Amendment To The Investment Sub-Advisory Agreement Between Jackson National Asset Management, LLC, Doubleline Capital LP, And Jackson Variable Series Trust
EX99.28(d)(7)(ii)
Amendment To
The Investment Sub-Advisory Agreement Between Xxxxxxx National Asset
Management, LLC, Doubleline Capital LP, And Xxxxxxx Variable Series Trust
Management, LLC, Doubleline Capital LP, And Xxxxxxx Variable Series Trust
This Amendment is made by and among Xxxxxxx National Asset Management, LLC, a Michigan limited liability company and registered investment adviser (“Adviser”), DoubleLine Capital LP, a Delaware limited partnership and registered investment adviser (“Sub-Adviser”), and Xxxxxxx Variable Series Trust, a Massachusetts business trust (“Trust”).
Whereas, the Adviser, the Sub-Adviser, and the Trust entered into an Investment Sub-Advisory Agreement effective as of the 27th day of April, 2015 (the “Agreement”), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to an investment portfolio (the “Fund”) of 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, in recognition of the various business relationships between the Adviser and the Sub-Adviser the parties have agreed to amend the Agreement to reduce the sub-advisory fees for the Fund, effective January 1, 2016 (the “Effective Date”), and, in connection with the reduction, to amend Schedule B.
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 January 1, 2016, 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. |
In Witness Whereof, the Adviser, the Sub-Adviser, and Trust have caused this Amendment to be executed as of this 1st day of January, 2016.
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Xxxxxxx National Asset Management, LLC
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DoubleLine Capital LP
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By:
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/s/ Xxxx X. Xxxxx |
By:
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/s/ Xxxxxx Xxxxxx | |
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Name:
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Xxxx X. Xxxxx |
Name:
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Xxxxxx Xxxxxx | |
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Title:
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President and Chief Executive Officer |
Title:
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Executive Vice President | |
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Xxxxxxx Variable Series Trust
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By:
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/s/ Xxxxx X. Xxxxxxxx | |
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Name:
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Xxxxx X. Xxxxxxxx | |
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Title:
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Assistant Vice President | |
Schedule B
Dated January 1, 2016
(Compensation)
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JNL/DoubleLine® Total Return Fund1
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Average Daily Net Assets
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Annual Rate
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All Assets
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0.35%2
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1 A fee discount shall apply when the Sub-Adviser is providing sub-advisory services to JNAM for at least two separate and distinct funds. As of January 1, 2016, the Sub-Adviser provides sub-advisory services for JNL/DoubleLine® Total Return Fund and the JNL/DoubleLine Shiller Enhanced CAPE Fund, a Fund of the JNL Series Trust (together known as the “Sub-Advised Funds”).
2 For the purposes of calculating the sub-advisory fee discounts, the Sub-Adviser applies the following discounts based on the combined assets of the Sub-Advised Funds: 2.5% fee reduction for assets over $1 billion up to and including $2.5 billion, a 5.0% fee reduction for combined assets over $2.5 billion up to and including $5 billion, a 7.5% fee reduction for combined assets over $5 billion up to and including $7.5 billion, and a 10.0% fee reduction for combined assets over $7.5 billion up to and including $10 billion.
