AMENDMENT
TO
INVESTMENT SUB-ADVISORY AGREEMENT
BETWEEN
XXXXXXX NATIONAL ASSET MANAGEMENT, LLC
AND
MELLON CAPITAL MANAGEMENT CORPORATION
This AMENDMENT is made by and between XXXXXXX NATIONAL ASSET MANAGEMENT,
LLC, a Michigan limited liability company and registered investment adviser
("Adviser"), and MELLON CAPITAL MANAGEMENT CORPORATION, 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 February 18, 2004 ("Agreement"), whereby
Adviser appointed Sub-Adviser to provide certain sub-investment advisory
services to the JNL Series Trust (the "Funds");
WHEREAS, the following new funds will co-sub-advised by Standard & Poor's
Investment Advisory Services LLC, and Mellon Capital Management Corporation:
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JNL/S&P Moderate Retirement Strategy Fund
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JNL/S&P Moderate Growth Retirement Strategy Fund
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JNL/S&P Growth Retirement Strategy Fund
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WHEREAS, for the new Funds listed above, Mellon Capital Management
Corporation is responsible for managing the investment of portfolio assets
according to the allocations developed by Standard & Poor's Investment Advisory
Services LLC ("SPIAS"). Mellon Capital will direct portfolio transactions in the
underlying Exchange Traded Funds, as required, to closely replicate the
allocation instructions prepared by SPIAS.
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.
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 January 16, 2007, attached hereto.
2. Schedule B to the Agreement is hereby deleted and replaced in its
entirety with Schedule B dated January 16, 2007, attached hereto.
3. Schedule C1-C6 to the Agreement is hereby deleted and replaced in its
entirety with Schedule C dated January 16, 2007, attached hereto.
IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this
Amendment to be executed as of this 16th day of January, 2007.
Xxxxxxx National Asset Mellon Capital Management
Management, LLC Corporation
By: ___________________________ By:__________________________
Name: Xxxxxx X. Xxxxxxx Name:________________________
Title: President Title: ______________________
SCHEDULE A
JANUARY 16, 2007
(Funds)
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JNL/Mellon Capital Management S&P 500 Index Fund
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JNL/Mellon Capital Management S&P 400 MidCap Index Fund
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JNL/Mellon Capital Management Small Cap Index Fund
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JNL/Mellon Capital Management International Index Fund
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JNL/Mellon Capital Management Bond Index Fund
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JNL/Mellon Capital Management Enhanced S&P 500 Stock Index Fund
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JNL/S&P Moderate Retirement Strategy Fund
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JNL/S&P Moderate Growth Retirement Strategy Fund
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JNL/S&P Growth Retirement Strategy Fund
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SCHEDULE B
JANUARY 16, 2007
(Compensation)
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JNL/MELLON CAPITAL MANAGEMENT S&P 500 INDEX FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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First $50 million 0.12%
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Next $50 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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JNL/MELLON CAPITAL MANAGEMENT S&P 400 MIDCAP INDEX FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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First $50 million 0.12%
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Next $50 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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JNL/MELLON CAPITAL MANAGEMENT SMALL CAP INDEX FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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First $50 million 0.12%
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Next $50 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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First $50 million 0.12%
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Next $50 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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JNL/MELLON CAPITAL MANAGEMENT BOND INDEX FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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First $50 million 0.12%
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Next $50 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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JNL/MELLON CAPITAL MANAGEMENT ENHANCED S&P 500 STOCK INDEX FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $50 million 0.25%
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Over $50 million 0.20%
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JNL/S&P MODERATE RETIREMENT STRATEGY FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $100 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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JNL/S&P MODERATE GROWTH RETIREMENT STRATEGY FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $100 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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JNL/S&P GROWTH RETIREMENT STRATEGY FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $100 million 0.06%
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$100 to $750 million 0.03%
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Over $750 million 0.015%
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SCHEDULE C
JANUARY 16, 2007
(Investment Objectives)
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JNL/MELLON CAPITAL MANAGEMENT S&P 500 INDEX FUND
The JNL/Mellon Capital Management S&P 500 Index Fund seeks to match the
performance of the S&P 500(R) Index with minimal tracking error. The strategy is
constructed to mirror the Index to provide long-term capital growth by investing
in equity securities of large domestic companies.
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JNL/MELLON CAPITAL MANAGEMENT S&P 400 MIDCAP INDEX FUND
The JNL/Mellon Capital Management S&P 400 MidCap Index Fund seeks to match the
performance of the S&P 400(R) Index with minimal tracking error. The strategy is
constructed to mirror the Index to provide long-term capital growth by investing
in equity securities of medium capitalization weighted domestic companies.
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JNL/MELLON CAPITAL MANAGEMENT SMALL CAP INDEX FUND
The JNL/Mellon Capital Management Small Cap Index Fund seeks to match the
performance of the Xxxxxxx 2000(R) Index with minimal tracking error. The
strategy is constructed to mirror the index to provide long-term capital growth
by investing in equity securities of small size domestic companies.
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JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND
The JNL/Mellon Capital Management International Index Fund seeks to match the
performance of the Xxxxxx Xxxxxxx Capital International (MSCI) Europe
Australiasia Far East (EAFE) Free Index with minimal tracking error. The
strategy is constructed to mirror the Index to provide long-term capital growth
by investing in international equity securities attempting to match the
characteristics of each country within the Index.
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JNL/MELLON CAPITAL MANAGEMENT BOND INDEX FUND
The JNL/Mellon Capital Management Bond Index Fund seeks to match the
characteristics and performance of the Xxxxxx Brothers Aggregate Index with
minimal tracking error. The strategy is constructed to mirror the Index to
provide safety of principal and a moderate rate of income by investing in
domestic fixed income instruments (bonds).
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JNL/MELLON CAPITAL MANAGEMENT ENHANCED S&P 500 STOCK INDEX FUND
The JNL/Mellon Capital Management Enhanced S&P 500 Stock Index Fund seeks to
exceed the performance of the S&P 500 Index by tilting towards stocks having
higher expected returns while maintaining overall index characteristics.
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JNL/S&P MODERATE RETIREMENT STRATEGY FUND
The JNL/S&P Moderate Retirement Strategy Fund seeks capital growth, and
secondarily, seeks current income by investing in Underlying Exchange Traded
Funds ("ETFs").
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JNL/S&P MODERATE GROWTH RETIREMENT STRATEGY FUND
The JNL/S&P Moderate Growth Retirement Strategy Fund seeks capital growth and
current income by investing in Underlying Exchange Traded Funds ("ETFs").
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JNL/S&P GROWTH RETIREMENT STRATEGY FUND
The JNL/S&P Growth Retirement Strategy Fund seeks capital growth, and
secondarily, seeks current income by investing in Underlying Exchange Traded
Funds ("ETFs").
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