EXHIBIT 7(W)

                         AMENDMENT TO CUSTODIAN CONTRACT

     This  Amendment to the custody  contract is made as of December 5, 2000, by
and between  State  Street Bank and Trust  Company (the  "Custodian")  and Janus
Investment  Fund, on behalf of each of its Portfolios (the "Fund").  Capitalized
terms  used in this  Amendment  without  definition  shall  have the  respective
meanings given to such terms in the Custodian Contract referred to below.

     WHEREAS, the Fund and the Custodian entered into a Custodian Contract
dated July 31, 1986 (as amended from time to time,  the  "Custodian  Contract");
and

     WHEREAS, the Fund and the Custodian wish to amend the Custodian
Contract to enable the Fund to instruct the Custodian to pay out Fund monies for
interfund lending or borrowing transactions and also to segregate collateral for
interfund lending or borrowing transactions;

     NOW, THEREFORE, in consideration of the foregoing and the mutual
promises and  covenants  contained  herein and in the  Custodian  Contract,  the
parties hereby agree to amend the Custodian Contract as follows:

1.   PAYMENT OF FUND MONIES

     In Section 2.7,  subsection  (7) is renumbered  as  subsection  (8) and new
     subsection (7) is added to the Custodian Contract as follows:

     (7) in connection with a lending or borrowing transaction between the Fund,
     on  behalf  of a  Portfolio,  and an  investment  company,  on  behalf of a
     Portfolio, advised by Janus Capital Corporation; or

2.   SEGREGATED ACCOUNT

     In Section  2.11,  subsection  (iv) is  renumbered  as  subsection  (v) and
     reworded,  in part,  as shown below;  new  subsection  (iv) is added to the
     Custodian Contract as follows:

     (iv) for the purpose of segregating  securities or other assets of the Fund
     in connection with a borrowing transaction between the Fund, on behalf of a
     Portfolio, as borrower and an investment company, on behalf of a Portfolio,
     advised by Scudder Kemper Investments, and

     (v) for other proper  corporate  purposes  but only,  in the case of clause
     (v),
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     IN WITNESS WHEREOF, each of the parties has caused this instrument to be
executed in its name and on its behalf by its duly authorized  representative as
of the date written above.

                                    JANUS INVESTMENT FUND

                                    By:______________________________

                                    Its: ____________________________

                                    STATE STREET BANK AND TRUST COMPANY

                                    By: _____________________________

                                    Its: ____________________________



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