AMENDMENT NO. 23 TO THE INVESTMENT MANAGEMENT AGREEMENT
Exhibit (d)(1)(A)(xxiv)
AMENDMENT NO. 23
TO THE
INVESTMENT MANAGEMENT AGREEMENT
AMENDMENT NO. 23 dated July 12, 2018 (“Amendment No. 23”), to the Investment Management Agreement, dated as of May 1, 2011, as amended (“Agreement”), between EQ Advisors Trust, a Delaware statutory trust (the “Trust”), and AXA Equitable Funds Management Group, LLC, a limited liability company organized in the State of Delaware (“FMG LLC” or “Manager”).
WHEREAS, FMG LLC and the Trust desire to modify the fees paid with respect to the EQ/Xxxxxxxxxxx Global Portfolio.
NOW, THEREFORE, The Trust and FMG LLC agree to modify and amend the Agreement as follows:
| 1. | New Portfolios. Effective September 1, 2018, the EQ/American Century Mid Cap Value Portfolio, EQ/Fidelity Institutional AMSMLarge Cap Portfolio, EQ/Franklin Rising Dividends Portfolio, EQ/Franklin Strategic Income Portfolio, EQ/Xxxxxxx Xxxxx Mid Cap Value Portfolio, EQ/Invesco Global Real Estate Portfolio, EQ/Invesco International Growth Portfolio, EQ/Ivy Energy Portfolio, EQ/Ivy Mid Cap Growth Portfolio, EQ/Ivy Science & Technology Portfolio, EQ/Lazard Emerging Markets Equity Portfolio, EQ/MFS International Value Portfolio, EQ/MFS Technology Portfolio, EQ/MFS Utilities Series Portfolio, EQ/PIMCO Real Return Portfolio, EQ/PIMCO Total Return Portfolio and EQ/X. Xxxx Price Health Sciences Portfolio (the “New Portfolios”) are hereby added to the Agreement on the terms and conditions contained in the Agreement. |
| 2. | Duration of Agreement. |
| a. | With respect to the New Portfolios, the Agreement will continue in effect for two years after September 1, 2018 and may be continued thereafter pursuant to subsection (b) below. |
| b. | With respect to the New Portfolios, the Agreement shall continue in effect annually after the date specified in subsection (a) only so long as such continuance is specifically approved at least annually by a majority of the Trustees who are not a party to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended (“1940 Act”) (“Independent Trustees”), by a vote cast in person at a meeting called for the purpose of voting on such approval, and by either the Board of Trustees or a vote of a majority of the outstanding shares of the New Portfolios. The required shareholder approval of the Agreement or of any continuance of the Agreement shall be effective with respect to the New Portfolios if a majority of the outstanding voting securities of the series (as defined in Rule 18f-2(h) under the 0000 Xxx) vote to approve the Agreement or its continuance, notwithstanding that the Agreement or its continuance may not have been approved by majority of the outstanding voting securities of (a) any other Portfolio affected by the Agreement, or (b) all the Portfolios of the Trust. |
| 3. | Name Change. Effective October 1, 2018, the name of AXA/Mutual Large Cap Equity Managed Volatility Portfolio will be changed to EQ/ClearBridge Select Equity Managed Volatility Portfolio. |
| 4. | Appendix A: Appendix A to the Agreement, which sets forth the Portfolios of the Trust for which FMG LLC is appointed investment manager is hereby replaced in its entirety by Appendix A attached hereto; and |
| 5. | Appendix B: Appendix B to the Agreement, which sets forth the fees payable to FMG LLC with respect to each Portfolio is hereby replaced in its entirety by Appendix B attached hereto. |
Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 23 as of the date first above set forth.
| EQ ADVISORS TRUST | AXA EQUITABLE FUNDS MANAGEMENT GROUP, LLC | |||||||
| By: | /s/ Xxxxx Xxxxx |
By: | /s/ Xxxxxx Xxxx | |||||
| Xxxxx Xxxxx | Xxxxxx Xxxx | |||||||
| Chief Financial Officer and Treasurer | Director, Senior Vice President and Chief Operating Officer | |||||||
APPENDIX B
AMENDMENT NO. 23 TO
INVESTMENT MANAGEMENT AGREEMENT
The Trust shall pay the Manager, at the end of each calendar month, compensation computed daily at an annual rate equal to the following:
| (as a percentage of average daily net assets) | ||||||||||||
| Index Portfolios | First $2 Billion |
Next $4 Billion |
Thereafter | |||||||||
| 1290 VT Natural Resources |
0.500 | % | 0.450 | % | 0.425 | % | ||||||
| 1290 VT Real Estate |
0.500 | % | 0.450 | % | 0.425 | % | ||||||
| 1290 VT Socially Responsible |
0.500 | % | 0.450 | % | 0.425 | % | ||||||
| EQ/Common Stock Index |
0.350 | % | 0.300 | % | 0.275 | % | ||||||
| EQ/Core Bond Index |
0.350 | % | 0.300 | % | 0.275 | % | ||||||
| EQ/Equity 500 Index |
0.250 | % | 0.200 | % | 0.175 | % | ||||||
| EQ/Intermediate Government Bond |
0.350 | % | 0.300 | % | 0.275 | % | ||||||
| EQ/International Equity Index |
0.400 | % | 0.350 | % | 0.325 | % | ||||||
| EQ/Large Cap Growth Index |
0.350 | % | 0.300 | % | 0.275 | % | ||||||
| EQ/Large Cap Value Index |
0.350 | % | 0.300 | % | 0.275 | % | ||||||
| EQ/Mid Cap Index |
0.350 | % | 0.300 | % | 0.275 | % | ||||||
| EQ/Small Company Index |
0.250 | % | 0.200 | % | 0.175 | % | ||||||
|
|
||||||||||||
| (as a percentage of average daily net assets) | ||||||||||||
| ETF Portfolios | First $2 Billion |
Next $4 Billion |
Thereafter | |||||||||
| 1290 VT Energy |
0.500 | % | 0.450 | % | 0.425 | % | ||||||
| 1290 VT Low Volatility Global Equity |
0.500 | % | 0.450 | % | 0.425 | % | ||||||
| 1290 VT Multi-Alternative Strategies |
0.500 | % | 0.450 | % | 0.425 | % | ||||||
|
|
||||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Money Market Portfolio | First $750 Million |
Next $750 Million |
Next $1 Billion |
Next $2.5 Billion |
Thereafter | |||||||||||||||
| EQ/Money Market |
0.350 | % | 0.325 | % | 0.280 | % | 0.270 | % | 0.250 | % | ||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Equity Portfolios | First $1 Billion |
Next $1 Billion |
Next $3 Billion |
Next $5 Billion |
Thereafter | |||||||||||||||
| AXA/Franklin Small Cap Value Managed Volatility |
0.700 | % | 0.650 | % | 0.625 | % | 0.600 | % | 0.575 | % | ||||||||||
| 1290 VT DoubleLine Dynamic Allocation |
0.750 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| 1290 VT SmartBeta Equity |
0.700 | % | 0.650 | % | 0.625 | % | 0.600 | % | 0.575 | % | ||||||||||
| AXA Global Equity Managed Volatility |
0.750 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| AXA/AB Dynamic Growth |
0.750 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| AXA/AB Dynamic Moderate Growth |
0.750 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| AXA/AB Dynamic Aggressive Growth |
0.750 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| AXA/ClearBridge Large Cap Growth |
0.650 | % | 0.600 | % | 0.575 | % | 0.550 | % | 0.525 | % | ||||||||||
| AXA/Franklin Balanced Managed Volatility |
0.650 | % | 0.600 | % | 0.575 | % | 0.550 | % | 0.525 | % | ||||||||||
| AXA/Xxxxxxx Xxxxx Strategic Allocation |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| AXA/Invesco Strategic Allocation |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| AXA/Janus Enterprise |
0.700 | % | 0.650 | % | 0.625 | % | 0.600 | % | 0.575 | % | ||||||||||
| AXA/JPMorgan Strategic Allocation |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| AXA/Xxxx Xxxxx Strategic Allocation |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| EQ/ClearBridge Select Equity Managed Volatility (fka, AXA/Mutual Large Cap Equity Managed Volatility) |
0.700 | % | 0.650 | % | 0.625 | % | 0.600 | % | 0.575 | % | ||||||||||
| AXAXA/Templeton Global Equity Managed Volatility |
0.700 | % | 0.650 | % | 0.625 | % | 0.600 | % | 0.575 | % | ||||||||||
| EQ/BlackRock Basic Value Equity |
0.600 | % | 0.550 | % | 0.525 | % | 0.500 | % | 0.475 | % | ||||||||||
| EQ/Capital Guardian Research |
0.650 | % | 0.600 | % | 0.575 | % | 0.550 | % | 0.525 | % | ||||||||||
| EQ/Invesco Xxxxxxxx |
0.650 | % | 0.600 | % | 0.575 | % | 0.550 | % | 0.525 | % | ||||||||||
| EQ/JPMorgan Value Opportunities |
0.600 | % | 0.550 | % | 0.525 | % | 0.500 | % | 0.475 | % | ||||||||||
| EQ/Oppenheimer Global |
0.850 | % | 0.800 | % | 0.775 | % | 0.750 | % | 0.725 | % | ||||||||||
|
|
||||||||||||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Equity Portfolios | First $1 Billion |
Next $1 Billion |
Next $3 Billion |
Next $5 Billion |
Thereafter | |||||||||||||||
| EQ/American Century Mid Cap Value |
0.900 | % | 0.850 | % | 0.825 | % | 0.800 | % | 0.775 | % | ||||||||||
| EQ/Fidelity Institutional AMSMLarge Cap |
0.540 | % | 0.500 | % | 0.475 | % | 0.450 | % | 0.425 | % | ||||||||||
| EQ/Franklin Rising Dividends |
0.600 | % | 0.550 | % | 0.510 | % | 0.490 | % | 0.475 | % | ||||||||||
| EQ/Xxxxxxx Xxxxx Mid Cap Value |
0.770 | % | 0.750 | % | 0.725 | % | 0.680 | % | 0.670 | % | ||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Equity Portfolios | First $1 Billion |
Next $1 Billion |
Next $3 Billion |
Next $5 Billion |
Thereafter | |||||||||||||||
| EQ/Invesco Global Real Estate |
0.735 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| EQ/Invesco International Growth |
0.710 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| EQ/Ivy Energy |
0.850 | % | 0.800 | % | 0.775 | % | 0.750 | % | 0.725 | % | ||||||||||
| EQ/Ivy Mid Cap Growth |
0.850 | % | 0.800 | % | 0.775 | % | 0.750 | % | 0.725 | % | ||||||||||
| EQ/Ivy Science and Technology |
0.850 | % | 0.800 | % | 0.775 | % | 0.750 | % | 0.725 | % | ||||||||||
| EQ/Lazard Emerging Markets Equity |
1.000 | % | 0.950 | % | 0.925 | % | 0.900 | % | 0.875 | % | ||||||||||
| EQ/MFS International Value |
0.860 | % | 0.820 | % | 0.700 | % | 0.700 | % | 0.700 | % | ||||||||||
| EQ/MFS Technology |
0.750 | % | 0.700 | % | 0.675 | % | 0.650 | % | 0.625 | % | ||||||||||
| EQ/MFS Utilities Series |
0.730 | % | 0.700 | % | 0.670 | % | 0.650 | % | 0.625 | % | ||||||||||
| EQ/X. Xxxx Price Health Sciences |
0.950 | % | 0.900 | % | 0.875 | % | 0.850 | % | 0.825 | % | ||||||||||
|
|
||||||||||||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Pactive Equity Portfolios | First $1 Billion |
Next $1 Billion |
Next $3 Billion |
Next $5 Billion |
Thereafter | |||||||||||||||
| 1290 VT Micro Cap |
0.850 | % | 0.800 | % | 0.775 | % | 0.750 | % | 0.725 | % | ||||||||||
| 1290 VT Small Cap Value |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| AXA/AB Small Cap Growth |
0.550 | % | 0.500 | % | 0.475 | % | 0.450 | % | 0.425 | % | ||||||||||
| AXA/Xxxxxx Xxxxxxx Small Cap Growth |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| EQ/Emerging Markets Equity PLUS |
0.700 | % | 0.650 | % | 0.625 | % | 0.600 | % | 0.575 | % | ||||||||||
| Multimanager Aggressive Equity |
0.580 | % | 0.550 | % | 0.525 | % | 0.500 | % | 0.475 | % | ||||||||||
| Multimanager Mid Cap Growth |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| Multimanager Mid Cap Value |
0.800 | % | 0.750 | % | 0.725 | % | 0.700 | % | 0.675 | % | ||||||||||
| Multimanager Technology |
0.950 | % | 0.900 | % | 0.875 | % | 0.850 | % | 0.825 | % | ||||||||||
|
|
||||||||||||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Pactive Volatility Managed Equity Portfolios | First $1 Billion |
Next $1 Billion |
Next $3 Billion |
Next $5 Billion |
Thereafter | |||||||||||||||
| AXA International Core Managed Volatility |
0.600 | % | 0.575 | % | 0.525 | % | 0.500 | % | 0.475 | % | ||||||||||
| AXA International Value Managed Volatility |
0.600 | % | 0.575 | % | 0.525 | % | 0.500 | % | 0.475 | % | ||||||||||
| AXA Large Cap Core Managed Volatility |
0.500 | % | 0.475 | % | 0.425 | % | 0.400 | % | 0.375 | % | ||||||||||
| AXA Large Cap Growth Managed Volatility |
0.500 | % | 0.475 | % | 0.425 | % | 0.400 | % | 0.375 | % | ||||||||||
| AXA Large Cap Value Managed Volatility |
0.500 | % | 0.475 | % | 0.425 | % | 0.400 | % | 0.375 | % | ||||||||||
| AXA Mid Cap Value Managed Volatility |
0.550 | % | 0.525 | % | 0.475 | % | 0.450 | % | 0.425 | % | ||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Pactive Fixed Income Portfolios | First $1 Billion |
Next $1 Billion |
Next $3 Billion |
Next $5 Billion |
Thereafter | |||||||||||||||
| 1290 VT Convertible Securities |
0.700 | % | 0.680 | % | 0.660 | % | 0.640 | % | 0.630 | % | ||||||||||
| 1290 VT High Yield |
0.600 | % | 0.580 | % | 0.560 | % | 0.540 | % | 0.530 | % | ||||||||||
| EQ/Global Bond PLUS |
0.550 | % | 0.530 | % | 0.510 | % | 0.490 | % | 0.480 | % | ||||||||||
| EQ/Quality Bond PLUS |
0.400 | % | 0.380 | % | 0.360 | % | 0.340 | % | 0.330 | % | ||||||||||
| Multimanager Core Bond |
0.550 | % | 0.530 | % | 0.510 | % | 0.490 | % | 0.480 | % | ||||||||||
|
|
||||||||||||||||||||
| (as a percentage of average daily net assets) | ||||||||||||||||||||
| Fixed Income Portfolios | First $750 Million |
Next $750 Million |
Next $1 Billion |
Next $2.5 Billion |
Thereafter | |||||||||||||||
| AXA/AB Short Duration Government Bond |
0.450 | % | 0.430 | % | 0.410 | % | 0.390 | % | 0.380 | % | ||||||||||
| EQ/PIMCO Global Real Return |
0.600 | % | 0.575 | % | 0.550 | % | 0.530 | % | 0.520 | % | ||||||||||
| 1290 VT DoubleLine Opportunistic Bond |
0.600 | % | 0.575 | % | 0.550 | % | 0.530 | % | 0.520 | % | ||||||||||
| EQ/Franklin Strategic Income |
0.590 | % | 0.490 | % | 0.440 | % | 0.430 | % | 0.370 | % | ||||||||||
| EQ/PIMCO Real Return |
0.500 | % | 0.475 | % | 0.450 | % | 0.430 | % | 0.420 | % | ||||||||||
| EQ/PIMCO Total Return |
0.500 | % | 0.475 | % | 0.450 | % | 0.430 | % | 0.420 | % | ||||||||||
|
|
||||||||||||||||||||
|
(as a percentage of average daily net assets) |
||||||||||||||||
| ATM Portfolios | First $2 Billion |
Next $4 Billion |
Next $3 Billion |
Thereafter | ||||||||||||
| ATM International Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
| ATM Large Cap Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
| ATM Mid Cap Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
| ATM Small Cap Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
| AXA 2000 Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
| AXA 400 Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
| AXA 500 Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
| AXA International Managed Volatility |
0.450 | % | 0.425 | % | 0.400 | % | 0.350 | % | ||||||||
