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 the Sub-Adviser entered into an Investment Sub-Advisory
Agreement dated as of January 16, 2007 ("Agreement"), whereby the Adviser
appointed the Sub-Adviser to provide certain sub-investment advisory services to
certain investment portfolios of JNL Series Trust.
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.
WHEREAS, the Adviser desires to appoint the Sub-Adviser to provide, and the
Sub-Adviser has agreed to provide, additional sub-investment advisory services
to the following new investment portfolio of JNL Series Trust, effective upon
execution or, if later, the date that initial capital for such investment
portfolio is first provided: 1) JNL/PPM America Floating Rate Income 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 December 31, 2010, attached hereto.
2. Schedule B to the Agreement is hereby deleted and replaced in its entirety
with Schedule B dated December 31, 2010, attached hereto.
IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this Amendment
to be executed as of September 10, 2010, effective as of December 31,
2010.
XXXXXXX NATIONAL ASSET PPM AMERICA, INC.
MANAGEMENT, LLC
By: /s/ Xxxx X. Xxxxx By: /s/ Xxxx X. Xxxxxxx
Name: Xxxx X. Xxxxx Name: Xxxx X. Xxxxxxx
Title: President and CEO Title: Executive Vice President &
Chief Operating Officer
SCHEDULE A
DECEMBER 31, 2010 (Funds)
JNL/PPM America Floating Rate Income Fund
JNL/PPM America High Yield Bond Fund
JNL/PPM America Mid Cap Value Fund
JNL/PPM America Small Cap Value Fund
JNL/PPM America Value Equity Fund
SCHEDULE B
DECEMBER 31, 2010
(Compensation)
JNL/PPM America Floating Rate Income Fund
AVERAGE DAILY NET ASSETS ANNUAL RATE
$0 to $300 Million 0.25%
Amounts over $300 Million 0.20%
JNL/PPM America High Yield Bond Fund
AVERAGE DAILY NET ASSETS ANNUAL RATE
$0 to $150 Million 0.20%
$150 Million to $300 Million 0.175%
Amounts over $300 Million 0.15%
JNL/PPM America Mid Cap Value Fund
AVERAGE DAILY NET ASSETS ANNUAL RATE
$0 to $150 Million 0.25%
$150 Million to $300 Million 0.20%
Amounts over $300 Million 0.17%
JNL/PPM America Small Cap Value Fund
AVERAGE DAILY NET ASSETS ANNUAL RATE
$0 to $150 Million 0.25%
$150 Million to $300 Million 0.20%
Amounts over $300 Million 0.17%
JNL/PPM America Value Equity Fund
AVERAGE DAILY NET ASSETS ANNUAL RATE
$0 to $150 Million 0.25%
$150 Million to $300 Million 0.20%
Amounts over $300 Million 0.17%