EX-99.23(d)(94)

                                    AMENDMENT
                                       TO
                        INVESTMENT SUB-ADVISORY AGREEMENT
                                     BETWEEN
                     JACKSON NATIONAL ASSET MANAGEMENT, LLC
                                       AND
               STANDARD & POOR'S INVESTMENT ADVISORY SERVICES LLC

     This AMENDMENT is made by and between  JACKSON  NATIONAL ASSET  MANAGEMENT,
LLC, a Michigan  limited  liability  company and registered  investment  adviser
("Adviser"),  and STANDARD & POOR'S INVESTMENT ADVISORY SERVICES LLC, a Delaware
corporation and registered investment adviser ("Sub-Adviser").

     WHEREAS,   the  Adviser  and   Sub-Adviser   entered  into  an   Investment
Sub-Advisory  Agreement  dated as of January  31,  2001  ("Agreement"),  whereby
Adviser  appointed  Sub-Adviser  to  provide  certain  sub-investment   advisory
services to the investment portfolios of the JNL Series Trust; and

     WHEREAS, the fee structure of the JNL/S&P Funds has been amended; and

     WHEREAS,  pursuant  to  the  Agreement,  the  Adviser  agreed  to  pay  the
Sub-Adviser  for  the  services   provided  and  the  expenses  assumed  by  the
Sub-Advisor a sub-advisory fee as set forth on Schedule B to the Agreement,  and
the  Sub-Adviser  agreed to accept such  sub-advisory  fee as full  compensation
under the Agreement for such services and expenses.

     NOW THEREFORE,  in consideration of the mutual covenants herein  contained,
the parties hereby agree to amend the Agreement as follows:

     1.   Schedule B to the  Agreement  is hereby  deleted  and  replaced in its
          entirety with Schedule B dated October 1, 2005, attached hereto.

     IN WITNESS  WHEREOF,  the  Adviser  and the  Sub-Adviser  have  caused this
Amendment to be executed as of this 1st day of October, 2005.

JACKSON NATIONAL ASSET              STANDARD & POOR'S INVESTMENT
MANAGEMENT, LLC                     ADVISORY SERVICES LLC


By:                                 By:
     ------------------------           --------------------------

Name: ANDREW B. HOPPING             Name:
      -----------------------             ------------------------

Title:   PRESIDENT                  Title:
         --------------------              -----------------------





                                   SCHEDULE B
                              DATED OCTOBER 1, 2005

                                 (Compensation)

                           JNL/S&P Managed Growth Fund
                        JNL/S&P Managed Conservative Fund
                      JNL/S&P Managed Moderate Growth Fund
                          JNL/S&P Managed Moderate Fund
                     JNL/S&P Managed Aggressive Growth Fund

                ASSETS                                ANNUAL RATE

                $0 to $1.3 billion                       0.07%
                Next $1.2 billion                        0.05%
                Over $2.5 billion                        0.04%

THE  ASSETS  OF THE  FUNDS  ARE  AGGREGATED  FOR  PURPOSES  OF  CALCULATING  THE
SUB-ADVISORY FEE.