined by dividing (a) the total number of shares of
Common Stock outstanding immediately prior to such event (including the maximum
number of shares of Common Stock issuable in respect of any securities
convertible into Common Stock), multiplied by the then existing Warrant Exercise
Price, by (b) the total number of shares of Common Stock outstanding immediately
after such event (including the maximum number of shares of Common Stock
issuable in respect to any securities convertible into Common Stock), and the
resulting quotient shall be the adjusted Warrant Exercise Price per share. An
adjustment made pursuant to this Subsection shall become effective immediately
after the record date in the case of a dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision,
combination or reclassification. If, as a result of an adjustment made pursuant
to this Subsection, the Holder of any Warrant thereafter surrendered for
exercise shall become entitled to receive shares of two or more classes of
capital stock or shares of Common Stock and other capital stock of the Company,
the Board of Directors (whose determination shall be conclusive) shall determine
the allocation of the adjusted Warrant Exercise Price between or among shares of
such classes of capital stock or shares of Common Stock and other capital stock.
All calculations under this Subsection shall be made to the nearest cent or to
the nearest 1/100 of a share, as the case may be. In the event that at any time
as a result of an adjustment made pursuant to this Subsection, the holder of any
Warrant thereafter surrendered for exercise shall become entitled to receive any
shares of the Company other than shares of Common Stock, thereafter the Warrant
Exercise Price of such other shares so receivable upon exercise of any Warrant
shall be subject to adjustment from time to time in a manner and on terms as
nearly equivalent as practicable to the provisions with respect to Common Stock
contained in this Section.

         (b) Upon each adjustment of the Warrant Exercise Price pursuant to
Section 5(a) above, the Holder of each Warrant shall thereafter (until another
such adjustment) be entitled to purchase at the adjusted Warrant Exercise Price
the number of shares, calculated to the nearest full share, obtained by
multiplying the number of shares specified in such Warrant (as adjusted as a
result of all adjustments in the Warrant Exercise Price in effect prior to such
adjustment) by the Warrant Exercise Price in effect prior to such adjustment and
dividing the product so obtained by the adjusted Warrant Exercise Price.

         (c) In case of any consolidation or merger to which the Company is a
party other than a merger or consolidation in which the Company is the
continuing corporation, or in case of any sale or conveyance to another
corporation of the property of the Company as an entirety or

<PAGE>
substantially as an entirety, or in the case of any statutory exchange of
securities with another corporation (including any exchange effected in
connection with a merger of a third corporation into the Company), there shall
be no adjustment under Subsection (a) of this Section above but the Holder of
each Warrant then outstanding shall have the right thereafter to convert such
Warrant into the kind and amount of shares of stock and other securities and
property which he would have owned or have been entitled to receive immediately
after such consolidation, merger, statutory exchange, sale, or conveyance had
such Warrant been converted immediately prior to the effective date of such
consolidation, merger, statutory exchange, sale, or conveyance and in any such
case, if necessary, appropriate adjustment shall be made in the application of
the provisions set forth in this Section with respect to the rights and
interests thereafter of any Holders of the Warrant, to the end that the
provisions set forth in this Section shall thereafter correspondingly be made
applicable, as nearly as may reasonably be, in relation to any shares of stock
and other securities and property thereafter deliverable on the exercise of the
Warrant. The provisions of this Subsection shall similarly apply to successive
consolidations, mergers, statutory exchanges, sales or conveyances.

         (d) Upon any adjustment pursuant to this Section 5, the Company shall
give written notice thereof, by first-class mail, postage prepaid, addressed to
the Holder as shown on the Common Stock register of the Company, which notice
shall state the Warrant Exercise Price resulting from such adjustment and the
increase or decrease, if any, in the number of shares of Common Stock or other
securities and/or property purchasable at such price upon the exercise of this
Warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based.

         6.  No Voting Rights. This Warrant shall not entitle the Holder to any
voting rights or other rights as a shareholder of the Company.

         7.  Notice of Transfer of Warrant or Resale of the Warrant Shares.

         (a) The Holder, by acceptance hereof, agrees to give written notice to
the Company before transferring this Warrant or transferring any Warrant Shares
of such Holder's intention to do so, describing briefly the manner of any
proposed transfer. Promptly upon receiving such written notice, the Company
shall present copies thereof to the Company's counsel. If in the opinion of such
counsel the proposed transfer may be effected without registration or
qualification (under any federal or state securities laws), the Company, as
promptly as practicable, shall notify the Holder of such opinion, whereupon the
Holder shall be entitled to transfer this Warrant or to dispose of Warrant
Shares received upon the previous exercise of this Warrant, all in accordance
with the terms of the notice delivered by the Holder to the Company; provided
that an appropriate legend may be endorsed on this Warrant or the certificates
for such Warrant Shares respecting restrictions upon transfer thereof necessary
or advisable in the opinion of counsel and satisfactory to the Company to
prevent further transfers which would be in violation of Section 5 of the
Securities Act of 1933, as amended (the "1933 Act") and applicable state
securities laws; and provided further that the prospective transferee or
purchaser shall execute such documents and make such representations,
warranties, and agreements as may be

<PAGE>
required solely to comply with the exemptions relied upon by the Company for the
transfer or disposition of the Warrant or Warrant Shares.

         (b) If in the opinion of counsel to the Company, the proposed transfer
or disposition of this Warrant or such Warrant Shares described in the written
notice given pursuant to this Section 7 may not be effected without registration
or qualification of the Warrant or such Warrant Shares, the Company shall
promptly give written notice thereof to the Holder, and the Holder will limit
its activities in respect to such as, in the opinion of both such counsel, are
permitted by law.

         8. Fractional Shares. Fractional shares shall not be issued upon the
exercise of this Warrant, but in any case where the Holder would, except for the
provisions of this Section, be entitled under the terms hereof to receive a
fractional share, the Company shall, upon the exercise of this Warrant for the
largest number of whole shares then called for, pay a sum in cash equal to the
excess, if any, of the Fair Market Value (as defined in Section 1(b) hereof) of
such fractional share over the proportional part of the Warrant Exercise Price
represented by such fractional share.

         IN WITNESS WHEREOF, XATA Corporation has caused this Warrant to be
signed by its duly authorized officer and this Warrant to be dated
________________.

                                       "Company"

                                       XATA CORPORATION

                                       --------------------------------------
                                       By

                                       --------------------------------------
                                       Print Name

                                       Its
                                          -----------------------------------
                                                           Print Title

<PAGE>
To:   XATA Corporation

NOTICE OF EXERCISE OF WARRANT

To Be Executed by the Registered Holder in Order to Exercise the Warrant

The undersigned hereby irrevocably elects to exercise the attached Warrant
[check as appropriate] for ___ cash or ___ by exchange (please attach
calculation of shares to be issued) for ____________ of the shares issuable upon
the exercise of such Warrant, and requests that certificates for such shares
(together with a new Warrant to purchase the number of shares, if any, with
respect to which this Warrant is not exercised) shall be issued in the name of
_______________________ (Federal Tax Identification Number ______________).
NOTE: If the person to whom shares are to be issued is other than the registered
holder of this Warrant, this Notice of Exercise must be accompanied by a
signature-guaranteed Assignment Separate From Certificate.

                                         ____________________________________
                                         (Print Name)

Please insert Federal Tax
Identification Number
of registered holder of                  ____________________________________
certificate (__________)                 (Address)

Date:  ________________, ____            ____________________________________
                                         Signature*

*The signature on the Notice of Exercise of Warrant must correspond to the name
as written upon the face of the Warrant in every particular without alteration
or enlargement or any change whatsoever. When signing on behalf of a
corporations partnership, trust or other entity, please indicate your positions)
and title(s) with such entity.

<PAGE>
                                 ASSIGNMENT FORM

To be signed only upon authorized transfer of Warrants.

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and

transfers unto the right to purchase the securities of XATA Corporation to

which the within Warrant relates and appoints ______________________, attorney,

to transfer said right on the books of XATA Corporation with full power of

substitution in the premises.

Dated:  ________________                ______________________________________
                                        (Signature)

                                        ______________________________________

                                        ______________________________________
                                        (Address)<PAGE>
                                                                    Exhibit 4(p)

                              JANUS ADVISER SERIES

                          INVESTMENT ADVISORY AGREEMENT

                JANUS ADVISER RISK-MANAGED LARGE CAP GROWTH FUND

         THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this 10th
day of December, 2002, between Janus Adviser Series, a Delaware business 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 Risk-Managed Large Cap Growth Fund
(the "Fund"); and

         WHEREAS, the Trust and JCM deem it mutually advantageous that JCM
should be appointed as investment adviser to 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 determine the securities or
other assets to be purchased, sold or held and shall place orders for the
purchase or sale of such securities or other assets with brokers, dealers or
others. 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. Subject to the
approval of the Trustees of the Trust and, if required, the shareholders of the
Fund, JCM is authorized to engage one or more subadvisers in connection
<PAGE>
with JCM's duties and responsibilities under this Agreement, which subadvisers
may be affiliates of JCM.

         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 duly appointed subadvisers or 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 Securities
Act of 1933, as amended. 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 0.65% of the daily closing net asset value of the Fund
(1/366 of 0.65% of the daily closing net asset value of the Fund in a leap
year).
<PAGE>
         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, 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 of JCM; and

            (b)   Rental of offices of the Trust.

            (c)   Fees of any subadviser engaged by JCM pursuant to the
                  authority granted in Section 1 hereof.

         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 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 the membership of the Trust in any trade association or other
investment company organization.

         8. 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
<PAGE>
Agreement if JCM does not continue to provide investment advice to the Fund
after such termination.

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

         10. Term. This Agreement shall continue in effect until July 1, 2004,
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 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 by 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.

         11. 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 JCM 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).

         12. 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.

         13. 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.

         14. 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 14, "JCM" shall include any affiliate of JCM performing services for the
Trust contemplated hereunder and directors, officers and employees of JCM and
such affiliates.

         15. 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
<PAGE>
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.

         16. 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.

         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.

         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:
                                          --------------------------------------
                                          Thomas A. Early, Vice President

                                       JANUS ADVISER SERIES

                                       By:
                                          --------------------------------------
                                          Kelley Abbott Howes, Vice President

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