# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-23-000019
**Filing Date:** 2023-3
**Character Count:** 94087
**Document Hash:** 40605d3f482ee03767223ca3a0af603e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-23-000019.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0000933691-23-000019

**CONFORMED SUBMISSION TYPE**: DEF 14C

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230317

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000933691
- **IRS NUMBER:** 381659835
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-08894
- **FILM NUMBER:** 23740849

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517) 367-4336

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

## Series and Classes Contracts Data

### JNL MULTI-MANAGER SMALL CAP VALUE FUND (Series ID: S000001798)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004705 | JNL MULTI-MANAGER SMALL CAP VALUE FUND (A) |  |
| C000067994 | JNL MULTI-MANAGER SMALL CAP VALUE FUND (I) |  |

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;SCHEDULE 14C INFORMATION | &nbsp;&nbsp;SCHEDULE 14C INFORMATION | &nbsp;&nbsp;SCHEDULE 14C INFORMATION |
| &nbsp;&nbsp; INFORMATION STATEMENT PURSUANT TO SECTION 14(C)<br> OF THE SECURITIES EXCHANGE ACT OF 1934 | &nbsp;&nbsp; INFORMATION STATEMENT PURSUANT TO SECTION 14(C)<br> OF THE SECURITIES EXCHANGE ACT OF 1934 | &nbsp;&nbsp; INFORMATION STATEMENT PURSUANT TO SECTION 14(C)<br> OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  |  | &nbsp;&nbsp;Filed by the Registrant |
|  |  | &nbsp;&nbsp;Filed by a Party other than the Registrant |
| &nbsp;&nbsp;Check the appropriate box: | &nbsp;&nbsp;Check the appropriate box: | &nbsp;&nbsp;Check the appropriate box: |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Preliminary Information Statement | &nbsp;&nbsp;Preliminary Information Statement |
| &nbsp;&nbsp; ☐ | &nbsp;&nbsp;Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2)) | &nbsp;&nbsp;Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2)) |
| &nbsp;&nbsp; ☒ | &nbsp;&nbsp;Definitive Information Statement | &nbsp;&nbsp;Definitive Information Statement |
|  | &nbsp;&nbsp;JNL Series Trust | &nbsp;&nbsp;JNL Series Trust |
|  | &nbsp;&nbsp;(Name of Registrant As Specified In Its Charter) | &nbsp;&nbsp;(Name of Registrant As Specified In Its Charter) |
| &nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box): | &nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box): | &nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box): |
| &nbsp;&nbsp;☒ | &nbsp;&nbsp;No fee required. | &nbsp;&nbsp;No fee required. |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11 | &nbsp;&nbsp;Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11 |
|  | &nbsp;&nbsp;(1) | &nbsp;&nbsp;Title of each class of securities to which transaction applies |
|  | &nbsp;&nbsp;(2) | &nbsp;&nbsp;Aggregate number of securities to which transaction applies: |
|  | &nbsp;&nbsp;(3) | &nbsp;&nbsp;Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
|  | &nbsp;&nbsp;(4) | &nbsp;&nbsp;Proposed maximum aggregate value of transaction: |
|  | &nbsp;&nbsp;(5) | &nbsp;&nbsp;Total fee paid: |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Fee paid previously with preliminary materials. | &nbsp;&nbsp;Fee paid previously with preliminary materials. |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. | &nbsp;&nbsp;Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
|  | &nbsp;&nbsp;Amount Previously Paid: | &nbsp;&nbsp;Amount Previously Paid: |
|  | &nbsp;&nbsp;Form, Schedule or Registration Statement No.: | &nbsp;&nbsp;Form, Schedule or Registration Statement No.: |
|  | &nbsp;&nbsp;Filing Party: | &nbsp;&nbsp;Filing Party: |
|  | &nbsp;&nbsp;Date Filed: | &nbsp;&nbsp;Date Filed: |

---

Dear Variable Annuity and Variable Life Contract Owners:

Although you are not a shareholder of JNL Series Trust (the "Trust"), your purchase payments and the earnings on such purchase payments under your variable contracts ("Variable Contracts") issued by Jackson National Life Insurance Company ("Jackson") or Jackson National Life Insurance Company of New York ("Jackson NY") are invested in sub-accounts of separate accounts established by Jackson or Jackson NY that, in turn, are invested in shares of one or more of the series of the Trust. References to shareholders in the enclosed information statement for the Trust (the "Information Statement") may be read to include you as an owner of a Variable Contract.

The Information Statement describes certain events and transactions that have been deemed to result in an "assignment" of the current Sub-Advisory Agreement between Jackson National Asset Management, LLC ("JNAM" or "Adviser") and Reinhart Partners, LLC ("Reinhart"). Reinhart serves as the investment sub-adviser to a portion, or sleeve (the "Reinhart Genesis PMV Strategy"), of the JNL Multi-Manager Small Cap Value Fund (the "Fund").

The Information Statement is furnished to shareholders of the Fund on behalf of the Board of Trustees (the "Board") of the Trust, a Massachusetts business trust, located at 1 Corporate Way, Lansing, Michigan 48951.

**PLEASE NOTE THAT WE ARE NOT ASKING YOU FOR VOTING INSTRUCTIONS, AND YOU ARE REQUESTED NOT TO SEND US VOTING INSTRUCTIONS.**

If you have any questions regarding any of the changes described in the Information Statement, please call one of the following numbers on any business day: 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), write to JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, or visit: <u>www.jackson.com</u>.

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| |
|:---|
| &nbsp;&nbsp;Sincerely, |
| &nbsp;&nbsp; /s/ Mark D. Nerud  |
| &nbsp;&nbsp;**Mark D. Nerud** |
| &nbsp;&nbsp;President, Chief Executive Officer, and Trustee |
| &nbsp;&nbsp;JNL Series Trust |

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**Information Statement To Shareholders Regarding:**

**<u>JNL Series Trust</u>**

JNL Multi-Manager Small Cap Value Fund

March 17, 2023

**Table of Contents** 

Information Statement

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;Page |
| &nbsp;&nbsp;I. | &nbsp;&nbsp;[Introduction](#jjlst_01) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;II. | &nbsp;&nbsp;[Investment Sub-Advisory Agreement with Reinhart Partners, LLC](#jjlst_02) | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;III. | &nbsp;&nbsp;[Description of Reinhart Partners, LLC](#jjlst_03) | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;IV. | &nbsp;&nbsp;[Other Investment Companies Advised by Reinhart Partners, LLC](#jjlst_04) | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;V. | &nbsp;&nbsp;[Evaluation by the Board of Trustees](#jjlst_05) | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;VI. | &nbsp;&nbsp;[Additional Information](#jjlst_06) | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;VII. | &nbsp;&nbsp;[Other Matters](#jjlst_07) | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Exhibit A | &nbsp;&nbsp;[Investment Sub-Advisory Agreement Between Jackson National Asset Management, LLC and Reinhart Partners, LLC](#jjlst_08) | &nbsp;&nbsp;A-1 |

---

**WE ARE NOT ASKING YOU FOR A PROXY, AND YOU ARE REQUESTED NOT TO SEND US A PROXY.**

I. Introduction

JNL Series Trust (the "Trust"), a Massachusetts business trust, is an open-end investment company, commonly known as a mutual fund, registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust currently offers shares in 130 series (the "Funds").

As investment adviser to the Funds, Jackson National Asset Management, LLC ("JNAM" or "Adviser") selects, contracts with and compensates investment sub-advisers (the "Sub-Advisers") to manage the investment and reinvestment of the assets of most of the Funds. While the Sub-Advisers are primarily responsible for the day-to-day portfolio management of the Funds, JNAM monitors the compliance of the Sub-Advisers with the investment objectives and related policies of those Funds and reviews the performance of the Sub-Advisers and reports on such performance to the Board of Trustees of the Trust (the "Board"). Jackson National Life Distributors LLC ("JNLD"), an affiliate of the Trust and of the Adviser, is the principal underwriter for the Trust. JNAM is an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. Prudential plc and Athene Life Re Ltd. each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

The purpose of this information statement (the "Information Statement") is to provide you with information about the sub-advisory arrangement between JNAM and Reinhart Partners, LLC ("Reinhart") and certain events and transactions that have been deemed to result in an "assignment" of the Sub-Advisory Agreement, effective September 13, 2021, as amended, between JNAM and Reinhart (the "Original Sub-Advisory Agreement"), as the term "assignment" is defined in the Investment Advisers Act of 1940, as amended (the "Advisers Act") and the 1940 Act. Reinhart serves as a Sub-Adviser for a portion, or a sleeve (the "Reinhart Genesis PMV Strategy"), of the JNL Multi-Manager Small Cap Value Fund (the "Fund"). The Fund is managed by several unaffiliated Sub-Advisers; Reinhart is one of those Sub-Advisers. Reinhart provides day-to-day management for the Reinhart Genesis PMV Strategy. There are no changes to the sub-advisory arrangements with the other Sub-Advisers for the Fund.

This Information Statement is provided in lieu of a proxy statement pursuant to the terms of an exemptive order (the "Order") that the Trust and its Adviser received from the U.S. Securities and Exchange Commission (the "SEC"). The Order permits JNAM to enter into sub-advisory agreements appointing Sub-Advisers that are not affiliates of the Adviser (other than by reason of serving as a Sub-Adviser to a Fund) without approval by the shareholders of the relevant Fund. The Adviser, therefore, is able to change unaffiliated Sub-Advisers from time to time, subject to Board approval, without the expense and delays associated with obtaining shareholder approval. However, a condition of this Order is that notice and certain information be sent to shareholders informing them of changes in Sub-Advisers.

On January 10, 2023, Spouting Rock Asset Management, LLC ("SRAM"), which operates a multi-boutique asset management business, and Reinhart announced that they had entered into an agreement under which SRAM would acquire a supermajority ownership interest in Reinhart (the "SRAM Transaction"). The SRAM Transaction will be completed in three separate tranches with the first tranche, a transfer of 30.70% of Reinhart, set to close on or about April 1, 2023. The second tranche, a transfer of 19.80% of Reinhart, is set to close approximately twelve months after the first tranche (on or about April 1, 2024). The third tranche, a transfer of an additional 19.80%, is set to close approximately twenty-four months after the first tranche (on or about April 1, 2025). Though each tranche transaction could be considered an independent change of control, this Information Statement provides notice of all three tranches. Upon completion of the first tranche of the SRAM Transaction, Reinhart will become a subsidiary of SRAM. SRAM is located at 925 W. Lancaster Ave., Suite 250, Bryn Mawr, Pennsylvania 19010.

The SRAM Transaction is not expected to result in any changes to the personnel responsible for managing the Reinhart Genesis PMV Strategy of the Fund. However, as a result of the first tranche of the SRAM transaction, which will close on or about April 1, 2023, the Original Sub-Advisory Agreement will terminate. This is because the 1940 Act, which regulates investment companies such as the Fund, requires investment advisory agreements to terminate automatically when there is a "change of control" of the investment adviser or sub-adviser. The SRAM Transaction, which will change the ownership of Reinhart and its investment advisory business, is considered a "change of control" of Reinhart.

As a result of the "change of control" of Reinhart and the resulting termination of the Original Sub-Advisory Agreement, a new investment sub-advisory agreement was required. At a quarterly meeting of the Board held on March 1-2, 2023, the Board, including the Trustees who are not "interested persons" (as that term is defined in Section 2(a)(19) of the 1940 Act) of the Trust (the "Independent Trustees"), approved a new Investment Sub-Advisory Agreement between JNAM and Reinhart to be effective upon the closing of the first tranche of the SRAM Transaction (the "New Sub-Advisory Agreement").

**Section 15(f) of the 1940 Act**

Reinhart has agreed to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive "safe harbor" for an investment company's adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any "unfair burden" imposed on the investment company as a result of the transaction or any express or implied terms, conditions or understandings relating to the transaction. Section 15(f) defines "unfair burden" to include any arrangement during the two-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the adviser or predecessor adviser, receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for *bona fide* investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment company). Reinhart informed the Board and the Adviser that, after reasonable inquiry, it is not aware of any express or implied term, condition, arrangement or understanding that would impose an "unfair burden" on the Fund as a result of the transaction.

Reinhart, a Delaware limited liability company, is located at 11090 N. Weston Drive, Mequon, Wisconsin 53092.

This Information Statement is meant to cover the entirety of the SRAM Transaction and is being provided to contract owners of record for the Fund as of March 3, 2023. It will be mailed on or about March 24, 2023.

II. Investment Sub-Advisory Agreement with Reinhart Partners, LLC

Reinhart has served as a Sub-Adviser to the Fund pursuant to the Original Sub-Advisory Agreement between Reinhart and JNAM, effective September 13, 2021, which was most recently approved by the Board at a meeting held on August 30-31, 2022. The Original Sub-Advisory Agreement was approved by the Fund's shareholders at a special meeting held on March 15, 2021. The special meeting of shareholders was called to, among other things, approve new advisory, sub-advisory, and distribution agreements due to a change of control of JNAM's parent company, which was completed on September 13, 2021.

The SRAM Transaction will result in an "assignment" and, therefore, an automatic termination of the Original Sub-Advisory Agreement. JNAM recommended, and the Board subsequently approved, the New Sub-Advisory Agreement to be effective upon closing of the SRAM Transaction. The Board approved the New Sub-Advisory Agreement at a meeting held on March 1-2, 2023. Please refer to Exhibit A for the New Sub-Advisory Agreement. Pursuant to the Order, you are not required to approve the New Sub-Advisory Agreement because Reinhart is not affiliated with JNAM. On or about April 1, 2023, the New Sub-Advisory Agreement will take effect.

**The material terms of the New Sub-Advisory Agreement between JNAM and Reinhart are the same as the Original Sub-Advisory Agreement.** The New Sub-Advisory Agreement provides that it will remain in effect until September 2024, and thereafter only so long as the continuance is approved at least annually by the Board or by vote of the holders of a majority of the outstanding voting securities of the Fund and by vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval. The New Sub-Advisory Agreement may be terminated at any time, without the payment of any penalty, on sixty days' written notice by the Board (including the majority of the Independent Trustees), by vote of a majority of the outstanding voting securities of the Fund, the Adviser (with consent of the Board, including the majority of the Independent Trustees), or Reinhart. The New Sub-Advisory Agreement also terminates automatically in the event of its assignment or the assignment or termination of the Amended & Restated Investment Advisory and Management Agreement between JNAM and the Trust, as amended, effective September 13, 2021 (the "JNAM Investment Advisory Agreement"). The New Sub-Advisory Agreement will also terminate upon written notice of a material breach of the New Sub-Advisory Agreement, if the breaching party fails to cure the material breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice.

The New Sub-Advisory Agreement generally provides that Reinhart, its officers, members, or employees will not be subject to any liability to JNAM or the Trust for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the performance of Reinhart's duties, except for a loss resulting from willful misconduct, bad faith, reckless disregard, or gross negligence in the performance of its duties or obligations under the New Sub-Advisory Agreement, or any untrue statement of a material fact, or omission, in materials pertaining to the Fund.

**No changes will be made to the strategy name, investment objectives, principal investment strategies, or advisory and sub-advisory fees of the Fund as a result of the change of control.** 

The change of control of Reinhart will not increase any fee or expense to be paid by the Fund. The advisory fees for the Fund will not change. The Fund pays JNAM an advisory fee equal to a percentage of its average daily net assets based on the following schedules:

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| | |
|:---|:---|
| &nbsp;&nbsp;**JNL Multi-Manager Small Cap Value Fund** | &nbsp;&nbsp;**JNL Multi-Manager Small Cap Value Fund** |
| &nbsp;&nbsp; ***Advisory Fee Rates Before And After the*** <br> ***Change of Control***  | &nbsp;&nbsp; ***Advisory Fee Rates Before And After the*** <br> ***Change of Control***  |
| &nbsp;&nbsp;&nbsp;**<u>Net Assets</u>** | &nbsp;&nbsp;**<u>Rate</u>** |
| &nbsp;&nbsp;&nbsp;$0 to $200 million | &nbsp;&nbsp;0.750% |
| &nbsp;&nbsp;&nbsp;$200 million to $500 million | &nbsp;&nbsp;0.670% |
| &nbsp;&nbsp;&nbsp;$500 million to $3 billion | &nbsp;&nbsp;0.650% |
| &nbsp;&nbsp;&nbsp;$3 billion to $5 billion | &nbsp;&nbsp;0.640% |
| &nbsp;&nbsp;&nbsp;Over $5 billion | &nbsp;&nbsp;0.630% |
| &nbsp;&nbsp;\*For the portion of assets managed by Reinhart | &nbsp;&nbsp;\*For the portion of assets managed by Reinhart |

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**The aggregate rate of advisory fees to be paid to JNAM for the Fund will not change as a result of the change of control of Reinhart.** The following table sets forth the aggregate amount of advisory fees paid by the Fund from its operations for the one-year period ended December 31, 2022.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Actual Fees** |
| &nbsp;&nbsp;JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11252599 |

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JNAM is responsible for paying all Sub-Advisers out of its own resources. The sub-advisory fee rate paid by the Adviser to Reinhart is the same under the Original Sub-Advisory Agreement and the New Sub-Advisory Agreement. For the year ended December 31, 2022, JNAM paid Reinhart and its co-Sub-Advisers $1,315,702 in aggregate sub-advisory fees for their services to the Fund (0.08% of the Fund's net assets).

III. Description of Reinhart Partners, LLC

Reinhart is a Delaware limited liability company located at 11090 N. Weston Drive, Mequon, Wisconsin 53092. Founded in 1991, Reinhart is an investment management firm which focuses on managing high-quality equity strategies. As of December 31, 2022, Reinhart had $2.5 billion in assets under advisement.

**Executive/Principal Officers and Directors of Reinhart located at 11090 N. Weston Drive, Mequon, Wisconsin 53092**:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Names** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;James Reinhart | &nbsp;&nbsp;President, Chief Executive Officer, and Principal |
| &nbsp;&nbsp;Brent Jesko | &nbsp;&nbsp;Chief Investment Officer, Portfolio Manager, and Principal |
| &nbsp;&nbsp;Sandra King | &nbsp;&nbsp;Chief Compliance Officer and Principal |

---

As the Sub-Adviser to the Reinhart Genesis PMV Strategy of the Fund, Reinhart provides the Fund with investment research, advice, and supervision, and manages the Reinhart Genesis PMV Strategy's portfolio consistent with the Fund's investment objective and policies, including the purchase, retention, and disposition of securities, as set forth in the Fund's current Prospectus. The principal risks of investing in the Fund are listed in the Fund's Prospectus under the heading "**Principal Risks of Investing in the Fund**."

As of December 31, 2022, no Trustees or officers of the Trust were officers, employees, directors, general partners, or shareholders of Reinhart, and no Trustees or officers of the Trust owned securities or had any other material direct or indirect interest in Reinhart or any other entity controlling, controlled by, or under common control with Reinhart. In addition, no Trustee has had any material interest, direct or indirect, in any material transactions since January 1, 2022, the beginning of the Trust's most recently completed fiscal year, or in any material proposed transactions, to which Reinhart, any parent or subsidiary of Reinhart, or any subsidiary of the parent of such entities was or is to be a party.

**<u>JNL Multi-Manager Small Cap Value Fund (Reinhart Genesis PMV Strategy)</u>**

The portfolio managers responsible for management of the Reinhart Genesis PMV Strategy of the Fund are Matthew Martinek and Brent Jesko.

<u>Matthew Martinek – Lead Portfolio Manager</u>

Matthew Martinek joined Reinhart Partners in 2010 and has led Reinhart's Genesis PMV strategy since 2011. Prior to that, Mr. Martinek was an Associate Analyst with T. Rowe Price. Mr. Martinek graduated with a BBA in Accounting and Finance from the University of Wisconsin-Madison, where he was a member of the Applied Security Analysis Program and an MBA from Columbia Business School, where he was a member of the Applied Value Investing Program.

<u>Brent Jesko – Co-Portfolio Manager</u>

Brent Jesko joined Reinhart Partners in 2000 and led Reinhart's Mid Cap PMV strategy from 2001 to 2022. Prior to that, Mr. Jesko worked under Dick Weiss at Strong Funds from 1995-2000, where he was promoted to Associate Portfolio Manager in 1998. Mr. Jesko graduated with a BA in Business Administration from Texas A&M University and an MBA from The University of Chicago Booth School of Business.

There are no changes to the portfolio managers for the other Sub-Advisers of the Fund.

IV. Other Investment Companies Advised by R **einhart Partners, LLC** 

The following table sets forth the size and rate of compensation for other funds advised by Reinhart having similar investment objectives and policies as those of the Fund. <br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Similar Mandate** | &nbsp;&nbsp; **Assets Under Advisement** <br> **as of December 31, 2022** | &nbsp;&nbsp; **Rate of** <br> **Compensation** |
| &nbsp;&nbsp;Account I | &nbsp;&nbsp;$1.248 billion | &nbsp;&nbsp;40 bps |

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 ******

<br> V. Evaluation by the Board of Trustees

An investment advisory agreement with a registered investment company, including any sub-advisory agreement, must terminate automatically upon its "assignment," and the change of control described below constitutes such an assignment. The Board may approve a new investment sub-advisory agreement resulting from an assignment without shareholder approval in reliance on the Trust's Order.

The Board oversees the management of the Trust and the Funds and, as required by law, determines whether to approve the Trust's advisory agreement ("Advisory Agreement") with JNAM and each Fund's Sub-Adviser(s).

At a meeting on March 1 – March 2, 2023, the Board, including all of the Independent Trustees, considered information relating to the New Sub-Advisory Agreement between Reinhart, sub-adviser for a sleeve of the Fund, and JNAM, to be effective upon the completion of the change of control of Reinhart. The sale of Reinhart equity to SRAM will trigger a change of control of Reinhart, which will automatically terminate the Original Sub-Advisory Agreement with Reinhart.

In advance of the meeting, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the New Sub-Advisory Agreement with Reinhart. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration of the New Sub-Advisory Agreement. With respect to its approval of the New Sub-Advisory Agreement, the Board noted that the New Sub-Advisory Agreement was with a Sub-Adviser that already provides services to one or more existing funds in the Trust. Thus, the Board also considered relevant information provided at previous Board meetings. At the conclusion of the Board's discussions, the Board approved the New Sub-Advisory Agreement.

In reviewing the New Sub-Advisory Agreement and considering the information, the Board was advised by outside independent legal counsel. The Board considered the factors it deemed relevant, as applicable, including: (1) the nature, quality and extent of the services to be provided; (2) the investment performance of the Sub-Adviser and/or the Fund's investment team; (3) cost of services of the Sub-Adviser; (4) profitability data; (5) whether economies of scale may be realized and shared, in some measure, with investors as the Fund grows; and (6) other benefits that may accrue to the Sub-Adviser through its relationship with the Trust. In its deliberations, the Board, in exercising its business judgment did not identify any single factor that alone was responsible for the Board's decision to approve the New Sub-Advisory Agreement.

Before approving the New Sub-Advisory Agreement, the Independent Trustees met in executive session with their independent legal counsel to consider the materials provided by JNAM and the Sub-Adviser and to consider the terms of the New Sub-Advisory Agreement. Based on its evaluation of those materials and the information the Board received throughout the year at its regular meetings, the Board, including the interested and Independent Trustees, concluded that the New Sub-Advisory Agreement is in the best interests of the shareholders of the Fund. In reaching its conclusions, the Board considered numerous factors, including the following:

***Nature, Quality and Extent of Services***

The Board examined the nature, quality and extent of the services to be provided by the Sub-Adviser. The Board noted JNAM's evaluation of the Sub-Adviser, as well as JNAM's recommendations, based on its review of the Sub-Adviser, in connection with its approval of the New Sub-Advisory Agreement.

The Board reviewed the qualifications, backgrounds and responsibilities of the Sub-Adviser's portfolio managers who are responsible for the day-to-day management of the Fund and noted that the portfolio managers would not change in connection with the change of control. The Board reviewed information pertaining to the Sub-Adviser's organizational structure, senior management, financial condition, investment operations, and other relevant information pertaining to the Sub-Adviser. The Board considered compliance reports about the Sub-Adviser from the Trust's Chief Compliance Officer.

Based on the foregoing, the Board concluded that the Fund is likely to benefit from the nature, extent and quality of the services to be provided by the Sub-Adviser under the New Sub-Advisory Agreement.

***Investment Performance of the Fund***

The Board noted that the sleeve of the Fund sub-advised by Reinhart outperformed its benchmark and peer group median for the one-, three-, five-, and ten-year periods ended December 31, 2022. The Board considered information relating to the change of control and noted JNAM's and Reinhart's assertions that the change of control will not affect the services provided to the Fund, and that there will be no material changes to the investment philosophy, process or investment team for the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to approve the New Sub-Advisory Agreement.

***Costs of Services***

The Board reviewed the fees to be paid to the Fund's Sub-Adviser. The Board noted that the fee schedule for the Fund will not change as a result of the change of control and will remain the same as the one in the current sub-advisory agreement. The Board concluded that the sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

***Profitability***

The Board considered information concerning the costs incurred and profits realized by the Sub-Adviser. The Board determined that profits realized by the Sub-Adviser were not unreasonable.

***Economies of Scale***

The Board considered whether the Fund's proposed fees reflect the potential for economies of scale for the benefit of Fund shareholders. Based on information provided by JNAM and the Sub-Adviser, the Board noted that the sub-advisory fee arrangement for the Fund does not contain breakpoints that decrease the fee rate as assets increase. The Board further noted that the sub-advisory fee for the Fund is paid by JNAM (not the Fund). The Board concluded that the fees in some measure share economies of scale with shareholders.

***Other Benefits to the Sub-Adviser***

In evaluating the benefits that may accrue to the Sub-Adviser through its relationship with the Fund, the Board noted that the Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Fund's assets and may also develop additional investment advisory business with JNAM, the Fund or other clients of the Sub-Adviser as a result of its relationship with the Fund.

In light of all the facts noted above, the Board concluded that it would be in the best interests of the Fund and its shareholders to approve the New Sub-Advisory Agreement.

VI. Additional Information

Ownership of The Fund

As of March 3, 2023, there were issued and outstanding the following number of shares for the Fund:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Shares Outstanding** |
| &nbsp;&nbsp;JNL Multi-Manager Small Cap Value Fund (Class A) | &nbsp;&nbsp; 68,469,593.301 |
| &nbsp;&nbsp;JNL Multi-Manager Small Cap Value Fund (Class I) | &nbsp;&nbsp; 26,753,709.263 |

---

As of March 3, 2023, the officers and Trustees of the Trust, as a group, owned less than 1% of the then outstanding shares of the Fund.

Because the shares of the Fund are sold only to Jackson, Jackson National Life Insurance Company of New York ("Jackson NY"), certain affiliated funds organized as fund-of-funds, and certain qualified retirement plans, Jackson, through its separate accounts, which hold shares of the Fund as funding vehicles for Variable Contracts, is the owner of record of substantially all of the shares of the Fund.

As of March 3, 2023, no persons beneficially owned more than 5% of the shares of the Fund.

Persons who own Variable Contracts may be deemed to have an indirect beneficial interest in the Fund shares owned by the relevant separate accounts. As noted above, Variable Contract owners have the right to give instructions to the insurance company shareholders as to how to vote the Fund shares attributable to their Variable Contracts. To the knowledge of management of the Trust, as of March 3, 2023, no persons have been deemed to have an indirect beneficial interest totaling more than 25% of the voting securities of the Fund.

Brokerage Commissions and Fund Transactions

During the fiscal year ended December 31, 2022, the Fund paid no commissions to an affiliated broker.

During the fiscal year ended December 31, 2022, the Fund paid $1,701,162 in administration fees and $3,569,889 in 12b-1 fees to the Adviser and/or its affiliated persons. These services have continued to be provided since the New Sub-Advisory Agreement was approved.

VII. Other Matters

The Trust will furnish, without charge, a copy of the Trust's annual report for the fiscal year ended December 31, 2022, or a copy of the Trust's prospectus and statement of additional information to any shareholder upon request. To obtain a copy, please call 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), write to the JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, or visit <u>www.jackson.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;

JNAM, located at 1 Corporate Way, Lansing, Michigan 48951, serves as the investment adviser to the Trust and provides the Fund with professional investment supervision and management. JNAM is registered with the SEC under the 1940 Act, as amended. JNAM is an indirect, wholly owned subsidiary of Jackson, a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. Prudential plc and Athene Life Re Ltd. each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc. Jackson is also the ultimate parent of PPM America, Inc. JNAM also serves as the Trust's administrator. JNLD, an affiliate of the Trust and the Adviser, is principal underwriter for the Trust and an indirect, wholly owned subsidiary of Jackson. JNLD is located at 300 Innovation Drive, Franklin, Tennessee 37067.

The Trust is not required to hold annual meetings of shareholders, and, therefore, it cannot be determined when the next meeting of shareholders will be held. Shareholder proposals to be presented at any future meeting of shareholders of the Trust must be received by the Trust at a reasonable time before the Trust's solicitation of proxies for that meeting in order for such proposals to be considered for inclusion in the proxy materials related to that meeting.

The cost of the preparation, printing, and distribution of this Information Statement will be paid by Reinhart.

**Exhibit A**

**Investment Sub-Advisory Agreement Between**

**Jackson National Asset Management, LLC**

**and Reinhart Partners, LLC** 

This investment sub-advisory agreement (the "Agreement") effective as of the 1st day of April , 2023 is by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company (the "Adviser"), and **Reinhart Partners, LLC**, a limited liability company organized in the State of Delaware (the "Sub-Adviser").

**Whereas**, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

**Whereas**, the Sub-Adviser is registered as an investment adviser under the Advisers Act;

**Whereas**, the Adviser has entered into an Amended and Restated Investment Advisory and Management Agreement effective as of September 13, 2021, with JNL Series Trust (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") consisting of multiple series (each, a "Fund");

**Whereas**, the Trust's shareholders are primarily separate accounts maintained by insurance companies for variable life insurance policies and variable annuity contracts (the "Policies") under which income, gains and losses, whether or not realized, from assets allocated to such accounts are, in accordance with the Policies, credited to or charged against such accounts without regard to other income, gains, or losses of such insurance companies, as well as other shareholders as permitted under Section 817(h) of the Internal Revenue Code of 1986, as amended (the "Code"), and the rules and regulations thereunder;

**Whereas**, the Board of Trustees of the Trust (the "Board") and the Adviser desire that the Adviser retain the Sub-Adviser to render investment advisory services for the portion of each Fund's assets allocated to the Sub-Adviser listed on Schedule A attached hereto, as determined from time to time by the Adviser, in the manner and on the terms hereinafter set forth;

**Whereas**, the Adviser has the authority under the Investment Advisory and Management Agreement with the Trust to select sub-advisers for each Fund; and

**Whereas**, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund.

**Now, Therefore**, in consideration of the mutual covenants contained herein, the Adviser and the Sub-Adviser agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Appointment of Sub-Adviser</u>

The Adviser hereby appoints the Sub-Adviser to act as the investment sub-adviser for each Fund, subject to the supervision and control of the Adviser and the Board and in accordance with the terms and conditions of this Agreement. Such appointment may be limited to a portion of Fund assets allocated to the Sub-Adviser by the Adviser, which may be changed from time to time at the sole discretion of the Adviser. References to the "Fund" or "Funds" in this Agreement shall refer to the portion of Trust assets allocated to the Sub-Adviser by the Adviser, except where the context otherwise indicates.

The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth, for the compensation herein provided.

In the event the Adviser designates one or more funds other than the Fund or Funds identified on Schedule A with respect to which the Adviser wishes to retain the Sub-Adviser to furnish investment advisory services hereunder, it shall notify the Sub-Adviser in writing. If the Sub-Adviser is willing to furnish such services, it shall notify the Adviser in writing, whereupon, subject to the approval of the Board, such fund shall be added to Schedule A and become a Fund hereunder subject to this Agreement.

2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Services to be Rendered by the Sub-Adviser to the Trust</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp; As investment sub-adviser to each Fund, the Sub-Adviser will coordinate and monitor the investment and reinvestment of the assets of each Fund and determine the composition of the assets of each Fund, subject always to the supervision and control of the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; As part of the services it will provide hereunder, the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;

obtain and evaluate pertinent economic, statistical, financial, and other information affecting the individual companies or industries, the securities of which are included in each Fund or are under consideration for inclusion in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;

formulate and implement a continuous investment program and make investment decisions for all assets in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;

take whatever steps are necessary to implement the investment program for each Fund by placing all orders, on behalf of each Fund, for the purchase and sale of securities and other property and investments, including issuing directives to the administrator of the Trust as necessary for the appropriate implementation of the investment program of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;

use the same skill and care in providing its services as it uses in providing services to its other similar client mandates for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;

keep the Board and the Adviser fully informed in writing on an ongoing basis of all material facts concerning the investment and reinvestment of the assets in each Fund, the Sub-Adviser and its key investment personnel and operations; make regular and periodic special written reports of such additional information concerning the same as may reasonably be requested from time to time by the Adviser or the Board; and attend meetings with the Adviser and/or the Board, as reasonably requested, to discuss the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;

cooperate fully with the Trust's Chief Compliance Officer in executing his/her responsibilities to monitor service providers of each Fund pursuant to Rule 38a-1 under the Investment Company Act, including but not limited to providing compliance and reporting information as reasonably requested by the Adviser and the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;

in accordance with procedures and methods established by the Board, which may be amended from time to time, provide assistance in determining the fair value of securities and other investments/assets in each Fund, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser for each security or other investment/asset in each Fund for which market prices are not readily available. In addition, the Sub-Adviser shall provide the Trust's custodian on each business day with information relating to all transactions concerning each Fund's assets under the Sub-Adviser's supervision, and shall promptly provide Adviser with such information upon the reasonable request of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;

provide any and all material composite performance information, records and supporting documentation about accounts the Sub-Adviser manages, if appropriate, which are relevant to each Fund and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing each Fund that may be reasonably necessary, under applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;

cooperate with and provide reasonable assistance to the Adviser, the Board, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust and the Adviser, keep all such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Trust and the Adviser, provide prompt responses to reasonable requests made by such persons and maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp; In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in compliance with the following: (i) the Trust's Agreement and Declaration of Trust, as the same may be modified or amended from time to time (the "Declaration"); (ii) the By-Laws of the Trust, as the same may be modified or amended from time to time (the "By-Laws"); (iii) the stated investment objectives, policies and restrictions of each Fund and other matters contained in the currently effective Prospectus and Statement of Additional Information of the Trust filed with the Securities and Exchange Commission (the "SEC"), as the same may be modified, amended or supplemented from time to time (the "Prospectus and SAI"); (iv) the Investment Company Act, the Advisers Act, the Commodity Exchange Act, as amended (the "CEA") and the rules under each, and all other federal and state laws or regulations applicable to the Trust and each Fund; (v) any applicable controlling foreign laws, regulations and regulatory requirements as set forth by applicable foreign regulatory agencies; (vi) the Trust's compliance and other policies and procedures adopted from time to time by the Board; and (vii) the instructions of the Adviser and the Board (except as to the voting of proxies). Prior to the commencement of the Sub-Adviser's services hereunder, the Adviser shall provide the Sub-Adviser with current copies of the Declaration, By-Laws, Prospectus and SAI, Fund compliance manual and other relevant policies and procedures that are adopted by the Board. The Adviser undertakes to provide the Sub-Adviser with copies or other written notice of any amendments, modifications or supplements to any such above-mentioned document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp; Without Adviser's prior consent to each transaction, Sub-Adviser shall have full discretionary authority as agent and attorney-in-fact, with full power of substitution and full authority in each Fund's name, to (a) buy, sell, hold, exchange, convert or otherwise deal in any manner in any assets; (b) place orders for the execution of such assets and other transactions with or through such brokers, dealers, counter-parties, issuers, agents or arrangers as Sub-Adviser may select; (c) execute, on behalf of a Fund, such brokerage, derivatives, subscription and other agreements and documents (including, without limitation, ISDA, LSTA, and/or Master Securities Forward Transaction Agreement or MSFTA documentation) as Sub-Adviser deems necessary or appropriate in connection with each Fund's investment activities; and (d) negotiate, enter into, make and perform any other contracts, agreements or other undertakings it may deem advisable in connection with the performance of the Sub-Adviser's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp; In furnishing services hereunder, the Sub-Adviser will not consult with any other sub-adviser to the Trust or the sub-adviser to any other investment company managed by the Adviser concerning transactions of each Fund in securities or other assets. (This shall not be deemed to prohibit the Sub-Adviser from consulting with any of the other sub-advisers concerning compliance with paragraphs (a) and (b) of Rule 12d3-1 under the Investment Company Act. This shall also not be deemed to prohibit consultations between current and successor sub-advisers of a Fund in order to effect an orderly transition of sub-advisory duties so long as such consultations are not concerning transactions prohibited by Section 17(a) of the Investment Company Act.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp; Sub-Adviser and Adviser will each make its officers and employees available to the other from time to time at reasonable times to review investment policies of each Fund and to consult with each other regarding the investment affairs of each Fund. Sub-Adviser will report to the Board and to Adviser with respect to the implementation of such program as requested by the Board or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser at its expense, will furnish: (i) all necessary facilities and personnel, including salaries, expenses, and fees of any personnel required for the Sub-Adviser to faithfully perform its duties under this Agreement; and (ii) administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser shall, at its expense, bear any fees or costs associated with regulatory investigations or litigation arising from or pertaining to (i) the services provided by the Sub-Adviser under the Agreement (but excluding litigation for services provided and/or fees charged by the Adviser); and (ii) the Sub-Adviser's general business operations that require the involvement or participation of the Adviser, the Fund, and/or any Trustee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will select brokers and dealers to effect all portfolio transactions subject to the conditions set forth herein. The Sub-Adviser is granted authority to negotiate, open, continue and terminate brokerage accounts and other brokerage arrangements with respect to all portfolio transactions it enters into on behalf of each Fund. The Sub-Adviser will provide to the Adviser copies of all agreements regarding brokerage arrangements upon written request and subject to any confidentiality considerations. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for each Fund (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Adviser from time to time and which have been provided to the Sub-Adviser or (ii) as described in the Trust's Prospectus and SAI. In placing any orders for the purchase or sale of securities and instruments for each Fund, the Sub-Adviser is hereby authorized, to the extent permitted by applicable law, to aggregate the securities and instruments to be so purchased or sold and shall use its best efforts to obtain for each Fund best price and execution, considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement. Consistent with this policy, the Sub-Adviser, in selecting broker-dealers and negotiating commission rates, will take all relevant factors into consideration, including but not limited to: the best price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing the order; the broker's execution capabilities; any research provided by the broker that aids the Sub-Adviser's investment decision-making process and the value of the expected contribution of the broker-dealer to the investment performance of the applicable Fund on a continuing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will maintain all accounts, books and records with respect to each Fund as are required of an investment sub-adviser of a registered investment company pursuant to the Investment Company Act, Advisers Act, and Commodity Exchange Act and the rules thereunder, will furnish the Adviser and the Board such periodic and special reports as they may reasonably request, and shall timely file with the SEC all forms pursuant to Section 13 of the Exchange Act, with respect to its duties as are set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser shall ensure that each Fund complies with the provisions of Section 851 and Section 817(h) of the Code and the regulations thereunder, including, but not limited to, Treas. Reg. Section 1.817-5. Sub-Adviser shall be responsible for the correction of any failure under the provisions cited above attributable to its actions whether in good faith, negligent, or reckless disregard, including any penalties, taxes, and interest and for any other obligations to Contract-owners and insurance company investors in each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.&nbsp;&nbsp;&nbsp;&nbsp; Consistent with its fiduciary duties to each Fund and on the Fund's behalf, the Sub-Adviser is hereby appointed the Fund's agent to exercise in its direction all rights and perform all duties with respect to the Fund's right to vote (or refrain from voting), each Fund's securities and exercise rights in corporate actions or otherwise in accordance with the Sub-Adviser's proxy voting guidelines, as amended from time to time, which shall be provided to the Trust and the Adviser. For the avoidance of doubt, the Sub-Adviser will have full discretion in this regard and the Adviser will not attempt to influence the Sub-Adviser's voting decisions. The Sub-Adviser further agrees to report significant shareholdings for itself and on behalf of the Fund where required by local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser may execute on behalf of each Fund certain agreements, instruments and documents in connection with the services performed by it under this Agreement. These may include, without limitation, brokerage agreements, clearing agreements, account documentation, futures and options agreements, swap agreements, other investment-related agreements, and any other agreements, documents or instruments the Sub-Adviser believes are appropriate or desirable in performing its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will provide to the Adviser (i) a completed monthly compliance checklist developed for each Fund by Adviser and Sub-Adviser, (ii) quarterly reports developed for each Fund by Adviser and Sub-Adviser, and (iii) other compliance and reporting information as reasonably requested by the Adviser or the Board from time-to-time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will review each Fund's investment-related risk disclosures in the Prospectus and SAI, and the Sub-Adviser will certify to the Adviser on a quarterly basis that, based on the Sub-Adviser's knowledge after due inquiry including consideration of market conditions, such disclosures appropriately address current market conditions affecting investments in the Fund.

3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Compensation of Sub-Adviser</u>

The Adviser will pay the Sub-Adviser a sub-advisory fee, accrued daily and payable monthly on the average daily net assets of each Fund, as specified in Schedule B to this Agreement to cover the Sub-Adviser's services under and expenses assumed in carrying out this Agreement. The Sub-Adviser agrees that the fee rate paid to the Sub-Adviser shall not be in excess of the fee rates at equivalent asset size charged by the Sub-Adviser to any other future investment company client, registered under the Investment Company Act, being managed by the Sub-Adviser having a substantially similar investment objective, style and strategy as each Fund.

4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Custody of Assets</u> 

Sub-Adviser shall at no time physically possess the assets of the Funds or have the assets registered in its own name or the name of its nominee, nor shall Sub-Adviser in any manner acquire or become possessed of any income, whether in kind or cash, or proceeds, whether in kind or cash, distributable by reason of selling, holding or controlling such assets of the Funds. In accordance with the preceding sentence, Sub-Adviser shall have no responsibility with respect to the collection of income, physical acquisition or the safekeeping of the assets of the Funds. All such duties of collection, physical acquisition and safekeeping shall be the sole obligation of the custodian.

5.&nbsp;&nbsp;&nbsp;&nbsp; <u>Liability and Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp; Except as may otherwise be provided by law, neither the Sub-Adviser nor any of its officers, members or employees (its "Affiliates") shall be liable (i) for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser or its Affiliates with respect to any Fund or (ii) for any failure to recommend the purchase or sale of any security on behalf of any Fund on the basis of any information which might, in the Sub-Adviser's reasonable opinion, constitute a violation of any federal or state laws, rules or regulations; except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser or its Affiliates for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended (the "1933 Act")) (collectively, "Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Adviser Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, or common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to any Fund by the Sub-Adviser or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees (as defined below) for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; Except as may otherwise be provided by law, the Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Adviser with respect to any Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, the "Sub-Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, at common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to any Fund or the omission to state therein a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser.

6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations of Adviser</u>

The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp; The Adviser has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment services to each Fund as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; The Adviser is currently in compliance and shall at all times continue to comply with the requirements imposed upon the Adviser by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp; The Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement is in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform services contemplated by this Agreement; and (v) will promptly notify Sub-Adviser of the occurrence of any event that would disqualify Adviser from serving as investment manager of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise. The Adviser will also promptly notify the Sub-Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of any Fund, provided, however, that routine regulatory examinations shall not be required to be reported by this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp; The Adviser certifies that as of the date of this Agreement the Trust is a Qualified Institutional Buyer ("QIB") as defined in Rule 144A under the 1933 Act, and the Adviser will promptly notify the Sub-Adviser if the Trust ceases to be a QIB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp; The Adviser, through its designated administrator or sub-administrator, will regularly notify the Sub-Adviser if any "government entity" assets, within the meaning of Rule 206(4)-5 under the Advisers Act, are contributed to any Fund.

7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations of Sub-Adviser</u>

The Sub-Adviser represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser is currently in compliance and shall at all times continue to comply with the requirements imposed upon the Sub-Adviser by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify Adviser of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment sub-adviser of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise. The Sub-Adviser will also promptly notify the Trust and the Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation requesting information about any Fund that directly relates to or otherwise materially and adversely affects a Fund, at law or in equity, before or by any court, public board or body, involving the affairs of a Fund. The Sub-Adviser represents that this Agreement does not violate any existing agreement between the Sub-Adviser and any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser has reviewed the Prospectus and SAI of the Trust with respect to each Fund, as it may be amended from time to time, that contains disclosure about the Sub-Adviser, and represents and warrants that, with respect to the disclosure about the Sub-Adviser or information relating to the Sub-Adviser, such Registration Statement contains, as of the date hereof, no untrue statement of any material fact and does not omit any statement of a material fact necessary to make the statements contained therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and will provide the Adviser and the Board with a copy of such code of ethics, together with evidence of its adoption. The Sub-Adviser will promptly provide the Adviser any amendments thereto. As requested, the president, Chief Operating Officer or a vice-president of the Sub-Adviser shall certify to the Adviser that the Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Adviser, the Sub-Adviser shall permit the Adviser, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule 17j-1(d)(1) and all other records relevant to the Sub-Adviser's code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC, and promptly will furnish a copy of all amendments and annual updates to the Adviser. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will promptly notify the Trust and the Adviser of any proposed assignment of this Agreement or change of control of the Sub-Adviser and any proposed changes in the key personnel who are either the portfolio manager(s) of a Fund or senior management of the Sub-Adviser. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, arising out of an assignment or change in control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser has provided the Adviser with a summary of its insurance coverage and will promptly provide the Adviser any amendments thereto. The Sub-Adviser will maintain its insurance coverage at least at the amounts set forth in the summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser agrees that neither it, nor any of its affiliates, will knowingly in any way refer directly or indirectly to its relationship with the Trust, each Fund, the Adviser or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Adviser, except as required by rule, regulation or upon the request of a governmental authority and only upon providing written notice to the Adviser and the Trust. However, the Sub-Adviser may incorporate the performance of each Fund in its composite performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will not file class action claim forms or otherwise exercise any rights the Adviser or the Trust may have with respect to participating in, commencing or defending suits or legal proceedings involving securities or issuers of securities held in, or formerly held in, each Fund, unless the Sub-Adviser, the Adviser and the Trust mutually agree that the Sub-Adviser may take such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will promptly notify the Adviser and the Trust if the Sub-Adviser suffers a material adverse change in its business that would materially impair its ability to perform its relevant duties for a Fund. For the purposes of this paragraph, a "material adverse change" shall include, but is not limited to, a material loss of assets or accounts under management or the departure of senior investment professionals to the extent such professionals are not replaced promptly with professionals of comparable experience and quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser will promptly notify the Adviser and the Trust to the extent required by applicable law in the event that the Sub-Adviser or any of its affiliates: (1) becomes aware that it is subject to a statutory disqualification that prevents the Sub-Adviser from serving as an investment adviser pursuant to this Agreement; or (2) becomes aware that it is the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority. The Sub-Adviser further agrees to notify the Trust and the Adviser immediately of any material fact known to the Sub-Adviser respecting or relating to the Sub-Adviser that would make any written information previously provided to the Adviser or the Trust materially inaccurate or incomplete or if any such written information becomes untrue in any material respect.

8.&nbsp;&nbsp;&nbsp;&nbsp; <u>Commodity Exchange Act Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp; The Adviser hereby represents and warrants to the Sub-Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; with respect to each Fund where the Adviser is *not* excluded from the definition of a commodity pool operator ("CPO") pursuant to Commodity Futures Trading Commission ("CFTC") Regulation 4.5, the Adviser (A) is registered as a CPO under the CEA and is a member of the National Futures Association (the "NFA") and (B) consents to being treated by the Sub-Adviser as a "qualified eligible person" as defined in the rules promulgated under the CEA for the purposes of the CEA and the regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp; with respect to each Fund where the Adviser is excluded from the definition of a CPO pursuant to CFTC Regulation 4.5, the Adviser (A) filed the notice required by CFTC Regulation 4.5(c) and shall re-file such notice annually as required and (B) will promptly notify the Sub-Adviser if it can no longer rely on the exclusion pursuant to CFTC Regulation 4.5 with respect to a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; only with respect to any Funds that may trade swaps, the Fund is an "eligible contract participant" within the meaning of Section 1a(18) of the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; The Sub-Adviser hereby represents and warrants to the Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Sub-Adviser is registered with the CFTC in all capacities, if any, in which the Sub-Adviser is required under the CEA and the CFTC's regulations to be so registered and is a member of the NFA if required to be a member thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; if the Sub-Adviser is exempt from registration as a commodity trading advisor ("CTA") under CFTC Regulation 4.14(a)(8) with respect to a Fund, it has filed notice required under CFTC Regulation 4.14(a)(8) and shall re-file such notice annually as required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; if the Adviser has filed the exclusion under CFTC Regulation 4.5 with respect to a Fund, the Sub-Adviser (A) will cause such Fund to comply with the trading limitations in CFTC Regulation 4.5 unless otherwise agreed with the Adviser, and (B) promptly will notify the Adviser if it is reasonably likely that one or more Funds will not comply with such trading limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp; The Adviser and the Sub-Adviser each further agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; to the extent that the CEA and the then-current CFTC regulations require (A) registration by such party as a CPO or CTA and/or membership with NFA with respect to any Fund, (B) specific disclosure, as applicable to the investors in any Fund, or (C) filing of reports and other documents with respect to any Fund, it shall promptly and fully comply, or take reasonable steps to cause such Fund to comply, with all such requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; the Adviser and the Sub-Adviser shall each comply with all requirements of the CEA, then-current CFTC regulations and NFA rules that apply to the Adviser and the Sub-Adviser, respectively, with respect to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the Sub-Adviser shall provide reasonable cooperation to the Adviser and the Adviser shall provide reasonable cooperation to the Sub-Adviser in fulfilling, or causing to be fulfilled, any disclosure or reporting requirements applicable to such party with respect to each Fund under the CEA and/or then-current CFTC regulations and NFA rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the Adviser and the Sub-Adviser each further agrees to notify the other party promptly in writing if any of the representations and warranties herein ceases to be accurate in any respect with respect to the Adviser, the Sub-Adviser or any Fund.

9.&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Exclusivity</u>

The services of the Sub-Adviser to the Adviser, each Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others and to engage in other activities. Adviser has no objection to Sub-Adviser rendering such services to any other person, provided that whenever the Fund and one or more other investment advisory clients of Sub-Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner believed by Sub-Adviser to be equitable to each. Sub-Adviser may group orders for a Fund with orders for other funds and accounts to obtain the efficiencies that may be available on larger transactions when it determines that investment decisions are appropriate for each participating account. It is understood and agreed that the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees, or employees of any other firm or corporation.

10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Regulation</u>

The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations. The Sub-Adviser shall provide prompt notice to the Adviser and the Trust of any such submission.

11.&nbsp;&nbsp;&nbsp;&nbsp; <u>Records</u>

The records relating to the services provided under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Sub-Adviser such records and permit it to retain such records (either in original or in duplicate form) as it shall reasonably require in order to carry out its business. In the event of the termination of this Agreement, such records shall promptly be returned to the Trust by the Sub-Adviser free from any claim or retention of rights therein, provided that the Sub-Adviser may retain any such records that are required by law or regulation.

12.&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidential Treatment</u>

All information and advice furnished by one party to the other party (including their respective agents, employees and representatives and the agents, employees, and representatives of any affiliates) hereunder shall be treated as confidential and shall not be disclosed to third parties, except as may be necessary to comply with applicable laws, rules and regulations, subpoenas, court orders, and as required in the administration and management of the Funds. It is understood that any information or recommendation supplied or produced by Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Adviser and the Trust. Without limiting the foregoing, the Adviser and the Trust will only disclose portfolio information in accordance with the Trust's portfolio information policy as adopted by the Board.

The confidential treatment of the information noted in this Agreement shall also apply to information shared between the Adviser and the Sub-Adviser relating to potential future funds for which the Adviser may wish to retain the Sub-Adviser's investment advisory services.

13.&nbsp;&nbsp;&nbsp;&nbsp; <u>Duration of Agreement</u>

This Agreement shall become effective as to a Fund upon execution or, if later, on the date that initial capital for such Fund is first provided to it and, unless sooner terminated as provided herein, the initial term will continue in effect through September 30, 2024. Thereafter, if not terminated as to a Fund, this Agreement will continue from year to year through September 30 of each successive year following the initial term for each Fund covered by this Agreement, as listed on Schedule A, provided that such continuation is specifically approved at least annually by the Board or by vote of a majority of the outstanding voting securities of such Fund, and in either event approved also by a majority of the Trustees of the Trust who are not interested persons of the Trust, or of the Adviser, or of the Sub-Adviser (the "Independent Trustees") cast in person at a meeting called for the purpose of voting on such approval.

14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination of Agreement</u>

This Agreement may be terminated at any time, without the payment of any penalty, by the Board, including a majority of the Independent Trustees, or by the vote of a majority of the outstanding voting securities of each Fund, on sixty (60) days' written notice to the Adviser and the Sub-Adviser, or by the Adviser with the consent of the Board (including a majority of the Independent Trustees) or Sub-Adviser on sixty (60) days' written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of any penalty, (i) in the event of its assignment (as defined in the Investment Company Act), or (ii) in the event the Investment Advisory and Management Agreement between the Adviser and the Trust is assigned (as defined in the Investment Company Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice. Section 5 herein shall survive the termination of this Agreement.

15.&nbsp;&nbsp;&nbsp;&nbsp; <u>Use of Sub-Adviser's Name</u>

The parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Sub-Adviser and its affiliates. The Sub-Adviser hereby grants the Adviser and the Trust the right to use such name(s), derivatives, logos, trademarks or service marks or trade names so long as this Agreement is in effect. Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use such name(s), derivatives, logos, trademarks or service marks or trade names. The Sub-Adviser hereby consents to the names of the Funds as set forth in Schedule A to this Agreement.

16.&nbsp;&nbsp;&nbsp;&nbsp; <u>Use of Adviser's Name</u> 

The Sub-Adviser acknowledges and agrees that the names "JNL Series Trust" and "Jackson National Asset Management, LLC," and abbreviations or logos associated with those names, are the valuable property of the Adviser and its affiliates; that the Trust has the right to use such names, abbreviations and logos; and that the Sub-Adviser shall use the names "JNL Series Trust," "Jackson National Asset Management, LLC," and associated abbreviations and logos, only in connection with the Sub-Adviser's performance of its duties hereunder. Further, in any communication with the public and in any marketing communications of any sort, the Sub-Adviser agrees to obtain prior written approval from the Adviser before using or referring to "JNL Series Trust" and the Adviser, or the Funds or any abbreviations or logos associated with those names; provided that nothing herein shall be deemed to prohibit the Sub-Adviser from referring to the performance of the Funds in the Sub-Adviser's marketing material as long as such marketing material does not constitute "sales literature" or "advertising" for the Funds, as those terms are used in the rules, regulations and guidelines of the SEC and FINRA. Adviser and the Trust acknowledge that Sub-Adviser will use the Funds' performance information within its composites compiled pursuant to the Global Investment Performance Standards ("GIPS<sup>®</sup>").

17.&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments to the Agreement</u>

Except to the extent permitted by the Investment Company Act or the rules or regulations thereunder or pursuant to exemptive relief granted by the SEC, this Agreement may be amended by the parties only if such amendment, if material, is specifically approved by the vote of a majority of the outstanding voting securities of each Fund (unless such approval is not required by Section 15 of the Investment Company Act as interpreted by the SEC or its staff or unless the SEC has granted an exemption from such approval requirement) and by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval. The required shareholder approval shall be effective with respect to each Fund if a majority of the outstanding voting securities of each Fund vote to approve the amendment, notwithstanding that the amendment may not have been approved by a majority of the outstanding voting securities of any other series affected by the amendment or all the series of the Trust.

18.&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignment</u>

No assignment (as that term is defined in the Investment Company Act) shall be made by the Sub-Adviser without the prior written consent of the Trust and the Adviser. Notwithstanding the foregoing, no assignment shall be deemed to result from any changes in the directors, officers or employees of such Sub-Adviser except as may be provided to the contrary in the Investment Company Act or the rules or regulations thereunder.

19.&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>

This Agreement contains the entire understanding and agreement of the parties with respect to each Fund. The Trust is an intended third-party beneficiary of this Agreement.

20.&nbsp;&nbsp;&nbsp;&nbsp; <u>Headings</u>

The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

21.&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>

All notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below of each applicable party in person or by registered or certified mail or a private mail or delivery service providing the sender with notice of receipt or sent by electronic transmission (via e-mail) or such other address as specified in a notice duly given to the other parties. Notice shall be deemed given on the date delivered or mailed in accordance with this paragraph.

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| | |
|:---|:---|
| &nbsp;&nbsp;To the Adviser: | &nbsp;&nbsp;Jackson National Asset Management, LLC |
|  | &nbsp;&nbsp;225 West Wacker Drive |
|  | &nbsp;&nbsp;Suite 1200 |
|  | &nbsp;&nbsp;Chicago, IL 60606 |
|  | &nbsp;&nbsp;Attention: General Counsel |
|  | &nbsp;&nbsp;Email address: JNAMLegal@jackson.com |

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| | |
|:---|:---|
| &nbsp;&nbsp;To the Sub-Adviser: | &nbsp;&nbsp;Reinhart Partners, LLC |
|  | &nbsp;&nbsp;11090 N. Weston Drive |
|  | &nbsp;&nbsp;Mequon, Wisconsin 53092 |
|  | &nbsp;&nbsp;Attn: Sandra King, Chief Compliance Officer |
|  | &nbsp;&nbsp;Email address: sking@reinhart-partnersinc.com |

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| | |
|:---|:---|
| &nbsp;&nbsp;To the Trust: | &nbsp;&nbsp;JNL Series Trust |
|  | &nbsp;&nbsp;1 Corporate Way |
|  | &nbsp;&nbsp;Lansing, MI 48951 |
|  | &nbsp;&nbsp;Attention: Chief Legal Officer |
|  | &nbsp;&nbsp;Email address: JNAMLegal@jackson.com |

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22.&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>

Should any portion of this Agreement for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein.

23.&nbsp;&nbsp;&nbsp;&nbsp; <u>Trust and Shareholder Liability</u>

The Adviser and Sub-Adviser are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Declaration and agree that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series, the obligations hereunder shall be limited to the respective assets of each respective Fund. The Adviser and Sub-Adviser further agree that they shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of a Fund, nor from the Board or any individual Trustee of the Trust.

24.&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>

The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Michigan, or any of the applicable provisions of the Investment Company Act. To the extent that the laws of the State of Michigan, or any of the provisions in this Agreement, conflict with applicable provisions of the Investment Company Act, the latter shall control.

25.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterpart Signatures</u>

This Agreement may be executed in several counterparts, including via facsimile, each of which shall be deemed an original for all purposes, including judicial proof of the terms hereof, and all of which together shall constitute and be deemed one and the same agreement.

*With respect to a Fund for which the Adviser has not claimed an exclusion under CFTC Regulation 4.5, the following language applies:* 

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

**In Witness Whereof**, the parties hereto have caused this Agreement to be executed by their duly authorized officers, effective as of the date first mentioned above.

 

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Jackson National Asset Management, LLC** | &nbsp;&nbsp; <br> **Jackson National Asset Management, LLC** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Mark D. Nerud  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Mark D. Nerud |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;President and Chief Executive Officer |
| &nbsp;&nbsp;**Reinhart Partners, LLC** | &nbsp;&nbsp;**Reinhart Partners, LLC** |
|  | &nbsp;&nbsp; /s/ Gordan Lasic |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Gordan Lasic |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp; Gordan Lasic |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp; Portfolio Specialist |

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**Schedule A**

Dated April 1 , 2023

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| |
|:---|
| **<u>Funds</u>** |
| JNL Multi-Manager Small Cap Value Fund<sup>\*</sup> |

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<sup>\*</sup> For the portion of the Average Daily Net Assets managed by Reinhart Partners, LLC.

**Schedule B**

Dated April 1 , 2023

*(Compensation)*

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| | |
|:---|:---|
| **JNL Multi-Manager Small Cap Value Fund**<sup>\*</sup> | **JNL Multi-Manager Small Cap Value Fund**<sup>\*</sup> |
| <u>Average Daily Net Assets</u> | <u>Annual Rate</u> |
| All Assets | [Fees Omitted] |

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<sup>\*</sup> For the portion of the Average Daily Net Assets managed by Reinhart Partners, LLC.