JACKSON REAL ASSETS FUND 486BPOS
Ex. 99.25(2)(j)(1)(xii)
Amendment to Amended and Restated Master Custodian Agreement
This amendment, made as of March 9, 2026, and effective April 27, 2026 (the “Amendment”), to the Amended and Restated Master Custodian Agreement dated as of December 1, 2022 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Agreement”), is by and among each management investment company and limited liability company identified on Appendix A thereto (each, a “Fund” and collectively, the “Funds”), and State Street Bank and Trust Company (the “Custodian”, and together with the Funds, the “Parties”).
Whereas, each Fund segregates and separately manages certain of each respective Fund’s assets or portfolio of assets (each in an account).
Whereas, the Board of Trustees of JNL Series Trust (the “Board”) has approved (i) one new Portfolio of JNL Series Trust (the “New Portfolio”) (ii) mergers for five Portfolios of JNL Series Trust into other Portfolios of JNL Series Trust (each, a “Merged Portfolio” and together, the “Merged Portfolios”); and (iii) name changes for five Portfolios of JNL Series Trust (together, the “Portfolio Name Changes”), as outlined below, effective April 27, 2026:
New Portfolio
| 1) | JNL/PPM America Emerging Markets Debt Fund. |
Merged Portfolios
| 1) | JNL/Invesco Global Growth Fund; |
| 2) | JNL/JPMorgan Global Allocation Fund;* |
| 3) | JNL/Lazard International Quality Growth Fund; |
| 4) | JNL/T. Rowe Price Balanced Fund;* and |
| 5) | JNL/T. Rowe Price U.S. High Yield Fund. |
| * | These two Portfolios will be footnoted in Appendix A to indicate that these Portfolios will remain on the Agreement until J.P. Morgan Investment Management Inc. and T. Rowe Price Associates, Inc., the respective sub-advisers to each Portfolio, can exit certain securities that cannot be sold as of 04/27/2026, due to government restrictions. |
Portfolio Name Changes
| 1) | JNL Multi-Manager U.S. Select Equity Fund change to JNL Multi-Manager Select Equity Fund; |
| 2) | JNL/ClearBridge Large Cap Growth Fund change to JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund; |
| 3) | JNL/Fidelity Institutional Asset Management® Total Bond Fund change to JNL/Fidelity Institutional AM® Total Bond Fund; |
| 4) | JNL/Invesco Diversified Dividend Fund change to JNL/MFS Equity Income Fund; and |
| 5) | JNL/William Blair International Leaders Fund change to JNL Multi-Manager International Equity Fund. |
Whereas, pursuant to Board approval of the changes, as outlined above, the Parties have agreed to amend the Agreement, including its Appendix A, to add the New Portfolio, to remove or footnote, as applicable, each Merged Portfolio, and to update the names of certain Portfolios pursuant to the Portfolio Name Changes, effective April 27, 2026.
Now, Therefore, in consideration of the promises and mutual covenants herein contained, the Parties hereto agree as follows:
| 1) | Appendix A to the Agreement is hereby deleted, in its entirety, and replaced with the Appendix A attached hereto. All references to a “Portfolio” under the Agreement shall be deemed to include the following: |
JNL/PPM America Emerging Markets Debt Fund;
JNL Multi-Manager Select Equity Fund;
JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund;
JNL/Fidelity Institutional AM® Total Bond Fund;
JNL/MFS Equity Income Fund; and
JNL Multi-Manager International Equity Fund.
Information Classification: Limited Access
| 2) | Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect. |
| 3) | This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form. |
[signature page immediately follows]
Information Classification: Limited Access
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In Witness Whereof, the Parties hereto have caused this Amendment to be executed by their officers designated below, effective April 27, 2026.
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JNL Series Trust, and JNL Investors Series Trust, each on behalf of its Portfolios listed on Appendix A of the Agreement
Jackson Credit Opportunities Fund
Jackson Credit Opportunities Fund LLC
Jackson Real Assets Fund
Jackson Real Assets Fund LLC |
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| By: | /s/ Kristen K. Leeman | |
| Name: | Kristen K. Leeman | |
| Title: | Assistant Secretary | |
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State Street Bank and Trust Company |
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| By: | /s/ Andrea E. Sharp | |
| Name: | Andrea E. Sharp | |
| Title: | Managing Director | |
Information Classification: Limited Access
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Appendix A
(Updated as of April 27, 2026)
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Management Investment Company: JNL Series Trust, for the following Portfolios |
| JNL Multi-Manager Alternative Fund |
| JNL Multi-Manager Emerging Markets Equity Fund |
| JNL Multi-Manager Floating Rate Income Fund |
| JNL Multi-Manager International Equity Fund |
| JNL Multi-Manager International Small Cap Fund |
| JNL Multi-Manager Mid Cap Fund |
| JNL Multi-Manager Select Equity Fund |
| JNL/Causeway International Value Select Fund |
| JNL/Cohen & Steers U.S. Realty Fund |
| JNL/DFA International Core Equity Fund |
| JNL/DFA U.S. Core Equity Fund |
| JNL/DFA U.S. Small Cap Fund |
| JNL/DoubleLine® Core Fixed Income Fund |
| JNL/DoubleLine® Emerging Markets Fixed Income Fund |
| JNL/DoubleLine® Shiller Enhanced CAPE® Fund |
| JNL/DoubleLine® Total Return Fund |
| JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund |
| JNL/Fidelity Institutional AM® Total Bond Fund |
| JNL/GQG Emerging Markets Equity Fund |
| JNL/Invesco Small Cap Growth Fund |
| JNL/JPMorgan Global Allocation Fund* |
| JNL/JPMorgan Hedged Equity Fund |
| JNL/JPMorgan Managed Aggressive Growth Fund |
| JNL/JPMorgan Managed Conservative Fund |
| JNL/JPMorgan Managed Growth Fund |
| JNL/JPMorgan Managed Moderate Fund |
| JNL/JPMorgan Managed Moderate Growth Fund |
| JNL/JPMorgan Nasdaq® Hedged Equity Fund |
| JNL/JPMorgan Midcap Growth Fund |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/JPMorgan U.S. Value Fund |
| JNL/Loomis Sayles Global Growth Fund |
| JNL/Lord Abbett Short Duration Income Fund |
| JNL/Mellon World Index Fund |
| JNL/Mellon Nasdaq® 100 Index Fund |
| JNL/MFS Equity Income Fund |
| JNL/MFS Mid Cap Value Fund |
| JNL/Neuberger Berman Commodity Strategy Fund |
| JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL/Neuberger Berman Strategic Income Fund |
| JNL/PPM America Emerging Markets Debt Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Investment Grade Credit Fund |
| JNL/PPM America Total Return Fund |
| JNL/RAFI® Fundamental U.S. Small Cap Fund |
| JNL/RAFI® Multi-Factor U.S. Equity Fund |
| JNL/T. Rowe Price Balanced Fund* |
| JNL/T. Rowe Price Capital Appreciation Equity Fund |
Information Classification: Limited Access
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| JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price Growth Stock Fund |
| JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/T. Rowe Price Value Fund |
| JNL/Westchester Capital Event Driven Fund |
* These two Portfolios will remain on the Agreement until J.P. Morgan Investment Management Inc. and T. Rowe Price Associates, Inc., the respective sub-advisers to each Portfolio, can exit certain securities that cannot be sold as of 04/27/2026, due to government restrictions.
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Management Investment Company: JNL Investors Series Trust |
| [Reserved] |
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Management Investment Company: Jackson Credit Opportunities Fund |
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Limited Liability Company: Jackson Credit Opportunities Fund LLC |
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Management Investment Company: Jackson Real Assets Fund |
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Limited Liability Company: Jackson Real Assets Fund LLC |
Information Classification: Limited Access
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