EX-99 2 subadvisory_amend.txt MELLON SUB-ADVISORY AMENDMENT EX-99.23(d)(13) AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT BETWEEN JACKSON NATIONAL ASSET MANAGEMENT, LLC AND MELLON CAPITAL MANAGEMENT CORPORATION This AMENDMENT is made by and between JACKSON 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 addition of new Funds, 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 October 4, 2004, attached hereto. 2. Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated October 4, 2004, attached hereto. IN WITNESS WHEREOF, the Adviser and the Sub-Adviser have caused this Amendment to be executed as of this 4th day of October, 2004. JACKSON NATIONAL ASSET MELLON CAPITAL MANAGEMENT MANAGEMENT, LLC CORPORATION By: By: ---------------------------------- -------------------------------- Name: ANDREW B. HOPPING Name: -------------------- ------------------------------ Title: PRESIDENT Title: ------------------------------- ----------------------------- SCHEDULE A Dated: October 4, 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 Nasdaq(R) 15 Fund JNL/Mellon Capital Management VIP Fund JNL/Mellon Capital Management Value Line(R) 25 Fund JNL/Mellon Capital Management JNL 5 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 DowSM 10 Fund JNLNY 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 JNL/Mellon Capital Management Nasdaq(R) 15 Fund JNL/Mellon Capital Management Value Line(R) 25 Fund SCHEDULE B Dated: October 4, 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 NASDAQ(R) 15 FUND ASSETS ANNUAL RATE ------ ----------- First $50 million 0.12% Next $50 million 0.06% Over $100 million 0.03% JNL/MELLON CAPITAL MANAGEMENT VIP FUND ASSETS ANNUAL RATE ------ ----------- First $50 million 0.12% Next $50 million 0.06% Over $100 million 0.03% JNL/MELLON CAPITAL MANAGEMENT VALUE LINE(R) 25 FUND ASSETS ANNUAL RATE ------ ----------- First $50 million 0.12% Next $50 million 0.06% Over $100 million 0.03% JNL/MELLON CAPITAL MANAGEMENT JNL 5 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% JNL/MELLON CAPITAL MANAGEMENT NASDAQ(R) 15 FUND ASSETS ANNUAL RATE ------ ----------- First $50 million 0.12% Next $50 million 0.06% Over $100 million 0.03% JNL/MELLON CAPITAL MANAGEMENT VALUE LINE(R) 25 FUND ASSETS ANNUAL RATE ------ ----------- First $50 million 0.12% Next $50 million 0.06% Over $100 million 0.03% SCHEDULE C Dated: October 4, 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 THE NASDAQ(R) 15 FUND The investment objective of the JNL/Mellon Capital Management Nasdaq(R) 15 Fund is total return. JNL/MELLON CAPITAL MANAGEMENT VIP FUND The investment objective of the JNL/Mellon Capital Management VIP Fund is total return. JNL/MELLON CAPITAL MANAGEMENT VALUE LINE(R) 25 FUND The investment objective of the JNL/Mellon Capital Management Value Line(R) 25 Fund is to provide capital appreciation. JNL/MELLON CAPITAL MANAGEMENT JNL 5 FUND The investment objective of the JNL/Mellon Capital Management JNL 5 Fund is total return through capital appreciation and dividend income. 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.