EX-99.23(d)(137)
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 certain investment portfolios of the 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, in order to reflect a change in sub-adviser from Xxxxxx Investment
Management, LLC to PPM America, Inc. for the JNL/Xxxxxx Equity Fund, Schedule A
and Schedule B must be amended, to add the new sub-advised fund (the JNL/PPM
America Core Equity Fund).
WHEREAS, the Adviser and Sub-Adviser have agreed to add language to the
Agreement clarifying Sub-Adviser responsibilities with regard to class-action
claims.
NOW THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereby agree to amend the Agreement to add the following language as
paragraph four to the "MANAGEMENT" section as follows:
The Fund and the Adviser have arranged for the identification and
processing of class action claims on behalf of Fund by its custodian or
other designated agent, as applicable, during the period of time that the
Sub-Adviser acts as an investment adviser for each Fund. Accordingly, such
persons have responsibility for handling such claims, and the Sub-Adviser
has no obligation with respect to handling or filing any class action
claims on behalf of the Fund, except as may be otherwise specifically
requested from time to time. However, without altering the responsibility
for handling such claims, the Sub-Adviser shall reasonably cooperate and
consult with the Fund, the Adviser, the custodian or any appointed agent,
with respect to such claims.
The parties further 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 3, 2007, attached hereto.
2. Schedule B to the Agreement is hereby deleted and replaced in its
entirety with Schedule B dated December 3, 2007, attached hereto.
IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this
Amendment to be executed as of this 3rd day of December, 2007.
XXXXXXX NATIONAL ASSET PPM AMERICA, INC.
MANAGEMENT, LLC
By: By:
-------------------------- ---------------------------
Name: XXXX X. XXXXX Name:
------------------------ ---------------------------
Title: PRESIDENT Title:
----------------------- --------------------------
SCHEDULE A
DECEMBER 3, 2007
(Funds)
----------------------------------------------------------------------------
JNL/PPM America Core Equity Fund
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JNL/PPM America High Yield Bond Fund
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JNL/PPM America Value Equity Fund
----------------------------------------------------------------------------
SCHEDULE B
DECEMBER 3, 2007
(Compensation)
----------------------------------------------------------------------------
JNL/PPM AMERICA CORE 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%
------------------------------------------------------- --------------------
----------------------------------------------------------------------------
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 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%
------------------------------------------------------- --------------------
