Amendment to Sub-Advisory Agreement Between Jackson National Asset Management, LLC and Western Asset Management Company, LLC

 Ex. 99.28(d)(52)(iii)

Amendment

to Sub-Advisory Agreement Between

Xxxxxxx National Asset Management, LLC

and Western Asset Management Company, LLC

This Amendment is made by and between Xxxxxxx National Asset Management, LLC, a Michigan limited liability company and registered investment adviser (the “Adviser”), and Western Asset Management Company, LLC, a limited liability company organized in the state of California (the “Sub-Adviser”).

Whereas, the Adviser and Sub-Adviser (the “Parties”) entered into a Sub-Advisory Agreement effective as of September 13, 2021, wherein the terms of the previous sub-advisory agreement, dated July 31, 2020, were incorporated by reference (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 sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

Whereas, the Board of Trustees of the Trust approved the appointment of the Sub-Adviser to provide investment advisory services to the JNL/Franklin Xxxxxxxxx Global Multisector Bond Fund, an existing Fund of the Trust, which is being renamed as the JNL/Western Asset Global Multi-Sector Bond Fund, and the corresponding sub-advisory fee schedule for the JNL/Western Asset Global Multi-Sector Bond Fund, effective April 25, 2022.

Whereas, the Parties have agreed to amend the Agreement to add the JNL/Western Asset Global Multi-Sector Bond Fund and its corresponding sub-advisory fees, effective April 25, 2022.

Now Therefore, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule A to the Agreement is hereby deleted and replaced in its entirety with Schedule A dated April 25, 2022, attached hereto.

2) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated April 25, 2022, attached hereto.

3) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

4) 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.

5) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

1

In Witness Whereof, the Parties have caused this Amendment to be executed, effective April 25, 2022.

Xxxxxxx National Asset Management, LLC			Western Asset Management Company, LLC
By:	/s/ Xxxxx X. Xxxxxxx		By:	/s/ Xxxxxx Xxxxxx
Name:	Xxxxx X. Xxxxxxx		Name:	Xxxxxx Xxxxxx
Title:	AVP and Deputy General Counsel		Title:	Head of Client Service Support

2

Schedule A

Dated April 25, 2022

Funds

JNL Multi-Manager Alternative Fund*

JNL/Western Asset Global Multi-Sector Bond Fund

*For the portion of the Average Daily Net Assets managed by Western Asset Management Company, LLC.

A-1

Schedule B

Dated April 25, 2022

(Compensation)

JNL Multi-Manager Alternative Fund*
Average Daily Net Assets	Annual Rate
$0 to $100 Million*	0.90%
$100 Million to $150 Million*	0.85%
$150 Million to $200 Million*	0.80%
Amounts over $200 Million*	0.75%

*For the portion of the Average Daily Net Assets managed by Western Asset Management Company, LLC

JNL/Western Asset Global Multi-Sector Bond Fund
Average Daily Net Assets	Annual Rate
$0 to $100 Million	0.30%
Over $100 Million	0.20%

B-1