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                                                                 Exhibit 4(wwww)

                                  AMENDMENT TO

                              JANUS ADVISER SERIES

                          INVESTMENT ADVISORY AGREEMENT

                         JANUS ADVISER MONEY MARKET FUND

         THIS AMENDMENT is made this 14th day of June, 2006, between JANUS
ADVISER SERIES, a Delaware statutory trust (the "Trust"), and JANUS CAPITAL
MANAGEMENT LLC, a Delaware limited liability company ("JCM").

                                   WITNESSETH

         WHEREAS, the Trust and JCM are parties to an Investment Advisory
Agreement on behalf of Janus Adviser Money Market Fund (the "Fund"), dated April
3, 2002, amended February 1, 2006 (the "Agreement");

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

         WHEREAS, pursuant to Section 10 of the Agreement, any amendment to the
Agreement is subject to approval (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 Investment Company Act of 1940, as amended
(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);

         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

         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. Sections 4, 5 and 6 of the Agreement shall be deleted in their
entirety and replaced with the following:

                  "4. Compensation. The Trust shall pay to JCM for its services
         pursuant to this Agreement a fee, calculated and payable for each day
         that this Agreement is in effect, of 1/365 of 0.25% of the daily
         closing net asset value of the Fund (1/366 of 0.25% of the daily
         closing net asset value of the Fund in a leap year).

                  5. Expenses Borne by JCM. In addition to the expenses which
         JCM may incur in the performance of its investment advisory functions
         and other services under

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         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 except as
                                    otherwise provided in Section 6; and

                           (b)      Rental of offices of the Trust.

                  6. 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 2 and 5 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 and related expenses of the Chief Compliance Officer of
         the Trust and compliance staff, as authorized from time to time by the
         Trustees of the Trust; 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."

         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.

         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.

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         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/ David R. Martin
                                        ----------------------------------------
                                        David R. Martin
                                        Chief Financial Officer and
                                        Executive Vice President

                                    JANUS ADVISER SERIES

                                    By: /s/ Stephanie Grauerholz-Lofton
                                        ----------------------------------------
                                        Stephanie Grauerholz-Lofton
                                        Vice President and Secretary<PAGE>
                                                                 Exhibit 4(xxxx)

                                  AMENDMENT TO

                              JANUS ADVISER SERIES

                          INVESTMENT ADVISORY AGREEMENT

                            JANUS ADVISER ORION FUND

         THIS AMENDMENT is made this 14th day of June, 2006, between JANUS
ADVISER SERIES, a Delaware statutory trust (the "Trust"), and JANUS CAPITAL
MANAGEMENT LLC, a Delaware limited liability company ("JCM").

                                   WITNESSETH

         WHEREAS, the Trust and JCM are parties to an Investment Advisory
Agreement on behalf of Janus Adviser Orion Fund (the "Fund"), dated March 22,
2005, amended February 1, 2006 (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 (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 Investment Company Act of 1940, as amended
(the "1940 Act")) of any party to the Agreement, 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

         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. Sections 5, 6 and 7 of the Agreement shall be deleted in their
entirety and replaced with the following:

                  "5. Compensation. The Trust shall pay to JCM for its services
         pursuant to this Agreement a fee, calculated and payable for each day
         that this Agreement is in effect, of 1/365 of 0.64% of the daily
         closing net asset value of the Fund (1/366 of 0.64% of the daily
         closing net asset value of the Fund 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
         and other services under

<PAGE>

         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," as defined in the
                                    1940 Act, of JCM, and except as otherwise
                                    provided in Section 7; 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 and related expenses of the Chief
         Compliance Officer of the Trust and compliance staff, as authorized
         from time to time by the Trustees of the Trust; 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."

         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.

<PAGE>

         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/ David R. Martin
                                        ----------------------------------------
                                        David R. Martin
                                        Chief Financial Officer and
                                        Executive Vice President

                                    JANUS ADVISER SERIES

                                    By: /s/ Stephanie Grauerholz-Lofton
                                        ----------------------------------------
                                        Stephanie Grauerholz-Lofton
                                        Vice President and Secretary

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