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, 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 Sub-Adviser to provide, and
Sub-Adviser has agreed to provide, additional sub-investment advisory services
to two new investment portfolios of JNL Series Trust; the JNL/Mellon Capital
Management European 30 Fund; and the JNL/Mellon Capital Management Pacific Rim
30 Fund ("Funds"); effective upon execution or, if later, the date that initial
capital for such investment portfolio is first provided; and
WHEREAS, in order to reflect the addition of the new Funds, 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 effective as of
October 6, 2008.:
1. Schedule A to the Agreement is hereby deleted and replaced in its entirety
with Schedule A dated October 6, 2008, attached hereto.
2. Schedule B to the Agreement is hereby deleted and replaced in its entirety
with Schedule B dated October 6, 2008, attached hereto.
3. Schedule C to the Agreement is hereby deleted and replaced in its entirety
with Schedule C dated October 6, 2008, attached hereto.
IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this
Amendment to be executed as of this 6th day of October, 2008.
XXXXXXX NATIONAL ASSET MELLON CAPITAL MANAGEMENT
MANAGEMENT, LLC CORPORATION
By: ______________________________ By: ______________________________
Name: XXXX X. XXXXX Name:______________________________
Title: PRESIDENT Title: ____________________________
SCHEDULE A
OCTOBER 6, 2008
(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 Enhanced S&P 500 Stock Index 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 Moderate Retirement Strategy Fund
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JNL/S&P Moderate Growth Retirement Strategy Fund
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JNL/S&P Growth Retirement Strategy 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
OCTOBER 6, 2008
(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 0.12%
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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 0.12%
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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 0.12%
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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 0.12%
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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 0.12%
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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 ENHANCED
S&P 500 STOCK INDEX FUND
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AVERAGE DAILY NET ASSETS ANNUAL RATE
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$0 to $50 million 0.25%
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Over $50 million 0.20%
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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 0.12%
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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 0.12%
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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 MODERATE RETIREMENT STRATEGY 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 MODERATE GROWTH RETIREMENT STRATEGY 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 GROWTH RETIREMENT STRATEGY 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 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
OCTOBER 6, 2008
(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 ENHANCED S&P 500 STOCK
The JNL/Mellon Capital Management Enhanced S&P 500 Stock Index Fund seeks to
exceed the performance of the S&P 500 Index by tilting towards stocks having
higher expected returns while maintaining overall index characteristics.
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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 MODERATE RETIREMENT STRATEGY FUND
The JNL/S&P Moderate Retirement Strategy Fund seeks capital growth, and
secondarily, seeks current income by investing in Underlying Exchange Traded
Funds ("ETFs").
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JNL/S&P MODERATE GROWTH RETIREMENT STRATEGY FUND
The JNL/S&P Moderate Growth Retirement Strategy Fund seeks capital growth and
current income by investing in Underlying Exchange Traded Funds ("ETFs").
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JNL/S&P GROWTH RETIREMENT STRATEGY FUND
The JNL/S&P Growth Retirement Strategy Fund seeks capital growth, and
secondarily, seeks current income by investing in Underlying Exchange Traded
Funds ("ETFs").
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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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