Exhibit 7(dd)

                     AMENDED AND RESTATED CUSTODIAN CONTRACT

      This Amended and Restated Custodian Contract dated as of August 1, 2005,
is by and between Janus Aspen Series, a business trust organized and existing
under the laws of Delaware, having its principal place of business at 151
Detroit Street, Denver, Colorado 80206-9916, hereinafter called the "Fund", and
State Street Bank and Trust Company, a Massachusetts trust company, having its
principal place of business at 225 Franklin Street, Boston, Massachusetts,
02110, hereinafter called the "Custodian",

                                   WITNESSETH:

      WHEREAS, the Fund and Custodian are the parties to that certain Custodian
Contract dated as June 29, 2000, as amended by three documents each titled
"Amendment to Custodian Contract" and each dated as of December 5, 2000, and by
an "Amendment to Custodian Contract" dated as of January 21, 2005 (collectively,
the "Original Contract"), which the Fund and Custodian wish to amend and restate
in its entirety; and

      WHEREAS, the Fund is authorized to issue shares in separate series, with
each such series representing interests in a separate portfolio of securities
and other assets; and

      WHEREAS, as of the date hereof, the Fund consists of the following 16
series: intends to initially offer shares in sixteen series, the Janus Aspen
Balanced Portfolio, Janus Aspen Core Equity Portfolio, Janus Aspen Flexible Bond
Portfolio, Janus Aspen Foreign Stock Portfolio, Janus Aspen Forty Portfolio,
Janus Aspen Global Life Sciences Portfolio, Janus Aspen Global Technology
Portfolio, Janus Aspen Growth and Income Portfolio, Janus Aspen International
Growth Portfolio, Janus Aspen Large Cap Growth Portfolio, Janus Aspen Mid Cap
Growth Portfolio, Janus Aspen Mid Cap Value Portfolio, Janus Aspen Risk -
Managed Core Portfolio, Janus Aspen Risk Managed Growth Portfolio, Janus Aspen
Small Company Value Portfolio, Janus Aspen Worldwide Growth Portfolio (such
series together with all other series subsequently established by the Fund and
made subject established by the Fund and made subject to this Contract in
accordance with paragraph 18, being herein referred to as the "Portfolio(s)");

      NOW THEREFORE, in consideration of the mutual covenants and agreements
hereinafter contained, the parties hereto agree as follows:

1. Employment of Custodian and Property to be Held by It

      The Fund hereby employs the Custodian as the custodian of its assets,
including securities it desires to be held in places within the United States
("domestic securities") and securities it desires to be held outside the United
States ("foreign securities") and all cash or cash equivalents incidental
thereto, pursuant to the provisions of the Declaration of Trust. The Fund agrees
to deliver to the Custodian all foreign securities and domestic securities and
cash owned by it from time to time, all payments of income, payments of
principal or capital distributions received by it with respect to all foreign
and domestic securities owned by the Fund from time to time, and the cash
consideration received by the Fund for such new or treasury shares of capital
stock as it may issue or sell from time to time. The Custodian shall not be
responsible for any property of the Fund held or received by the Fund and not
delivered to the Custodian.



      Upon receipt of "Proper Instructions" (within the meaning of Article 6),
the Custodian shall on behalf of the applicable Portfolio(s) from time to time
employ one or more sub-custodians, located in the United States but only in
accordance with an applicable vote by the Board of Trustees of the Fund on
behalf of the applicable Portfolio(s), and provided that the Custodian shall
have no more or less responsibility or liability to the Fund on account of any
actions or omissions of any sub-custodian so employed than any such
sub-custodian has to the Custodian. The Custodian may place and maintain each
Fund's foreign securities with foreign banking institution sub-custodians
employed by the Custodian and/or foreign securities depositories, all as
designated in Schedules A and B hereto, but only in accordance with the
applicable provisions of Sections 3 and 4 hereof.

2. Duties of the Custodian with Respect to Property of the Fund Held By the
Custodian in the United States

2.1 Holding Securities. The Custodian shall hold and physically segregate for
the account of each Portfolio all non-cash property to be held by it in the
United States including all domestic securities owned by such Portfolio, other
than (a) securities which are maintained pursuant to Section 2.10 in a clearing
agency which acts as a securities depository or in a book-entry system
authorized by the U.S. Department of the Treasury, collectively referred to
herein as "Securities System."

2.2 Delivery of Securities. The Custodian shall release and deliver domestic
securities owned by a Portfolio held by the Custodian or in a Securities System
account of the Custodian only upon receipt of Proper Instructions from the Fund
on behalf of the applicable Portfolio, which may be continuing instructions when
deemed appropriate by the parties, and only in the following cases:

      1.)   Upon sale of such securities for the account of the Portfolio and
            receipt of payment therefor;

      2.)   Upon the receipt of payment in connection with any repurchase
            agreement related to such securities entered into by the Portfolio;

      3.)   In the case of a sale effected through a Securities System, in
            accordance with the provisions of Section 2.10 hereof;

      4.)   To the depository agent in connection with tender or other similar
            offers for securities of the Portfolio;

      5.)   To the issuer thereof or its agent when such securities are called,
            redeemed, retired or otherwise become payable; provided that, in any
            such case, the cash or other consideration is to be delivered to the
            Custodian;

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      6.)   To the issuer thereof, or its agent, for transfer into the name of
            the Portfolio or into the name of any nominee or nominees of the
            Custodian or into the name or nominee name of any agent appointed
            pursuant to Section 2.9 or into the name or nominee name of any
            sub-custodian appointed pursuant to Article 1; or for exchange for a
            different number of bonds, certificates or other evidence
            representing the same aggregate face amount or number of units;
            provided that, in any such case, the new securities are to be
            delivered to the Custodian;

      7.)   Upon the sale of such securities for the account of the Portfolio,
            to the broker or its clearing agent, against a receipt, for
            examination in accordance with "street delivery" custom; provided
            that in any such case, the Custodian shall have no responsibility or
            liability for any loss arising from the delivery of such securities
            prior to receiving payment for such securities except as may arise
            from the Custodian's own negligence or willful misconduct;

      8.)   For exchange or conversion pursuant to any plan of merger,
            consolidation, recapitalization, reorganization or readjustment of
            the securities of the issuer of such securities, or pursuant to
            provisions for conversion contained in such securities, or pursuant
            to any deposit agreement; provided that, in any such case, the new
            securities and cash, if any, are to be delivered to the Custodian;

      9.)   In the case of warrants, rights or similar securities, the surrender
            thereof in the exercise of such warrants, rights or similar
            securities or the surrender of interim receipts or temporary
            securities for definitive securities; provided that, in any such
            case, the new securities and cash, if any, are to be delivered to
            the Custodian;

      10.)  For delivery in connection with any loans of securities made by the
            Portfolio, but only against receipt of adequate collateral as agreed
            upon from time to time by the Custodian and the Fund on behalf of
            the Portfolio, which may be in the form of cash or obligations
            issued by the United States government, its agencies or
            instrumentalities, except that in connection with any loans for
            which collateral is to be credited to the Custodian's account in the
            book-entry system authorized by the U.S. Department of the Treasury,
            the Custodian will not be held liable or responsible for the
            delivery of securities owned by the Portfolio prior to the receipt
            of such collateral;

      11.)  For delivery as security in connection with any borrowings by the
            Fund on behalf of the Portfolio requiring a pledge of assets by the
            Fund on behalf of the Portfolio, but only against receipt of amounts
            borrowed;

      12.)  For delivery in accordance with the provisions of any agreement
            among the Fund on behalf of the Portfolio, the Custodian and a
            broker-dealer registered under the Securities Exchange Act of 1934
            (the "Exchange Act") and a member of The National Association of
            Securities Dealers, Inc. ("NASD"), relating to compliance with the
            rules of The Options Clearing Corporation and of any registered
            national securities exchange, or of any similar organization or
            organizations, regarding escrow or other arrangements in connection
            with transactions by the Fund on behalf of the Portfolio;

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      13.)  For delivery in accordance with the provisions of any agreement
            among the Fund on behalf of the Portfolio, the Custodian, and a
            Futures Commission Merchant registered under the Commodity Exchange
            Act, relating to compliance with the rules of the Commodity Futures
            Trading Commission and/or any Contract Market, or any similar
            organization or organizations, regarding account deposits in
            connection with transactions by the Fund on behalf of the Portfolio;

      14.)  Upon receipt of instructions from the transfer agent ("Transfer
            Agent") for the Fund, for delivery to such Transfer Agent or to the
            holders of shares in connection with distributions in kind, as may
            be described from time to time in the Fund's currently effective
            prospectus and statement of additional information, ("Prospectus"),
            in satisfaction of requests by holders of Shares for repurchase or
            redemption;

      15.)  For delivery as initial or variation margin in connection with
            futures or options on futures contracts entered into by the Fund on
            behalf of the Portfolio; and

      16.)  For any other purpose, but only upon receipt of Proper Instructions
            from the Fund on behalf of the applicable Portfolio specifying (a)
            the securities of the Portfolio to be delivered and (b) the person
            or persons to whom delivery of such securities shall be made.

2.3 Registration of Securities. Domestic securities held by the Custodian (other
than bearer securities) shall be registered in the name of the Portfolio or in
the name of any nominee of the Fund on behalf of the Portfolio or of any nominee
of the Custodian which nominee shall be assigned exclusively to the Portfolio,
unless the Fund has authorized in writing the appointment of a nominee to be
used in common with other registered investment companies having the same
investment adviser as the Portfolio, or in the name or nominee name of any agent
appointed pursuant to Section 2.9 or in the name or nominee name of any
sub-custodian appointed pursuant to Article 1. All securities accepted by the
Custodian on behalf of the Portfolio under the terms of this Contract shall be
in "street name" or other good delivery form. If, however, the Fund directs the
Custodian to maintain securities in "street name", the Custodian shall utilize
its best efforts only to timely collect income due the Fund on such securities
and to notify the Fund on a best efforts basis only of relevant corporate
actions including, without limitation, pendency of calls, maturities, tender or
exchange offers.

2.4 Bank Accounts. The Custodian shall open and maintain a separate bank account
or accounts in the United States in the name of each Portfolio of the Fund,
subject only to draft or order by the Custodian acting pursuant to the terms of
this Contract, and shall hold in such account or accounts, subject to the
provisions hereof, all cash received by it from or for the account of the
Portfolio, other than cash maintained by the Portfolio in a bank account
established and used in accordance with Rule 17f-3 under the Investment Company
Act of 1940. Funds held by the Custodian for a Portfolio may be deposited by it
to its credit as Custodian in the Banking Department of the Custodian or in such
other banks or trust companies as it may in its discretion deem necessary or
desirable; provided, however, that every such bank or trust company shall be
qualified to act as a custodian under the Investment Company Act of 1940 and
that each such bank or trust company and the funds to be deposited with each
such bank or trust company shall on behalf of each applicable Portfolio be
approved by vote of a majority of the Board of Trustees of the Fund. Such funds
shall be deposited by the Custodian in its capacity as Custodian and shall be
withdrawable by the Custodian only in that capacity.

                                       4


2.5 Availability of Federal Funds. Upon mutual agreement between the Fund on
behalf of each applicable Portfolio and the Custodian, the Custodian shall, upon
the receipt of Proper Instructions from the Fund on behalf of a Portfolio, make
federal funds available to such Portfolio as of specified times agreed upon from
time to time by the Fund and the Custodian in the amount of checks received in
payment for Shares of such Portfolio which are deposited into the Portfolio's
account.

2.6 Collection of Income. Subject to the provisions of Section 2.3, the
Custodian shall collect on a timely basis all income and other payments with
respect to registered domestic securities held hereunder to which each Portfolio
shall be entitled either by law or pursuant to custom in the securities
business, and shall collect on a timely basis all income and other payments with
respect to domestic bearer securities if, on the date of payment by the issuer,
such securities are held by the Custodian or its agent and shall credit such
income, as collected, to such Portfolio's custodian account. Without limiting
the generality of the foregoing, the Custodian shall detach and present for
payment all coupons and other income items requiring presentation as and when
they become due and shall collect interest when due on securities held
hereunder. Income due each Portfolio on securities loaned pursuant to the
provisions of Section 2.2 (10) shall be the responsibility of the Fund. The
Custodian will have no duty or responsibility in connection therewith, other
than to provide the Fund with such information or data as may be necessary to
assist the Fund in arranging for the timely delivery to the Custodian of the
income to which the Portfolio is properly entitled.

2.7 Payment of Fund Monies. Upon receipt of Proper Instructions from the Fund on
behalf of the applicable Portfolio, which may be continuing instructions when
deemed appropriate by the parties, the Custodian shall pay out monies of a
Portfolio in the following cases only:

      1.)   Upon the purchase of domestic securities, options, futures contracts
            or options on futures contracts for the account of the Portfolio but
            only (a) against the delivery of such securities or evidence of
            title to such options, futures contracts or options on futures
            contracts to the Custodian (or any bank, banking firm or trust
            company doing business in the United States or abroad which is
            qualified under the Investment Company Act of 1940, as amended, to
            act as a custodian and has been designated by the Custodian as its
            agent for this purpose) registered in the name of the Portfolio or
            in the name of a nominee of the Custodian referred to in Section 2.3
            hereof or in proper form for transfer; (b) in the case of a purchase
            effected through a Securities System, in accordance with the
            conditions set forth in Section 2.10 hereof; (c) in the case of
            repurchase agreements entered into between the Fund on behalf of the
            Portfolio and the Custodian, or another bank, or a broker-dealer
            which is a member of NASD, (i) against delivery of the securities
            either in certificate form or through an entry crediting the
            Custodian's account at the Federal Reserve Bank with such securities
            or (ii) against delivery of the receipt evidencing purchase by the
            Portfolio of securities owned by the Custodian along with written
            evidence of the agreement by the Custodian to repurchase such
            securities from the Portfolio or (d) for transfer to a time deposit
            account of the Fund in any bank, whether domestic or foreign; such
            transfer may be effected prior to receipt of a confirmation from a
            broker and/or the applicable bank pursuant to Proper Instructions
            from the Fund as defined in Article 6;

                                       5


      2.)   In connection with conversion, exchange or surrender of securities
            owned by the Portfolio and in the case of warrants, rights or
            similar securities as set forth in Section 2.2 hereof;

      3.)   For the redemption or repurchase of Shares issued by the Portfolio
            as set forth in Article 5 hereof;

      4.)   For the payment of any expense or liability incurred by the
            Portfolio, including but not limited to the following payments for
            the account of the Portfolio: interest, taxes, management,
            accounting, transfer agent and legal fees, and operating expenses of
            the Fund whether or not such expenses are to be in whole or part
            capitalized or treated as deferred expenses;

      5.)   For the payment of any dividends declared pursuant to the governing
            documents of the Fund;

      6.)   For payment of the amount of dividends received in respect of
            securities sold short;

      7.)   In connection with a lending or borrowing transaction between the
            Fund, on behalf of a Portfolio, and another investment company, on
            behalf of a portfolio thereof, advised by Janus Capital Management
            LLC;

      8.)   For delivery as initial or variation margin in connection with
            futures or options on futures contracts entered into by the Fund on
            behalf of the Portfolio; and

      9.)   For any other purpose, but only upon receipt of Proper Instructions
            from the Fund on behalf of the Portfolio specifying (a) the amount
            of such payment and (b) the person or persons to whom such payment
            is to be made.

2.8 Liability for Payment in Advance of Receipt of Securities Purchased. Except
as specifically stated otherwise in Section 2.7 (1) (d) with respect to
repurchase agreements, Section 2.10 (3) with respect to purchases of securities
in a Securities System and Section 2.11 (4) with respect to purchases of
securities in the Direct Paper System, in any and every case where payment for
purchase of domestic securities for the account of a Portfolio is made by the
Custodian in advance of receipt of the securities purchased in the absence of
specific written instructions from the Fund on behalf of such Portfolio to so
pay in advance, the Custodian shall be absolutely liable to the Fund for such
securities to the same extent as if the securities had been received by the
Custodian.

2.9 Appointment of Agents. The Custodian may at any time or times in its
discretion appoint (and may at any time remove) any other bank or trust company
which is itself qualified under the Investment Company Act of 1940, as amended,
to act as a custodian, as its agent to carry out such of the provisions of this
Article 2 as the Custodian may from time to time direct; provided, however, that
the appointment of any agent shall not relieve the Custodian of its
responsibilities or liabilities hereunder.

                                       6


2.10 Deposit of Fund Assets in Securities Systems. The Custodian may deposit
and/or maintain securities owned by a Portfolio in a U.S. Securities System in
compliance with the conditions of Rule 17f-4 under the 1940 Act, as amended from
time to time.

2.11 [Intentionally Omitted]

2.12 Segregated Account. The Custodian shall upon receipt of Proper Instructions
from the Fund on behalf of each applicable Portfolio establish and maintain a
segregated account or accounts for and on behalf of each such Portfolio, into
which account or accounts may be transferred cash and/or securities, including
securities maintained in an account by the Custodian pursuant to Section 2.10
hereof, (i) in accordance with the provisions of any agreement among the Fund on
behalf of the Portfolio, the Custodian and a broker-dealer registered under the
Exchange Act and a member of the NASD (or any futures commission merchant
registered under the Commodity Exchange Act), relating to compliance with the
rules of The Options Clearing Corporation and of any registered national
securities exchange (or the Commodity Futures Trading Commission or any
registered contract market), or of any similar organization or organizations,
regarding escrow or other arrangements in connection with transactions by the
Portfolio, (ii) for purposes of segregating cash or government securities in
connection with swaps arrangements entered into on behalf of a Portfolio,
options purchased, sold or written by the Portfolio or commodity futures
contracts or options thereon purchased or sold by the Portfolio, (iii) for the
purposes of compliance by the Portfolio with the procedures required by
Investment Company Act Release No. 10666, or any subsequent release or releases
of the Securities and Exchange Commission relating to the maintenance of
segregated accounts by registered investment companies, (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 another investment company, on behalf of a portfolio thereof, advised by
Janus Capital Management LLC, and (v) for any other purpose in accordance with
Proper Instructions.

2.13 Ownership Certificates for Tax Purposes. The Custodian shall execute
ownership and other certificates and affidavits for all federal and state tax
purposes in connection with receipt of income or other payments with respect to
domestic securities of each Portfolio held by it and in connection with
transfers of securities.

2.14 Proxies. The Custodian shall, with respect to the domestic securities held
hereunder, cause to be promptly executed by the registered holder of such
securities, if the securities are registered otherwise than in the name of the
Portfolio or a nominee of the Portfolio, all proxies, without indication of the
manner in which such proxies are to be voted, and shall promptly deliver to the
Portfolio such proxies, all proxy soliciting materials and all notices relating
to such securities.

2.15 Communications Relating to Portfolio Securities. Subject to the provisions
of Section 2.3, the Custodian shall transmit promptly to the Fund for each
Portfolio all written information (including, without limitation, pendency of
calls and maturities of domestic securities and expirations of rights in
connection therewith and notices of exercise of call and put options written by
the Fund on behalf of the Portfolio and the maturity of futures contracts
purchased or sold by the Portfolio) received by the Custodian from issuers of
domestic securities being held for the Portfolio. With respect to tender or
exchange offers, the Custodian shall transmit promptly to the Portfolio all
written information received by the Custodian from issuers of the domestic
securities whose tender or exchange is sought and from the party (or his agents)
making the tender or exchange offer. If the Portfolio desires to take action
with respect to any

                                       7


tender offer, exchange offer or any other similar transaction, the Portfolio
shall notify the Custodian at least three business days prior to the date on
which the Custodian is to take such action.

2.16 Free Deliveries to Repo Custodians. Notwithstanding anything herein to the
contrary, upon receipt of Proper Instructions from time to time, the Custodian
shall deliver monies and/or securities of a Portfolio to any account maintained
for the Fund by any of the banks identified on Exhibit 1 hereto, as amended from
time to time, which the Fund has appointed to serve as additional custodians for
the Portfolios for the limited purpose of engaging in tri-party repurchase
agreement transactions (each, a "Repo Custodian). Such delivery may be made
without contemporaneous receipt by the Custodian of monies or securities in
exchange therefore. Upon such delivery in accordance with such Proper
Instructions, the Custodian shall have no further responsibility or obligations
to the Fund as custodian for the applicable Portfolio with respect to the monies
or securities so delivered. The Fund may amend Exhibit 1 from time to time to
add or delete a Repo Custodian or change the identification of the account the
Repo Custodian maintains for the Fund by delivering Special Instructions (as
hereinafter defined) to the Custodian. The term "Special Instructions" shall
mean written instructions executed by at least two officers of the Fund holding
the office of Vice President or higher.

3.    Provisions Relating to Rules 17f-5 and 17f-7

3.1   Definitions. The following capitalized terms in this Contract shall have
      the following respective meanings:

"Country Risk" means all factors reasonably related to the systemic risk of
holding Foreign Assets in a particular country including, but not limited to,
such country's political environment, economic and financial infrastructure
(including any Eligible Securities Depository operating in the country),
prevailing or developing custody and settlement practices, and laws and
regulations applicable to the safekeeping and recovery of Foreign Assets held in
custody in that country.

"Eligible Foreign Custodian" has the meaning set forth in section (a)(1) of Rule
17f-5, including a majority-owned direct or indirect subsidiary of a U.S. Bank
(as defined in Rule 17f-5(a)(7)), a bank holding company meeting the
requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5(a)(1)
or by other appropriate action of the U.S. Securities and Exchange Commission
(the "SEC")), or a foreign branch of a Bank (as defined in Section 2(a)(5) of
the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the
1940 Act; the term does not include any Eligible Securities Depository.

"Eligible Securities Depository" has the meaning set forth in section (b)(1) of
Rule 17f-7.

"Foreign Assets" means any of the Portfolios' investments (including foreign
currencies) for which the primary market is outside the United States and such
cash and cash equivalents as are reasonably necessary to effect the Portfolios'
transactions in such investments.

"Foreign Custody Manager" has the meaning set forth in section (a)(3) of Rule
17f-5.

3.2   The Custodian as Foreign Custody Manager.

      3.2.1 Delegation to the Custodian as Foreign Custody Manager. The Fund, by
resolution adopted by its Board of Trustees (the "Board"), hereby delegates to
the Custodian,

                                       8


subject to Section (b) of Rule 17f-5, the responsibilities set forth in this
Section 3.2 with respect to Foreign Assets of the Portfolios held outside the
United States, and the Custodian hereby accepts such delegation as Foreign
Custody Manager with respect to the Portfolios.

      3.2.2 Countries Covered. The Foreign Custody Manager shall be responsible
for performing the delegated responsibilities defined below only with respect to
the countries and custody arrangements for each such country listed on Schedule
A to this Contract, which list of countries may be amended from time to time by
the Fund with the agreement of the Foreign Custody Manager. The Foreign Custody
Manager shall list on Schedule A the Eligible Foreign Custodians selected by the
Foreign Custody Manager to maintain the assets of the Portfolios, which list of
Eligible Foreign Custodians may be amended from time to time in the sole
discretion of the Foreign Custody Manager. The Foreign Custody Manager will
provide amended versions of Schedule A in accordance with Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open
an account or to place or maintain Foreign Assets in a country listed on
Schedule A, and the fulfillment by the Fund, on behalf of the Portfolios, of the
applicable account opening requirements for such country, the Foreign Custody
Manager shall be deemed to have been delegated by the Board on behalf of the
Portfolios responsibility as Foreign Custody Manager with respect to that
country and to have accepted such delegation. Execution of this Amended and
Restated Custodian Contract by the Fund shall be deemed to be a Proper
Instruction to open an account, or to place or maintain Foreign Assets, in each
country listed on Schedule A in which the Custodian has previously placed or
currently maintains Foreign Assets pursuant to the terms of the Original
Contract. Following the receipt of Proper Instructions directing the Foreign
Custody Manager to close the account of a Portfolio with the Eligible Foreign
Custodian selected by the Foreign Custody Manager in a designated country, the
delegation by the Board on behalf of the Portfolios to the Custodian as Foreign
Custody Manager for that country shall be deemed to have been withdrawn and the
Custodian shall cease to be the Foreign Custody Manager of the Portfolios with
respect to that country when the withdrawal of all Foreign Assets from that
country is complete. The Board may at any time renew its delegation to the
Custodian as Foreign Custody Manager in that country by written notice to the
Custodian, and acceptance thereof by the Custodian.

The Foreign Custody Manager may withdraw its acceptance of delegated
responsibilities with respect to a designated country upon written notice to the
Fund. Thirty days (or such longer period to which the parties agree in writing)
after receipt of any such notice by the Fund, the Custodian shall have no
further responsibility in its capacity as Foreign Custody Manager to the Fund
with respect to the country as to which the Custodian's acceptance of delegation
is withdrawn. Withdrawal of such acceptance shall in no way affect the
Custodian's rights or responsibilities as Custodian (and not as Foreign Custody
Manager) under this Contract with respect to any Foreign Assets then in such
country.

      3.2.3 Scope of Delegated Responsibilities:

            (a) Selection of Eligible Foreign Custodians. Subject to the
provisions of this Section 3.2, the Foreign Custody Manager may place and
maintain the Foreign Assets in the care of the Eligible Foreign Custodian
selected by the Foreign Custody Manager in each country listed on Schedule A, as
amended from time to time. In performing its delegated responsibilities as
Foreign Custody Manager to place or maintain Foreign Assets with an Eligible
Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign
Assets will be subject

                                       9


to reasonable care, based on the standards applicable to custodians in the
country in which the Foreign Assets will be held by that Eligible Foreign
Custodian, after considering all factors relevant to the safekeeping of such
assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

            (b) Contracts With Eligible Foreign Custodians. The Foreign Custody
Manager shall determine that the contract governing the foreign custody
arrangements with each Eligible Foreign Custodian selected by the Foreign
Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

            (c) Monitoring. In each case in which the Foreign Custody Manager
maintains Foreign Assets with an Eligible Foreign Custodian selected by the
Foreign Custody Manager, the Foreign Custody Manager shall establish a system to
monitor (i) the appropriateness of maintaining the Foreign Assets with such
Eligible Foreign Custodian and (ii) the performance of the contract governing
the custody arrangements established by the Foreign Custody Manager with the
Eligible Foreign Custodian. In the event the Foreign Custody Manager determines
that the custody arrangements with an Eligible Foreign Custodian it has selected
are no longer appropriate (including if such arrangements no longer meet the
requirements of Rule 17f-5(c)), the Foreign Custody Manager shall notify the
Board in accordance with Section 3.2.5 hereunder.

      3.2.4 Guidelines for the Exercise of Delegated Authority. It shall not be
the responsibility of the Foreign Custody Manager to consider Country Risk as
part of its delegated responsibilities pursuant to this Contract.

      3.2.5 Reporting Requirements. The Foreign Custody Manager shall report the
withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the
placement of such Foreign Assets with another Eligible Foreign Custodian by
providing to the Board an amended Schedule A at the end of the calendar quarter
in which an amendment to such Schedule has occurred. The Foreign Custody Manager
shall make written reports notifying the Board of any other material change in
the foreign custody arrangements of the Portfolios described in this Section 3.2
within a reasonable time after the occurrence of the material change.

      3.2.6 Standard of Care as Foreign Custody Manager of a Portfolio. In
performing the responsibilities delegated to it, the Foreign Custody Manager
agrees to exercise reasonable care, prudence and diligence such as a person
having responsibility for the safekeeping of assets of management investment
companies registered under the 1940 Act would exercise.

      3.2.7 Representations with Respect to Rule 17f-5. The Foreign Custody
Manager represents to the Fund that it is a U.S. Bank as defined in section
(a)(7) of Rule 17f-5. The Fund represents to the Custodian that the Board has
determined that it is reasonable for the Board to rely on the Custodian to
perform the responsibilities delegated pursuant to this Contract to the
Custodian as the Foreign Custody Manager of the Portfolios.

                                       10


      3.2.8 Termination of the Custodian as Foreign Custody Manager. The Board's
delegation to the Custodian as Foreign Custody Manager of the Portfolios shall
remain in effect until terminated at any time, without penalty, by written
notice from the terminating party to the non-terminating party. Termination will
become effective thirty (30) days after receipt by the non-terminating party of
such notice. The provisions of Section 3.2.2 hereof shall govern the delegation
to and termination of the Custodian as Foreign Custody Manager of the Portfolios
with respect to designated countries.

3.3   Eligible Securities Depositories.

            3.3.1 Analysis and Monitoring. The Custodian shall (a) provide the
Fund (or its duly-authorized investment manager or investment adviser) with an
analysis of the custody risks associated with maintaining assets with the
Eligible Securities Depositories set forth on Schedule B hereto in accordance
with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a
continuing basis, and promptly notify the Fund (or its duly-authorized
investment manager or investment adviser) of any material change in such risks,
in accordance with section (a)(1)(i)(B) of Rule 17f-7.

            3.3.2 Standard of Care. The Custodian agrees to exercise reasonable
care, prudence and diligence in performing the duties set forth in Section
3.3.1.

            3.3.3 Withdrawal of Assets. If the Fund (or its duly-authorized
investment manager or investment adviser) provides the Custodian with Proper
Instructions to withdraw Foreign Assets from an Eligible Securities Depository,
the Custodian shall comply with such Proper Instructions in accordance with the
provisions of Article 4 hereof.

4.    Duties of the Custodian with Respect to Property of the Portfolios Held
      Outside the United States.

4.1 Definitions. The following capitalized terms in this Contract shall have the
respective following meanings:

"Foreign Securities System" means an Eligible Securities Depository listed on
Schedule B hereto.

"Foreign Sub-Custodian" means a foreign banking institution serving as an
Eligible Foreign Custodian set forth on Schedule A hereto.

4.2 Holding Securities. The Custodian shall identify on its books as belonging
to the Portfolios the foreign securities held by each Foreign Sub-Custodian or
Foreign Securities System. The Custodian may hold foreign securities for all of
its customers, including the Portfolios, with any Foreign Sub-Custodian in an
account that is identified as belonging to the Custodian for the benefit of its
customers, provided however, that (i) the records of the Custodian with respect
to foreign securities of the Portfolios which are maintained in such account
shall identify those securities as belonging to the Portfolios and (ii), to the
extent permitted and customary in the market in which the account is maintained,
the Custodian shall require that securities so held by the Foreign Sub-Custodian
be held separately from any assets of such Foreign Sub-Custodian or of other
customers of such Foreign Sub-Custodian.

                                       11


4.3 Foreign Securities Systems. To the extent applicable, foreign securities
shall be maintained in a Foreign Securities System in a designated country
through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as
applicable, in such country.

4.4.  Transactions in Foreign Custody Account.

      4.4.1. Delivery of Foreign Assets. The Custodian or a Foreign
Sub-Custodian shall release and deliver foreign securities owned by the
Portfolios held by the Custodian or such Foreign Sub-Custodian, or in a Foreign
Securities System account, only upon receipt of Proper Instructions, which may
be continuing instructions when deemed appropriate by the parties, and only in
the following cases:

            (i)   upon the sale of such foreign securities for the Portfolio in
                  accordance with commercially reasonable market practice in the
                  country where such foreign securities are held or traded,
                  including, without limitation: (A) delivery against
                  expectation of receiving later payment; or (B) in the case of
                  a sale effected through a Foreign Securities System, in
                  accordance with the rules governing the operation of the
                  Foreign Securities System;

            (ii)  in connection with any repurchase agreement related to foreign
                  securities;

            (iii) to the depository agent in connection with tender or other
                  similar offers for foreign securities of the Portfolios;

            (iv)  to the issuer thereof or its agent when such foreign
                  securities are called, redeemed, retired or otherwise become
                  payable;

            (v)   to the issuer thereof, or its agent, for transfer into the
                  name of the applicable Portfolio, the Fund or the Custodian
                  (or the name of the respective Foreign Sub-Custodian or of any
                  nominee of the Custodian or such Foreign Sub-Custodian), as
                  applicable, or for exchange for a different number of bonds,
                  certificates or other evidence representing the same aggregate
                  face amount or number of units;

            (vi)  to brokers, clearing banks or other clearing agents for
                  examination or trade execution in accordance with market
                  custom; provided that in any such case the Foreign
                  Sub-Custodian shall have no responsibility or liability for
                  any loss arising from the delivery of such securities prior to
                  receiving payment for such securities except as may arise from
                  the Foreign Sub-Custodian's own negligence or willful
                  misconduct;

            (vii) for exchange or conversion pursuant to any plan of merger,
                  consolidation, recapitalization, reorganization or
                  readjustment of the securities of the issuer of such
                  securities, or pursuant to provisions for conversion contained
                  in such securities, or pursuant to any deposit agreement;

            (viii) in the case of warrants, rights or similar foreign
                  securities, the surrender thereof in the exercise of such
                  warrants, rights or similar securities or the surrender of
                  interim receipts or temporary securities for definitive
                  securities;

                                       12


            (ix)  for delivery as security in connection with any borrowing by
                  the Portfolios requiring a pledge of assets by the Portfolios;

            (x)   in connection with trading in options and futures contracts,
                  including delivery as original margin and variation margin;

            (xi)  in connection with the lending of foreign securities; and

            (xii) for any other purpose, but only upon receipt of Proper
                  Instructions specifying the foreign securities to be delivered
                  and naming the person or persons to whom delivery of such
                  securities shall be made.

      4.4.2. Payment of Portfolio Monies. Upon receipt of Proper Instructions,
which may be continuing instructions when deemed appropriate by the parties, the
Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the
respective Foreign Securities System to pay out, monies of a Portfolio in the
following cases only:

            (i)   upon the purchase of foreign securities for the Portfolio,
                  unless otherwise directed by Proper Instructions, by (A)
                  delivering money to the seller thereof or to a dealer therefor
                  (or an agent for such seller or dealer) against expectation of
                  receiving later delivery of such foreign securities; or (B) in
                  the case of a purchase effected through a Foreign Securities
                  System, in accordance with the rules governing the operation
                  of such Foreign Securities System;

            (ii)  in connection with any repurchase agreement related to foreign
                  securities;

            (iii) in connection with the conversion, exchange or surrender of
                  foreign securities of the Portfolio;

            (iv)  for the payment of any expense or liability of the Portfolio,
                  including but not limited to the following payments:
                  redemptions, dividends, interest, taxes, investment advisory
                  fees, transfer agency fees, fees under this Contract, legal
                  fees, accounting fees, and other operating expenses;

            (v)   for the purchase or sale of foreign exchange or foreign
                  exchange contracts for the Portfolio, including transactions
                  executed with or through the Custodian or its Foreign
                  Sub-Custodians;

            (vi)  in connection with trading in options and futures contracts,
                  including delivery as original margin and variation margin;

            (vii) for payment of part or all of the dividends received in
                  respect of securities sold short;

            (viii) in connection with the borrowing or lending of foreign
                  securities; and

            (ix)  for any other purpose, but only upon receipt of Proper
                  Instructions specifying the amount of such payment and naming
                  the person or persons to whom such payment is to be made.

                                       13


      4.4.3. Market Conditions. Notwithstanding any provision of this Contract
to the contrary, settlement and payment for Foreign Assets received for the
account of the Portfolios and delivery of Foreign Assets maintained for the
account of the Portfolios may be effected in accordance with the customary
established securities trading or processing practices and procedures generally
accepted by institutional investors in the country or market in which the
transaction occurs, including, without limitation, delivering Foreign Assets to
the purchaser thereof or to a dealer therefor (or an agent for such purchaser or
dealer) with the expectation of receiving later payment for such Foreign Assets
from such purchaser or dealer.

The Custodian shall provide to the Board the information with respect to custody
and settlement practices in countries in which the Custodian employs a Foreign
Sub-Custodian described on Schedule C hereto at the time or times set forth on
such Schedule. The Custodian shall exercise reasonable care in compiling and
preparing the materials described on Schedule C. The Custodian may revise
Schedule C from time to time, provided that no such revision shall result in the
Board being provided with substantively less information than had been
previously provided hereunder.

4.5 Registration of Foreign Securities. The foreign securities maintained in the
custody of a Foreign Sub-Custodian (other than bearer securities) shall be
registered in the name of the applicable Portfolio or in the name of the
Custodian or in the name of any Foreign Sub-Custodian or in the name of any
nominee of the foregoing, and the Fund on behalf of such Portfolio agrees to
hold any such nominee harmless from any liability as a holder of record of such
foreign securities, except for such liability resulting from the nominee's
negligence or willful misconduct. The Custodian or a Foreign Sub-Custodian shall
not be obligated to accept securities on behalf of a Portfolio under the terms
of this Contract unless the form of such securities and the manner in which they
are delivered are in accordance with reasonable and customary market practice.

4.6 Bank Accounts. The Custodian shall identify on its books as belonging to the
Fund cash (including cash denominated in foreign currencies) deposited with the
Custodian. Where the Custodian is unable to maintain, or market practice does
not facilitate the maintenance of, cash on the books of the Custodian, a bank
account or bank accounts shall be opened and maintained outside the United
States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts
referred to in this Section shall be subject only to draft or order by the
Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the
terms of this Agreement to hold cash received by or from or for the account of
the Portfolio. Cash maintained on the books of the Custodian (including its
branches, subsidiaries and affiliates), regardless of currency denomination, is
maintained in bank accounts established under, and subject to the laws of, The
Commonwealth of Massachusetts.

4.7 Collection of Income. The Custodian shall use reasonable commercial efforts
to collect all income and other payments with respect to the Foreign Assets held
hereunder to which the Portfolios shall be entitled and shall credit such
income, as collected, to the applicable Portfolio. In the event that
extraordinary measures are required to collect such income, the Fund and the
Custodian shall consult as to such measures and as to the compensation and
expenses of the Custodian relating to such measures.

4.8 Shareholder Rights. With respect to the foreign securities held pursuant to
this Article 4, the Custodian will use reasonable commercial efforts to
facilitate the exercise of voting and other

                                       14


shareholder rights, subject always to the laws, regulations and practical
constraints that may exist in the country where such securities are issued. The
Fund acknowledges that local conditions, including lack of regulation, onerous
procedural obligations, lack of notice and other factors may have the effect of
severely limiting the ability of the Fund to exercise shareholder rights.

4.9 Communications Relating to Foreign Securities. The Custodian shall transmit
promptly to the Fund written information with respect to materials received by
the Custodian via the Foreign Sub-Custodians from issuers of the foreign
securities being held for the account of the Portfolios (including, without
limitation, pendency of calls and maturities of foreign securities and
expirations of rights in connection therewith). With respect to tender or
exchange offers, the Custodian shall transmit promptly to the Fund written
information with respect to materials so received by the Custodian from issuers
of the foreign securities whose tender or exchange is sought or from the party
(or its agents) making the tender or exchange offer. The Custodian shall not be
liable for any untimely exercise of any tender, exchange or other right or power
in connection with foreign securities of the Portfolios at any time held by it
unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual
possession of such foreign securities and (ii) the Custodian receives Proper
Instructions with regard to the exercise of any such right or power, and both
(i) and (ii) occur at least three business days prior to the date on which the
Custodian is to take action to exercise such right or power; or (iii) such
untimely exercise is due to the Custodian's negligence of willful misconduct.

4.10 Liability of Foreign Sub-Custodians. Each agreement pursuant to which the
Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require
the Foreign Sub-Custodian to exercise reasonable care in the performance of its
duties, and to indemnify, and hold harmless, the Custodian from and against any
loss, damage, cost, expense, liability or claim arising out of or in connection
with the Foreign Sub-Custodian's performance of such obligations. At the Fund's
election, the Portfolios shall be entitled to be subrogated to the rights of the
Custodian with respect to any claims against a Foreign Sub-Custodian as a
consequence of any such loss, damage, cost, expense, liability or claim if and
to the extent that the Portfolios have not been made whole for any such loss,
damage, cost, expense, liability or claim.

4.11 Tax Law. The Custodian shall have no responsibility or liability for any
obligations now or hereafter imposed on the Fund, the Portfolios or the
Custodian as custodian of the Portfolios by the tax law of the United States or
of any state or political subdivision thereof. With respect to jurisdictions
other than the United States, the sole responsibility of the Custodian with
regard to the tax law of any such jurisdiction shall be to use reasonable
efforts to (a) notify the Fund of the obligations imposed on the Fund or the
Custodian as custodian of the Fund by the tax law of such jurisdictions,
including responsibility for withholding and other taxes, assessment or other
governmental charges, certifications and government reporting and (b) perform
such ministerial steps as are required to collect any tax refund, to ascertain
the appropriate rate of tax withholding and to provide such documents as may be
required to enable each Fund to receive appropriate tax treatment under
applicable tax laws and any applicable treaty provisions. The Custodian, in
performance of its duties under this Section, shall be entitled to treat the
Fund as a Delaware business trust which is a registered investment company under
the laws of the United States, and it shall be the duty of each Fund to inform
the Custodian of any change in the organization, domicile or, to the extent
within the knowledge of the Fund, other relevant facts concerning tax treatment
of the Fund and further to inform the Custodian if the Fund is or becomes the
beneficiary of any special ruling or treatment not applicable to the general
nationality and category of entity of which the Fund is a part under general
laws and treaty provisions. The Custodian shall be entitled to rely on any
information supplied by each Fund. The Custodian

                                       15


may engage reasonable professional advisors disclosed to the Fund by the
Custodian, which may include attorneys, accountants or financial institutions in
the regular business of investment administration, and may rely upon advice
received therefrom.

4.12 Liability of Custodian. Except as may arise from the Custodian's own
negligence or willful misconduct or the negligence or willful misconduct of a
Sub-Custodian, the Custodian shall be without liability to the Fund for any
loss, liability, claim or expense resulting from or caused by anything which is
part of Country Risk.

The Custodian shall be liable for the acts or omissions of a Foreign
Sub-Custodian to the same extent as set forth with respect to sub-custodians
generally in the Contract and, regardless of whether assets are maintained in
the custody of a Foreign Sub-Custodian or a Foreign Securities System, the
Custodian shall not be liable for any loss, damage, cost, expense, liability or
claim resulting from nationalization, expropriation, currency restrictions, or
acts of war or terrorism, or any other loss where the Sub-Custodian has
otherwise acted with reasonable care.

5.    Payments for Repurchases or Redemptions and Sales of Shares of the Fund

      From such funds as may be available for the purpose but subject to the
limitations of the Declaration of Trust and any applicable votes of the Board of
Trustees of the Fund pursuant thereto, the Custodian shall, upon receipt of
instructions from the Transfer Agent, make funds available for payment to
holders of Shares who have delivered to the Transfer Agent a request for
redemption or repurchase of their Shares. In connection with the redemption or
repurchase of Shares of a Portfolio, the Custodian is authorized upon receipt of
instructions from the Transfer Agent to wire funds to or through a commercial
bank designated by the redeeming shareholders. In connection with the redemption
or repurchase of Shares of the Fund, the Custodian shall honor checks drawn on
the Custodian by a holder of Shares, which checks have been furnished by the
Fund to the holder of Shares, when presented to the Custodian in accordance with
such procedures and controls as are mutually agreed upon from time to time
between the Fund and the Custodian.

      The Custodian shall receive from the distributor for the Fund's Shares or
from the Transfer Agent of the Fund and deposit into the account of the
appropriate Portfolio such payments as are received for Shares of that Portfolio
issued or sold from time to time by the Fund. The Custodian will provide timely
notification to the Fund and the Transfer Agent of any receipt by it of payments
for Shares of any Portfolio.

6.    Proper Instructions

      Proper Instructions, which may also be standing instructions, as used
throughout this Agreement, shall mean instructions received by the Custodian
from the Fund, the Fund's investment manager, or a person or entity duly
authorized by either of them. Such instructions may be in writing signed by the
authorized person or persons or may be in a tested communication or in a
communication utilizing access codes effected between electro-mechanical or
electronic devices or may be by such other means and utilizing such intermediary
systems and utilities as may be agreed to from time to time by the Custodian and
the person or entity giving such instructions, provided that the Fund has
followed any security procedures agreed to from time to time by the Fund and the
Custodian, including, but not limited to, the security procedures selected by
the Fund in the Funds Transfer Addendum to this Agreement. Oral instructions
will be considered Proper Instructions if the Custodian reasonably believes

                                       16


them to have been given by a person authorized to give such instructions with
respect to the transaction involved. The Fund shall cause all oral instructions
to be confirmed in writing. For purposes of this Section, Proper Instructions
shall include instructions received by the Custodian pursuant to any multi-party
agreement which requires a segregated asset account in accordance with Section
2.12 of this Agreement. The Fund or the Fund's investment manager shall cause
its duly authorized officer to certify to the Custodian in writing the names and
specimen signatures of persons authorized to give Proper Instructions. The
Custodian shall be entitled to rely upon the identity and authority of such
persons until it receives notice from the Fund to the contrary.

7.    Actions Permitted without Express Authority

      The Custodian may in its discretion, without express authority from the
      Fund:

      1)    make payments to itself or others for minor expenses of handling
            securities or other similar items relating to its duties under this
            Contract, provided that all such payments shall be accounted for to
            the Fund;

      2)    surrender securities in temporary form for securities in definitive
            form;

      3)    endorse for collection, in the name of the Portfolio, checks, drafts
            and other negotiable instruments; and

      4)    in general, attend to all non-discretionary details in connection
            with the sale, exchange, substitution, purchase, transfer and other
            dealings with the securities and property of the Portfolio except as
            otherwise directed by the Board of Trustees of the Fund.

8.    Evidence of Authority

      The Custodian shall be protected in acting upon any instructions, notice,
request, consent, certificate or other instrument or paper believed by it to be
genuine and to have been properly executed by or on behalf of the Fund. The
Custodian may receive and accept a certified copy of a vote of the Board of
Trustees of the Fund as conclusive evidence (a) of the authority of any person
to act in accordance with such vote or (b) of any determination or of any action
by the Board of Trustees pursuant to the Declaration of Trust as described in
such vote, and such vote may be considered as in full force and effect until
receipt by the Custodian of written notice to the contrary.

9.    Duties of Custodian with Respect to the Books of Account and Calculation
      of Net Asset Value and Net Income

      The Custodian shall cooperate with and supply necessary information to the
entity or entities appointed by the Board of Trustees of the Fund to keep the
books of account of each Portfolio and/or compute the net asset value per share
of the outstanding shares of each Portfolio or, if directed in writing to do so
by the Fund on behalf of the Portfolio, shall itself keep such books of account
and/or compute such net asset value per share. If so directed, the Custodian
shall also calculate daily the net income of the Portfolio as described in the
Fund's currently effective prospectus related to such Portfolio and shall advise
the Fund and the Transfer Agent

                                       17


daily of the total amounts of such net income and, if instructed in writing by
an officer of the Fund to do so, shall advise the Transfer Agent periodically of
the division of such net income among its various components. The calculations
of the net asset value per share and the daily income of each Portfolio shall be
made at the time or times described from time to time in the Fund's currently
effective prospectus related to such Portfolio.

10.   Records

      The Custodian shall with respect to each Portfolio create and maintain all
records relating to its activities and obligations under this Contract in such
manner as will meet the obligations of the Fund under the Investment Company Act
of 1940, with particular attention to Section 31 thereof and Rules 31a-1 and
31a-2 thereunder, applicable federal and state tax laws and any other law or
administrative rules or procedures which may be applicable to the Fund. All such
records shall be the property of the Fund and shall at all times during the
regular business hours of the Custodian be open for inspection by duly
authorized officers, employees or agents of the Fund and employees and agents of
the Securities and Exchange Commission. The Custodian shall, at the Fund's
request, supply the Fund with a tabulation of securities owned by each Portfolio
and held by the Custodian and shall, when requested to do so by the Fund and for
such compensation as shall be agreed upon between the Fund and the Custodian,
include certificate numbers in such tabulations.

      The Fund may participate in joint trading accounts (each, a "Joint
Account") to be used to enter into short-term investments; other open-end
management investment companies or series thereof for which Janus Capital
Management LLC serves as investment adviser or sub-adviser (the "Participating
Funds") may, along with the Fund, participate in transactions through a Joint
Account. The Custodian shall maintain records which reflect at all times (1) the
respective aggregate investment of each of the Funds and each of the other
Participating Funds in a Joint Account; (2) each Fund's and each of the other
Participating Funds' respective pro rata share of each repurchase agreement and
short-term investment held in a Joint Account; and (3) that the short-term
investments and the repurchase agreements entered into by each Fund through a
Joint Account are entered into by each Fund, severally, in proportion to its
interest in that investment, and not jointly.

11.   Opinion of Fund's Independent Accountant

      The Custodian shall take all reasonable action, as the Fund may from time
to time request, to obtain from year to year favorable opinions from the Fund's
independent accountants with respect to its activities hereunder in connection
with the preparation of the Fund's Form N-1A, and Form N-SAR or other periodic
reports to the Securities and Exchange Commission and with respect to any other
requirements of such Commission.

12.   Reports to Fund by Independent Public Accountants

      The Custodian shall provide the Fund, on behalf of each of the Portfolios
at such times as the Fund may reasonably require, with reports by independent
public accountants on the accounting system, internal accounting control and
procedures for safeguarding securities, futures contracts and options on futures
contracts, including securities deposited and/or

                                       18


maintained in a Securities System, relating to the services provided by the
Custodian under this Contract; such reports, shall be of sufficient scope and in
sufficient detail, as may reasonably be required by the Fund to provide
reasonable assurance that any material inadequacies would be disclosed by such
examination, and, if there are no such inadequacies, the reports shall so state.

13.   Compensation of Custodian

The Custodian shall be entitled to reasonable compensation for its services and
expenses as Custodian, as agreed upon from time to time between the Fund and the
Custodian. The Custodian and each Fund agree that the compensation set forth in
the Jumbo Repurchase Agreement Fee Schedule D attached to this Contract, as such
schedule may be amended from time to time by mutual agreement of the Custodian
and each Fund, shall apply with respect to the Joint Account, in lieu of any
fees otherwise applicable under this Contract.

14.   Responsibility of Custodian

      So long as and to the extent that it is in the exercise of reasonable
care, the Custodian shall not be responsible for the title, validity or
genuineness of any property or evidence of title thereto received by it or
delivered by it pursuant to this Contract and shall be held harmless in acting
upon any notice, request, consent, certificate or other instrument reasonably
believed by it to be genuine and to be signed by the proper party or parties,
including any futures commission merchant acting pursuant to the terms of a
three-party futures or options agreement. The Custodian shall be held to the
exercise of reasonable care in carrying out the provisions of this Contract, but
shall be kept indemnified by and shall be without liability to the Fund for any
action taken or omitted by it in good faith without negligence. It shall be
entitled to rely on and may act upon advice of counsel (who may be counsel for
the Fund) on all matters, and shall be without liability for any action
reasonably taken or omitted pursuant to such advice. Notwithstanding the
foregoing, the responsibility of the Custodian with respect to redemptions
affected by check shall be in accordance with a separate agreement entered into
between the Custodian and the Fund.

      If the Fund on behalf of a Portfolio requires the Custodian to take any
action with respect to securities, which action involves the payment of money or
which action may, in the opinion of the Custodian, result in the Custodian or
its nominee assigned to the Fund or the Portfolio being liable for the payment
of money or incurring liability of some other form, the Fund on behalf of the
Portfolio, as a prerequisite to requiring the Custodian to take such action,
shall provide indemnity to the Custodian in an amount and form satisfactory to
it.

      If the Fund on behalf of a Portfolio requires the Custodian, its
affiliates, subsidiaries or agents, to advance cash or securities for any
purpose (including but not limited to securities settlements, foreign exchange
contracts and assumed settlement) or in the event that the Custodian or its
nominee shall incur or be assessed any taxes, charges, expenses, assessments,
claims or liabilities in connection with the performance of this Contract,
except such as may arise from its or its nominee's own negligent action,
negligent failure to act or willful misconduct, any property at any time held
for the account of the applicable Portfolio shall be security therefor and
should the Fund fail to repay the Custodian promptly, the Custodian shall be
entitled to utilize available cash and to dispose of such Portfolio's assets to
the extent necessary to obtain reimbursement.

                                       19


15.   Effective Period, Termination and Amendment

      This Contract shall become effective as of its execution, shall continue
in full force and effect until terminated as hereinafter provided, may be
amended at any time by mutual agreement of the parties hereto and may be
terminated by either party by an instrument in writing delivered or mailed,
postage prepaid, to the other party, such termination to take effect not sooner
than sixty (60) days after the date of such delivery or mailing; provided,
however, that the Custodian shall not with respect to a Portfolio act under
Section 2.10 hereof in the absence of receipt of an initial certificate of the
Secretary or an Assistant Secretary that the Board of Trustees of the Fund has
approved the initial use of a particular Securities System by such Portfolio, as
required by Rule 17f-4 under the Investment Company Act of 1940, as amended;
provided further, however, that the Fund shall not amend or terminate this
Contract in contravention of any applicable federal or state regulations, or any
provision of the Declaration of Trust, and further provided, that the Fund on
behalf of one or more of the Portfolios may at any time by action of its Board
of Trustees (i) substitute another bank or trust company for the Custodian by
giving notice as described above to the Custodian, or (ii) immediately terminate
this Contract in the event of the appointment of a conservator or receiver for
the Custodian by an appropriate regulatory agency or court of competent
jurisdiction. Upon termination of this Contract, the Fund on behalf of each
applicable Portfolio shall pay to the Custodian such compensation as may be due
as of the date of such termination and shall likewise reimburse the Custodian
for its costs, expenses and disbursements.

16.   Successor Custodian

      If a successor custodian for any Portfolio shall be appointed by the Board
of Trustees of the Fund, the Custodian shall, upon termination, deliver to such
successor custodian at the office of the Custodian, duly endorsed and in the
form for transfer, all securities of each applicable Portfolio then held by it
hereunder and shall transfer to an account of the successor custodian all of the
securities of each such Portfolio held in a Securities System.

      If no such successor custodian shall be appointed, the Custodian shall, in
like manner, upon receipt of a certified copy of a vote of the Board of Trustees
of the Fund, deliver at the office of the Custodian and transfer such
securities, funds and other properties in accordance with such vote.

      In the event that no written order designating a successor custodian or
certified copy of a vote of the Board of Trustees shall have been delivered to
the Custodian on or before the date when such termination shall become
effective, then the Custodian shall have the right to deliver to a bank or trust
company, which is a "bank" as defined in the Investment Company Act of 1940, of
its own selection, having an aggregate capital, surplus, and undivided profits,
as shown by its last published report, of not less than $25,000,000, all
securities, funds and other properties held by the Custodian on behalf of each
applicable Portfolio and all instruments held by the Custodian relative thereto
and all other property held by it under this Contract on behalf of each
applicable Portfolio and to transfer to an account of such successor custodian
all of the securities of each such Portfolio held in any Securities System.
Thereafter, such bank or trust company shall be the successor of the Custodian
under this Contract.

                                       20


      In the event that securities, funds and other properties remain in the
possession of the Custodian after the date of termination hereof owing to
failure of the Fund to procure the certified copy of the vote referred to or of
the Board of Trustees to appoint a successor custodian, the Custodian shall be
entitled to fair compensation for its services during such period as the
Custodian retains possession of such securities, funds and other properties and
the provisions of this Contract relating to the duties and obligations of the
Custodian shall remain in full force and effect.

17.   Interpretive and Additional Provisions

      In connection with the operation of this Contract, the Custodian and the
Fund on behalf of each of the Portfolios, may from time to time agree on such
provisions interpretive of or in addition to the provisions of this Contract as
may in their joint opinion be consistent with the general tenor of this
Contract. Any such interpretive or additional provisions shall be in a writing
signed by both parties and shall be annexed hereto, provided that no such
interpretive or additional provisions shall contravene any applicable federal or
state regulations or any provision of the Declaration of Trust of the Fund. No
interpretive or additional provisions made as provided in the preceding sentence
shall be deemed to be an amendment of this Contract.

18.   Additional Funds

      In the event that the Fund from time to time establishes one or more
additional series of Shares with respect to which it desires to have the
Custodian render services as custodian under the terms hereof, it shall so
notify the Custodian in writing, and if the Custodian agrees in writing to
provide such services, such series of Shares shall become a Portfolio hereunder.

19.   Massachusetts Law to Apply

      This Contract shall be construed and the provisions thereof interpreted
under and in accordance with laws of The Commonwealth of Massachusetts.

20.   Prior Contracts

      This Contract amends and restates in its entirety the Original Contract,
provided, however, that the Funds Transfer Addendum thereto and the Data Access
Services Addendum to Custodian Contract thereto, each as amended from time to
time, shall remain in full force and effect, and the parties ratify and confirm
the terms and conditions thereof.

21.   Limitation of Liability

      A copy of the Fund's Agreement and Declaration of Trust is on file with
the Secretary of the State of Delaware, and notice is hereby given that this
Contract is executed on behalf of the Trustees of the Fund as Trustees of the
Fund and not individually, and that the obligations under this Contract are not
binding upon any of the Trustees, officers, shareholders, agents or employees of
the Fund individually, but binding only upon the assets and property of the
Fund.

22.   Shareholder Communications Election

                                       21


      Securities and Exchange Commission Rule 14b-2 requires banks which hold
securities for the account of customers to respond to requests by issuers of
securities for the names, addresses and holdings of beneficial owners of
securities of that issuer held by the bank unless the beneficial owner has
expressly objected to disclosure of this information. In order to comply with
the rule, the Custodian needs the Fund to indicate whether it authorizes the
Custodian to provide the Fund's name, address, and share position to requesting
companies whose securities the Fund owns. If the Fund tells the Custodian "no",
the Custodian will not provide this information to requesting companies. If the
Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the
Custodian is required by the rule to treat the Fund as consenting to disclosure
of this information for all securities owned by the Fund or any funds or
accounts established by the Fund. For the Fund's protection, the Rule prohibits
the requesting company from using the Fund's name and address for any purpose
other than corporate communications. Please indicate below whether the Fund
consents or objects by checking one of the alternatives below.

      YES [ ]   The Custodian is authorized to release the Fund's name, address,
                and share positions.

      NO  [X]   The Custodian is not authorized to release the Fund's name,
                address, and share positions.

23.   Notices.

      Any notice, instruction or other instrument required to be given hereunder
may be delivered in person to the offices of the parties as set forth herein
during normal business hours or delivered prepaid registered mail or by telex,
cable or telecopy to the parties at the following addresses or such other
addresses as may be notified by any party from time to time.

      TO THE FUND:              JANUS ASPEN SERIES
                                151 Detroit Street
                                Denver, CO        80206-4828
                                Attention:  General Counsel
                                Telephone:  303-333-3863
                                Telecopy: 303-394-7714

      TO THE CUSTODIAN:         STATE STREET BANK AND TRUST COMPANY
                                One Heritage Drive
                                North Quincy, MA  02171
                                Attention:  James Curran
                                Telephone: 617-985-1090
                                Telecopy: 617-987-5152

      Such notice, instruction or other instrument shall be deemed to have been
served in the case of a registered letter at the expiration of five business
days after posting, in the case of cable twenty-four hours after dispatch and,
in the case of telex, immediately on dispatch and if delivered outside normal
business hours it shall be deemed to have been received at the next time after
delivery when normal business hours commence and in the case of cable, telex or
telecopy on the business day after the receipt thereof. Evidence that the notice
was properly addressed,

                                       22


stamped and put into the post shall be conclusive evidence of posting.

24.   Confidential Information

      The Custodian agrees that during the term of this Contract, it will
maintain policies reasonably designed to prohibit the dissemination or use of
the Fund's nonpublic information, including portfolio holdings information, by
the Custodian or its employees, including restrictions on the dissemination of
nonpublic information within the Custodian's business on a need-to-know basis
and a prohibition on the Custodian's employees engaging in securities
transactions based on insider information or knowledge of the Fund's trading
position or plans.

      Dissemination of nonpublic information may occur only: (i) for purposes
contemplated by this Contract; (ii) at the direction of the Fund pursuant to
proper instructions; (iii) aggregated, without reference to such Fund, in whole
or in part, with other client information for the Custodian's own marketing,
reporting or other purposes; or (iv) as requested or required in any legal or
regulatory proceeding, investigation, audit, examination, subpoena, civil
investigative demand or other similar process, or required by operation of law
or regulation. Any disclosure by the Custodian pursuant to (iv), above, shall be
proceeded by reasonable notice to the Fund.

      Further, Custodian shall use reasonable efforts to require that all
foreign sub-custodians under Article 3 of this Contract shall agree to use
reasonable efforts to maintain the confidentiality of Fund nonpublic
information, subject to the exceptions noted in subsections (i) through (iv)
above. Notwithstanding the foregoing, the Custodian shall not be liable for any
foreign sub-custodian's breach of such an agreement.

                                       23


      IN WITNESS WHEREOF, each of the parties has caused this instrument to be
executed in its name and behalf by its duly authorized representative as of the
date first above written.

JANUS ASPEN SERIES                           Fund signature attested to By:

By:  /s/ Bonnie M. Howe                      By:  /s/ Maria Rowland
     -------------------------------              ------------------------------

Name:  Bonnie M. Howe                        Name:  Maria Rowland

Title:  Vice President                       Title:  Legal Manager

STATE STREET BANK AND TRUST COMPANY                   Signature attested to By:

By:  /s/ Joseph L. Hooley                    By:  /s/ Marvin Rau
     -------------------------------           ---------------------------------

Name:  Joseph L. Hooley                      Name:  Marvin Rau

Title:  Executive Vice President             Title:  Vice President

                                       24


EXHIBIT 1



TRI-PARTY REPO CUSTODIAN BANKS                  ACCOUNT NUMBERS
------------------------------                  ---------------
                                             
The Bank of New York                                021000018
The Chase Manhattan Bank                            021000021
Bankers Trust Company                               021001033


Authorized Signatures for the Fund:

By:  /s/ Bonnie M. Howe                       By:  /s/ Jesper Nergaard
  ------------------------------------             ---------------------------

Title:  Bonnie M. Howe, Vice President        Title:  Vice President

Date:  August 22, 2005                        Date:  August 22, 2005

                                       25


                                   SCHEDULE A
                       STATE STREET GLOBAL CUSTODY NETWORK
                                  SUBCUSTODIANS



MARKET                              SUBCUSTODIAN
                                 
Argentina                           Citibank, N.A.

Australia                           Westpac Banking Corporation
                                    Citibank Pty. Limited

Austria                             Erste Bank der oesterreichischen Sparkassen AG

Bahrain                             HSBC Bank Middle East Limited
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Bangladesh                          Standard Chartered Bank

Belgium                             BNP Paribas Securities Services, S.A.

Benin                               via Societe Generale de Banques en Cote d'Ivoire, Abidjan, Ivory Coast

Bermuda                             Bank of Bermuda Limited

Botswana                            Barclays Bank of Botswana Limited

Brazil                              Citibank, N.A.

Bulgaria                            ING Bank N.V.

Burkina Faso                        via Societe Generale de Banques en Cote d'Ivoire, Abidjan, Ivory Coast

Canada                              State Street Trust Company Canada

Cayman Islands                      Scotiabank & Trust (Cayman) Limited

Chile                               BankBoston, N.A.

People's Republic                   The Hongkong and Shanghai Banking Corporation Limited,
of China                            Shanghai and Shenzhen branches

Colombia                            Cititrust Colombia S.A. Sociedad Fiduciaria

Costa Rica                          Banco BCT S.A.

Croatia                             Privredna Banka Zagreb d.d.

Cyprus                              Cyprus Popular Bank Ltd.


                                                                      Schedule A

                                       26


                                   SCHEDULE A
                       STATE STREET GLOBAL CUSTODY NETWORK
                                  SUBCUSTODIANS



MARKET                              SUBCUSTODIAN
                                 
Czech Republic                      Ceskoslovenska obchodni banka, A.S.

Denmark                             Danske Bank A/S

Ecuador                             Banco de la Produccion S.A.

Egypt                               HSBC Bank Egypt S.A.E.
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Estonia                             AS Hansapank

Finland                             Nordea Bank Finland Plc.

France                              BNP Paribas Securities Services, S.A.
                                    Deutsche Bank AG, Netherlands (operating through its Paris branch)

Germany                             Deutsche Bank AG

Ghana                               Barclays Bank of Ghana Limited

Greece                              National Bank of Greece S.A.

Guinea-Bissau                       via Societe Generale de Banques en Cote d'Ivoire, Abidjan, Ivory Coast

Hong Kong                           Standard Chartered Bank (Hong Kong) Limited

Hungary                             HVB Bank Hungary Rt.

Iceland                             Kaupthing Bank hf.

India                               Deutsche Bank AG
                                    The Hongkong and Shanghai Banking Corporation Limited

Indonesia                           Deutsche Bank AG

Ireland                             Bank of Ireland

Israel                              Bank Hapoalim B.M.

Italy                               BNP Paribas Securities Services, S.A.

Ivory Coast                         Societe Generale de Banques en Cote d'Ivoire


                                                                      Schedule A

                                       27


                                   SCHEDULE A
                       STATE STREET GLOBAL CUSTODY NETWORK
                                  SUBCUSTODIANS



MARKET                              SUBCUSTODIAN
                                 
Jamaica                             Bank of Nova Scotia Jamaica Ltd.

Japan                               Mizuho Corporate Bank Ltd.
                                    Sumitomo Mitsui Banking Corporation

Jordan                              HSBC Bank Middle East Limited
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Kazakhstan                          HSBC Bank Kazakhstan
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Kenya                               Barclays Bank of Kenya Limited
Republic of Korea                   Deutsche Bank AG
                                    The Hongkong and Shanghai Banking Corporation Limited

Latvia                              A/s Hansabanka

Lebanon                             HSBC Bank Middle East Limited
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Lithuania                           SEB Vilniaus Bankas AB

Malaysia                            Standard Chartered Bank Malaysia Berhad

Mali                                via Societe Generale de Banques en Cote d'Ivoire, Abidjan, Ivory Coast

Malta                               HSBC Bank Malta Plc.

Mauritius                           The Hongkong and Shanghai Banking Corporation Limited

Mexico                              Banco Nacional de Mexico S.A.

Morocco                             Attijariwafa bank

Namibia                             Standard Bank Namibia Limited

Netherlands                         Deutsche Bank AG
                                    KAS BANK N.V.

New Zealand                         Westpac Banking Corporation

Niger                               via Societe Generale de Banques en Cote d'Ivoire, Abidjan, Ivory Coast


                                                                      Schedule A

                                       28


                                   SCHEDULE A
                       STATE STREET GLOBAL CUSTODY NETWORK
                                  SUBCUSTODIANS



MARKET                              SUBCUSTODIAN
                                 
Nigeria                             Stanbic Bank Nigeria Limited

Norway                              Nordea Bank Norge ASA

Oman                                HSBC Bank Middle East Limited
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Pakistan                            Deutsche Bank AG

Palestine                           HSBC Bank Middle East Limited
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Panama                              HSBC Bank (Panama) S.A.

Peru                                Citibank del Peru, S.A.

Philippines                         Standard Chartered Bank

Poland                              Bank Handlowy w Warszawie S.A.

Portugal                            Banco Comercial Portugues S.A.

Puerto Rico                         Citibank N.A.

Qatar                               HSBC Bank Middle East Limited
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Romania                             ING Bank N.V.

Russia                              ING Bank (Eurasia) ZAO, Moscow

Senegal                             via Societe Generale de Banques en Cote d'Ivoire, Abidjan, Ivory Coast

Serbia                              HVB Bank Serbia and Montenegro a.d.

Singapore                           DBS Bank Limited
                                    United Overseas Bank Limited

Slovak Republic                     Ceskoslovenska obchodni banka, A.S., pobocka zahranicnej banky v SR


                                                                      Schedule A

                                       29


                                   SCHEDULE A
                       STATE STREET GLOBAL CUSTODY NETWORK
                                  SUBCUSTODIANS



MARKET                              SUBCUSTODIAN
                                 
Slovenia                            Bank Austria Creditanstalt d.d. - Ljubljana

South Africa                        Nedcor Bank Limited
                                    Standard Bank of South Africa Limited

Spain                               Santander Investment Services, S.A.

Sri Lanka                           The Hongkong and Shanghai Banking Corporation Limited

Swaziland                           Standard Bank Swaziland Limited

Sweden                              Skandinaviska Enskilda Banken AB

Switzerland                         UBS AG

Taiwan - R.O.C.                     Central Trust of China

Thailand                            Standard Chartered Bank

Togo                                via Societe Generale de Banques en Cote d'Ivoire, Abidjan, Ivory Coast

Trinidad & Tobago                   Republic Bank Limited

Tunisia                             Banque Internationale Arabe de Tunisie

Turkey                              Citibank, A.S.

Uganda                              Barclays Bank of Uganda Limited

Ukraine                             ING Bank Ukraine

United Arab Emirates                HSBC Bank Middle East Limited
                                    (as delegate of The Hongkong and Shanghai Banking Corporation Limited)

United Kingdom                      State Street Bank and Trust Company, United Kingdom branch

Uruguay                             BankBoston, N.A.

Venezuela                           Citibank, N.A.

Vietnam                             The Hongkong and Shanghai Banking Corporation Limited

Zambia                              Barclays Bank of Zambia Plc.


                                                                      Schedule A

                                       30


                                   SCHEDULE A
                       STATE STREET GLOBAL CUSTODY NETWORK
                                  SUBCUSTODIANS



MARKET                              SUBCUSTODIAN
                                 
Zimbabwe                            Barclays Bank of Zimbabwe Limited


                                                                      Schedule A

                                       31


                                   SCHEDULE B
                       STATE STREET GLOBAL CUSTODY NETWORK
                    DEPOSITORIES OPERATING IN NETWORK MARKETS

                                 
Argentina                           Caja de Valores S.A.

Australia                           Austraclear Limited

Austria                             Oesterreichische Kontrollbank AG (Wertpapiersammelbank Division)

Bahrain                             Clearing, Settlement, and Depository System of the Bahrain Stock Exchange

Bangladesh                          Central Depository Bangladesh Limited

Belgium                             Banque Nationale de Belgique

                                    Caisse Interprofessionnelle de Depots et de Virements de Titres, S.A.

Benin                               Depositaire Central - Banque de Reglement

Bermuda                             Bermuda Securities Depository

Brazil                              Central de Custodia e de Liquidacao Financeira de Titulos Privados (CETIP)
                                    Companhia Brasileira de Liquidacao e Custodia
                                    Sistema Especial de Liquidacao e de Custodia (SELIC)

Bulgaria                            Bulgarian National Bank
                                    Central Depository AD

Burkina Faso                        Depositaire Central - Banque de Reglement

Canada                              The Canadian Depository for Securities Limited

Chile                               Deposito Central de Valores S.A.

People's Republic                   China Securities Depository and Clearing Corporation Limited, Shanghai Branch
of China                            China Securities Depository and Clearing Corporation Limited, Shenzhen Branch

Colombia                            Deposito Central de Valores

                                    Deposito Centralizado de Valores de Colombia S.A. (DECEVAL)

Costa Rica                          Central de Valores S.A.

Croatia                             Sredisnja depozitarna agencija d.d.

Cyprus                              Central Depository and Central Registry



                                                                      Schedule B

                                       32


                                   SCHEDULE B
                       STATE STREET GLOBAL CUSTODY NETWORK
                    DEPOSITORIES OPERATING IN NETWORK MARKETS

                                 
Czech Republic                      Czech National Bank

                                    Stredisko cennych papiru - Ceska republika

Denmark                             Vaerdipapircentralen

Egypt                               Misr for Clearing, Settlement, and Depository S.A.E.
Estonia                             AS Eesti Vaartpaberikeskus

Finland                             Suomen Arvopaperikeskus

France                              Euroclear France

Germany                             Clearstream Banking AG, Frankfurt

Greece                              Apothetirion Titlon AE
                                    Bank of Greece, System for Monitoring Transactions in Securities in Book-Entry
                                    Form

Guinea-Bissau                       Depositaire Central - Banque de Reglement

Hong Kong                           Central Moneymarkets Unit
                                    Hong Kong Securities Clearing Company Limited

Hungary                             Kozponti Elszamolohaz es Ertektar (Budapest) Rt. (KELER)

Iceland                             Icelandic Securities Depository Limited

India                               Central Depository Services (India) Limited
                                    National Securities Depository Limited
                                    Reserve Bank of India

Indonesia                           Bank Indonesia
                                    PT Kustodian Sentral Efek Indonesia

Israel                              Tel Aviv Stock Exchange Clearing House Ltd. (TASE Clearinghouse)

Italy                               Monte Titoli S.p.A.

Ivory Coast                         Depositaire Central - Banque de Reglement

Jamaica                             Jamaica Central Securities Depository

Japan                               Bank of Japan - Net System
                                    Japan Securities Depository Center (JASDEC) Incorporated

Jordan                              Securities Depository Center



                                                                      Schedule B

                                       33


                                   SCHEDULE B
                       STATE STREET GLOBAL CUSTODY NETWORK
                    DEPOSITORIES OPERATING IN NETWORK MARKETS

                                 
Kazakhstan                          Central Securities Depository

Kenya                               Central Depository and Settlement Corporation Limited
                                    Central Bank of Kenya

Republic of Korea                   Korea Securities Depository

Latvia                              Latvian Central Depository
Lebanon                             Banque du Liban

                                    Custodian and Clearing Center of Financial Instruments
                                    for Lebanon and the Middle East (Midclear) S.A.L.

Lithuania                           Central Securities Depository of Lithuania

Malaysia                            Bank Negara Malaysia
                                    Bursa Malaysia Depository Sdn. Bhd.

Mali                                Depositaire Central - Banque de Reglement

Malta                               Central Securities Depository of the Malta Stock Exchange

Mauritius                           Bank of Mauritius
                                    Central Depository and Settlement Co. Ltd.

Mexico                              S.D. Indeval, S.A. de C.V.

Morocco                             Maroclear

Namibia                             Bank of Namibia

Netherlands                         Euroclear Nederland

New Zealand                         New Zealand Central Securities Depository Limited

Niger                               Depositaire Central - Banque de Reglement

Nigeria                             Central Securities Clearing System Limited

Norway                              Verdipapirsentralen

Oman                                Muscat Depository & Securities Registration Company, SAOC

Pakistan                            Central Depository Company of Pakistan Limited
                                    State Bank of Pakistan

Palestine                           Clearing, Depository and Settlement, a department of the Palestine Securities
                                    Exchange



                                                                      Schedule B

                                       34


                                   SCHEDULE B
                       STATE STREET GLOBAL CUSTODY NETWORK
                    DEPOSITORIES OPERATING IN NETWORK MARKETS

                                 
Panama                              Central Latinoamericana de Valores, S.A. (LatinClear)

Peru                                Caja de Valores y Liquidaciones, Institucion de Compensacion y Liquidacion de
                                    Valores S.A.

Philippines                         Philippine Depository & Trust Corporation

                                    Registry of Scripless Securities (ROSS) of the Bureau of Treasury

Poland                              Rejestr Papierow Wartooeciowych
                                    Krajowy Depozyt Papierow Wartosciowych S.A.

Portugal                            INTERBOLSA - Sociedade Gestora de Sistemas
                                    de Liquidacao e de Sistemas Centralizados de Valores Mobiliarios, S.A.

Qatar                               Central Clearing and Registration (CCR), a department of the Doha Securities
                                    Market

Romania                             Bucharest Stock Exchange Registry Division
                                    National Bank of Romania
                                    National Securities Clearing, Settlement and Depository Company

Russia                              Vneshtorgbank, Bank for Foreign Trade of the Russian Federation

Senegal                             Depositaire Central - Banque de Reglement

Serbia                              Central Registrar and Central Depository for Securities

Singapore                           The Central Depository (Pte) Limited
                                    Monetary Authority of Singapore

Slovak Republic                     Narodna banka slovenska
                                    Centralny depozitar cennych papierov SR, a.s.

Slovenia                            KDD - Centralna klirinsko depotna druzba d.d.

South Africa                        Share Transactions Totally Electronic (STRATE) Ltd.

Spain                               IBERCLEAR

Sri Lanka                           Central Depository System (Pvt) Limited

Sweden                              Vardepapperscentralen VPC AB

Switzerland                         SegaIntersettle AG (SIS)

Taiwan - R.O.C.                     Taiwan Securities Central Depository Company Limited

Thailand                            Bank of Thailand



                                                                      Schedule B

                                       35


                                   SCHEDULE B
                       STATE STREET GLOBAL CUSTODY NETWORK
                    DEPOSITORIES OPERATING IN NETWORK MARKETS

                                 
                                    Thailand Securities Depository Company Limited

Togo                                Depositaire Central - Banque de Reglement

Trinidad and Tobago                 Trinidad and Tobago Central Bank

Tunisia                             Societe Tunisienne Interprofessionelle pour la
                                    Compensation et de Depots des Valeurs Mobilieres (STICODEVAM)

Turkey                              Central Bank of Turkey

                                    Takas ve Saklama Bankasi A.S. (TAKASBANK)

Uganda                              Bank of Uganda

Ukraine                             Mizhregionalny Fondovy Souz
                                    National Bank of Ukraine

United Arab Emirates                Clearing and Depository System, a department of the Dubai Financial Market

United Kingdom                      CrestCo.

Uruguay                             Banco Central del Uruguay

Venezuela                           Banco Central de Venezuela
                                    Caja Venezolana de Valores

Vietnam                             Securities Registration, Clearing and Settlement,
                                    Depository Department of the Securities Trading Center

Zambia                              Bank of Zambia

                                    LuSE Central Shares Depository Limited

TRANSNATIONAL

Euroclear
Clearstream Banking, S.A.



                                                                      Schedule B

                                       36


                                   SCHEDULE C
                               MARKET INFORMATION
                                   JULY, 2005

                                           
The Guide to Custody in World Markets         An overview of settlement and safekeeping procedures, custody
(CD annually and regular updates)             practices and foreign investor considerations for the markets in which
                                              State Street offers custodial services.

Global Custody Network Review                 Information relating to Foreign Subcustodians in State Street's Global
(annually)                                    Custody Network.  The Review stands as an integral part of the
                                              materials that State Street provides to its U.S. mutual fund clients
                                              to assist them in complying with SEC Rule 17f-5. The Review also gives
                                              insight into State Street's market expansion and Foreign Subcustodian
                                              selection processes, as well as the procedures and controls used to
                                              monitor the financial condition and performance of our Foreign
                                              Subcustodian banks.

Securities Depository Review                  Custody risk analyses of the Foreign Securities Depositories presently
(annually)                                    operating in Network markets.  This publication is an integral part of
                                              the materials that State Street provides to its U.S. mutual fund
                                              clients to meet informational obligations created by SEC Rule 17f-7.

Global Legal Survey                           With respect to each market in which State Street offers custodial
(annually)                                    services, opinions relating to whether local law restricts (i) access
                                              of a fund's independent public accountants to books and records of a
                                              Foreign Subcustodian or Foreign Securities System, (ii) a fund's
                                              ability to recover in the event of bankruptcy or insolvency of a
                                              Foreign Subcustodian or Foreign Securities System, (iii) a fund's
                                              ability to recover in the event of a loss by a Foreign Subcustodian or
                                              Foreign Securities System, and (iv) the ability of a foreign investor
                                              to convert cash and cash equivalents to U.S. dollars.

Subcustodian Agreements                       Copies of the contracts that State Street has entered into with each
(annually)                                    Foreign Subcustodian that maintains U.S. mutual fund assets in the
                                              markets in which State Street offers custodial services.

Global Market Bulletin                        Information on changing settlement and custody conditions in markets
(daily or as necessary)                       where State Street offers custodial services. Includes changes in
                                              market and tax regulations, depository developments, dematerialization
                                              information, as well as other market changes that may impact State
                                              Street's clients.



                                                                      Schedule C

                                       37


                                   SCHEDULE C
                               MARKET INFORMATION
                                   JULY, 2005

                                           

Foreign Custody Advisories                    For those markets where State Street offers custodial services that
(as necessary)                                exhibit special risks or infrastructures impacting custody, State
                                              Street maintains market advisories to highlight those unique market
                                              factors which might impact our ability to offer recognized custody
                                              service levels.

Material Change Notices                       Informational  letters  and  accompanying  materials  confirming  State
(presently on a quarterly basis or as         Street's foreign custody arrangements,  including a summary of material
otherwise necessary)                          changes  with  Foreign  Subcustodians  that have  occurred  during  the
                                              previous  quarter.  The notices also  identify any material  changes in
                                              the custodial  risks  associated with  maintaining  assets with Foreign
                                              Securities Depositories.


                                                                      Schedule C

                                       38


                                   SCHEDULE D

                               JANUS ASPEN SERIES

                      Jumbo Clearing Accounts Fee Schedule
                                   Jumbo REPO
                                  Time Deposit
                                    Tri Party

                                                                             
I.    Incoming and Outgoing Wire Charges

      State Street, Brown Brothers Harriman & Citibank Accounts                 $ 1.50

      All other Wires                                                           $ 5.00

II.   Portfolio Trades - for each fund participating:

      If between 1 and 10 funds participate:                                    $10.00

      If between 11 and 20 funds participate:                                   $ 8.00

      If between 21 and 30 funds participate:                                   $ 6.00

      If over 30 funds participate:                                             $ 4.00



Schedule of Funds:  Janus Aspen Series

                                                       
Janus Aspen Balanced Portfolio                            Janus Aspen International Growth Portfolio
Janus Aspen Core Equity Portfolio                         Janus Aspen Large Cap Growth Portfolio
Janus Aspen Flexible Bond Fund                            Janus Aspen Mid Cap Growth Portfolio
Janus Aspen Foreign Stock Portfolio                       Janus Aspen Mid Cap Value Portfolio
Janus Aspen Forty Portfolio                               Janus Aspen Risk - Managed Core Portfolio
Janus Aspen Global Life Sciences Portfolio                Janus Aspen Risk - Managed Growth Portfolio
Janus Aspen Global Technology Portfolio                   Janus Aspen Small Company Value Portfolio
Janus Aspen Growth and Income Portfolio                   Janus Aspen Worldwide Growth Portfolio



JANUS CAPITAL MANAGEMENT LLC         STATE STREET

By:  /s/ Bonnie M. Howe              By:  /s/ James M. Keenan
  --------------------------              ----------------------

Print:  Bonnie M. Howe               Print:  James M. Keenan

Title:  Vice President               Title:  Vice President

Date:  August 22, 2005               Date:  August 29, 2005

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