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1 EX-99.B5-SUB-ADVI INVESTMENT SUB-ADVISORY AGREEMENT AGREEMENT made this 1st day of November, 1992, by and between JACKSON NATIONAL FINANCIAL SERVICES, INC., a Delaware corporation and registered investment adviser ("Adviser"), and PPM AMERICA, INC.,...Investment Sub-Advisory Agreement • February 28th, 1996 • Jackson National Capital Management Funds • Michigan