EX-99.23(h)(8)
EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT, dated as of __________, 2007, is made and entered into by and
between JNL Investors Series Trust, a Massachusetts business trust (the
"Trust"), on behalf of the investment series set forth on Schedule A attached
hereto (the "Fund"), and Xxxxxxx National Asset Management, LLC (the "Adviser").
WHEREAS, the Adviser has been appointed the investment adviser of the Fund
pursuant to an Investment Advisory Agreement between the Trust, on behalf of the
Fund, and the Adviser (the "Advisory Agreement"); and
WHEREAS, the Trust and the Adviser desire to enter into the arrangements
described herein relating to certain expenses of the Fund;
NOW, THEREFORE, the Trust and the Adviser hereby agree as follows:
1. The Adviser agrees, subject to Section 2 hereof, to reduce the fees payable
to it and/or reimburse other expenses of the Fund, during the 12-month
period ending October 31, 2008, to the extent necessary to limit the total
operating expenses of each class of shares of the Fund, exclusive of
brokerage costs, interest, taxes and dividend and extraordinary expenses,
to an annual rate (as a percentage of the average daily net assets of the
Fund) equal to or less than the Maximum Operating Expense Limit for each
respective class of shares of the Fund, as set forth on Schedule A("Maximum
Operating Expense Limit"). Such waiver/and or reimbursement by the Adviser
shall be made monthly.
2. The Fund agrees to reimburse the Adviser in an amount equal to the full
amount of fees that, but for waivers and/or reimbursements pursuant to
Section 1 hereof, would have been payable by the Fund to the Adviser (the
"Deferred Fees"), or were reimbursed by the Adviser in excess of its
Adviser fee, subject to the limitations provided in this Section. Such
reimbursement by the Fund shall be made monthly, but only if the operating
expenses of the Fund (exclusive of brokerage costs, interest, taxes and
dividend and extraordinary expenses), without regard to such repayment, are
at an annual rate (as a percentage of the average daily net assets of the
Fund) equal to or less than the Maximum Operating Expense Limit for each
respective class of shares of the Fund, as set forth on Schedule A.
Furthermore, the amount of Deferred Fees reimbursed by the Fund in any
month shall be limited so that the sum of (a) the amount of such
reimbursement and (b) the other operating expenses of the Fund (exclusive
of brokerage costs, interest, taxes and dividend and extraordinary
expenses) do not exceed the Maximum Operating Expense Limit for each
respective class of shares of the Fund. The Adviser shall not be entitled
to reimbursement of any Deferred Fees for amounts waived or reimbursed
pursuant to paragraph 1 more than three years prior to the end of the
Fund's fiscal year during which the Adviser would otherwise have the right
to reimbursement pursuant to this paragraph 2.
3. A copy of the Agreement and Declaration of Trust establishing the Trust is
on file with the Secretary of The Commonwealth of Massachusetts, and notice
is hereby given that this Agreement is executed by the Trust on behalf of
the Fund by an officer of the Trust as an officer and not individually and
that the obligations of or arising out of this Agreement are not binding
upon any of the Trustees, officers or shareholders individually but are
binding only upon the assets and property belonging to the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.
JNL INVESTORS SERIES TRUST XXXXXXX NATIONAL ASSET MANAGEMENT, LLC
By: By:
Name: Name: Xxxx X. Xxxxx
Title: Title: President
SCHEDULE A
MAXIMUM OPERATING EXPENSE LIMITS
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NAME OF FUND EXPENSE CAP*
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December 15, 2006 through October 31, 2008:
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Xxxxxxx Perspective 5 Fund 1.20% for Class A shares
1.95% for Class C shares
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Xxxxxxx Perspective Index 5 Fund 1.20% for Class A shares
1.95% for Class C shares
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Xxxxxxx Perspective 10 x 10 Fund 0% for Class A shares
.75% for Class C shares
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Xxxxxxx Perspective Optimized 5 Fund 1.20% for Class A shares
1.95% for Class C shares
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Xxxxxxx Perspective Money Market Fund 0.85% for Class A shares
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Xxxxxxx Perspective VIP Fund 1.20% for Class A shares
1.95% for Class C shares
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Xxxxxxx Perspective S&P 4 Fund 1.30% for Class A shares
2.05% for Class C shares
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* Expressed as an annual percentage of the Fund's average daily net assets.
