Ex-99.23(e)(19)
AMENDED AND RESTATED DISTRIBUTION AGREEMENT
This Agreement is amended on the 16th day of January, 2007, by and between JNL
Series Trust (the "Trust") and Xxxxxxx National Life Distributors, LLC ("JNLD").
WHEREAS, the Trust is an open-end, management investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Trust is authorized to issue shares of beneficial interest
("Shares") in separate funds (the "Funds") with each such Fund representing
interests in a separate portfolio of securities and other assets; and
WHEREAS, the Trust has adopted a Multiple Class Plan pursuant to Rule 18f-3
under the 1940 Act, whereby a Fund may issue one or more classes of shares; and
WHEREAS, pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted an
Distribution Plan (the "Distribution Plan"), under which, subject to and in
accordance with the terms thereof, the Trust may use assets of Class A Shares of
the Funds to reimburse certain distribution and related service expenses that
are primarily intended to result in the sale of such Class A Shares of the
Funds; and
WHEREAS, in furtherance of the purposes of the Distribution Plan, the Trust
wishes to enter into a distribution agreement with JNLD with respect to the
Funds listed on Schedule A (attached hereto), which may from time to time be
amended; and
WHEREAS, the Trust is required pursuant to section 352 of the USA PATRIOT ACT
and regulations of the Department of Treasury thereunder to develop and
implement an anti-money laundering compliance program ("AML Program") reasonably
designed to prevent the Trust being used to launder money or finance terrorist
activities, including achieving and monitoring compliance with the applicable
requirements of the Bank Secrecy Act, as amended, and implementing regulations
of the Department of Treasury; and
WHEREAS, the Trust has no employees and does not itself conduct any operations
relating to transactions with shareholders that could be the subject of an AML
Program, and conducts such operations solely through its affiliated principal
underwriter, JNLD; and
WHEREAS, JNLD is itself subject to the requirement under section 352 of the USA
PATRIOT ACT to develop and implement an AML Program, and JNLD has provided
copies of its written policy to the Trust; and
WHEREAS, JNLD wishes to render the services hereunder to the Trust;
NOW THEREFORE, in consideration of the mutual promises and covenants hereinafter
set forth, the parties hereto agree as follows:
1. APPOINTMENT AND ACCEPTANCE. The Trust hereby appoints JNLD as distributor of
the Shares of the Funds set forth on Schedule A on the terms and for the period
set forth in this Agreement, and JNLD hereby accepts such appointment and agrees
to render the services and undertake the duties set forth herein.
2. GENERAL PROVISIONS.
(a) In performing its duties as distributor, JNLD will act in conformity
with the registration statement of the Trust on Form N-1A (the
"Registration Statement"), as amended from time to time and with any
instructions received from the Board of Trustees of the Trust (the
"Board of Trustees"), the requirements of the Securities Act of 1933,
as amended (the "Securities Act"), the Securities Exchange Act of
1934, as amended (the "Exchange Act"), the 1940 Act, and all other
applicable federal and state laws and regulations.
(b) JNLD holds itself available to receive orders for the purchase or
redemption of Shares and will accept or reject orders to purchase or
redeem such Shares on behalf of the Trust in accordance with the
provisions of the Registration Statement, and will transmit such
orders as are so accepted to the Trust's transfer agent promptly for
processing.
(c) JNLD shall not be obligated to sell any certain number of Shares.
Except as provided in this Agreement, no commission or other fee will
be paid to JNLD in connection with the sale of Shares.
3. JNLD EXPENSES. During the term of this Agreement, JNLD will bear all its
expenses incurred in complying with this Agreement including the following
expenses:
(a) costs of sales presentations, preparation and delivery of advertising
and sales literature, and any other marketing efforts by JNLD in
connection with the distribution or sale of Shares; and
(b) any compensation paid to employees of JNLD in connection with the
distribution or sale of the Shares.
Notwithstanding anything in this Agreement to the contrary, JNLD may
be reimbursed for expenses or may pay for expenses incurred under this
Agreement to the extent permitted by the terms of the Distribution
Plan.
4. TRUST EXPENSES. Pursuant to an Administration Agreement, the Adviser shall
bear all of the Trust expenses including, but not limited to:
(a) preparation and setting in type, printing and distributing reports and
other communications, proxies, prospectuses and statements of
additional information to existing shareholders;
(b) registration of the Trust's Shares with the Securities and Exchange
Commission.
5. SALE OF SHARES BY DISTRIBUTOR.
(a) JNLD agrees that (i) all Shares sold by JNLD pursuant to this
Agreement shall be sold at the net asset value as described in the
Registration Statement and (ii) the Trust shall receive 100% of such
net asset value.
(b) All orders received by JNLD and transmitted to the Trust shall be
subject to acceptance and confirmation by the Trust.
6. DISTRIBUTION PLAN.
(a) As used herein, the term "12b-1 Fee" refers to a charge against Fund
Class A Share assets, as authorized under the Distribution Plan, to
finance distribution and related services of Class A Shares, as
described in the Distribution Plan.
(b) In accordance with the terms of the Distribution Plan, JNLD shall
provide distribution and related services of the types contemplated
under the Distribution Plan and reviewed from time to time by the
Board of Trustees with respect to the Class A Shares of the Funds
shown on Schedule A hereto, and may arrange for and compensate others
for providing or assisting in providing such services, as described in
the Distribution Plan. The Trust, on behalf of each Fund that is
subject to the 12b-1 Fee as shown on Schedule A, shall reimburse the
Distributor for distribution and related service expenses incurred in
promoting the sale of the Fund's Class A Shares at a rate of up to the
12b-1 Fee rate per annum of the average daily net assets attributable
to the Class A Shares shown on Schedule A hereto. Each Fund's Class A
Shares shall bear exclusively its own costs of such reimbursements.
Such distribution and related service expenses shall be calculated and
accrued daily and paid within forty-five (45) days of the end of each
fiscal quarter of the Fund. In no event shall such payments exceed
JNLD's actual distribution and related service expenses for that
quarter.
7. RESERVATION OF RIGHT NOT TO SELL. The Trust reserves the right to refuse at
any time or times to sell any of its Shares for any reason deemed adequate by
it.
8. CONSTRUCTION OF AGREEMENT.
(a) No provision of this Agreement is intended to or shall be construed as
protecting JNLD against any liability to the Trust or to the Trust's
security holders to which JNLD would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in the performance
of its duties under this Agreement.
(b) Terms or words used in the Agreement, which also occur in the
Declaration of Trust or Bylaws of the Trust, shall have the same
meaning herein as given to such terms or words in the Declaration of
Trust or Bylaws of the Trust.
9. EFFECTIVE DATE AND TERMINATION OF THIS AGREEMENT. This Agreement shall become
effective at the date and time that the Trust's Post-Effective Amendment to its
Registration Statement, reflecting the underwriting arrangements provided by
this Agreement, shall become effective under the Securities Act, and shall,
unless terminated as provided herein, continue in force for two years from that
date, and from year to year thereafter, provided that such continuance for each
successive year is specifically approved in advance at least annually by either
the Board of Trustees or by the vote of a majority (as defined in the 0000 Xxx)
of the outstanding voting securities of the applicable Funds of the Trust and,
in either event, by the vote of a majority of the Trustees of the Trust who are
not parties to this Agreement or interested persons of any such party, cast in
person at a meeting called for the purpose of voting upon such approval. As used
in the preceding sentence, the words "interested persons" shall have the meaning
set forth in Section 2(a)(19) of the 1940 Act.
This Agreement may be terminated at any time without the payment of any penalty
by the Trust by giving JNLD at least thirty (30) days' previous written notice
of such intention to terminate. This Agreement may be terminated by JNLD at any
time by giving the Trust at least thirty (30) days' previous written notice of
such intention to terminate.
This Agreement shall terminate automatically in the event of its assignment. As
used in the preceding sentence, the word "assignment" shall have the meaning set
forth in Section 2(a)(4) of the 1940 Act.
10. NOTICES. Notices of any kind to be given to JNLD by the Trust shall be in
writing and shall be duly given if mailed, first class postage prepaid, or
delivered to Xxx Xxxxxxxxx Xxx, Xxxxxxx, Xxxxxxxx 00000, or at such other
address or to such individual as shall be specified by JNLD to the Trust.
Notices of any kind to be given to the Trust shall be in writing and shall be
duly given if mailed, first class postage prepaid, or delivered to Xxx Xxxxxxxxx
Xxx, Xxxxxxx, Xxxxxxxx 00000 or at such other address or to such individual as
shall be specified by the Trust.
11. NON-EXCLUSIVITY. The services of JNLD to the Trust under this Agreement are
not to be deemed exclusive, and JNLD shall be free to render similar services or
other services to others so long as its services hereunder are not impaired
thereby.
12. REPORTS. JNLD shall prepare reports for the Board of Trustees on a quarterly
basis showing such information as shall be reasonably requested by the Board of
Trustees from time to time.
13. INDEPENDENT CONTRACTOR. JNLD shall for all purposes herein provided be
deemed to be an independent contractor and, unless otherwise expressly provided
or authorized, shall have no authority to act for or represent the Trust in any
way other than as specifically set forth herein. It is understood and agreed
that JNLD, by separate agreement with the Trust, may also serve the Trust in
other capacities.
14. COUNTERPARTS. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original.
15. GOVERNING LAW. This Agreement shall be governed by the laws of Michigan,
provided that nothing herein shall be construed in a manner inconsistent with
the 1940 Act, the Exchange Act, the Securities Act, or any rule or order of the
Securities and Exchange Commission or any national or regional self-regulatory
organization, such as the National Association of Securities Dealers.
16. SEVERABILITY. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby and, to this extent, the provisions of
this Agreement shall be deemed to be severable.
17. JNLD agrees to implement and operate an AML Program on behalf of the Trust
(the "Trust AML Program") as such Program pertains to shareholder transactions
effected through services provided by JNLD. JNLD agrees that the Trust AML
Program will be reasonably designed to prevent the Trust from being used for
money laundering or the financing of terrorist activities and to achieve and
monitor compliance with the applicable requirements of the Bank Secrecy Act (31
U.S.C. xx.xx. 5311 et seq.) and the implementing regulations thereunder.
18. JNLD agrees to maintain and preserve reasonable records pertaining to the
implementation and operation of the Trust AML Program. JNLD consents, upon
reasonable notice, (a) to make information and records regarding the operation
of the Trust AML Program available to the Securities and Exchange Commission
(the "SEC") for review and (b) to make the Trust AML Program available for
inspection by the SEC.
19. However, the addition or deletion of a fund reflecting changes that have
been formally approved by resolution by the Board of Trustees will not require
approval by the Board of Trustees.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.
JNL SERIES TRUST
By: --------------------------------------------
Name: Xxxx X. Xxxxx Title:
President and Chief Executive Officer
ATTEST:
By: --------------------------------------------
XXXXXXX NATIONAL LIFE DISTRIBUTORS, LLC
By: --------------------------------------------
Name:-------------------------------------------
Title:------------------------------------------
ATTEST:
By:---------------------------------------------
A-4
SCHEDULE A
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MAXIMUM
FUND CLASS 12b-1 FEE(1)
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Class A 0.20%
JNL/AIM Large Cap Growth Fund
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Class B none
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JNL/AIM Real Estate Fund Class A 0.20%
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Class B none
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JNL/AIM Small Cap Growth Fund Class A 0.20%
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Class B none
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JNL/Xxxxx Growth Fund Class A 0.20%
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Class B none
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JNL/Credit Suisse Global Natural Resources Fund Class A 0.20%
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Class B None
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JNL/Credit Suisse Long/Short Fund Class A 0.20%
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Class B none
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JNL/Eagle Core Equity Fund Class A 0.20%
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Class B none
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JNL/Eagle SmallCap Equity Fund Class A 0.20%
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Class B none
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JNL/FMR Balanced Fund Class A 0.20%
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Class B none
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JNL/FMR Mid-Cap Equity Fund Class A 0.20%
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Class B none
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JNL/Franklin Xxxxxxxxx Founding Strategy Fund Class A none
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JNL/Franklin Xxxxxxxxx Global Growth Fund Class A 0.20%
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Class B none
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JNL/Franklin Xxxxxxxxx Income Fund Class A 0.20%
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Class B none
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JNL/Franklin Xxxxxxxxx Mutual Shares Fund Class A 0.20%
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Class B none
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JNL/Franklin Xxxxxxxxx Small Cap Value Fund Class A 0.20%
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Class B none
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JNL/Xxxxxxx Sachs Mid Cap Value Fund Class A 0.20%
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Class B none
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JNL/Xxxxxxx Xxxxx Short Duration Bond Fund Class A 0.20%
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Class B none
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JNL/JPMorgan International Equity Fund Class A 0.20%
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Class B none
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JNL/JPMorgan International Value Fund Class A 0.20%
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Class B none
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JNL/Lazard Emerging Markets Fund Class A 0.20%
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Class B none
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JNL/Lazard Mid Cap Value Fund Class A 0.20%
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Class B none
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JNL/Lazard Small Cap Value Fund Class A 0.20%
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Class B none
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JNL/Mellon Capital Management S&P 500 Index Fund Class A 0.20%
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Class B none
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JNL/Mellon Capital Management S&P 400 MidCap Index Fund Class A 0.20%
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Class B none
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JNL/Mellon Capital Management Small Cap Index Fund Class A 0.20%
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Class B none
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JNL/Mellon Capital Management International Index Fund Class A 0.20%
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Class B none
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JNL/Mellon Capital Management Bond Index Fund Class A 0.20%
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Class B none
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JNL/Mellon Capital Management Enhanced S&P 500 Stock Index Fund Class A 0.20%
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Class B none
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JNL/Xxxxxxxxxxx Global Growth Fund Class A 0.20%
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Class B none
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JNL/Xxxxxxxxxxx Growth Fund Class A 0.20%
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Class B none
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JNL/PIMCO Real Return Fund Class A 0.20%
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Class B none
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JNL/PIMCO Total Return Bond Fund Class A 0.20%
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Class B none
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JNL/PPM America Value Equity Fund Class A 0.20%
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Class B none
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JNL/Xxxxxx Equity Fund Class A 0.20%
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Class B none
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Class A 0.20%
JNL/Xxxxxx Midcap Growth Fund
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Class B none
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Class A 0.20%
JNL/Western Asset High Yield Bond Fund
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Class B none
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JNL/Western Asset Strategic Bond Fund Class A 0.20%
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Class B None
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Class A 0.20%
JNL/Western Asset U.S. Government & Quality Bond Fund
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Class B none
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JNL/Select Balanced Fund Class A 0.20%
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Class B none
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JNL/Select Large Cap Growth Fund Class A 0.20%
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Class B none
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JNL/Select Global Growth Fund Class A 0.20%
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Class B none
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JNL/Select Money Market Fund Class A 0.20%
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Class B none
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JNL/Select Value Fund Class A 0.20%
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Class B none
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JNL/X. Xxxx Price Established Growth Fund Class A 0.20%
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Class B none
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JNL/X. Xxxx Price Mid-Cap Growth Fund Class A 0.20%
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Class B none
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JNL/X. Xxxx Price Value Fund Class A 0.20%
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Class B none
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JNL/S&P Managed Growth Fund none
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JNL/S&P Managed Conservative Fund none
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none
JNL/S&P Managed Moderate Growth Fund
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none
JNL/S&P Managed Moderate Fund
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JNL/S&P Managed Aggressive Growth Fund none
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JNL/S&P Retirement Income Fund none
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JNL/S&P Retirement 2015 Fund none
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JNL/S&P Retirement 2020 Fund none
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JNL/S&P Retirement 2025 Fund none
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JNL/S&P Moderate Retirement Strategy Fund 0.20%
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JNL/S&P Moderate Growth Retirement Strategy Fund 0.20%
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JNL/S&P Growth Retirement Strategy Fund 0.20%
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JNL/S&P Disciplined Moderate Fund none
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JNL/S&P Disciplined Moderate Growth Fund none
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none
JNL/S&P Disciplined Growth Fund
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(1) As a percentage of the average daily net assets attributable to the
specified class of shares.
