Funds with partnership status for federal income tax purposes may not be eligible for beneficial withholding rates, available to regulated investment companies (“RICs”), in certain foreign jurisdictions. Jackson National Asset Management (“JNAM”) has agreed to reimburse these Funds for an amount equal to the additional tax withheld. The Funds could also experience delays in receipt of tax reclaim payments due to their partnership status, as compared to the timing experienced by funds with RIC status for federal income tax purposes. JNAM has agreed to contribute to these Funds an amount equal to the outstanding tax reclaims, within the timeframe the Funds would have received payment under RIC status. The Funds will then reimburse JNAM once the reclaim payments are received from the foreign tax authorities.
For the year ended December 31, 2020, transactions between the Funds and JNAM, related to foreign tax reclaims, due to the Funds’ partnership status for federal income tax purposes, are as follows (in thousands):
Fund | Gross Payments from JNAM ($) | Reclaimed Amounts Refunded to JNAM ($) | Reclaimed Amounts Payable to JNAM ($) | Net Withholdings Tax Reimbursed from JNAM ($) | ||||||||||||
JNL Multi-Manager Alternative Fund | 167 | 4 | 2 | 161 | ||||||||||||
JNL Multi-Manager Mid Cap Fund | 38 | — | 3 | 35 | ||||||||||||
JNL Multi-Manager Small Cap Value Fund | 8 | — | — | 8 | ||||||||||||
JNL/AQR Large Cap Relaxed Constraint Equity Fund | 11 | — | — | 11 | ||||||||||||
JNL/BlackRock Global Allocation Fund | 600 | 137 | 462 | 1 | ||||||||||||
JNL/BlackRock Global Natural Resources Fund | 246 | — | 159 | 87 | ||||||||||||
JNL/BlackRock Large Cap Select Growth Fund | 47 | — | 47 | — | ||||||||||||
JNL/Boston Partners Global Long Short Equity Fund | 218 | 68 | 99 | 51 | ||||||||||||
JNL/ClearBridge Large Cap Growth Fund | 19 | — | — | 19 | ||||||||||||
JNL/DFA U.S. Core Equity Fund | 18 | — | — | 18 | ||||||||||||
JNL/DoubleLine Core Fixed Income Fund | 78 | — | — | 78 | ||||||||||||
JNL/First State Global Infrastructure Fund | 52 | 1 | 51 | — | ||||||||||||
JNL/Franklin Templeton Growth Allocation Fund | 40 | 10 | 21 | 9 | ||||||||||||
JNL/GQG Emerging Markets Equity Fund | 131 | — | — | 131 | ||||||||||||
JNL/Invesco Diversified Dividend Fund | 204 | 48 | 156 | — | ||||||||||||
JNL/Invesco Global Growth Fund | 532 | — | 287 | 245 | ||||||||||||
JNL/Invesco Global Real Estate Fund | 478 | 3 | 176 | 299 | ||||||||||||
JNL/JPMorgan Global Allocation Fund | 124 | 13 | 48 | 63 | ||||||||||||
JNL/JPMorgan Growth & Income Fund | 4 | — | — | 4 | ||||||||||||
JNL/JPMorgan MidCap Growth Fund | 48 | — | — | 48 | ||||||||||||
JNL/Mellon Nasdaq 100 Index Fund | 16 | — | — | 16 | ||||||||||||
JNL/MFS Mid Cap Value Fund | 7 | — | — | 7 | ||||||||||||
JNL/RAFI Fundamental Asia Developed Fund | 184 | — | — | 184 | ||||||||||||
JNL/RAFI Multi-Factor U.S. Equity Fund | 17 | — | — | 17 | ||||||||||||
JNL/T. Rowe Price Balanced Fund | 97 | 15 | 40 | 42 | ||||||||||||
JNL/T. Rowe Price Capital Appreciation Fund | 21 | — | — | 21 | ||||||||||||
JNL/T. Rowe Price Established Growth Fund | 118 | — | — | 118 | ||||||||||||
JNL/T. Rowe Price Mid-Cap Growth Fund | 147 | — | — | 147 | ||||||||||||
JNL/T. Rowe Price Value Fund | 146 | — | — | 146 | ||||||||||||
JNL/WMC Balanced Fund | 586 | 334 | 20 | 232 |