EX-99.d.11
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 ("Agreement"), whereby
Adviser appointed Sub-Adviser to provide certain sub-investment advisory
services to the JNL Variable Fund LLC, JNL Variable Fund III LLC, JNL Variable
Fund V LLC, and JNLNY Variable Fund I LLC (the "Funds");
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, in order to reflect that the JNL/Mellon Capital Management The
DowSM 5 Fund has been merged into the JNL/Mellon Capital Management The DowSM 10
Fund, Schedule A and Schedule B 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 May 3, 2004, attached hereto.
2. Schedule B to the Agreement is hereby deleted and replaced in its
entirety with Schedule B dated May 3, 2004, attached hereto.
IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this
Amendment to be executed as of this 3rd day of May, 2004.
XXXXXXX NATIONAL ASSET MELLON CAPITAL MANAGEMENT
MANAGEMENT, LLC CORPORATION
By: By:
---------------------- ----------------------------------------
Name: XXXXXX X. XXXXXXX Name:
-------------------- -------------------------------------
Title: PRESIDENT Title:
------------------- -----------------------------------
SCHEDULE A
Dated: May 3, 2004
(Funds)
JNL VARIABLE FUND LLC
JNL/Mellon Capital Management The DowSM 10 Fund
JNL/Mellon Capital Management The S&P(R) 10 Fund
JNL/Mellon Capital Management Global 15 Fund
JNL/Mellon Capital Management 25 Fund
JNL/Mellon Capital Management Select Small-Cap Fund
JNL/Mellon Capital Management Communications Sector Fund
JNL/Mellon Capital Management Consumer Brands Sector Fund
JNL/Mellon Capital Management Energy Sector Fund
JNL/Mellon Capital Management Financial Sector Fund
JNL/Mellon Capital Management Pharmaceutical/Healthcare Sector Fund
JNL/Mellon Capital Management Technology Sector Fund
JNL VARIABLE FUND III LLC
JNL/Mellon Capital Management The DowSM 10 Fund
JNL VARIABLE FUND V LLC
JNL/Mellon Capital Management The XxxXX 00 Xxxx
XXXXX VARIABLE FUND I LLC
JNL/Mellon Capital Management The DowSM 10 Fund
JNL/Mellon Capital Management The S&P(R) 10 Fund
JNL/Mellon Capital Management Global 15 Fund
JNL/Mellon Capital Management 25 Fund
JNL/Mellon Capital Management Select Small-Cap Fund
SCHEDULE B
Dated: May 3, 2004
(Compensation)
JNL VARIABLE FUND LLC
JNL/MELLON CAPITAL MANAGEMENT THE DOWSM 10 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT THE S&P(R) 10 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT GLOBAL 15 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT 25 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT SELECT SMALL CAP FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT COMMUNICATIONS SECTOR FUND
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT CONSUMER BRANDS SECTOR FUND
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT ENERGY SECTOR FUND
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT FINANCIAL SECTOR FUND
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT PHARMACEUTICAL/HEALTHCARE SECTOR FUND
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT TECHNOLOGY SECTOR FUND
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL VARIABLE FUND III LLC
JNL/MELLON CAPITAL MANAGEMENT THE DOWSM 10 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL VARIABLE FUND V LLC
JNL/MELLON CAPITAL MANAGEMENT THE DOWSM 10 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNLNY VARIABLE FUND I LLC
JNL/MELLON CAPITAL MANAGEMENT THE DOWSM 10 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT THE S&P(R) 10 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT GLOBAL 15 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT 25 FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
JNL/MELLON CAPITAL MANAGEMENT SELECT SMALL CAP FUND
ASSETS ANNUAL RATE
------ -----------
First $50 million 0.12%
Next $50 million 0.06%
Over $100 million 0.03%
SCHEDULE C
Dated: May 3, 2004
INVESTMENT OBJECTIVES
JNL/MELLON CAPITAL MANAGEMENT THE DOWSM 10 FUND
The investment objective of the JNL/Mellon Capital Management The DowSM 10 Fund
is total return through a combination of capital appreciation and dividend
income.
JNL/MELLON CAPITAL MANAGEMENT THE S&P(R) 10 FUND
The investment objective of the JNL/Mellon Capital Management The S&P(R) 10 Fund
is total return through a combination of capital appreciation and dividend
income.
JNL/MELLON CAPITAL MANAGEMENT GLOBAL 15 FUND
The investment objective of the JNL/Mellon Capital Management Global 15 Fund is
total return through a combination of capital appreciation and dividend income.
JNL/MELLON CAPITAL MANAGEMENT 25 FUND
The investment objective of the JNL/Mellon Capital Management 25 Fund is total
return through a combination of capital appreciation and dividend income.
JNL/MELLON CAPITAL MANAGEMENT SELECT SMALL-CAP FUND
The investment objective of the JNL/Mellon Capital Management Small-Cap Fund is
total return through capital appreciation.
JNL/MELLON CAPITAL MANAGEMENT COMMUNICATIONS SECTOR FUND
The objective of the JNL/Mellon Capital Management Communications Sector Fund is
total return through capital appreciation and dividend income.
JNL/MELLON CAPITAL MANAGEMENT CONSUMER BRANDS SECTOR FUND
The objective of the JNL/Mellon Capital Management Consumer Brands Sector Fund
is total return through capital appreciation and dividend income.
JNL/MELLON CAPITAL MANAGEMENT ENERGY SECTOR FUND
The objective of the JNL/Mellon Capital Management Energy Sector Fund is total
return through capital appreciation and dividend income.
JNL/MELLON CAPITAL MANAGEMENT FINANCIAL SECTOR FUND
The objective of the JNL/Mellon Capital Management Financial Sector Fund is
total return through capital appreciation and dividend income.
JNL/MELLON CAPITAL MANAGEMENT PHARMACEUTICAL/HEALTHCARE SECTOR FUND
The objective of the JNL/Mellon Capital Management Pharmaceutical/Healthcare
Sector Fund is total return through capital appreciation and dividend income.
JNL/MELLON CAPITAL MANAGEMENT TECHNOLOGY SECTOR FUND
The objective of the JNL/Mellon Capital Management Technology Sector Fund is
total return through capital appreciation and dividend income.
