FIRST AMENDMENT TO THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT BETWEEN PPM FUNDS AND PPM AMERICA, INC.
Ex. 28.99(d)(1)(ii)
FIRST AMENDMENT TO
THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
BETWEEN PPM FUNDS AND
PPM AMERICA, INC.
This Amendment is made as of September 18, 2019 (the “Effective Date”) and amends Schedules A and B to the Investment Advisory and Management Agreement dated February 15, 2018 (the “Agreement”) between PPM Funds, a
Massachusetts business trust (the “Trust”) and PPM America, Inc. (the “Adviser”) (together, the “Parties”). All terms not otherwise defined herein shall have the same meanings ascribed in the Agreement.
Whereas, the Trust is registered under the Investment Company
Act of 1940, as amended (“1940 Act”), as an open-end management investment company and has established several separate series of shares (each, a “Fund”), with each Fund having its own assets and investment policies;
Whereas, the Board of Trustees of the Trust has approved the liquidation and termination of the following Funds
(the “Liquidated Funds”), effective September 18, 2019 (collectively, the “Fund Liquidations”):
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1)
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PPM Credit Fund; and
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2)
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PPM Strategic Income Fund.
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Whereas, pursuant to the Board approval of the Fund Liquidations, as outlined above, the
Parties have agreed to amend the Agreement, effective September 18, 2019, to update Schedule A and Schedule B, as applicable, to remove the Liquidated Funds and their respective advisory fees.
Now Therefore, in consideration of the mutual
covenants herein contained, the Parties hereby agree to amend the Agreement as follows:
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1.
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Schedule A to the Agreement is hereby deleted and replaced in its entirety with the Amended and Restated Schedule A dated September 18, 2019, attached hereto.
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2.
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Schedule B to the Agreement is hereby deleted and replaced in its entirety with the Amended and Restated Schedule B dated September 18, 2019, attached hereto.
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3.
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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.
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4.
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This Amendment may be executed in one or more counterparts, which together shall constitute one document.
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In Witness Whereof,
the parties hereto have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective seals to be hereunto affixed, as of the day and year first above written.
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By:
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/s/ Xxxx X. Xxxxxxx
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Name:
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Xxxx X. Xxxxxxx
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Title:
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Assistant Secretary
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PPM America, Inc.
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By:
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/s/ Xxxx Xxxxxxx
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Name:
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Xxxx Xxxxxxx
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Title:
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President and Chief Executive Officer
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Amended and Restated
Schedule A
(List of Funds)
Effective September 18, 2019
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Funds
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PPM Core Plus Fixed Income Fund
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PPM Floating Rate Income Fund
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PPM High Yield Core Fund
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PPM Long Short Credit Fund
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PPM Large Cap Value Fund
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PPM Mid Cap Value Fund
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PPM Small Cap Value Fund
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Amended and Restated
Schedule B
(Compensation)
Effective September 18, 2019
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Fund
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Advisory Fee
(Annual Rate Based on Average
Net Assets of each Fund)
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PPM Core Plus Fixed Income Fund
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.40%
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PPM Floating Rate Income Fund
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.55%
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PPM High Yield Core Fund
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.55%
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PPM Long Short Credit Fund
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.50%
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PPM Large Cap Value Fund
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.60%
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PPM Mid Cap Value Fund
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.70%
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PPM Small Cap Value Fund
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.80%
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