LETTER AGREEMENT

Form of Exhibit (g)(5)

LETTER AGREEMENT

August 24, 2011

Mr. Xxxxxxx Xxxxx
State Street Bank and Trust Company
Global Investor Services Group
0 Xxxxxx xx Xxxxxxxxx XXX0X
Xxxxxx, Xxxxxxxxxxxxx 00000

Dear Xx. Xxxxx:

This letter is to notify you that Xxxxx Xxxxx Series (the “Trust”) changed the name of Modular Portfolio Construction Portfolio to Dynamic Allocation Portfolio (the “Portfolio”) effective July 1, 2010 and will further change the name of Dynamic Allocation Portfolio to Moderate Allocation Portfolio effective on August 31, 2011. The Trust requests confirmation that all references to Modular Portfolio Construction Portfolio in the Amended and Restated Custodian Contract dated August 1, 2005, as amended, between the Trust and State Street Bank and Trust Company (“State Street”) (the “Custodian Contract”), shall be replaced with Moderate Allocation Portfolio, and that State Street will continue to act as custodian for the Portfolio under the terms of the Custodian Contract.

Please note that this Letter Agreement supersedes the Letter Agreement dated August 17, 2010 and amends the effective date of the name change to Dynamic Allocation Portfolio from September 15, 2010 to July 1, 2010.

Please indicate your acceptance of the foregoing by executing two copies of this letter, returning one copy to the Trust and retaining one copy for your records.

JANUS ASPEN SERIES

By:

Xxxxxxxxx Xxxxxxxxxx-Xxxxxx

Vice President and Secretary

STATE STREET BANK AND TRUST COMPANY

By:

Agreed to this ___day of                     , 2011.