AMENDMENT TO

                                                                  Exhibit 4(qqq)

                                  AMENDMENT TO

                              JANUS INVESTMENT FUND

                          INVESTMENT ADVISORY AGREEMENT

                            JANUS SPECIAL EQUITY FUND

      THIS AMENDMENT is made this 30th day of September, 2004, between JANUS
INVESTMENT FUND, a Massachusetts 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 and JCM are parties to an Investment Advisory Agreement
on behalf of Janus Special Equity Fund (the "Fund"), dated July 1, 2004, (the
"Agreement");

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

      WHEREAS, pursuant to Section 11 of the Agreement, any amendment to the
Agreement is subject to approval by (i) a majority of the Trustees, including a
majority of the Trustees who are not interested persons (as that phrase is
defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940
Act")) of JCM and, if required by applicable law, (ii) by the affirmative vote
of a majority of the outstanding voting securities of the Fund (as that phrase
is defined in Section 2(a)(42) of the 1940 Act);

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

      WHEREAS, the name of Janus Special Equity Fund has been changed to Janus
Contrarian Fund effective September 30, 2004;

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

      1.    All references to "Janus Special Equity Fund" shall be replaced with
"Janus Contrarian Fund."

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



      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/ Xxxxx X. Xxxxx
                                            ------------------------------------
                                            Xxxxx X. Xxxxx, Chief Financial
                                            Officer and Senior Vice President

                                        JANUS INVESTMENT FUND

                                        By: /s/ Xxxxxx X. Xxxxxx
                                            ------------------------------------
                                            Xxxxxx X. Xxxxxx, President and
                                            Chief Executive Officer