THIRD AMENDMENT TO THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT BETWEEN PPM FUNDS AND PPM AMERICA, INC.
EX 99.28(d)(1)(iv)
THIRD AMENDMENT TO
THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
BETWEEN PPM FUNDS AND
PPM AMERICA, INC.
This Amendment is made as of December 31, 2020 and amends Schedule A to the Investment Advisory and Management Agreement dated February 15, 2018 and amended on September 18, 2019 and November 20, 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 liquidation and termination of the following Funds (the “Liquidated Funds”), effective October 6, 2020 (collectively, the “Fund Liquidations”):
| 1) | PPM Floating Rate Income Fund; |
| 2) | PPM Long Short Credit Fund; |
| 3) | PPM Large Cap Value Fund; and |
| 4) | PPM Mid Cap Value Fund. |
Whereas, pursuant to the Board approval of the Fund Liquidations, as outlined above, the Parties have agreed to amend the Agreement, effective December 31, 2020, to update Schedule A and Schedule B, as applicable, to remove the Liquidated 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 with the Amended and Restated Schedule A dated December 31, 2020, attached hereto. |
| 2. | Schedule B to the Agreement is hereby deleted and replaced in its entirety with the Amended and Restated Schedule B dated December 31, 2020, 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.
| PPM Funds |
| By: /s/ Xxxx Xxxxxxx |
| Name: Xxxx Xxxxxxx |
| Title: Assistant Secretary |
| PPM America, Inc. |
| By: /s/ Xxxx Xxxxxxx |
| Name: Xxxx Xxxxxxx |
| Title: President and CEO |
Amended and Restated
Schedule A
(List of Funds)
Effective December 31, 2020
Funds
|
| PPM Core Fixed Income Fund |
| PPM Core Plus Fixed Income Fund |
| PPM High Yield Core Fund |
| PPM Investment Grade Credit Fund |
| PPM Small Cap Value Fund |
Amended and Restated
Schedule B
(Compensation)
Effective December 31, 2020
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 High Yield Core Fund |
.55% |
PPM Investment Grade Credit Fund |
.40% |
| PPM Small Cap Value Fund |
.80% |
