INVESTMENT SUB-ADVISORY AGREEMENT





     This  AGREEMENT is effective  this 31st day of January 2001, by and between

Jackson National Asset Management, LLC, a Michigan limited liability company and

registered  investment adviser  ("Adviser"),  and PACIFIC INVESTMENT  MANAGEMENT

COMPANY LLC, a Delaware  limited  liability  company and  registered  investment

adviser ("Sub-Adviser").



     WHEREAS,  Adviser is the  investment  manager for the JNL Series Trust (the

"Trust"),  an  open-end  management  investment  company  registered  under  the

Investment Company Act of 1940, as amended ("1940 Act"); and



     WHEREAS,  the Trust is authorized  to issue  separate  series,  each series

having its own investment objective or objectives, policies and limitations;



     WHEREAS,  Adviser  desires  to retain  Sub-Adviser  as  Adviser's  agent to

furnish  investment  advisory  services  to the  series of the  Trust  listed on

Schedule A hereto ("Fund").



     NOW, THEREFORE,  in consideration of the mutual covenants herein contained,

the parties hereto agree as follows:



     1.   Appointment.  Adviser hereby  appoints  Sub-Adviser to provide certain

          sub-investment advisory services to the Fund for the period and on the

          terms  set  forth  in  this   Agreement.   Sub-Adviser   accepts  such

          appointment  and agrees to furnish the  services  herein set forth for

          the compensation herein provided.



          In the event the Adviser  designates one or more series other than the

          Fund  with  respect  to  which  the  Adviser   wishes  to  retain  the

          Sub-Adviser to render investment advisory services hereunder, it shall

          notify the  Sub-Adviser in writing.  If the  Sub-Adviser is willing to

          render  such  services,  it  shall  notify  the  Adviser  in  writing,

          whereupon such series shall become a Fund hereunder, and be subject to

          this Agreement.



     2.   Delivery of Documents.  Adviser has or will furnish  Sub-Adviser  with

          copies properly certified or authenticated of each of the following:



          a)   the Trust's Agreement and Declaration of Trust, as filed with the

               Secretary of State of The  Commonwealth of  Massachusetts on June

               1, 1994, and all amendments thereto or restatements thereof (such

               Declaration,  as presently in effect and as it shall from time to

               time be amended or restated, is herein called the "Declaration of

               Trust");



          b)   the Trust's By-Laws and amendments thereto;



          c)   resolutions  of the  Trust's  Board of Trustees  authorizing  the

               appointment of Sub-Adviser and approving this Agreement;



          d)   the Trust's  Notification  of Registration on Form N-8A under the

               1940 Act as filed with the  Securities  and  Exchange  Commission

               (the "SEC") and all amendments thereto;



          e)   the  Trust's  Registration  Statement  on  Form  N-1A  under  the

               Securities  Act of 1933,  as amended  ("1933  Act") and under the

               1940 Act as filed with the SEC and all amendments thereto insofar

               as such Registration  Statement and such amendments relate to the

               Fund; and



          f)   the Trust's most recent  prospectus  and  Statement of Additional

               Information (collectively called the "Prospectus").



                  Adviser will furnish the Sub-Adviser from time to time with

                  copies of all amendments of or supplements to the foregoing.



     3.   Management.  Subject  always to the  supervision  of Trust's  Board of

          Trustees  and the  Adviser,  Sub-Adviser  will  furnish an  investment

          program in respect of, and make  investment  decisions for, all assets

          of the  Fund  and  place  all  orders  for the  purchase  and  sale of

          securities,  all on  behalf  of the Fund.  In the  performance  of its

          duties,  Sub-Adviser will satisfy its fiduciary duties to the Fund (as

          set forth below),  and will monitor the Fund's  investments,  and will

          comply  with the  provisions  of  Trust's  Declaration  of  Trust  and

          By-Laws,  as  amended  from time to time,  and the  stated  investment

          objectives,  policies and  restrictions  of the Fund.  Sub-Adviser and

          Adviser  will each make its officers  and  employees  available to the

          other  from  time to time at  reasonable  times to  review  investment

          policies  of the Fund and to  consult  with each other  regarding  the

          investment  affairs of the Fund.  Sub-Adviser will report to the Board

          of Trustees and to Adviser with respect to the  implementation of such

          program. Sub-Adviser is responsible for compliance with the provisions

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