Expense Limitation Agreement
EX-99.23(h)(71)
This
Agreement, dated as of October 1, 2009, is made and entered into by and
between JNL 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:
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1.
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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 3-month period
ending December 31, 2009, 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 Fund’s investment income for the period.
Such waiver/and or reimbursement by the Adviser shall be made
monthly.
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2.
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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 Fund’s investment income for the
period. The Adviser shall not be entitled to reimbursement
after December 31, 2012 of any Deferred Fees for amounts waived or
reimbursed pursuant to paragraph 1.
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3.
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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.
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In Witness
Whereof, the parties hereto have executed this Agreement as of the date
first above written.
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JNL Series
Trust
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Xxxxxxx
National Asset Management, LLC
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By:
/s/ Xxxxx X. Xxxx
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By: /s/
Xxxx X.
Xxxxx
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Name:
Xxxxx X. Xxxx
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Name:
Xxxx X. Xxxxx
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Title: Vice
President, Counsel & Secretary
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Title: President
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Schedule
A
Name of
Fund
JNL/Select
Money Market Fund
