Document:

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                                                                  Exhibit 4(hhh)

                          FORM OF JANUS ADVISER SERIES

                          INVESTMENT ADVISORY AGREEMENT

                      JANUS ADVISER RISK-MANAGED VALUE FUND

         THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this [___]
day of [___________,] 2005, 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 Janus Adviser Risk-Managed Value 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, and
have authority to act with respect thereto, 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

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one or more subadvisers in connection 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 affiliates of or 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
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 daily closing net asset value of the Fund
(1/366 of 0.50% of the daily closing net asset value of the Fund in a leap
year).

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            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," as
                           defined in the 1940 Act, of JCM;

                  (b)      Rental of offices of the Trust; and

                  (c)      Fees of any subadviser engaged by JCM pursuant to the
                           authority granted in Section 2 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," 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. 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.

         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, 2007
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.

         11. Amendments. This Agreement may be amended by the parties only if
such amendment is specifically approved (a) 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, (b) 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

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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.

         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.

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

                                JANUS ADVISER SERIES

                                By:
                                   --------------------------------------------
                                      Girard C. Miller, President and Chief
                                      Executive Officer<PAGE>

                                                                  Exhibit 4(iii)

                         FORM OF SUB-ADVISORY AGREEMENT

                      JANUS ADVISER RISK-MANAGED VALUE FUND
                       (A SERIES OF JANUS ADVISER SERIES)

         This SUB-ADVISORY AGREEMENT (the "Agreement") is entered into effective
as of the [___] day of [_____] 2005, by and between JANUS CAPITAL MANAGEMENT
LLC, a Delaware limited liability company ("Janus") and ENHANCED INVESTMENT
TECHNOLOGIES, LLC, a Delaware limited liability company ("INTECH").

         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 Risk-Managed 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, INTECH 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 INTECH to furnish investment advisory
services with respect to the Fund, and INTECH 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 INTECH. Janus hereby engages the services of INTECH as
subadviser in furtherance of the Advisory Agreement. INTECH 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) INTECH 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 place orders for the
purchase or sale of such securities or other assets with brokers, dealers or
others, all 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;

<PAGE>

                  (b) INTECH 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 the Fund, the
investment decisions of INTECH, and the investment considerations which have
given rise to those decisions;

                  (c) INTECH shall maintain all books and records required to be
maintained by INTECH 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. INTECH 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) INTECH 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) INTECH shall, on behalf of the Fund, exercise 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, 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, INTECH 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
INTECH; and

                  (g) INTECH will provide to Janus for regulatory filings and
other appropriate uses materially accurate and complete information relating to
INTECH as may be reasonably requested by Janus from time to time and,
notwithstanding anything herein to the contrary, INTECH 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 INTECH to Janus, provided, however, that INTECH shall not be liable
to the extent that any Damages are based upon inaccuracies or omissions made in
reliance upon information furnished to INTECH by Janus.

<PAGE>

         2. Further Obligations. In all matters relating to the performance of
this Agreement, INTECH 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 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 INTECH 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 INTECH continuously and fully informed (or cause
the custodian of the Fund's assets to keep INTECH 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 INTECH 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;

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

                  (d) To compensate INTECH for its services in accordance with
the provisions of Section 4 hereof.

         4. Compensation. Janus shall pay to INTECH for its services under this
Agreement a fee, payable in United States dollars, at an annual rate of 0.26% of
the average daily net assets of the Fund. This 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. 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 this Agreement is effective.

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

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

<PAGE>

                  (a) INTECH: (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 of the occurrence of any event that would disqualify INTECH 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 INTECH that could have a material
adverse effect upon INTECH's ability to fulfill its obligations under this
Agreement.

                  (b) INTECH 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 INTECH shall certify to Janus
that INTECH has complied with the requirements of Rule 17j-1 during the previous
year and that there has been no violation of INTECH'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, INTECH shall permit Janus, its
employees or its agents to examine the reports required to be made to INTECH by
Rule 17j-1(c)(1) and all other records relevant to INTECH's code of ethics.

                  (c) INTECH 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.

         7. Representations of Janus. Janus hereby represents, warrants and
covenants to INTECH as follows:

                  (a) Janus (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 fulfilling its obligations under 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 fulfill its obligations under this Agreement; (iv) has the legal and
corporate authority to enter into and perform this Agreement; and (v) will
immediately notify INTECH of the occurrence of any event that would disqualify
Janus 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 Janus that could have
a material adverse effect upon Janus' ability to fulfill its obligations under
this Agreement.

<PAGE>

                  (b) Janus has adopted a written code of ethics complying with
the requirements of Rule 17j-1 under the 1940 Act and will provide INTECH with a
copy of such code of ethics, together with evidence of its adoption.

                  (c) Janus has provided INTECH 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 INTECH.

         8. Term. This Agreement shall become effective as of the date first set
forth above and shall continue in effect until July 1, 2007 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 INTECH, 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.

         9. 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 INTECH at its
principal place of business. This Agreement may be terminated (i) by Janus or by
INTECH at any time, without penalty by giving 60 days' advance written notice of
termination to the other party, or (ii) by Janus or the Trust without advance
notice if INTECH becomes unable to discharge its duties and obligations under
this Agreement. In addition, this Agreement shall terminate, without penalty,
upon termination of the Advisory Agreement.

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

         11. 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, INTECH 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).

         12. 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

<PAGE>

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.

         13. Limitation of Liability of INTECH. Janus will not seek to hold
INTECH, and INTECH 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, "INTECH" shall include any
affiliate of INTECH performing services for the Fund contemplated hereunder and
directors, officers and employees of INTECH and such affiliates.

         14. Activities of INTECH. The services of INTECH hereunder are not to
be deemed to be exclusive, and INTECH 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 INTECH
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 INTECH as directors,
officers and shareholders of INTECH, that directors, officers, employees and
shareholders of INTECH are or may become similarly interested in the Trust, and
that INTECH may become interested in the Trust as a shareholder or otherwise.

         15. 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 INTECH by Janus, the Trust or the
Fund shall not diminish or relieve in any way the liability of INTECH for any of
its duties and responsibilities under this Agreement.

         16. 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

<PAGE>

                  (b)      To INTECH at:

                           Enhanced Investment Technologies, LLC
                           2401 PGA Boulevard, Suite 100
                           Palm Beach Gardens, Florida 33410
                           Attention:  President
                           Phone:  (561) 775-1100
                           Fax:  (561) 775-1150

                  (c)      To the Trust at:

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

         17. 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.

         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.

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

                              ENHANCED INVESTMENT TECHNOLOGIES, LLC

                              By:
                                 ----------------------------------------------
                                    David E. Hurley
                                    Senior Vice President and
                                    Chief Operating Officer

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