SECOND AMENDMENT TO THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT BETWEEN PPM FUNDS AND PPM AMERICA, INC.
Ex. 99.28(d)(1)(iii)
SECOND AMENDMENT TO
THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
BETWEEN PPM FUNDS AND
PPM AMERICA, INC.
This Amendment is made as of November 20, 2019 (the “Effective Date”) and amends Schedules A to the Investment Advisory and Management Agreement dated February 15, 2018 and amended on September 18, 2019 (the
“Agreement”) between PPM Funds, a Massachusetts business trust (the “Trust”) and PPM America, Inc. (the “Adviser”). All terms not otherwise defined herein shall have the same meanings ascribed in the Agreement.
Whereas, the Trust is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an
open-end management investment company and has established several separate series of shares (each, a “Fund”), with each Fund having its own assets and investment policies; and
Whereas, the Board of Trustees of the Trust has approved the following new Funds (the “New Funds”) of the Trust:
1) PPM Core Fixed Income Fund
2) PPM Investment Grade Credit Fund
Whereas, the Board has approved the Adviser to serve as the investment adviser to the New Funds;
Whereas, pursuant to the Board approval of the Adviser’s appointment as the investment adviser to the New Funds
as outlined above, the Parties hereby agree to amend the Agreement, effective November 20, 2019, to update Schedule A and Schedule B, as applicable, to add the New Funds and their respective advisory fees.
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 the Amended and Restated Schedule A dated November 20, 2019, attached hereto.
|
|
2.
|
Schedule B to the Agreement is hereby deleted and replaced in its entirety with the Amended and Restated Schedule B dated November 20, 2019, attached hereto.
|
|
3.
|
Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is
duly authorized to bind the respective party to this Amendment.
|
|
4.
|
This Amendment may be executed in one or more counterparts, which together shall constitute one document.
|
In Witness Whereof,
the parties hereto have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective seals to be hereunto affixed, as of the day and year first above written.
|
By:
|
/s/ Xxxx X. Xxxxxxx
|
|
Name:
|
Xxxx X. Xxxxxxx
|
|
Title:
|
Assistant Secretary
|
|
PPM America, Inc.
|
|
|
By:
|
/s/ Xxxx Xxxxxxx
|
|
Name:
|
Xxxx Xxxxxxx
|
|
Title:
|
President and Chief Executive Officer
|
Amended and Restated
Schedule A
(List of Funds)
Effective November 20, 2019
|
Funds
|
|
PPM Core Fixed Income Fund
|
|
PPM Core Plus Fixed Income Fund
|
|
PPM Floating Rate Income Fund
|
|
PPM High Yield Core Fund
|
|
PPM Investment Grade Credit Fund
|
|
PPM Long Short Credit Fund
|
|
PPM Large Cap Value Fund
|
|
PPM Mid Cap Value Fund
|
|
PPM Small Cap Value Fund
|
Amended and Restated
Schedule B
(Compensation)
Effective November 20, 2019
|
Fund
|
Advisory Fee
(Annual Rate Based on Average
Net Assets of each Fund)
|
|
PPM Core Fixed Income Fund
|
.35%
|
|
PPM Core Plus Fixed Income Fund
|
.40%
|
|
PPM Floating Rate Income Fund
|
.55%
|
|
PPM High Yield Core Fund
|
.55%
|
|
PPM Investment Grade Credit Fund
|
.40%
|
|
PPM Long Short Credit Fund
|
.50%
|
|
PPM Large Cap Value Fund
|
.60%
|
|
PPM Mid Cap Value Fund
|
.70%
|
|
PPM Small Cap Value Fund
|
.80%
|
