Ex-99.23(d)(5)
                                    AMENDMENT
                                       TO
                  INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
                                     BETWEEN
                           JNL INVESTORS SERIES TRUST
                                       AND
                     JACKSON NATIONAL ASSET MANAGEMENT, LLC


     This Amendment is made as of January 16, 2007, between JNL Investors Series
Trust, a Massachusetts  business trust (the "Trust") and Jackson  National Asset
Management, LLC, a Michigan limited liability company (the "Adviser").

     WHEREAS,  the Trust and the Adviser are parties to an  Investment  Advisory
and Management Agreement dated November 1, 2005 ("Advisory Agreement").

     WHEREAS,  the Trust and the Adviser are  currently in  compliance  and will
remain in compliance with their  respective  obligations  under Rule 38a-1 under
the  Investment  Company Act of 1940, as amended  relating to the Trust and Rule
206(4)-7 under the Investment  Advisers Act of 1940, as amended  relating to the
Adviser;

     WHEREAS, the parties wish to amend the Advisory Agreement; and

     WHEREAS, in order to reflect the addition of five new Funds to the Trust.

     NOW THEREFORE,  in consideration  of the mutual covenants  contained herein
and for other good and valuable consideration, the Fund and the Adviser agree as
follows:

     1.   Schedule A to the  Agreement  is hereby  deleted  and  replaced in its
          entirety with Schedule A dated January 16, 2007, attached hereto.

     2.   Schedule B to the  Agreement  is hereby  deleted  and  replaced in its
          entirety with Schedule B dated January 16, 2007, attached hereto.

     3.   This  Amendment  may be  executed  in two or more  counterparts  which
          together shall constitute one document.


JNL INVESTORS SERIES TRUST               JACKSON NATIONAL ASSET MANAGEMENT, LLC

By: _______________________________      By: _______________________________
Name:    Mark D. Nerud                   Name:    Susan S. Rhee
Title:   President and                   Title:   Chief Legal Officer
         Chief Executive Officer                  and Secretary


                                   SCHEDULE A
                             DATED JANUARY 16, 2007
                                     (Fund)


Jackson Perspective 5 Fund
Jackson Perspective Index 5 Fund
Jackson Perspective 10 x 10 Fund
Jackson Perspective Optimized 5 Fund
Jackson Perspective Money Market Fund
JNL Money Market Fund

                                   SCHEDULE B
                             DATED JANUARY 16, 2007

                                                                    ADVISORY FEE
                                                              (ANNUAL RATE BASED
                                                           ON AVERAGE NET ASSETS
FUND                                   ASSETS                      OF EACH FUND)

Jackson Perspective 5 Fund             $0 to $50 million                  0.65%
                                       $50 to $100 million                0.65%
                                       $100 to $250 million               0.65%
                                       $250 million to $750 million       0.60%
                                       Over $750 million                  0.60%

Jackson Perspective Index 5 Fund       $0 to $50 million                  0.65%
                                       $50 to $100 million                0.65%
                                       $100 to $250 million               0.65%
                                       $250 million to $750 million       0.60%
                                       Over $750 million                  0.60%

Jackson Perspective 10 x 10 Fund       All Assets                            0%

Jackson Perspective Optimized 5 Fund   $0 to $50 million                  0.65%
                                       $50 to $100 million                0.65%
                                       $100 to $250 million               0.65%
                                       $250 million to $750 million       0.60%
                                       Over $750 million                  0.60%

Jackson Perspective Money Market Fund  $0 to $500 million                 0.40%
                                       Over $500 million                  0.35%
JNL Money Market Fund                  $0 to $750 million                 0.20%
                                       Over $750 million                  0.18%