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, as amended ("Agreement"),
whereby Adviser appointed Sub-Adviser to provide certain sub-investment advisory
services to the JNL Series Trust.
WHEREAS, the parties wish to amend the Agreement in order to add the
JNL/Mellon Capital Management Global Alpha Fund, pursuant to the appointment of
Sub-Adviser to provide certain sub-investment advisory services to this new fund
of the Trust.
WHEREAS, in order to reflect this fund addition, Schedule A, Schedule B,
and Schedule C must be amended.
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 September 28, 2009, attached hereto.
2. Schedule B to the Agreement is hereby deleted and replaced in its
entirety with Schedule B dated September 28, 2009, attached hereto.
3. Schedule C to the Agreement is hereby deleted and replaced in its
entirety with Schedule C dated September 28, 2009, attached hereto.
IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this
Amendment to be effective as of this 28th day of September, 2009.
XXXXXXX NATIONAL ASSET MELLON CAPITAL MANAGEMENT
MANAGEMENT, LLC CORPORATION
By: /s/ Xxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxxx
Name: XXXX X. XXXXX Name: Xxxxxx X. Xxxxxx
Title: PRESIDENT Title: EVP, and Chief Administrative Officer
SCHEDULE A
SEPTEMBER 28, 2009
(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 Global Alpha Fund
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JNL/Mellon Capital Management European 30 Fund
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JNL/Mellon Capital Management Pacific Rim 30 Fund
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JNL/S&P Competitive Advantage Fund
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JNL/S&P Dividend Income & Growth Fund
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JNL/S&P Intrinsic Value Fund
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JNL/S&P Total Yield Fund
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SCHEDULE B
SEPTEMBER 28, 2009
(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 0.09%
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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 0.09%
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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 0.09%
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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 0.09%
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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 0.09%
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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 GLOBAL ALPHA FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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First $100 million 0.67%
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Next $200 million 0.60%
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Over $300 million 0.55%
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JNL/MELLON CAPITAL MANAGEMENT EUROPEAN 30 FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $50 million 0.09%
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$50 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/MELLON CAPITAL MANAGEMENT PACIFIC RIM 30 FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $50 million 0.09%
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$50 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 COMPETITIVE ADVANTAGE 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 DIVIDEND INCOME & GROWTH 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 INTRINSIC VALUE 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 TOTAL YIELD 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
SEPTEMBER 28, 2009
(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 GLOBAL ALPHA FUND
The investment objective of the JNL/Mellon Capital Management Global Alpha
Fund is to seek total return. To achieve this objective, the Fund uses a
variety of investment strategies, sometimes referred to as absolute return
strategies, to produce returns with low correlation with, and less volatility
than, major markets over a complete market cycle; typically a period of
several years. The Fund is not managed to a benchmark index. Rather than
managing to track a benchmark index, the Fund seeks to provide returns that
are largely independent of market moves.
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JNL/MELLON CAPITAL MANAGEMENT EUROPEAN 30 FUND
The investment objective of the JNL/Mellon Capital Management European 30
Fund is to provide capital appreciation.
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JNL/MELLON CAPITAL MANAGEMENT PACIFIC RIM 30 FUND
The investment objective of the JNL/Mellon Capital Management Pacific Rim 30
Fund is to provide capital appreciation.
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JNL/S&P COMPETITIVE ADVANTAGE FUND
The JNL/S&P Competitive Advantage Fund seeks capital appreciation by investing
approximately equal amounts in the common stock of 30 companies included in the
S&P 500 that are, in the opinion of the Sub-Adviser, profitable, predominantly
higher-quality, and larger capitalization companies. In selecting the companies,
the Sub-Adviser looks for companies, which are in the top decile by return on
invested capital with the lowest market-to-book multiples.
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JNL/S&P DIVIDEND INCOME & GROWTH FUND
The JNL/S&P Dividend Growth & Income Fund seeks primarily capital
appreciation with a secondary focus on current income by investing
approximately equal amounts in the common stock of 30 companies included in
the S&P 500 which have the highest indicated annual dividend yields
("Dividend Yield") within their sector, subject to the screening process
described herein. The three stocks with the highest Dividend Yield are
selected from each of 10 economic sectors in the S&P 500.
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JNL/S&P INTRINSIC VALUE FUND
The JNL/S&P Intrinsic Value Fund seeks capital appreciation by investing
approximately equal amounts in the common stock of 30 companies included in
the S&P 500, excluding financial companies, that are, in the opinion of the
Sub-Adviser, larger, predominantly higher-quality companies with strong free
cash flows and low external financing needs.
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JNL/S&P TOTAL YIELD FUND
The JNL/S&P Total Yield Fund seeks capital appreciation by investing
approximately equal amounts in the common stock of the 30 companies included
in S&P 500 with the highest S&P Total Yield (a broad measure of cash returned
to shareholders and bondholders), subject to the screening process described
herein. The Sub-Adviser seeks companies that are significantly reducing their
debt burden and/or increasing their equity distributions.
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