JANUS INVESTMENT FUND
485APOS, EX-99.H(2), 2000-09-13
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                                                                 EXHIBIT 7(S)

                                LETTER AGREEMENT

September 26, 2000

Ms. Jean Carr
Associate Counsel
State Street Bank and Trust Company
Global Investor Services Group
2 Avenue de Lafayette LCC2S
Boston, Massachusetts 02111

Dear Ms. Carr:

Please be advised that Janus Investment Fund (the "Trust") has established Janus
Fund  2 as a new  series  of the  Trust.  For  your  reference,  a  copy  of the
post-effective  amendment  filed with the Securities and Exchange  Commission on
September 13,2000 is enclosed.  Pursuant to Section 16 of the Custodian Contract
dated July 31,  1986,  as amended,  between the Trust and State  Street Bank and
Trust Company  ("State  Street"),  the Trust  requests  confirmation  that State
Street will act as custodian for the new series under the terms of the contract.

Please indicate your acceptance of the foregoing by executing two copies of this
Letter  Agreement,  returning  one copy to the Trust and  retaining one copy for
your records. A final prospectus and statement of additional information will be
forwarded to you after December 1, 2000 effectiveness.

JANUS INVESTMENT FUND



BY:
      Kelley Abbott Howes
      Vice President

STATE STREET BANK AND TRUST COMPANY

BY:

Agreed to this 26th day of September, 2000

cc:      Glenn O'Flaherty
         Suzanne Olczak
         Christine A. Scheel


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