EX-99.23(d)(21)

EX-99.23(d)(21)

Amendment
to
Investment Advisory and Management Agreement
between
JNL Investors Series Trust
and
Xxxxxxx National Asset Management, LLC
This Amendment is made as of July 15, 2009, between JNL Investors Series Trust, a Massachusetts business trust (“Trust”) and Xxxxxxx National Asset Management, LLC, a Michigan limited liability company (“Adviser”).
Whereas, the Trust and the Adviser are parties to an Investment Advisory and Management Agreement dated November 1, 2005 (“Agreement”), whereby the Adviser agreed to perform certain investment advisory services, on behalf of the investment Funds listed on Schedule A of the 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, pursuant to the liquidation of certain Funds from the Trust, the following Funds need to be removed from the Agreement:
Xxxxxxx Perspective Core Equity Fund
Xxxxxxx Perspective Large Cap Value Fund
Xxxxxxx Perspective Mid Cap Value Fund
Xxxxxxx Perspective Small Cap Value Fund
Xxxxxxx Perspective Asia Pacific ex-Japan Bond Fund
Xxxxxxx Perspective Asia ex-Japan Fund
Xxxxxxx Perspective Asia ex-Japan Infrastructure Fund
Xxxxxxx Perspective China-India Fund
Xxxxxxx Perspective Emerging Asia ex-Japan Fund
Xxxxxxx Perspective Japan Fund
Xxxxxxx Perspective Asian Pacific Real Estate Fund
Xxxxxxx Perspective European 30 Fund
Xxxxxxx Perspective Pacific Rim 30 Fund
Xxxxxxx Perspective Global Basics Fund
Xxxxxxx Perspective Global Leaders Fund
Xxxxxxx Perspective Pan European Fund
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 July 15, 2009, attached hereto.
	2.	Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated July 15, 2009, attached hereto.
This Amendment may be executed in two or more counterparts which together shall constitute one document.
JNL Investors Series Trust			Xxxxxxx National Asset Management, LLC
By:              /s/ Xxxxx X. Xxxx			By:          /s/ Xxxx X. Xxxxx
Name:         Xxxxx X. Xxxx			Name:     Xxxx X. Xxxxx
Title:           Vice President, Counsel & Secretary			Title:       President

Schedule A

Dated July 15, 2009

(Funds)

Xxxxxxx Perspective 5 Fund

Xxxxxxx Perspective Index 5 Fund

Xxxxxxx Perspective Money Market Fund

Xxxxxxx Perspective Optimized 5 Fund

Xxxxxxx Perspective S&P 4 Fund

Xxxxxxx Perspective 10 x 10 Fund

Xxxxxxx Perspective Total Return Fund

Xxxxxxx Perspective VIP Fund

JNL Money Market Fund

Schedule B

Dated July 15, 2009

Fund	Assets	Advisory Fee (Annual Rate Based on Average Net Assets of each Fund)
Xxxxxxx Perspective 5 Fund	$0 to $50 million $50 to $100 million $100 to $250 million $250 million to $750 million Over $750 million	0.65% 0.65% 0.65% 0.60% 0.60%
Xxxxxxx Perspective Index 5 Fund	$0 to $50 million $50 to $100 million $100 to $250 million $250 million to $750 million Over $750 million	0.65% 0.65% 0.65% 0.60% 0.60%
Xxxxxxx Perspective Money Market Fund	$0 to $500 million Over $500 million	0.40% 0.35%
Xxxxxxx Perspective Optimized 5 Fund	$0 to $50 million $50 to $100 million $100 to $250 million $250 million to $750 million Over $750 million	0.65% 0.65% 0.65% 0.60% 0.60%
Xxxxxxx Perspective S&P 4 Fund	$0 to $500 million Over $500 million	0.80% 0.75%
Xxxxxxx Perspective 10 x 10 Fund	All Assets	0%
Xxxxxxx Perspective Total Return Fund	$0 to $500 million Over $500 million	0.65% 0.60%
Xxxxxxx Perspective VIP Fund	$0 to $250 million Over $250 million	0.65% 0.60%
JNL Money Market Fund	$0 to $750 million Over $750 million	0.20% 0.18%