EX-99.23(d)(120)
AMENDMENT
TO
INVESTMENT SUB-ADVISORY AGREEMENT
BETWEEN
XXXXXXX NATIONAL ASSET MANAGEMENT, LLC
AND
PPM AMERICA, INC.
This AMENDMENT is made by and between XXXXXXX NATIONAL ASSET MANAGEMENT,
LLC, a Michigan limited liability company and registered investment adviser
("Adviser"), and PPM AMERICA, INC., 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 16, 2007 ("Agreement"), whereby
Adviser appointed Sub-Adviser to provide certain sub-investment advisory
services to the investment portfolios of the JNL Series Trust; 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-Adviser 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; and
WHEREAS, in order to reflect a change in sub-adviser for the JNL/Western
Asset High Yield Bond Fund, Schedule A and Schedule B must be amended, to add
the new sub-advised fund (the JNL/PPM America High Yield Bond Fund).
NOW THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereby agree to amend the Agreement as follows:
1. Schedule A to the Agreement is hereby deleted and replaced in its entirety
with Schedule A dated April 30, 2007, attached hereto.
2. Schedule B to the Agreement is hereby deleted and replaced in its entirety
with Schedule B dated April 30, 2007, attached hereto.
IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this
Amendment to be executed as of this 30th day of April, 2007.
XXXXXXX NATIONAL ASSET PPM AMERICA, INC.
MANAGEMENT, LLC
By: By:
Xxxx X. Xxxxx Name:______________________________
Title: President Title:_____________________________
A-1
SCHEDULE A
APRIL 30, 2007
(Funds)
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JNL/PPM America High Yield Bond Fund
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JNL/PPM America Value Equity Fund
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B-1
SCHEDULE B
APRIL 30, 2007
(Compensation)
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JNL/PPM AMERICA HIGH YIELD BOND FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $150 Million 0.20%
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$150 Million to $300 Million 0.175%
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Amounts over $300 Million 0.15%
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----------------------------------------------------------------------------
JNL/PPM AMERICA VALUE EQUITY FUND
----------------------------------------------------------------------------
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------------------------------------- --------------------
$0 to $150 Million 0.25%
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$150 Million to $300 Million 0.20%
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Amounts over $300 Million 0.17%
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