Investment Sub-Advisory Agreement Between Jackson National Asset Management, LLC and J.P. Morgan Investment Management Inc.
EX. 99.28(d)(33)(xv)
Amendment
to Amended and Restated
Investment Sub-Advisory Agreement Between
Xxxxxxx National Asset Management, LLC
and X.X. Xxxxxx Investment Management Inc.
This Amendment is made by and between Xxxxxxx National Asset Management, LLC, a Michigan limited liability company and registered investment adviser (the “Adviser”), and X.X. Xxxxxx Investment Management Inc., a Delaware corporation and registered investment adviser (the “Sub-Adviser”).
Whereas, the Adviser and the Sub-Adviser (the “Parties”) entered into an Amended and Restated Investment Sub-Advisory Agreement, effective as of the 1st day of December, 2012, as amended (the “Agreement”), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain investment portfolios (each, a “Fund”) of JNL Series Trust (the “Trust”), as listed on Schedule A to the Agreement.
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, the Board of Trustees of the Trust approved sub-advisory fee changes for the JNL/JPMorgan MidCap Growth Fund and the JNL/JPMorgan U.S. Government & Quality Bond Fund, effective September 1, 2021.
Whereas, the Parties have agreed to amend the sub-advisory fees, as set forth on Schedule B to the Agreement, to reflect fee reductions for the above-referenced Fund, effective September 1, 2021.
Now Therefore, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:
| 1) | Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated September 1, 2021, attached hereto. |
| 2) | Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms. |
| 3) | 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. |
| 4) | 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 September 1, 2021.
| Xxxxxxx National Asset Management, LLC | X.X. Xxxxxx Investment Management Inc. | |||
| By: | /s/ Xxxxx X. Xxxxxxx | By: | /s/ Xxx Brands | |
| Name: | Xxxxx X. Xxxxxxx | Name: | Xxx Brands | |
| Title: | AVP, Associate General Counsel | Title: | Vice President | |
Schedule B
Dated September 1, 2021
(Compensation)
|
JNL/JPMorgan Global Allocation Fund
|
|
|
Average Daily Net Assets
|
Annual Rate*1
|
|
$0 to $1 Billion
|
0.390%2 |
|
$1 to $1.5 Billion
|
0.365%2 |
|
Amounts over $1.5 Billion
|
0.33%2 |
* The annual rates stated above will be reduced by the Acquired Fund Fees and Expenses (“AFFE”) attributable to the JNL/JPMorgan Global Allocation Fund’s investment in funds managed by the Sub-Adviser (each an “Underlying Fund”). The AFFE for each Underlying Fund is the “Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements” disclosed in the current prospectus for each Underlying Fund.
|
JNL/JPMorgan Hedged Equity Fund
|
|
|
Average Daily Net Assets
|
Annual Rate1
|
|
$0 to $100 Million
|
0.33%2 |
|
Amounts over $100 Million
|
0.22%2 |
|
JNL/JPMorgan MidCap Growth Fund
|
|
|
Average Daily Net Assets
|
Annual Rate
|
|
$0 to $100 Million
|
0.40% |
|
$100 Million to $1 Billion
|
0.36% |
|
Amounts over $1 Billion
|
0.35% |
|
JNL/JPMorgan U.S. Government & Quality Bond Fund
|
|
|
Average Daily Net Assets
|
Annual Rate
|
|
$0 to $75 Million
|
0.17% |
|
$75 Million to $150 Million
|
0.15% |
|
$150 Million to $250 Million
|
0.12% |
|
Amounts over $250 Million
|
0.10% |
|
JNL/JPMorgan U.S. Value Fund
|
|
|
Average Daily Net Assets
|
Annual Rate1
|
|
$0 to $200 Million
|
0.295%2 |
|
$200 Million to $300 Million
|
0.220%2 |
|
Amounts over $300 Million
|
0.175%2 |
1 Effective as of April 26, 2021, a fee discount is offered for the JNL/JPMorgan Global Allocation Fund, the JNL/JPMorgan Hedged Equity Fund, and the JNL/JPMorgan U.S. Value Fund, each a Fund of the Trust, as provided in the Sub-Adviser’s Relationship Pricing Arrangement with Xxxxxxx National Asset Management, LLC dated February 25, 2020 (the “Discount Agreement”). The Sub-Adviser provides sub-investment advisory services for other Funds of the Trust that are not eligible for the fee discount.
2 The sub-advisory fee discounts shall be calculated pursuant to the Discount Agreement.
B-1
