EX-99.23(d)(24)
AMENDMENT
TO
INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
BETWEEN
JNL VARIABLE FUND LLC
AND
XXXXXXX NATIONAL ASSET MANAGEMENT, LLC
This AMENDMENT is by and between JNL Variable Fund LLC, a Delaware limited
liability company (the "Fund") and Xxxxxxx National Asset Management, LLC, a
Michigan limited liability company (the "Adviser").
WHEREAS, the Fund and the Adviser entered into an Investment Advisory and
Management Agreement dated January 31, 2001 (the "Agreement"), whereby the Fund
retained the Adviser to perform investment advisory and management services for
the Funds enumerated in the Agreement.
WHEREAS, pursuant to the Agreement, the Fund agreed to pay the Adviser for
the services provided and the expenses assumed by the Adviser an advisory fee as
set forth on Schedule B to the Agreement, and the Adviser agreed to accept such
advisory fee as full compensation under the Agreement for such services and
expenses.
WHEREAS, the Fund and the Adviser agree to amend the advisory fees as set
forth on Schedule B to the Agreement to reflect fee reductions for all Funds.
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 B to the Agreement is hereby deleted and replaced in its
entirety with the amended Schedule B dated January 1, 2009, attached hereto.
2. The Fund and the Adviser agree to abide and be bound by all of the terms
and conditions set forth in the Agreement.
IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to
be executed by their duly authorized officers as of the 1st day of January,
2009.
JNL VARIABLE FUND LLC 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, Title: President
and Secretary
SCHEDULE B
JANUARY 1, 2009
(Compensation)
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ADVISORY FEE
(ANNUAL RATE BASED ON
FUND ASSETS AVERAGE NET ASSETS OF EACH FUND)
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JNL/Mellon Capital Management DowSM 10 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
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JNL/Mellon Capital Management S&P(R) 10 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Global 15 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management 25 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
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JNL/Mellon Capital Management Select Small-Cap Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
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JNL/Mellon Capital Management Nasdaq(R) 25 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Value Line(R) 30 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management DowSM Dividend Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management S&P(R) 24 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management VIP Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management JNL 5 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management JNL Optimized 5 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
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JNL/Mellon Capital Management S&P(R) XXxx 60 Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management NYSE(R) International 25 $0 to $50 million .34%
Fund $50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Communications Sector $0 to $50 million .34%
Fund $50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Consumer Brands Sector $0 to $50 million .34%
Fund $50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Healthcare Sector Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Oil & Gas Sector Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Financial Sector Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
------------------------------------------------------ ---------------------------------- ----------------------------
JNL/Mellon Capital Management Technology Sector Fund $0 to $50 million .34%
$50 to $100 million .31%
$100 million to $750 million .28%
Over $750 million .27%
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