EX-99.23e(11)
AMENDED AND RESTATED DISTRIBUTION AGREEMENT
This Agreement is made on the _____ day of _______________________, 2003, by and
between JNL Series Trust (the "Trust") and Xxxxxxx National Life Distributors,
Inc. ("JNLD").
WHEREAS, the Trust is an open-end, management investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Trust is authorized to issue shares of beneficial interest
("Shares") in separate funds (the "Funds") with each such Fund representing
interests in a separate portfolio of securities and other assets; and
WHEREAS, the Trust has adopted a Multiple Class Plan pursuant to Rule 18f-3
under the 1940 Act, whereby a Fund may issue one or more classes of shares; and
WHEREAS, pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted an
Amended and Restated Brokerage Enhancement Plan (the "Brokerage Plan"), under
which, subject to and in accordance with the terms thereof, the Trust (i) may,
subject to the requirement to seek best price and execution, direct Xxxxxxx
National Asset Management, LLC or any sub-adviser of a Fund to allocate
brokerage in a manner intended to increase the distribution of the Trust's
shares, and (ii) may use assets of Class A Shares of the Funds to reimburse
certain distribution and related service expenses that are primarily intended to
result in the sale of such Class A Shares of the Funds; and
WHEREAS, in furtherance of the purposes of the Brokerage Plan, the Trust wishes
to enter into a distribution agreement with JNLD with respect to the Funds
listed on Schedule A (attached hereto), which may from time to time be amended;
and
WHEREAS, the Trust is required pursuant to section 352 of the USA PATRIOT ACT
and regulations of the Department of Treasury thereunder to develop and
implement an anti-money laundering compliance program ("AML Program") reasonably
designed to prevent the Trust being used to launder money or finance terrorist
activities, including achieving and monitoring compliance with the applicable
requirements of the Bank Secrecy Act, as amended, and implementing regulations
of the Department of Treasury; and
WHEREAS, the Trust has no employees and does not itself conduct any operations
relating to transactions with shareholders that could be the subject of an AML
Program, and conducts such operations solely through its affiliated principal
underwriter, JNLD; and
WHEREAS, JNLD is itself subject to the requirement under section 352 of the USA
PATRIOT ACT to develop and implement an AML Program, and JNLD has provided
copies of its written policy to the Trust; and
WHEREAS, JNLD wishes to render the services hereunder to the Trust;
NOW THEREFORE, in consideration of the mutual promises and covenants hereinafter
set forth, the parties hereto agree as follows:
1. Appointment and Acceptance. The Trust hereby appoints JNLD as distributor
of the Shares of the Funds set forth on Schedule A on the terms and for the
period set forth in this Agreement, and JNLD hereby accepts such
appointment and agrees to render the services and undertake the duties set
forth herein.
2. General Provisions.
(a) In performing its duties as distributor, JNLD will act in conformity
with the registration statement of the Trust on Form N-1A (the
"Registration Statement"), as amended from time to time and with any
instructions received from the Board of Trustees of the Trust (the
"Board of Trustees"), the requirements of the Securities Act of 1933,
as amended (the "Securities Act"), the Securities Exchange Act of
1934, as amended (the "Exchange Act"), the 1940 Act, and all other
applicable federal and state laws and regulations.
(b) JNLD holds itself available to receive orders for the purchase or
redemption of Shares and will accept or reject orders to purchase or
redeem such Shares on behalf of the Trust in accordance with the
provisions of the Registration Statement, and will transmit such
orders as are so accepted to the Trust's transfer agent promptly for
processing.
(c) JNLD shall not be obligated to sell any certain number of Shares.
Except as provided in this Agreement, no commission or other fee will
be paid to JNLD in connection with the sale of Shares.
3. JNLD Expenses. During the term of this Agreement, JNLD will bear all its
expenses incurred in complying with this Agreement including the following
expenses:
(a) costs of sales presentations, preparation and delivery of advertising
and sales literature, and any other marketing efforts by JNLD in
connection with the distribution or sale of Shares; and
(b) any compensation paid to employees of JNLD in connection with the
distribution or sale of the Shares.
Notwithstanding anything in this Agreement to the contrary, JNLD may be
reimbursed for expenses, may pay for expenses, or otherwise use the
payments, credits, benefits or other services available under the Brokerage
Plan to cover the expenses incurred under this Agreement to the extent
permitted by the terms of the Brokerage Plan.
4. Trust Expenses. Pursuant to an Administration Agreement, the Trust shall
bear all of its expenses including, but not limited to:
(a) preparation and setting in type, printing and distributing reports and
other communications, proxies, prospectuses and statements of
additional information to existing shareholders;
(b) registration of the Trust's Shares with the Securities and Exchange
Commission.
5. Sale of Shares by Distributor.
(a) JNLD agrees that (i) all Shares sold by JNLD pursuant to this
Agreement shall be sold at the net asset value as described in the
Registration Statement and (ii) the Trust shall receive 100% of such
net asset value.
(b) All orders received by JNLD and transmitted to the Trust shall be
subject to acceptance and confirmation by the Trust.
6. Brokerage Plan.
(a) As used herein, the term "Brokerage Enhancement Charge" refers to the
use of a portion of the Fund's brokerage transactions, as authorized
under the Brokerage Plan, to finance distribution an related services,
as described in the Brokerage Plan, while the term "12b-1 Fee" refers
to a charge against Fund Class A Share assets, as authorized under the
Brokerage Plan, to finance distribution and related services of Class
A Shares, as described in the Brokerage Plan.
(b) In accordance with the terms of the Brokerage Plan, the Trust, on
behalf of each Fund that is subject to the Brokerage Enhancement
Charge as shown on Schedule A hereto, shall make available to JNLD
amounts derived from brokerage commissions paid by the Fund in
connection with its portfolio transactions. Such amounts shall be
expended by JNLD to finance the distribution related activities
described in the Brokerage Plan. The Trust, on behalf of each such
Fund, shall also make available to JNLD, the payments, brokerage
credits, benefits or other services received from broker-dealers
executing portfolio transactions on behalf of the Fund. Such payments,
credits, benefits or other services shall be used by JNLD to finance
the distribution related activities described in the Brokerage Plan.
(c) In accordance with the terms of the Brokerage Plan, JNLD shall provide
distribution and related services of the types contemplated under the
Brokerage Plan and reviewed from time to time by the Board of Trustees
with respect to the Class A Shares of the Funds shown on Schedule A
hereto, and may arrange for and compensate others for providing or
assisting in providing such services, as described in the Brokerage
Plan. The Trust, on behalf of each Fund that is subject to the 12b-1
Fee as shown on Schedule A, shall reimburse the Distributor for
distribution and related service expenses incurred in promoting the
sale of the Fund's Class A Shares at a rate of up to the 12b-1 Fee
rate per annum of the average daily net assets attributable to the
Class A Shares shown on Schedule A hereto. Each Fund's Class A Shares
shall bear exclusively its own costs of such reimbursements. Such
distribution and related service expenses shall be calculated and
accrued daily and paid within forty-five (45) days of the end of each
fiscal quarter of the Fund. In no event shall such payments exceed
JNLD's actual distribution and related service expenses for that
quarter.
7. Reservation of Right Not to Sell. The Trust reserves the right to refuse at
any time or times to sell any of its Shares for any reason deemed adequate
by it.
8. Construction of Agreement.
(a) No provision of this Agreement is intended to or shall be construed as
protecting JNLD against any liability to the Trust or to the Trust's
security holders to which JNLD would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in the performance
of its duties under this Agreement.
(b) Terms or words used in the Agreement, which also occur in the
Declaration of Trust or Bylaws of the Trust, shall have the same
meaning herein as given to such terms or words in the Declaration of
Trust or Bylaws of the Trust.
9. Effective Date and Termination of this Agreement. This Agreement shall
become effective at the date and time that the Trust's Post-Effective
Amendment to its Registration Statement, reflecting the underwriting
arrangements provided by this Agreement, shall become effective under the
Securities Act, and shall, unless terminated as provided herein, continue
in force for two years from that date, and from year to year thereafter,
provided that such continuance for each successive year is specifically
approved in advance at least annually by either the Board of Trustees or by
the vote of a majority (as defined in the 0000 Xxx) of the outstanding
voting securities of the applicable Funds of the Trust and, in either
event, by the vote of a majority of the Trustees of the Trust who are not
parties to this Agreement or interested persons of any such party, cast in
person at a meeting called for the purpose of voting upon such approval. As
used in the preceding sentence, the words "interested persons" shall have
the meaning set forth in Section 2(a)(19) of the 1940 Act.
This Agreement may be terminated at any time without the payment of any
penalty by the Trust by giving JNLD at least thirty (30) days' previous
written notice of such intention to terminate. This Agreement may be
terminated by JNLD at any time by giving the Trust at least thirty (30)
days' previous written notice of such intention to terminate.
This Agreement shall terminate automatically in the event of its
assignment. As used in the preceding sentence, the word "assignment" shall
have the meaning set forth in Section 2(a)(4) of the 1940 Act.
10. Notices. Notices of any kind to be given to JNLD by the Trust shall be in
writing and shall be duly given if mailed, first class postage prepaid, or
delivered to Xxx Xxxxxxxxx Xxx, Xxxxxxx, Xxxxxxxx 00000, or at such other
address or to such individual as shall be specified by JNLD to the Trust.
Notices of any kind to be given to the Trust shall be in writing and shall
be duly given if mailed, first class postage prepaid, or delivered to Xxx
Xxxxxxxxx Xxx, Xxxxxxx, Xxxxxxxx 00000 or at such other address or to such
individual as shall be specified by the Trust.
11. Non-Exclusivity. The services of JNLD to the Trust under this Agreement are
not to be deemed exclusive, and JNLD shall be free to render similar
services or other services to others so long as its services hereunder are
not impaired thereby.
12. Reports. JNLD shall prepare reports for the Board of Trustees on a
quarterly basis showing such information as shall be reasonably requested
by the Board of Trustees from time to time.
13. Independent Contractor. JNLD shall for all purposes herein provided be
deemed to be an independent contractor and, unless otherwise expressly
provided or authorized, shall have no authority to act for or represent the
Trust in any way other than as specifically set forth herein. It is
understood and agreed that JNLD, by separate agreement with the Trust, may
also serve the Trust in other capacities.
14. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original.
15. Governing Law. This Agreement shall be governed by the laws of Michigan,
provided that nothing herein shall be construed in a manner inconsistent
with the 1940 Act, the Exchange Act, the Securities Act, or any rule or
order of the Securities and Exchange Commission or any national or regional
self-regulatory organization, such as the National Association of
Securities Dealers.
16. Severability. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the remainder of
this Agreement shall not be affected thereby and, to this extent, the
provisions of this Agreement shall be deemed to be severable.
17. JNLD agrees to implement and operate an AML Program on behalf of the Trust
(the "Trust AML Program") as such Program pertains to shareholder
transactions effected through services provided by JNLD. JNLD agrees that
the Trust AML Program will be reasonably designed to prevent the Trust from
being used for money laundering or the financing of terrorist activities
and to achieve and monitor compliance with the applicable requirements of
the Bank Secrecy Act (31 U.S.C. xx.xx. 5311 et seq.) and the implementing
regulations thereunder.
18. JNLD agrees to maintain and preserve reasonable records pertaining to the
implementation and operation of the Trust AML Program. JNLD consents, upon
reasonable notice, (a) to make information and records regarding the
operation of the Trust AML Program available to the Securities and Exchange
Commission (the "SEC") for review and (b) to make the Trust AML Program
available for inspection by the SEC.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.
JNL SERIES TRUST
By:
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Name:
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Title:
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ATTEST:
By:
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XXXXXXX NATIONAL LIFE DISTRIBUTORS, INC.
By:
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Name:
-----------------------------------------
Title:
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ATTEST:
By:
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SCHEDULE A
---------------------------------------------------------------- ---------------- ----------------- ------------------
Brokerage
Enhancement Maximum 12b-1
Fund Class Charge Fee(1)
---------------------------------------------------------------- ---------------- ----------------- ------------------
AIM/JNL Large Cap Growth Fund Class A *(2) 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
AIM/JNL Small Cap Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
AIM/JNL Premier Equity II Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Xxxxx/JNL Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Alliance Capital/JNL Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Eagle/JNL Core Equity Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Eagle/JNL SmallCap Equity Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Janus/JNL Aggressive Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Janus/JNL Balanced Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Janus/JNL Capital Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Janus/JNL Global Equities Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Janus/JNL Growth & Income Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Lazard/JNL Mid Cap Value Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Lazard/JNL Small Cap Value Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
JNL/Curian Enhanced S&P 500 Stock Index Fund (formerly known as JPMorgan/JNL
Enhanced S&P 500 Stock Index
Fund) Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
JNL/Curian S&P 500 Index Fund
(formerly known as Mellon Capital Management/JNL S&P 500 Index
Fund) Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
JNL/Curian S&P 400 Mid Cap Index Fund
(formerly known as Mellon Capital Management/JNL S&P 400 Mid
Cap Index Fund) Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
JNL/Curian Small Cap Index Fund
(formerly known as Mellon Capital Management/JNL Small Cap
Index Fund) Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
JPMorgan/JNL International Value Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Mellon Capital Management/JNL International Index Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Mellon Capital Management/JNL Bond Index Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Xxxxxxxxxxx/JNL Global Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Xxxxxxxxxxx/JNL Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
PIMCO/JNL Total Return Bond Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
PPM America/JNL Balanced Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
PPM America/JNL High Yield Bond Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
PPM America/JNL Money Market Fund Class A * 0.20%
Class B * none
Class C none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
PPM America/JNL Value Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Xxxxxx/JNL Equity Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Xxxxxx/JNL International Equity Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Xxxxxx/JNL Xxxxxx Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Xxxxxx/JNL Value Equity Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Conservative Growth Fund I none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Moderate Growth Fund I none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Aggressive Growth Fund I none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Very Aggressive Growth Fund I none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Equity Growth Fund I none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Equity Aggressive Growth Fund I none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Conservative Growth Fund II none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Moderate Growth Fund II none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Aggressive Growth Fund II none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Very Aggressive Growth Fund II none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Equity Growth Fund II none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Equity Aggressive Growth Fund II none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Conservative Growth Fund none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Moderate Growth Fund none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Aggressive Growth Fund none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Core Index 100 Fund none none
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Core Index 00 Xxxx xxxx xxxx
---------------------------------------------------------------- ---------------- ----------------- ------------------
S&P/JNL Core Index 00 Xxxx xxxx xxxx
---------------------------------------------------------------- ---------------- ----------------- ------------------
Salomon Brothers/JNL Balanced Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Salomon Brothers/JNL Global Bond Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Salomon Brothers/JNL High Yield Bond Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
Salomon Brothers/JNL U.S. Government & Quality Bond Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
X. Xxxx Price/JNL Established Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
X. Xxxx Price/JNL Mid-Cap Growth Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
X. Xxxx Price/JNL Value Fund Class A * 0.20%
Class B * none
---------------------------------------------------------------- ---------------- ----------------- ------------------
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1 As a percentage of the average daily net assets attributable to the
specified class of shares.
2 Indicates the specified class of shares is subject to a Brokerage
Enhancement Charge under the Trust's Amended and Restated Brokerage
Enhancement Plan, dated , 2003.
