Ex. 99.28(d)(37)(iv)
Amendment
to Amended and Restated
Sub-Advisory Agreement Between
Jackson National Asset Management, LLC
and PPM America, Inc.
This Amendment is made by and between Jackson National Asset Management, LLC, a Michigan limited liability company and registered investment adviser (the “Adviser”), and PPM America, Inc., a Delaware corporation and registered investment adviser (the “Sub-Adviser”).
Whereas, the Adviser and Sub-Adviser (the “Parties”) entered into an Amended and Restated Sub-Advisory Agreement effective as of the 1st day of September, 2022, as amended (the “Agreement”), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain series (the “Funds”) of JNL Series Trust (the “Trust”), as listed on Schedule A of the Agreement, for the portion of each Fund’s assets allocated to the Sub-Adviser.
Whereas, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.
Whereas, the Board of Trustees of the Trust approved the JNL/PPM America Emerging Markets Debt Fund as a new fund of the Trust and approved the Sub-Adviser to provide sub-investment advisory services to the JNL/PPM America Emerging Markets Debt Fund, effective April 27, 2025.
Whereas, the Parties have agreed to amend the Agreement to add the JNL/PPM America Emerging Markets Debt Fund and its fees, effective April 27, 2026.
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 April 27, 2026, attached hereto. |
| 2) | Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated April 27, 2026, attached hereto. |
| 3) | Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms. |
| 4) | 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. |
| 5) | This Amendment may be executed in one or more counterparts, which together shall constitute one document. |
In Witness Whereof, the Parties have caused this Amendment to be executed, effective April 27, 2026.
| Jackson National Asset Management, LLC |
PPM America, Inc. | ||||
| By: | /s/ Emily J. Bennett | By: | /s/ Chris Raub | ||
| Name: | Emily J. Bennett | Name: | Chris Raub | ||
| Title: | VP and Deputy General Counsel | Title: | President and CEO | ||
-1-
Schedule A
Dated April 27, 2026
| Funds |
| JNL Multi-Manager Floating Rate Income Fund* |
| JNL/PPM America Emerging Markets Debt Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Investment Grade Credit Fund |
| JNL/PPM America Total Return Fund |
* For the portion of the Average Daily Net Assets managed by PPM America, Inc.
A-1
Schedule B
Dated April 27, 2026
(Compensation)
| JNL Multi-Manager Floating Rate Income Fund* | |
|
Average Daily Net Assets |
Annual Rate |
|
[FEES OMITTED] | |
* For the portion of the Average Daily Net Assets managed by PPM America, Inc.
| JNL/PPM America Emerging Markets Debt Fund | |
|
Average Daily Net Assets |
Annual Rate |
|
$0 to $500 million |
0.38% |
|
Amounts over $500 million |
0.33% |
| JNL/PPM America High Yield Bond Fund | |
|
Average Daily Net Assets |
Annual Rate |
|
$0 to $150 million |
0.25% |
|
$150 million to $500 million |
0.225% |
|
Amounts over $500 million |
0.19% |
| JNL/PPM America Investment Grade Credit Fund | |
|
Average Daily Net Assets |
Annual Rate |
|
$0 to $150 million |
0.20% |
|
$150 million to $300 million |
0.175% |
|
Amounts over $300 million |
0.15% |
| JNL/PPM America Total Return Fund | |
|
Average Daily Net Assets |
Annual Rate |
|
$0 to $150 million |
0.20% |
|
$150 million to $300 million |
0.175% |
|
Amounts over $300 million |
0.15% |
B-2