EX-99.d.7
AMENDMENT
TO
INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
BETWEEN
JNL VARIABLE FUND LLC
AND
XXXXXXX NATIONAL ASSET MANAGEMENT, LLC
This AMENDMENT is by and between JNL Variable Fund LLC, a Delaware limited
liability company (the "Fund") and Xxxxxxx National Asset Management, LLC, a
Michigan limited liability company (the "Adviser").
WHEREAS, the Fund and the Adviser entered into an Investment Advisory and
Management Agreement dated January 31, 2001 (the "Agreement"), whereby the Fund
retained the Adviser to perform investment advisory and management services for
the Funds enumerated in the Agreement; and
WHEREAS, the second paragraph under "2. Duties" on page 2 of the Agreement
has been revised; and
WHEREAS, in order to reflect a change in sub-adviser, the names of the
Funds have been changed; and
WHEREAS, the advisory fees for the JNL/Curian The XxxXX Xxxxxx 0 Xxxx,
XXX/Xxxxxx The DowSM Target 10 Fund, JNL/Curian The S&P(R) Target 10 Fund,
JNL/Curian Global Target 15 Fund, JNL/Curian Target 25 Fund, JNL/Curian Target
Small-Cap Fund, JNL/Curian Technology Sector Fund, JNL/Curian
Pharmaceutical/Healthcare Sector Fund, JNL/Curian Financial Sector Fund,
JNL/Curian Energy Sector Fund, JNL/Curian Consumer Brands Sector Fund,
JNL/Curian Communications Sector Fund will be amended; and
NOW THEREFORE, in consideration of the mutual covenants contained herein
and for other good and valuable consideration, the Fund and the Adviser agree as
follows:
1. The second paragraph under "2. Duties" on page 2 of the Agreement is
hereby deleted and replaced in its entirety with the following:
The Adviser may delegate certain of its duties under this Agreement with
respect to a Fund to a sub-adviser or sub-advisers, subject to the approval of
the Managers, by entering into sub-advisory agreements (the "Sub-Advisory
Agreements") with one or more sub-advisers. The Adviser is solely responsible
for payment of any fees or other charges arising from such delegation and the
Fund shall have no liability therefore. The Fund may enter into Sub-Advisory
Agreements or amend Sub-Advisory Agreements without the approval of the
shareholders of the affected Funds, to the extent such approval is not required
pursuant to an applicable exemption under the Act or otherwise.
2. The names of the Funds are as follows:
JNL/Curian The XxxXX Xxxxxx 0 Xxxx
XXX/Xxxxxx The DowSM Target 10 Fund
JNL/Curian The S&P(R) Target 10 Fund
JNL/Curian Global Target 15 Fund
JNL/Curian Target 25 Fund
JNL/Curian Target Small-Cap Fund
JNL/Curian Technology Sector Fund
JNL/Curian Pharmaceutical/Healthcare Sector Fund
JNL/Curian Financial Sector Fund
JNL/Curian Energy Sector Fund
JNL/Curian Consumer Brands Xxxxxx Xxxx
XXX/Xxxxxx Xxxxxxxxxxxxxx Xxxxxx Xxxx
0. As compensation for services performed and the facilities and personnel
provided by the Adviser under the Agreement, the Fund will pay to the Adviser,
promptly after the end of each month for the services rendered by the Adviser
during the preceding month, the sum of the following amounts:
------------------------------------------------------------------- ---------------------------- ---------------
JNL/Curian The DowSM Target 5 Fund All Assets .43%
------------------------------------------------------------------- ---------------------------- ---------------
------------------------------------------------------------------- ---------------------------- ---------------
JNL/Curian The DowSM Target 10 Fund All Assets .43%
------------------------------------------------------------------- ---------------------------- ---------------
------------------------------------------------------------------- ---------------------------- ---------------
JNL/Curian The S&P(R)Target 10 Fund All Assets .43%
------------------------------------------------------------------- ---------------------------- ---------------
------------------------------------------------------------------- ---------------------------- ---------------
JNL/Curian Global Target 15 Fund All Assets .43%
------------------------------------------------------------------- ---------------------------- ---------------
------------------------------------------------------------------- ---------------------------- ---------------
JNL/Curian Target 25 Fund All Assets .43%
------------------------------------------------------------------- ---------------------------- ---------------
------------------------------------------------------------------- ---------------------------- ---------------
JNL/Curian Target Small-Cap Fund All Assets . 43%
------------------------------------------------------------------- ---------------------------- ---------------
JNL/Curian Technology Sector Fund
$0 to $500 million .52%
$500 million to $1 billion .47%
Over $1 billion .42%
JNL/Curian Pharmaceutical/Healthcare Sector Fund
$0 to $500 million .52%
$500 million to $1 billion .47%
Over $1 billion .42%
JNL/Curian Financial Sector Fund
$0 to $500 million .52%
$500 million to $1 billion .47%
Over $1 billion .42%
JNL/Curian Energy Sector Fund
$0 to $500 million .52%
$500 million to $1 billion .47%
Over $1 billion .42%
JNL/Curian Consumer Brands Sector Fund
$0 to $500 million .52%
$500 million to $1 billion .47%
Over $1 billion .42%
JNL/Curian Communications Sector Fund
$0 to $500 million .52%
$500 million to $1 billion .47%
Over $1 billion .42%
4. The Fund and the Adviser agree to abide and be bound by all of the terms
and conditions set forth in the Agreement.
IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to
be executed by their duly authorized officers as of the 25th day of September,
2003.
JNL VARIABLE FUND LLC
By:
------------------------------------------------
Name: Xxxxxx X. Xxxxxx
----------------------------
Title: President
---------------------------------------------
XXXXXXX NATIONAL ASSET
MANAGEMENT, LLC
By:
------------------------------------------------
Name: Xxxx X. Xxxxx
----------------------------
Title: Chief Financial Officer
------------------------------------
