INVESTMENT ADVISORY AGREEMENT



     AGREEMENT ("Agreement"), made this 1st day of April, 2003, between

JohnsonFamily Funds, Inc., a Maryland corporation (the "Company"), and Johnson

Asset Management, Inc., a Wisconsin corporation (the "Adviser").



                              W I T N E S S E T H :



     WHEREAS, the Company is currently registered with the Securities and

Exchange Commission under the Investment Company Act of 1940 (the "Act") as an

open-end management investment company consisting as of the date hereof of four

series, the JohnsonFamily Intermediate Fixed Income Fund (the "Fund"), the

JohnsonFamily Small Cap Value Fund (the "Small Cap Value Fund"), the

JohnsonFamily Large Cap Value Fund (the "Large Cap Value Fund") and the

JohnsonFamily International Value Fund (the "International Value Fund");



     WHEREAS, the Adviser, which is an investment adviser registered under the

Investment Advisers Act of 1940, provides investment advisory services to the

Fund, the Small Cap Value Fund, the Large Cap Value Fund and the International

Value Fund pursuant to separate investment advisory agreements; and



     WHEREAS, the Company and the Adviser desire to enter into a new investment

advisory agreement with respect to the Fund only.



     NOW, THEREFORE, the Company and the Adviser do mutually promise and agree

as follows:



     1. Employment. The Company hereby employs the Adviser to manage the

investment and reinvestment of the assets of the Fund and to administer its

business and administrative operations, subject to the direction of the Board of

Directors of the Company (the "Board of Directors") and the officers of the

Company, for the period and on the terms set forth in this Agreement. The

Adviser hereby accepts such employment for the compensation herein provided and

agrees during such period to render the services and to assume the obligations

herein set forth.



     2. Authority of the Adviser. 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 Company or

the Fund in any way or otherwise be deemed an agent of the Company or the Fund.

However, one or more shareholders, officers, directors or employees of the

Adviser may serve as directors and/or officers of the Company, but without

compensation or reimbursement of expenses for such services from the Company.

Nothing herein contained shall be deemed to require the Company to take any

action contrary to its Articles of Incorporation, as amended, restated or

supplemented, or any applicable statute or



{PAGE}



regulation, or to relieve or deprive the Board of Directors of its

responsibility for and control of the affairs of the Fund.



     3. Obligations of and Services to be Provided by the Adviser. The Adviser

undertakes to provide the services hereinafter set forth and to assume the

following obligations:



     A. Management and Administrative Services.



          (1) The Adviser shall furnish to the Company adequate office space,

     which may be space within the offices of the Adviser or in such other place

     as may be agreed upon from time to time, and all office furnishings,

     facilities and equipment as may be reasonably required for performing

     services relating to advisory, research, asset allocation, portfolio

     manager selection and evaluation activities and otherwise managing and

     administering the business and operations of the Fund.



          (2) The Adviser shall employ or provide and compensate the executive,

     administrative, secretarial and clerical personnel necessary to supervise

     the provision of the services set forth in sub-paragraph 3(A)(1) and shall

     bear the expense of providing such services, except as provided in Section

     4 of this Agreement. The Adviser shall also compensate all officers and

     employees of the Company who are officers or employees of the Adviser or

     its affiliated companies.



     B. Investment Management Services.

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